FCEL Hedge ,
 Gentlemen:

FYI.  We are at the present time fully hedged on the 80,290 share long position with an offsetting short position at an average price of approximately $86 per share.  By my calculations, the mark for the quarter from March will be approximately $3MM to the positive.

Charlie
john.lavorato@enron.com, l..miller@enron.com