---------------------- Forwarded by Donald M- ECT Origination Black/HOU/ECT 
on 03/08/2000 12:36 PM ---------------------------
From: Christopher Smith on 03/08/2000 07:37 AM
To: Donald M- ECT Origination Black/HOU/ECT@ECT
cc: Randy Petersen/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT 
Subject: TECO

Don, per your request attached is the model I created to value the 
transaction.  This model was created utilizing the Origination/Structuring 
model as a starting point.  I have used EPMI/ENA's power and fuel curves as 
opposed to the company's base case pricing scenario.  I have also used a 
mortgage style debt amortization based on $118MM of funded debt.  Attached is 
a memo that touches on the transaction, the value of the price risk 
management contracts, financial results, and some closing comments.  

Regards,

Christopher