As discussed - the First Gas article.  Also, I talked to Jeff & George about 
Sempra/SCEG and both said it was completely executed.  We are booking the 
deal and will be prepared to release income next Weds. or Thurs.  Let me know 
if you have any questions.

---------------------- Forwarded by Brent A Price/HOU/ECT on 12/22/2000 09:23 
AM ---------------------------
   
	
	
	From:  Scott Earnest                           12/18/2000 07:45 AM
	

To: Brent Price
cc:  
Subject: FGPC 2001 Fuel Consumption

Let's discuss when you get a chance.

Scott


---------------------- Forwarded by Scott Earnest/HOU/ECT on 12/18/2000 07:48 
AM ---------------------------


John L Nowlan
12/18/2000 07:10 AM
To: Scott Earnest/HOU/ECT@ECT
cc:  
Subject: FGPC 2001 Fuel Consumption

Just when you thought it was safe
---------------------- Forwarded by John L Nowlan/HOU/ECT on 12/18/2000 07:10 
AM ---------------------------


John Chismar
12/17/2000 08:35 PM
To: John L Nowlan/HOU/ECT@ECT
cc:  
Subject: FGPC 2001 Fuel Consumption

John, didn't see you copied on this but this basically shuts us out.  This is 
going to be worse than what we had already forecasted at 250mb/month.  
Essentially, what I take from this message is that they are agreeing to cut 
the highest cost power out ( which is the Santa Rita power plant) and it is 
only going to run @ 3mbd or less.   So instead of 250mb month that I had told 
Scott Earnest it will now only be more like 100mb. 

John 
---------------------- Forwarded by John Chismar/SIN/ECT on 12/18/2000 10:29 
AM ---------------------------


Michael L Brown@ENRON
12/15/2000 11:01 PM
To: Scott Earnest/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT
cc: John Chismar/SIN/ECT@ECT, Matthias Lee/SIN/ECT@ECT, Robert C 
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Victor 
Santos/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 

Subject: FGPC 2001 Fuel Consumption

Scott, John,
     See article below dated December 15-16, 2000 from Manila, Philippines 
and pay particular attention to paragraphs 6, 7 and 9.   As you can see, 
Meralco (the power purchaser from FGPC) and the National Power Corporation 
(Napocor) have agreed to a minimal dispatch of the FGPC Sta. Rita power plant 
until December 26, 2001.  This would place the liquid fuel deliveries for the 
upcoming year at about 10% or less of the originally anticipated 31kbd, so 
this should certainly be addressed in our 2001 budget.
Regards,
Mike

---------------------- Forwarded by Michael L Brown/Corp/Enron on 12/15/2000 
08:56 AM ---------------------------


Victor Santos@ENRON_DEVELOPMENT
12/14/2000 09:41 PM
To: Michael L Brown/Corp/Enron@ENRON, David A Terlip/Corp/Enron@Enron
cc:  

Subject: News Article - Ano Ba Yan!!!



				MANILA, PHILIPPINES | Friday-Saturday, December 15-16, 2000 
				Meralco settles access dispute with Napocor
				With a new agreement signed Tuesday night, power distribution firm Manila 
Electric Company (Meralco) and state-owned National Power Corporation 
(Napocor) finally settled their dispute over alleged violations on "open 
access transmission." 
				As a result, Meralco paid Napocor 684 million Philippine pesos ($13.661 
million at PhP50.071=$1), representing its unpaid electricity bills for the 
June 26 to July 25 billing period. 
				Meralco's bills actually amounted to PhP5.3 billion ($105.85 million), but it 
paid only PhP4.6 billion ($91.87 million), claiming it incurred unnecessary 
losses when the state utility failed to allow the output of its independent 
power producer (IPPs) to come on stream. Meralco claimed Napocor should 
absorb these losses. 
				Meralco paid about PhP20 million ($399,433) in accrued interests as Napocor, 
for its part, claimed it failed to meet its own obligations because of 
Meralco's non-payment. 
				In an interview with BusinessWorld, Napocor treasurer Laura F. Salandanan 
said Meralco's payment eased the pressure on Napocor's very tight cash flows 
as December always mean bigger debt servicing. 
				Under the letter of agreement signed by Napocor president Federico E. Puno 
and Meralco executive vice-president and chief operating officer Jesus P. 
Francisco, the full capacity of Meralco's IPP, particularly the 440-megawatt 
(MW) Mauban coal-fired power plant operated by the Quezon Power (Phils.), 
Ltd., will be able to come on stream. 
				On the other hand, minimal dispatch will be used for the 1,000-MW Sta. Rosa 
combined cycle power plant operated by First Gas Power Corp. 
				In a separate interview, Napocor's department manager of utility economics 
Jesusito Sulit said the two parties agreed to such a compromise since energy 
from the Sta. Rita plant is higher because it uses condensate fuel in the 
absence of the natural gas. Electricity produced from coal-fired power 
plants, on the other hand, is less expensive. 
				Since the natural gas that will be fed to the Sta. Rita plant will come only 
by January 2002, the agreement will be implemented retroactive to October 26, 
2000 to December 26, 2001. 
				Mr. Sulit said Napocor will replace the Sta. Rita output by providing Meralco 
with less expensive power and, at the same time, offer a discount rate of as 
much as PhP1.16 per kilowatt hour (kWh). 
				This discount, Mr. Sulit said, will mean savings for Meralco because it no 
longer needs to pay for the fuel requirements of Sta. Rita plant. Under the 
power purchase deal between the two firms, Meralco spends for fuel used by 
the plant. 
				First Gas, for its part, will still receive payments despite the unutilized 
capacity of its plants because of the presence of the take-or-pay agreement. 
				For Napocor, it will be assured of a captured market and consequently 
additional revenues in terms of higher energy sales. 
				Mr. Sulit said consumers are also expected to benefit not necessarily from a 
much lower power rates but from an assurance that electricity bills will not 
increase as much.