With respect to doing a financial trade out of Energy West Incorporated 
versus Energy West Resources, Inc., they are not one in the same.  Energy 
West Incorporated is the parent of Energy West Resources, Inc.  We currently 
have an ISDA between Enron Canada Corp. and Energy West Incorporated.  
Unfortunately, any unsecured credit lines have been taken by the Canadian 
team via the ISDA in Canada.

Since physical power came later, we have had to secure all deals with Energy 
West Resources, Inc. since our credit appetite for the overall organization 
has been saturated with financial Canadian deals.  Therefore, to the extent 
that we do any financial business with Energy West Resources, Inc. or Energy 
West Incorporated with ENA, we will need to get a new ISDA in place, and will 
need collateral upfront prior to transacting.

FYI - the majority of the financial in-the-money exposure with Energy West 
Incorporated out of Canada will not roll off until 10/01 and 10/03, unless we 
do additional financial deals out of Canada to offset.  Credit is secured and 
covered in Canada for financial exposure and will watch the exposures 
accordingly to see if we can ever allocate some of the credit appetite to 
accommodate physical business out of ENA.

John, please let me know how you would like to proceed.  I can start with a 
credit worksheet to the financial team to get the ball rolling.

Regards,
Tracy






John Malowney
10/10/2000 07:13 AM
To: Tracy Ngo/PDX/ECT@ECT
cc:  

Subject: Energy West financial swap

Tracy, as you know I'm looking to do a financial spark-spread swap with 
Energy West.....   In checking around, I've come to the conclusion that I 
need either an ISDA or a Confirmation with an Annex A.  What is your 
preference ??