Message-ID: <18972872.1075853435885.JavaMail.evans@thyme>
Date: Mon, 18 Sep 2000 04:26:00 -0700 (PDT)
From: elizabeth.sager@enron.com
To: shari.stack@enron.com
Subject: Canadian Form of Physical Power Master Agreement
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----- Forwarded by Elizabeth Sager/HOU/ECT on 09/18/2000 11:25 AM -----

	Greg Johnston
	09/15/2000 05:42 PM
		 
		 To: William S Bradford/HOU/ECT@ECT, Aleck Dadson/TOR/ECT@ECT, Derek 
Davies/CAL/ECT@ECT, Paul Devries/TOR/ECT@ECT, Chris Gaffney/TOR/ECT@ECT, Bill 
Greenizan/CAL/ECT@ECT, Peggy Hedstrom/CAL/ECT@ECT, Robert 
Hemstock/CAL/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Eric LeDain/CAL/ECT@ECT, 
Jonathan McKay/CAL/ECT@ECT, Mark Powell/CAL/ECT@ECT, Elizabeth 
Sager/HOU/ECT@ECT, Laura E Scott/CAL/ECT@ECT, Andre Templeman/CAL/ECT@ECT, 
Garrett Tripp/TOR/ECT@ECT
		 cc: John J Lavorato/Corp/Enron@Enron, Rob Milnthorp/CAL/ECT@ECT, Mark E 
Haedicke/HOU/ECT@ECT, Peter Keohane/CAL/ECT@ECT
		 Subject: Canadian Form of Physical Power Master Agreement

Please find attached for your information/review the final form of the 
Canadian Physical Power Master Agreement to be implemented and used by Enron 
Canada to trade physical power in Canada.  This form has been created using 
the EEI form of master used by Enron North America, the Canadian gas master 
and the British Energy Power Purchase Agreement.  Wherever possible and 
particularly with respect to many of the procedural provisions, such as 
billing, confirming, triggering events and the miscellaneous provisions, I 
have used the language from the current form of Canadian gas master both to 
create consistency between our Canadian gas and power businesses for our 
operations, systems and accounting groups and to hopefully make it easier for 
our commercial people to market the power paper to counterparties, as it will 
be very similar in many respects to our form of gas master with which many 
counterparties will already be familiar.

Regarding the power products tradeable under this master, further to a 
discussion Peter and I had with Jeff Hodge and Christian Yoder, the products 
described in Schedule A have been created based upon an amalgam of the EEI 
products and the WSPP schedules of products.  Given the uncertainty of how 
exactly the two Canadian markets that are set to open in 2001 will look, it 
was determined best to have a minimum of broadly defined products, which will 
be further defined over time as the markets develop, rather than trying to 
introduce a large number of complex products that may end up neither 
applicable nor appropriate and which would only serve to make negotiations of 
the form with counterpartys more difficult.

I would ask each of you to review the form and provide me with any final 
comments you may have at your earliest convenience so that Enron Canada can 
commence marketing the paper to counterparties.  In performing your review, 
please keep in mind that this master is intended to be an agreement that is 
cross-jurisdictional and, therefor, general in scope and nature and will be 
equally applicable to power trades in Alberta as in Ontario (or any other 
province over time).  Any jurisdictional specific provisions will be built 
into the confirms on a trade by trade basis.  Nevertheless, particularly for 
Rob Hemstock and Aleck Dadson, I do want to ensure that we have not included 
any provisions that may cause Enron Canada any concerns in Ontario or Alberta 
based upon our current understanding of how those two regulatory regimes will 
unfold.

Thanks for your assistance on this matter and I look forward to any comments 
you may have on the document.

Greg