CD Howe Speech

Aleck --

Just wanted to give you some updates from my presentation in Toronto.

1. I used alot of material from Lay's speech. Changed it a little. I think
I did ok (although I referenced airline competition in Canada - something you
guys haven't yet put in place).

2. The general tone of the day was that Ontario has some more work to do. It
doesn't appear that the parties were really ready to move ahead with
competition. California wasn't discussed too much. Many people are worried
that the rules don't really promote competition - which they don't.

3. OPG indicated at lunch that they want competition, but that it was up to
the parties in the meeting to make it happen. Most people were in agreement
(quietly).

Given the huge value loss for ENA if we don't get it open, I'd like to know
if there is anything else we can do to help you. There are some new
Competitive Analysis guys that may be able to help us find some leverage -
pls give me a call. Finally, I saw Lavorato in the airport on the way back
to Houston. He is ready to help and recognizes the importance of this
activity. I think that he can get Lay and/or Skilling whenever through the
Summer.

If you can push this through, this is a huge win for Government Affairs.
This is easily the biggest Regulatory Origination opportunity we have this
year.

Jim