Ben,

Please see the descriptions below:

A US Power financial Swap Transaction with Enron North America Corp. under which the Seller pays a Floating Price and the Buyer pays the price submitted by Counterparty on the Website (the Fixed Price) in respect of the Notional Quantity per Determination Period. The Notional Quantity per Determination Period shall be the volume submitted by Counterparty on the Website, multiplied by the number of applicable hours in such Determination Period. Each calendar month during the term of the Transaction will be a Determination Period; provided that, if the term of the Transaction is less than one calendar month the Determination Period shall be the term of the Transaction. The Payment Date(s) for Transactions which are less than one month will be the fifth (5th) Business Day following the last day of the month that includes the Determination Period. The Payment Date(s) for Transactions which are one month or longer will be the fifth (5th) Business Day following the date on which the Floating Price is determinable.
The term of the Transaction shall correspond to the date(s) set forth in the Product description on the Website.
The Floating Price during a Determination Period shall be the average of the real-time prices listed in the Index for electricity delivered during the applicable hours on each Delivery Day during the applicable Determination Period.  The Floating Price for each Determination Period shall be calculated utilizing the hourly clearing prices published by the New York Independent System Operator on its official web site currently located at http://www.nyiso.com/oasis/index.html, or any successor thereto, under the headings "Real Time Market LBMP - Zonal; LBMP ($/MWHr); WEST (61752)"  (the "Index").
The price is quoted in US Dollars per unit of volume, which will be the Contractual Currency.
The unit of measure against which the price is quoted shall be megawatt-hours (MWh) and the quantity shown shall be in MW's delivered in each applicable hour for the duration of the Transaction (the "Hourly Quantity').
The transaction is for on-peak ("Peak") hours on each Delivery Day beginning with the hour ending 0800 (7:00 am) and concluding with the hour ending 2300 (11:00 pm) Eastern Prevailing Time.  'Delivery Day' means a day during the term of the transaction that is a Monday, Tuesday, Wednesday, Thursday or Friday, excluding any day that is a NERC holiday.


 -----Original Message-----
From: 	Hansen, Leslie  
Sent:	Monday, October 29, 2001 9:45 AM
To:	Walker, Chris
Subject:	RE: ISO NY Real time financial index

Chris:

The language is fine, except replace "Zonal Prices" as the third heading reference below with "LBMP ($/MWHr)" -- ex. "Real Time Market LBMP - Zonal; LBMP ($/MWHr); WEST (61752)".

Leslie

 -----Original Message-----
From: 	Walker, Chris  
Sent:	Friday, October 26, 2001 10:04 AM
To:	Hansen, Leslie
Cc:	Meredith, Kevin; Rogers, Benjamin
Subject:	ISO NY Real time financial index

Leslie,

Please review the index language below that Ben Rogers would like to offer on EOL.

Thanks,

Chris
3-7533

ISO NY Z-A RT

The Floating Price during a Determination Period shall be the average of the real-time prices listed in the Index for electricity delivered during the applicable hours on each Delivery Day during the applicable Determination Period.  The Floating Price for each Determination Period shall be calculated utilizing the hourly clearing prices published by the New York Independent System Operator on its official web site currently located at http://www.nyiso.com/oasis/index.html, or any successor thereto, under the headings "Real Time Market LBMP - Zonal; LBMP ($/MWHr); WEST (61752)"  (the "Index").

ISO NY Z-G RT

The Floating Price during a Determination Period shall be the average of the real-time prices listed in the Index for electricity delivered during the applicable hours on each Delivery Day during the applicable Determination Period.  The Floating Price for each Determination Period shall be calculated utilizing the hourly clearing prices published by the New York Independent System Operator on its official web site currently located at http://www.nyiso.com/oasis/index.html, or any successor thereto, under the headings "Real Time Market LBMP - Zonal; LBMP ($/MWHr); HUD VL (61758)"  (the "Index").

ISO NY Z-J RT

The Floating Price during a Determination Period shall be the average of the real-time prices listed in the Index for electricity delivered during the applicable hours on each Delivery Day during the applicable Determination Period.  The Floating Price for each Determination Period shall be calculated utilizing the hourly clearing prices published by the New York Independent System Operator on its official web site currently located at http://www.nyiso.com/oasis/index.html, or any successor thereto, under the headings "Real Time Market LBMP - Zonal; LBMP ($/MWHr); N.Y.C. (61761)"  (the "Index").