[IMAGE]
 Anna Kournikova Exclusive Fantasy Offer!  Save 10% on Anna's 2002 Calendar! Yes 12 months of Anna!  Simply enter the coupon code FNTSYCAL in step 5 of the checkout process to receive your discount.  Offer expires 11/30/01.  http://www.sportsline.com/links/6/1/135/sffer1120tr.cgi   Attention Fantasy Fans!  Subscribe to The Sporting News  now and get 4 FREE issues! Hurry!   Brought to you by   Sponsorship Bar You are receiving these e-reports because you have signed up for CBS SportsLine.com Fantasy Football.  To customize, reschedule, or turn off these reports please  click here    NFL Reports, Player Updates  [IMAGE]Latest NFL Player News  Keenan McCardell , WR JAC - Little Bambinos Updated 11/25/01 McCardell caught six passes for 80 yards against Baltimore. He has certainly raised the level of his play in recent weeks, and should be a solid Fantasy player down the stretch as opponents continue to focus on Jimmy Smith.  Stacey Mack , RB JAC - Hollowman Updated 11/25/01 Mack rushed for 50 yards and two TDs and caught five passes for 45 yards against the Ravens. Despite his good outing, Mack remains a Fantasy risk ! be! cause of his inconsistency.   Qadry Ismail , WR BAL - Threesome Updated 11/25/01 The Jaguars held Ismail to three catches for 44 yards. Despite his quiet statistical performance, Ismail remains a must-start player for any Fantasy team. He is one of the most complete and underrated receivers in the AFC.  Jason Brookins , RB BAL - Threesome Updated 11/25/01 Brookins rushed for 82 yards and two TDs at Jacksonville, but also lost a fumble. The rookie RB is talented, but too erratic to be a Fantasy starter on most teams right now. ! Ron Dayne , RB NYG - The Internet Potatoes Updated 11/25/01 Dayne carried the ball six times for 26 yards against Oakland. Don't depend on him for good numbers during the remainder of the season.  Tiki Barber , RB NYG - The Flounders Updated 11/25/01 Barber rushed for 124 yards and a TD against Oakland, and caught five passes for 41 yards. He has played well recently, although his owners would still like to see him score on a more consistent basis.  LaDainian Tomlinson , RB SD - The Internet Potatoes Updated 11/25/01 Tomlinson was held out of the end zone, but he had a good day against Arizona nonetheless. The rookie tailback had 145 scrimmage yards, including 13 receptions, in San Diego's 20-17 loss.   Doug Flutie , QB SD - The Internet Potatoes Updated 11/25/01 Flutie had a solid game, throwing for 308 yards and two touchdowns against Arizona. However, he's only worth starting when the matchup is to his advantage.   Jake Plummer , QB ARI - Free Agent! ! Updated 11/25/01 Plummer had a decent outing on Sunday, posting 241 yards and a touchdown against San Diego. Plummer, who also threw two picks, is only a reserve Fantasy quarterback at best.   David Boston , WR ARI - Cocked and Locked Updated 11/25/01 Boston had another outstanding game, catching six passes for 121 yards and a touchdown against San Diego. He's one of the most reliable Fantasy receivers in the league, and is worth starting on a weekly basis.   Willie Jackson , WR NO - Cocked and Locked Updated 11/25/01 Jackson had a good outing against New England, catching five catches for 78 yards and a touchdown. He may not be the most dependable Fantasy receiver, but he is worth starting in deeper leagues.   Joe Horn , WR NO - Little Bambinos Updated 11/25/01 Horn had another solid outing, catching four passes for 97 yards against New England. He's been a very dependable receiver in recent weeks and is worth starting on a weekly basis.  Tyrone Wheatley , RB OAK - Hatcher's Right Nut Updated 11/25/01 In his return from a knee injury, Wheatley carried the ball five times for 17 yards. Zack Crockett was used more often in short-yardage packages, and Wheatley does not appear capable of starting for any Fantasy team in the near future. Even when he is fully healthy, he may not be able to take many carries away from Charlie Garner.  Antowain Smith , RB NE - Threesome Updated 11/25/01 Smith had 153 yards of total offense and two touchdowns against New Orleans. After a slow start, Smith has become a pretty good weekly option for Fantasy Footballers  Tom Brady , QB NE - Cocked and Locked Updated 11/! 25! /01 Brady put up huge numbers against New Orleans, posting 258 yards passing and four touchdowns. He's become a pretty reliable Fantasy player, and his performance will likely keep Drew Bledsoe on the Patriots' bench for another week.  Rich Gannon , QB OAK - Threesome Updated 11/25/01 Gannon threw for 221 yards, three TDs and no interceptions against the Giants. He ignored rain-soaked conditions, and continued to look like the most reliable QB in Fantasy Football.  Frank Sanders , WR ARI - Free Agent Updated 11/25/01 Sanders left Sunday's game against San Diego after re-aggravating a hamstring injury. He was replaced by MarTay Jenkins, and did not return to the game.  Eric Moulds , WR BUF - Hollowman Updated 11/25/01 Moulds finally emerged from an extended slump, catching six passes for 196 yards and two TDs against Miami. He also lost a fumble, and Fantasy owners should still remember that Moulds has been a disappointment for most of the year. Don't be surprised if he follows his best outing of the year with a mediocre performance.  Alex Van Pelt , QB BUF - Free Agent Updated 11/25/01 Van Pelt had another fine game, throwing for 309 yards, three TDs and one interception. He is definitely merits strong Fantasy consideration as long as he remains in Buffalo's starting lineup.  Oronde Gadsden , WR MIA - The Great Bald Hunter Updated 11/25/01 Gadsden caught eight passes for 118 yards at Buffalo. He did not catch a TD pass, though, and lost a fumble. Gadsden is too unreliable to start for most Fantasy teams in these important final weeks.  Jay Fiedler , QB MIA - The Great Bald Hunter Updated 11/25/01 Fiedler threw for 262 yards, three TDs and no interceptions at Buffalo. His performance may have quieted talk of a QB controversy, but Fiedler is still too inconsistent to be a dependable Fantasy QB.  Donovan McNabb , QB PHI - AARP Updated 11/25/01 The Redskins held McNabb to 92 passing yards and 39 rushing yards, with no TDs or interceptions. Expect the Philadelphia QB to rebound quickly from such a quiet performance.  James Thrash , WR PHI - Hollowman Updated 11/25/01 Thrash caught four passes for 32 yards against Washington. He is too incon! si! stent to be a starter on better Fantasy teams as the playoffs approach.   Rod Gardner , WR WAS - The Internet Potatoes Updated 11/25/01 Gardner caught four passes for only 33 yards on Sunday. The rookie has slowed down considerably in the past few weeks, and now seems like a risk during the Fantasy homestretch.   Ki-Jana Carter , RB WAS - Free Agent Updated 11/25/01 Carter saw extensive action on Sunday as Stephen Davis played through back problems. He carried 18 times for 56 yards, and is a good backup to have if Davis in on your Fantasy team. Davis has always been known to battle minor injuries.  Isaac Byrd , WR CAR - Free Agent Updated 11/25/01 Byrd started in place of the injured Muhsin Muhammad on Sunday. He posted decent Fantasy numbers in Muhammad's absence, catching five passes for 69 yards in Carolina's 10-7 loss to Atlanta.   Muhsin Muhammad , WR CAR - Threesome Updated 11/25/01 Muhammad missed Su! nd! ay's game against Atlanta due to a shoulder injury. His status for next weekend's game against New Orleans is unknown at this time.   Derrick Alexander , WR KC - Cocked and Locked Updated 11/25/01 Alexander caught two passes for 56 yards in his return from a rib injury. He was not open often, and Alexander may continue to be a Fantasy disappointment if he stays healthy.  Chris Chandler , QB ATL - The Great Bald Hunter Updated 11/25/01 Chandler had a subpar game on Sunday, throwing for only 132 yards against Carolina. The Falcons chose to attack Carolina with their ground game, which was the reason for Chandler's poor Fantasy numbers.   Derrick Alexander , WR KC - Cocked and Locked Updated 11/25/01 Alexander caught two passes for 56 yards in his return from a rib injury. He was not open often, and Alexander may continue to be a Fantasy disappointment if he stays healthy.  More Updates  Transactions, View&! nb! sp; [IMAGE]Transactions Date Time Player Team Transaction Effective 11/25/01 1:01 PM Allen, James The Internet Potatoes Signed Week 11 11/25/01 1:01 PM Bennett, Michael The Internet Potatoes Released Week 11 11/25/01 12:57 PM Mack, Stacey Hollowman Signed Week 11 11/25/01 12:57 PM Anderson, Jamal Hollowman Released Week 11 11/25/01 12:57 PM Williams, Boo Threesome Signed Week 11 11/25/01 12:57 PM Cleeland, Cameron Threesome Released Week 11  Schedule, Breakdown  [IMAGE] The Internet Potatoes Player Pos Points Green, Trent  QB 13.0 Allen, James  RB 15.0 Tomlinson, LaDainian  RB 14.0 Carter, Cris  WR 4.0 Hilliard, Ike  WR 1.0 Owens, Terrell  WR 20.0 Walls, Wesley  TE 0.0 Carney, John  K 3.0 Packers  DT 9.0   [IMAGE] TOTAL   79.0   [IMAGE] Dayne, Ron  RB 2.0 Jets  DT 0.0 Akers, David  K 6.0 Flutie, Doug  QB 30.0 Franks, Bubba  TE 4.0 Gardner, Rod  WR 3.0 Taylor, Fred  RB 0.0 Ward, Hines  WR 9.0 Watters, Ricky  RB 0.0   [IMAGE] at Threesome Player Pos Points Culpepper, Daunte  QB 12.0 Brookins, Jason  RB 18.0 Smith, Antowain  RB 30.0 Booker, Marty  WR 0.0 Ismail, Qadry  WR 4.0 Patten, David  WR 4.0 Wycheck, Frank  TE 12.0 Gramatica, Martin  K 0.0 Titans  DT 1.0   [IMAGE] TOTAL   81.0   [IMAGE] Colts  DT 5.0 Scott, Darnay  WR 2.0 Anderson, Gary  K 6.0 Davis, Terrell  RB 0.0 Galloway, Joey  WR 6.0 Gannon, Rich  QB 26.0 Jackson, James  RB 4.0 Muhammad, Muhsin  WR 0.0 Williams, Boo  TE 4.0   [IMAGE]  Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc. Your site can be reached from http://fantasy.sportsline.com   FB10SP


The attached confirmations - Firm GTCs have been signed by both Smurfit and
Enron.  Please call if you need me to make a copy for you.


<<RE: Calpine Daily Gas Nomination>> Your message

  To:      RickyA@calpine.com
  Subject: RE: Calpine Daily Gas Nomination
  Sent:    Mon, 4 Jun 2001 09:51:42 -0700

was delivered to the following recipient(s):

Ricky Archer on Mon, 4 Jun 2001 09:51:55 -0700
    MSEXCH:MSExchangeMTA:San-Jose:CPMAIL3

Message-ID: <OF593AD0B5.68DA454F-ON86256A61.005CA274@enron.com>
From: Daren.J.Farmer@enron.com
To: RickyA@calpine.com
Subject: RE: Calpine Daily Gas Nomination
Date: Mon, 4 Jun 2001 09:51:42 -0700
Return-Receipt-To: Daren.J.Farmer@enron.com
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2650.21)
X-MS-Embedded-Report:
Content-Type: text/plain;	charset="iso-8859-1"


-----Original Message-----
From: MMcGarvey@nyiso.com [mailto:MMcGarvey@nyiso.com]
Sent: Thursday, November 29, 2001 10:14 AM
To: Nicolay, Christi L.
Cc: MMackles@nyiso.com
Subject: Cash Collateral bank instructions

Please wire cash collateral to the following:

Key Bank, N.A.
66 South Pearl Street
Albany, NY 12207
ABA 021300077
Account 329681005271
Tax ID: 14-1815612

Mary McGarvey
Controller & Assistant Treasurer
518-356-6125 (phone)
518-356-6232 (fax)


The computer eliminated you in the list, because I added Badeer later.  This
happens all the time -- but most of the time I catch it!  Sorry!
---------------------- Forwarded by Susan J Mara/SFO/EES on 09/25/2000 09:11
AM ---------------------------

Susan J Mara
09/25/2000 10:49 AM
To: Mary Hain/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT,
Mona L Petrochko/SFO/EES@EES, Paul Kaufman/PDX/ECT@ECT, James D
Steffes/NA/Enron@Enron, rcarroll@bracepatt.com, Richard Shapiro/HOU/EES@EES,
David Parquet/SF/ECT@ECT, Sarah Novosel/Corp/Enron@ENRON
cc:
Subject: Restructuring Today, Monday September 25, 2000

Dave Parquet is all over underscheduling in this latest issue.
---------------------- Forwarded by Susan J Mara/SFO/EES on 09/25/2000 08:37
AM ---------------------------

US Publishing <season@wizard.net> on 09/24/2000 10:15:57 PM
Please respond to season@wizard.net
To: "RT Reader" <season@wizard.net>
cc:
Subject: Restructuring Today, Monday September 25, 2000

(see attached file:  rt000925.pdf)

Thank you,

Season Hawksley
US Publishing
1-800-486-8201
www.restructuringtoday.com
season@restructuringtoday.com

 - rt000925.pdf


Veterans Holiday Building Hours:

MONDAY, 11/12
Faculty Bldg., Student Svcs. Bldg and Cheit Hall: CLOSED

Thank you

Jennifer Jensen
Facilities  Supervisor
Haas School of Business
S545 Student Services Bldg.
University of California
Berkeley, CA  94720-1900

Tel:  (510) 642-9106
Fax:  (510) 642-4700


If you will send me the latest schedule you have, I will start updating.

Thanks


Rebecca, Wade, and Steve,

We arrived in Mumbai Tuesday evening and have been at Dabhol since Wednesday
evaluating the situation here.  At this time, we believe the most prudent
course of action is for Wade to meet with the American Ambassador and
ministerial-level officials in New Delhi in order to convince the Indian
Government to deploy specialized security units within the Home Ministry to
Dabhol as soon as possible.  At the same time, DPC and contractors should
continue the measured drawn down of dependents and begin assessing a drawdown
in both nonessential expat personnel and Indian national personnel.  Ken
Lambert and the other members of the executive management team on site concur
with these recommendations.

The size and terrain of the Dabhol site make it completely indefensible. The
local guard force working for DPC is not allowed to use force and is
incapable of handling anything more than checking identification badges.  On
the other hand, the Maharashtra state paramilitary forces (SRP) currently at
Dabhol are poorly disciplined and have a history of human rights abuses.
Moreover, as they are controlled by the politicians of this state, they
cannot be trusted to react or not deliberately overreact.  While we are
continuing to evaluate numerous short notice mass evacuation options, this
remains highly problematic and possibly dangerous for a number of reasons
relating to current and upcoming seasonal weather conditions, the size and
remoteness of this facility, and the large number of expats currently on
site.   We are convinced that the best course of action to ensure the safety
of personnel at Dabhol is to obtain the cooperation of the Indian Government
at the federal level and draw down personnel in the manner described above.
This would obviate the need to execute a risky evacuation of large numbers of
personnel under hostile conditions and would also provide a credible
deterrent those seeking to incite violence.

We hope to discuss the above issues in greater detail with Wade on Monday
morning and will brief Rebecca and Steve upon our return to Houston.  As we
are travelling with only one laptop for security reasons, please address any
responses to Gabriella Cigarroa.
     John


Grigs,
	Ina said it would be on the 5th floor of the new building. Which is right?

 -----Original Message-----
From: 	Grigsby, Mike
Sent:	Friday, March 08, 2002 6:46 AM
To:	Badeer, Robert
Subject:	BADGE

Your badge will be waiting for you at the front desk in the north tower on mon.  if not, then call and we will retrieve you.

Michael D. Grigsby, Executive Director
UBS Warburg Energy, LLC
Work: 713-853-7031
Mobile: 713-408-6256


By way of introduction, I am the director of global risk operations reporting
to Sally Beck.  One of my responsibilities is to help new Enron offices set
up risk control functions.  I have been speaking with Milind Laad and Heidi
Hellman, located in India, concerning the marketing and origination of coal,
liquid fuels, gas and power transacted by the Indian office.

I was wondering what your understanding of the Indian office's
trading/marketing/origination plans are as coal and liquids and what type of
trading authorizations you have given them to date.  I understand that any
coal deals done by India will be included in George's book and any liquids
deals done will be included in John's book.

Thanks,

Shona
713 853 9123


Dear Market Participant,

Technical Bulletin # 67 - Automated Mitigation Procedure for the
Day-Ahead Energy Market - is being distributed for Market Participant
comment.  It will be posted to the NYISO web site 5 business days
from the date of this communication.

The purpose of our technical bulletins is to facilitate participation in the
NYISO by communicating various NYISO concepts, techniques, and
processes to Market Participants before they can be formally
documented in a NYISO manual.

Please forward comments on this Technical Bulletin via email to:

Peter Lemme
NYISO Customer Technical Services
plemme@nyiso.com

Market Relations
(518) 356-6060

(See attached file: Tech Bulletin 67.pdf)

 - Tech Bulletin 67.pdf


I won't be on the call, but will fax my comments to you this am

	Twanda Sweet@ECT
	10/06/2000 09:51 AM

		 To: Steven J Kean/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Mary Hain/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron,
msmith1@enron.com, david_aamodt@pgn.com, mday@gmssr.com, Mark
Palmer/Corp/Enron@ENRON, Mark E Haedicke/HOU/ECT@ECT, gfergus@brobeck.com
		 cc:
		 Subject: CPUC Subpoena - Conference call TODAY!

Please be advised that there will be a conference call today at 11:30a.m.
central standard time to discuss the draft response to CPUC.  The dial in
number is 800-998-2462 (passcode 4672956).  If you have any questions, please
call me at 713-853-5587.

Thanks.
Richard

Twanda Sweet
Enron North America Corp.
EB3821
(713) 853-9402


Just letting you know EL Paso now has another person that needs to get the
model everyday. Also, Roger has not been getting the model consistently. I
don't know if this is an email system problem or an oversight by us. Either
way it makes us look bad. Here is the new email address put it in your
address book and use it wisely:)
 kpeterso@epelectric.com, rhawki1@epelectric.com, dmilik1@epelectric.com
Thanks
Leaf


Allan,

I shall be glad to meet you. I am planning to attend the Energy Symposium
and we can meet on the location. If business keeps me at the office,
feel free to contact me at 713 853 3848 and we can schedule a meeting during
the day
or in the evening.

Vince

allan.roberts@uk.arthurandersen.com on 11/22/2000 06:45:42 AM
To: Vince.J.Kaminski@enron.com
cc: george.e.danner@us.arthurandersen.com,
david.b.duncan@us.arthurandersen.com
Subject: Visit to Houston

Vince,

I hope things are well with you and your family.

The reason for contacting you today is to let you know I will be in Houston
next
week between Monday and Wednesday inclusive.  If there is an opportunity to
meet
up, probably informally, it would be useful to discuss our continuing
activities
in the areas of Strategy, Value and, increasingly, Real Options.

If you are attending our Energy Symposium, or can meet up, please contact me
at
your convenience.  If we do meet, I would also like to introduce you to one of
our senior managers from Houston:  George E. Danner.  George is a member of
our
US National Strategy team and part of our global network of specialists
working
on real option pricing.

If I do not speak to you before tomorrow - happy Thanksgiving.

ALLAN

*******************Internet Email Confidentiality Footer*******************
The UK firm of Arthur Andersen is authorised by the Institute of Chartered
Accountants in England and Wales to carry on  investment business.  A list of
partners is available at 1 Surrey Street, London, WC2R 2PS (principal place of
business).

Privileged/Confidential Information may be contained in this message.  If you
are not the addressee indicated in this message (or responsible for delivery
of
the message to such person), you may not copy or deliver this message to
anyone.
In such case, you should destroy this message and kindly notify the sender by
reply email. Please advise immediately if you or your employer do not consent
to
Internet email for messages of this kind.  Opinions, conclusions and other
information in this message that do not relate to the official business of my
firm shall be understood as neither given nor endorsed by it.


The following US Pipeline Capacity Release products have been
created/approved and internal user profiles have been updated. Please make
sure that traders & internal users can activate Products and manage stacks
according to their preferences, please let us know if you have any
changes/additions so we can start trading on Wednesday Nov. 15th.
US PLCap Rel  CGAS Leach-MA7 Dec00 USD/MM
US PLCap Rel  CGAS Leach-MA28 Dec00 USD/MM
US PLCap Rel  CGAS Leach-MA34 Dec00 USD/MM
US PLCap Rel  CGLF Rayne-Leach Dec00 USD/MM
US PLCap Rel  CNG   S-SPL1 FT Dec00 USD/MM
US PLCap Rel  CNG   S-SPL1 FTNN Dec00 USD/MM

Below is an example of how the final Product Long Description for CGAS
Leach-MA28 appears on the Website, please take a look and let me know if you
have any comments,
Thanks
Carlos


Sally,
  While I think it makes sense for this type of information to be available,
that it should be done by Operations, and that Eugenio has the skills and
knowledge to articulate it well, I have some concerns.   First and foremost,
the process of creating a standard risk metric belongs to RAC, I believe.  To
me this is no different than VAR, or the Capital Pricing methodololgy, or the
RAROC process.   This has been published without even a review from our
group, which I think is inappropriate for two reasons: 1) we might disagree
and, as stated above, I think we have the final say, and 2) we can't quality
control it and all the reciepients think that I have.  Second, this has been
developed in isolation when in fact we have been doing similar things for the
past 2 years. We report these to the Board and have published to the Desk
heads on a monthly basis returns by trader.  Clearly, there could have been
some benefit in each direction if we were told that this was a goal of this
group, particularly when we fundamentally agree that this group should be
doing these things.  Thirdly, it is a little irritating when someone sets up
a process in isolation for what may appear to be "show-time" when my group is
spending hours and hours analyzing the output of existing process because the
data integrity is so bad (double mapping of portfolios, books not
officialized......) - we have at least attempted to take both parts of the
equation, Eugenio has chosen to focus on the cool part.  Now I would be a
little less concerned if on almost every day, Eugenio wasn't in my morning
meeting contributing virtually nothing, i.e., this doesn't appear to be
oversight on his part.

I would prefer to not make a big deal out of this, but rather take it as an
opportunity to clarify and shift some responsibilities.  In the big scheme of
things it is a move in the right direction.

Penny for your thoughts
Ted
---------------------- Forwarded by Ted Murphy/HOU/ECT on 09/08/2000 09:23 AM
---------------------------

Eugenio Perez
09/07/2000 05:17 PM
To: John J Lavorato/Corp/Enron@Enron, John Sherriff/LON/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Mark Frevert/NA/Enron@Enron,
Rick Buy/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Shona Wilson/NA/Enron@Enron
cc: Michael E Moscoso/HOU/ECT@ECT, Maria Teresa
Aguilera-Peon/Corp/Enron@Enron, Jennifer Nguyen/Corp/Enron@ENRO
Subject: Four New Graphs

We have created four additional graphs to be published daily along with the
DPR:

Return on VaR (ROVAR)
Curve Shift P&L (Delta - Gamma) Sharpe Ratio
Risk - Return (Large)
Risk - Return (Small)

All of these graphs deal with the concept of risk-adjusted return.  The
markets in which we operate have unlike risk characteristics.  Furthermore,
Enron's appetite for risk also differs in each market.  As a result, it is
difficult to compare returns in absolute terms.  Therefore, the approach of
these graphs is to divide return by a measure of risk, in effect restating
return numbers into a standard base (how many dollars we earn for every
dollar we put at risk).

 For each business unit or commodity group, the ROVAR graph shows an average
of daily total P&L divided by an average of daily VaR.  Higher ROVARs
indicate better performance (relative to other business units).  For each
business unit or commodity group there are two bars: the dark blue on the
left shows ROVAR on a 4 week (20 business day) rolling basis, and the light
blue on the right shows ROVAR on a 1 week (5 business day) rolling basis.
Because of the shorter term, the 1 week ROVAR is more sensitive: it can be
quite high or low, and it changes frequently.

The Sharpe Ratio graph is very similar in concept; it shows an average of
daily curve shift P&L (both delta and gamma) divided by its standard
deviation. This Sharpe ratio is uncomplicated by non-trading P&L (like new
deals, reserves, and so forth).  Furthermore, whereas VaR is a forward
looking statistic (the most we are likely to lose in one day with a given
probability), standard deviation is backward looking (the actual volatility
of our returns over the period). This graph also has two bars for every
business unit or commodity group: a dark brown on the left showing the Sharpe
ratio on a 4 week rolling basis, and a light brown on the right showing the
ratio on a 1 week basis.

The Curve Shift P&L Sharpe Ratio and the ROVAR graphs complement each other
well.  They measure different things, but if our P&L is composed mostly of
curve shift, and if our VaR closely predicts curve shift volatility, the two
statistics should be very close.

Sometimes it is interesting to see the actual magnitude of the P&L relative
to the risk.  We therefore put together the Risk - Return graphs.  On the
vertical axis, they show 4 week rolling average P&L.  On the horizontal, they
show 4 week rolling average VaR.  The various business units are plotted as
points on the graphs.  These graphs are closely related to the 4-week ROVARs,
in that the vertical value of every point divided by its horizontal value is
the business unit's ROVAR (average P&L / average VaR).  Another way of
looking at these graphs is that the slope of a line connecting the origin
(0,0) with the plotted point of a business unit is its ROVAR.  Books with
small risks and returns (< $2 million) are plotted on the "Small" graph, and
the rest, on the "Large".

These graphs are based on the DPR Database that we built to standardize and
capture the information that is reported in the DPR.  Most, but not all of
the information in the DPR currently flows from the database.  As a result,
we do not have ROVARs or Sharpe Ratios for every business unit.  As we
continue to set up exports into the database, we will fill in the missing
numbers.

We will e-mail you these graphs every day until we can publish them on the
intra-net.  Please remember to launch the file in Excel, instead of using the
Lotus Notes viewer.  The VaR Limit Usage graphs that we created last week are
already on the web.  We hope that you find all of these useful.

Regards,

Eugenio Perez


Peter,

I can't recall if I've sent you this override letter before.  Essentially, it
is a letter which is in effect for as long as the equipment is owned by
E-Next Generation, but which ceases to be effective once the equipment is
assigned to a third party.   We will need something along the same line for
the ABB equipment.  If you can send me a redline of the final form of the
ABB  facility agreement against the master, we can discuss how to proceed.

Thanks,

Kay


Kimberly Bates
East Gas/Origination
713-853-5193
713-646-8453 Fax


Hi Kate!
I can't find any contact info. in GCP for these counterparties (California
Dept. of Water Resources, Metro. Water Dist. of Southern Cal., and Atlantic
Richfield Co.)  Can you give me contact names and phone numbers so that i can
get a verbal confirm on these deals?
Thanks,
Kim H.


My details to Jeff and Sherri
---------------------- Forwarded by Sally Beck/HOU/ECT on 10/18/2000 10:41 PM
---------------------------

	Enron North America Corp.

	From:  Sally Beck                           10/18/2000 10:02 PM

To: Jeff Skilling/Corp/Enron@ENRON
cc: Sherri Sera/Corp/Enron@ENRON
Subject: Agenda and Speaking Points for October 24 Engagement

Thanks in advance for agreeing to speak at the Global Operations Controller
Forum that I am hosting next week.  There will be approximately 30 Enron
business controllers present at the meeting.  All have responsibility for mid
and back office operations for the following Enron entities:  Enron North
America, Enron Europe, Enron South America, Enron Global Markets, Enron
Industrial Markets, Enron Broadband Services and Enron Energy Services.
Attendees will be here from Houston, Calgary, Tokyo, Sydney, London and New
York (metals business).

Attached for your reference is the agenda. There may be some slight changes
before the forum begins, but this will give you a good idea of the topics to
be covered and the other speakers who will address the group.

You are scheduled to address the group as follows:

Date:  Tuesday, October 24, 2000
Time:  8:30 am
  (breakfast will be served at 8:00 and you are invited to join us)
Place:  The Warwick Hotel
  The Versailles Room - 12th Floor
  5701 Main Street
  Houston,  TX  77005

The group would like to hear about Enron's performance, your outlook for the
remainder of 2000 and into 2001, your viewpoint on the future of the company
and next growth opportunities, etc.  With a small group, your talk can be
informal and you do not need to prepare slides (unless you would like to do
so).  Q&A afterwards would be great.  Key speaking points that would enforce
the value of this conference for this group would be:

recognition of a job well done in supporting explosive business growth in
2000

the value you place on the jobs performed by operations controllers to ensure
integrity in mid and back office functions

the importance of tight operational controls in enabling business growth for
Enron (your loose/tight analogy would be great, as many have not heard that)

the independent control role that we play and our responsibility to "raise
the flag" on issues if needed


The Integrated Solutions Center (ISC) is redefining its organization to provide world-class, enterprise-wide solutions through innovation, the building of new relationships, and by providing superior customer support.

One of the most exciting changes that the ISC has made is that we will be providing our customers with a single contact number for all support needs.  Customers needing assistance on any ISC supported application will simply call 713-345-4727 and a Customer Care Agent will assist you.

Take a look at our website to see how these changes affect you:  http://isc.enron.com/site


Dear Dr. Kaminski

Thanks for your arrangement. I have received email from Shirley. Either
Wednesday or Thursday will be fine to me. I am looking forward to talking to
you at that time. It is always my pleasure to work with you.

Best Wishes
Quentin Kerr
---------------------------------
Quentin Kerr,                            email: qkerr@maths.uq.edu.au
Room: 67-625                          Tel: (07)33461428
Department of Mathematics,  The University of Queensland


Don't you love Calpine?

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 07/17/2001 02:01 PM -----

	Gary Ackerman <foothillservices@mindspring.com>
	07/17/2001 02:04 PM
	Please respond to foothillservices

		 To: Bill Ross <billr@calpine.com>, Bob Anderson <Robert_Anderson@apses.com>,
Carolyn Baker <cabaker@duke-energy.com>, CHARLES A MIESSNER
<camiessn@newwestenergy.com>, curt hatton <curt.hatton@neg.pge.com>, Curtis
Kebler <Curtis_L_Kebler@reliantenergy.com>, Greg Blue <gtbl@dynegy.com>, Jack
Pigott <jackp@calpine.com>, Nam Nguyen <Nam.Nguyen@powersrc.com>, Randy
Hickok <rjhickok@duke-energy.com>, Rob Nichol <rsnichol@newwestenergy.com>,
Roger Pelote <roger.pelote@williams.com>, Sue Mara <smara@enron.com>, George
Vaughn <gavaughn@duke-energy.com>, Max Bulk <mbulk@apx.com>, "Huhman, Steve"
<steve.huhman@mirant.com>, Steve Schleimer <sschleimer@calpine.com>, Janie
Mollon <jsmollon@newwestenergy.com>
		 cc:
		 Subject: Motion on PRI Study passes

We have eight  YES votes (Enron, Mirant, Dynegy, APS Energy Services, New
West Energy, Constellation, Williams, and PG&E National Energy Group), and
one NO vote (Calpine).
"That WPTF participate as a funding member in the Pacific Research Institute
study  called "The Economics and Politics of Electricity Deregulation," by
Dr. Ben Zycher, subject to the terms and conditions agreed to by PRI
President Ms. Sally Pipes in her e-mail to Gary Ackerman dated July 11,
2001."
I will now move on to the funding phase.  Some of you have already indicated
an interest in funding.  I want to get 10 funders, if possible.  I will
contact each of you.
gba


---------------------- Forwarded by John J Lavorato/Corp/Enron on 07/20/2000
05:43 PM ---------------------------
Beth Perlman @ ECT   07/19/2000 06:07 PM

To: John J Lavorato/Corp/Enron@Enron, Phillip K Allen/HOU/ECT@ECT, Hunter S
Shively/HOU/ECT@ECT
cc: Stephen Stock/HOU/ECT@ECT

Subject: GRMS Slowness

I said at yesterday's meeting that I would get back to you concerning the
speed issues of the V@R calculations - here's the response...

I spoke with Steve Stock, the Director of RAC systems.  He agreed that there
are performance problems and this is being addressed in a technology review
being conducted by my application architecture group.  There are plans to
re-architect the application so it can handle real time calculations.  Once
the results of the review are known - I will be more than happy to share them
with you.  The V@R process currently takes 11 hours from start to finish.  We
also find this unacceptable!

Also, the front end is very slow in accessing data.  There is a new front end
in development that will address these problems.

I'll keep you posted as new developments occur.

Beth


Day 26 - TXU Lonestar called on 20000 at Carthage


Just spent about 90 minutes with Rebecca.  She left with a very good
understanding of our view of the problem and the solutions.  She also spent
time asking me how I thought other players would respond to the IOU request
for a big check to cover the undercollections.

She expects to have a "big picture" story--covering AB 1890s past, present &
future--completed in the next couple of weeks.  In Rebecca's words, she wants
the story to "shake things up."  She's very upset with how the utilities are
handling it.  I told her we were less concerned with "he said/she said" and
more concerned with finding real short and long term solutions that are fair
to everyone.

Mark and Karen:  In my long history with Rebecca, it has always been
understood that our conversations are off the record and background.
Invariably, at the end of the conversation, Rebecca tells me that she intends
to call later and cajole the daylights out of me in an attempt to use some of
my more colorful quotes.  It was no different this time.

If anyone wants more details, just let me know.

Best,
Jeff


The 2001 environmental roundtable  has been confirmed  for the above location
and dates.   Make your reservations at the Holiday Inn Crowne Plaza
(505) 821-3333.  The hotel is located on the frontage road off I-25 north at
the Paso del Norte exit.  Room rates are $89.00 per night.  A block of rooms
is being held under "Enron Transportations Services-Environmental
Roundtable".  The agenda for the roundtable is presented below:

Tuesday October 16th

  7:00-8:00 am  Contintental Breakfast.

  8:00-8:15 am  Welcome and Opening Remarks.

  8:15-8:45 am  Bill Kendrick, Director Environmental Affairs, ETS.

  8:45-9:15 am  Chad Ingalls, The Nature Conservancy (Station 2 Project).

  9:15-10:00 am  Ruth Jensen, Air Issues and Compliance.

10:00-10:15 am  BREAK

10:15-11:15 am  Denise Celani Safety Kleen.  "What happens to your waste
after we get it"

11:15-12:00 pm  Joe Lueras.  Envisions training and demonstration.

12:00-1:30 pm  LUNCH

  1:30-2:30 pm  Mike Riedel.  Emissions Inventories.

  2:30-2:45  pm  BREAK

  2:45-3:45 pm  Ruth Jensen.  Star Program

  3:45-4:30 pm  Larry Campbell. Rocky Mountain Elk Foundation.

  4:30-4:45 pm  Closing Remarks and Adjourn.

Wednesday October 17th

  8:30-12:00 pm  Surprise Exercise.

12:00-1:30 pm  LUNCH

  1:30-3:00 pm  Larry Campbell.  Discussion of Surprise Exercise.

  3:00-3:15 pm  BREAK

  3:15-4:30 pm  Larry Campbell.  Mock Environmental Situations.

  4:30-4:45 pm  Questions and comments concerning roundtable.

  4:45 pm  Adjourn.

Looking forward to seeing you all and having a productive and interesting
session.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Julia's Staff Mtg. Conf. EB4102

Date:		1/24/2001
Time:		11:30 AM - 1:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


This needs to be "TurboParked" (parties changed, GFinance advised).  Is there
any special deal on payment for the change order?

I'll figure out how to change the signature lines, etc.

Kay

Ben F Jacoby@ECT
01/22/2001 01:38 PM
Sent by: Ben Jacoby@ECT
To: Chris Booth/NA/Enron@Enron, Fred Mitro/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: Blue Dog Change Order

Chris:

Are we already paying GE for the change order? Is GE pushing to have this
resolved? Pending input from Kay, I would like to hold off documenting it
until we deal with the contract assignment and ultimate disposition of the
unit.

Please follow up with Kay.

Thanks,

Ben

---------------------- Forwarded by Ben Jacoby/HOU/ECT on 01/22/2001 11:43 AM
---------------------------

Renee Alfaro@ENRON_DEVELOPMENT
01/22/2001 12:19 PM
To: Chris Booth/NA/Enron@Enron
cc: Ben Jacoby/HOU/ECT@ECT, Matthew Tezyk/ENRON_DEVELOPMENT@Enron_Development
Subject: Blue Dog Change Order

Chris,

On behalf of Matt Tezyk, please find attached below the Blue Dog Change Order
for ENA's signature.  This had fallen through the cracks and Matt said that
you would be handling it for me.  Thank you very much.

Once ENA has signed off on two (2) originals of the Change Order, you may
return them to me at 3AC 712A.  I will then forward them to Jeffrey Darst for
his signature.  Copies of the fully executed change order will be distributed
upon return from GE.

Renee Alfaro
Phone: 713-646-7281
Fax: 713-646-6158
Email: ralfaro@enron.com


Reminder:

I will be leaving by 2 p.m. (Friday, June 9th)

Thanks,
Joseph

---------------------- Forwarded by Joseph Alamo/NA/Enron on 06/07/2001 06:30
PM ---------------------------

	Joseph Alamo
	06/05/2001 02:26 PM

To: Susan J Mara/NA/Enron, Sandra McCubbin/NA/Enron, Mona L
Petrochko/NA/Enron, Jeff Dasovich/NA/Enron
cc: Lysa Akin/PDX/ECT@ECT, Ginger Dernehl/NA/Enron, Cristina
Zavala/SF/ECT@ECT, April Hrach/SF/ECT@ECT, Jennifer Lind/SF/ECT@ECT

Subject: Out of the Office Advisory

FYI, folks:

I will be working half-day this Friday, June 8th and will need to leave no
later than 2 p.m.

Thanks in advance for your consideration,

Joseph


Term sheet for Wisconsin project with Nuclear Management LLC to discuss with
Herman Manis.

Carlos Sole'
Senior Counsel
Enron North America Corp.
1400 Smith Street
Houston, Texas 77002-7361

(713) 345-8191 (phone)
713 646-3393 (fax)

----- Forwarded by Carlos Sole/NA/Enron on 05/01/2001 04:51 PM -----

	Doug Sewell/ENRON@enronXgate
	04/25/2001 09:33 AM

		 To: Carlos Sole/NA/Enron@Enron
		 cc: Terri Clynes/HOU/ECT@ECT, Mike E Kelly/ENRON@enronXgate, Ron
Tapscott/HOU/ECT@ECT
		 Subject: FW: term sheet template

Carlos,
I have added some language that briefly describes the unit protection
product.  Mike Kelly or the folks from Enron Global Markets will have to
approve the final language for their product.  Please note that we can,t call
this an insurance product.  Terri Clynes will be sending comments on the term
sheet later today.

 -----Original Message-----
From:  Tapscott, Ron
Sent: Friday, April 20, 2001 8:57 AM
To: Sewell, Doug; Sole, Carlos
Subject: term sheet template

Doug,

see attached term sheet for NMC (Arpin, WI site).  Please provide comments
and changes as appropriate (plus add language for your insurance product in
the place holder).

Carlos,

Doug and I will provide you background.  I am not sure if you are the
appropriate Legal Support (please direct us to the appropriate person if you
are not).

This is a starting point and is fairly general (to facilitate discussions
with NMC).

Thanks, Ron.


My 1,4,and 6 for your 1, 5,7


All:  Attached for the reading pleasure of the CA team is the Andersen report
- "Energy Crisis in the Western U.S." Reproduced below is a related article,
and that is followed by the text of the Andersen press release on the
report.  Ray

	NGI's Daily Gas Price Index
published : April 25, 2001
	Andersen Warns Of Increased State/Federal Tensions
	The likelihood of friction between state and federal regulators increasing
over deregulation plans if states slow or walk away from retail competition
is just one of several important implications resulting from the ongoing
shockwave that has rolled through the Western energy markets, according to a
new report issued Tuesday by Andersen.
	The report, "Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields," was unveiled by Andersen's
North American Energy Consulting Practice at a Washington, D.C., briefing.
	David Jermain, principal with Andersen's North American Energy Consulting
Practice, noted that the report identifies eight overriding implications
emanating from the Western energy crisis. "These aspects of the California
virus will shape the longer-term operations of the Western grid, the regional
and national economy, domestic energy policy and the industry's evolution,"
he added.
	The eight implications singled out in the Andersen report are:
	Increased deregulation uncertainty and risk
	Reduced investor confidence
	Contributing factor in economic softening
	Increased pressure on the Western grid
	Unbundling failures that push companies back to portfolio strategies
	Ineffectiveness in changing siting and development restrictions
	Procurement management that alters user-utility negotiating leverage; and
	Increased emphasis on distributed generation and new technologies
	"Tensions and differences between state and federal regulators raise the
specter of repeating the regulatory and political conundrum California's
investor-owned utilities have been facing," Jermain said. If federal
initiatives open wholesale markets while retail markets remain regulated, a
crucial question emerges, namely whether state regulators will pass-through
higher wholesale costs if they should occur. "Tensions between state and
federal regulators over policies on deregulation will grow if states delay or
abandon retail competition," Jermain stated.
	As to the California situation creating increased pressure on the Western
grid, Jermain noted that "Even as capacity increases and demand reductions
work to resolve the California crisis, these solutions have long-term
implications for the Western grid." Such implications include a realistic
chance that California could become an "energy island" as a result of
near-term reduction in available regional resources for export to California,
according to the Andersen report. Also, there could be increased emphasis on
security control to protect against overall Western grid failure as
sub-regions have difficulties.
	Along with yesterday's report, Andersen also issued the results of an
Andersen survey of senior executives from 16 non-California utilities
detailing their views of the implications of the California power crisis for
their companies and the industry. The survey was conducted between February
19, 2001, and March 2, 2001, by Knowledge Systems & Research Inc. of
Syracuse.
	On the deregulation front, nearly all the executives surveyed said they
believe recent California events will slow the pace of deregulation over the
next five years for states that have not begun or finished writing
restructuring legislation. None believe that it will result in advanced
states deciding to re-regulate markets, although many states will review
their legislation to assess the risk of duplicating California's current
situation and make any changes necessary to avoid it.
	As to legislation at the federal level, the survey found that few executives
suggest that the California situation will spark national energy
policy/legislation. Other executives believe that it will be a continuing
issue but, because of state-to-state variances, Congress will be unable to
pass any comprehensive measures or force states to a restructuring timeline.
	Turning to company strategies, most of the executives surveyed do not see any
changes to their business models or strategies for generation, distribution
or supply procurement as a response to the situation in California. However,
many have, among other things, expanded their risk management programs,
reduced spot market purchases and started emphasizing long-term supply
contracts. Those executives facing price caps are rethinking their stance on
them, according to the Andersen survey.
	The full Andersen report on the Western energy crisis can be downloaded at
www.andersen.com.

ower companies and regulators must take steps to avoid spread of California
Power virus: Andersen analysis

WASHINGTON, D.C., April 24, 2001 * A &new virus spawned in California8 poses
formidable challenges requiring new strategies on the part of power
companies, regulators and policymakers to contain and reverse its damage,
according to Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields, a new Andersen report released
today.
&The implications for the development of competitive energy markets go far
beyond the Western United States,8 Andersen,s national utility practice head
Matthew D. Smith told a Washington briefing. &Unfortunately, California has
taught the nation that regulatory and political barriers can create and
sustain an energy crisis.8

&California has demonstrated that the risks in the electricity industry, if
not properly acknowledged and managed, can simultaneously and profoundly
impact all market participants. To be effectively managed, these risks need
to be exposed, assumed or shared, measured and monitored. When they are
hidden or ignored, all parties can potentially suffer. A shared, integrated
view of these risks, and a strategy for their assumption and management, is
critical to avoiding rapid value destruction within the energy market,8 Smith
said.

An Andersen survey of senior utility executives outside California, also
released at the briefing, indicates most utility companies believe they
inoculated themselves against the California virus so that it is unlikely to
affect their operations beyond slowing the pace of deregulation and
increasing investor scrutiny. However, based on the potential implications it
sees of the California situation, Andersen believes a series of booster shots
are advisable for power companies and regulators. &To deliver reliable
service at a predictable cost in today,s environment, companies must focus on
market integration by developing new and innovative relationships between
suppliers, customers, employees and investors ) while working with government
officials and regulators to chart a smoother transition to a deregulated
power market,8 according to Smith.

Eight Implications
The Andersen report identified eight overriding implications emanating from
the Western energy crisis that are shaping the longer-term operations of the
Western grid, the regional and national economy, domestic energy policy and
the industry,s evolution:
1. Increased deregulation uncertainty and risk ) Tension and differences
between state and federal regulators raise the specter of repeating the
regulatory and political conundrum California,s investor-owned utilities have
faced. If federal initiatives open wholesale markets while retail markets
remain regulated, a crucial question is raised: Will state regulators
pass-through higher wholesale costs if they should materialize? Tensions
between state and federal regulators over policies on deregulation will grow
if states delay or abandon retail competition.
As wholesale markets are deregulated and RTOs begin operating, the prudence
principles that state regulators have used for many years may have to be
changed. For example, if FERC and RTO monitors determine that deregulated
wholesale markets operate fairly, prices derived from those markets must be
considered reasonable. If so, these costs should be allowed into
state-regulated retail rates without regard to the prudence principles state
regulators have used for years. Therefore, utilities, traditional burden of
proving costs are or are not justifiable shifts to regulators.

2. Reduced investor confidence ) Prior to deregulation, stringent prudence
review and disallowance of generation costs in the rate base made regulatory
risk largely uncontrollable, killing IOU interests in most new investment. A
major purpose of deregulation was to create an environment in which risk
could be managed, but California,s political and regulatory environment
provides only a limited ability to manage risks. The confidence and
perceptions needed to support investment decision-making will be slow to
return given the approach of the state to remedy the crisis.

3. Contributing factor in economic softening ) Uncertain energy reliability
and higher costs can drive-out marginal businesses, cause healthy companies
to constrain expansion, and lead new entrants to question whether to make new
investments. As such, an extended energy crisis contributes to inflation
pressures and may slow economic growth.

4. Increased pressure on the Western grid ) Even as capacity increases and
demand reductions work to resolve the California crisis, these solutions have
long-term implications for the Western Grid. These include a realistic
possibility of California becoming an &energy island8 as a result of
near-term reduction in available regional resources for export to California;
increased emphasis on security control to protect against overall Western
grid failure as sub-regions have problems; RTO requirements to strengthen
locally available supplies to bolster overall system reliability; longer-term
development of new plants using plentiful coal resources and clean coal
technology will alter the pattern of imports into California; and the
emergence of Mexico as a major supplier to southern California and Arizona,
contributing to a bifurcation of the Western Grid into northern and southern
markets

5. Unbundling failures that push companies back to portfolio strategies ) For
California investor-owned utilities, unbundling has achieved neither the
least-cost solution sought by regulators nor value maximization targeted by
investors. This necessitates a reevaluation of portfolio management
strategies potentially involving generation, transmission, power trading and
marketing, and retail businesses in multiple geographies serving multiple
markets.

6. Ineffectiveness in changing siting and development restrictions )
California,s retail price caps and multiple explanations for the crisis have
left accelerated siting processes and environmental standards changes open to
challenge by various interests. In addition, limiting application of new
siting orders only to small generators contributes to uncertainty and
investor hesitancy.

7. Procurement management that alters user-utility negotiating leverage )
Competitive markets compel participants ) suppliers, marketers, large
industrial buyers, etc. ) to strategically manage procurement as a critical
value-driver. Because risk is explicitly shared and always has the potential
of shifting advantage to either seller or buyer, the sophistication of
negotiations and contracts increases as competitive markets evolve.

8. Increased emphasis on distributed generation and new technologies )
California,s reliability and price challenges have triggered a re-emergence
of energy crisis measures from the 1970s. End-users are investing in
solutions they control, and the distributed generation market is being
aggressively developed among large retailers, industrial users and
residential customers. This makes possible the development of microgrids
connecting consumers in local areas and related changes in traditional grid
systems, from modifications in interconnection agreements to changing
definitions of reserve margins and system reliability.
Industry Executives, Response
Senior executives from sixteen non-California utilities with a combined
market capitalization over $120 billion and $145 billion in revenues
responded to an Andersen survey with their views of the implications of the
California power crisis for their companies and for the industry. The survey,
conducted between February 19, 2001 and March 2, 2001 by Knowledge Systems &
Research, Inc. of Syracuse, found that the companies are observing the
California situation carefully, expect a slowing ) but not a turnaround -- of
deregulation, and believe their internal plans and preparations are on-target
for the changing environment:
Deregulation - Nearly all executives believe recent California events will
slow the pace of deregulation over the next five years for states that have
not begun or finished writing restructuring legislation. None believe that it
will cause advanced states to re-regulate markets, although many states will
review their legislation to assess their risk of duplicating California,s
current situation and make any changes necessary to avoid it.
National legislation - Few executives suggest the situation will initiate
national energy policy/legislation; others believe it will be a continuing
issue but, because of state-to-state variances, Congress will be unable to
pass any comprehensive measures or force states to a restructuring timeline.
Some expect additional state-level legislation.
Company strategies - Most do not see any changes to their business models or
strategies for generation, distribution or supply procurement as a response
to the situation in California. However, many have expanded their risk
management programs, reduced spot market purchases, begun emphasizing
long-term supply contracts, planning new power generation capacity, and
started hedging with futures trades. Those facing price caps are rethinking
their stance on them
Investor scrutiny ) Many executives indicate their shareholders are aware of
the situation and investors -- particularly institutional investors -- are
more heavily scrutinizing their actions. Many say news coverage has prompted
retail, commercial and industrial customer skepticism of industry
restructuring.
Transmission deregulation - Many executives agree the California situation
will increase interest in FERC,s regional transmission organizations (RTO)
deregulation effort.
Utility Company Action Items
Both to guard against a sudden California cascade and as a potentially
powerful competitive thrust, forward-thinking utilities should bolster their
basic preparedness with a variety of tactics -- or inoculations --
specifically aimed to combat a potential California power virus, according to
Andersen partner Mark Moskovitz:
Improve procurement management and risk management capabilities - To manage
exposure to volatile supply and demand shifts, organizations must be sure
that comprehensive and clear supply procedures, controls, decision points,
risk limits and communications are in place.
Plan and design innovative rate and pricing structures ) Companies and
regulators must focus on communicating price signals that create value for
both the customer and the provider. Innovative rate and pricing structures
that more closely tie the customer,s price to the real cost of supply will
better signal the value of the service as well as providing more accurate
information upon which both end user and supplier can make decisions.
Increase emphasis on demand side management (DSM) strategies ) In addition to
new pricing strategies to help achieve and maintain supply-demand
equilibrium, companies must now focus on employing more extensive and
innovative demand side management programs. These programs may offer
significant benefits with limited risk to both the customer and energy
supplier.
Assess the supply and generation dynamics in adjacent jurisdictions )
Companies must take a broader view ) beyond typical geographic market
definitions -- of the economics of generation and related business decisions
in an increasingly volatile market in which supply will follow the best
prices.
Develop contingency plans for the continued deferral of new generation
capacity ) In the face of potential ongoing generation capacity shortages,
companies and regulators must be prepared to move with a portfolio of
strategies to meet demand, including for example DSM, flexible pricing and
distributed generation. In addition, they should explore efficiency-improving
upgrades to existing facilities and seize any opportunity to accelerate
near-term construction plans.
Proactively address potential organizational disruption ) As regulatory and
economic changes continue to churn the industry waters and companies adjust
and/or restructure, they must be highly cogniscent of, sensitive to, and
directly address employees, concerns with information about the company,s
future and theirs,.
Industry/Regulatory Lessons
There are also a number of broad primary lessons the electric power industry
-- nationally and internationally -- should take away from its first major
domestic test case in deregulation and restructuring, according to Andersen
principal David O. Jermain:
Simplify market design.
Build a continuing role for regulators.
Maintain communications with multiple constituent interests.
Prepare contingency plans for extreme stress conditions.
Couple real-time retail pricing with transparently priced wholesale
competition.
Provide special incentives for RTO investment, formation and development.
Break down regulatory and political barriers to market signals and responses.
Copies of the Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields report can be obtained at
www.andersen.com/energyandutilities.


FERC issued an order this morning staying indefinitely the California Refund proceeding.  In its order (attached), FERC notes that many requests for rehearing are pending and FERC intends to act on those requests soon.  FERC states that if it were to grant rehearing, it could affect the refund calculations being determined in the hearing proceeding, so FERC is staying the hearing proceeding until further order from the Commission.

While we don't know what FERC will say on hearing, it is very likely that the rehearing order will be a significant departure from the July 25 order.  We will let you know of any further developments.  If you have any questions, please let me know (202) 466-9160.

Sarah


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																						Enerfax Daily

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																															Looking  for a past article or issue. Click here to use Sagewave's  Search.

																														Enerfax  Daily? -? Page  ? -? November 20,  2000

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																																			Enerfax  Daily? -?  Page 4? -?  November 20, 2000 -? ?  Past  Issues
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																Total to Build Deep-Water Gulf of
																Mexico Gathering System

																? ? TotalFinaElf plans to construct a natural gas  gathering project with its
north American partners in the Gulf of  Mexico, enabling the development of
three deep offshore natural gas  fields. The project consisted of a 56-mile
pipeline with a  transmission capacity of 500 MMcf per day and a processing
platform,  owned and operated by Williams.? Construction of the Canyon
Express pipeline, in the Mississippi Canyon area about 120 miles  southeast
of New Orleans, will begin next year. The gathering system  will begin
operating in summer 2002, at the same time as the three  natural gas fields,
Aconcagua, King's Peak and Camden Hills. Canyon  Express was a major
technological breakthrough for TotalFinaElf,  making it possible to undertake
oil and natural gas operations at  previously untapped depths of over 6,000
feet. The gas gathering  system will be operated by Elf Exploration and
belong to the  companies who owned the Aconcagua, King's Peak and Camden
Hills  fields. Aconcagua is operated by Elf Exploration which has a 50%
stake in the field. Enron affiliate, Mariner Energy, and Pioneer  Natural
Resources each own 25%. King's Peak is wholly-owned and  operated by BP
Amoco. Camden Hills is operated by Marathon, with a  50% stake. Total
Exploration Production USA owns 16.67% and Pioneer  owns 33.3%. Aconcagua
will own 45%; King's Peak, 35%; and Camden  Hills 20% of the Canyon Express
pipeline.

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																	Slow browser ? Try? the speedy
																	searchable version at
																	http://www.enernetenergy.com  and click on the light bulb for Enerfax Daily -
Power and Natural Gas Pricing  & Articles and click the oil well for
																	Enerfax GOLD- Gas, Oil,
																	Liquids, & Derivatives' Pricing and  Articles

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																																	NYMEX Natural Gas Futures Reportable Positions as of  11/14/00

																																	10,000
MMbtu? ? ? ? ? ? ? ? ?  ? ? ? ? ? ? ? ? ?  ? ? ? ? ? ? ? ? ?  ? ? ? ? ? ? ? ?
?  ?Open Interest: 396,255

																																	? ? ? ? ? ? ?  ? ? ? ? ? ? ? ? ?  ? ? ? ? ? ? ? ? ?  ? ? ? ? ? ? ? ? ?  ? ? ?
? ? ? ? ? ?  ? ? ? ? ? ? ? ? ?  ? ? ? ? ? ? ? ? ?  ? ? ?
Non-Reportable? ? ? ?  ? ? ? ?Non-
Commercial? ? ? ? ? ?  ? ? ? ? ? ? ? ?  ?Commercial? ? ? ? ? ? ?  ? ? ? ?
Total? ? ? ? ?  ? ? ? ? ? ? ? ?  ?Positions

																																	Long? ? ?|? Short? |  Spreading? ? ? ? ? ? ?Long?  ?
|? ?Short? ? ? ? ?  ?Long? ? |? ?Short? ? ?  ? ? ? ? ?Long? ?|?  ?Short

																																	20,977?  ? 6,960? ? ?23,146? ? ? ?  ? ? ? 308,267? ?340,882? ? ?
352,390? ?370,988? ? ? ? ?  43,865? ? 25,267

																																	Changes From  11/07/00 (Change in Open Interest: 14,081)

																																	7,001? ? -2,359? ?  ? -1,952? ? ? ? ? ? ? ?  ? 2,343? ? ?15,938? ? ? ? ? ?  ?
? ? ? ? 7,392? ? ?  ?11,627? ? ? ? ? ?6,689?  ? ? 2,454

																																	Open Interest  for Each Category of Traders

																																	5.3%?  ? ?1.8 %? ? ? ?5.8%? ?  ? ? ? ? ? ? 77.8%? ?  ?86.0 %? ? ? ? ? 88.9
%? ?  ? ?93.6%? ? ? ? ?11.1%?  ? ?6.4%

																																	Number of  Traders in Each Category
																																	? ? 48? ? ?  ? ? ?12? ? ? ? ?
33?  ? ? ? ? ? ? ? ? ?  ? ? ?91? ? ? ? ?  ?86? ? ? ? ? ? ?
151?  ? ? ? ? ?122? ?  ?

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																																								Enerfax  Daily? -?  Page 7? -?  November 20, 2000

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																																							Enerfax  Daily? -?  Page 8? -?  November 20, 2000

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																													(Continued from page 7)

																													undeveloped  frontier areas, he said. The highway route is being promoted by
Foothills Pipe Lines while Arctic Resources is promoting the  Beaufort Sea
route. The North Slope has natural gas reserves of over  35 Tcf, and many
believe the potential reserves could exceed 100  Tcf. Currently, oil
producers produce about 8 MMcf per day of  natural gas and re-inject almost
all of it into oil reservoirs to  build up pressure there and enhance future
recovery.

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																																		Financial Summary

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																												")} TC
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System:  Production Interface Server (SPR1INF1)

Outage Abstract:   	Production Interface Server Outage
Outage Description:  	Production Interface Server Outage due to emergency
maintenance.
Outage Implication:   	Server will be unavailable.
Contact Name:  	Tracy Terrell   Contact Number: 888-610-8937


lemme guess.  you were a standup comic in another life?


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 01/31/2001
09:55 AM ---------------------------

From:  Stephanie Sever
     01/30/2001 01:12 PM

To: Hunter S Shively/HOU/ECT@ECT
cc:
Subject: EnronOnline Information Needed

Hunter,

I am conducting Book website audit.  Please provide the trader names for the
following IDs under the ENA- IM Central book and if they should be active:

Users under ADM11515

Market01 - kill
Market02 - kill
andylewis - kill
canada01 - last log in 1/24/01 - kill
canada02 - kill
chuckames - log in 1/30/01 Chuck Ames (keep)
gulfcoast1 - kill
gulfcoast2 - kill
jason001- log in 1/30/01 Jason Williams (keep)
lisakinsey - kill
lizshim01 - last log in 1/8/01 - kill
massimom - kill
midcon01- kill
midcon03 - kill
originat - kill
richardtom - kill
tarapiazze - kill
transport - kill
vladipimen - log in 1/30/01  Vladi Pimenov  (keep)

If possible, please respond back by tomorrow, Jan 31.

Thank you,

Stephanie x33465


It was a tough decision, but Angela and I have picked a winner and two runners-up for coming up with the most creative idea for the "mystery item."  The winners and their answers are listed below:

Winner:

David Hanslip for his answer of:

"...To the casual observer, they look like the support pillars of any standard monitor stand. In reality, their special hollowed out interiors may be used to conceal sensitive accounting documents outlining off-balance sheet financing transactions from the FBI."

Second Runner Up:
Paul Dunsmore for his answer of:
"They are clearly snow shoes for the Smurfs that live in our office..."
Third Runner Up:
Carlee Gawiuk for her answer of:
"The purpose of the object is for getting the attention of the commercial staff when they are not paying attention to their admin assistants.  There are 6 of them, 3 for each phone.  Simply pick up the object, close your fist around it, extend your arm behind your head, bring it forward in a fluid motion and release the object in the general direction of the person you are wanting to get the attention of.  If it takes more then one throw, that is completely acceptable.  It takes a little practice, so don't be too hard on your self if you need to borrow a few from the other phone.  It is not too big, so no serious damage will be done, & it's not too small so the person or anyone surrounding them will not lose an eye.  The colour is black to contrast with desk, or floor, so it is easy to find after it has been thrown."

Thank you to everyone else for your very creative answers!
Congratulations to David, Paul, and Carlee (you may drop by front reception to pick up your prize)!!!
Thank you,
Megan Scott


Ray,
Please review the attached schedule and advise if you need additional breakdown. I don't have the 2000 orig activity by gas & power readily available. If you need that broken out, please let me know so that we can pull the files.


Regarding the subject interconnect, Bennie Neatherlin/TW Operations reported
that the facilities have been sold to Duke some time ago.  The only thing
that exists on TW system for the subject interconnect is a 4" side valve that
is disconnected from the measuring facilities.  Should your prospective
producer want to come to TW at this location, we would need to provide you
with a Level "A" cost estimate for new interconnect facilities to connect to
the existing 4" side valve.  TW's line pressure at the 4" side valve would be
near 600-650 psig.  (Should they be interested in going to Duke, their line
pressure is near 400 psig.)

Would you like for us to provide you with a cost estimate?  If so, what type
of volumes are proposed and will dehy/production equipment be provided by the
producer?

Eric Faucheaux
Facility Planning
713/853-3395

Reference:
Former POI # 500269
Highland - Pecos Irrigation
Sect. 10, T23S-R28E
Eddy Co., New Mexico


Hello everyone!  I hope all of you are doing well!  I am getting so excited
about this weekend and the Christmas shower!  Don't forget to RSVP - it is my
cousin, Josie Flesher's number (713-626-9466) and she is not there during the
day, so you can just leave a message.

Hope to see you guys this weekend!

Love, Lisa


888Annotated

							A  users guide to the Federal Energy Regulatory Commission's Open Access
Tariff

				Former FERC Deputy  Assistant General Counsel Colette Bohatch Mehle:
				"For  anyone having had the pleasure of researching Order No. 888
tariff-related issues -- and what energy attorney or rate analyst  hasn't had
that 'pleasure?' -- Allen's 888  Annotated is a welcome addition to the
energy library.? My  copy is already dog-eared."? (Electric Co-op Today
published by the National Rural Electric Cooperative  Association)

				Copyright , 2001 Donald R. Allen. All rights  reserved.
				Your use of this web site is governed by Terms & Conditions and the Use of
Service Statement.

								Dear Energy  Professional,

								Please accept this invitation  to take a free look at 888  Annotated, the
only authoritative guide to FERC's Open Access  Transmission Tariff (OATT).
888 Annotated  reports the full, relevant text of all FERC rulings which
interpret OATTs  adopted by the nation's jurisdictional and
non-jurisdictional electric  utilities.

								We have just opened a website  on which we have posted a beta version of our
most recent edition of 888  Annotated. Pending final publication in June, we
invite you to make as  much use of this beta version of 888 Annotated as you
like without charge.  Just click here to visit us. And please give us your
comments -  particularly about how you think we might improve 888 Annotated
on the web.

								If this communication or future announcements  pertaining to 888 Annotated
is not welcome, please let us know by replying to this e-mail, indicating
the word "unsubscribe" in the subject line. Whether you unsubscribe or  not,
be assured that we will never share your e-mail address with anyone  else.

								Sincerely yours,

								Donald R.  Allen

[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]


Gerald, I have reviewed the netting language that was put into the confirms.  Can you please send these to the attention of Lorelie Reid at SPPC for her review and we will get these documents executed. For now, we should still go with drafts.

Call me if there are any questions.  BT


Jeff - Congratulations!

Will you be attending BillG's CEO Summit 2001 instead of Ken?

Best regards/Alan

Alan Mitchell
General Manager, Communication Network Solutions
Network Solutions Group
Microsoft
425-703-5485
425-936-7329 (fax)
alanmit@microsoft.com
----------------------------------------------------------------------------
-------------------------------------------------------------

> WSJ.COM WRAP: Skilling To Become Enron's Next CEO
>
> 12/13/2000
> Dow Jones News Service
> (Copyright (c) 2000, Dow Jones & Company, Inc.)
>    A WSJ.com News Roundup
>
> HOUSTON -(Dow Jones)- Enron Corp. (ENE) on Wednesday named Jeffrey K.
> Skilling chief executive to replace Kenneth L. Lay, who said he will step
> down but continue to serve as chairman of the utility and
> telecommunications company.
> Skilling, 47 years old, will take on the new role on Feb. 12, the
> company's next scheduled board meeting, while remaining president and
> chief operating officer.
> "Jeff is a big part of Enron's success and is clearly ready to lead the
> company," Lay, 58, said in a written statement. Lay became chairman and
> chief executive in 1986.
> Lay also denied rumors that he was interested in becoming U.S. secretary
> of energy or Treasury secretary in George W. Bush's administration, should
> the Texas governor become the next president. Enron and Lay were big
> contributors to the Bush campaign.
> "I have no plans to go to Washington and no plans to leave Houston or
> Enron," he said. "I can say categorically that I won't be taking a job in
> a Bush cabinet."
> "I am particularly happy that Ken and I will continue running the company
> together and that he has put the rumors of his possible departure to
> Washington, D.C., to rest," Skilling said. "Ken and I have worked together
> since 1990, and we don't want to break up a team that has delivered
> superior returns to Enron's shareholders."
> Skilling is credited as generating substantial profits for Enron and being
> the brains behind the company's burgeoning commodities-trading business.
> That business was seeking to place the company at the top of markets
> ranging from electricity to wood pulp to natural gas.
> Enron, which began as a traditional gas-pipeline company 15 years ago, has
> transformed itself into the largest trader of gas and electricity in North
> America.
> Skilling joined Enron in 1990 after leading McKinsey & Co.'s energy and
> chemical consulting operations. He became Enron's president and operating
> chief in December 1996. He emerged as the heir apparent to Lay after
> Rebecca Mark resigned in August as chief executive of Azurix Corp. (AZX),
> Enron's troubled global water company. Deregulation of the water business
> and government privatizations of water systems, on which Azurix was
> counting, were slow to come, crimping growth opportunities and profit.
>
>


FYI
---------------------- Forwarded by Elsa Villarreal/HOU/ECT on 10/20/2000
12:15 PM ---------------------------
From: Joan Quick on 10/19/2000 04:45 PM
To: Mary Poorman/NA/Enron@Enron, Jackie Young/HOU/ECT@ECT
cc: Elsa Villarreal/HOU/ECT@ECT
Subject: REVISION - Forest Oil's NOVEMBER 2000 Gas Volumes

There has been a change for the Katy Plant.  First of the month nom is now
expected to be 5,479 MMBtu/d.  per linda, 10/19 am.

---------------------- Forwarded by Joan Quick/HOU/ECT on 10/19/2000 04:43 PM
---------------------------
From: Joan M Quick on 10/18/2000 10:47 AM
Sent by: Joan Quick
To: Mary Poorman/NA/Enron@Enron, Jackie Young/HOU/ECT@ECT
cc: Elsa Villarreal/HOU/ECT@ECT
Subject: Forest Oil's NOVEMBER 2000 Gas Volumes

Below are Forest's first of the month noms:

DELIVERY POINT     MMBTU/D
MCALLEN RANCH      4,495
KATY PLANT         6,574 [termed up for Nov - Mar]

PER JOHN KJELMYR, 10/18 am.


(See attached file: hpl0620.xls)

 - hpl0620.xls


Ed

Set up a meeting with me and you to discuss this report.


Start Date: 4/13/01; HourAhead hour: 10;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041310.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 10 / Preferred:  12.00 / Final:  11.97)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/13/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_TOBY
  ENGY_TYPE: WHEEL


While seemingly small in the scheme of things these days at Enron, on 12/14/01 EPMI did get a FERC win against MISO's proposed $1000 fee for each non-confirmed transmission service request for firm PTP of one week or longer.  FERC used our (In house written) argument almost verbatim!


Kathy/Scott,

I don't know exactly what Chris wanted but here's my stab at it and remember
my limited mental abilities are making a bunch of assumptions.....

Deal 459233 is the exchange offset to 459214 and should probably be zerod
out.  459193 is the exchange offset to 459175 and should probably be zerod
out as well.

Scott, 459188 and 459231 seem to be the New Power buys needed. I don't know
which are the New Power sales needed to hook up with transport to capture
transportation costs. Please verify...Maybe they are 377254 or 377264 or
377268 or 454060.....

460591 is the exchange offset to Oglethorpe deal 460623.  They are totally
different and legite and outside of this discussion.

 I hope this helps.  Let's meet and make appropriate changes quickly so
Transco folks will have plenty of time to get changes in Unify  for the month.

Thanks

	From:  Katherine L Kelly                           11/10/2000 05:06 PM

To: Victor Lamadrid/HOU/ECT@ECT, Scott Goodell/Corp/Enron@ENRON
cc: Donna Greif/HOU/ECT@ECT, Clarissa Garcia/HOU/ECT@ECT, Robert
Allwein/HOU/ECT@ECT, Beverly Beaty/HOU/ECT@ECT, Sherry Anastas/HOU/ECT@ECT
Subject: New Power Company on Transco

Hello!

Can we try to get together sometime Tuesday afternoon to discuss the New
Power Company on Transco?  Chris Germany mentioned to me this afternoon that
there was a New Power Company deal starting with November production on
Transco and that it was similar to the one on Columbia Gas in that the sale
occurs at the storage facility.  So, I decided to take a look and I can't
swear to everything, but I believe we may need to make a few changes.  Deals
459214 and 459175 appear to be beginning balances that have been entered as
exchanges.  I believe that these need to be killed.  As far as I know, I
don't believe that there is any reason for logistics to need for a beginning
balance to come into unify.  Beginning balances are entered into unify
manually by my group through a special screen.  We just need to know what
that balance is before the December accounting month is closed so that we can
upload it.

Next, could you please get back to me with what the exchange deals of 459193
and 460623 are?  I'm not quite sure what these exchanges were trying to
accomplish.

What I was thinking that I would see is something similar to how we have this
on Columbia Gas.  Perhaps Robert can help us on this.  I believe that is a
transport contract moving to a title transfer (external pool), then a storage
injection on the storage contract into the storage imbalance account, then
using the point functionality to show a buy/sell at storage to the New Power
Company.

Anyway, let me know when you are available.  If we need to make adjustments,
it would be best to get this done soon.

Thanks!

Kathy


I have two ticket available at the Enron table for the NAACP's Annual Freedom Fund Awards Banquet.

VIP Reception Special Pass 	6pm - 6:45pm
Free Valet Parking
Dinner & Program 	7pm
George R Brown Convention Center

First to respond can have them.

Calvin Eakins
Director, Business and Diversity Development
Enron Corp
ph. 713-646-9500
www.enron.com/mwbd
calvin.eakins@enron.com


-----Original Message-----
From:?? HELENE351@cs.com [SMTP:HELENE351@cs.com]
Sent:?? Thursday, October 12, 2000 10:43 AM
To:???? Nancy.Sellers@robertmondavi.com
Subject:??????? re:? photos

Dear Aunty Nancy,

It was nice to hear your voice yesterday.? My mom and dad bought me a special
hammock for me to take my morning sunbaths.? I can look out of the window and
watch the quail and squirrels.? Mom thought you would like to see some photos
of me.

She also told me to tell you that she is going to look into that "stuff" you
told her about.

Bye for now......Love, Sammy? (meow)<<SAAMMY2.ZIP>>

 - SAAMMY2.ZIP


Eric:

I have talked to Alan Aronowitz about this as well.  You need more resources
immediately from inside.  We will also have to recruit outside to get enough
resources as the business grows.

Regards,

Mark

	Eric Gonzales
	12/06/2000 04:45 AM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: EGM Legal Support

Mark,

I just wanted to send you a quick note regarding the LNG legal support.  As
we discussed several weeks ago, I am concerned that within Dan Rodgers
current group of resources there is no one with ECT commodity transaction
experience.  This lack of experience is very noticeable to our commercial
team as the current legal group is on a steep learning curve and given our
immediate deal requirements.  Dan and I spoke about this yesterday and agreed
that he will expedite the effort to recruiting someone from within ECT.   I
believe not only will this person help enormously within our current deal
flow but he/she would be a great resource for the other EGM legal team
members regarding commodity transactions.

The main reason for this note is to enlist your help to get the right person
into the group.  I will routinely be checking with Dan as to the progress we
are making on this effort.

Thanks for your help in this effort.

Eric


The template was not sent with the original memo.  The template should be sent to you prior to the meeting.

 -----Original Message-----
From: 	Westbrook, Sharron   On Behalf Of Causey, Richard
Sent:	Tuesday, December 04, 2001 3:34 PM
To:	Colwell, Wes; Hayslett, Rod; Gunther, Dave; Selzer, Howard; Lindsey, Mark E.; Beck, Sally; Stubblefield, Wade; Lindsey, Mark E.; Perkins, Mary; Marlow, Keith; Saunders, James; Harris, Kim; Myers, Thomas; Castleman, Kent; Sommers, Jeffrey E.; Geaccone, Tracy; Davis, Rachel A.; LaBaume, Wanda; Roper, Kerry; Nelson, Kimberley; West, Terry; Garcia, Paul; Bowen, Todd; Delainey, David W.; Dietrich, Janet; Fallon, Jim; Horton, Stanley; Hughes, James A.; Kitchen, Louise; Lavorato, John; Mcconnell, Mike; McMahon, Jeffrey; Shankman, Jeffrey A.; Whalley, Greg; Myer, Karen; Valdez, Christina; Hinojosa, Esmeralda; Oxley, David
Cc:	Tijerina, Shirley; Myer, Karen; Campos, Kathy; Reyes, Sonnia; Valdez, Christina; Schiller, Marsha; Chapman, Kay; Marshall, Lucy; Stark, Cindy; Blackwood, Connie; Schoppe, Tammie; Hillis, Kimberly; Brooks, Loretta; Phillips, Cathy; Burns, Jennifer; Taylor, Liz; Deville, Mike; Clyatt, Julie
Subject:	CASH & REORG FINANCIAL REPORTING

Re:  CHAPTER 11 REORGANIZATION
        FINANCIAL REPORTING REQUIREMENTS

Many people have questions regarding how Enron will be operating under Chapter 11 bankruptcy proceedings.  This memo addresses the financial reporting requirements Enron will have to its various constituents.

During the reorganization, the Company will continue its GAAP reporting, with a breakout of pre and post petition liabilities, as well as historical management/operational reporting, consistent with past practices.

In addition, the Company will have an added responsibility to report cash flows to the bankruptcy court and its various constituents.  Specifically, Enron will  be required to report projected cash receipts and cash disbursements by business unit on a weekly basis.  The court and our new debtor-in-possession ("DIP") lenders require a rolling 13 week projection of cash flows plus monthly projections thereafter to obtain a full year of projected cash flows.  The budgeted weekly projections will then be compared to actual results to determine how well each business unit is operating compared to the projections.  The weekly and monthly forecasts will be adjusted each week pursuant to revised or improved information on forecasted cash flows.  Thus this process will be an ongoing one, with constant updating of information to ensure we generate the most accurate reports possible.

The initial weekly and monthly projections will be critical to the determination of the amount that the DIP lenders will be willing to make available to the Company.  In addition, the cash flows for the entities that are included in the bankruptcy proceedings will be utilized by the bankruptcy court and DIP lenders to constantly review and react to the cash flow situation at Enron.  However, all Enron business units (not just ones in bankruptcy) will need to conform to these new requirements, because additional entities are likely to be included in the bankruptcy filing and because it is extremely important for Enron management to be able to see the totality of cash flow requirements for the entire Company.

The weekly cash flow projection project will be overseen by Mike Deville (x 57852) and Greg Adams (x 33887).  In addition, Enron has retained Batchelder & Partners, Inc., a financial advisory firm, to assist us in this and other reorganization efforts.

We will be having a group meeting with the CAO's and/or their designees from the various business units responsible for the cash projections on Wednesday, December 5 at 2:00 PM in the Boardroom on the 50th floor to further explain this process and answer any questions you may have.  We will then be meeting on an individual basis with the business units to discuss specific business unit requirements.

Attached is a template of the financial statement projection format that will be required .  Please review this template in advance of the Wednesday meeting to determine any questions you have on the reporting format.  Obviously the requirements may change, which will require us to reformat and/or obtain additional information on short notification.

Thank you in advance for your cooperation.  We look forward to your attendance on Wednesday.


Enron Principal Investments (EPI), which was formed in the 2nd quarter, has completed its integration and the development of its new strategy.  This group will be responsible for identifying, closing, managing and exiting all non-E&P equity investments for Enron worldwide.  Kevin Garland will lead EPI, which includes Barbara Paige, Andrew Marsden, Kevin Kuykendall, Steven Sheldon, Michele Nezi Marvin and Mark Gandy.  Additionally, Dick Lydecker and the Special Asset Group will continue to report to Kevin.

EPI will pursue investments related to Enron's core businesses, where Enron has a unique insight into the market, company or technology.  Initially, this will be geographically focused in North America and Europe.  This group will rely heavily on the support and cooperation of the core business units to provide information and market insight.

EPI may make investments in the form of venture capital, leverage buyouts, growth equity, or private equity in public companies.  The group will not make investments in seed stage companies, other funds, subsidiaries of larger corporations, or project equity.

Please join me in supporting the efforts of Enron Principal Investments.


The carpet in our office is scheduled to be professionally cleaned on the evening of Wednesday, June 6.  The Facilities office at World Trade Center is requesting we pick up trash cans, floor mats, boxes, etc., from the floor so they can effectively clean most of the carpets.

Therefore, before you leave work on Wednesday, June 6, PLEASE pick up trash cans, floor mats, boxes, etc., from the floor so the carpet can be cleaned.

Let me know if you have any questions.


Today, I talked to the GC of both Southern and Duke.  Each GC said they were
not really up to speed on the issues.  I took the opportunity to walk them
through the Nerc letter and the action taken at the Serc board meeting.  They
each attempted to argue our fight was really with TVA.

Mark


Larry,

An advertisement in the Navajo Times on October 4 will start the 30-day
public comment period for the Leupp and Klagetoh permit mods.  We will send
you copies of the draft permits and statements of basis, which you should
receive a day or two before October 4.

I will be out of the office until October 22.  If you have any questions
about these permits in my absence, please call Gerardo Rios at
415.744.1259.

Roger Kohn
U.S. EPA Region 9
75 Hawthorne St., Mail Code AIR-3
San Francisco, CA  94105
phone: (415) 744-1238
fax:   (415) 744-1076


we can square up in sept.


Suzanne:
Could you please call Barbara and let her know that I will be talking to our
Mexican counsel at 2:30 today and see if you can find out how to plug in
jaime.  Thanks.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 07/05/2000 08:43 AM -----

	Jaime Williams@ENRON
	07/04/2000 07:16 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc: Sara Shackleton/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT, Rod
Nelson/HOU/ECT@ECT, Paul Radous/Corp/Enron@ENRON
		 Subject: Re: Update

Thanks Carol, I understand you are only focusing on the Online transactions,
and all I ask from you is the clearance to do Online transactions.
Regarding Credit, Rod Nelson has been supporting us and he is leaving all the
pending things to Paul Radous.  Last week Rod and I spoke abut this, and his
view is a little different. He believes there could be some exposure if the
same counterparty transacts both on-line and off-line; however, there are
ways to limit the transactions and very probably the likelihood of that
happening is very little.  He was going to put together an opinion froom
their side, and I suggest we have a conference call wednesday morning....
I am traveling wednesday but reachable through my assistant Barbara.
011-452-8-152-2404.   PLease call any time is convenient for you so we can
discuss this matter and also talk to your counsel.
Thanks and regards.

   Carol St Clair @ ECT                06/30/2000 11:10 AM

To: Jaime Williams/NA/Enron@ENRON
cc: Sara Shackleton/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT

Subject: Re: Update

Jaime:
Here is a message that I received from our counsel.  Again, I and they are
just focusing on the Enron Online issues and Sara is handling the issues
relating to doing transactions offline between Enron Mexico and the Mexican
counterparties.  I will suggest to our counsel that we have a call mid next
week involving you, me and them.  What is your availability on Wednesday?
Alos, who from credit are you dealing with and are they aware that we
probably will not be able to in a bankruptcy situation offset amounts owed
with respect to the online and offline transactions?

Jeff:
Are there any tax issues that we need to be concerned about regarding the
online piece of this?
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 06/30/2000 11:00 AM -----

	Carol St Clair
	06/30/2000 08:05 AM

		 To: Mark Taylor/HOU/ECT@ECT, David Forster/Corp/Enron@Enron
		 cc:
		 Subject: Re: Update

Mark and David:
Here is the status of research our counsel in Mexico is doing re online
issues.
Carol
----- Forwarded by Carol St Clair/HOU/ECT on 06/30/2000 08:04 AM -----

	"Pablo Perezalonso" <pperezalonso@rhm.com.mx>
	06/29/2000 07:41 PM

		 To: Carol.St.Clair@enron.com
		 cc:
		 Subject: Re: Update

Carol:

We are working on the questionaire, but we have been delayed. We will have an
initial draft by the middle of next week.

Regards

>>> "Carol St Clair" <Carol.St.Clair@enron.com> 06/29/00 04:41PM >>>

Pablo and Jose:
Could one of you e-mail me with an update of how your review of the online
issues and documents is going and when we may be able to visit about your
views
on these matters?  Thanks.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com