Subject: FW: Collateral
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked]
Date: Tue, 20 Nov 2001 12:14:40 -0800 (PST)

fyi

-----Original Message-----
From: [email-masked] [mailto:[email-masked]]
Sent: Tuesday, November 20, 2001 1:05 PM
To: Ngo, Tracy
Cc: [email-masked]
Subject: Collateral

Tracy, as discussed yesterday, for Enron Energy Services and Enron Power
Marketing meet the NYISO creditworthiness criteria, a corporate guarantee
from a corporation with a BBB unsecured long-term credit rating is required
As of last week, Enron Corp. was downgraded to BBB-.  Therefore, to meet
the criteria, Enron Corp. needs to replace their guaranties issued in favor
of the NYISO within five business days.  These guarantees may be replaced
with cash, letters of credit or surety bonds.  Listed below are the
guarantees issued by Enron Corp. on behalf of Enron Energy Services and
Enron Power Marketing:

Enron Energy Services: $ 1,500,000      ($1,000,000 Energy, $500,000 ICAP)

Enron Power Marketing: $ 5,000,000       Energy
                                                   5,000,000       ICAP
                                                 20,000,000       TCCs

If you have any questions regarding the example of the Letter of Credit or
the Surety Bond sent to you yesterday, please contact me at once.  My
number is 518/356-6210.