Mark -

I have a legal question for you.  I was told recently that Carol St Clair was 
going to help support the West Trading desk on physical transactions.  Since 
she came from the financial legal group I was wondering if she would be able 
to help with financial transactions as well.  I feel there are synergies to 
having the same Enron lawyer represent us for both the EEI and ISDA.  A 
recent example of this could be the SMUD relationship.  Carol recently 
completed an amendment to the existing ISDA and now is looking at sending 
them a EEI.  The SMUD credit and legal personnel are the same so the process 
should be quite smooth.  I was interested in your thoughts on this.  You can 
reach me by phone (503-464-3810) or email.  Thanks.


Stewart
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