----- Forwarded by Elizabeth Sager/HOU/ECT on 12/20/2000 02:25 PM -----

	"Rick Antonoff" <Rick.Antonoff@cwt.com>
	12/19/2000 04:30 PM
		 
		 To: elizabeth.sager@enron.com, mary.cook@enron.com
		 cc: "David Mitchell" <David.Mitchell@cwt.com>
		 Subject: Three-Way Trade - Analysis


Attached below is our memorandum setting forth an analysis of our
conclusions with respect to the three-way exposure reducing trade we
discussed with you last week.


(See attached file: Three-Way Trade -- Analysis.doc)
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 - Three-Way Trade -- Analysis.doc