Here is a quick summary of our meeting on capacity options on TW.  Bill 
Cordes, Steve Harris, Shelley Corman, John Buchanan, Tony Pryor, and members 
of the TW Commercial Group (including Jeff Fawcett) were present.

 1.  The group all agreed that while it is probably a good idea to mention 
that the options could be sold in an online format, we do not want to limit 
ourselves at this point and should probably just state that a notice will be 
posted on the TW website whenever we have options for sale.

 2.  Price:  the filing needs to include a discussion of how price will be 
determined, and how capacity will be awarded.  We might also need to include 
an estimate of how much revenue options will generate in the first year.

 3.  Need to add a short explanation of where TW will get the capacity if a 
shipper exercises its call option.

 4.  Should frame the service as requiring an exception to current Commission 
policy on reserving capacity...not asking Commission to abandon its policy 
altogether.

 5.  May need to address:  assignability of options; limitation on damages 
for nonperformance.

 6.  Timeline:
  - Turn around a new draft and get further comments (July 3 week)
  - Get Market Services started on its analysis of the new service 
  - Begin contacting customers to get their buy-in (Lorraine already has a 
producer/customer very interested in supporting our filing)
  - Start the process of getting Board approval (sales of options require 
Board approval at Enron)
  - Meet informally with FERC to discuss (Shelley is working on)
  - Make the filing at FERC (we did not try to specify a date yet)

If you have any further comments please let me know.  I am going to try to 
get a new draft out by next Friday a.m.