Paul, enclosed please find versions of the ECTRIC forms of Schedule to Master 
Agreement and Paragraph 11 to the Credit Support Annex, red-lined to show 
suggested revisions.  I have taken the versions of these documents sent to me 
by Matt Dawson of your office and inserted changes to reflect language we are 
currently using for Enron North America.

I think we should schedule one hour for a conference call to discuss which of 
these revisions, if any, present problems under English law.  I apologize in 
advance if I have suggested any revisions that you have already analyzed and 
rejected for English law reasons.

Please let me know when you would be available to discuss these.  Thanks -- 
Bob


Robert E. Bruce
Senior Counsel
Enron Wholesale Services
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com