
Date: Wed, 2 May 2001 04:44:00 -0700 (PDT)
From: janine.migden@enron.com
To: james.steffes@enron.com
Subject: Re: Com Ed - Update
Cc: daniel.allegretti@enron.com, don.black@enron.com, edward.baughman@enron.com,
eric.letke@enron.com, harry.kingerski@enron.com,
james.lewis@enron.com, jeff.ader@enron.com, marc.ulrich@enron.com,
mark.bernstein@enron.com, mike.roan@enron.com,
richard.shapiro@enron.com, ron.mcnamara@enron.com,
roy.boston@enron.com, susan.landwehr@enron.com,
christi.nicolay@enron.com
Bcc: daniel.allegretti@enron.com, don.black@enron.com, edward.baughman@enron.com,
eric.letke@enron.com, harry.kingerski@enron.com,
james.lewis@enron.com, jeff.ader@enron.com, marc.ulrich@enron.com,
mark.bernstein@enron.com, mike.roan@enron.com,
richard.shapiro@enron.com, ron.mcnamara@enron.com,
roy.boston@enron.com, susan.landwehr@enron.com,
christi.nicolay@enron.com

A conference call with Steffes, Kingerski, Boston, Roan, Lewis and me took
place to discuss Enron's position on Com Ed.

Summary - We discussed a  public position of "No PPO without an RTO"  since
without a functioning market, Enron is at risk with our current book of
business.  From a public policy standpoint, we would argue that without the
protection of the PPO, customers need a functioning market in which to
procure power.

Privately, in exchange for supporting the Com Ed Proposal, we would negotiate
for the following (in order of importance):
1. No losses on our existing book of business by negotiating a bulk power
deal to cover our exposure.
2.  Build a broad market by seeking changes to Com Ed FERC tariffs as it
regards balancing and penalties, etc.

As a separate matter or in conjunction with the above, do a default service
or some other related deal.  A meeting is scheduled for Friday with Chuck
Decker to talk through the issues related to physical delivery into Com Ed.

A more detailed memo will follow this weekend.

Janine



