You are on the trail,  please forward copies of the confirms in question to
me,  I have a copy of the contract.

Thanks!

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Dan:  We have discussed this internally and will remain with the numbers
provided in my e-mail to you on 03/05.  Our feeling is that until the sampling
equipment is up and running at the terminal we have to stick to a know number
as
a bench mark, that being the first delivery of Matthew.
Brgds'
Joe

Dan.Masters@enron.com on 03/05/2001 03:34:57 PM

To:   Joseph McKechnie/Cabot LNG@Cabot LNG
cc:   Christopher Skinner/Cabot LNG@Cabot LNG, Jaime.Sanabria@enron.com,
      Paul.Y'Barbo@enron.com, Todd.Peterson@enron.com, Rudy Adamiak/Cabot
      LNG@Cabot LNG, Jane Michalek/Cabot LNG@Cabot LNG
Fax to:
Subject:  Re: Feb 12 delivery of "Methane Arctic"

Joe-
It would have been preferable to work these numbers out in advance rather
than after the fact, especially considering that it seems we already had by
our phone conversations and my email to you dated February 7.  Since we
received no correspondence to the contrary, I assumed the numbers to be
used would be per that email.  Please revert with your response.

Dan

"Joseph McKechnie" <jmckechnie@cabotlng.com> on 03/05/2001 08:22:30 AM

To:   Dan.Masters@enron.com
cc:   "Christopher Skinner" <cskinner@cabotlng.com>,
      Jaime.Sanabria@enron.com, Paul.Y'Barbo@enron.com,
      Todd.Peterson@enron.com, "Rudy Adamiak" <radamiak@cabotlng.com>,
      "Jane Michalek" <jmichalek@cabotlng.com>
Subject:  Re: Feb 12 delivery of "Methane Arctic"

Dan:  We have rechecked our numbers and offer the following.  Based on The
Matthew's original delivery to Eco in July 2000 she delivered 2,744.094
mmbtu's.
This is the base number we are working with.  The Arctic delivered
1,415,921
mmbtu's 5/6 feb 2001, She then delivered 1,389,086 mmbtus on the 12/13th of
feb
2001, for a total of 2,805,007 mmbtus delivered.  We subtract 2,744,094
(matthew
base number) from 2,805,007 and get 60,913 mmbtus remaining, which we will
bill
at the $3.483097 rate.
We will be re-submitting the invoice upon receipt of you comments

Brgds
Joe McKechnie

Dan.Masters@enron.com on 02/27/2001 09:18:11 PM

To:   Joseph McKechnie/Cabot LNG@Cabot LNG, Christopher Skinner/Cabot
LNG@Cabot
      LNG
cc:   Jaime.Sanabria@enron.com, Paul.Y'Barbo@enron.com,
Todd.Peterson@enron.com
Fax to:
Subject:  Re: Feb 12 delivery of "Methane Arctic"

Joe/Chris-
I have received your invoice for the Feb 13 delivery of the "Methane
Arctic".  I do not agree with the split as it appears on the invoice.  For
the Winter Cargo portion billed at $4.323264, there should be 55,924.321m
(superscript: 3) which corresponds to 1,252,745 MMBtu.  The remainder to be
billed at $3.483097 is 6,086.467m(superscript: 3) which corresponds to
136,341 MMBtu.  Please recheck your figures and revert.

Thank you,
Dan Masters

Dan Masters
02/07/2001 04:07 PM

To:   jmckechnie@cabotlng.com
cc:
Subject:  Feb 12 delivery of "Methane Arctic"

Joe-
Confirming our conversation, since the "Winter Cargo" is being delivered on
two Methane Arctics, we need to paper split the volumes on the 2nd one
between the winter cargo price and normal price.  Using the volumes for a
standard cargo from the contract, the winter cargo should be 119,000 m
(superscript: 3).  The delivery that just finished was 63,075.679 m
(superscript: 3).  That leaves 55,924.321m(superscript: 3) on the next
delivery to be priced at the winter cargo rate and the remainder to be
priced at the normal rate.

Thanks,
Dan Masters
Office:   713-345-5498
Fax: 713-646-6560
Cell:     832-326-9590
Email:    dan.masters@enron.com

(See attached file: att1.eml)

 - att1.eml
 - att2.eml


I meant to blind copy you on this.  Here it is...
---------------------- Forwarded by Sally Beck/HOU/ECT on 12/14/2000 11:25 AM
---------------------------

	Enron North America Corp.

	From:  Sally Beck                           12/14/2000 11:25 AM

To: Kimberly Hillis/HOU/ECT@ect
cc:
Subject: Re: The Assistant's Party

Thanks for taking the time to send your note.  I am glad that the party was
such a success and that Heather was able to contribute to that.  Heather is
absolutely a wonderful asset to our team and to the company.  Thanks for your
acknowledgement of that.  --Sally

	Enron North America Corp.

	From:  Kimberly Hillis                           12/13/2000 10:33 AM

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: The Assistant's Party

Sally,

I wanted to send you a short note to tell you about the success of last
nights Office of the Chairman Holiday Assistant's Party.

The party was an absolute success, but one of the main reasons why was
because of Heather Choate.  I sent out ONE email to Patti and she recruited
Heather who made huge efforts to get some wonderful gifts to be given out.

It is nice to see people truly going above and beyond!  She was a superstar!

Kim Hillis
x30681


Joe and Bob:
Could someone bring to our luncheon tomorrow a copy of the "Special Handlings
List"?

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 06/26/2000
01:57 PM ---------------------------

"the shockwave.com team" <shockwave.com@shockwave.m0.net> on 06/23/2000
10:49:22 PM
Please respond to shockwave.com@shockwave.m0.net
To: pallen@enron.com
cc:
Subject: Download Frogger before it hops away!

Dear Phillip,

Frogger is leaving shockwave.com soon...

Save it to your Shockmachine now!

Every frog has his day - games, too. Frogger had a great run as an
arcade classic, but it is leaving the shockwave.com pond soon. The
good news is that you can download it to your Shockmachine and
own it forever!

Don't know about Shockmachine? You can download Shockmachine for free
and save all of your downloadable favorites to play off-line,
full-screen, whenever you want.

Download Frogger by noon, PST on June 30th, while it's still on
the site!

the shockwave.com team

~~~~~~~~~~~~~~~~~~~~~~~~
Unsubscribe Instructions
~~~~~~~~~~~~~~~~~~~~~~~~
Sure you want to unsubscribe and stop receiving E-mail from us? All
right... click here:
http://shockwave1.m0.net/m/u/shk/s.asp?e=pallen%40enron.com

#27279


wanna get sauced after work?


Joe,

It has to be the following week. My mistake.

Vince

Joseph Hrgovcic
03/29/2000 09:36 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Research lunch with Yannis

Vince,

 I've received your message and I'm coordinating with Yannis on the lunch.

Joe


Good article.  These consultants / academics work for the group we are
talking to about writing a "what if no deregulation" piece for Enron and
hopefully others.

Jim

---------------------- Forwarded by James D Steffes/HOU/EES on 08/12/2000
01:07 PM ---------------------------

Jeff Dasovich on 08/11/2000 12:59:34 PM
To: James D Steffes/HOU/EES@EES
cc:
Subject: UC Berkeley Profs' View of California

Jim:
Sounds like something we would have written.  Teece is the Chairman of LECG
with whom I met yesterday.  Spiller and Schmuel are two UC Berkeley
professors who are principals at LECG.  I don't know when they wrote this or
if they're trying to get it placed.  Teece forwarded it to me today.
Best,
Jeff
---------------------- Forwarded by Jeff Dasovich/SFO/EES on 08/11/2000 10:57
AM ---------------------------

David_Teece@LECG.com on 08/11/2000 10:11:28 AM
To: jdasovic@enron.com, graham@grahamscott.co.nz,
cdanner@NavigantConsulting.com
cc:
Subject: california

For your information.

-- David
---------------------- Forwarded by David Teece/LECG on 08/11/2000 09:24 AM
---------------------------

Pablo Spiller
08/10/2000 01:43 PM

To:   David Teece/LECG@Navigant
cc:

Subject:  california

(See attached file: oren_spiller_3.doc)

 - oren_spiller_3.doc


Scripts and the coresponding talking points were sent to PR / Communication yesterday, with instructions to forward to you when their review and comments were received.

 -----Original Message-----
From: 	Cash, Michelle
Sent:	Monday, November 26, 2001 10:02 AM
To:	Johnson, Rick
Subject:	RE: A few questions about the scripts

I am a bit unclear.  Are these ready for my final review yet?  If so, I will get right on them.  Michelle

 -----Original Message-----
From: 	Denne, Karen
Sent:	Monday, November 26, 2001 8:40 AM
To:	Johnson, Rick; Clark, Mary; Jones, Robert W.- HR Exec
Cc:	Oxley, David; Cash, Michelle; James, Terrie
Subject:	RE: A few questions about the scripts

Thanks for the info, Rick.  We also need to add one more question to the supervisor Q&A:  Will I still receive severance if the company files for bankruptcy? thx. kd

 -----Original Message-----
From: 	Johnson, Rick
Sent:	Monday, November 26, 2001 8:08 AM
To:	Clark, Mary; Jones, Robert W.- HR Exec
Cc:	Oxley, David; Cash, Michelle; James, Terrie; Denne, Karen
Subject:	RE: A few questions about the scripts

Mary, based on the most current information:
1.	A&B employees will receive bonus consideration however the amount is not dependant or determined by their A / B designation.   Accordingly, any mention of bonus in the scripts will need to rely on what we have said in the past, I.E. Bonus will be dependant on financial performance and employee contributions over the past year.
As result of this interpitation, Bonus, albeit a element of retention, should not be included as an inducement to retention at this time.  (source - Aaron Brown)
2.	The employees on the D - list are being placed on paid furlough and being terminated at a known date in the future.  That period of earning calculated to be a severance plan offset.   Employees who work up to their specific term date ( C-list) will be receiving their normal pay; then their severance pay, without a severance plan offset.  Michelle Cash is working with Pat Mackin to define the severance plan features that will govern this timing and the corresponding explanations.
 -----Original Message-----
From: 	Clark, Mary
Sent:	Sunday, November 25, 2001 6:49 PM
To:	Jones, Robert W.- HR Exec
Cc:	Oxley, David; Cash, Michelle; James, Terrie; Denne, Karen; Johnson, Rick
Subject:	A few questions about the scripts

I have a couple of questions about the scripts that Rick Johnson sent me

1.  For A and B employees, will there be bonuses.  It's crossed out on the A script and left in the B script.
2.  In the C script:
	Please explain what a 60-day notice w/o severance plan off-set means.
	When does severance go into effect for C employees?  It's not clear in the script.

Thanks.

Mary E. Clark
Director, Internal Communications
Phone:  713-853-7325
Fax:  713-853-6790
e-mail:  mary.clark@enron.com


----- Forwarded by Dan J Hyvl/HOU/ECT on 04/17/2001 01:49 PM -----

	"Smith, Charles" <Charles.Smith@alcoa.com>
	04/17/2001 11:43 AM

		 To: "BETTYE L. (E-mail)" <blanghem@anthonysylvan.com>, "Rowan, Brenda"
<Brenda.Rowan@alcoa.com>, "Gensler, Christina" <Christina.Gensler@alcoa.com>,
"Pistorius, Courtney C." <Courtney.Pistorius@alcoa.com>, "Dan J Hyvl
(E-mail)" <Dan.J.Hyvl@enron.com>, "Doris (E-mail)" <muleman1@earthlink.net>,
"Jan (E-mail)" <janmcdonald@earthlink.net>, "Jennifer (E-mail)"
<jhefti1528@aol.com>, "Frei, Laura (ISC at Alcoa)" <Laura.Frei@alcoa.com>,
"S-Y RANCH (E-mail)" <SYRANCH@JUNO.COM>
		 cc:
		 Subject: FW: [Fwd: Puppies 4 Sale]

A store owner was tacking a sign above his door
that read "Puppies for Sale."

The signs have a way of attracting children.
Soon a little boy appeared at the sign and asked, "How much are you gonna
sell
those puppies for?".

The store owner replied, "Anywhere from $30-$50."
The little boy reached into his pocket and pulled out some change.
"I have $2.37, can I look at them?"

The store owner smiled and whistled.* Out of the kennel came his dog
named Lady, running down the aisle of his store followed by five little
puppies.* One puppy was lagging considerably behind.

Immediately the little boy singled out the lagging, limping puppy.* He
asked "What's wrong with that little dog?"

The man explained that when the puppy was born the vet said that
this puppy had a bad hip socket and would limp for the rest of his life.

The little boy got really excited and said, "That's the puppy I want to
buy!"

The man replied "No, you don't want to buy that little dog. If you
really want him, I'll give him to you." The little boy got upset. He
looked straight into the man's eyes and said "I don't want you to give him
to
me.
He is worth every bit as much as the other dogs and I'll pay the full
price.* In fact I will give you $2.37 now and 50 cents every month until I
have him paid for."

The man countered, "You really don't want to buy this puppy son.
He is never gonna be able to run, jump and play like other puppies."
The little boy reached down and rolled up his pant leg to reveal a
badly twisted, crippled left leg supported by a big metal brace.* He
looked up at the man and said, "Well, I don't run so well myself and the
little puppy will need someone who understands."

The man was now biting his bottom lip.* Tears welled up in his
eyes....He smiled and said, "Son, I hope and pray that each and every one
of

these puppies will have an owner such as you."

IN LIFE, IT DOESN'T MATTER WHO YOU ARE, BUT WHETHER SOMEONE
APPRECIATES YOU FOR WHAT YOU ARE, ACCEPTS YOU AND LOVES YOU
UNCONDITIONALLY.

A REAL FRIEND IS ONE WHO WALKS IN WHEN THE REST OF THE WORLD WALKS AWAY.

SEND THIS TO ALL THE PEOPLE IN YOUR LIFE YOU CONSIDER TO BE SPECIAL.

File item 2 original document name: Not specified
File item 2 document type: PCDATA
File item 2 size (bytes): 2540


Cindy,
I have a friend that is a principal in a company called Nexstar.  The
company  is on a roll and offers an interesting product.  I have attached his
email and basic presentation but I thought it was interesting enough to bring
it up to you.  Also he is a friend and I don't want to ignore him.  Do we do
anything like this with our employees?

I would really appreciate some feedback on this.  Unless you think it is a
total waist of time, I would appreciate you and some other appropriate
members of your HR team to attend 1 intro. meeting to listen to their pitch.
I would of course attend as well if you like.  They have an impressive
customer list already.

Let me know what you think and I'll help co-ordinate the meeting.

Thanks,
Mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 10/30/2000
08:50 PM ---------------------------

"Daniel, Don" <ddaniel@nexstarhome.com> on 10/10/2000 12:57:01 PM
To: "'mike.mcconnell@enron.com'" <mike.mcconnell@enron.com>
cc: "Hermansen, Michele" <mhermansen@nexstarhome.com>
Subject: Nexstar Mortgage Program

 Mike,

 It was good to talk to you this weekend and hope you had a great
stay in Dallas. As we discussed, I am attaching a brief introduction to
Nexstar Financial and a copy of our latest press release. Nexstar is a
financial services company that is currently offering mortgage lending
products. We began the company in May 1999 and have spent the last 18 months
building a state of the art high tech (web) high touch (telephone) customer
communication/service center located in St. Louis Missouri.. We specialize
in working with Fortune 500 companies to provide superior mortgage products
to their relocating employees as well as to their  general employee
population.

 Our management team of industry leaders launched Nexstar after
holding senior positions with some of the most prominent mortgage companies
in the business today. Our Chairman, Marvin Moskowitz was Chairman of the
parent company of Prudential Home Mortgage while it grew to industry
prominence in  providing mortgage products to corporate America.  Rick
Thornberry, our CEO and President, most recently held the COO and President
positions at Citi Mortgage.  I serve as Managing Director of Business
Development at Nexstar and served as Managing Director of Sales at Citi
Mortgage responsible for the Corporate Relocation and Employee Program.
Previous to Citi I served in several executive positions with Prudential
Home Mortgage.  Helen Garrity is Managing Director of Sales and Marketing.
She joined Nexstar from her position as SVP of Norwest Mortgage, where she
led the corporate and affinity mortgage programs.  Our experienced and
visionary management team has been joined by some of the brightest
individuals in the mortgage industry.  Since May 1999, our collective team
has succeeded in designing and implementing the most advanced mortgage
program available to corporations and co-brand partners today, resulting in
an easier mortgage process with reduced customer expenses and savings to the
corporation.

 I'd love to have the opportunity to meet with the appropriate people
at Enron to demonstrate the benefits Nexstar offers for Enron's relocating
and general employee population.

 Please give me a call at your earliest convenience to discuss
Nexstar and how we could bring value to Enron. Thank you.

  <<Enron intro.ppt>>    <<AGE press release.doc>>

 - Enron intro.ppt
 - AGE press release.doc


I'll be in South Dakota from the 28th of December through the 3d of January.
While there, I can be reached via my voice mail, which I will check daily, or
through my cell phone at 402-630-8461.  At all other times, I will be Omaha
and reachable at my office number, cell phone or home number of
402-572-8595.  Thanks.  DF


UBS CONTACTS

IN HOUSTON WEEKEND OF JANUARY 19/20
	Position	Home	Work	Cell	Other
Anderson, Mimi	Data Administration	203-353-9121	203-719-6448
Brown, Anthony	All Issues	212-253-6313	212-821-2346	646-244-6311
Galasso, Jill	Data Administration	203-277-2067	203-719-3614
Lee, Jenai	Data Manager	718-788-8468	212-821-6073

KEY CONTACTS WEEKEND OF JANUARY 19/20
	Position	Home	Work	Cell	Other
Bliss, Melissa	Front Office	203-655-4678	203-719-6358	203-253-4339
Eastwick, Jacqueline	Front Office	203-966-9294	203-719-4575
Martin, Audrey	Front Office	212-423-5764	203-719-4699	917-468-0237	860-824-7707
Luecke, Susan	Operations	203-602-3332	203-719-6916	914-830-4528
Ciliberto, David	IT	212-253-5477	212-713-3276	917-319-5360
Reichman, Peter	FCD/Legal	914-939-4161	203-719-0276	917-417-8914
Knight, Linda	CRM/HR/Market Risk	203-438-5397	203-719-4681	917-848-7251

KEY SPECIALIST CONTACTS WEEKEND OF JANUARY 19/20
	Position	Home	Work	Cell	Other
Raman, Kumar	Immigration		212-891-7515
Digiacomo, Larry	Reloction/Int'l Assignees	203-248-4560	203-719-4686	203-696-8646
Hart, Tracy	Compensation Policies	203-358-9687	203-719-4688
Raimondi, Vince	Benefits	203-563-0535	203-719-0656	203-563-0535

HOUSTONIAN HOTEL	713-680-2626
War Room - Magnolia Room

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Friday, January 18, 2002 5:38 PM
To:	Presto, Kevin M.; Whalley, Greg; Shively, Hunter S.; Lavorato, John; Belden, Tim; Calger, Christopher F.; Milnthorp, Rob; Oxley, David
Cc:	Schoppe, Tammie
Subject:	 Meeting this week-end

We plan to have a conference call at 2pm Sunday to discuss progress.  We want to reallocate dollars which have been returned to the pool and ensure we keep the process moving and any contracts redone by the UBS team in preparation for Monday.  David is going to send an email with contact numbers etc for questions people may have with regard to the contracts (apart from the numbers and promotions) as all those questions need to be sent to HR.

Please make sure you contact all of your guys and have an idea of where they are at.

Tammie will contact you all with the dial in number.

The meeting will be in John's office.

Thanks

Louise


Want to  know?a Venture Capitalist's insights in  the Technology and Market
trends on  Semiconductor and Fiber Optical Communication in Asia and USA?
?
?
?
Global Management and Asia class
hosted by Haas  Pacific Rim Club
invites you?to a lecture  by
?
Dr. Stephen  Chiao
Partner of  Sycamore Venture
Director of  Broadband Optical Networking Lab, San Jose State  University
?
on
?
Recent Development,  Market Trend and Opportunity on Semiconductor and Fiber
Optical Communication  Industries in China, Taiwan, Japan and USA
?
Tuesday, March  20
18:00-19:50
C250
?

Dr. Chiao  is a partner of Sycamore Venture. Dr. Chiao is also a professor
at  Electrical Engineering Department and Director of the Broadband Optical
Networking Lab. at San Jose State University. Dr. Chiao has a distinguished
record of applying academic research to meet technology and business
requirements. With more than 85 technical articles published worldwide and 5
U.S. patents, Dr. Chiao is also an active consultant to many high-tech firms.
He  is on the board of directors of several high-tech companies in Silicon
Valley.  Dr. Chiao is also a partner of several VC funds. Prior to his
professorship, Dr.  Chiao held senior management and R&D positions at
Mosel/Vitelic, Gould/AMI,  Hewlett-Packard and Varian Associates. Dr. Chiao
received his B.S. from National  Cheng-Kung University in Taiwan, M.S. from
University of Southern California and  Ph.D. from Stanford University.?

?


The Estate version of the systems were commissioned successfuly onto Estate hardware this weekend with the users completing their testing on sunday, and it looks as though we are in good shape for doing the same for NetCo this week.

Just a few weeks ago there was a lot of doubts that it could be done, but thanks to a great display of team work, and just plain hard work, with many late nights (and a few sleep overs....), we met our first major milestone!!!!!

Thanks for the outstanding efforts over the last two weeks, that made this weekend possible.

<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />best regards

Steve


I was a little concerned when I got this email and I discussed it with Mark
Taylor and I just want to confirm with you, that you are responsible for any
changes to resolutions for UK online corporations and we are responsible for
US online corporations.  No changes should be made to the EnronOnline, LLC or
Enron Net Works Board Resolutions without going through me or Mark.

I checked the EnronOnline minute books in the vault and unless I am plain
missing it I have not prepared and see no resolutions appointing Lara
McKinney or Arfan as Agents and Attorneys-in-Fact to execute Password
Applications (which is the only authority we would give them, not general
signing authority for any other documents).   I need to confirm whether you
have prepared any resolutions granting Lara & Arfan signing authority and if
you have I need to get copies faxed to me.  Of course, I only care about
Enron Online, the other two companies fall under your jurisdiction.
----- Forwarded by Tana Jones/HOU/ECT on 05/24/2001 10:37 AM -----

	Lara McKinney/ENRON@EUEnronXGate
	05/24/2001 03:17 AM

		 To: Jennifer deBoisblanc Denny/ENRON@enronXgate, Mark Taylor/HOU/ECT@ECT,
Tana Jones/HOU/ECT@ECT
		 cc: Savita Puthigai/ENRON@enronXgate, Torrey Moorer/ENRON@enronXgate, Arfan
Aziz/Enron@EUEnronXGate
		 Subject: RE: FYI - this is something you may want to get your arms around

Please note that Arfan and I have already been made authorised signatories
for the following Enron entities:
Enron Power Operations Limited
Enron Australia Finance Pty Ltd
EnronOnline LLC

On Amita's removal as signatory, can we wait until the 11th June?  She will
be heading up the London Product Control Group until then.

Regards,
Lara

 -----Original Message-----
From:  Denny, Jennifer
Sent: 23 May 2001 22:39
To: Taylor, Mark; Jones, Tana
Cc: Puthigai, Savita; McKinney, Lara; Moorer, Torrey
Subject: FW: FYI - this is something you may want to get your arms around

Mark/Tana,

Due to the recent organizational changes with Sheri Thomas & Amita Gosalia
(see memo below), we will need to remove them as "agents and
attorneys-in-fact to execute Password Applications on behalf of EOL" and add
Savita Puthigai, Lara McKinney and myself.

Also, Dale Neuner should be removed as he is no longer part of EnronOnline
operations but is responsible for DealBench and CommodityLogic operations.
Savita suggested we also add Torrey Moorer since I will be out on maternity
leave in mid July and he will be backing me up during that time.

Can you let me know the turnaround time of a change like this?
Also, is it separate documentation for North America and Europe?

Thank you for your help.
Jennifer
3-5824

To better leverage intellectual capital across Enron Net Works, we have
several organizational announcements to share with you:

Sally Beck, Tom Gros and Beth Perlman will work together to direct our
efforts to &commercialize8 our mid and back office services.  They will
report to the ENW Office of the Chair.  Sally will continue to lead the
day-to-day operations of our mid & back office.  In addition to leading the
development and marketing of Commodity Logic, Tom will have primary
responsibility for the marketing of our mid & back office services.  Beth
will continue to lead IT development for the Americas, including Commodity
Logic and all other systems necessary to deliver mid & back office services.
Joining Tom,s marketing team are Sheri Thomas, Frank Davis, Andrea Crump,
Jeff Harbert and Fred Philipson.

The EnronOnline Product Control function, currently reporting to Sheri
Thomas, will fold into EnronOnline Operations.  Savita Puthigai will lead the
combined group, which will have responsibility for all non-IT day-to-day
operations.  Sheri will move to the mid & back office commercialization
effort reporting to Tom Gros.  Jennifer Denny will assume Sheri,s
responsibilities as the lead for product control.

Amita Gosalia, director of EnronOnline Europe Support, has accepted a new
position with EBS in London.  With her departure, Lara Fields will assume
responsibility for the EnronOnline support team in Europe and report to
Savita.  Paul Goddard will continue to lead our marketing efforts in Europe
and report directly to Andy Zipper, who will continue to lead all of
EnronOnline,s activities.  Angela Connelly will continue to manage
EnronOnline,s content in Europe and report to Kal Shah.  Additionally, John
Pavetto, John Cummings, John Allario, Mike Haney and Jake Staffel will join
Andy,s team to focus on origination opportunities around the EnronOnline
application.

Rex Shelby and David Berberian will focus on special initiatives and new
business opportunities.  Brandon Wax will manage ENW,s investment portfolio.
Mark S. Palmer will lead the Transaction Development and Structuring team.
In their new roles, Rex, Brandon and Mark will report to the ENW Office of
the Chair.

Please join us in congratulating everyone on their new responsibilities and
thank you for your continued support as we position ENW for the future.

 -----Original Message-----
From:  Puthigai, Savita
Sent: Tuesday, May 22, 2001 8:02 AM
To: Denny, Jennifer
Subject: RE: FYI - this is something you may want to get your arms around

Will do.

 -----Original Message-----
From:  Denny, Jennifer
Sent: Monday, May 21, 2001 5:49 PM
To: Puthigai, Savita
Cc: Lees, Lisa
Subject: FW: FYI - this is something you may want to get your arms around
Importance: High

Savita,
I think Lara, myself & you need to be added to this and others removed.
This is for PAs which are in Lisa's group.
Do you want to speak with Sheri & Legal (Mark Taylor, Tana Jones)?

 -----Original Message-----
From:  Neuner, Dale
Sent: Monday, May 21, 2001 5:21 PM
To: Denny, Jennifer
Subject: FYI - this is something you may want to get your arms around
Importance: High

The Unanimous Written Consent of Managers of EnronOnline, LLC dated 11-06-00,
effective as of 10-11-00, appoints Amita Gosalia, Dale Neuner and Sheri
Thomas as agents and attorneys-in-fact to execute Password Applications on
behalf of EOL.  This resolution will expire one year from the date of its
effectiveness.  When executing, these signatories must sign as &Agent and
Attorney-in-fact8.

Dale Neuner, Manager
Product Control Groups
CommodityLogic; DealBench


Hi Karen,

I hope you get well soon!

I had Peggy edit the market wrap. I sent it out this morning.

Also, I have finished working on the Tissue Report. Do you want it send by email?

Let me know,
Monika


Mark,  I didn't find any gas agreements in the binders that I have.  Most likely since it was done intra-ENA, there was no contract and it was simply booked under a deal ticket.  I will look to see if I can find any paper in our global database for the deal.

 -----Original Message-----
From: 	Knippa, Mark
Sent:	Thursday, December 13, 2001 10:16 AM
To:	Nemec, Gerald; Zisman, Stuart
Subject:	RE: NNG Hubbard
Importance:	High

	Gerald,
	Generally there has been a gas sales agreement with ENA.  Given that this transaction was done as ENA, it may have been handled
	differently.  What contractual provisions exist for the gas delivered by NNG to ENA?

	mk

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Thursday, December 13, 2001 10:04 AM
To:	Zisman, Stuart
Cc:	Knippa, Mark
Subject:	NNG Hubbard

Stuart,  I reviewed the contract files on the Hubbard Transaction and found the following agreements:

All these contracts are in Enron North America Corp.'s name

1.  Compression Services Agreement dated June 29, 2000 (I worked on this one.  We basically restated the existing Compression Services Agreement with NNG to revise conversion factors to allow NNG to deliver ENA more gas and thus allow ENA to mark more earnings.  NNG was able to book $2 mil of these earning as a fee paid by ENA to NNG in consideration for termination of the existing Compression Services Agreement)  This agreement has a provision for submission of a purchase offer by NNG to ENA for purchase of the motor and interconnection facilities.  No specific numbers are listed and the terms would have to be mutually agreeable.

	No events of default specifically listed (including bankruptcy).  Thus it is not terminated.  If ENA fails to provide HP there are LD payments due up to a maximum of $200,000 per contract year.  Term is through January 31, 2018.

2.  First Amended and Restated Operations Agreement dated November 1, 1997.  NNG operates the electric driver for ENA.  Fee is $44,000 per year with an escalater.  Term is through November 30, 2017 (This works with the term of the CSA above.  Even though physical operations stop in November, gas still flows for another two month period).

	No events of default specifically listed (including bankruptcy).

3.  Agreement for Purchase of Power dated March 31, 1995 as amended on November 19, 1997.  ENA purchases electricity from Midland Power Cooperative.  Term is through December 31, 2017.

	No events of default specifically listed (including bankruptcy).

4.  Master Lease Agreement dated March 31, 1995.  ENA leases the electric motor driver and appurtenant equipment from General Electric Capital Corporation. This agreement has a 10 year term with an option to purchase the equipment after year 8 for a fixed amount of $944,875.69.

	Bankruptcy of ENA is an event of default.  GE must provide notice that they wish to declare an event of default.  If they declare an event of default, GE could enter the premises and take possession of the equipment and hold ENA liable for the "Stipulated Loss Value" of the equipment and all rentals due thereunder.  The Stipulated Loss Value calculated is set forth on a Table attached to the agreement.

Let me know if you would like copies of any of these agreements.


Cindy:

Attached are a form of Enron Corp. guaranty in favor of Albchem Industries Ltd., together with a form of Certificate of Incumbency.  Please process the attached document as soon as possible and call me at x33907 for pickup.

Thanks!

Marie


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After thinking about this last night, I would still like to bring to the meeting today at 1pm all the documents that would be necessary for UBS to be "fully" functioning so that we can get this data in front of the UBS legal group.

Jim

 -----Original Message-----
From: 	Portz, David
Sent:	Wednesday, January 30, 2002 5:25 PM
To:	Steffes, James D.
Cc:	Gilbert-smith, Doug; Day, Smith L.; Sager, Elizabeth; Bradford, William S.; Sacks, Edward; Miller, Jeffrey; Will, Lloyd; Presto, Kevin M.; Bailey, Debra; Haedicke, Mark E.
Subject:	RE: UBS Sign-Off on ERCOT Docs

I understand from Smith Day that APX forwarded us today a format of contract relating to their potentially serving as QSE for UBS AG trading.  APX is apparently willing to contract on a month-to-month basis (thus allowing us to move to our own IT interface with ERCOT as soon as possible).

As to item two below, until UBS would have the IT capability (currently under development and projected to be roughly a month from completion) to become certified to act as its own QSE, it would not need to execute any 'market participant' agreement with ERCOT in order to be a power marketer within ERCOT.  As soon as UBS desired to trade Renewable Energy Credits ("RECs"), it would need to sign a standard-form agreement with ERCOT in order to maintain a REC account.

Trading conducted by UBS with any given counterparty within ERCOT would be pursuant to 'UBSWarburgEnergyOnline' GTCs or else subject to discrete negotiated wholesale power enabling agreements and/or ISDA master agreements. The ERCOT ISO would have no connection with such relationship documents supporting UBS AG trading activities.  On the other hand, as UBS's likely counterparties are entities with wholesale power trading activities of national scope, the timeline for trading in ERCOT is linked to the timeline for completing wholesale power/financial master enabling agreements approved by UBS.  Doug Gilbert-Smith this afternoon identified the following counterparties in decreasing order of of their priority as trading partners in ERCOT:

TXU Energy Trading
BP Energy Company
Reliant Energy Services, Inc.
Aquila Power Corporation
Morgan Stanley capitral Group
Constellation Power Source
FPL Energy Power Marketing, Inc.
American Electic Power Service Corporation
Mirant Americas Energy Marketing, LP
Calpine Energy Servicces LP
Dynegy Marketing & Trade
LCRA --Lower Colorado River Authority

along with a couple of incumbent utilities:

San Antonio City Public Service
Reliant HL&P

If you desire Doug Gilbert -Smith to sit in on this meeting, then it would have to be scheduled for Thursday.

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Wednesday, January 30, 2002 8:41 AM
To:	Gilbert-smith, Doug; Day, Smith L.; Sager, Elizabeth; Portz, David
Cc:	Will, Lloyd; Presto, Kevin M.; Bailey, Debra; Haedicke, Mark E.
Subject:	UBS Sign-Off on ERCOT Docs

UBS Legal and UBS Credit is heading to Houston this Thursday and Friday.  I have asked that ERCOT matters get 1 hour to discuss the necessary contracts that UBS will need to sign to participate in the ERCOT market.

Basically, my understanding is the following --

1.	PUCT Registration Form for Power Marketer
2.	ERCOT ISO Information
	QSE [Portz, David]   N/A until IT platform is ready for UBS to serve as its own QSE
	LSE [Portz, David]   N/A
	Wholesale Enabling Agreement [Portz, David]   No ERCOT  involvement
	Other [Portz, David]   REC Trading Account Agreement
3.	APX Agreement [Portz, David]   initially
4.	Other

Given the list of issues, this assumes that UBSW Energy will not be selling electricity at retail.  If we need this for Day 1, we would have to get an additional license from the PUCT.

Thanks,

Jim


No invite here.

I thought Gray was too old for birthdays!

Maybe IEP should give him a nice big candle to light the cake.

Kent

-----Original Message-----
From: Julee Malinowski-Ball [mailto:jmball@ns.net]
Sent: Wednesday, December 06, 2000 8:44 AM
To: Nam Nguyen; Bill Carlson; Bill Woods; Bob Ellery; Bob Escalante; Carolyn
Baker; Curtis Kebler; David Keane; David Parquet; Dean Gosselin; Duane
Nelson; Ed Tomeo; Frank DeRosa; Greg Blue; Hap Boyd; iep@iepa.com; Jack
Pigott; Jeff Dasovich; Jim Willey; Joe Greco; Joe Ronan; John Stout;
Jonathan Weisgall; Kassandra Gough; Ken Hoffman; Kent Fickett; Lynn
Lednicky; Marty McFadden; Paula Soos; Richard Hyde; Robert Lamkin; Roger
Pelote; Stephanie Newell; Steve Ponder; Steven Kelley; Sue Mara; Tandy
McMannes; Tony Wetzel; Trond Aschehoug; William Hall
Cc: john.g.larrea@williams.com
Subject: Fw: Governor's Birthday party invite

See below.

----- Original Message -----
From: Larrea, John <mailto:John.g.Larrea@williams.com>
To: 'Julee  <mailto:jmball@ns.net> Malinowski-Ball'
Sent: Wednesday, December 06, 2000 7:56 AM
Subject: Governor's Birthday party invite

Julee, Williams received a faxed invitation to the Governor's
Birthday party at Haim Saben's house about a week and a half ago.  Do you
know if any other generators or marketers in IEP received the invite?  Who
in IEP would know?

John G. Larrea
Governmental Relations
850 Stillwater Road, Suite 150
West Sacramento, CA 95605
(916) 376-3650
(916) 376-3610
(916) 616-7062 mobile
john.g.larrea@williams.com

PG&E National Energy Group and any other
company referenced herein that uses the PG&E name or
logo are not the same company as Pacific Gas and
Electric Company, the regulated California utility.  Neither
PG&E National Energy Group nor these other
referenced companies are regulated by the California Public
Utilities Commission.  Customers of Pacific Gas and Electric Company
do not have to buy products from these companies in order
to continue to receive quality regulated services from the utility.


Morris, Angela would like to recall the message, "Lite Bytz RSVP".


Kate-

Mike Swerzbin deal
483771.01  we have trade date in system as 12/20/00
prebon sends confirm over with trade date 12/19/00.
they cannot check into it again til Monday, there brokers are gone.
maybe we can check on our sidein the meantime.
thanks Stephanie


Today, we are forming Enron Global Services (EGS) in order to more closely align our asset-based businesses.

This reorganization will allow EGS to focus our resources on opportunities that present the highest value to Enron.  It will also accomplish the following:  1) enhanced synergies among our assets and personnel, 2) more effective prioritization of business opportunities, and 3) better management of Enron's asset-based businesses throughout the world.

Enron Global Services' energy asset portfolio includes the North American pipeline businesses of Enron Transportation Services (ETS), including Northern Border; the international pipeline, power and distribution operations of Enron Global Assets & Services (EGAS); Portland General Electric; EOTT Energy Corp; Enron Wind; Azurix and Wessex Water.

Reporting to me as the heads of their respective business units are:
?	Jim Hughes, President & COO - EGS/International
?	Danny McCarty, Managing Director & CCO - ETS
?	Bill Cordes, President - Northern Border Partners
?	Peggy Fowler, President & CEO - Portland General Electric
?	John Garrison, President & CEO - Azurix
?	Dana Gibbs, President & COO - EOTT Energy Corp
?	Colin Skellett, CEO - Wessex Water
?	Adam Umanoff, President & CEO - Enron Wind

With the creation of EGS, we hope to enhance the efficient utilization of our commercial support services.  To accomplish this, EGS' staff and operational functions will be headed by:
?	Rod Hayslett, Managing Director & CFO
?	Rob Walls, Managing Director & General Counsel
?	Phil Lowry, Managing Director, Pipeline Operations and Engineering & Construction
?	Brian Stanley, President & CEO - EEOS
?	Steve Hotte, Vice President & CIO
?	John Ambler, Vice President, Communications & PR
?	Gary Smith, Vice President, Human Resources

In addition, Rob Walls will continue to perform his role as Deputy General Counsel for Enron reporting to Jim Derrick.

Phil Lowry will be responsible for domestic pipeline operations, technical services and engineering & construction, as well as, international pipeline technical services and engineering & construction.  Brian Stanley will be responsible for technical services and engineering & construction for international power and distribution facilities.

Below is an organization chart for Enron Global Services, which displays the changes described here.  We are confident this new organization will focus our talent and capital appropriately.  Please join me in supporting this management team as it strives to maximize Enron's return on its assets.

<Embedded Picture (Metafile)>


Attached are the first two reports from Dr. Raj Ambrose.  You will receive
two reports per day - today, Thursday and Friday - to get you caught up on
what has been happening in the Curricular Review Task Force meetings, then
approximately one report per week thereafter.  If you do not wish to receive
these reports, just send a return email and I'll take you off the mailing
list.

Thanks,
Deborah

Report from Curriculum Review Task Force
First Report to the Faculty (November 2000)

The Curriculum Review Task Force has been meeting on a regular basis from
August 22, 2000. After receiving a written charge from President Giese and
Dean Arnold, the Task Force was provided with a detailed conceptual frame
work by Dean Arnold and a position paper written by Raj Ambrose on the
Process and Some Possibilities.  The task force has also been reading a
bunch of relevant literature including several articles and book excerpts
published by national organizations like the Association of American
Colleges  and Universities, Council of Independent Colleges, and American
Council of Education.

Several issues were discussed during our early meetings. I will not attempt
to summarize them here. The minutes of these meetings have been posted in
one of the Public Folders. (To access this folder, please go to Public
Folders, All Public Folders, Documents, College, Curricular Review Task
Force.) As a first step, it was decided to look into the strengths and
weaknesses of our academic program.  Professor Lee McGaan was invited to
attend our meetings on October 3 and 10, and he reviewed with us what has
been learned about our academic curriculum through the assessment program.
The group, also, discussed with Professor McGaan and Dean Condon the results
of ACT Student Opinion Survey, the ACT Alumni Survey and a detailed analysis
of the Transcript Reflection Survey.

It is good to have the current chairs of the Curriculum Committee, the FIDC,
and the Faculty Senate as members of the task force. The Curriculum
Committee has conveyed to the task force some of its concerns and ideas
regarding our current curriculum.

We are now discussing the structure, delivery and effectiveness of our
general education program. The task force invites input from all the faculty
members at any point of our discussions. If you have any thoughts or
concerns about our academic program, please share them with me or any member
of our task force. We will keep you informed as we proceed with this
important task.

Raj Ambrose
Chair, Curriculum Review Task Force

Curriculum Review Task Force
Second Report to the Faculty (December 2000)

Since my first report last month, the Curriculum Review Task Force could
meet only twice because of the Thanksgiving break. During our November 14th
meeting, we had extensive discussions with Dr. Jeanne Narum, Director of
Independent Colleges Office in Washington and the highly successful Project
Kaleidoscope. Because of her extensive background as a grants officer, a
Vice President for College Relations and ICO Director, we could talk to Dr.
Narum as a general consultant for our curricular review. She indicated that
we are moving in the right direction and gave some valuable suggestions. The
November 28th meeting focused primarily on the implications of the Teagle
grant for our curricular initiative. We are  working on the type of regional
consultants (see below) we want to bring and their time schedule. The Task
Force is also planning to meet with our new faculty members (those who have
joined us in the past few years) soon.   We are currently discussing the
strengths and weaknesses of our academic program. We value your input in
this matter; so far we have received only one response to our request in
this regard.

The Curricular Review Task Force has stressed from its inception the need
for working closely with the faculty and the rest of the campus community.
We see the Teagle grant as a great opportunity for faculty development and
as an important  avenue for continued interaction  with the whole faculty as
we move forward with our curricular initiative.

The Teagle proposal has three major phases: 1. Organizational Phase
(2000-01), 2. Planning Phase (2001-02), and 3. Implementation Phase
(2002-04). We are currently in the organizational phase, when the Task Force
meets on a regular basis through the academic year. In February and March
2001, we will bring three regional consultants for one-day visits. In late
May and early June 01, the Task Force will work intensively for 15 days when
we will have a nationally recognized  consultant  with us for 5 of those
days. After this session, the Task Force  chair will prepare a report to the
faculty with recommendations  on how to proceed. This report will include a
summary of the work done till then, general areas of curriculum/programming
to be explored, the methodology to examine promising approaches, feasibility
of adopting Abest practices@ currently implemented in peer institutions  and
a mechanism for assessing curricular effectiveness in terms of institutional
goals.

The Planning Phase and Implementation Phase  will provide  ample
opportunities for faculty input and interaction. Funds are available during
each phase to send 5-member teams of faculty members and administrators to 5
national conferences and 4 peer institutions. The peer institutions will be
chosen on the basis of their being similar to Monmouth College and of their
having implemented significant curricular initiatives in recent years. In
this connection, it should be noted that the Association of American
Colleges & Universities will be naming 20 Leadership Institutions this Fall
from a pool of 73 applicants, which are representative of a wide range of
institutional types and of a rich variety of successful curricular
innovations. These institutions would form a Consortium of Quality Education
and host a series of Abest practice@ seminars, comprising a Forum of 21st
Century Liberal Arts Education. We will send our 5-member teams to some of
these seminars, if they are relevant to us. We are also planning to get a
list of these 73 applicants who want to become Leadership Institutions.

Over the course of the Planning and Implementation phases, 5 Round Tables
will be arranged during each phase. In these Round Tables, those who
attended conferences and peer institutions will share with their colleagues
their experiences and findings. Further, during Summer 2002 and Summer 2003
two carefully planned 3-day workshops will be arranged to which nationally
recognized consultants will be invited to work with the participants.
Stipends will be available to all the participants.

The Final Proposal is expected to be submitted for faculty approval in early
Fall 2002. If we make good progress according to the proposed plan, then $
3,000 stipends each will be available to 12 faculty members during Summer
2003 to work intensively on course enhancement and design. The Faculty
Senate has been briefed on the implications of the Teagle grant and each
Senator has been given a copy of the full proposal submitted to the Teagle
Foundation. The Curricular Review Task Force looks forward to working with
you on this exciting and challenging project. Thanks

Raj Ambrose
Chair


Enron Unit Must Honor Pact With California Schools (Update1)
Bloomberg, 04/11/01

Judge orders Enron to deliver electricity to universities
Associated Press Newswires, 04/11/01

WSJ.COM: Rumors? Firms Ponder How To Announce Layoffs
Dow Jones News Service, 04/11/01

U.K. Wind Power Gears Up For The Great Leap Offshore
Dow Jones Energy Service, 04/11/01

INDIA: Enron names Australian conciliator for India project.
Reuters English News Service, 04/11/01

Chile's Enersis Weighs Building Electric Plants In Brazil
Dow Jones International News, 04/11/01

U.A.E.'s Dolphin May Supply Natural Gas to India, Agency Says
Bloomberg, 04/11/01

PG&E's Peter Darbee (Transcript of Interview)
Bloomberg, 04/11/01

Enron Unit Must Honor Pact With California Schools (Update1)
2001-04-11 16:30 (New York)

Enron Unit Must Honor Pact With California Schools (Update1)

     (Adds comment from judge, details of hearing starting in
third paragraph.)

     San Francisco, April 11 (Bloomberg) -- An Enron Corp. unit
must provide electricity to California universities under an
existing contract, U.S. District Judge Phyllis J. Hamilton
ordered.
     Enron Energy Services Inc. had agreed to provide energy and
related services to the University of California and California
State University, said Douglas R. Young, a lawyer for the
universities. The company cut off the schools on Feb. 1, and
transferred the accounts to PG&E Corp. and Edison International
utilities, Young said at a hearing today in San Francisco.
     The schools say they want to keep the contract with Enron,
because it is more reliable than the utilities. Both utilities are
burdened with billions in power-buying debt, and Pacific Gas &
Electric Co. has filed for bankruptcy. The utilities' customers
have been subjected to rolling blackouts amid power shortages in
the state.
     ``Enron did not have the right to return the university
systems to the utilities,'' Hamilton said. She granted the
universities' preliminary injunction, forcing Enron to honor the
contract for now.
     Enron and the universities announced the four-year contract
in 1998, valuing the agreement at $300 million to $500 million in
electricity sales. Cal State would save $1.5 million a year
through the contract, they said, and U.C. would save $2.4 million.

                         The Switch

     Enron lawyer A. William Urquhart said the company didn't
cancel the contract; it just switched the source of supply to the
utilities. Enron said it will file an immediate appeal with the
9th U.S. Circuit Court of Appeal in San Francisco.
     During the hearing, Urquhart said Enron had a
``responsibility to its shareholders'' to make financially prudent
decisions. At most, the universities have suffered some economic
damage, which would not entitle them to enforce the contract,
Urquhart said.
      California Attorney General Bill Lockyer, who filed a
``friend of the court'' brief in the case, said that Enron's duty
to its shareholders ``seems to be to rip off California
consumers.''
     Enron is saying ``we don't want to sell power at the prices
we promised,'' Lockyer said.
     ``We continue to believe that we're acting in the best
interests of our clients,' Enron Energy Services spokeswoman Peggy
Mahoney said after the hearing.

                         Lawsuit

     The universities sued Enron in March, seeking to enforce the
four-year contract. The schools also said in court documents that
buying from utilities would render obsolete new electricity meters
that help them conserve.
     The universities have installed meters to collect data on
consumption, helping them reduce power bills. Those $1,500 meters
can't be used on the ``bundled'' systems like the utilities' and
would have to be removed, said Charles McFadden, spokesman for the
University of California.
     Enron says that it has offered to continue to provide all
campuses with the metering, billing and related services under the
agreement.
     Judge Hamilton ordered the universities to post a $1 million
bond. The routine order assures Enron's losses will be paid, if
the energy company prevails in the case.

Judge orders Enron to deliver electricity to universities
By DAVID KRAVETS
Associated Press Writer

04/11/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SAN FRANCISCO (AP) - Saying that Enron Energy Systems Inc. may be in breach
of contract, a federal judge Wednesday ordered the Houston company to abide
by its agreement to sell cheap power to the state's public universities.
Enron was attempting to get out of delivering power for the final year of a
four-year deal with the California State University and University of
California systems. Enron, which buys power from producers and sells it on
the market, said the contract would cost the energy concern $12 million a
month because of skyrocketing wholesale power prices.
Enron said the state should free Enron from its obligation and taxpayers
should pick up the tab.
"It's our economic interest to provide a service with the least amount of
dollars we can provide it for," Enron attorney A. William Urquhart said. He
later described the case as being "all about money. It's all about money."
Enron said it would file an emergency appeal to the 9th U.S. Circuit Court of
Appeals in San Francisco to overturn U.S. District Judge Phyllis Hamilton's
ruling in the suit brought by the state's two university systems.
Appearing in federal court, state Attorney General Bill Lockyer argued that
Enron wants out of the contract so it can engage in a "marketing game" with
the universities' promised power and sell it on the open market for 10 times
more than what the electricity cost Enron.
He said lawmakers may have "left the keys in the car" when they approved
California's failed energy deregulation scheme that has prompted the energy
crisis, "But it is still theft to steal the car."
The judge issued a temporary injunction against Enron, forcing it to continue
providing service as the suit brought by the universities proceeds. When the
judge issued the order, she also said there is a likelihood Enron will lose
the suit.
"I am persuaded, in the end, there is a very strong likelihood of success on
the breach of contract claim," the judge said.
UC's annual electric bill is about $87 million and its natural gas bill is
about $26 million. CSU annually pays about $40 million for electricity and
$20 million for natural gas.
The case is UC Regents vs. Enron Energy Systems Inc., 01-1006.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

WSJ.COM: Rumors? Firms Ponder How To Announce Layoffs
By Stephanie Miles

04/11/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WSJ.com

NEW YORK -(Dow Jones)- When British technology publisher Future Network PLC
announced a broad restructuring that would result in 350 layoffs, few
employees were surprised. For a week, workers had been glued to an
industry-gossip site.
"Everybody was waiting, expecting to be fired," says Scott Laine, who was
laid off from a job in sales for Revolution magazine, published by Future's
U.S. subsidiary Imagine Media.
Managers were watching the message boards, too. So, when Future announced the
restructuring in February, it sent a short companywide e-mail with the press
release attached. The company also sent out two more detailed letters, from
Future's chairman and chief executive respectively, explaining in more detail
the circumstances surrounding the layoffs. But instead of beaming them
electronically, the U.S. unit printed out color paper copies and placed them
on employees' desks, in an effort to keep the note from being quickly posted
online or cleanly photocopied.
"Why make it easy?" says Nancy O'Neill, then president of Imagine Media.
O'Neill stepped down as president at the end of March.
Leaks are nothing new. But the "post once, read anywhere" nature of Internet
rumors has forced companies to make much quicker decisions about when to
release information about layoffs to employees and the public, and what
exactly to say. Companies, for a variety of reasons, are often stuck saying
"no comment," only to confirm the layoff rumors later on. Worse, a scramble
to respond to investor and press inquiries can sometimes result in
embarrassing reversals. Wake-Up Calls

The Web-consulting industry is among the most closely scrutinized sectors on
Web rumor boards, and companies are under constant pressure to respond. It's
no accident: Consulting firms have been going through wrenching downsizings
due to a slowdown in demand for Internet projects.
After rumors popped up online last month, consulting firm Razorfish Inc.
(RAZF) confirmed to several press organizations that it was offering a
"voluntary termination plan" to an undisclosed number of employees. But a
little more than a week after the reports of the voluntary plan, postings on
Vault.com message boards were abuzz with reports of early morning wake-up
calls. "Woke me from a sound sleep," wrote one anonymous poster at noon
Saturday. "Anybody else get jousted (sic) out of bed?" Other cryptic notes
followed, and a note on Sunday spelled it out: "They didn't get as many
people to volunteer as they wanted to, so from now on it's involuntary."
Melissa Kramer, a Razorfish spokeswoman, confirmed that the company called an
undisclosed number of employees at home Saturday to tell them they no longer
had jobs, and sent them packages confirming their involuntary termination.
She says the voluntary plan hadn't drawn as many people as hoped.
Kramer says the activity on the message boards had no effect on how layoffs
were carried out, either in terms of how affected employees were notified or
the timing of the announcement.
In general, companies have a lot of latitude in deciding what information to
release. Aside from releasing quarterly earnings reports, public companies
are required to disclose news that is material to their operations. But when
it comes to layoffs, the requirements laid out by the Securities and Exchange
Commission are fuzzy.
"It's a fact-specific situation," says John Heine, an SEC spokesman,
explaining that the SEC expects companies to report any material changes in
the company's outlook in its quarterly and annual reports. Severance pay and
other layoff-related expenses will show up in quarterly reports as
restructuring charges, but "there isn't a specific [SEC] rule that I can
point you to that deals with layoffs," Heine says. Business Decision

Unless the job cuts are so large that local or federal authorities are
required to be notified under plant-closure or other laws, publicly held
companies are generally under no obligation to confirm the number of layoffs,
specific firings, or other work-force changes, experts say.
Disclosing job cuts is often "less of a legal determination than it is a
business decision," says Richard Rowe, a corporate attorney and partner with
Proskauer & Rose LLC in Washington D.C.
Another issue is timing. Some companies issue a press release announcing cuts
right away, others wait to release the news with their quarterly earnings
reports, while others refuse to even comment. (Dow Jones & Co., publisher of
The Wall Street Journal, recently said that it is laying off an undisclosed
number of employees at WSJ.com. The company said it will provide more details
in its quarterly report slated for this week.)
The decision depends often on how the company thinks layoffs will play with
investors and surviving employees. For Old Economy industrial firms, cuts are
often seen as effective way to slash overhead costs. But in the beleaguered
Internet sector, layoffs often are viewed as a harbinger of future troubles.
For example, defunct e-tailers eToys Inc. and Garden.com Inc., which traded
on the Nasdaq Stock Market, both disclosed broad layoffs about three months
before the companies shut down altogether.
If the jobs cuts "are enhancing shareholder value, that's really good news
for a publicly traded company," says John Kroen, executive vice president at
investor-relations firm Dresner Corporate Services. "As long as it doesn't
signal the end."
Adding to the pressure on companies facing layoffs are new rules about
disclosure. While the Internet has loosened companies' control of
information, the new Regulation FD, which prohibits selective disclosure of
information, largely limits companies' dissemination options. News can't be
filtered through analysts or large investors as in the past, so for the most
part, companies have to either make a public statement or stay mum.
Take Amazon.com Inc. (AMZN). In January, rumor site DotComScoop.com predicted
that the e-tailer was about to announce widespread layoffs, but Amazon
declined to comment publicly, citing a policy of not commenting on
speculation or rumors. Days later, in its fourth-quarter earnings report, the
company announced that it was firing 1,300 workers and closing a distribution
facility.
Amazon didn't return calls seeking comment.
When EMC Corp. (EMC) fired several hundred workers in February as part of an
annual review, word leaked out on investor message boards run by Yahoo! Inc.
(YHOO). Although the storage maker maintains that the job cuts were a routine
course of business, the company's shares fell as rumors hit the Internet. In
years past, EMC didn't publicly disclose what it termed performance-based
firings, according to Mark Fredrickson, vice president of corporate
communications. This time, however, the company decided to confirm the
firings in the press in order to make clear that the job cuts weren't related
to the state of the economy or the technology sector.
"I think it attracted attention because of the environment," he says, adding
that the company didn't consider the cuts, of roughly 3% of EMC's 24,000
employees, of material importance to investors. "Two years ago, in the midst
of the high growth which we were enjoying, this would not be news."
But sometimes, being proactive in the face of rumors can help change the tone
of coverage. "It's better to put your words out there yourself then have them
cut and pasted back at you," says Elliot Sloane, president of Sloane PR
(www.sloanepr.com), a public- and investor-relations firm.
Last month, for instance, energy company Enron Corp. (ENE) publicly denied
rumors that it was planning layoffs in its broadband Internet unit, rumors
that had helped to send its stock to a 52-week low. The company had recently
terminated a video-on-demand partnership with Blockbuster Inc. (BBI).
But in a conference call that reiterated the company's 2001 earnings outlook,
the company explained that third-party contracts for broadband capacity had
eliminated some of the need to build its own network. An undisclosed number
of employees had been redeployed as a result, the company said, but the
rumors of layoffs were false. The stock rallied, reaching $59.40 at 4 p.m.
that Friday, up from a low of $51.51 Thursday morning. Circling the Wagons

Still, many executives resist issuing any comment on layoffs or work-force
shifts. "The majority of the CEOs I've dealt with want to keep it as much
in-house as possible," says Dresner 's Kroen. "It's rare that you find a CEO
who wants to tell as much as possible. They have to be pushed to air their
dirty laundry."
While top executives huddle to put the final touches on layoff plans and
discuss how much information to release publicly, employees can face days or
weeks of waiting for the ax to fall. Message boards can get very crowded.
At Imagine, O'Neill says, "I wish we could have done something different [to
avoid] a period of anxiety where people were searching for anything that's a
scrap of news." But British financial disclosure rules governing parent
Future Networks dictated the timing of the announcement, she says. As a
result, the official news came out nearly a week after rumors first surfaced
on the Web.
In the meantime, so many co-workers were piling onto F____edCompany.com that
one participant piped in: "Hi, since everyone here seems to be from Imagine,
I lost my bathroom key and entry card yesterday. If anyone finds it, could
they please post here?"
Write to Stephanie Miles at stephanie.miles@wsj.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

U.K. Wind Power Gears Up For The Great Leap Offshore
By Geoffrey T. Smith
Of DOW JONES NEWSWIRES

04/11/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- Ten years ago, Peter Edwards, a dairy farmer in
Delabole, Cornwall, sold his herd to raise the money for what was then the
U.K.'s first wind farm. It was uncompetitive and did nothing to lessen the
country's dependence on fossil fuels. All in all, it was not the most
convincing vision of the future.
Today, you would think most U.K. farmers would willingly change places with
him. As livestock farming staggers from one crisis to the next, wind farming
goes from strength to strength, passing a notable landmark last week when the
U.K.'s Crown Estates issued seabed leases for 13 offshore wind farm projects
to established generating companies more traditionally associated with
fossil-fuel burning. These projects could attract up to GBP1.6 billion in
investment and lead to the installation of 1,500 megawatts of generation
capacity around Britain's coast by 2004. That would meet the electricity
needs of 1.1 million households, according to estimates by the British Wind
Energy Association.
The projects - seven in the Irish Sea and six in the North Sea - represent
the first concerted effort in the U.K. to raise the contribution of renewable
energy sources, other than hydropower, in the overall energy mix.
Until now, the prime contribution of wind to the U.K.'s energy sector has
been to blow the emissions of coal and gas-fired plants across the North Sea
to Norway, affecting the environmental consciousness of both countries
accordingly.
For the wind industry, going offshore is somewhat like inventing Henry Ford's
assembly line. If the engineering is robust enough, it will revolutionize the
economics of the sector. Huge economies of scale beckon: larger numbers of
more powerful turbines, driven by higher wind speeds. It also goes a small
part of the way to addressing wind power's major drawback, its
unpredictability. Offshore wind are more constant than onshore.
The days when such projects were the preserve of companies on the fringe of
the energy sector, let alone dairy farmers, are long gone. Among those to be
awarded leases were arms of numerous established U.K. generators such as
Innogy PLC (IOG), Powergen PLC (PWG), Scottish Power PLC (SPI) Enron Corp
(ENE) and TXU Europe (TXU).
All of these will be forced, by the government's Renewables Obligation, to
source an amount probably not less than 5% of their supplies to renewable
sources of energy by 2003, rising to 10% by 2010. A system of tradable 'green
certificates' will be set up to enable them to trade any surplus of renewable
power they have on the open market with suppliers who can't meet the
Obligation by themselves.
Wind farms have flourished even more in countries where the political
consensus has allowed a more aggressive subsidizing of the technology, such
as Germany and Denmark, which had installed capacity bases of almost 5,500 MW
and 2,280 MW respectively at the end of last year, according to estimates by
analysts at Dresdner Kleinwort Wasserstein.
Crown Estates and the BWEA are currently in negotiations over a second round
of licenses for larger sites but a spokeswoman for Crown Estates said there
is no timetable for awarding these leases yet.
In contrast to Germany and Denmark, the emphasis of U.K. policy-makers for
the last 10 years has been squarely on bringing prices down, rather than
making energy greener. This has tended to work against renewable sources such
as wind, whose generation costs have been traditionally higher than those for
conventional sources such as coal, natural gas and nuclear power.
However, as Alison Hill, communications manager at the British Wind Energy
Association, points out, the generation costs of existing onshore facilities
have fallen from around 11 pence a kilowatt-hour for first-generation
technology to between 1.9-3.5 pence a kilowatt-hour today. By comparison,
base loads for the coming winter currently trade at around 2.1-2.2p/KWh in
what is arguably the world's most competitive and deregulated electricity
market.
She notes that a pilot project off Blyth in north-east England is currently
generating at between 5p-6p/KWh. If offshore technology can improve at
anything like the same rate as onshore technology has done, the need for any
form of subsidy may not be long-lived.
"If we can just get capital grants to offset the initially higher cost, they
should be enough to bring these projects into a competitive position on the
open market," Hill says.
The existing stock of subsidy for wind in the U.K. is a mere GBP49 million,
is not much compared to the GBP1.6 billion investment to be expected from the
first round of offshore farms, and less than half of what the U.K. government
doled out to its domestic coal industry last year.
But even if generating costs fall to a level where wind power can compete
with fossil fuels, there are other ways in which it may increase the cost of
electricity to consumers. Investment in electricity grids will probably have
to rise to ensure that they are robust enough to deal with large and sudden
surges in power supply, and such investments are generally financed by fees
levied on all grid users.
Equally, a bigger share of intermittent power may lead to greater volatility
in the 'balancing market', the market segment in which the grid operator
matches demand and supply on a second-by-second basis. The U.K.'s Office of
Gas and Electricity Markets reckons that under the New Electricity Trading
Arrangements, balancing shouldn't account for more than 10% of the overall
market, but it is also the highest-priced market segment, and prices have
been uncomfortably volatile since NETA was introduced two weeks ago. Neither
regulator, grid operator nor traders right now would relish the thought of
exposing it to a factor which would heighten that.
Even so, they may still prefer it to being a dairy farmer in Cornwall.
-By Geoffrey T. Smith, Dow Jones Newswires; (+44 20) 7842 9260;
geoffrey.smith@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

INDIA: Enron names Australian conciliator for India project.
By Maria Abraham

04/11/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, April 11 (Reuters) - U.S. energy giant Enron has named a former
Australian state chief justice to act as conciliator in a dispute over unpaid
bills involving its controversy-ridden power project in western India.
India said on Tuesday it would enter conciliation with Enron after the
multinational's Indian unit, the Dabhol Power Co (DPC), sent a "political
force majeure" notice to the Maharashtra State Electricity Board (MSEB).
Such a notice is a contractual clause unhappy parties give as a first step
toward possibly dissolving a contract.
In March, Enron invoked a counter-guarantee of the Indian government after
the state utility failed to clear its bill of 1.02 billion rupees ($21.91
million) for December.
Last week, Enron, which owns 65 percent of Dabhol, notified the government it
was applying to an arbitration court in London to consider its claim for the
1.02 billion rupees.
The DPC spokesman said that "Sir Laurence Street, the former Chief Justice of
New South Wales, has been appointed as conciliator for DPC".
He said the government had said it would name a conciliator within a week to
sort out the dispute involving the $3-billion project at Dabhol, the biggest
foreign investment in India.
Both the conciliators would then appoint a third person and the three-party
panel would begin the conciliation process. Should the panel fail to resolve
the issue, the two parties would then enter into arbitration, the spokesman
said.
The conciliation is the latest step to resolve the long-running confrontation
between the Houston-based company and the Maharashtra government over unpaid
bills. It comes at a time when India is struggling to attract foreign
investment to meet a growing hunger for power.
Dahbol has come under fire because of the relatively high cost of its power.
Critics object to it charging 7.1 rupees per kilowatt hour versus 1.5 rupees
charged by other suppliers.
Politicians have called for a renegotiation of Dabhol's contract and a
re-examination of whether the facility's second phase, which now is being
built, should be completed.
Also on Wednesday, the state government said the report of a committee set up
to examine all aspects of the Enron project would be put before the
legislative assembly on Thursday.
The committee, chaired by former bureaucrat Madhavrao Godbole, is expected to
submit its final report next month, state energy minister Padamsinh Patil
told Reuters. ($1=46.56 Indian Rupee).

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Chile's Enersis Weighs Building Electric Plants In Brazil

04/11/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

SANTIAGO -(Dow Jones)- Chile's Enersis SA (ENI) is studying the possibility
of building two electricity generation plants in Brazil, one in the state of
Ceara and another in the Rio de Janeiro area, local paper El Diario said
Wednesday.
Enersis CEO Enrique Garcia told El Diario each facility would be designed to
initially produce between 300 and 350 megawatts of electricity, beginning in
2004. Garcia estimated that $700 million in investment would be required to
build both facilities.
Garcia added that Enersis is still interested in acquiring existing
generation facilities in Brazil, which is expected to experience a possibly
severe electricity supply shortage in coming months.
Garcia confirmed that Enersis is particularly interested in participating in
government privatization auctions of generators Companhia Energetica de Sao
Paulo (E.EPL), or Cesp, and Companhia Paranaense de Energia (E.CPE), or
Copel.
Enersis executive Rafael Miranda recently said Enersis will also evaluate the
possible purchase of Brazil's Electrogen, which is now controlled by U.S.
company Enron.
Enersis is owned 64% by Spain's Endesa SA (ELE).
Company Web site is http://www.enersis.cl
-Andrea Welsh, Dow Jones Newswires; 562-460-8547; chile@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

U.A.E.'s Dolphin May Supply Natural Gas to India, Agency Says
2001-04-11 11:00 (New York)

     Doha, Qatar, April 11 (Bloomberg) -- Dolphin Energy Ltd., a
venture of the Abu Dhabi government, Total Fina Elf SA and Enron
Corp., said it has held talks on supplying natural gas to India
through undersea pipeline, India Abroad News Service reported.
     ``We are currently in India to listen and find out the
security issues and the country's needs to secure cheap and clean
energy fuel,'' said Ghanim Alazdi, a Dolphin project manager, IANS
reported.
     Dolphin has signed an accord with Qatar to develop its North
Dome field, the world's largest natural-gas deposit, and build a
pipeline under the Persian Gulf to the United Arab Emirates, Oman
and eventually Pakistan. A separate pipeline from Oman could cross
the Arabian Sea to India, Alazdi said.
     India needs to import natural gas to service its population
of more than 1 billion. Plans for an overland pipeline from Iran
have been blocked by Pakistan, which lies along the route and has
fought three wars with India.
     Dolphin is working with the state-owned Gas Authority of
India Ltd., Alazdi said. Dolphin has already agreed to sell 1
billion to 1.5 billion cubic feet of gas per day to Pakistan.
     Oman's government has said a pipeline from its territory to
India would cost about $10 billion, too expensive to recoup costs.
     The U.A.E. Offsets Group, an arm of the Abu Dhabi government,
controls 51 percent of Dolphin. Total and Enron split the rest.
     India has signed a contract to buy 5.5 million tons of gas a
year starting in 2003 from Qatar's Ras Laffan Liquified Natural
Gas Co., which is 70 percent owned by Qatar, with Exxon Mobil
Corp. holding the remainder. The gas will arrive at the port of
Dahej in Gujarat State.
     Liquefied natural gas, or LNG, is cooled to a liquid form to
allow for transport in ships.

PG&E's Peter Darbee (Transcript of Interview)
2001-04-11 17:17 (New York)

****THE FOLLOWING IS AN UNOFFICIAL TRANSCRIPT.****
BLOOMBERG L.P. DOES NOT GUARANTEE THE ACCURACY OF THIS TRANSCRIPT.

     San Francisco, April 11 (Bloomberg) -- The following is a
transcript of a Bloomberg interview with Peter Darbee, chief
financial officer at PG&E Corp. The reporter is Su Keenan.

     KEENAN: JOINING US NOW FROM SAN FRANCISCO IS PETER DARBEE. HE
IS THE CHIEF FINANCIAL OFFICER FOR PG&E CORPORATION, WHICH IS THE
PARENT COMPANY OF PACIFIC GAS & ELECTRIC. AND WHAT HIS COMPANY'S
REASONING BEHIND THE MOVE TO FILE FOR BANKRUPTCY IS ONE OF THE
THINGS WE'RE GOING TO ASK HIM, AS WELL AS WHAT'S NEXT. LET'S TALK
ABOUT THE REASONING FOR FILING, NOW EDISON COULD HAVE GONE THIS
ROUTE BUT DECIDED NOT TO. WHY WAS IT THE RIGHT MOVE FOR YOUR
COMPANY?

     DARBEE: WELL, SU, THERE WERE A NUMBER OF FACTORS THAT WE
CONSIDERED. THE FIRST IS THAT THE CALIFORNIA PUBLIC UTILITIES
COMMISSION WAS COMING OUT WITH ORDER AFTER ORDER WHICH DE-
POSITIONED US AND PUT US IN A WORSE POSITION VIS-A-VIS BOTH OUR
CREDITORS AND OUR SHAREHOLDERS, SO THAT WAS THE FIRST FACTOR. THE
SECOND FACTOR WAS THAT THE STATE WAS NOT CLEAR WITH US REGARDING
THE ONGOING LIABILITY THAT MIGHT BE PASSED THROUGH TO US FROM THE
INDEPENDENT SERVICE OPERATOR, AND THEREFORE, WE WERE FACED WITH A
LIABILITY THAT LOOKED LIKE IT WAS INCREASING BY $300 MILLION PER
MONTH. AND LASTLY, AS WE REVIEWED WHERE NEGOTIATIONS WITH THE
STATE WERE GOING, WE COULD NOT SEE SUBSTANTIAL PROGRESS, AND
LIKELIHOOD IN THE NEAR TERM THAT WE WOULD BE ABLE TO ACCOMPLISH A
SUCCESSFUL DEAL WITH THE STATE OF CALIFORNIA. SO ALL OF THOSE
FACTORS CONSIDERED, WE MADE THE DECISION THAT WE WERE BEST SERVED
IN THE BANKRUPTCY COURT.

     KEENAN: I KNOW IT WAS A TOUGH DECISION. LET ME ASK YOU, DO
YOU HAVE ANY REGRETS AS YOU LOOK BACK AT THE FLAWED DEREGULATION
PLAN THAT WAS PUT TOGETHER BACK IN THE MID-1990'S? ANYTHING THAT
YOU WOULD HAVE DONE OR DESIGNED DIFFERENTLY?

     DARBEE: WELL THE BIGGEST POINT THAT WE BELIEVE FIRMLY SHOULD
HAVE BEEN PURSUED WAS LONG-TERM CONTRACTS. WE ARGUED VIGOROUSLY
THAT ALL OF THIS POWER THAT WE CONSUME EVERYDAY SHOULD NOT BE
PURCHASED IN THE SPOT MARKET OR THE DAY-AHEAD MARKET. I TRULY
BELIEVE THAT IF WE HAD BEEN PERMITTED, AS WE WANTED TO, TO ENTER
INTO 10-YEAR CONTRACTS AT THE TIME WE WERE FORCED TO SELL OUR
POWER PLANTS, CALIFORNIA WOULD NOT BE IN THE POSITION THAT IT WAS
TODAY.

     KEENAN: ALL RIGHT, NOW PG&E CHAIRMAN ROBERT GLENN WAS SAYING
AS LATE AS 1998 THAT THE LONG-TERM TREND OF PRICES IS DOWN AND
THAT'S WHAT HE'S BASING THE BUSINESS ON. WHAT DIDN'T HE SAY?

     DARBEE: WELL I THINK THE LONG-TERM VIEW WAS THAT POWER
PRICES, UNDER COMPETITION, WOULD COME DOWN, AND I STILL BELIEVE
THAT THAT'S THE CASE. WHAT HAPPENED WAS, CALIFORNIA WENT THROUGH A
PERIOD OF UNPRECEDENTED GROWTH. OUR POWER DEMANDS INCREASED BY
ABOUT 30% AND AT THE SAME TIME, THERE WASN'T SUBSTANTIAL
CONSTRUCTION OF NEW POWER PLANTS. AND THESE TWO PATTERNS OF SUPPLY
AND DEMAND CAME TOGETHER IN A TERRIBLE COLLISION. WE FIRST
EXPERIENCED LAST JUNE, WHEN THE TEMPERATURE WENT UP VERY
SUBSTANTIALLY AND WE HAD SOME VERY BIG SPIKES IN THE THERMOMETER.

     KEENAN: ENRON, SOUTHERN, AND OTHERS -- THEY DIDN'T SUFFER
QUITE THE SAME COLLISION. DO YOU KNOW WHY?

     DARBEE: WELL, THEY ARE NOT UTILITIES. HERE IN CALIFORNIA,
ENRON IS REALLY NOT IN THE UTILITY BUSINESS. AND THEREFORE, THEY
WEREN'T SUBJECT TO THE REGULATIONS THAT WE WERE, WHICH FROZE RATES
AT A RETAIL LEVEL OF ABOUT 5 1/2 AND 6 CENTS A KILOWATT HOUR AND
LET WHOLESALE PRICES RISE UP TO 30 CENTS AND MUCH HIGHER THAN THAT
PER KILOWATT HOUR SO THEY WEREN'T IN THE POSITION TO GET CAUGHT IN
THE BIND AS WE WERE AS A RESULT OF THE REGULATION WE WERE UNDER.

     KEENAN: NOW SINCE THE DEREG, YOU GUYS HAVE SHIFTED ABOUT $4
BILLION FROM THE UTILITY TO THE PARENT COMPANY. HOW MUCH OF THAT
ASSET SHOULD REALLY BE HELPING THE UTILITY NOW?

     DARBEE: WE BELIEVE NONE. ABSOLUTELY NONE. WHAT HAPPENED IS WE
WERE REQUIRED TO SELL OFF OUR POWER PLANTS, AND JUST TO ENCOURAGE
US TO DO SOMETHING, WE WERE ASSIGNED A PUNITIVE RATE OF 6.77%
RETURN ON OUR EQUITY TO ENCOURAGE US TO DO THAT AS QUICKLY AS
POSSIBLE. THE PUBLIC UTILITY DID NOT WANT US TO HOLD ONTO THAT
EXCESS CASH. THEY WEREN'T ABOUT TO GIVE US A 12% RETURN ON IDLE
CASH BALANCES THAT WERE SITTING THERE, AND SO WE WERE ENCOURAGED
TO PASS THOSE ONTO OUR SHAREHOLDERS. THE BULK OF THAT MONEY WENT
TO REPAY DEBT AND CAPITAL GAINS TAX ON THOSE ASSETS AND THERE WAS
A RESIDUAL AMOUNT THAT WENT TO PAY DIVIDENDS, AS WELL AS BECAME
AVAILABLE FOR INVESTMENT IN OUR NATIONAL ENERGY BUSINESS.

     KEENAN: ALL RIGHT. WE HEAR YOU ON THAT ONE. PETER DARBEE,
WE'RE GOING TO HAVE TO LEAVE IT THERE. HE IS AGAIN, THE C.F.O. OF
PG&E.

     ***END OF TRANSCRIPT***


Start Date: 12/30/01; HourAhead hour: 4;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001123004.txt
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.


Gentlemen,

We have revised the option agreement to reflect most of your suggested
changes.  Please advise if the attached is acceptable.

Thank you,

Kay


i'm available.


You can send it which ever way is easiest for you.  If it is just the same, I would send his seperately.  He is located at: EB1344.

Thanks,

Mark

 -----Original Message-----
From: 	Bourg, Naomi
Sent:	Tuesday, September 25, 2001 10:58 AM
To:	McConnell, Mark
Cc:	Y'Barbo, Paul
Subject:	TW Tariff Updates

Mark,

Should I send the TW tariff updates for Paul to you in EB1343 until you both have permanent offices?

Naomi Bourg
Rates and Tariffs
Naomi.Bourg@enron.com
Phone: 402-398-7066
Fax:  402-398-7006