I've left a message for Dave Adams (legal) to call back AND described to him 
the following situation:

ENA and NRG have executed OVER 130 financial deals both online (EOL) and 
offline WITHOUT EVER CHANGING ANY OF THE GTC's.  
In the absence of an executed master agreement, we never want the GTC's to 
change!  The reason is that bankruptcy protection for swap agreements 
requires a single agreement for all swap transactions.  If you don't have an 
ISDA master agreement in place, you want your single set of GTC's to be 
viewed by a court as a single agreement.  Having different versions of the 
GTC's does not look like a single agreement.

I will try to convince Dave Adams that we should retain our GTC's but move 
forward on an ISDA which would then govern all online and offline trades.



Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
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