Comparison

---------------------- Forwarded by Don Miller/HOU/ECT on 06/26/2000 03:31 PM
---------------------------

Jeff Hoover
06/23/2000 03:59 PM
To: Michael Miller/HOU/ECT@ECT, Don Miller/HOU/ECT@ECT
cc:
Subject: Comparison

My comparison stops at Operating Margin because our analysis is done on a
pretax basis and the debt service schedule are identical. The primary
difference is due to their assumptions with regards to annual merchant sales
of available capacity after meeting contractual requirements. We tried to
value the merchant sales and it dragged down the value of the plants so we
left it at 0. Not suprisingly they are more bullish about their ability to
sale the available electrons. Take a look at the attachment and if you have
any questions my cell # is (713)503-3107. Thanks!