European Contracts

Dear All,

As requested by Houston please find attached details of our current contracts
for gas and power split as follows:

1. Gas Breakdown - Covers UK and Continental Gas Trading

2. Master Grid Trade Agreements - GTMA's are the new master agreements for UK
Power Trading following the introduction of NETA (New Electricity Trading
Arrangements) on March 27 2001.

3. Australian ISDA's - Australian financial trades covered by the
International Swaps and Derivatives Association

4. European ISDA's - European financial trades covered by the International
Swaps and Derivatives Association

5. Cont Power Master - Covers Continental Power Trading

We are in the process of a joint project between Contract Management, Legal
and Credit to prioritise negotiations for further master agreements. The aims
of this project include limiting our credit exposures, improving our
abilities to net and increasing our contractual security.

If anyone requires any further details or explanation please contact me on
830 36840.

Regards
Matthew