Master Gas Purchase Agreement ,
 After reviewing the proposed Master Gas Purchase Agreement, I had one concern 
regarding the Price provision. Under Section 7.1(b) & (c) reference is made 
to the "Index Price" used for deliveries made in excess of the Scheduled 
Amount and for deliveries less than the Scheduled Amount. 

The definition of  Contract Price used in our Transaction Agreement defines 
the price as . . . equal to the "Index Price" published in Inside F.E.R.C.'s 
Gas Market Report for Texas Gas Transmission Zone South Louisiana (large 
packages only) as listed in the table entitled "Delivered Spot-Gas Price" in 
the first-of-the-month issue of such publication for each Month during the 
Period of Delivery plus $0.0025 per MMBtu.

My concern is that there may be some confusion as to what the Index Price 
actually is.  The Index Price has always had the meaning of the First of the 
Month Published Index.  I'm sure the intent in the Master Agreement is for 
the Index Price to equal the published Gas Daily Spot Price for that 
particular location. 

I think that changing the wording from Index Price to Spot Price would save 
some confusion.
teresa.bushman@enron.com, dan.hyvl@enron.com, joan.quick@enron.com