FW: ISO NY Real time financial index ,
 Ben,

Please see the descriptions below:

A US Power financial Swap Transaction with Enron North America Corp. under =
which the Seller pays a Floating Price and the Buyer pays the price submitt=
ed by Counterparty on the Website (the Fixed Price) in respect of the Notio=
nal Quantity per Determination Period. The Notional Quantity per Determinat=
ion Period shall be the volume submitted by Counterparty on the Website, mu=
ltiplied by the number of applicable hours in such Determination Period. Ea=
ch calendar month during the term of the Transaction will be a Determinatio=
n Period; provided that, if the term of the Transaction is less than one ca=
lendar month the Determination Period shall be the term of the Transaction.=
 The Payment Date(s) for Transactions which are less than one month will be=
 the fifth (5th) Business Day following the last day of the month that incl=
udes the Determination Period. The Payment Date(s) for Transactions which a=
re one month or longer will be the fifth (5th) Business Day following the d=
ate on which the Floating Price is determinable.
The term of the Transaction shall correspond to the date(s) set forth in th=
e Product description on the Website.
The Floating Price during a Determination Period shall be the average of th=
e real-time prices listed in the Index for electricity delivered during the=
 applicable hours on each Delivery Day during the applicable Determination =
Period.  The Floating Price for each Determination Period shall be calculat=
ed utilizing the hourly clearing prices published by the New York Independe=
nt System Operator on its official web site currently located at http://www=
.nyiso.com/oasis/index.html, or any successor thereto, under the headings "=
Real Time Market LBMP - Zonal; LBMP ($/MWHr); WEST (61752)"  (the "Index").
The price is quoted in US Dollars per unit of volume, which will be the Con=
tractual Currency.
The unit of measure against which the price is quoted shall be megawatt-hou=
rs (MWh) and the quantity shown shall be in MW's delivered in each applicab=
le hour for the duration of the Transaction (the "Hourly Quantity').
The transaction is for on-peak ("Peak") hours on each Delivery Day beginnin=
g with the hour ending 0800 (7:00 am) and concluding with the hour ending 2=
300 (11:00 pm) Eastern Prevailing Time.  'Delivery Day' means a day during =
the term of the transaction that is a Monday, Tuesday, Wednesday, Thursday =
or Friday, excluding any day that is a NERC holiday.


 -----Original Message-----
From: =09Hansen, Leslie =20
Sent:=09Monday, October 29, 2001 9:45 AM
To:=09Walker, Chris
Subject:=09RE: ISO NY Real time financial index

Chris:

The language is fine, except replace "Zonal Prices" as the third heading re=
ference below with "LBMP ($/MWHr)" -- ex. "Real Time Market LBMP - Zonal; L=
BMP ($/MWHr); WEST (61752)".

Leslie

 -----Original Message-----
From: =09Walker, Chris =20
Sent:=09Friday, October 26, 2001 10:04 AM
To:=09Hansen, Leslie
Cc:=09Meredith, Kevin; Rogers, Benjamin
Subject:=09ISO NY Real time financial index

Leslie,

Please review the index language below that Ben Rogers would like to offer =
on EOL.

Thanks,

Chris
3-7533

ISO NY Z-A RT

The Floating Price during a Determination Period shall be the average of th=
e real-time prices listed in the Index for electricity delivered during the=
 applicable hours on each Delivery Day during the applicable Determination =
Period.  The Floating Price for each Determination Period shall be calculat=
ed utilizing the hourly clearing prices published by the New York Independe=
nt System Operator on its official web site currently located at http://www=
.nyiso.com/oasis/index.html, or any successor thereto, under the headings "=
Real Time Market LBMP - Zonal; LBMP ($/MWHr); WEST (61752)"  (the "Index").

ISO NY Z-G RT

The Floating Price during a Determination Period shall be the average of th=
e real-time prices listed in the Index for electricity delivered during the=
 applicable hours on each Delivery Day during the applicable Determination =
Period.  The Floating Price for each Determination Period shall be calculat=
ed utilizing the hourly clearing prices published by the New York Independe=
nt System Operator on its official web site currently located at http://www=
.nyiso.com/oasis/index.html, or any successor thereto, under the headings "=
Real Time Market LBMP - Zonal; LBMP ($/MWHr); HUD VL (61758)"  (the "Index"=
).

ISO NY Z-J RT

The Floating Price during a Determination Period shall be the average of th=
e real-time prices listed in the Index for electricity delivered during the=
 applicable hours on each Delivery Day during the applicable Determination =
Period.  The Floating Price for each Determination Period shall be calculat=
ed utilizing the hourly clearing prices published by the New York Independe=
nt System Operator on its official web site currently located at http://www=
.nyiso.com/oasis/index.html, or any successor thereto, under the headings "=
Real Time Market LBMP - Zonal; LBMP ($/MWHr); N.Y.C. (61761)"  (the "Index"=
).
benjamin.rogers@enron.com