It sounds like I need to clafify my plans for trading and risk management of
power in Ontario.

1. Garrett is in Toronto and should be doing everything possible to try to
understand all the ins and outs of the Ontario Power Market including
building forward curves. He has dual reporting to Paul Devries (head of the
Enron's Toronto operation) and Dana Davies (head of ENA power trading for the
Northeast U.S.). Dana has ultimate risk management responsibility for
Ontario.

2. My current opinion is that we should trade Ontario out of the Toronto
office with risk management responsibilities rolling into Dana. This could
always change in the future if it doesn't make sense.

3. John Mckay, although he has been helping Bill out, will ultimately have
no power trading responsibilities.

4. Tom May is the cash trader in N.Y. reporting to Dana. I expect us to use
Tom's expertise with respect to Ontario to build up our competency there,
however, Toms' main role will be N.Y.

5. Garrett should spend some time (probably soon) in Houston getting to know
the people and the technical resources available to him.

If anyone has any questions concerns please give me a call.

John