Master Netting Agreement ,
 Mr. Butler:

Pursuant to your request, attached is our form master netting agreement.  Please do not hesitate to contact us with any questions or comments.

Marie Heard
Senior Legal Specialist
Enron North America Corp.
Phone:  (713) 853-3907
Fax:  (713) 646-3490
marie.heard@enron.com
jbutler@pnm.com