Securitization

Attached is a useful presentation on Securitazation. We may want to propose
this approach when the utility's CTC recovery period is shorter than we would
prefer. A utility may propose a shorter period due to cash flow and bond
rating reasons; whereas, we might had taken a view of a longer recovery
period in our curves. Securitization might be the perfect win-win solution.
If you would like a presentation on Securitization, please contact Jaime
Araoz.

Roger

---------------------- Forwarded by Roger Yang/SFO/EES on 10/23/2000 01:33 PM
---------------------------

Enron Energy Services

From: Jaime Araoz 10/23/2000 07:59 AM

To: Roger Yang/SFO/EES@EES
cc:
Subject: Securitization

Roger,

Here i'm attaching the presentation about securitization for you to use it as
you wish. If you want me to present this to someone or to talk about it again
please give me a call.

Best,

Jaime