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To read all ISSUES...  articles please  click here         Prices June 1 Update: June02/04:00 GMT/24:00 ET   IPEBrent Spot 06/01 $28.28  WTI   Cushing Spot  06/01   $ 28.38   IPE Brent  Futures Front Month  06/01   $29.07   WTI Nymex  FOB Cushing Front Month 06/02    $ 27.93   Venezuela oil Basket    $ 22.61 week Jun.1 vs $ 22.83 prev. week   Opec Crude oil basket    $ 27.15 week Jun.1 vs. $ 27.26 Prev. week      OPINION  Gulf of Mexico the one bright spot for US oil production Story  / June 2  Previous Opinion articles      FOCUS-ANALYSIS-RISKWATCH  Beyond Oil and Gas: Alternative Energy Plays  Story  / June 1    Putin Weighs the Fate of Ailing Russian Gas Giant  Story  / May 30   Oil, scandal and George place Jeb in jeopardy Special report: George Bush's America  Story  / May 28  Previous focus- analysis-interviews     The Sunday's Petroleumworld Opinion Forum: viewpoints in oil & international politics.   Cuba's Bankrupt Economy, America's Bankrupt Embargo By Marc A. 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Get your FREE download of MSN Explorer a! t http://explorer.msn.com


Mike -- Here are the latest org charts for the Weather Desk -- if you have
any questions, please advise.

thanx !!!!!


ACCOUNT:  40781075      ENRON CORP-ECT CASH SVC

30200845342 SAME DAY DR TRANSFER                  248,600.00
            GID:LCT20081021800
            FED20020108B1Q8022C001910
            USER REF:TWS000377716
            REF:      TWS000377716
            ORDER:    ENA CASH SERVICES
            CR BK ID: 021000021
            CR BK:    JPMORGAN CHASE BANK FORMERLY CHASE
             MANHATTAN BANK,N.A NEW YORK, NY 10004
            BENEF:    323009980 ENTERGY KOCH TRADING LP
            DETAILS:PREPAY FOR JANUARY POWER
            INSTRUCT DATE:01/08/02 ADVICE TYPE:MAIL


---------------------- Forwarded by Mike Carson/Corp/Enron on 09/07/2000
02:59 PM ---------------------------

Mike Carson
09/07/2000 10:56 AM
To: Clint Dean/Corp/Enron@Enron
cc:

Subject:

7:00 Saturday,,,2633 cason in West U


Dear Ms Picky:
Thank you and please don't hesitate to comment on such things in the future,
because such comments are welcomed and encouraged.

Signed,
Grammatically challenged

	Jennifer Thome
	05/29/2001 04:12 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: Materials Ken Lay Used

Thanks, Jeff.

Not to be picky, but........ I think there is a typo in the document - see
Section 1, under "The Solution", bullet point 4 - - "who's" should read
"whose".  I assume we would want to make this change before we use it again.

Jennifer


----- Forwarded by Sara Shackleton/HOU/ECT on 12/11/2000 09:46 AM -----

	Treasa Kirby
	11/14/2000 08:15 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Brenda L Funk/HOU/ECT@ECT, Marcus Von Bock Und Polach/LON/ECT@ECT
		 Subject: TD crude prepay

Sara,
In response to your questions below:

1. Rod Nelson will be handling credit as the deal is now being executed by
ENA.

2. Tax is being handled by Steve Jacobson in the London office ( he is our US
tax person )

3. Accounting is Matt Landy

4. The confirmations are being handled by Kim Theriot and John Wilson is the
trader who will be signing on behalf of ENA. We have a call with them today
at 3.00pm UK time  so if there is any change I will let you know.

5. We are still waiting for the term sheet / confirms from TD and are
expecting them this afternoon. I will forward them to you asap.

6. TD have proposed using the 98 ISDA which I believe is already in place
with ENA and TD Texas.

7. This is just one transaction with 3 individual wti swaps, two of which are
with Enron, Enron/TD , TD/Morgan Stanley, Morgan Stanley/ Enron

I will send you the transaction diagram from TD and the ISDA agreement.

If there is anything else you need please feel free to call me on 0207 783
5404

Regards

---------------------- Forwarded by Treasa Kirby/LON/ECT on 14/11/2000 13:35
---------------------------

Marcus Von Bock Und Polach
14/11/2000 11:36
To: Treasa Kirby/LON/ECT@ECT
cc:

Subject: TD crude prepay

as discussed
---------------------- Forwarded by Marcus Von Bock Und Polach/LON/ECT on
14/11/2000 11:40 ---------------------------
From: Sara Shackleton on 13/11/2000 11:54 CST
To: Marcus Von Bock Und Polach/LON/ECT@ECT
cc: Gareth Bahlmann/HOU/ECT@ECT

Subject: TD crude prepay

Marcus:  Can you please let me know what you need.
Who is handling credit?  tax?  accounting?
Who is booking the confirmations?  Have the confirms been drafted or
negotiated?  Any changes?  How many transactions?

Sara


Hope you have seen the press release from Friday. If not, please see the
attached, announcing the agreement to sell the residential and small
commercial
operations to The New Power Company. Please be aware that the deal is not
closed yet and no customers will be transferred to TNPC until all federal,
state and utility program requirements have been completed by both CES and
TNPC. We are attempting to keep you informed of any updates and I remain the
main gas utility contact for CES, so if you have any questions, please contact
me at 703/561-6447.

Thanks,
Jeffrey P. Porter

 - Press Release -- CES-NPC                     063000.doc


Answers to your quetions:
Yes; no; maybe

Just kidding....
Interconnects for Calp and Dayton handled the same...just add those meters to
the sell tkts to CES and the buys are the delivery points.  Don't path the
actual contract in Unify...When we hold that capacity and EDI, we'll path in
Unify.... We don't get the bills from TCO  in January for that contract.  Get
em in February (when we hold the capacity).  They are set up in Unify but we
won't actually use....We are providing that service for those guys.

Try  your best for trueing up the transport tkts and the CALP and Dayton tkts
in Sitara.  Impact is on P and L for the desk daily and later on for the
(O/A) operational analysis where the accountants compare what we estimated
our costs and revenues for the desk were and what they actually came in
at.......We know January will be messy...

Go ahead and true up the PAL agreement to match physical flow......

BUY/SELLS with ENA and CES.  We talked at the beginning of the month about
this.  Sales/buys  to/from ENA on the CES reports and sales/buys to/from CES
on the ENA facilitation by location reports should just be pahted as
buy/sells.  (hopefully should be done already......)

I have a meeting from 3-4 today...other than that I'll be downstairs with
y'all to answer any questions....

THANKS!!!!

To: Victor Lamadrid/HOU/ECT@ECT
cc: Joann Collins/Corp/Enron@ENRON@ECT, Robert Allwein/HOU/ECT@ECT, Katherine
L Kelly/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT
Subject: Re: Dayton Stuff & Calp & other fun stuff

You were a busy little bee last night!!!! Thanks for the help.

FSS 63304 - we are not using. I'll ask John Hodge what this storage had been
used for in the past.

Clarification needed for the Dayton and Calp sell at the pool. How is the
interconnect gas supply done... we had some on Calp with Virginia Power and
Coral. In the past we have some on Dayton... don't think we have any in
January yet. Does this through another monkey wrench into the works?

We will probably have to run some report out of navigator to true-up
transport tickets. There are a ton of cuts lately and Joann receives daily
request from CES retail for volume changes. Not sure the best, efficient way
to maintain these tickets daily.

PAL for CES was physically flowed on January 1. Should we change the tickets
to match physical flow???

I'm bummed about the storage ticket change again... but will redo the paths.
This will be a couple hours of rework for me... not sure about Joann.

You have lost me on the ENA to CES and CES to ENA buy sell tickets. Can't
think of any examples yet. Hope this doesn't cause repathing.

Victor Lamadrid@ECT
01/18/2000 09:38 PM
To: Joann Collins/Corp/Enron@ENRON, Joan Veselack/Corp/Enron@ENRON, Robert
Allwein/HOU/ECT@ECT
cc: Katherine L Kelly/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT

Subject: Dayton Stuff & Calp & other fun stuff

Hello my favorite TCO people:  Here's what we here at team TCO have done so
far....Let's recap shall we..........

Dayton and Calp get the invoices from the p/l and we re-imburse them for the
transport differenentials so......

Dayton capacity buy at the citygate = Sitara #151878 - path as buy/sell with
your markets.
Dayton capacity sell at the pool = Sitara #151877 - path as buy sell from
pool.  These 2 tkts  should be released  by Stephanie tomorrow morning.  True
these up as best you can daily.

Also:
Calp capacity buy at the citygate = Sitara #149776 - path as buy/sell wth
your markets.
Calp capacity sell at the pool = Sitara #149775 - path as buy/sell at pool.
These 2 tkts should be released by Stephanie tomorrow morning.  True these up
as best you can daily.

Our transport tkts from pool to city gate for all other transport still
remains Sitara# 95448 and Sitara# 95449.   Please true up as best you can.

NEXT:
Do ya'll have 2 FSS Storages Contracts # 51407 and 63304?

Deal # 151879 covers storage K# 63304 and deal # 151880 covers storage K#
51407.  The Sitara gods have to approve, bounce the server and then it will
appear in Unify for you to path....

Deal # 149778 is the storage w/d ticket for both K# 63304 and K#51407.   Deal
# 151882 is the storage injection ticket for the same.  The counterparty had
to be changed back to CPR storage.  You guys have to unpath and re-path that
piece showing the purchase from CES for the storage w/d.  Really SORRY about
this!!!  Counterparty could not be CES --- We can't path on stg. contract and
out of inventory and buy from CES at the same time w/o the point not being
balanced.

Park and Lend contract #64031 and # 64041 are being set up by Chris in Sitara
but we have to get the Sitara gods to set up PAL contracts as ENA agency
deals for CES so he can't put the deals in the system just yet.  They should
be available tomorrow hopefully!!!!  They are for 250,000 on the first and
the 300,000 on the second of January.  Path them accordingly depending on
where that PAL gas went.

In addition all deals that are ENA to CES or CES to ENA should be pathed as
buy/sells.

I think that is it for now.  Let me know if anything else stops you from
pathing, running tracking and balancing and finally from bridging back the
first  to Sitara. Let's set a GOAL to have the first totally pathed and
tracked and balanced and bridged back and clean by close of business the
19th. YEAH BABY!!!!

By the way, we really appreciate the monumental effort you three have made in
meeting all logistical requirements of the old and new TCO business and
keeping track of the volumes in Sitara, Unify and Navigator...We're are
zeroing in on end of month balance tie outs between Navigator and Sitara for
the 4 CES pools and the 2 ENA pools.  We've kept a bunch of balls in the air
for the last 4 weeks and to my knowledge haven't dropped one darn ball yet.
Thanks.........


Eileen, our Gas Control records indicate the following rate changes for March
26, 2001 flow:
20,000 rate 0900 to 1400 (5hrs);
40,000 rate 1400 to 0100 (11hrs)
Nom. for the day:  22,500 MMBTU.
Please call me to see if we can agree on the total nom.
I can be reached at 214-812-4404.

"Eileen Ponton" <kponton@duke-energy.com> on 03/27/2001 09:39:00 AM

To:   David Avila/LSP/ENSERCH/US@TU, Charlie Stone/Texas Utilities@TU, Melissa
      Jones/Texas Utilities@TU, HPL.SCHEDULING@ENRON.COM,
LIZ.BELLAMY@ENRON.COM
cc:
Subject:  NOMS/ACTUAL VOLS FOR 3/26/01

NOM       MCF       MMBTU
24,167         21,820         22,409

BTU = 1.027

NOTE:  No changes to flow rates for 3/23 thru 3/25.............


Start Date: 10/28/01; HourAhead hour: 18;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001102818.txt

Error retrieving HourAhead price data - process continuing...


Hi All,

As of today, MetaStock has several new functions. The most important new
feature is the ability to display forward HEAT RATE charts.
Also, notice that the interface looks different -- this reflects and
accommodates the new features. The help files (on the left of the applet)
fully describe and explain all the changes and additions to the program.

If you have any questions regarding this new version of MetaStock, please
contact Anna Santucci (x. 34225) for user questions or Mark Symms (x. 33105)
for technical questions. And, of course, you can ask these questions once you
log into the MegaWatt Station (the virtual one).


On Thursday last week the Commission eliminated the old "Texas Eastern" rule
that required pipelines to obtain prior FERC approval before contracting for
transportation and storage capacity on upstream or downstream pipelines.  The
new rule allows pipelines to acquire and use such capacity without going to
FERC first.  The rule does reiterate that bundled sales of gas are still
prohibited, and further provides that the acquiring pipeline will be
financially at risk for the costs of the acquired capacity.  Interestingly,
the acquiring pipeline apparently has the option of selling the acquired
capacity under its own rate schedules or of releasing the capacity pursuant
to its capacity release program.  The order is silent on whether the price
cap applies to short term releases of acquired capacity.   While we are still
reviewing the order and may provide additional guidance at  a later time, I'd
emphasize for now that our normal contract approval procedures and authority
thresholds should be deemed to apply to capacity contracts.   For example,
the "Approval Authorization for Cash Expenditures" dated Feb. 3, 2000
provides Dave and Steve with authority up to $250,000 on operating expense
obligations.

Please contact me if you have any questions on this matter.  DF


UNITED WAY 2001

Building Houston's Future, Enron's 2001 United Way Campaign ends on Friday, August 17. Enron's goal this year is $2.9 million and the EWS goal is $1,276,000.  As of 4:30 pm on Wednesday, August 15, EWS had reached $1,034,190 or 81.1% of our goal with a 49% participation rate.

We want to reach 100% of our goal and participation. If you haven't logged in and chosen to contribute or decline to contribute, please do so TODAY.

ON-LINE PLEDGING
We are again using an on-line pledging system.  Please click on https://hrglobal.enron.com to make your contribution and learn more about this year's campaign. You will need your GIS ID (which is your "9..." number, not your "P..." number) and password.  If you are not sure what your ID and password are, please go to https://ehronline.enron.com, click the "Accept" button, and then click on "Forgot your User ID or Password?"  If you have questions regarding access, please call the HRGIM help desk at ext. 3-5666.

Please make your electronic pledge no later than Friday, August 17.

For those with a competitive streak, here are the pledge totals and participation rates by business unit/functional group:

	GROUP			PLEDGES	% Participation
	EA			$179,772		47.69%
	EBS			$96,370		21.95%
	EEOS			$70,323		78.22%
	EEL			$32,296		39.13%
	EGM			$133,083		51.23%
	EIM			$85,498		59.47%
	ENW			$220,191		49.04%
	EWS Bus. Analysis	$39,623		97.25%
	EWS Bus. Dev.		$13,558		100.00%
	EWS HR		$18,427		63.38%
	EWS Legal		$65,345		68.48%
	EWS Research		$24,263		84.78%
	EWS Treasury		$17,981		100.00%

BUSINESS HIGHLIGHTS

Enron Global Markets
Enron Global Markets has entered into a five-year marketing services agreement with Anker Coal Group, Inc.  EGM will provide Anker with marketing and related services for all coal produced from mines owned by the company.  Anker has mining operations in West Virginia, Maryland, and Kentucky.  It is expected that Anker's operations will produce approximately eight million tons of coal per year.

Also, George McClellan, managing director, Enron Global Markets, and Paul Pizzolato, director of trading, have been elected to the board of directors of Anker.

IN THE NEWS

Enron Named Leading U.S. Wholesale Electric Power Marketer: Enron North America was named the leading U.S. wholesale electric power marketer in Wholesale Power 2001: Strategies, Assets and Trading Patterns of 50 Leading Energy Companies, a new report issued by Platts. The report profiles the leading industry players that buy, sell and trade electric power in the U.S. and details each company's strategy, power and gas assets, position in the wholesale power and gas markets, retail customer bases in electricity and gas and retail marketing operations. Platts, the energy market division of the McGraw Hill Companies, is the world's largest and most authoritative provider of energy market information.

WELCOME
New Hires
EIM - Emil Campos
ENA - Karthik Rajan, Michael Mier

Transfers (to or within)
ENA - Andrea Woodland, Shirley Cox, Kevin Golden, Alan Quaintance, Kelly Reves, Joseph Capasso, David Forster
EIM - Ezequiel Benitez, Javier Chavarria, Jennifer Adams, Steven Young
EGM - Adriane Schultea, Darren Maloney

NUGGETS & NOTES

Congratulations to Ann and Rodney Malcolm, vice president in EIM.  They are the proud parents of an 8 lb. 4 oz. baby boy named Scott.  He was born on Saturday, August 11, 2001.

Congratulations! Bennett and Sarah Brown, Enron Wholesale Accounting Manager, became the proud parents of a baby boy on Sunday, August 12, 2001.  His name is Baker Bennett Brown and he weighed 8 lbs.12 oz.

EIM Trivia
Enron Industrial Markets currently owns two paper mills - Garden State Paper in Garfield, NJ and Papiers Stadacona in Quebec City, Quebec, Canada.  The combined annual newsprint capacity is 620,000 tonnes, which roughly translates to 137 billion square feet.  If you assume that the average width of a newspaper page is 25 inches, then this translates into Enron producing enough newsprint in a year to get us to Jupiter and half-way back to Earth.  Papiers Stadacona also produces approximately 100,000 tonnes per year of directory paper.  This translates into roughly 50 million telephone and trade directory books.  That's a lot of phone numbers!

Enron Wholesale Services Best Practice Tips

Utilize Kinko's for Negotiated Discounts on Products and Services
Enron employees are encouraged to utilize Kinko's for all special copying and binding projects outside of the Houston office.  (Houston employees should utilize the Enron Copy Center when possible.) Pre-negotiated discount rates are available on a variety of items.  The following is a sample of these:
?	Color copies on 8 ? x 11
?	Spiral binding
?	Coil binding
?	20 lb. regular stock paper
?	28 lb. regular stock paper

The pre-negotiated discount is available in Houston, Omaha, Seattle, and Portland.
If your city is not listed, or your Kinko's does not recognize the Enron discount, please contact George Weber in Global Strategic Sourcing at 713-345-6198.

Congratulations to Amitava Dhar and Vasant Shanbhogue who recently passed the Chartered Financial Analyst Level III exam.
First awarded in 1963, the CFA charter has become the designation of professional excellence within the global investment community. Around the world, employers and investors recognize the CFA designation as the definitive standard for measuring competence and integrity within the profession of investment management. Those who earn the right to use the CFA designation demonstrate a commitment to lifelong learning that is essential to providing the high-quality service that today's investment industry demands.
The CFA Program is divided into three levels, each culminating in an examination.

EnronOnline Figures
Below are the latest figures for EnronOnline as of  August 13

?	Total Life to Date Transactions >  1,315,000
?	Life to Date Notional Value of Transactions > $ 760 billion

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries.  It is intended for internal use only and should not be disclosed.

<Embedded Paintbrush Picture>


Here are the rides for May.

Shiner Bash - May 12
You will need to sign up for this ride yourself.  The cycling club will reimburse $20 for this ride.

Fayetteville Good Ol Summertime Ride - May 6
You will need to sign up for this ride yourself.  The cycling club will reimburse $20 for this ride.

Schulenberg Steeplechase Bike Ride - May 5
You will need to sign up for this ride yourself.  The cycling club will reimburse $20 for this ride.


Yes.

	Leslie Lawner
	07/05/2001 09:05 AM

		 To: Rebecca W Cantrell/HOU/ECT@ECT, Donna Fulton/Corp/Enron@ENRON, Phillip K
Allen/Enron@EnronXGate, Harry Kingerski/NA/Enron@Enron, Paul
Kaufman/Enron@EnronXGate, Jeff Dasovich/NA/Enron@Enron, Stephanie
Miller/Enron@EnronXGate, Roger O Ponce/HOU/EES@EES, Jess Hewitt/HOU/EES@EES,
Don Black/HOU/EES@EES
		 cc: Rubena Buerger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: California state regulatory matters

Let's try and set up a call to talk about the California intrastate gas
issues noted below (LDC hedging, rate unbundling and system
upgrades/expansions).  Does Tues. July 10 at 3:00 Central work for everyone?

(Roger please pass on to EES folks who should be on).

Thanks.

----- Forwarded by Leslie Lawner/NA/Enron on 07/05/01 08:54 AM -----

	James D Steffes
	07/03/01 03:23 PM

		 To: Leslie Lawner/NA/Enron@Enron
		 cc:
		 Subject: California state regulatory matters

Leslie --

Can you organize a call that goes through these issues and begins to
rationalize the information requested by Phillip?  While these issues are
important, I don't see the CPUC doing anything in the near-term to help fix
the problems.

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 07/03/2001
03:22 PM ---------------------------
From: Leslie Lawner on 06/27/2001 12:59 PM
To: Paul Kaufman/Enron@EnronXGate, Jeff Dasovich/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron
cc: Harry Kingerski/NA/Enron@Enron, Rebecca W Cantrell/HOU/ECT@ECT, Donna
Fulton/Corp/Enron@ENRON, Phillip K Allen/Enron@EnronXGate

Subject: California state regulatory matters

Paul and Jeff,

Becky, Donna and I (gas girls) met with Phillip Allen (ENA West) to discuss
FERC gas issues today, and Phillip had some issues that were more state than
federal, and I told him I would bring them to your attention.

He is interested in seeing incentive rates or more hedging on the part of the
CA LDC's so that all their needs are not being served by the spot market.  In
the current market, hedges (longer term contracting and financial) are being
done primarily by the producers and marketers, which results in a thin and
probably off-kilter market (the LDCs buying for the customers are not
participating).  I know we have to square this with the EES positions, but I
am not up to speed on what is going on in CA on this issue.

Phillip also made that point that while the LDCs are focusing on their core
load, no one is doing system planning on the macro basis, taking into account
the ability of the physical systems to meet the needs of all customers, core
and non-core and making sure the system will be adequate.

Finally, he is very interested in seeing the CA LDC rates unbundled.

Any updates we can provide to Phillip (and the gas girls) would be
appreciated, as well as what our plans are to address these issues.

From our side, El Paso is having a conference in July and we will be taking
up a number of allocation and transportation issues at that time.

Thanks.


_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.

 - protest2.jpg


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


Sara,

Number 3 concerns the swap piece of this deal.

Stacy
----- Forwarded by Stacy E Dickson/HOU/ECT on 04/16/2001 10:38 AM -----

	Paul Chymiy <pchymiy@NUI.com>
	04/16/2001 09:44 AM

		 To: Stacy.E.Dickson@enron.com, Mark.Breese@enron.com
		 cc: Brian Rose <brose@NUI.com>, Jennifer Forno <jforno@NUI.com>, Laura
DiBenedetto <ldibenedetto@NUI.com>, Terri Sue Gross <tgross@NUI.com>
		 Subject: NUI Agreements

 I though it might be helpful to review where we stand on the various
agreements:

 1. Enfolio Agreement between NUI Utilities and ENA - The version
(including all Exhibits) that Stacy sent on April 11 (5:23 p.m.) is the
final and is acceptable.  I have asked Terri Sue to forward NUI's Notice
Information (Exhibit A) to Stacy.  Stacy, upon receipt, can you please
generate the final agreement?
 2. Physical Transaction Agreement - I need to review Section 4 with
Bob Lurie who will be back in the office tomorrow.
 3. April Transaction Confirmation Letter - Stacy, this letter should
be addressed to Thomas E. Smith, Director, Energy Planning (who signed the
Confirmation).  Also, please confirm that the Exhibits are NUI Confirmation
Nos. 31060 and 46669.
 3. Swap Transaction Agreements - I am attaching a revised version of
the Transaction Agreement and Exhibit for Swap V09140.4 from Enron's review.
As Mark and I discussed, NUI Corporation, not NUI Utilities, will be the
Guarantor. In addition, I have modified the form of Guaranty to make it
clear that it only applies to these two Swaps; this is similar to what Enron
had agreed to when we were contemplating an NUI Corp. Guaranty for the
Enfolio Agreement.  I have made this change to the Guaranty because I am not
satisfied that the discussion within the Confirmation that purports to limit
the scope of the Guaranty is sufficient.  I think the limitations need to be
set forth within the four corners of the Guaranty itself.   If acceptable,
the same changes should be made to the Transaction Agreement and Exhibit for
Swap V09140.5.
 <<ENA Swap Confirm Red 4-16-01.doc>>

 - ENA Swap Confirm Red 4-16-01.doc


Below are filings that EPMI and EES will make next week.  Once granted by
FERC, they will allow EPMI and EES to perform some regulatory filings and
functions on behalf of the industrials.  An industrial selling into the grid
will still be considered a "licensed power marketer", but we can handle many
of the tasks, thus making it easier for them to sell to Enron, rather than
another power marketer that has not filed this application at FERC.

I talked to Kevin about this last night, and we discussed the fact that this
FERC authorization WILL NOT allow the industrial to circumvent its host
utility tariff.  Therefore, if the industrial is restricted from selling
power from its on-site generator to the grid by the host tariff, FERC will
not override that.  (FERC made that clear in the initial 'InPower" filing in
response to a request from JEA.)  For example, several years ago at Jim
Fallon's request, we checked the HLP tariff and found that it restricted EPMI
from selling power to the grid from the generators in the Enron building
basement.

While Kevin thinks that this can be a valuable filing, he is concerned that
many utility sales tariffs restrict power sales to the grid from on-site
generators.  In addition, Mark Dobler and John Berger are working at EES on
distributed generation solutions and could be restricted from the optionality
that grid sales provide vs. use of distributed generation on site.

It seems that we may want to focus some state resources on making sure that
the utility tariffs, especially in open access retail states, provide for
maximum flexibility for industrial customers.

Let me know if you would like me to visit with Mark Dobler about this or
provide other assistance.  Thanks.  Christi

---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 02/09/2001
09:51 AM ---------------------------

"Kimberly Curry" <kcurry@bracepatt.com> on 02/08/2001 03:50:44 PM
To: <christi.l.nicolay@enron.com>
cc:

Subject: InPower-type filings

Christi,

Attached are clean copy and redlined version of the EPMI and EES filings.

137355 - EES clean copy
MBR.wpd - redline of EES filing
133268 - EPMI clean copy
MBR.wpd - redline of EPMI filing

 - 0137355.01
 - MBR1.WPD
 - 0133268.02
 - MBR.WPD


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.


Are you coming to the game tonight?


Unfortunately I am in Chicago on Thursday and Friday.

Hunter


The first one is a picture, but if you scroll down it should be the Bin Laden song, so there's sound.
 -----Original Message-----
From: 	Jones, Tana
Sent:	Monday, October 22, 2001 1:16 PM
To:	Heard, Marie
Subject:	FW: Bin Laden's special song

That General Patton knew what he was talking about, see John's email!
 -----Original Message-----
From: 	Allario, John
Sent:	Monday, October 22, 2001 12:54 PM
To:	Jones, Tana
Subject:	RE: Bin Laden's special song

Check this out

 -----Original Message-----
From: 	Jones, Tana
Sent:	Monday, October  22, 2001 10:24 AM
To:	Allario, John
Subject:	FW: Bin Laden's special song

 -----Original Message-----
From: 	Koehler, Anne C.
Sent:	Friday, October 19, 2001 5:59 PM
To:	'dannysullivan@akllp.com'; Jones, Tana
Subject:	Bin Laden's special song

 -----Original Message-----
From: 	Leite, Francisco Pinto
Sent:	Friday, October  19, 2001 5:30 PM
To:	Koehler, Anne C.
Subject:	FW: FW: [Fwd: FW: Message from Boeing]

Francisco Pinto-Leite
Enron Americas
1400 Smith Street, EB 3888
Houston, TX 77002-7361

Tel: 713-345-7942
Fax:713-646-3490
fleite@enron.com <mailto:fleite@enron.com>

 -----Original Message-----
From: 	dstoldt@kayescholer.com@ENRON <mailto:dstoldt@kayescholer.com@ENRON>
Sent:	Friday, October 19, 2001 8:38 AM
To:	PMorreale@McKeeNelson.com <mailto:PMorreale@McKeeNelson.com>
Cc:	addisd@anz.com <mailto:addisd@anz.com>; cray@omg-law.com <mailto:cray@omg-law.com>; davanzo-morreale@worldnet.att.net <mailto:davanzo-morreale@worldnet.att.net>; Leite, Francisco Pinto; jmartin@schiffhardin.com <mailto:jmartin@schiffhardin.com>; jmorr55@aol.com <mailto:jmorr55@aol.com>
Subject:	Re: FW: [Fwd: FW: Message from Boeing]

That was good but this tops it.

Clearly the best one so far.

Enjoy!

<http://www.gotlaughs.com/funpages/bin2.cfm>

________________________________
Derek M. Stoldt
Registered Foreign Lawyer
Kaye Scholer LLP
10th Floor
88 Wood Street
London EC2V 7RS
(T) 011-44-(0)-20-8528-1407
(F) 011-44-(0)-20-8528-1206
or 212-836-6532 (direct to computer)
-------------------------------------------------------------------------------

THIS EMAIL AND ANY ATTACHED FILES ARE CONFIDENTIAL AND MAY BE LEGALLY
PRIVILEGED.

If you are not the addressee, any disclosure, reproduction, copying,
distribution, or use of this communication is strictly prohibited.  If you
have received this transmission in error please notify the sender
immediately and then delete this email.

Email transmission cannot be guaranteed to be secure or error free as
information could be intercepted, corrupted, lost, destroyed, arrive late
or incomplete, or contain viruses.  The sender therefore does not accept
liability for any errors or omissions in the contents of this message which
arise as a result of email transmission.  If verification is required
please request a hard copy version.

Kaye Scholer LLP is a Delaware (USA) Limited Liability Partnership.

A list of the names of the partners and their professional qualifications
is open to inspection at the principal office 88 Wood Street London EC2V
7RS.  The partners are either solicitors or registered foreign lawyers.


Steve,

OK. Please, send Shirley the  distribution list (names, E-mail addresses,
etc.).

Vince

Steven Leppard
09/20/2000 11:08 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re:

Thanks Vince.  I'll make the reservation, then send Shirley the details to
issue an invite to us all.

Steve

Vince J Kaminski
09/20/2000 05:10 PM
To: Steven Leppard/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Re:

Steve,

I shall talk to John Sherriff about such issues. My intention
is to vest you with maximum decision making powers. It makes most sense to
me to make decisions where the information resides.

Please, invite Anjam or alternatively make reservations for dinner and
let Shirley know. Shirley can send an invitation to everybody  in the group
on my behalf. It would be really bad to exclude Anjam from the dinner.

It

Vince

Steven Leppard
09/20/2000 10:30 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re:

Thanks Vince.

Dinner on Sunday OK all round.  Do you want Anjam along too? I can't really
ask him, given our current relationship.

One other thing, have you had thoughts on reporting lines, who signs
expenses, etc. etc., or are these issues to be resolved when you come over?

Cheers,
Steve

Vince J Kaminski
09/20/2000 04:14 PM
To: Steven Leppard/LON/ECT@ECT
cc:

Subject:

Steve,

Steve, this is the spreadsheet.

Also, please, let Shirley know if the dinner on Sun is OK.

Vince


you didn't have fun at the small town wedding?    i had to go to one in
mississippi this weekend.  it was actually fun.   vegas was two weekends
ago.  that was a blast.  work covered everything so i lived like a rock star
that weekend.  where are you moving?  maybe we can get drinks or something
this week.


calendar
---------------------- Forwarded by Steven J Kean/NA/Enron on 04/20/2001
03:00 PM ---------------------------

Kelly Johnson
04/20/2001 09:47 AM
To: Steven J Kean/NA/Enron@Enron, Mary Joyce/Enron@EnronXGate
cc: Maureen McVicker/NA/Enron@Enron, Teresa Wright/Enron@EnronXGate

Subject: Special Comp Committee Meeting Notice - May 1st

Attached is a notice of special meeting of the Compensation and Management
Development Committee on May 1st at 3:00 p.m. until 5:00 p.m. This meeting is
addition to the April 30th meeting.


The following expense report is ready for approval:

Employee Name: Linda Guinn
Status last changed by:  Automated Administrator
Expense Report Name: Linda Guinn Law Conference 2001
Report Total: $729.50
Amount Due Employee: $729.50

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


PJM UCC on IntercontinentalExchange!

IntercontinentalExchange is pleased to announce tomorrow's launch of the PJM Unforced Capacity Credit (UCC) market.  As a reminder, the six new markets (prompt five calendar years and one Custom strip) will have to be manually added into portfolios tomorrow morning.

Please call a member of our Power Sales Team with any questions:
          Lance Leffingwell- 713-840-6494
          J.C. Kneale- 713-840-6494
          Chris D'Ambrosio- 646-792-2620
          Mike O'Neill- 646-792-2620

Our 24-hour Help Desk can also be reached at 770-738-2101.


your call Andy
Greg

 -----Original Message-----
From: 	Collins, Harry
Sent:	Tuesday, May 29, 2001 8:39 AM
To:	Hermans, Greg
Subject:	Bloomberg
Importance:	High

Greg.

Welcome back!

Please advise ASAP whether or not your group is willing to give Bloomberg live access to Steel quotes on EOL, as the Paper group is willing to do. This live or not format will determine the form and substance of the agreement with Bloomberg.

I can not go forward with this negotiation with Bloomberg without knowing the format of the information, we will provide.

Thanks,
----- Forwarded by Harry M Collins/HOU/ECT on 05/29/2001 08:32 AM -----

	Harry M Collins 05/17/2001 05:31 PM 	   To: Greg Hermans/Enron@EnronXGate  cc:   Subject: Bloomberg

Greg,

As a follow-up to my voicemail today,if we do not want to give Bloomberg access to live quotes on EOL, Bloomberg is insisting on a very complex and most onerous and one-sided agreement, which is counter to Enron corporate policies.

That Bloomberg long form is very inflexible and will take protracted negotiation. Please check with Andy to see if we can give them live access, just as the Paper group is willing to give them on EOL and Clickpaper.

Bloomberg has given the Paper Group a simple onepage letter authorization, which is acceptable to Enron. If we would give them live access,like the Paper Group, this authorization letter could be resolved immediately.

Please advise soonest.


Chris Germany is responsible for all the retail volume. I was only given
Dayton STORAGE positions to book. If there are other dayton positions I do
not have them.
Mark
x36446

---------------------- Forwarded by Mark Friedman/HOU/ECT on 12/27/99 11:57
AM ---------------------------

Tricia Bowen
12/27/99 10:54 AM
To: Mark Friedman/HOU/ECT@ECT
cc:
Subject: JANUARY 2000 NEEDS

HELP!!

Kathy just received these retail volumes from CES for a number of pipes.
The Texas gas deals at the end of this email are nowhere in sitara.  Are
these deals suppose to be entered by Chris since they are "retail" or is the
Dayton Power and Light deal suppose to be entered by you guys under that
Desk?  Are you guys done entering the Dayton Desk deals??

Thanks
Trish

---------------------- Forwarded by Tricia Bowen/HOU/ECT on 12/27/99 10:49 AM
---------------------------

	From:  Katherine L Kelly                           12/27/99 10:12 AM

To: Chris Germany/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Judy
Townsend/HOU/ECT@ECT, George Smith/HOU/ECT@ECT, Edward Terry/HOU/ECT@ECT,
Tricia Bowen/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Beverly
Beaty/HOU/ECT@ECT, Anita K Patton/HOU/ECT@ECT, Victoria Versen/HOU/ECT@ECT,
Meredith Mitchell/HOU/ECT@ECT, Jesse Villarreal/HOU/ECT@ECT
cc:
Subject: JANUARY 2000 NEEDS

I just received this memo from Phil at CES.  It appears to be from their
retail group in Pittsburgh.  I'm looking into this, but from what I'm hearing
we are supplying this gas to the retail group and need to make sure that it
is scheduled.  Please check on these immediatly since the LDC deadlines start
today.
---------------------- Forwarded by Katherine L Kelly/HOU/ECT on 12/27/99
10:08 AM ---------------------------

pvillag@columbiaenergygroup.com on 12/27/99 09:29:42 AM
To: Katherine L Kelly/HOU/ECT@ECT
cc:
Subject: JANUARY 2000 NEEDS

Here is some more info concerning 1/1/2000.

Phil

---------------------- Forwarded by Phil Villagomez/CES/ColumbiaGas on
12/27/99
09:35 AM ---------------------------

KIM NOVSEK BIZIK
12/27/99 08:43 AM

To: Morgan Sharifi/CES/ColumbiaGas@ColumbiaGas, Dale Ray
East/CES/ColumbiaGas@ColumbiaGas, Phil Villagomez/CES/ColumbiaGas@ColumbiaGas,
Darren Espey/CES/ColumbiaGas@ColumbiaGas
cc: Marianne Stiles/CES/ColumbiaGas@ColumbiaGas, Joanne
Swogger/CES/ColumbiaGas@ColumbiaGas, Noel Bartlo/CES/ColumbiaGas@ColumbiaGas,
Paul Drexelius/CES/ColumbiaGas@ColumbiaGas
Subject: JANUARY 2000 NEEDS

Good Morning.  I have listed my needs below for all but Peco.
The red can be off Anr or Tgt.  Please advise.
The green is done - just need the activity number.
I have also included my nom deadline - I have a nom due today - LILCO.  Please
advise.

ANR
 CG&E- deliveries to Springboro 1550 dth/day LDC Nom Deadline is
12:30 on the 30th - note this can be served off TGT

Tetco
 BUG  145 dth/day LDC Nom Deadline is noon on the
29th
 Con Ed 261 dth/day  (estimate ONLY) LDC Nom Deadline is 2
pm on the 30th
 PECO
 PA Gas
 PSEG  1696 dth/day LDC Nom Deadline is 10 pm on the 29th
 Etown  23 dth/day LDC Nom Deadline is noon on the
29th
 NJN  7528 dth/day LDC Nom Deadline is 12:30 est on
the 30th

CNG - PA gas for PECO /day  (If we have a problem flowing this much,
please let me know as soon as possible so we can buy delivered gas to PECO's
gate from one of the other suppliers)

Transco
 LILCO  382 dth/day    (capacity release is also for
382) LDC Nom Deadline is noon on the 27th
 PSEG  189 dth/day LDC Nom Deadline is 10 pm on the
29th
 S Jersey  113 dth/day Transco nom must show Enduser # 012224 to
be confirmed- LDC Deadline is 12:30 on the 30th
 Piedmont 1113 dth/day LDC Nom Deadline was 10:30 est on
the 22nd - just need activity number now
 PSNC  190 dth/day (CES will get the capacity release for
this from PSNC)
   The supply will be from PSNC's pool #7620 (this is
their station 85 pool)

Texas Gas
 DP&L  1298 dth/day  LDC Nom Deadline is
12:30 est on the 30th
 CG&E  1550 dth/day LDC Nom Deadline is 12:30 on
the 30th - note this can be served off TGT


---------------------- Forwarded by Don Miller/HOU/ECT on 09/15/2000 05:24 PM
---------------------------

"Modi, Rishi" <rishi.modi@csfb.com> on 09/14/2000 01:14:18 PM
To: "'don.miller@enron.com'" <don.miller@enron.com>
cc:
Subject: Mgm't Presentation

Don-

Jim asked me to send this to you.  Thanks, Rishi

 <<003730901.doc>>

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.
Unless otherwise stated, any pricing information given in this message is
indicative only, is subject to change and does not constitute an offer to
deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.

 - 003730901.doc


Thank you for your comments.


Hi Kim:

You and your associates are invited to attend this meeting.

If you have any questions, please call me.

Thanks!

Shirley

******************************************************************************
*************
The following presentation will be this Friday, the 18th of February from
1:00 pm to 3:00 pm in EB 19C2 (Our large conference room).

Please plan to attend this presentation by ICF Consulting.

Agenda for Presentation by ICF Consulting

1.  Qualifications for ICF Consulting (6 slides)

 A. Energy consulting background (2 slides)
 B. Experience with computational market equilibrium modeling methodolgies (2
slides)
 C. Experience of key ICF individuals (2 slides)

2. Description of Enron,s Modeling Interests (to be discussed with Enron)

3. ICF,s Intertemporal, Interregional Equilibrium model of the North American
Natural Gas Analysis
 System (NANGAS) (14 slides)

 A. Overview of NANGAS (2 slides)
 B. Upstream components  (3 slides)
 C. Downstream components (4 slides)
 D. Computation of market equilibrium prices, quantities, and flows (5 slides)

4. Potential Modeling Consulting  (9 slides)

 A. Assistance in developing market equilibrium models for the energy sector
(1 slide)
 B. Investigate alternative market equilibrium models for energy applications
  i.  Models of imperfect competition (e.g., Nash-Cournot, etc.) (3 slides)
  ii. Models of auctions in market forecasting (1 slide)
  ii. Models that incorporate stochastic inputs (e.g., stochastic
programming) to take into account risk (2 slides)

 C. Actions Items (to be completed in consultation with Enron) (2 slides)


-----Original Message-----
From: 	newsletter@carprices.com@ENRON
Sent:	Saturday, November 03, 2001 10:49 PM
To:	Taylor, Mark E (Legal)
Subject:	CARPRICES.COM NEWSFLASH (NOVEMBER 2001)

<TITLE>CarPrices.com Newsetter - November 2001</TITLE>

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Super Job. This is a great comeback. Joe

Sanjay Bhatnagar
10/04/2000 08:56 PM
To: Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: V S Raman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Neil
McGregor/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jimmy
Mogal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Johan
Zaayman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joseph W
Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: 100% plant availability for the month of Sept.2000

Jimmy: I want this achievement highlighted in the next issue of Enron
Business !!

	enron india

	From:  Wade Cline                           10/03/2000 01:45 AM

To: V S Raman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sanjay Bhatnagar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: 100% plant availability for the month of Sept.2000

Raman,

This is outstanding news, although you folks at OPO are setting such high
standards that very little surprises me anymore. Please forward this to all
the OPO team and let them know that both Sanjay and I are very happy over
this great news of 100% availability, and we really appreciate the hard
efforts of the entire team and their families to make this happen. We both
look forward to travelling to Dabhol soon and congratulating the team in
person.

Congratulations again.

Wade


Hi Folks,

Sorry to send another email but I've had a few AOL folks tell me the
Matchups To Avoid and Exploit reports I sent last night were not readable.
If you were unable to read the email, you can access the Passing Game
Matchups online here http://www.cheatsheets.net/update111700.htm and the
Rushing Game Matchups online here
http://www.cheatsheets.net/update111700b.htm

Apologies for the trouble.  I'm trying to see what's causing this.  If we
have any AOL experts out there who think they can see what's happening, I'd
appreciate your insights.  You can reply to this message.  Thanks.

Players in the News Report is coming soon.

Thanks and I hope you have a great weekend.

Joe

To unsubscribe from this group, send an email to:
cheatsheets-unsubscribe@egroups.com


Jim:
Scott and I are working with Kinder/Morgan on pricing a 3 year deal off of
one of their facilities.  These are the facilities that we looked at late
last year for buying 2 of their plants.  The plants have a configuration of:
6 LM 6000's, 2 GE 7EA's and steam turbine.  They are able to run in at peak,
swing and base load levels very easily.  They are looking for a 3 year  term
deal for 510 MW's, with $1.00 VOM and Heat Rate of 8,531 located in Little
Rock, ARK..  Pricing starts June 02 and goes to Cal. 04.  Anyway, I want to
know if you guys are able to meet tomorrow at 2:00pm to talk about pricing up
this deal.   It should only take about 15-25 minutes.  Thanks for your time.

Regards,
Ben
3-7998


Here are some recent questions I've gotten from your classmates and my
answers to them.

>  Thanks for the interesting articles. Could you
> explain the following
> statements from the Argentina article? Specifically
> what is this
> financing gap referred to below? How does it relate to
> the fiscal deficit?
>
> Two basic scenarios have emerged. The more cautious is
> that Argentina, held back by its strong currency and
> lack of competitiveness in the region, will at best
> see anaemic growth next year. That would be unlikely
> to raise much enthusiasm among foreign investors, and
> could complicate Argentina's task in raising the
>  Dollars 17bn or more it needs from the capital
> markets to cover next year's financing gap.

Basically, this is what the country needs to come up with to balance its
Current account deficit.  Suppose everything is in balance but then a
foreign exporter like Boeing sells a plane to Argentina but decides not
to keep its pesos in Argentina in a bank account or by reinvesting it in
the economy but instead to convert its proceeds into dollars.  Now
unless an equivalent amount of pesos is invested by some other
foreigners in Argentina (converting their dollars into Pesos), the
currency board will have to sell dollars to Boeing in exchange for pesos
and decrease the supply of pesos in the economy and reduce its foreign
reserves.

Now think of millions of transactions going on.  If on balance,
argentina has to use its foreign reserves to balance its current account
it will start to deplete them.  At some point it would either have to
devalue (to make it more expensive for Boeing to sell pesos for dollars)
or effectively raise interest rates to very high levels in order to
attract investment. Now, with a fixed exchange rate Argentina cannot
devalue.  so it must raise interest rates which would further weaken the
economy.

One solution is to lower its budget deficit.  This decreases the
country's total borrowing needs and implies that interest rates will
decline helping spur domestic investment.  This also helps to restore
foreign investors' confidence.  This should lower the risk premium and
bring down interest rates more.

 >In terms of what shifts the IS-LM curve, are these things such as:
> a. China's potential entry into WTO which would open up the market to
increased
> foreign investment thus, increasing competition which would result in
increased
> consumption (lower prices) and unltimately a shifting of the IS curve
because
> there would be a greater demand for goods and services

This is really too indirect and long-term, you really want something
that directly
changes government spending or some sudden decision to change
consumption or investment behavior in order to shift the IS curve.  It
would be more like Japan's decision to stimulate the economy through
more government spending.  Or say Brazil lowering pension payments
thereby shifting the IS to the left.  Or how countries are suddenly
forced to invest to counter Y2K

> In the book on p. 193, it says "expansionary fiscal policy abroad reduces
investment."
> Not clear here.

This assumes that the foreign countries have a big effect on world
savings (if not there is no effect).  In this case if they spend more
they essentially reduce the amount of funds available to everyone else
to borrow.  This drives up the world interest rate which lowers
investment since the costs of investment is now higher (I is a function
of r)

> P.194 on chart: why doesn't r* go up?

This is because in a small open economy, the interest rate is equal to
the world interest rate which is fixed.  The country is too small to
affect r.  The idea is exactly the same as in micro when we say that
firms are price takers.  here the price is r.

> In Japan, how does 0% r get rid of deflation?

Think of it simply as increasing the money supply.  In the classical
model (see p154-158).  A higher M results in higher prices.  This is the
opposite of deflation where prices fall.


Scott:
Thanks very much for the comments.  On the demand buy-down, I should have
mentioned that I got a late call from the Gov's office asking for more detail
on that proposal, which we'll likely forward along tomorrow morning, with the
comments on the Gov's proposals.  Will try to work the other comments in.
Thanks again.

Best,
Jeff

	Scott Stoness@EES
	01/02/2001 06:30 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Marty Sunde/HOU/EES@EES, Dan Leff/HOU/EES@EES, Don Black
		 Subject: Re: DRAFT of materials for Governor

2nd Comments:

 We are missing in Increasing Supply section
running of existing older generation combined with mitigating reductions in
emissions.
missing Concrete suggestions:
California Energy Commission sponsored process to determine and implement
actions that will:
result in 10,000 MW of new energy efficient generation being built within
California within 2002; and
running of existing older generation combined with mitigating reductions in
emissions

 We are missing in decreasing load section
missing concrete suggestions:
The California Public Utility Commission, will immediately seek bids, in the
form of rate changes and regulatory commitments that would result in 2,000 MW
of reduced on peak load by June 1, 2001
The California Public Utility Commission, will immediately seek bids, in the
form of rate changes and regulatory commitments that would result in 5,000 MW
of reduced overall load by January 1, 2002.

---------------------- Forwarded by Scott Stoness/HOU/EES on 01/02/2001 06:18
PM ---------------------------

Scott Stoness
01/02/2001 06:18 PM
To: Jeff Dasovich/Na/Enron@ENRON
cc: Marty Sunde/HOU/EES@EES, Dan Leff/HOU/EES@EES, Don Black
Subject: Re: DRAFT of materials for Governor

1st Comments from Scott

We are missing:

Positive spin at front
Governor Davis is committed to solving the California energy crisis by:
Developing consumer driven solutions
Protecting customers from short term market aberrations
Continuing to expand the consumers ability to choose
We are missing thoughtful Orderly Process
Maintain 1890 in interim
All customers treated the same
Would replace "maintain a reliable distribution network" with "assure
investment community"
Assurances around forward purchases
Assurances around prudent purchases to keep lights
Assurances, if needed through increases, via tax refundable.
Maintain AB1890 until orderly process arrives with better solution
Would drop specifics arount rate increase.

More to come......


I've found CompareRite to work with long documents.  Plus, these documents
started out as WordPerfect documents and were converted to Word, which I
think creates problems with Word comparisons.  I figure it is a Gates
conspiracy...

Kay

"Thompson, Peter J." <peterthompson@akllp.com> on 11/14/2000 07:33:34 PM
To: <Kay.Mann@enron.com>
cc:

Subject: RE: Blackline

Yours is much better.

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Tuesday, November 14, 2000 10:26 AM
To: Thompson, Peter J.
Subject: Blackline

Here's the blackline I prepared, so you can see which looks better.

(See attached file: COMPARE6TO5)

Here it is as a Word file, just in case:

(See attached file: COMPARE6TO5.doc)


Don,

Hey, how's it going?  Gone fishing lately?  I talked to Kayne earlier today
about a posting this guy is interested.  Kayne tells me you are the man with
the opening.  I just wanted to forward this to you so you could take a look
at.  Jay schedules gas for EES and is interested in your position.  I
explained to him generally what the position is about, but things have
changed.  He says he talked to Larry Campbell also. In fact, Larry might have
talked to you about him already.  I haven't worked with him before, so I
can't specifically vouch for his work ability (Larry can fill you in better
in that area), but he does have good communications skills and is easy to get
along with...(team player).  Also, he is an internal employee.   Attached
below is his resume.

John

---------------------- Forwarded by John Zurita/HOU/EES on 04/30/2001 03:29
PM ---------------------------

Jay Blaine
04/24/2001 03:23 PM
To: John Zurita/HOU/EES@EES
cc:
Subject: Job Posting 0000108727 Trader

John, I am interested in the ENA East Power Service DE Trader position
currently being posted under Kayne Coulter.  I was hoping you could speak
with him about my interest and forward my resume.  Let me know what you
think.  Thanks, Jay


Are you alive? How is your health? Is stress a big part of your life?

Hope all is well. You are doing a great job there for us but if it gets to be too much we'll try to help. I noticed that west power has already made a fortune this year so it must be crazy.

Rick


I'm checking.

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 01/03/2001 04:37:22 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: FW: Amendment No. to 1 Letter Agreement

Kay:

Please see George Kutzschbach's comments to the amendment below.  I would
accept his comment #2.  What is ENA's reaction to comment #1?  Please
advise.  Thank you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>
;

-----Original Message-----
From: George Kutzschbach [mailto:gkutzschbach@fulbright.com]
Sent: Wednesday, January 03, 2001 3:55 PM
To: Campbell, Carolyn
Cc: DPedigo@INTERGEN.com; jjones@INTERGEN.com
Subject: Re: Amendment No. to 1 Letter Agreement

Carolyn,

In addition to Doug's comments regarding the Amendment, the second
sentence of Section 2 of the Original Agreement which is in quotation
marks in paragarah 1 of your draft of the Amendment should be revised in
the following respects:

1)  The outside closing date of "January 15, 2001" should be changed to
"January 22, 2001" to give sufficient time for the Facility Agreement to
be signed after the funding of the escrow; and

2)  The reference to "the Original Agreement" should be to "this
Agreement" since this sentence is being inserted in the Original
Agreement.

George

>>> "Campbell, Carolyn" <CCampbell@KSLAW.com> 01/02/01 05:39PM >>>

 <<2SX801!.DOC>>

George:

We have enclosed for your review the initial draft of an amendment to
the
letter agreement pertaining to CA Energy Development I LLC.  Similar
amendments will be prepared for the other two letter agreements.
Please
review and advise of any comments at your earliest convenience.  Thank
you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

Enclosure:  130796v1

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are
not the named addressee, you are not authorized to read, print, retain,
copy or disseminate this message or any part of it.  If you have
received this message in error, please notify the sender immediately by
e-mail and delete all copies of the message.

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.


Steve,

Please forgive the delay.  I was having trouble with my PC again (we have a
replacement in the works).  We are discretely investigating this group a bit
more, but the general conclusion is that they may be a front for one of the
opposition groups.  We are preparing counter arguments for the general
public, but do not see much value in opening a dialogue with this "group."
We always have had opposition and we can expect that socialists etc. (some
groups have boasted that they will storm the DPC fences on March 1) will
begin to rally using us as a scapegoat for Maharashtra's financial
difficulties.  At present, we are getting balanced press and I fear that any
explanation/outreach to the most vitriolic opposition will be used against
us.  I am available to discuss this at your convenience.

John
---------------------- Forwarded by John Ambler/ENRON_DEVELOPMENT on
02/19/2001 11:55 PM ---------------------------

Maureen McVicker@ENRON
02/16/2001 03:30 PM
To: John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Dabhol

Steve's out of the office right now - but will be back shortly.

Please let Steve know what you think.

Thanks.

----- Forwarded by Maureen McVicker/NA/Enron on 02/16/2001 03:29 PM -----

	Jeff Skilling
	Sent by: Sherri Sera
	02/16/2001 02:21 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Maureen McVicker/NA/Enron@Enron
		 Subject: Dabhol

Steve, please look at the link below.  Jeff wants to know if we should get in
touch with this group to explain our side.  Thanks, SRS

http://boards.fool.com/Message.asp?mid=14354856


-----Original Message-----
From: 	Herndon, Rogers
Sent:	Friday, September 28, 2001 4:38 PM
To:	Presto, Kevin M.; Woulfe, Greg; Sturm, Fletcher J.; Benson, Robert; Lavorato, John
Subject:	FW: Ass-Kicking Anyone?

Guys - check out the link at the bottom - awesome!  I am going to buy a few of these for gifts around the office.

Rogers

 -----Original Message-----
From: 	Aucoin, Berney C.
Sent:	Friday, September 28, 2001 4:26 PM
To:	Herndon, Rogers
Subject:	FW: Ass-Kicking Anyone?

 -----Original Message-----
From: 	Jones, Oliver
Sent:	Friday, September 28, 2001 2:11 PM
To:	Lenig, Chris; Aucoin, Berney C.
Subject:	FW: Ass-Kicking Anyone?

look at link below

 -----Original Message-----
From: 	Ahn, Chris
Sent:	Friday, September 28, 2001 2:04 PM
To:	Jones, Oliver
Subject:	FW: Ass-Kicking Anyone?

Check out Steve Swain's response to my email to him!

 -----Original Message-----
From: 	Swain, Steve
Sent:	Friday, September 28, 2001 1:49 PM
To:	Ahn, Chris
Subject:	RE: Ass-Kicking Anyone?

I wonder if the guy sells gift certificates.  I know a few folks I'd like to shop for.

Hey, Starwood looks fine.  Anything else?

>  -----Original Message-----
> From: 	Ahn, Chris
> Sent:	Friday, September 28, 2001 11:38 AM
> To:	Perry, Todd; Swain, Steve; Richter, Jeff
> Subject:	re: Ass-Kicking Anyone?
>
> Project Phoenix in Houston is on the offer--I assume you guys are too!
>
>  -----Original Message-----
> From: 	Cavazos, Brandon
> Sent:	Friday, September 28, 2001 1:23 PM
> To:	Alfredda Magellan White Jr. (E-mail); Wilson, Andrew;
> Beverly Hillenbrand (E-mail); Ruiz, Carlos; Ahn, Chris;
> Chenoweth, Christopher; Ferrell, Daniel; Seaworth, Douglas;
> Moreno, Douglas V.; Rios, Jason; Jeannine Merrill (E-mail);
> Jeff Lee (E-mail); Joel Cummings (E-mail); Thompson, Justyn;
> Kels Farmer (E-mail); Mark Merrill (E-mail); Schiller,
> Marsha; Mike Labbe (E-mail); Nathan Merrill (E-mail); Paul
> Botros (E-mail); Richard Chiang (E-mail); Griffin, Scott;
> Plauche, Stephen
> Subject:	FW: this is funny
>
> So funny, and actually real.
>
> Brandon Cavazos
> ENA-Power Structuring
> 713-345-3335
> brandon.cavazos@enron.com
>
>  -----Original Message-----
> From: 	Hamlin, Mason
> Sent:	Friday, September 28, 2001 1:18 PM
> To:	Cavazos, Brandon; Lewis, Barry; Hiemstra, Nick
> Subject:	FW: this is funny
>
>
>
>
> http://home.houston.rr.com/surrenderownz/auction.htm


We received the executed EEI Master Power Purchase and Sale Agreements from the referenced CPs dated as follows:

Intel          8/30/01
Davis Wire 9/7/01

Copies will be scanned into Livellink.


book it


At the request of Barbara Gray, we have created a directory to which you can
copy your Houston Pipeline Company material. Each of you has an individual
directory for your use that is located in &O:\Corporate\HPL Sale8. So, for
example Tom Shelton has a directory at &O:\Corporate\HPL Sale\tshelton8 in
which he can store his HPL files. This is to facilitate coping the files to
CD so they can be sent to our Washington lawyers. To save your e-mail
messages to the network, follow the appropriate directions below, depending
on whether you are using Lotus Notes or Microsoft Outlook to read you e-mail.

Lotus Notes:
Open the message you want to save.
From the &File8 menu choose &Export(8.
Make sure you have changed the &Save in8 directory to &O:\Corporate\HPL
Sale\<your user name>8, substituting your actual network user name for &<your
user name>8.
Choose a name for the mail message.
Click Save.

Microsoft Exchange:
Select or open the message that you want to save.
From the &File8 menu choose &Save As(8.
Make sure you have changed the &Save in8 directory to &O:\Corporate\HPL
Sale\<your user name>8, substituting your actual network user name for &<your
user name>8.
Choose a name for the mail message.
Click Save.

If there are any questions please call Mark Thibodeaux (x39373) or Russell
Long (x53754).

Thank you,

Mark Thibodeaux
Enron Corp.
IT Compliance


Start Date: 2/6/02; HourAhead hour: 9;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020609.txt
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.


Hi John,

Sorry I missed your call last week.  I was out ill.  I'll give you a call
once I dig out from under the paper.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/30/2000 07:26
AM ---------------------------

Heather Kroll@ECT
10/29/2000 06:55 PM
To: Jeffery Ader/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Scott
Healy/HOU/ECT@ECT, Stephen Plauche/Corp/Enron@Enron, Kay
Mann/Corp/Enron@Enron, sfischer@murthalaw.com, pmccary@mcrp.com, Daniel
Allegretti/NA/Enron@Enron
cc:

Subject: Draft DPCU Filing

To all:

Attached below please find a draft of the CRRA Filing with the DPUC regarding
the fuel cell transaction.  There are several points that remain open that I
would like to have cleared up by Monday afternoon.  For example, is CRRA
filing alone or are we filing jointly?

I believe we've covered all the issues outlined by Sandra.  Please let me
know if we've left anything out or if we need to delete anything.

I think this is a good start to us meeting our compressed timeline.  Do not
hesitate to call me for any reason whatsoever.  The next few weeks/months are
going to be very busy, but I know we can get to the goal line.

To quote Dave Delainey, "Go, go, go."

Regards,

Heather


jsavitt@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

The NYISO is reserving hours-beginning 0, 3, 5-6, 8-18, and 20 in the 11
May 2001 real-time market to verify prices.
Prices for the 12 May 2001 Day-Ahead market are correct.
Pursuant to ECA-B the NYISO is reserving the following hours at the
following external proxy buses:
PJM:  0, 2-4, 21
OH:  21
HQ:  21
NE:  21


Gerald -- I don't know of any other deals, but that doesn't mean there aren't
any.  I'm looking at the tariff right now.  Will advise ASAP.

To: Rebecca W Cantrell/HOU/ECT@ECT, Stephanie Miller/Corp/Enron@ENRON
cc: Steve Van Hooser/HOU/ECT@ECT
Subject: PGE due diligence effort

Stephanie,  I have the copy of the contract so don't worry about that.  Do
you know of any other deals with PGT we currently hold?

Becky,  You knowledge of any other PGT deals we have along with the tariff
provisions would be appreciated.  I am trying to prepare a brief for Travis
by late tommorrow.

Thanks.
----- Forwarded by Gerald Nemec/HOU/ECT on 01/10/2001 03:16 PM -----

	Steve Van Hooser
	01/10/2001 02:38 PM

		 To: Stephanie Miller/Corp/Enron@ENRON, Rebecca W Cantrell/HOU/ECT@ECT
		 cc: Gerald Nemec
		 Subject: PGE due diligence effort

Stephanie and Becky,

I need your help with the PG&E credit exposure diligence described in Travis
McCullough's e:mail set forth below. Could you please forward me (i) copies
of the Service Agreement, Capacity Release materials and executed PGT
Agreement for the 67,000 MMBtu of transport acquired in 1998, and (ii) the
Tariff provisions that deal with the matters described in Travis' e:mail.
Also, what additional transportation transactions do we currently have on
PG&E entities.  Do you have a feel for that? We are supposed to be helping
Credit to get a handle on (a) PG&E exposure and (b) setoff opportunities as
to such exposure. Of course, Credit would like our input by Friday.

Thanks for your help.
Steve Van Hooser
----- Forwarded by Steve Van Hooser/HOU/ECT on 01/10/2001 02:27 PM -----

	Shari Stack
	01/09/2001 10:10 AM

		 To: Steve Van Hooser/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT, Alan
Aronowitz/HOU/ECT@ECT, Wayne Gresham/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT, Dan
J Hyvl/HOU/ECT@ECT, Nony Flores/HOU/ECT@ECT
		 cc: Jeffrey T Hodge/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, Travis
McCullough/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT
		 Subject: PGE due diligence effort

My asst., Kaye Ellis, will be calling each of you this morning to see if you
can attend a short meeting today to discuss a due diligence effort with
regard to Pacific Gas  and Electric Company and its various subsidiaries.  We
have an overall exposure report from Credit which shows that Enron is exposed
to PG&E in virtually all of the commodities that we transact.

In the meeting today - Travis and I will help you identify the PG&E
entity/entities which may have transactions with Enron concerning your
particular commodity. We will ask you to pull the relevant master agreement
and provide the information set forth below.
Thank you in advance for your help,
Shari
   ----- Forwarded by Shari Stack/HOU/ECT on 01/09/2001 09:57 AM -----

	Travis McCullough
	01/09/2001 09:12 AM

		 To: Shari Stack/HOU/ECT@ECT, Andrew Edison/NA/Enron@Enron
		 cc: William S Bradford/HOU/ECT@ECT
		 Subject: PGE due diligence effort
Here is a list of the information that we will need to collect from each
master agreement:
Governing law;
summary of setoff provisions (in particular, does the contract give us the
right to setoff (i) only those transactions under the specific master, (ii)
transactions under other agreements between the same counterparties; or (iii)
transactions under other agreements between affiliates of the counterparties;
(v) all transactions or only those transactions that we elect to offset;
summary of termination provisions (automatic upon bankruptcy or insolvency of
a party? any notice requirements?)
summary of liquidated damages provisions (how computed?  provision for
two-way LD's (such that even the breaching party gets a payment if they are
in the money?)
We also need to discuss how we can get comfortable that all transactions were
properly booked under the correct master agreement, and that there are no
significant "glitches" in our transaction documentation.


John,

Dailies traded 33.25 late in the day after trading in the 28.5 range in the
morning.
Feb 32.5 (10.78 hr)
Mar 33.5 (11.64 hr)

Regards,
Clinton <<AB Power Fax.xls>>

----------------------------------------------
Clinton Kripki
GFI Group Inc.
Phone:  212 968 2813
email:  clinton.kripki@gfinet.com
website:  www.gfinet.com

***************************************************************
Confidentiality note: This e-mail contains information from the
GFI Group Inc. and/or its affiliates, including GFInet inc.,
that is confidential and/or legally privileged.   This
information is intended only for the use of the individual or
entity named on this e-mail.  This e-mail and its content may
not be reproduced or retransmitted without the express written
permission of The GFI Group.
***************************************************************

 - AB Power Fax.xls


Jennifer

We do but I am running pretty hard on another filing right now.   Are you
back on Friday?

Alan

To: Alan Comnes/PDX/ECT@ECT
cc:

Subject: Re: Interconnection benefits

Alan:

Did you still need my help on this?  If so, please send me more info. and/or
call me at 713.345.3550. Please note I will be out of the office all day
Thursday for a meeting in NYC.

Jennifer

From: James D Steffes on 04/02/2001 08:19 AM
To: Alan Comnes/PDX/ECT@ECT, Jennifer Thome/NA/Enron@Enron
cc:

Subject: Interconnection benefits

Alan--

Pls use Jennifer Thome.

Jim

----- Forwarded by James D Steffes/NA/Enron on 04/02/2001 08:19 AM -----

	Alan Comnes@ECT
	03/29/2001 08:15 PM

		 To: Jeff Dasovich/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Steve
Walton/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT
		 cc:
		 Subject: Interconnection benefits

I think I have the basic data to do an estimate of interconnection benefits.
Flow data is summarized in the attached chart.

It'll take a day or so of someone's time to crank out the benefit
calculation.  It's a little tricky lining up the gas and power data.

Jim is there an access/excel jockey I could tap for such help?  Otherwise I'm
going to plea for some external help.


Drew,

Thanks for the procedures.  We need to add Theres Branney to the list of
people that can trade.  She is now trading in the storage group in the same
capacity as Morgan and myself.  We are all extremely confident of her
knowledge and ability to do these trades.  Is there anyone I need to contact
to get her name added to this trading authority?

Sue

	From:  Drew Fossum                           10/25/2000 05:15 PM

To: Kent Miller/ET&S/Enron@ENRON, Sue M Neville/ET&S/Enron@ENRON, Morgan
Gottsponer/ET&S/Enron@ENRON
cc: Rod Hayslett/FGT/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Bob
Chandler/ET&S/Enron@ENRON, Michael Moran/ET&S/Enron@ENRON, Danny
McCarty/ET&S/Enron@Enron

Subject: Trading Authority

Per your request, Kent, I've talked to Rod and confirmed with him the
procedures we need to be following on all trading activity until we complete
final ETS derivative trading rules and procedures.
1.  For any financial trades, always check with Bob before executing the
trade regarding FAS 133 hedge treatment.  Rod emphasized the fluid nature of
the FAS 133 interpretations, so getting the experts involved early is
critical.  If we decide a trade ought to qualify for hedge accounting, the
key facts need to be written up and given to the auditors for sign off on the
same day the trade is executed.
2.  For trades that qualify as hedges, in addition to (1) above, Kent and
Dave Nuebauer need to sign off on the trade.
3.  For trades that don't qualify as hedges, a higher level of approval is
essential.  Until we get a formal set of rules in place and are up and
running with our ability to calculate VAR, etc., I would suggest that all
trades must be approved by Danny and Rod.  I would also suggest that legal
approval be obtained from either me or Mike Moran.
4.  Sue and Morgan should be allowed to enter into trades, as well as Kent,
consistent with the above guidelines.  Enron does not require that all trades
be executed by officers, and that approach should work here also so long as
items (1)-(3) are adhered to.

I believe these rules are clear and can be adhered to without much
interpretation or administrative burden.  If anyone has a concern regarding
this approach, please give me a call.  DF


Please book my london flight.
---------------------- Forwarded by Richard B Sanders/HOU/ECT on 06/04/99
08:21 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  General Announcement @ ENRON                           06/03/99 06:42
PM

To: All Enron Employees
cc:
Subject: Travel Announcement

The recently announced "new" deep discounts on the upfront purchase price of
airline tickets with our preferred air carriers booked through the Travel
Agency in the Park have been well received!

Increased airline ticket bookings with our preferred carriers was expected in
the Enron Houston offices.  The response from the Enron business units
outside the Houston area has been remarkable.  As a result, call volume to
TAP has increased by 30%.

As a result of this 30% increase in call volume, TAP continues to add
qualified, experienced agents to their staff to meet the increased needs of
Enron travelers.

If your "Enron Business Unit/Location" was not previously using TAP for your
airline bookings, please contact Tracy Ramsey, Enron Corporate Travel
Manager, 713/853-6457 to assist you with your transition process to TAP.

This transition process will include items such as setting-up Traveler
Profiles in the TAP system to expedite the booking process and establishing
your travel patterns so that TAP can respond to your specific travel needs
and requirements.

The Travel Agency in the Park has established a web site,
http://www.travelpark.com, that is available to you for browsing flight
schedules and booking flights.

Thank you for our support of the Enron Travel Program that continues to
provide exceptional cost savings to Enron Corp.

Please contact Tracy Ramsey, 713/853-6457 if you have questions or comments.


CALENDAR ENTRY:	APPOINTMENT

Description:
	AA mtg w/Patsy Anna 3127

Date:		7/17/2000
Time:		3:30 PM - 4:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


please print.  also make a folder for enron india.  thanks.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 10/02/2000
12:23 PM ---------------------------

Rick Bergsieker@ENRON_DEVELOPMENT
09/29/2000 03:19 PM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman@ECT
cc: Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Clay
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: DPC/Metgas Equity Sale

Mike/Jeff:  you need to intervene on this at a higher level to make sure that
we don't give up any important LNG rights when we selldown DPC
---------------------- Forwarded by Rick Bergsieker/ENRON_DEVELOPMENT on
09/29/2000 03:17 PM ---------------------------

	enron india

	From:  Wade Cline                           09/28/2000 12:45 PM

To: Clay Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Bill Gathmann/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rick
Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey A Shankman@ECT, V V
Rao/SIN/ECT@ECT, Sanjay Bhatnagar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: DPC/Metgas Equity Sale

Clay, we've been banging this drum so long in India that we've broken all our
drumsticks. We've always maintained that access to the Metgas terminal and
storage and pipeline is key to any plans Enron has in the LNG business.
Personally, I have always thought Enron should just finance and build the
pipeline itself and then sell it once it becomes operational, maintaining
access to the terminal and pipeline capacity. Glad to see you're on board,
because we can use the help.

But this is going to require some Enron commitment. To meet Enron's
objectives (no debt consolidation, cash flow and earnings), the current
selldowns being considered are to industry and related players who want their
share of the upsides of the business. So giving Enron any preferred rights is
going to be tough with these players.

Let's discuss next week in India. I have requested the Metgas meetings with
the EGM LNG team be on Wednesday.

Clay Harris
09/29/2000 03:41 AM
To: Wade Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bill
Gathmann/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Rick Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey A
Shankman@ECT, V V Rao/SIN/ECT@ECT

Subject: DPC/Metgas Equity Sale

One of the keys to growing the LNG business is access to LNG terminals and
fuel supply opportunities. We should insure that the sell down of DPC and
Metgas be structured such that Enron/EGM retain terminal rights and fuel
supply rights at Dabhol, if appropriate. The Metgas terminal/regas rights
under the TARA and EFI's fuel management/fuel supply rights under the Fuel
Management Agreement need to stay with Enron/EGM. Lets discuss next week in
Mumbai.

Clay


(1)  Please change Consolidated Papers Inc. to "medium" priority.
(2)  Please follow up on James Hardie and enter into Lotus Notes.