Rob, thanks for the update - I am assuming that you will come up with $23M 
Cdn ($16M USD) - "highly likely" with PML.  We do not have recorded in the 
financial statements the $8M Cdn in done deals - you may want to look into 
that.  

We need the money to show up given every other Enron group is flaking - bail 
me out my friend!

Regards
Delainey 
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/29/2000 
03:39 PM ---------------------------


Rob Milnthorp
11/28/2000 07:13 PM
To: David W Delainey/HOU/ECT@ECT
cc:  
Subject: Re: Q4  

Dave, Origination & Finance has booked roughly C$8MM Quarter to Date.  

For the remainder of the quarter, I will attempt to give you a break-down 
based on probability:

"Highly Likely"
Done Deals    C$8MM
Papier Masson Service Fee Income C$1MM
PCOG Strategic Alliance Extension C$2MM
Chippawa Capacity Assignment  C$1MM
Misc. Marketing Deals   C$1MM
Total     C$13MM

"Probable"
Papier Masson Write-up/Monetization C$10MM (ECC's share only)
MAP Auction    C$2MM
Blue Range Final Dividend  C$1MM
Calpine Capacity Assignment  C$2MM (ECC's share only)
Total     C$15MM

"Unclear"
Tax Mitigation    C$10MM
Turbine Sale    C$2MM
Clarica Funding Deal for PPA  C$1MM
Total     C$13MM

Papier Masson is proceding nicely,as the owners have agreed to sell the asset 
. The owners have also agreed to a structure in principle, whereby they have 
determined a range that they are willing to sell at. If enron exceeds the 
range, they are bound to sell it to Houston P&P group. If we bid inside the 
range they then have 8 weeks to shop us, and if they dont receive any offers, 
enron buys the mill at our bid less C$5MM. If they shop us and receive a 
third party offer, they pay enron a break fee of C$5MM. If they close with a 
third party, we receive an additional C$10MM. At a minimum, this provides us 
with a fair market valuation by an independent/outside party that we can use 
as our basis for writing up the asset. Secondly, it allows the P&P group to 
bid without being a stalking horse as it provides for hefty break fees and 
significant earnings on closing. 

With regards to tax mitigation, I will have a better idea by the end of this 
week. The tax guys are up from Houston and we will be working on it the 
remainder of the week.

fyi...British Energy is now worth >C$100MM at the desk's bid. We are still 
working toward a May 1, 2001 market opening. Support for a may 1 start is 
mounting and has become a very public topic consistently referring to May 1.

Regards
Milnthorp





David W Delainey
11/28/2000 01:05 PM
To: Rob Milnthorp/CAL/ECT@ECT
cc:  
Subject: Q4

Rob, can you give me a view on where you stand for fourth quarter from an 
orig point of view ie) deals and value.

Regards
Delainey