Rewards	       October 18	 Issue Number  31
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Gary, I could open it perfectly!!


By Timothy Gardner
    NEW YORK, May 3 (Reuters) - Adding stress to an already
frazzled power market, a nationwide coal shortage could spawn
electricity brownouts in northeastern states and in the West
this summer, experts said on Thursday.
    While coal provides the country with 51 percent of its
power, years of industry underinvestment and record prices for
competing fuels natural gas and fuel oil this year have pushed
utilities' coal stocks to their lowest levels since 1974.
    In January, the last month of available government data,
stocks at electric plants were 94 million tons, 27 percent less
than a year earlier, according to the Energy Information
Administration, the Department of Energy's number cruncher.
    Thin coal stocks compound a U.S. natural gas shortage that
led to rolling brownouts in California last winter. That came
after a failed deregulation plan and amid natural gas infrastructure
bottlenecks. Natural gas prices have fallen
from last summer's all-time highs, but are still nearly twice
what they were last year at this time.
    "In certain regions we would expect brownouts this summer,"
said Deck Sloan, spokesman for Arch Coal Inc. <ACI.N>, the
nation's second largest coal firm. "In California that seems to
be a very high likelihood, especially given the situation with
reservoir levels behind the hydro-dams in the West," he said.
    Los Angeles has avoided brownouts, largely because it has a
coal cache in Utah. L.A.'s power department is the largest
participant in the 1,600 megawatt (MW) Intermountain Power
Project in Utah. The project supplies L.A. with 14 percent of
its power and lesser amounts to nearby cities Anaheim and
Pasadena as well as parts of Utah.
    One megawatt powers about 1,000 homes.
    Mike Nosanov, the operating agent of the 1,600 MW
Intermountain project, said the plant now has 700,000 tons of
coal, or 60 days supply. "That's more than enough to keep us
out of trouble this summer," he said.  Still, L.A. mayor
Richard Riordan has been meeting with Utah Governor Mike
Leavitt to discuss adding another 500 to 1,000 MW to the Utah
plant, though it would take years to add the capacity.

    OVERLOADED RAILROAD
    Another potential problem is stemming from the nation's
largest coal producing state, Wyoming, which delivers coal to
24 states.
    The two major railroads at Wyoming's Powder River Basin,
Union Pacific and Burlington Northern Santa Fe, operate a joint
line out of the mines that has reached its capacity of 64
trains per day or more than 300 million tons per year.
    "The two lines could probably carry another 10 to 20
million tons (per year) out of Wyoming's Powder River Basin.
Beyond that it may take additional investment by the railroads
in order to get more production out of the basin," said Sloan.
    The Midwest is also thirsty for Wyoming coal. A proposal to
build a $1.4 billion coal rail project from Wyoming to power
plants in the Midwest is in the works.
    Hill and Associates, an independent industry consulting
firm, agrees that Wyoming coal trains are at their limits, a
problem that will take years to solve. "The question is who is
going to make the investment?" asked Hill and Associates Vice
President John Hanou. "The mines or the railroads?"

    COAL DROUGHT ALL OVER
    Northeastern states, where years of production
underinvestment has led to thin stocks, are also in danger,
said Arch Coal's Sloan. "We could also see the Northeast, if
the summer is normal or hotter than normal, suffer brownouts as
well," he said.
    Adding to the mix, Massey Energy <MEE.N>, the nation's
seventh-largest coal company, experienced flooding last month
in one of its major mines in Appalachia.
    "In this current atmosphere, that is a hell of a big story,
said Jim Thompson, general manager of Energy Publishing, a Hill
and Associates affiliate.
    And the EIA reported utilities so far this year are burning
six percent more coal than last year. Prices on the spot market
have jumped, though long-term contracts make up 80 percent of
coal deals, which mean consumers will mostly be protected from
rising prices.
    But utilities may find themselves scrambling for coal. "As
far as we can tell there is no coal available anywhere," warned
a Hill and Associates supply report this spring.
    "Brownouts are possible," said Lehman Brothers coal analyst
Peter Ward. "Utilities have gotten complacent. Coal has been a
buyer's market for about two decades. That has suddenly changed
in the past three months, and for many utilities with low
inventories, that is a scary situation."
    Analysts said high coal prices should eventually spur
increased production of the fuel, and new natural gas and coal
plants will eventually clear up brownout threats. "But we're
not going to see much capacity come on line for at least three
years," said Hanou.
 ((Timothy Gardner, New York Energy Desk, +1 212 859-1632, fax
+1 212 859-1629, timothy.gardner@reuters.com))

For related news, double click on one of the following codes:
[E][U][MNI][O][ELN][OIL][CGO][G][RNP][DNP][PGE]
[RRL][CRU][PROD][ENR][ENV][US][NEWS][ELG][LEN][RTRS]
[ACI.N][MEE.N]

For related price quotes, double click on one of the following codes:
<ACI.N><MEE.N>

Thursday, 03 May 2001  18:04:52 GMT
RTRS [nN27675175]

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Linda Guinn is in the legal department for the estate.  I will coordinate with Richard Sanders to make sure that UBS obtains copies of what is sent to Linda.  Michelle

 -----Original Message-----
From: 	Piper, Greg
Sent:	Wednesday, February 06, 2002 8:35 AM
To:	Rub, Jenny; Parsons, Andrew; Grant, David
Cc:	Cash, Michelle; Daniels, Eddy; Kitchen, Louise
Subject:	RE: Data Migration Protocol

OK

Who is the individual responsible for making sure that 600 plus people will read the 9 pages of protocol and will also verify and collect a signed certification from every new UBS employee by this Friday?  Who will collect Enron's copy of these and hold them and is someone coordinating with UBS directly?

GP

 -----Original Message-----
From: 	Rub, Jenny
Sent:	Wednesday, February 06, 2002 8:27 AM
To:	Piper, Greg; Parsons, Andrew; Grant, David
Cc:	Cash, Michelle
Subject:	FW: Data Migration Protocol

 -----Original Message-----
From: 	UBSW Energy General Announcements
Sent:	Tuesday, February 05, 2002 6:12 PM
To:	DL-UBSW Energy Houston
Subject:	Data Migration Protocol

To:		All Enron Employees Transferring to UBS Warburg Energy (or its affiliates)

Under the terms of the various agreements among certain Enron entities and UBS AG, certain Enron data and documents may be provided to UBS.  To ensure compliance with those agreements, Enron's document retention policy, as well as directives of various investigative agencies, the attached protocol regarding the process for migration of any information or data to UBS has been developed.

Please review the protocol carefully.  Then, complete the attached Certification and return it, with attachments, to Linda Guinn at EB 3829a no later than February 11, 2002.

Questions about this matter may be directed to Michelle Cash at (713) 853-6401 or Francisco Pinto-Leite at (713) 345-7942 .

Protocol Document and Data Copy Instructions

 << File: Protocol Regarding Data and Document Migration.doc >>

Certification Document

 << File: Certification.doc >>

Thank you for your assistance in making the transition to UBS a success.


$0 bid for darrell jackson


Do you have an answer for me regarding the simulation I asked you to run?
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/23/2000
05:31 PM ---------------------------
From: David J Botchlett on 10/23/2000 04:35 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc: John L Nowlan/HOU/ECT@ECT, Don Schroeder/HOU/ECT@ECT
Subject: Re: var calc

jeff,we have bought approx. 2.75mmbbls. of dec crude and reduced heat cracks
300mb. This means we should be close to our var limits
but not sure if under. Secondly,products has var coming from heat cracks (we
got hit on EOL for 975 mb  on friday),jet swaps  (also EOL earlier
last week  of about 1mm bbl.),and some gasoline cracks in 2002.Otherwise our
products positions on both dides of the Atlantic are as small
as anytime in recent history.

	From:  Jeffrey A Shankman                           10/23/2000 03:25 PM

To: John L Nowlan/HOU/ECT@ECT
cc: Don Schroeder/HOU/ECT@ECT (bcc: David J Botchlett/HOU/ECT)
Subject:

John, you guys have to be under Var tonight before we leave for the evening.
That means buying on access if necessary.


Pete--

Congratulations on your new baby girl. Girls are a lot of TROUBLE so
prepare!!! I hope that your wife is doing well. I'll make sure to come by
your desk to see pictures!

Purvi


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/13/2000
11:24 AM ---------------------------

"Piazze, Thomas" <piazzet@wharton.upenn.edu> on 10/13/2000 09:18:24 AM
To: "Amit, Raffi" <amit@wharton.upenn.edu>, "MacMillan, Ian"
<macmilli@wharton.upenn.edu>, "Stamer, Anne" <stamer@wharton.upenn.edu>,
"Cieri, Emily Gohn" <gohne@wharton.upenn.edu>, "Weigelt, Keith W"
<weigelt@wharton.upenn.edu>, "Piazze, Donna" <piazze@wharton.upenn.edu>,
"Tyler, Cara" <tcara@wharton.upenn.edu>, "Kunreuther, Howard"
<kunreuth@wharton.upenn.edu>, "Wind, Yoram" <windj@wharton.upenn.edu>,
"Baltes, Michael" <baltes@wharton.upenn.edu>, "Winter, Sidney G"
<winter@wharton.upenn.edu>
cc: "Roberts, Stacey" <syrobert@wharton.upenn.edu>, "Williams, Dorothy
(Wharton)" <dorowill@wharton.upenn.edu>, "Harker, Patrick"
<harker@wharton.upenn.edu>, "'kaminski, vince'" <Vince.J.Kaminski@enron.com>,
"'Patrick, christie'" <christie_patrick@enron.com>, "'shankman, jeff'"
<Jeffrey.A.Shankman@enron.com>
Subject: Visit by Enron, 19 October 2000

A team of key executives from Enron will be on campus on the 19th of October
for the purposes of meeting with key staff and faculty to learn more about
the School and how the firm can gain a greater presence here.  Included in
this group will be:

Vince Kaminski, Director of Research

Christie Patrick, VP, University Relations

Mike Rosen, Director, University Affairs Group

I have developed a proposed agenda for the visit.  Please review and confirm
that you are available to meet with one or more of the Enron Team at the
times specified.  If so, please provide me a prefered meeting location.  If
not, please alternate times and locations.

8:00-9:00  Breakfast with Donna Piazze and Keith Weigelt to discuss "Tiger
Team FAP Project"  The Ivy Grill, Inn at Penn

9:00-10:30  Meeting with Raffi Amit, Ian MacMillan, Emily Cieri and Anne
Stamer to discuss the Sol C. Snider Entreprenuer Center and its related
programs, the Business Plan Competition and WeBI...4th Floor Conference Room,
Vance Hall???

10:30-12:00 Christie and Mike hold discussions with Cara Tyler, Bob Bonner
and Pat Rose regarding recruiting processes and procedures...CMS Conference
Room

10:30-???  Broadband executive meets with Gerry McCartney and other
university officials to discuss campus needs, future usage projections, etc.

10:30-11:30  Vince meets with Sid Winter reference Jones Center and related
research

11:30-12:00  Vince meets with Howard Kunruether to discuss Risk Management

12:00-1:15pm  Group lunch with Jerry Wind at Faculty Club to discuss the
e-Fellows Program

2:00-3:00pm Christie and Mike meet with Mike Baltes to discuss Co-branding
issues with Wharton and UPenn

5:00pm  All will attend the ET Conference Dinner event

Please confirm your willingness and availability to support this agenda.
Thanks for your help.

TOM


<<CALPINE DAILY GAS NOMINATION 1.doc>>  <<CALPINE MONTHLY GAS
NOMINATION___.doc>>

RICKY A. ARCHER
Fuel Supply
700 Louisiana, Suite 2700
Houston, Texas 77002
713-830-8659 direct
713-830-8722 fax

 - CALPINE DAILY GAS NOMINATION 1.doc
 - CALPINE MONTHLY GAS NOMINATION___.doc


Jordan Mintz - Please call 713- 853-9211 for this meeting. Thanks.


A new version of CQG has been deployed to all current CQG users.  When you log out and log back in you may not initially see your saved layouts.
If this occurs, please follow the below instructions to retrieve your layouts.

If you need assistance please contact the resolution center at x31411 and your floor support technician will be able to assist.

Thank You.

Restoring user layouts after upgrades to 275.

once you are logged into CQG

goto SYSTEM
goto Auto Backup user setups
goto Restore from Archive tab
select most recent date prior to current day...... "its format is yyyymmddnn.zip
hit RESTORE NOW button
hit OK


See my changes on the attached.

Jeffery Fawcett
03/02/2000 12:45 PM
To: Susan Scott/ET&S/Enron@ENRON
cc:

Subject: Calpine Operating Agreement


thank you.

Jeff

Chris Mahoney
10/23/2000 11:43 AM
To: Ted Robinson/HOU/ECT@ECT, Andrea Hauser/NA/Enron@Enron, Luis
Mena/NA/Enron@Enron, Larry Gagliardi/Corp/Enron@Enron, Mario de la
Ossa/NA/Enron@ENRON, Jim Goughary/HOU/ECT@ECT, David J Botchlett/HOU/ECT@ECT,
Bill F Briggs/HOU/ECT@ECT, Don Schroeder/HOU/ECT@ECT, Patrick
Danaher/NA/Enron@Enron, Phil Clifford/HOU/ECT@ECT, John
Wilson/NA/Enron@ENRON, Pavel Zadorozhny/HOU/ECT@ECT, Richard
Yeboah/NA/Enron@Enron, Robert Fuller/HOU/ECT@ECT, Spencer Vosko/HOU/ECT@ECT,
John L Nowlan/HOU/ECT@ECT, Alberto Valcarcel/HOU/ECT@ECT, Suzanne B
Clapp/HOU/ECT@ECT, Clayton Seigle/HOU/ECT@ECT, Chris Mahoney/LON/ECT@ECT,
Niamh Clarke/LON/ECT@ECT, Ross Koller/LON/ECT@ECT, John Buckner
Thomas/LON/ECT@ECT, Chris Glaas/LON/ECT@ECT, Anastasia
Karabatsos/LON/ECT@ECT, Tracy Wallace/LON/ECT@ECT, Richard
Slovenski/SIN/ECT@ECT, Patrick Markey/HOU/ECT@ECT, John Chismar/SIN/ECT@ECT,
Hans Wong/SIN/ECT@ECT, Wang Moi Eng/SIN/ECT@ECT, Caroline
Abramo/Corp/Enron@Enron, Mark Jones/LON/ECT@ECT, Alex Mcleish/EU/Enron@Enron,
Tony O'Brien/LON/ECT@ECT, Henkka Talvitie/LON/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT
cc:
Subject: mkt thoughs

we ran out of time in the meeting....my thoughts fwiw

short-term this market is going to continue to be sideways and choppy.
weather fundamentals don't exist and nothing else will be fundamentally
bullish or bearish enough to lead the market for the next several weeks.

 Most people (including the majority of our shop) are getting bearish on the
back of the builds we should have based upon iea supply/demand predictions.
One concern here is that they have materialized yet over q3.  If we look at
the poor reaction to bullish news last week
(api stats/unrest in the middle east) I think it is safe to say that the
sentiment in the market has turned bearish.
In general I want to go with the majority of the mkt but the rally that
resulted when the violence erupted in the middle east two weeks ago shows
the surprises will still be on the upside.   the way that we gave back all
that ground reflects how little confidence there is in the mkt at the moment
that these fundamentals last too much longer.  How many reports have you read
lately about borrowed heating oil demand?  my back of the
evelope calculations suggest that although this is somewhat true it only true
for 150kbd in the winter vs an underlying demand of 4000kbd so
maybe not such a big disappointment to come.

we still like being bullish distillate in europe for the winter but think
that the mkt will be range bound on spreads and vs the complex until the need
for winter coats comes along.


We in TW- Planning would like to schedule a meeting with you to discuss !): the current CAS operations 2): ways to improve the efficiency/ speed of  the system.

Please select one of the following schedules:

Tuesday	Jan-29:	9-10:30 am
or
Wednesday:	Jan-30:	1:30 pm to 3 pm

Regards,
Mansoor
Location: my office


Do you want any tickets?

Tammie Schoppe
Enron Americas-Office of the Chair
Assistant to Louise Kitchen
713.853.4220 office
713.646.8562 fax
713.253.2131 mobile

 -----Original Message-----
From: 	Hitchcock, Dorie
Sent:	Friday, October 19, 2001 1:38 PM
To:	Hillis, Kimberly; Kitchen, Louise; Lavorato, John; Schoppe, Tammie; Allen, Phillip K.; Belden, Tim; Calger, Christopher F.; Colwell, Wes; Deffner, Joseph; Duran, W. David; Haedicke, Mark E.; Kishkill, Joe; Arnold, John; Arora, Harry; Baughman, Edward D.; Black, Don; Breslau, Craig; Clifford, Douglas; Collonges, Remi; Davies, Derek; Dayao, Anthony; Devries, Paul; Forster, David; Foster, Chris H.; Gonzalez, Orlando; Grigsby, Mike; Hedstrom, Peggy; Herndon, Rogers; Josey, Scott; Keel, Allan; Keohane, Peter; Kitagawa, Kyle; Lagrasta, Fred; Luce, Laura; Martin, Thomas A.; Mcdonald, Michael; McMichael Jr., Ed; Miller, Don (Asset Mktg); Mrha, Jean; Neal, Scott; Oxley, David; Parquet, David; Presto, Kevin M.; Scott, Laura; Shively, Hunter S.; Sturm, Fletcher J.; Swerzbin, Mike; Thomas, Jake; Tricoli, Carl; Tycholiz, Barry; Vickers, Frank; Whitt, Mark; Wiggs, Brett; Zipper, Andy; Zufferli, John; Burns, Jennifer; Mcconnell, Mike; Phillips, Cathy; Shankman, Jeffrey A.; Hickerson, Gary; Mcclellan, George; Aronowitz, Alan; Beyer, Michael J; Blesie, Brad; Bradley, Michael; Clarke, Niamh; Curran, Greg; Forness, Bob; Gonzales, Eric; Harris, Clay; Hirl, Joseph; Kravas, Christopher; Lawyer, Larry; Leach, Doug; Lewis, Jim; Lien, Thor; Maffett, Randal; Mahoney, Chris; Mcgowan, Kevin; Nowlan Jr., John L.; Price, Brent A.; Quilkey, Paul; Reck, Daniel; Schroeder Jr., Don; Schroeder, Mark; Sekse, Per; Tawney, Mark; White, Bill; Whitehead, Jonathan; Wilson, John L.; Bowen Jr., Raymond; Ford, Sue; McMahon, Jeffrey; Schiller, Marsha; Battaglia, Tim; Brown, Becky; Brown, Bill W.; Burgher, Cedric; Castleman, Kent; Crane, Bob; Garner, Bruce; Hermans, Greg; Holzer, Eric; Howe, Bob; Kelemen, Andy; Malcolm, Rodney; Noel, Thierry; Reed, Andrea V.; Saltiel, Robert; Young, Steve
Cc:	Assaf, Lisa; Burry, Jessica; Cappelletto, Nella; Chatterton, Jill; Clyatt, Julie; Collins, Angie; Crawford, Sharon; Davidson, Debra; Deas, Patty; Gawiuk, Carlee; Gustafson, Mollie; Hrach, April; Huculiak, Lindsey; McCulloch, Angela; McIsaac, Lisa; Mehrer, Anna; O'Neil, Carla; Sheppard, Kathryn; Tu, Cindy; Zavala, Cristina; Armstrong, Kristy; Baker, Donna; Coneway, Betty J.; Ford, Yolanda; Foust, Sue; Frenzel, Delores Y.; Isbell, Shirley; Jones, Carmella; Palmer, Rhonna; Ramos, Salisha; Solis, Gloria; Stokes, Cindy; Taylor, Helen; Templeton, Kelly; Travis, Jackie; Villanueva, Chantelle; Zoch, Judy; Aguilar, Elsa; Alcantara, Ana; Baldwin, Sherri; Basinski, Jennifer; Bertone, Mirella; Castillo, Rosie; Craig, Braedi; English, Patricia; Gutierrez, Laura; Miller, Sylvia; Morado, Christina; Reyna, Sarah; Sauseda, Sylvia; Serwin, Rebecca; Trevino, Dora; Watson, Jennifer; Weldon, Kim
Subject:	PGA TOUR CHAMPIONSHIP

The PGA Tour Championship will be held at the Champions Golf Club on October 29 - November 4, 2001.  This year, EES and EWS have joined together to provide a unique customer entertainment option at this event.  Instead of the normal hospitality tent at the course, we have obtained a house that overlooks the 18th fairway and 17th tee box.  Food, beverages and shuttle service will be provided daily.  Due to security issues, no personal cars will be allowed to park at the house.  Attached is the preliminary program agenda and shuttle service information.

EWS has access to 25 tickets daily.

To order tickets, please send an E-Mail Request to Laura Pena including the following information:
Name, title and location of requestor
Company name
Department name
Number of tickets
(No charge will be allocated to individual cost centers)

Dorie Hitchcock
Event Manager
Enron
1400 Smith Street
Suite 3640a
Houston, TX  77002
Telephone:  (713) 853-6978
Fax:  (713) 646-5800
Cell:  (713) 594-7093
E-Mail:  dorie.hitchcock@enron.com


yes

 -----Original Message-----
From: 	Lawner, Leslie
Sent:	Friday, August 31, 2001 11:36 AM
To:	Steffes, James D.; Benson, Eric; Keene, Patrick; Kingerski, Harry
Subject:	FW: Nevada proceeding, SW advise letter

This outside bill assumes I am acting as Enron attorney and Pat Keene is the witness.  Can this go to the RCR for next week?

 -----Original Message-----
From: 	"Tom Mumaw" <tmumaw@swlaw.com>@ENRON [mailto:IMCEANOTES-+22Tom+20Mumaw+22+20+3Ctmumaw+40swlaw+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Friday, August 31, 2001 10:25 AM
To:	Lawner, Leslie
Subject:	Re: Nevada proceeding

I will assume two hours of my time for testimony review and about four hours for Rob Kinas to fly up to Reno and back (I realize this is generous, but I don't know the place schedule or whether he can do any useful work in transit, so I thought I would give you worst case).  That's probably about $1,600 plus expenses.  You could knock off at least two hours if Rob can admit you from the Las Vegas office of the Commission.  Usually the PUCN allows parties to participate via teleconference in Las Vegas if the hearing is in Carson City and vice versa.  It would also save you the airfare and car rental (its cheaper than a cab even if you are only staying in Carson City a short while) for Rob.  However, I urge you and your witness to appear live in Carson City.

P.S.  When did Enron become such a tightwad?


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It is with regret that I have to announce that Jeff Skilling is leaving Enron.  Today, the Board of Directors accepted his resignation as President and CEO of Enron.  Jeff is resigning for personal reasons and his decision is voluntary.  I regret his decision, but I accept and understand it.  I have worked closely with Jeff for more than 15 years, including 11 here at Enron, and have had few, if any, professional relationships that I value more.  I am pleased to say that he has agreed to enter into a consulting arrangement with the company to advise me and the Board of Directors.
Now it's time to look forward.
With Jeff leaving, the Board has asked me to resume the responsibilities of President and CEO in addition to my role as Chairman of the Board.  I have agreed.  I want to assure you that I have never felt better about the prospects for the company.  All of you know that our stock price has suffered substantially over the last few months.  One of my top priorities will be to restore a significant amount of the stock value we have lost as soon as possible.  Our performance has never been stronger; our business model has never been more robust; our growth has never been more certain; and most importantly, we have never had a better nor deeper pool of talent throughout the company.  We have the finest organization in American business today.  Together, we will make Enron the world's leading company.
On Thursday at 10:00 a.m. Houston time, we will hold an all employee meeting at the Hyatt.  We will broadcast the meeting to our employees around the world where technically available, and I look forward to seeing many of you there.


Kim:  Read this over and give me a call.
---------------------- Forwarded by Chris H Foster/HOU/ECT on 03/30/2001
06:05 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  CoganJA@aol.com                           03/29/2001 11:49 PM

To: sbreen@czn.com, cfoster@enron.com
cc:
Subject: PPL Proposal

Gentlemen,

I tried to reach both of you late in the evening, but was unsuccessful.  I
will be traveling starting at 7 am Las Vegas time back to NO.  I have a brief
layover in Phoenix and will try to contact you.

Initial reaction to our proposal during the day was that it looked pretty
good.  This I got from Terry Crupi.  At that time Terry had not seen the
proposal, but was relaying what he had gotten from Barbara Veety back in
Allentown. In the early evening I met with John Baileys, Terry Crupi, and Joe
Cammarano of PPL.  At that meeting they expressed concern for the reservation
charge and floor, especially since the Citizens' TW contract has no
alternative market.  I asked if a cap would help ease their concerns and they
said that they did not think so.  They are really struggling with the
reservation charge as we have currently proposed it.  They agree that we
should at a minimum recover all of our fixed pipeline fees in a reservation
charge.  We did not have a chance to get into discussions about other
potential cost that would be appropriately placed in the reservation charge.

They would prefer a pure index based deal and could agree to a load factor of
about 80%, but indicated that they could live with some monthly reservation
fee based upon the monthly index, but we did not get into much detail on
exactly how that would work.

Perhaps the biggest issue that came out of this meeting is that they do not
believe that the SoCal Border is the appropriate index.  They believe that
the PG&E City Gate is more reflective of what the market price is.  They
claim that the SoCal point reflects the El Paso cuts.

In a passing comment John Baileys indicated that they have gotten a number of
 proposals that are attractive on both El Paso and TW.

John Baileys wants to do something with Citizens and is interested in a term
that would go for a least 2 years.  I ask if going through September 03 had
appeal and he responded affirmatively.  He also said that a provision that
allowed for available capacity to move up or down would be acceptable.

PPL wants to keep this process on a fast track, as do we.

The next steps:

1) PPL will provide a counter proposal on Monday.

2) Chris, what insight can you provide on the index issue.  I do not have
much history on that point, but on Friday of last week PGE City Gate was
$9.08 while SoCal Border was $10.90.  What are the historical prices for PGE?
 What are the drivers for the price differences between PGE and SoCal?  Is
the PGE index mature?  I have not followed it.  Is it a more appropriate
index for TW?

Hopefully we can catch up in the morning from Phoenix.

John


Sara, I will send you the rest of the documentation (still in draft and being
negotiated) so you know the context.
Thanks so much.
Jane

	John Suttle@ECT
	2000/11/28 08:32

		 To: Jane McBride/AP/Enron@ENRON
		 cc: Alan Aronowitz/HOU/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT
		 Subject: Re: credit for Nippon Chemi-con

Sara -

Can you please help Jane in putting credit language into the confirmation of
a Japanese deal?  I have provided a worksheet with credit provisions that
would normally go into a master or an omnibus confirmation.  In this case, it
will be an omnibus.

Please let me know if I can do anything from here.

John

Jane McBride@ENRON
11/27/2000 05:11 PM
To: John Suttle/HOU/ECT@ECT
cc: Alan Aronowitz/HOU/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT
Subject: Re: credit for Nippon Chemi-con

Hi John,

Thanks for this, just wondering though, how do you usually get from this sort
of table to the actual provisions to include in the contract.  Alan, Mark, is
there any easy way to do this?

Thanks.

Jane

	John Suttle@ECT
	2000/11/28 07:05

		 To: Morten E Pettersen/AP/Enron@Enron
		 cc: Jane McBride/AP/Enron@Enron, Joseph P Hirl/AP/ENRON@ENRON
		 Subject: credit for Nippon Chemi-con

Morten Erik -

I recommend the credit terms provided in the attached document to be included
in the Nippon Chemi-con contract.  These are industry standard terms for a
counterparty with credentials such as Nippon-Chemi-con, and these industry
standards are what will enable Enron to syndicate the credit risk if we
decide to do so in the future.

After my discussion with Jonathan last week, I think it is clear that Credit
is on the same page with your team in that we recognize the importance of
getting this first deal booked.  I think that in proposing the terms of your
transaction to the counterparty though, Enron can begin educating the market
as to the nature of the credit risk imbedded in the deal structure, and in
doing so, begin setting the same standards we have in our other portfolios.
The attached credit terms are not set in stone, but I think they are a good
place to start.  I will make myself available to you and the counterparty to
discuss the credit terms, and we will be very willing to negotiate the terms
in good faith.

My point is simply that we should not enter into any of these transactions
without fully discussing the credit implications with the counterparty.

Please feel free to call me or write if you have any questions or concerns.

John
x30906


GRIFFITH, JOHN H,

You have been selected to participate in the Mid Year 2001 Performance Management process.  Your feedback plays an important role in the process, and your participation is critical to the success of Enron's Performance Management goals.

To complete a request for feedback, access PEP at http://pep.enron.com and select Complete Feedback from the Main Menu.  You may begin providing feedback immediately and are requested to have all feedback forms completed by Friday, May 25, 2001.

If you have any questions regarding PEP or your responsibility in the process, please contact the PEP Help Desk at:
Houston:  1.713.853.4777, Option 4 or email: perfmgmt@enron.com
London:  44.207.783.4040, Option 4 or email: pep.enquiries@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a status of "OPEN."  Once you have submitted or declined an employee's request for feedback, their name will no longer appear on this list.  NOTE: YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

Employee Name:
MAYEUX, DAVID


Mark,

I need you to route Contract No. 96016245 to Gerald Nemec for his review.

Gerald,

I am routing to you the Agreement to Discount Interconnect Transfer Service
Rates for the Month of October 2000.

Thanks.

Marlene Hilliard
Ext. 3-9167


Kim:

Just giving you the heads up about a derivatives trade being documented by Gil Melman who is a lawyer with Enron Principal Investments.  Gil has negotiated a deemed ISDA with Bear and the trade has not been run through or documented by a desk.  You may want to contact him for a copy of the trade.  Sara

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


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For more information contact:
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EDIS-05-09-01 2233 PDT

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The following expense report is ready for approval:

Employee Name: Don C. Baughman Jr
Status last changed by:  Automated Administrator
Expense Report Name: Hourly Monthly Mtg.
Report Total: $342.09
Amount Due Employee: $342.09

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


Your suggestion is probably cheaper for Enron!

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 11/13/2000 05:03:12 PM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc:

Subject: RE: GE Agreement Redline

Tell them to reverse the CompareWrite and redo (should be an easy fix).
Otherwise, we can just agree to all of GE's suggested changes and call it a
day!

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Monday, November 13, 2000 5:44 PM
To: kent.shoemaker@ae.ge.com; lee.johnson@ss.ps.ge
Subject: GE Agreement Redline

Looks like they have a rats nest to figure out.

ckm
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/13/2000 04:41
PM ---------------------------

"Thompson, Peter J." <peterthompson@akllp.com> on 11/13/2000 04:13:35 PM

To:   "Kay Mann (E-mail)" <kay.mann@enron.com>, "Pipitone, Paul"
      <paulpipitone@akllp.com>
cc:   "Pipitone, Paul" <paulpipitone@akllp.com>, "Pipitone, Paul"
      <paulpipitone@akllp.com>, "Cobb, Christopher" <chriscobb@akllp.com>

Subject:  GE Agreement Redline

I just opened the redline that I just forwarded to you all.  I
apologize, but it is still wrong.  The language I added shows up as a
strike-through and ther language I deleted shows up as though added.  I
am desperately atempting to get this straightened out.


In response to your email re:  Richardson Products II, this counterparty was
approved for trading (without a master then in place) under my initial list
of approved counterparties.  Per the email below, we then received in the
signed master and the distribution was notified.
---------------------- Forwarded by Tana Jones/HOU/ECT on 11/30/99 05:11 PM
---------------------------

	Enron North America Corp.

	From:  Tana Jones                           11/04/99 11:28 AM

To: Bob Shults/HOU/ECT@ECT, Connie Sutton/HOU/ECT@ECT, Frank L
Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, David Forster/LON/ECT@ECT
Subject: My comments to latest counterparty list

Below are my comments to the Legal/Financial transactions only on the latest
counterparty list:

1.  CMS Marketing, Services & Trading Co.- no Column L, cannot do basis
transactions, that is floating, weather trades should all be approved, Column
CF should be out, basis is floating, fixed price transactions only
2.  Elf Trading S.A.-should be approved for weather, why no weather?
3.  Lehman Brothers Commercial Corp.-weather should not be approved
4.  Power Authority of the State of New York-seems to be missing from list.
What happened?
5.  Richardson Products II, Ltd.-please note, we just got in the signed ISDA
Master Agreement this week
6.  UBS AG - approved for interest rate and currency only-should be
restricted for all other products
7.  Abitibi Consolidated-please note, we got the signed ISDA Master Agreement
in this week
8.  Cross Timbers Energy Services-missed no weather
9.  EIL Petroleum-missed no weather
10.  Trafigura AG - Column DZ, US weather CDD swap is ok, Column EB, HDD
weather swap is ok
11.  Emerson Electric Co. - switching to approved for all products, it is not
a utility.

Per my conversations with Bob Shults, I have been and am continuing to review
our list of utilities with Sara Shackleton, outside counsel and the
regulatory people.  I don't know when I will get you a revised list, but I
hope to open a bunch of the investor owned utilities for general trading.


USA: Enron says recent woes to hurt profitability.
Reuters English News Service, 11/14/01
USA: Enron traders seen riding out storm, cuts likely.
Reuters English News Service, 11/14/01
USA: Arbs tread lightly on Enron-Dynegy deal.
Reuters English News Service, 11/14/01
USA: UPDATE 1-Enron CEO Lay admits to errors with mea culpa.
Reuters English News Service, 11/14/01
Enron Receives Dynegy $1.5B Cash Infusion Tues. >DYN ENE
Dow Jones News Service, 11/14/01
USA: Enron queried by EPA on oil pipeline spills.
Reuters English News Service, 11/14/01
Enron to Sell Off Money-Losing Assets In Bid to Restore Its Financial Health
Dow Jones Business News, 11/14/01
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces that Class Action Suits Against Enron Corporation Have Expanded their Class Periods
Business Wire, 11/14/01
Enron Says 4th-Qtr Earnings Cut by Lost Business (Update6)
Bloomberg, 11/14/01

Cauley Geller Bowman & Coates, LLP Expands Class Period in Class Action Lawsuit Against Enron Corp.
Business Wire, 11/14/01

Fitch: Cinergy's Rating Outlook Negative
Business Wire, 11/14/01

USA: Enron says recent woes to hurt profitability.

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 14 (Reuters) - Troubled energy trading giant Enron Corp. , which agreed last week to a buyout by smaller rival Dynegy Inc. , said on Wednesday it expects its recent woes to have a "temporary but negative impact" on fourth-quarter profitability.
Enron executives said in a conference call with analysts and investors that fourth-quarter results would also be adversely affected by severance costs and other restructuring costs. It did not provide further details, but said it expects to issue fourth-quarter earnings guidance in two to three weeks.
Enron also said it is seeking an additional $500 million to $1 billion in private equity to help rebuild confidence in the company and keep its core trading operations afloat in the nine months before the acquisition by Dynegy is expected to close.
Enron, the nation's biggest buyer and seller of natural gas and electricity, agreed on Friday to be bought by Dynegy for about $9 billion in stock after investor unease over the company's business deals sapped its finances to the point of near-collapse.
Enron has been under the gun from Wall Street since mid-October when it said shareholder equity had been cut by $1.2 billion because of off-balance sheet deals with partnerships run by former Chief Financial Officer Andrew Fastow, who was later replaced. The deals are under investigation by U.S. regulators.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron traders seen riding out storm, cuts likely.
By Scott DiSavino

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 14 (Reuters) - Traders at Enron Corp., atop the energy trading world, are avidly being pursued by rivals but are holding out to see if there is a good deal awaiting them in the proposed buyout by Dynegy Inc.
While a number of jobs are expected to go after the near collapse of North America's biggest energy trader, the new owners are expected to pull out all the stops to keep Enron's top traders - seen as the company's key assets.
"I know (traders) are getting a ton of calls, but I don't think there is going to be a mass exodus from the trading floor," said Joe Baker, president of Houston-based Search Consultants International, a recruitment company that serves the energy and power marketing industry.
Enron, known for turning out some of the industry's most aggressive traders, also has a reputation as a tough training ground for newcomers, handsomely rewarding those who "make their numbers" and quickly showing non-performers the door.
Traders at other energy firms said experienced traders can earn six-figures salaries before annual bonuses, paid sometime between the beginning of January and the middle of March.
A company recruiting traders before the bonus is paid would have to pay a larger sign on bonus.
"The majority of the key traders are going to wait and see what kind of situation develops ... everyone's got their eyes open," Baker said. "Most people want to stick around to see what kind of bonus they are going to get."
WAIT AND SEE
Energy traders are clearly worried about the $9 billion takeover announced last week, an opportunity for Dynegy to chop head count.
"There's a lot of overlap at both firms. I don't think there will be enough room for everyone," a trader at another Texas-based energy firm said.
Enron is the nation's biggest buyer and seller of natural gas and electricity. Dynegy is about a fifth as big as Enron measured in terms of revenue.
Despite the job uncertainty hanging over their heads, traders said they could not name a single Enron or Dynegy trader actively scouting out a new employer.
"Everyone seems to be waiting to see what happens. There are only a few trader jobs open in the country right now. Those positions will likely be filled pretty quickly if this merger goes through," another trader said.
"Some (traders) are going to be looking for work no matter whether they're laid off or leave on their own," the trader added.
So far, it is mostly Enron support staff who are polishing off their resumes.
Enron said Wednesday in an analyst meeting the company expects to take a charge for severance in the fourth quarter. However, no job cut numbers were discussed.
Baker said the support staff feels their jobs are the ones most threatened by the proposed Dynegy merger.
Dynegy is buying Enron for its trading operation and has said it is confident the best will stick around.
Upon completion of the merger, the combined company, to be called Dynegy Inc., is expected to have revenues exceeding $200 billion and $90 billion in assets.
Dynegy agreed to buy its larger cross-town rival after Enron investors lost faith in the company whose stock plummeted following its disclosure of off-balance sheet deals with partnerships run by its former chief financial officer.
The stock was off 8 cents, or 0.8 percent, at $9.92 a share at the close on New York Stock Exchange trade Wednesday, well below its 52-week high of $84.88.
Meanwhile, Dynegy stock fell $1.58, or 0.7 percent, to $46.20 a share.
- Scott DiSavino, New York Power Desk, +646-223-6072, fax +646-223-6079, e-mail scott.disavino@reuters.com and Nigel Hunt, Los Angeles bureau +213-955-6752.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Arbs tread lightly on Enron-Dynegy deal.
By Dane Hamilton

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 14 (Reuters) - Merger arbitragers say they're treading lightly in betting over prospects for the $9 billion stock-swap takeover of Houston energy trader Enron Corp. by rival Dynegy Inc. .
These market pros, who bet on the likelihood a merger will be completed, say big questions about Enron's financial condition raise doubts about the deal and make them shy about risking heavy bets. Wednesday's conference call between Enron officials and investors did little to assuage that, they say.
"People are very nervous about Enron," said one arb at a major New York brokerage. "They aren't sure if Enron is actually earning anything."
Arbs who think a deal will eventually be completed may "short" the acquirer and buy target stock, reasoning that the acquirer's stock will fall and the target will rise on completion. But in recent days, Enron's stock has languished, while Dynegy's stock has gained more than 40 percent, although it was close to the same level a month ago.
Some arbs said Dynegy's stock may have risen because it could gain valuable pipeline assets whether or not a deal is completed. Enron said it granted Dynegy an option to buy its Northern Natural Gas pipeline system for less than $975 million if the deal falls apart after the months-long due diligence review.
"Now Dynegy has up to a year to look at the company and at worst, Dynegy comes away with a very good deal," said one arb. "Even if it's a disaster, they come away with a very valuable pipeline."
Once a Wall Street high-flyer boasting a $90 share price just 15 months ago, Enron fell from grace after off-balance sheet transactions and financial reporting lapses prompted a regulatory investigation and senior official resignations.
Looming debt and a collapsing share price led Enron to agree to a takeover by smaller Houston rival Dynegy last week then valued at $10.41 a share, a fraction of its former value.
Enron officials on Wednesday said they were confident that the company was close to gaining a clear picture of its financial condition following restatement of earnings over several years. But it said the Securities and Exchange Commission investigation "could affect us on a go-forward basis."
Even with commitments for billions of dollars in cash that Enron said it's obtained in recent days, some arbs worried that customers who buy and sell energy contracts through Enron may be abandoning the company, particularly for longer-term contracts.
While Enron officials said customers and others are getting "comfortable in the short-dated market" energy market, arbs said longer-term customers may worry that further damaging disclosures may threaten its financial viability.
"It may be that no one wants long-term agreements anymore with Enron," said one arb, who like others, asked not to be named. "I don't think they were completely open about that issue."

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron CEO Lay admits to errors with mea culpa.

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Adds analyst comment and details of Lay compensation paragraphs 5 to 7)
By Andrew Kelly
HOUSTON, Nov 14 (Reuters) - Enron Corp. Chairman and Chief Executive Ken Lay on Wednesday acknowledged misjudgments and errors that pushed the nation's biggest energy trader to the brink of collapse and forced it to accept a humbling buyout by smaller rival Dynegy Inc.
In a stunning mea culpa to analysts and investors, Lay admitted that Enron had made bad investments, overburdened itself with debt and conducted deals that led to conflicts of interest now under U.S. regulatory investigation.
"We fully understand and regret that the combination of these events has resulted in the complete loss of investor confidence. We are fully committed to fixing the problems," he said.
Lay's act of atonement came after Enron said he had decided to waive his right to a $60 million golden parachute as part of Dynegy's planned buyout, following a tense exchange with employees about his severance package on Tuesday.
Lay received a base salary of $1.3 million from Enron for 2000 plus bonuses totaling $10.6 million.
He has also made several million dollars this year by exercising options and selling Enron stock at prices which mostly ranged from $40 to $60, according to Enron filings.
UBS Warburg analyst Ron Barone said Lay's candor could not undo damage already done but was welcome nevertheless. "The fact that he 'fessed up' is a step toward reestablishing credibility in himself and in the company," Barone said.
Enron agreed on Friday to be taken over by Dynegy for about $9 billion in stock, after investor unease over Enron's off-balance sheet deals drove its stock price down to $7 last week from a high of $90.56 in August 2000.
"In hindsight, we made some very bad investments in non-core businesses," Lay said in a 90-minute conference call.
Many of those investments, such as an ill-fated venture into the water services business and a power plant project in India that became mired in a payments dispute, performed below Enron's worst expectations, Lay said.
"The negative impact of these investments have been exacerbated through the extensive use of debt capital both on and off the balance sheet," Lay said.
Deals between Enron and partnerships run by its former chief financial officer, Andrew Fastow, produced "various conflicts of interest, both real and perceived," he added.
Fastow was recently replaced and the deals with the partnerships are now under investigation by the U.S. Securities and Exchange Commission.
Lay, who built Enron into the dominant energy trading company in North America and Europe after it was formed by the merger of two natural gas pipeline companies in 1986, said the core wholesale energy businesses were fundamentally sound.
In the short term, he said, Enron will focus on preventing further deterioration of its credit ratings and maintaining sufficient liquidity to keep the energy businesses running.
Enron's president and chief operating officer, Greg Whalley, said the company expects its recent woes to have a "temporary but negative impact" on profitability.
Whalley told analysts and investors that fourth-quarter results would also be adversely affected by severance costs and other restructuring costs. He did not provide details but said Enron will issue earnings guidance in two to three weeks.
The reference to severance costs was the first allusion to job cuts that are widely viewed as inevitable.
Enron also said it is seeking an additional $500 million to $1 billion in private equity to help rebuild confidence in the company and keep its core trading operations afloat in the nine months before the acquisition by Dynegy is expected to close.
It has already received $1.5 billion in cash from oil company ChevronTexaco Corp. , which owns 26.5 percent of Dynegy.
Enron has been under heavy fire from Wall Street since mid-October when it said shareholder equity had been cut by $1.2 billion because of deals with the Fastow partnerships.
Dynegy has said that its agreement with Enron would allow it to back out of the acquisition if the company's problems, which include a stack of lawsuits from angry investors, turn out to be far worse than has already been disclosed.
However, Dynegy Chairman and Chief Executive Chuck Watson has said he is confident this will not happen.
Watson will head the combined company, which will retain the Dynegy name, and Dynegy will dominate the combined company's senior management and board of directors.
Lay has said he has not yet made up his mind whether to accept Watson's offer of a seat on the board of the new company.
The California Public Employees Retirement System (Calpers), the largest U.S. pension fund, said there should be no place for Lay or any other Enron directors on the new Dynegy board.
"The interests of shareholders are best served by retiring all of the current directors from involvement in Enron's successor entities," said Michael Flaherman, chairman of the Calpers Investment Committee.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Receives Dynegy $1.5B Cash Infusion Tues. >DYN ENE
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/14/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Dynegy Inc. (DYN) provided Enron Corp. (ENE) Tuesday with the $1.5 billion cash infusion envisioned in the companies' merger agreement, a Dynegy spokeswoman said.
Dynegy received preferred stock and other rights in an Enron unit that owns the Northern Natural Gas pipeline in return for its investment.
The cash infusion, which was made with the assistance of Dynegy's largest shareholder, ChevronTexaco Corp. (CVX), is aimed at providing Enron with additional cash liquidity to support its core energy marketing and trading operations.
The rights provide Dynegy with the option to acquire the pipeline unit should the two companies fail to complete their merger. The deal, which still needs shareholder and regulatory approval, is expected to close within the next six to nine months.
Dynegy is acquiring Enron for 0.2685 of a Dynegy share, or about $10 billion based on the recent price of Dynegy shares.
The acquisition of Enron by its smaller rival follows a series of disclosures about Enron's financial dealings with partnerships run by some of its corporate officers. The dealings are under investigation by the Securities and Exchange Commission and at the center of more than a dozen of shareholder lawsuits.
During the last month, Enron watched as its share price sunk to a small fraction of its earlier levels as shareholder confidence in the trading company evaporated. As credit-rating agencies began to cut Enron's debt ratings threatening the company's investment-grade status, the company scrambled to raise additional cash to shore up its balance sheet and protect confidence in its business.
Industry experts viewed Dynegy's cash infusion as one way the companies sought to bolster confidence in the energy trader's liquidity, and protect its most valuable business.
In a conference call earlier Wednesday, Enron said its core energy trading business has been temporarily hurt by the uncertainty created by recent events.
According to Dynegy spokeswoman Jennifer Rosser, the preferred stock Dynegy has received for its investment in Enron is convertible into the common stock of the Enron pipeline unit.
Dynegy also has the right to convert the preferred stock into Enron shares if it desires, the spokeswoman said.
For example, if Enron were to cancel its merger with Dynegy in order to accept a higher bid from another suitor, Dynegy might decide to convert its preferred shares into Enron stock in order to reap the profits created by an increase in Enron's stock price, Rosser said.
In either case, Dynegy wouldn't be required to pay any additional consideration.
Dynegy was able to make the cash infusion after ChevronTexaco, of San Francisco, made an investment in Dynegy.
If the acquisition closes as anticipated, ChevronTexaco, which owns about one-fourth of Dynegy, plans to make an additional $1 billion investment in the combined company. ChevronTexaco also has the right to purchase an additional $1.5 billion in Dynegy stock in the first three years following the close of the acquisition.
Enron officials said they are monitoring the energy market's reaction to the cash infusion, and hopes it will restore the confidence of its counterparties.
Enron remains on a credit watch at the credit-rating agencies. Moody's Investors Service and Standard & Poor's each have Enron rated one notch above speculative grade.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron queried by EPA on oil pipeline spills.

11/14/2001
Reuters English News Service
(C) Reuters Limited 2001.
WASHINGTON, Nov 14 (Reuters) - The nation's biggest energy trader, Enron Corp. , already reeling from bad investments, too much debt and possible conflicts of interest, said on Wednesday that the government is seeking information on spills from pipelines operated by Enron and its subsidiaries.
In a filing with the Securities and Exchange Commission, the Houston-based company said it received a request for information from the Environmental Protection Agency regarding certain spills and discharges since 1998 on oil pipelines operated by Enron and its subsidiaries.
EOTT Energy Partners LLP is the only subsidiary of Enron that has extensive domestic oil pipeline operations, according to the filing.
Enron's response was originally supposed to be filed with the EPA no later than Nov. 7, but it received an extension until Jan. 31.
"EOTT cannot predict the outcome of the EPA inquiry," the company said in the filing.
Enron agreed on Friday to be taken over by Dynegy Inc. for about $9 billion in stock after investor unease over off-balance sheet deals drove its stock price down to $7 last week from a high of $90.56 in August 2000.
Many of those investments, such as an ill-fated venture into the water services business and a power plant project in India that became mired in a payments dispute, performed below Enron's worst expectations, Kenneth Lay, Enron's chairman and chief executive officer, said on Wednesday.
In addition, deals between Enron and partnerships run by its former chief financial officer, Andrew Fastow, produced "various conflicts of interest, both real and perceived," he added.
Fastow was recently replaced, and the deals with the partnerships are now under investigation by the SEC.
Enron shares were down 3 cents to $9.96 while Dynegy lost 48 cents to $46.46, both in afternoon trading on the New York Stock Exchange.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron to Sell Off Money-Losing Assets In Bid to Restore Its Financial Health

11/14/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Wall Street Journal Online News Roundup
HOUSTON -- Enron Corp., the once-mighty energy trader, is shedding money-losing assets and focusing on its core power-marketing business as it moves toward a merger with rival Dynegy Inc.
The effort is aimed at improving Enron's financial health, following disclosures that the company inflated profit figures and didn't reveal large amounts of debt to shareholders, Enron President and Chief Executive Kenneth Lay told investors Wednesday.
Businesses Enron (ENE) wants to sell include a high-speed Internet unit and power operations in India and Brazil, which Mr. Lay said "have performed far worse than we ever could have imagined when we made these investments."
"In hindsight, we made some very bad investments in noncore businesses," Mr. Lay said during the conference call for investors and analysts.
Last Friday Dynegy (DYN) said it agreed to buy Enron in a deal now worth $10.5 billion, and Mr. Lay said the company is focusing on conserving cash and getting the most out of the core businesses that Enron will keep.
Enron Issues Warning About 4th Quarter Results
Enron executives also said they expect the company's fourth-quarter earnings to be hurt by the ongoing financial problems. They didn't provide details, but said they would issue an outlook for fourth-quarter earnings in two weeks.
In addition, the company said it wouldn't file its quarterly report for the third quarter with the Securities and Exchange Commission on Wednesday as it had expected. Jeff McMahon, Enron's newly appointed chief financial officer, said the company expects to make the filing "five days late."
Under regulatory guidelines, publicly traded companies have 45 days from the end of a fiscal quarter to file their financial results with the SEC. Enron reported its third-quarter earnings in mid-October, but has yet to make a filing with the SEC. The filing would include Enron's balance sheet.
In the past, Enron has received criticism for not providing a balance sheet with its quarterly earnings release. Enron officials on the call declined to provide specific details about the company's current cash position. That information is included on the balance sheet.
Dynegy agreed to buy Enron after the energy-trading giant's stock price plunged about 80% in the weeks following Enron's posting of a $618 million third-quarter loss. Dynegy also will assume $13 billion of Enron's debt.
The slide in Enron's share price primarily was a result of large-scale transactions it did with partnerships headed by Enron officers. Those transactions have produced hundreds of millions of dollars of write-offs and restatements in the past month. They are being investigated by the SEC and have helped spawn more than a dozen shareholder lawsuits.
Enron ousted its chief financial officer, Andrew Fastow, who ran some of the partnerships, and restated its earnings back to 1997. But those actions failed to restore investor confidence.
"I could not have ever contemplated the events we as a company and you as a stakeholder have faced over the last several weeks," Mr. Lay said Wednesday. "This has resulted in a complete loss of investor confidence. We are fully committed to fixing the problems."
Enron executives didn't say how many of the company's 20,000 employees world-wide would lose jobs as businesses are sold, a process they said could take months.
"Our debt balances too high and we need to raise cash," Mr. McMahon said.
Mr. Lay said cash gained from asset sales also would support its core businesses.
Enron is the country's top buyer and seller of natural gas, and the No. 1 wholesale power marketer. The company operates a 25,000-mile gas pipeline system and also markets and trades metals, paper, coal, chemicals, and fiber-optic bandwidth.
Dynegy's purchase of Enron triggered a clause in Mr. Lay's contract giving him $20.2 million for each full calendar year remaining in his contract if there is a change in control of Enron. But Mr. Lay told Enron employees that he wouldn't accept the money -- a total of up to $60.6 million -- upon completion of the merger. He said nothing about that decision during Wednesday's conference call.
Enron spokesman Vance Meyer said the compensation package, in Mr. Lay's contract since 1989, is the only merger-related payment Mr. Lay is eligible for from Enron. A Dynegy spokesman, John Sousa, said the company is unsure whether Mr. Lay can receive a retirement package from them.
Dynegy executives have said that they hope to complete their acquisition of Enron by next summer. The Enron name will vanish when the deal is completed.
Chuck Watson, Dynegy's chairman and chief executive, will retain those roles for the combined company. Mr. Lay will have no role in day-to-day management. He has been offered a seat on the combined company's board.
Under the merger agreement, Enron retains the right to designate three directors of the combined company. So far, Enron President and Chief Operating Officer Greg Whalley has been designated to be the new company's executive vice president. Enron spokeswoman Karen Denne said Enron has yet to designate two other appointees.
On Tuesday the California Public Employees' Retirement System Board of Administration announced that it would oppose appointment of any Enron board member to the combined company, charging that Enron's board may have failed to adequately monitor its corporate officers. Calpers owns about three million shares of Enron and also owns shares of Dynegy.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces that Class Action Suits Against Enron Corporation Have Expanded their Class Periods

11/14/2001
Business Wire
(Copyright (c) 2001, Business Wire)
WASHINGTON--(BUSINESS WIRE)--Nov. 14, 2001--The following notice is issued by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., on behalf of its client, who, along with other firms, previously filed a lawsuit in the United States District Court for the Southern District of Texas (Houston Division), on behalf of purchasers of the common stock of Enron Corporation ("Enron" or the "Company") (NYSE:ENE).
The complaint alleges that the defendants violated section 10(b) of the Securities Exchange Act of 1934 ("The Exchange Act"), and Rule 10b-5 promulgated thereunder, and that defendants' wrongful conduct artificially inflated the price of Enron common stock during the Class Period. The prior complaints charged that during 2000 and 2001 the defendants misrepresented and concealed material facts concerning the Company's financial transactions with two partnerships established by Enron's then Chief Financial Officer, which resulted in substantial losses to Enron and a reduction in shareholders' equity of over $1 billion.
As the result of the Company's November 8, 2001 announcements, however, the class period has been extended to encompass all purchasers of Enron common stock from October 19, 1998 through November 7, 2001. On November 8, 2001, prior to the markets opening, Enron announced it was restating its financial results for 1997, 1998, 1999 and 2000, and the first two quarters of 2001 to correct for errors which had inflated Enron's net income by hundreds of millions of dollars in those years and that audit reports for those years should not be relied upon. Upon these disclosures, Enron's stock dropped to $8.41 per share on November 8, 2001, down from a Class Period high of $90.
Plaintiff's counsel -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C., Seattle, Washington and New York, New York and is active in major litigation pending in federal and state courts throughout the nation.
The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total hundreds of millions of dollars or more.
If you purchased shares of Enron stock during the Class Period, you may move the Court no later than December 21, 2001 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal standards.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Andrew N. Friedman, Esq.
or
Mary Ann Fink
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, NW
West Tower, Suite 500
Washington, DC 20005
Telephone: 888/347-4600 or 202/408-4600
E-mail: afriedman@cmht.com or mfink@cmht.com

CONTACT: Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Andrew N. Friedman, Esq. or Mary Ann Fink afriedman@cmht.com or mfink@cmht.com 888/347-4600 or 202/408-4600
12:50 EST NOVEMBER 14, 2001

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Says 4th-Qtr Earnings Cut by Lost Business (Update6)
2001-11-14 16:13 (New York)

Enron Says 4th-Qtr Earnings Cut by Lost Business (Update6)

     (Updates with closing share prices in 12th paragraph.)

     Houston, Nov. 14 (Bloomberg) -- Enron Corp., which averted
bankruptcy last week by agreeing to a buyout by Dynegy Inc., said
fourth-quarter earnings will be lowered by severance payments,
reorganization costs and a drop in its energy-trading business.

     Enron didn't say how many jobs it plans to cut or what its
expenses will be. Trading volumes declined last week and it's too
soon to tell if the company will recover lost business, Chief
Operating Officer Greg Whalley said during a conference call with
investors.

     Traders including Mirant Corp. and Aquila Inc. have said they
shifted transactions away from Enron after its plunging stock
price prompted concerns about creditworthiness.

     ``Business has been affected in the last month,'' Enron Chief
Executive Officer Kenneth Lay said. ``We're going to go back to
basics and focus on our core energy business.''

     The company will provide a more detailed fourth-quarter
earnings projection in two to three weeks, Lay said.

     Dynegy CEO Charles Watson, who agreed on Friday to acquire
bigger rival Enron in a transaction now valued at more than $24
billion, had said he is confident that Enron's trading business is
sound.

                       `Greater Acceptance'

     Enron has been criticized by investors and has seen its
market value plunge in recent weeks because of concerns it was
using affiliated partnerships to mask losses and hide debt. Dynegy
is buying Enron for $9.27 billion in stock and about $15 billion
in assumed debt. Both companies are based in Houston.

     Since the buyout was announced, Enron is ``seeing greater
acceptance in the U.S. and Europe to our financial situation in
short-term markets,'' Whalley said. ``It may be a couple of weeks
before we can give comfort to our longer-dated customers.
Hopefully, we'll move up to normal levels in the near future.''

     Enron said it will be five days late in filing its third-
quarter earnings statement with the Securities and Exchange
Commission. The filing was supposed to be out by today. The
company also will provide more details about earnings in the
fourth quarter than it has in previous periods, Chief Financial
Officer Jeffrey McMahon said.

     Enron spokesman Mark Palmer declined to provide further
details about job cuts. ``Anything we say about layoffs, we're
going to say to our employees first,'' he said.

     Dynegy spokesman John Sousa said he didn't know the number of
job cuts or the cost of severance that Enron will have in the
fourth quarter.

     Shares of Enron rose 2 cents to $10. Dynegy fell 74 cents to
$46.20. ChevronTexaco Corp., which owns 26 percent of Dynegy,
declined $3.55 to $86.62.

                       Providing More Detail

     Enron been criticized by investors for not providing enough
information about how it makes its money. The company was expected
to earn 45 cents a share in the fourth quarter, the average
estimate of analysts polled by Thomson Financial/First Call.

     In the third quarter, Enron had a $618 million loss because
of failed investments in water, telecommunications and retail-
energy sales that cost the company $1.01 billion.

     Investors expected Enron's fourth-quarter earnings to be cut
by recent events, said Kathleen Vuchetich, who helps manage the
$1.4 billion Strong American Utilities Fund, which owns 284,000
Dynegy shares.

     ``They'd have hurt their credibility if they'd said
otherwise,'' Vuchetich said.

                           $1.5 Billion

     Enron said it received $1.5 billion in cash yesterday from
ChevronTexaco as part of the Dynegy buyout agreement. In return,
Dynegy will acquire preferred stock and other rights in an Enron
unit that owns the Northern Natural Gas pipeline.

    If the merger isn't completed, Dynegy will have the right to
acquire Northern Natural Gas, Enron said today in a filing with
the Securities and Exchange Commission. ChevronTexaco, the second-
largest based U.S. oil company, will provide Dynegy with another
$1 billion after the merger closes.

     McMahon also said the company is in talks with several
private investors. The company expects to receive $500 million to
$1 billion from these sources, McMahon said.

     ``Our debt balance is too high, and we need to raise equity
capital,'' McMahon said. ``In this environment we can't raise
public equity capital very efficiently so we need to go to other
sources.''

     The company said it is accelerating attempts to sell ``non-
core assets'' such as its investment in an Indian power plant and
its broadband telecommunications network. Enron has about $8
billion invested in these businesses, and it may take as long as a
year to get rid of the broadband business, Whalley said.

     ``In hindsight, we made some very bad investments,'' Lay
said. ``These have turned out far worse than we ever imagined.''

     Lay, Enron's chairman since February 1986, was entitled to
receive a severance package of more than $60 million after Dynegy
took over Enron. Lay decided yesterday to waive the payment.

Cauley Geller Bowman & Coates, LLP Expands Class Period in Class Action Lawsuit Against Enron Corp.

11/14/2001
Business Wire
(Copyright (c) 2001, Business Wire)
LITTLE ROCK, Ark.--(BUSINESS WIRE)--Nov. 14, 2001--The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Eastern District of Texas, Texarkana Division on behalf of purchasers of Enron Corp. ("Enron" or the "Company") (NYSE:ENE) common stock during the period between January 18, 1999 and November 8, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.classlawyer.com/pr/enron.pdf.
The complaint charges Enron and certain of its officers and directors with violations of the federal securities laws. On November 8, 2001, Enron announced that it would restate its 1997, 1998, 1999, 2000 and 1Q and 2Q 2001 results because of various income statement and balance sheet adjustments required as the result of Enron's determination that three unconsolidated entities should have been consolidated in the financial statements pursuant to Generally Accepted Accounting Principles ("GAAP"), which caused Enron's 1997 through 2Q 2001 income and assets to be materially overstated. Throughout 1999 and 2000, the price of Enron common stock substantially increased -- rising from $32.50 per share on January 18, 1999 to $83.125 per share on December 29, 2000. The complaint alleges that a substantial basis for this huge gain was the Company's allegedly false and misleading reports of ever increasing revenues and profits.
The effect of the restatement was dramatic. Rather than earning $698 million and $1.01 per share in 1998, Enron's restated earnings fell to $585 million and $0.86 per share. Net income was lowered $186 million in 1999 with EPS dropped from $1.10 to $0.79. Net income was lowered $132 million in 2000 and EPS correspondingly fell from $1.12 to $0.97. The restatement increased Enron's debt by $561 million in 1998, $685 million in 1999 and $629 million in 2000. Shareholder's equity was reduced by $448 million for 1998, $834 million for 1999, $1.16 billion for 2000, $1.226 billion for first quarter 2001 and $929 million for second quarter 2001. During the Class Period, Enron insiders disposed of over $73 million of their personally-held Enron common stock to unsuspecting investors.
If you bought Enron common stock between January 18, 1999 and November 8, 2001, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than December 21, 2001. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman & Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.

CAULEY GELLER BOWMAN & COATES, LLP
Investor Relations Department:
Jackie Addison, Sue Null or Shelly Nicholson
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com

CONTACT: Cauley Geller Bowman & Coates, LLP Charlie Gastineau or Sue Null, 888/551-9944
16:46 EST NOVEMBER 14, 2001

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

Fitch: Cinergy's Rating Outlook Negative

11/14/2001
Business Wire
(Copyright (c) 2001, Business Wire)
NEW YORK--(BUSINESS WIRE)--Nov. 14, 2001--Fitch Inc. has changed the Outlook of Cinergy's (CIN) 'BBB+' senior unsecured debt to Negative from Stable due to increased leverage and planned environmental compliance expenditures.
Cinergy is the parent holding company of The Cincinnati Gas & Electric Company (CGE) and PSI Energy, Inc. (PSI). Fitch rates the senior secured debt of both 'A-.'
The negative outlook reflects the rise in debt leverage due mainly to the acquisition of two natural gas fired generating units from Enron Corp in March 2001. As of Sept. 30, 2001, debt was 63% of total capitalization, up from 59% and 56% at the end of fiscal years 2000 and 1999, respectively. The acquisition consists of Enron's 494- megawatt Brownsville generation facility located in Haywood County, Tennessee and the 504-megawatt Caledonia generation facility located in Lowndes County, Mississippi. To reduce leverage, CIN plans to use proceeds from non-core asset sales to reduce debt and to reinstitute the issuance of new shares to meet obligations under its dividend reinvestment plan and various employee stock plans. If the debt reduction is successful, the outlook could return to stable.
Capital requirements related to CIN's compliance with environmental regulations are also a concern. In September 2000, CIN announced a plan for its subsidiaries to spend about $800 million system wide over the following five years to install pollution control equipment to reduce NOx emissions. A majority of these expenditures will be incurred by PSI, the regulated integrated utility, and should be recovered through rates. The company also reached a tentative agreement with the Environmental Protection Agency and other parties to reduce SO2 emissions by shutting down or re-powering with natural gas several coal-fired boilers and installing scrubbers and pollution control systems at several sites. The agreement, if finalized, would require CIN to spend an additional $700 million, mostly during 2008- 2013.
CIN's ratings also take into account the significant earnings and cash flow contribution of its regulated utility businesses, and a revised business strategy for its non- regulated businesses that is less aggressive and more appropriate for this mid-size company. The new strategy emphasizes regional, asset-based energy trading and marketing, customer led origination, and its regulated utility operations. A large amount of CIN's non-regulated revenue will be derived from contractual sales with its subsidiaries, CGE and The Union Light, Heat and Power Company. CGE's electric restructuring plan provides substantial transition cost recovery and allows the company to transfer its generating facilities. CGE plans to transfer its generating assets to CIN's non-regulated affiliate, Cinergy Wholesale Energy, Inc. Another CIN subsidiary, PSI, remains a vertically integrated regulated company and restructuring is not expected in the mid-term. Regulated operations provide about 55% of earnings.
CIN, through its subsidiaries CGE and PSI, provides electric and gas service in Ohio, Kentucky and Indiana to about 1.5 million electric and 500,000 gas customers. The company also has a growing merchant energy business and owns 13,000 megawatts of generation.

CONTACT: Fitch, New York Orli Almog, 212/908-0894 or Robert Hornick, 212/908-0523
14:48 EST NOVEMBER 14, 2001

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


Hi Bill,

Have you had a chance to review the OBA that Questar sent us?  If you have time later today, we could get together and discuss.

Thanks, Kim.


Dear Vanessa,

I know our meeting to discuss putting trading offices on the web site keeps
moving, but here is what we receive from London which represents Enron Europe
information.  We should put this on the site.  I also have a list of all
trading offices world-wide.  At some point, I'd like to merge the two.

Best regards

Shona
---------------------- Forwarded by Shona Wilson/NA/Enron on 10/27/2000 09:25
AM ---------------------------
Matthew Landy @ ECT   10/27/2000 09:06 AM

To: Rob Sexton/LON/ECT@ECT
cc: Ralph Jaeger/FRA/ECT@ECT, Stephane Hue/LON/ECT@ECT, Heidi
Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan-Erland Bekeng/AP/Enron@Enron,
Anthony Key/LON/ECT@ECT, Anna Rafalska/WAR/ECT@ECT, Bogdan
Diaconu/LON/ECT@ECT, Paulino Martinez Bernal/MAD/ECT@ECT, Berit
Lokken/OSL/ECT@ECT, Tiong Hock Lim/SIN/ECT@ECT, Shona Wilson/NA/Enron@Enron,
Naomi Connell/LON/ECT@ECT

Subject: Re: Office summary

Minor changes....

	From:  Rob Sexton                           23/10/2000 18:54

To: Ralph Jaeger/FRA/ECT@ECT, Matthew Landy/OSL/ECT@ECT, Stephane
Hue/LON/ECT@ECT, Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jan-Erland
Bekeng/AP/Enron@Enron, Anthony Key/LON/ECT@ECT, Anna Rafalska/WAR/ECT@ECT,
Bogdan Diaconu/LON/ECT@ECT, Paulino Martinez Bernal/MAD/ECT@ECT, Berit
Lokken/OSL/ECT@ECT, Tiong Hock Lim/SIN/ECT@ECT, Shona Wilson/NA/Enron@Enron
cc: Naomi Connell/LON/ECT@ECT

Subject: Office summary

All

Please could you all have a look at the attached monthly report - it has
changed format this month (as has the key).  Please could you update the
colours, comments and staff numbers in your respective regions where relevant
asap.  A final draft is due by the end of this week.

Many thanks for your assistance

Best regards

Rob


I leave tomorrow, and will be back on Thursday.

There's a bunch of food up here today.  You might want to make the trip up
this way.

	From:  Kathleen Carnahan                           10/16/2000 09:13 AM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: redlined version - Titan-Schaeffer Option

Well, that way the other three lawyers at Piper Rudnick can bill their time
for reading the message and attachments.  By the way, Karen called me on
Friday regarding the "missing items" on our Ledford and Fehr Option
Agreements and says she will follow up on the acknowledgements and legal
descriptions.  I have a feeling I will need to remind her every now and then.

When are you going out of town?

Kathleen

To: Kathleen Carnahan/NA/Enron@Enron
cc:

Subject: redlined version - Titan-Schaeffer Option

She makes me crazy the way she copies three lawyers in her firm eveytime she
writes me.

A pet peeve!
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/16/2000 09:03
AM ---------------------------

"Way, Karen S. - CHI" <karen.way@piperrudnick.com> on 10/16/2000 08:56:50 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>, "'rusty.stevens@enron.com'"
<rusty.stevens@enron.com>, "'fred.mitro@enron.com'" <fred.mitro@enron.com>
cc: "Townsend, Christopher J. - CHI" <chris.townsend@piperrudnick.com>,
"Gershon, Mark A. - CHI" <Mark.Gershon@piperrudnick.com>, "Shindler, Donald
A. - CHI" <Donald.Shindler@piperrudnick.com>

Subject: redlined version - Titan-Schaeffer Option

 <<307XGRED.DOC>>

Attached hereto, please find the redlined version of the Titan-Schaeffer
Option as compared to the Fehr option.  Please feel free to call with any
questions or comments.  Thanks!

Karen S. Way
Piper Marbury Rudnick & Wolfe
203 N. LaSalle
Chicago, Illinois 60601
email:  karen.way@piperrudnick.com
(ph) 312-368-2152
(fax) 312-630-6347

____________________________________________________________________________
The information contained in this communication may be confidential, is
intended only for the use of the recipient named above, and may be legally
privileged.  If the reader of this message is not the intended recipient, you
are hereby notified that any dissemination, distribution, or copying of this
communication, or any of its contents, is strictly prohibited. If you have
received this communication in error, please re-send this communication to
the sender and delete the original message and any copy of it from your
computer system.
Thank you.

For more information about Piper Marbury Rudnick & Wolfe, please visit us at
http://www.piperrudnick.com/
____________________________________________________________________________

 - 307XGRED.DOC


FYI.
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 02/02/2000
10:29 AM ---------------------------

Lisa Kinsey
02/02/2000 08:26 AM
To: VSeckler@CILCO.com
cc: Alicia Jones/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT
Subject: January 2000 Withdrawals from Storage

Hey Vonda,
Attached is the worksheet showing your withdrawals for the month of January
2000.  Let me know if you have any questions.
Lisa Kinsey


Attached is the Management Report for Feb. 23, 2000.

External Trading

 Total  23-Feb-00  To Date

 Number of Transactions   945   33,306
 Gross Notional Value $   274,998,904   10,682,390,261

 Revenue from Physical flows to date ($)    353,515,602

 Number of New Counterparties transacting today    1
 Number of Counterparties having transacted to date    222

 N.A. Gas

 Number of Transactions   777   27,570
 Volume of Transactions (mmbtu's)   177,902,551   5,490,971,953
 Gross Notional Value $   216,536,219   8,650,837,590

 UK Gas

 Number of Transactions   53   1,821
 Volume of Transactions (mmbtu's)   7,697,500   227,914,000
 Gross Notional Value $   16,108,460   456,186,752

 Belgium Gas

 Number of Transactions   -     75
 Volume of Transactions (mmbtu's)   -     15,555,000
 Gross Notional Value $   -     30,465,447

 U.S. Power

 Number of Transactions   88   2,793
 Volume of Transactions (MWh's)   653,358   21,701,734
 Gross Notional Value $   28,310,450   763,720,210

 UK Power

 Number of Transactions   5   143
 Volume of Transactions (MWh's)   290,400   6,213,313
 Gross Notional Value $   11,293,207   242,721,589

 Swiss Power

 Number of Transactions   1   23
 Volume of Transactions (MWh's)   2,217   40,176
 Gross Notional Value $   36,427   895,762

 German Power

 Number of Transactions   12   143
 Volume of Transactions (MWh's)   62,300   1,167,538
 Gross Notional Value $   1,080,552   22,072,732

 Spanish Power

 Number of Transactions   1   4
 Volume of Transactions (MWh's)   2,074,248   11,679,402
 Gross Notional Value $   48,001   456,704

 Norwegian Power

 Number of Transactions   1   87
 Volume of Transactions (MWh's)   14,520   1,570,224
 Gross Notional Value $   250,459   23,027,903

 Crude & Products

 Number of Transactions   1   233
 Volume of Transactions (BBl's)   150,000   25,767,697
 Gross Notional Value $   79,500   352,893,001

 Petchems

 Number of Transactions   -     33
 Volume of Transactions    -     288,000
 Gross Notional Value $   -     30,272,900

 LPG

 Number of Transactions   3   158
 Volume of Transactions (BBl's)   40,000   1,832,000
 Gross Notional Value $   1,255,000   62,750,000

 U.S. Coal

 Number of Transactions   -     73
 Volume of Transactions (st)   -     2,033,325
 Gross Notional Value $   -     25,548,683

 U.S. Pulp & Paper

 Number of Transactions   -     4
 Volume of Transactions (st)   -     2,550
 Gross Notional Value $   -     1,500,750

 Emmissions

 Number of Transactions   -     58
 Volume of Transactions   -     145,000
 Gross Notional Value $   -     18,982,650

 U.S. Weather

 Number of Transactions   1   88
 Volume of Transactions    1   93
 Gross Notional Value $   165   57,590

 UK Weather

 Number of Transactions   2   11
 Volume of Transactions    2   11
 Gross Notional Value $   464   3,061

 Number of Users Logging onto EnronOnline:
 External Users with Execution rights    792
 External Users with No Execution Rights    78

 Internal Trading
 23-Feb-00  To Date
 Gas

 Number of Transactions   70   2,224
 Volume of Transactions (mmbtu's)   34,051,919   889,423,104
 Gross Notional Value $   52,765,175   1,507,104,120

 Power

 Number of Transactions   8   40
 Volume of Transactions (MWh's)   22,627   463,068
 Gross Notional Value $   683,692   16,163,275

 Coal

 Number of Transactions   -     -
 Volume of Transactions (st)   -     -
 Gross Notional Value $   -     -

 Emmissions

 Number of Transactions   -     -
 Volume of Transactions (st)   -     -
 Gross Notional Value $   -     -

 Total

 Number of Transactions   78   2,264
 Gross Notional Value $   53,448,867   1,523,267,395

Reagards

Louise