The Agave party may be one we have to skip this year. With all of the financial issues Enron is dealing with this would not be considered commercially necessary. We need to take a look at all of our expenses and only do what is absolutely necessary. I have asked Audrey to hold off on ordering any more customer gifts other than what has already been financially comitted to thus far.

 -----Original Message-----
From: 	Watson, Kimberly
Sent:	Thursday, November 15, 2001 2:25 PM
To:	Harris, Steven
Subject:	General Update

FYI....

I believe Dave N. and Sue had a conversation regarding help in the risk mgmt area.  I saw Dave in the hallway earlier and he indicated that he wanted to rally with you and me to discuss.
I've got two calls into Tom Armstrong with SW Gas.  I hope to get him to send in a request this week.  Also, James has been running numbers today, so I should have a term sheet for you tomorrow.
The Agave Christmas Party is on Tuesday, December 11.  Is it possible to take a company plane out with reps from mgmt, mktg, gas logistics and operations?
We are also running a few more scenarios for TransPecos.

Thanks, Kim.


Vince,

Thanks for your quick action on this.  I try to be selective about sending
out recommendations proactively, but in John's case I am very confident that
he will add a lot of value to whoever hires him.  On a different topic I was
pleased to see that you will also be on the EPRM program again in the fall.

Duane

--On Monday, May 15, 2000, 9:28 AM -0500 "Vince J Kaminski"
<Vince.J.Kaminski@enron.com> wrote:

>
>
> Celeste,
>
> I am forwarding you a letter from Prof. Duane Seppi from Carnegie Mellon
> University.
> I have known Duane for many years and I know that he does not make his
> recommendations without very good reasons.
>
> I would recommend looking at John Gordon as a very strong candidate:
> I think he will make a terrific contribution to Enron.
>
>
> Vince
>
> ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/15/2000
09:25
> AM ---------------------------
>
>
> ds64@MAIL1.ANDREW.CMU.EDU on 05/12/2000 01:30:14 PM
>
> To:   Vince J Kaminski/HOU/ECT@ECT
> cc:
> Subject:  Recommendation for John Gordon
>
>
>
> Dear Vince,
>
> I am writing to bring to your attention a GSIA student, John Gordon, who
is
> currently being considered for Enron's Associates program.  My
understanding
> is that Mark Courtney and Andrew Miles at Enron are championing John as a
> late addition to the program.
>
> While I know Enron doesn't routinely recruit at GSIA, John would be an
ideal
> candidate if you are willing to make an exception.  He is a terrific
finance
> student with a strong transcript; including an A+ in my Options class.
Since
> John has an engineering/energy background, he asked early on for
additional
> background reading about finance and energy.  John is personable and
> outgoing.  Normally the job market for someone of John's caliber would
have
> already cleared, but I have been told that there are dual career issues at
> play here.
>
> I would be very appreciative if you would take a look at John.  A copy of
> his resume is attached to this email.
>
> Best regards,
> Duane
>
> ********
> Duane Seppi
>
> Graduate School of Industrial Administration
> Carnegie Mellon University
> Pittsburgh PA  15213-3890
>
> tel. (412) 268-2298
> fax (412) 268-8896
>
> email ds64@andrew.cmu.edu
>

********
Duane Seppi

Graduate School of Industrial Administration
Carnegie Mellon University
Pittsburgh PA  15213-3890

tel. (412) 268-2298
fax (412) 268-8896

email ds64+@andrew.cmu.edu


Morela,  Attached is the letter with some revisions.   Let me know if you
have any questions.


Rick:

With respect to CN:   They were eager to meet with us to talk about a JV, and
joint advocacy of competitive issues in the regulatory arena.    We exchanged
information (white paper, rate design theories, etc).   I talked to CN's
attorney last week, and he said that their management had been slow in
getting back to him on this (even though they were pushing the idea
initially).   He speculated that they were waiting to see the STB's new
merger rules before getting together with us.   In any event, he said he
would get back to me on this.

I left word with Dan on this last week.

Let me know  if you have any questions.

Lisa


The following is our close schedule for this coming month.  Please keep in
the mind the following key times....

Unify to Sitara bridge back 1:45p.m. Friday, April 28th (all errors must be
clear by this time)
Mass draft at 6p.m. Friday evening.
Accrual process begins Monday, May 1st at 6a.m.

If you have any changes to this timeline, please ensure that I am contacted
as soon as possible.

Thank you,

Melissa x35615


around 4-5pm

-----Original Message-----
From: Rangel, Ina
Sent: Thursday, September 27, 2001 5:44 PM
To: Lenhart, Matthew
Subject: FW: Lenhart 14Oct Hou to Portland-----ETKT

What time do you need to be in New Orleans that day?

-Ina

-----Original Message-----
From: Julie Hunt [mailto:jhunt_vitoltvl@yahoo.com]
Sent: Tuesday, September 25, 2001 2:35 PM
To: IRANGEL@ENRON.COM
Subject: Lenhart 14Oct Hou to Portland-----ETKT

                                          AGENT JH/JH BOOKING REF
Y248FP

                                          LENHART/MATT

  ENRON
  1400 SMITH
  HOUSTON TX 77002
  INA RANGEL X37257

  DATE:  SEP 25 2001                   ENRON

SERVICE               DATE  FROM           TO             DEPART
ARRIVE

CONTINENTAL AIRLINES  14OCT HOUSTON TX     PORTLAND OR    540P    810P
CO 640     Q          SUN   G.BUSH INTERCO INTERNATIONAL
                            TERMINAL C
                            SNACK                         NON STOP
                            RESERVATION CONFIRMED         4:30 DURATION
                  AIRCRAFT: BOEING 737-800

HOTEL                 14OCT MARRIOTT PORTLAND DOWNTOWN
                      19OCT 1401 SW NAITO PARKWAY
                            PORTLAND, OR 97201
                            UNITED STATES OF AMERICA
                            TELEPHONE: 1-503 2267600
                            FAX: 1-503 2211789
                            CONFIRMATION: 82536350
                            REFERENCE: ENRB00
                            SINGLE ROOM
                            RATE: ENR USD 109.00 PER NIGHT
                            GUARANTEE GIVEN
            **24 HOUR CANCEL POLICY AT THE MARRIOTT DOWNTOWN

CONTINENTAL AIRLINES  19OCT PORTLAND OR    HOUSTON TX     605A    1211P
CO 744     Q          FRI   INTERNATIONAL  G.BUSH INTERCO
                                           TERMINAL C
                            SNACK                         NON STOP
                            RESERVATION CONFIRMED         4:06 DURATION
                  AIRCRAFT: BOEING 737-800

      AIR FARE 165.58       TAX 20.92           TOTAL USD
186.50
                    ORIGINAL FARE PAID 005-7034200657
-186.50
                                     EXCHANGE PENALTY
100.00
                                            AIR TOTAL USD
100.00

                                        INVOICE TOTAL USD
100.00

PAYMENT: O/CCAX/+/CCAX378549824711006/0302/A000033

RESERVATION NUMBER(S)  CO/VZPF7S

LENHART/MATT                             TICKET:CO/ETKT 005 7034200930

**CONTINENTAL RECORD LOCATOR: UDHBHC
THIS IS A TICKETLESS RESERVATION. PLEASE HAVE A
PICTURE ID AVAILABLE AT THE AIRPORT. THANK YOU
***********************************************
NON-REFUNDABLE TKT MINIMUM $100.00 CHANGE FEE
                  THANK YOU FOR CALLING VITOL TRAVEL

=====
Vitol Travel Services
713 Fargo
Houston, Tx 77006
(800) 724-7002
(713) 526-0633

__________________________________________________
Do You Yahoo!?
Get email alerts & NEW webcam video instant messaging with Yahoo! Messenger. http://im.yahoo.com


I just spoke with Holli Krebs about Grant County this afternoon. She said the
confirms had already been signed by Tim Belden and gone through one of our
lawyers, Jan King. Jan told Holli that she had sent the signed confirms down
to someone in Houston - Holli thought it was you. Apparently Holli got a
message from both you and me last week while at a WSPP conference, and called
Jan to tell her to send the confirms out - so Jan sent them AGAIN. So if you
still haven't seen those confirms come across your desk, then either someone
else is receiving them or they're going to the wrong fax number. I've left a
note for Jan King and hopefully we'll talk in the morning so I can find out
more specifically where she's been sending the confirm letters. Sorry for all
this confusion. We'll talk tomorrow.

Thanks,
Kate

Stephanie Piwetz   03/26/2001 03:22 PM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Grant county confirms

Kate,
Just checking the status on the Grant County confirms, Holli was going to
look over the confirmations and we were going to send the completed document
to the cp.
if needed:  Grant County info>  Lynn Rogers, phone 509754-5045   FAX
509754-5392
Thanks


Good Morning Folks--The attached was faxed to EPNG and regular mailed to all
parties last Wednesday. Many thanks. Jim.

-.

 - 138169_1.WPD


I am delighted to report that I have hired Emily Jelich of Royal Bank of
Canada as the new ISDA General Counsel. Hiring a GC is a great relief to me,
and the fact that Emily has agreed to join us is significant as she has
worked on a number of ISDA initiatives over my tenure as General Counsel.
She is an extremely dedicated ISDA supporter and has brought a thoughtful
perspective to the issues she has been involved with. She will be a strong
addition to our active documentation and netting initiatives.

Emily has worked for the past six years in the legal department at Royal
overseeing many different aspects of their capital markets legal work. Prior
to that she was with the law firm of Blake Cassels and Graydon, formerly an
ISDA member. She has spoken at our Canadian conferences and was also on the
panel at this year's AGM that discussed the Strategic Documentation Review.
In addition to this experience, she is fluent in Russian and Serbo-Croatian,
so we are all set to go when those markets open up!

Emily will start on June 18 and will be based in New York.

Bob


FYI...........
---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 05/07/2001
07:49 AM ---------------------------
From: Mechelle Atwood/ENRON@enronXgate on 05/04/2001 03:24 PM
To: Robert L Hall/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Bryce
Baxter/HOU/ECT@ECT
cc: Wes Colwell/ENRON@enronXgate, "john.j.boudreaux@andersen.com"
<'john.j.boudreaux@andersen.com'>@SMTP@enronXgate,
"kate.e.agnew@us.andersen.com"
<'kate.e.agnew@us.andersen.com'>@SMTP@enronXgate, Nicole
Mendez/ENRON@enronXgate
Subject: Gas Trading Audit Notification

The Gas Trading Audit is scheduled to begin May 11, 2001 and is expected to
take approximately two to three months to complete.  The audit will be
executed by Arthur Andersen and led by Kate Agnew.

We will schedule an opening meeting with you the week of May 7, 2001 to
discuss audit scope and any concerns or suggestions you may have.

The objective of the audit will be to determine whether procedures and
controls exercised over activities are adequate and operating effectively.

Results of the audit will be discussed with you and other appropriate
personnel both during the audit and at the audit closing meeting.

We will endeavor to conduct this audit in a manner that will minimize
interruption of your normal business activities and we look forward to
working with you and your personnel. Please call me at x5-4554 if have any
questions.

Mechelle Atwood
Director, Enron Assurance Services
Enron Wholesale Services
713.345.4554; Location:  EB2383
Mechelle.Atwood@enron.com


Here is the detail of yesterday's position.  Let me know if there's anything
else you need.

Thanks,
Robin
x713-345-7478


Mark:

Please disregard the prior e-mail.  We couldn't view all of the forms;
however, when we printed your form, they all printed out.  Mark Haedicke has
everything needs for the meeting.  Many thanks.

Janette Elbertson


As Enron finalizes plans for our child care center scheduled to open during
the 3rd quarter of next year, we are seeking input on 5 alternative
names/concepts for the naming of our center. If you've already given
feedback, THANKS!

If you have not, please take 5 minutes of your time to stop by EB 49C3 from
11-1 TODAY to give us your opinion.

Feel free to bring a friend! FREE cookies will be provided!

Please forward this email to any other Enron employees that may want to
provide their  input on the naming of the center.

We look forward to seeing you later today!

Regards,

Charla


---------------------- Forwarded by Scott Neal/HOU/ECT on 04/04/2001 07:11 AM
---------------------------

Yahoo! Finance <refertofriend@reply.yahoo.com> on 04/04/2001 12:07:23 AM
Please respond to sneal12@mindspring.com
To: sneal@enron.com
cc: sneal12@mindspring.com
Subject: Yahoo! Finance Story - Yahoo - RESEARCH ALERT-Goldman raises most
energy estimates

  (sneal12@mindspring.com) has sent you a news article

Personal message:

the distribution continues!

Yahoo - RESEARCH ALERT-Goldman raises most energy estimates
http://biz.yahoo.com/rf/010403/n03442939_2.html

Yahoo - RESEARCH ALERT-Goldman raises most energy estimates
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Tuesday April 3, 12:03 pm Eastern Time

RESEARCH ALERT-Goldman raises most energy estimates

NEW YORK, April 3 (Reuters) - Goldman Sachs on Tuesday increased its 2001 and
2002 oil company earnings estimates almost across the board, with the
exception of some of the mega-oils where expectations were slightly lowered.

Goldman Sachs Integrated Oil analyst Arjun Murti raised 2001 EPS estimate for
BP Amoco American Depository Receipts (ADR) quote from Yahoo! UK & Ireland:
BP.L)(NYSE:BP - news) to $3.69 from $3.59 and 2002 EPS estimate to $2.86 from
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For Exxon Mobil Corp. (NYSE:XOM - news), Murti lowered 2002 EPS estimate to
$3.89 from $3.90.

Murti lowered 2001 EPS estimate for Royal Dutch (U.S.) (NYSE:RD - news) to
$3.32 from $3.48 and raised 2002 EPS estimate to $2.75 from $2.74. He raised
his 2001 EPS estimate for Shell T&T (NYSE:SC - news) quote from Yahoo! UK &
Ireland: SHEL.L) to $2.85 from $3.00 and raised 2002 EPS estimate to $2.37
from $2.36.

For Chevron Corp. (NYSE:CHV - news) he raised his 2001 EPS estimate to $7.36
from $7.21, and raised his 2002 EPS estimate to $5.52 from $5.34, but lowered
his 2001 estimate for Texaco Inc. (NYSE:TX - news) to $4.73 from $4.84.
However, for 2002, he raised his EPS estimate for Texaco to $3.37 from $3.23.

He raised 2001 EPS estimate for Unocal Corp. (NYSE:UCL - news) to $3.03 from
$2.42 and 2002 EPS estimate to $2.00 from $1.84.

For USX-Marathon (NYSE:MRO - news) Murti raised 2001 EPS estimate to $3.72
from $3.26 and 2002 EPS estimate to $1.67 from $1.48. Murti raised 2001 EPS
estimate for Kerr-McGee Corp. (NYSE:KMG - news) to $6.60 from $5.71.

Murti raised 2001 EPS estimate for Murphy Oil Corp. (NYSE:MUR - news) to
$6.32 from $5.77 and for Anadarko Petroleum Corp. (NYSE:APC - news) to $4.78
from $4.58.

Murti raised 2001 EPS estimate for Conoco, Inc. (NYSE:COCb - news) to $2.94
from $2.70 and 2002 EPS estimate to $2.01 from $1.88. Murti raised 2001 EPS
estimate for Amerada Hess Corp. (NYSE:AHC - news) to $10.79 from $10.25 and
2002 EPS estimate to $4.64 from $4.02.

For Occidental Petroleum Corp. (NYSE:OXY - news), Murti raised 2001 estimate
to $3.10 from $2.54 and 2002 EPS estimate to $1.63 from $1.48. Murti raised
2001 EPS estimate for Phillips Petroleum Company (NYSE:P - news) to $6.98
from $6.76 and 2002 EPS estimate to $4.21 from $4.05.

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Questions or Comments?


Sold operational gas from Permian area to Astra for 2 days, 21,053 MMbtu/day at $1.98 and 10,133  MMbtu/day at $2.09.
Effective 01/11/02, sold balance of daily firm for rest of January to Sempra, 15,000 MMbtu/day at .03 from Blanco to Topock.
Agreement reached between ENA and TW for capacity for balance of January.  Transwestern, as agent for ENA, released a package of 25,000 MMbtu/day from Ignacio to Blanco to Burlington.  The new contracted rate of .065 is .005 higher than the original rate and will be split 50/50 with ENA.
New volumetric OBA, containing cash out provision, with CIG is executed.

Michelle Lokay
Account Director
Transwestern Commercial Group
713-345-7932


Grid Lock Our energy transport system is horrible. Just the way many
utilities like it.
Forbes, 05/11/01

US Sen. Feinstein Urges Hearings On FERC 'Improprieties'
Dow Jones Energy Service, 05/11/01

U.S. Physical Gas Cash Prices Fall; No Load Weekend
Dow Jones Energy Service, 05/25/01

FOCUS Brazil real to remain pressured due to energy crisis/political concerns
AFX News, 05/25/01

Vice Pres Cheney Sees Wood As New FERC Chairman - NYT
Dow Jones Energy Service, 05/25/01

INDIA: Enron's woes make Indian power firms anxious.
Reuters English News Service, 05/25/01

Enron Unit's Sales, Costs Rise With Power Prices, Paper Says
Bloomberg, 05/25/01

India Enron Panel Lacks Authority to Solve Dispute, Expert Says
Bloomberg, 05/25/01

Companies People Ideas
Grid Lock Our energy transport system is horrible. Just the way many
utilities like it.
BY Daniel Fisher and Lynn Cook

06/11/2001
Forbes
080
Copyright 2001 Forbes Inc.

Our energy transport system is balkanized and horribly inefficient.
Unfortunately, many of the incumbent utilities want to keep it that way.
The Bush energy plan hits hard on increasing production. That alone won't
solve the nation's power crunch. "Supply is not the only issue," says
Michelle Michot Soss, director of the Energy Institute at the University of
Houston. "The issue is bottlenecks."
Some of these bottlenecks are political. A lot of them are created by
incumbent utilities that do not welcome competition.
Florida, for example, whose demand for electricity is growing at about 3.7% a
year, is a net importer of energy. It generates around 24% of its power in
aging oil-fired plants that should be replaced with more efficient
combined-cycle generators. These burn natural gas in a turbine and use the
hot exhaust gases to create steam, which spins a second turbine; they spew
out less particulate and consume about a third less energy.
So why doesn't Florida get efficient power plants? First, the state has only
one main gas pipeline, though others are working their way through the
regulatory process. More vexing is a state law, zealously defended by Florida
utilities, that bans outside competitors from building combined-cycle plants
larger than 75 megawatts--enough to juice 75,000 households--on the dubious
theory that they waste water. Duke Energy tried to challenge the law with a
500-megawatt plant in New Smyrna Beach. FPL Corp. (parent of Florida Power &
Light) fought the plant all the way to the Florida Supreme Court and won.
Florida's screwy power-plant law is just one example of the byzantine
regulations that stymie efforts to make the nation's energy grid more
efficient and prices more competitive. From laws that protect utilities
against more efficient rivals to outdated state regulations that discourage
the construction of transmission lines, these choke points either waste
energy or make it impossible for energy to get where it should go.
A series of state laws in the 1920s laid down the monopolies on grids. They
were codified in the Public Utility Holding Company Act of 1935, a populist
law that identified bigness with badness in the electricity business: To
avoid federal scrutiny and regulation, most utilities decided not to operate
outside their own state boundaries; rate setting fell to the states. But even
as wholesale electricity markets have been deregulated, utilities can still
bat away outsiders by reserving their own transmission lines for "native
load." This allows them to keep an open lane on the energy highway, as it
were, to rush electricity to certain customers when their demand suddenly
spikes.
In such areas as the Southeast, the owner of a transmission line has a pretty
free hand in calculating what its native load is. So Southern Co., which owns
utilities in Georgia and four neighboring states, can determine how much
power to let into its territory.
Southern Co. defends the rule, saying its primary job is ensuring customers
get all the power they need. "The marketers would like to schedule another
10,000 megawatts of power to go across our lines tomorrow," says William
Newman, a senior vice president. "It's not going to happen. The system wasn't
designed for it."
Enron disagrees. Utilization of its natural gas pipeline system increased 50%
in the five years after the gas market was deregulated. Steven Kean, head of
government regulations at the Houston-based giant, thinks similar gains are
possible in electricity if companies like Southern are forced to hand over
control of the grid to independent regional boards that will determine how to
allocate power flows and where to build new lines. The utilities "don't want
to accept the economically pure solution," he says. "Once utilities have been
adequately compensated for their stranded costs, then it's time for them to
shut up, sit in the corner and let the economists and lawyers work out the
details."
Lawyers and economists making decisions for us? That doesn't sound like
deregulation. But there is a case to be made for separating control of power
lines from control of other utility assets. Phillip G. Harris is chief
executive of PJM (it stood for Pennsylvania-Jersey-Maryland), a regional
power line organization. Since this independent system operator was formed in
April 1997 and six local utilities ceded control over transmission lines,
reliability has gone up and prices down, he says. Where Southern Co. will
only add transmission capacity if it has a firm contract in hand, PJM can
order lines to be built. Its member companies are spending $311 million over
the next three years on new lines to increase the flow from power-rich to
energy-poor areas.
Last May temperatures hit the highest levels since 1930 at the same time as
15,000 megawatts of PJM's 59,000 megawatts were out of service for
maintenance. As the peak load rose to 51,000 megawatts--7,000 more than was
available within PJM--power streamed in over a dozen entry points. Prices
topped out at $432 a megawatt hour. That's about four times what you are
probably paying for residential service, but it stands in contrast to spikes
in the thousands of dollars in California and the Midwest during similar
crises.
Unfortunately, what works inside PJM doesn't transfer to Los Angeles, much
less to Manhattan. Different rules regarding electricity transactions and a
shortage of transmission lines make it difficult to export electricity across
the Hudson River. When Hydro-Quebec tried to build a power line across Long
Island Sound in 1999, Connecticut nixed the idea. Ostensible reason: the
possibility of harm to oyster beds. Real reason: Folks in New Haven asked,
what's in it for us--and didn't see any clear benefit to them. There is,
unfortunately, no mechanism for buying off losers in these deals, such as
property owners near, but not under, the power line. So they hire lawyers and
talk solemnly about oysters.
California's bottleneck is on Path 15, a 500,000-volt transmission line that
links the northern and southern halves of the state. Path 15 can't
accommodate the flows of power needed when the weather is cool in San
Francisco and hot in L.A. But the legal and financial chaos in California,
with the state on the verge of taking over much of the transmission system,
discourages investors from backing an increase in capacity. "If we put in
good rules on how to operate transmission systems, you would see investment,"
says Lawrence Makovich, an analyst with Cambridge Energy Research Associates.
"The problem is right now there is no such plan."
Enron is trying to force the Federal Energy Regulatory Commission to take
charge, so far to little avail. In a case pending before the U.S. Supreme
Court, Enron accuses FERC of abdicating its responsibility to do for
interstate trading of electricity what it did for trading of gas.
But forcing FERC down that path will be difficult. Natural gas producers
needed interstate pipelines to get to big markets in the North, which needed
the gas. But incumbent (and politically connected) electric companies have no
such incentive to stimulate a national market in electricity. "There's not a
single incentive in the entire U.S. to relieve congestion," states Jeanine
Hull, president of Strategic Energy Advisors and a former power-company
lawyer. "Ask yourself this question: If you had a chance today to retain your
monopoly or compete, which would you choose?"

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

US Sen. Feinstein Urges Hearings On FERC 'Improprieties'

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -(Dow Jones)- U.S. Sen. Dianne Feinstein, D-Calif., called Friday
for Senate hearings to investigate "possible improprieties" involving the
Federal Energy Regulatory Commission's relations with the industry it
regulates.
"Despite evidence of manipulation and price gouging in both the electricity
and natural gas markets in California and the West, and a finding by FERC
last November of 'unjust and unreasonable' (electricity) rates, the
commission has failed to take the actions necessary to bring reliability and
stability to the marketplace," Feinstein said in a letter to Sen. Joe
Lieberman, D-Conn., seeking hearings by the Senate Governmental Affairs
Committee.
Feinstein cited a report in The New York Times Friday in which FERC Chairman
Curt Hebert related a phone conversation with Ken Lay, chairman of Enron
Corp. (ENE). Hebert alleged that Lay offered to bring his influence to bear
with the Bush administration to maintain Hebert as chairman if the regulator
would adopt policy positions favored by Enron.
Hebert is quoted as saying he was "offended" by the conversation. Lay
disputed Hebert's account.
The Times article also quoted Vice President Dick Cheney as saying Texas
utility regulator Pat Wood has "got to be the next chairman of the FERC" to
address problems in electricity markets. Cheney's remark is slated for
broadcast by the public television program "Frontline."
"While Mr. Lay's account (of the conversation) differs, it is clear that the
citizens of the United States, especially the people of California, who are
suffering from FERC's failure to do its job, deserve an investigation and
full public hearing into what happened," Feinstein said in the letter to
Lieberman.
"FERC is a $175 million-a-year agency charged with regulating the energy
industry, and it would be unconscionable if any of the nation's electricity
traders or generators were in a position to be able to determine who chairs
or becomes a member of the commission," Feinstein wrote.
"Since FERC has refused to fulfill its legally mandated function under the
Federal Power Act to restore 'just and reasonable' electricity rates, we need
to ask whether undue influence by the companies that FERC regulates has
resulted in its failure to act," the letter said.
Feinstein seeks a broad investigation into FERC, and not just an airing of
the Lay-Hebert exchange, which Feinstein said she sees as an example of "a
definite problem," the senator's spokesman, Howard Gantman, said.
"There are very close relationships between FERC and the industry it
regulates. Some of those relationships could be improper," Gantman said.
Lieberman, who has requested that the General Accounting Office investigate
FERC's response to the California electricity crisis, will become chairman of
the Governmental Affairs Committee when Democrats assume the Senate majority
in about two weeks.
There was no immediate response from Lieberman's office regarding Feinstein's
letter.
-By Bryan Lee, Dow Jones Newswires, 202-862-6647, bryan.lee@dowjones.com

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

U.S. Physical Gas Cash Prices Fall; No Load Weekend

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- U.S. natural gas physical prices fell Friday ahead of a
no-load holiday weekend, widening considerably the differential to the New
York Mercantile Exchange futures board.
Traders saw storage buying providing the only hint of demand.
Also, several pipelines in Texas, along with El Paso's Tennessee Gas and PG&E
Citygate, held system-wide operational flow orders on the high inventory
resulting from storage. Those orders also sent prices downward, traders said.
Demand remains slight with only hints of sustained hot weather sighted in the
next two weeks,traders said.
With few demand fundamentals in place, traders saw few utilities in the
market.
The Nymex June futures contract settled at $3.973/MMBtu, down 8.1 cents, the
first time the front contract has fallen below $4/MMBtu in nearly 10 months.
Traders pointed to 17,000 option puts at $4/MMBtu supporting the June
contract. Options expired Friday; the June contract expires Tuesday after the
Memorial Day weekend. Traders expect a $3.80-$4/MMBtu range on Tuesday for
expiration.
Also, Enron Online will keep its trading boards open for the holiday.
Prices for the June contract are in the same range as they were a year ago,
when driving heat and competition for gas during May pushed prices upward.
At the benchmark Henry Hub in south Louisiana, prices were in a
$3.76-$3.90/MMBtu range, down 25 cents-35 cents.
Deals at Transcontinental Gas Pipe Line Station No. 65 were done at
$3.82-$3.94/MMBtu, down 25 cents-32 cents.
At the Arizona-California border, El Paso's prices fell $1.40-$2.55/MMBtu to
a $9.80-$11.50 closing range. Western electricity prices weakened again
Friday for the holiday, and traders said pipelines into California were
showing high inventories.
At the PG&E Citygate, prices fell $4.25-$5.50 to a $3.90-$4.40/MMBtu closing
range on the reported operational flow order.
Buyers paid $3.74-$3.90/MMBtu at the Katy hub in East Texas, down 23 cents-32
cents. At Waha in West Texas, buyers paid $3.59-$3.75, down 30 cents-39
cents.
-By John Edmiston, Dow Jones Newswires,713-547-9209;
john.edmiston@dowjones.com

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

FOCUS Brazil real to remain pressured due to energy crisis/political concerns

05/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

SAO PAULO (AFX) - The real is likely to remain under pressure in the
short-to-medium term due to concerns about the impact of the energy shortage
crisis on the economy and ongoing political worries, analysts said.
They said the energy shortage problems are scaring away direct foreign
investment, while political concerns ahead of the presidential elections next
year are expected to come much more to the forefront once the Argentine debt
swap operation is completed at the start of next month.
The real was at 2.3480 against the dollar in afternoon trade, down about 20
pct from the end of last year.
Analysts said the weakness of the real combined with a generally-accepted
slowdown in GDP growth as a result of the energy crisis has complicated the
task of the central bank's monetary policy committee Copom.
The Copom raised its base interbank Selic rate to 16.75 pct from 16.25 pct
earlier this week, in what was regarded by many analysts as a preventive move
against the inflationary impact of the real's depreciation.
In a recent report, Banco Santander Central Hispano SA said it has revised
its forecast for Brazil's 2001 GDP growth to 2.2 pct from 4.1 pct previously
due to the possible impact of the government's energy rationing plan.
BSCH said it is also cutting its 2002 GDP growth estimate to 3.0 pct from 4.5
pct previously.
BSCH also revised its forecast for the real's level against the dollar to
2.30 by end-2001 from 2.13.
"Argentina's problems and their effects on the flow of capital to Brazil...
added to energy rationing and stronger perceptions of political risk hinder a
significant appreciation of the real, although we consider a possible gradual
solution to the Argentine crisis," BSCH said.
Analysts said central bank intervention yesterday and today in the foreign
currency market in an effort to stem the real's depreciation is clear
evidence of the central bank's concerns about the local unit.
The central bank today sold 2.0 mln dollar linked-bonds maturing on March 14,
2002 after selling 1.0 mln dollar-linked bonds yesterday.
"We don't know how far the real will go. Everything points to a situation in
which the dollar will move to the 2.45 level against the real in the short
term and never return to the 2.0 level it was at at the start of the year,"
Brazilian Institute of the Economy (IBRE) director Renier Garcma said.
Direct foreign investment has slowed down this year as a result of the
concerns surrounding Brazil.
The government has already revised its estimate of direct foreign investment
in Brazil this year to 19 bln usd from 24 bln previously. Direct foreign
investment in the four months to April was 6.6 bln usd, about half the levels
posted a year earlier.
Enron Corp recently suspend investments of 600 mln usd in the Brazilian
energy sector, citing regulatory concerns, while the government decided to
postpone indefinitely the privatisation of Cia Energetica earlier this month
due to the energy crisis.
The minimum price for the sale of Cesp Parana was set at 1.7 bln reals, with
a number of foreign companies lined up to bid.
"Investors are shying away from carrying out operations in the country. The
energy crisis has had a disastrous impact on Brazil's image; the country risk
has risen and companies are opting for saver markets," IBRE's Garcma said.
Analysts said the energy crisis has strongly affected the image of President
Fernando Henrique Cardoso and has therefore strengthened the opposition's
position ahead of next year's presidential elections.
They said corruption allegations involving former and current senior
officials in the government and the alleged breach of vote secrecy rules at
the Senate resulting in proceedings for the dismissal of former Senate
chairman Antonio Carlos Magalhaes and senator Jose Roberto Arruda have
complicated the political scenario.
Yesterday, Senator Arruda resigned from the Senate, while a local TV news
channel reported Magalhaes will resign next week and attack Cardoso.
"The government seems to have lost direction," one analyst said.
Earlier this month, Congress rejected a petition presented by the left-wing
Workers Party (PT) to set up a joint Congress-Senate commission to
investigate corruption in the private and public sectors after 20
parliamentarians belonging to parties within the ruling coalition withdrew
their support for the motion.
Opposition deputy Aloizio Mercadante at the time said the PT was preparing
legal action against the government and the deputies who withdrew their
support for the petition, alleging they were offered financial incentives to
do so.
Analysts said fears remain that the opposition will attempt to revive the
corruption commission issue, further complicating the governability of the
country in an already delicate moment.
bl/cdo/lbc/as For more information and to contact AFX: www.afxnews.com and
www.afxpress.com

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

Vice Pres Cheney Sees Wood As New FERC Chairman - NYT

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -(Dow Jones)- Vice President Richard Cheney expects Texas Public
Utilities Commission Chairman Pat Wood to become chairman of the Federal
Energy Regulatory Commission, according to Friday's New York Times.
In an interview for an upcoming episode of the PBS series Frontline, Cheney
says, "Pat Wood's got to be the new chairman of the FERC, and he'll have to
address" various problems in electricity markets, according to the Times
article, part of a joint effort with the Frontline program.
The article says current Republican FERC Chairman Curtis Hebert received a
call from Enron Corp. (ENE) Chairman Kenneth Lay this year prodding him to
back a national push for retail electricity competition and faster access to
the power transmission grid in exchange for Enron's support of Hebert in his
new job.
It quotes Hebert as saying, "I was offended."
Lay, one of President George W. Bush's largest campaign contributors,
provided the White House with a list of preferred candidates for FERC posts
and had access to the White House energy policy task force chaired by Cheney,
the article says.
Wednesday the Senate Energy and Natural Resources Committee approved Wood and
Nora Brownwell of the Pennsylvania Public Utilities Commission, Bush's
nominees to fill two empty seats on FERC's five-member board. The full Senate
has yet to approve them.
It would be up to the president whether to replace Hebert as chairman. In the
Times article, Hebert said no one has told him he would be replaced.
-By Campion Walsh, Dow Jones Newswires; 1-202-862-9291;
campion.walsh@dowjones.com

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

INDIA: Enron's woes make Indian power firms anxious.
By Himangshu Watts

05/25/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, May 25 (Reuters) - India's private power producers demanded on
Friday that the federal government intervene in Enron Corp's bitter row with
a local utility and state clearly if it wants the U.S. energy giant to stay
in India or quit.
"The government needs to decide whether we want Enron or not. In case they
don't want Enron, they should spell out the reasons for it," Harry Dhaul,
director-general of the Independent Power Producers' Association of India,
told Reuters.
But Federal Power Secretary A.K. Basu said Enron and the Maharashtra State
Electricity Board (MSEB) had to resolve their differences over the $2.9
billion project themselves.
"Basically the Maharashtra government and Dabhol have to sort it out," Basu
told reporters after a meeting with Wade Cline, the chief executive officer
of Enron India.
Basu stuck to the federal government's stand that it would help implement any
proposal emerging from negotiations between the Dabhol Power Co, 65-percent
owned by Enron, and the MSEB.
Dhaul said the fate of Dabhol, India's largest direct foreign investment and
biggest power project, would determine the future of domestic and foreign
private investment in power and other infrastructure projects.
"It is an important issue. It is a benchmark for all future infrastructure
investments of $1 billion plus."
On Thursday, Enron said the MSEB cancelled a disputed power-buying contract
just five days after the Houston-based energy firm moved to pull out of the
project.
WANT PRO-ACTIVE APPROACH
Dhaul said the federal government should intervene in the dispute between
Enron and the utility. "We want a pro-active approach in supporting
independent power producers."
Basu said the government had advised Enron to thrash out the matter with the
negotiation committee set up by the Maharashtra government. The committee is
due to meet on May 29.
Cline refused to answer questions from reporters and only said the company
would not renegotiate the power-buying contract on the basis of a committee
set up by the state government.
"We won't renegotiate on the basis of the Godbole Committee report," he said.
The committee, chaired by a former bureaucrat Madhavrao Godbole, has
suggested that the tariff be re-negotiated to make it cheaper and to remove
the dollar linkage which resulted in a steep increase each time the rupee
fell against the dollar.
Dabhol has come under fire because of the relatively high cost of its power.
Critics object to it charging 7.1 rupees per kilowatt hour versus 1.5 rupees
charged by other suppliers.
Dabhol Power Co is building India's largest power plant with a total capacity
of 2,184 MW.
The first phase of the $2.9-billion project with a capacity of 740 MW began
operating in May 1999. The second phase that will add 1,444 MW of capacity,
is expected to be completed this year.

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

Enron Unit's Sales, Costs Rise With Power Prices, Paper Says
2001-05-25 13:00 (New York)

     Portland, Oregon, May 25 (Bloomberg) -- Enron Corp.'s
Portland General Electric reported first-quarter earnings rose
10 percent as high electricity prices pushed up both sales and
costs for the Oregon power producer, the Oregonian reported.
     The company earned $43 million, the paper said. Revenue from
wholesale power sales was $480 million, three times the year-
earlier period, even as costs to buy electricity almost doubled.
     PGE's power plants produce less than half the electricity
needed to supply its 728,000 Oregon customers, forcing the company
to buy power on the same markets into which it sells, the paper
said. Dry weather is cutting hydropower resources, and easing
wholesale prices could make it more difficult for the company to
profit from power sales outside the state, the paper said.
     Edison International's Southern California Edison, which has
filed for bankruptcy, and two California agencies, one of which is
now defunct, owe the company $128 million, the paper said. The
company is pursuing collection, the paper said, citing Chief
Financial Officer James Piro.

India Enron Panel Lacks Authority to Solve Dispute, Expert Says
2001-05-25 07:16 (New York)

India Enron Panel Lacks Authority to Solve Dispute, Expert Says

     Mumbai, May 25 (Bloomberg) -- Indian negotiators lack the
authority to solve a dispute that has shut down Enron Corp.'s $3
billion power plant, India's single biggest foreign investment,
said a former member of the negotiating committee.
     The negotiators will meet Enron officials on Tuesday next
week, though any proposals made will not be binding on either
Dabhol Power Co., 65 percent owned by Enron, and the Maharashtra
State Electricity Board, the official said. Maharashtra, Dabhol's
sole customer, has refused to pay some of its power bills.
     ``Where is the guarantee Enron and the government will accept
what the committee recommends,'' said R.K. Pachauri, director-
general at the Tata Energy Research Institute, a research
organization. Pachauri said he quit the committee because it was
being asked to renegotiate the project, when it was set up to
solve the payment dispute.
     Maharashtra yesterday served Dabhol notice canceling the
power purchase contract, six days after Dabhol gave the board
notice it was set to pull out of the project in six months.
     The board has refused to pay Dabhol 3 billion rupees for
power supplied in December and January, saying the bills should
reflect a 4 billion rupee penalty it imposed on the company Jan.
28 for failing to supply power at full capacity.

                            Meeting

     Other India officials said the two parties can't afford not
to negotiate as there is too much at stake.
     Mahrashtra and Dabhol serving each other notices is ``simply
legal maneuvering,'' said Kirit Parikh, an economist on the prime
minister's economic advisory council.
     ``It won't affect the process of finding a solution because
``the ground reality is neither Enron nor Maharashtra can afford
not to find a compromise'' to the dispute, Parikh said.
     The government needs a solution as it could be left footing
the bill.
     India's federal and state governments, which have guaranteed
the board's payments for power and some of the loans to help fund
the project, may have to pay Dabhol more than 170 billion rupees
($3.6 billion) if it terminates the 2,184 megawatt power project.
     ``We are going back to Maharashtra tomorrow to work on the
problem.'' Dabhol managing director Wade Cline said. Cline was in
New Delhi to meet A. K. Basu, secretary to the ministry of power.


Thank you for your phone call regarding the status of the agreement.
Attached is a redlined draft incorporating your changes and ENA's.  Upon your
review, please give me a call to discuss same.

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


The deed is done.

Chris


Attached is the Red Rock weekly report for your use and file.


What a tangled mess.  please call and splain what's going on here.  Thanks. DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 05/11/2000
09:57 AM ---------------------------

	From:  Bob Chandler                           05/10/2000 10:33 AM

To: Susan Scott/ET&S/Enron@ENRON
cc: Rod Hayslett/FGT/Enron@Enron, Dan Fancler/ET&S/Enron@Enron, Drew
Fossum/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

Please note that if TW eventually decides to file for a tariff change to
allow cash in lieu of in-kind fuel retention that Rod would like to see our
proposed accounting methodology included in the filing.
---------------------- Forwarded by Bob Chandler/ET&S/Enron on 05/10/2000
10:26 AM ---------------------------

Rod Hayslett

05/10/2000 10:25 AM
To: Bob Chandler/ET&S/Enron@ENRON
cc:

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

If FERC is going to tell us the accounting or specifically approve our
proposed accounting then I have no issues.     I do not want to have a tariff
change with our interpretation of accounting requirements for it, without
that specific approval.   So I guess we need to specifically ask for approval
of the accounting.

	From:  Bob Chandler                           05/10/2000 09:32 AM

To: Rod Hayslett/FGT/Enron@Enron
cc:

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

See responses below.

Rod Hayslett

05/10/2000 06:38 AM
To: Bob Chandler/ET&S/Enron@ENRON
cc:

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

Some simple questions?

As I indicated this morning, it's not that I "want" to classify these credits
as revenues in order to achieve any commercial, regulatory, overhead
allocation or tax objectives, but if all other factors are considered equal
believe that revenue treatment is the most appropriate decision from  both
GAAP and FERC USofA standpoints.

FERC USofA

In the "Shipper Supplied Gas" section of Order 581 the Commission concluded
that "it is not appropriate to mandate revenue recognition for gas provided
by shippers for compressor fuel and other pipeline system use and used to
provide transportation services.  Instead, each pipeline will have the
discretion to determine whether it will recognize revenue for these
transactions in its accounting records...Pipelines electing to recognize
shipper provided gas as revenue must also recognize an equal amount of
purchased gas expense.  Pipelines would credit the appropriate transportation
revenue account (Accounts 489.1 through 489.4) and record an equal amount in
Account 805, Other Gas Purchases."    We have chosen not to recognize
revenue, but we do want to track our transactions, so we debit and credit
different subaccounts of acct 805.  The over-retained volumes on TW are
debited to acct 805 and credited to acct 495 Other Revenues (also in
accordance with Order 581. However, for internal reporting we map the 495
credit to cost of transport (expense).    Sounds reasonable to me.    Will
you be able to continue that in SAP? Yes.  We'll be using statistical orders
in lieu of subaccounts.
While the Commission agreed that pipelines would not be required to recognize
shipper provided gas on its books, it did require those who chose to do so to
record it as transportation revenue, not as a credit to fuel or gas purchase
expense.

GAAP

Revenues.  Statement of Financial Accounting Concepts No. 6 defines revenues
as inflows or other enhancements of assets of an entity or settlements of its
liabilities (or a combination of both) from delivering or purchasing goods,
rendering services, or other activities that constitute the entity's ongoing
major or central operations.

In the TW proposal the cash inflows are the result of a fuel charge factor in
the transportation tariff.  TW's ongoing major or central operation is the
rendering of natural gas transportation services to shippers pursuant to its
tariff.  Therefore  the credits resulting from the assessment of the fuel
charge constitute transportation revenues.    I don't think there is a
limitation with respect to cash received in lieu of gas.  When gas is
retained we can debit and credit 805 and it's a wash.  When we receive cash
we have to charge a balance sheet account (Cash) and credit an income
statement account.  We can't opt out of recording an earnings creating
transaction.   What is the argument that this cash does not just take the
place of Gas you would have received and should track the normal accounting
for gas?  The cash alone cannot take the place of a retained volume; the cash
together with a gas purchase is the volumetric equivalent of a volume
retained.   Under this proposal we would charge gas purchase expense when the
cash is used to buy gas that would replace the volumes not retained in
kind.   I am concerned that what you are proposing may not work as well after
the next rate case (since I don't believe it likely we will be allowed to
continue to collect the windfall) and we may be setting ourselves up for
restatements.    But I guess it really won't matter, because whatever we do
FERC will have specifically ordered us to account for it that way, isn't that
right?  There is nothing about our current or proposed accounting that would
have to be changed as the result of a future rate case that changes the
volumetric retention factors.  However, if a tracker is imposed, then we
would have additional entries to make, similar to those we now make on NNG.
In any event, the  imbalance cashout  approach described below  would result
in the recording of fuel retention entries  (debit and credit account 805)
exactly the same as we now record for volumes  retained.  It would merely
result in the additional entry to resolve the imbalance by debiting cash and
crediting the imbalance receivable from the shipper.

Expenses.  Statement of Financial Accounting Concepts No. 5 speaks to the
recognition of expenses and losses:  "Further guidance for recognition of
expenses and losses is intended to recognize consumption (using up) of
economic benefits...during a period.  Expenses...are generally recognized
when an entity's economic benefits are used up in delivering or producing
goods, rendering service, or other activities that constitute its ongoing
major or central operations..."

In the TW proposal natural gas volumes are consumed in the operation of
compressor engines to render natural gas transportation service to
shippers...the ongoing major or central operation of the company.  Receiving
cash from shippers in accordance with the Tariff's fuel charge does not
reduce the consumption of natural gas volumes in rendering transportation
service, Instead it provides economic assets (cash) to the company to pay for
the gas volumes that have to be acquired to run the compressors.  Therefore
the proceeds from the fuel charge represent transportation revenues for the
company, not a fuel or gas purchase expense reduction.     I recently
received a memo from Susan Scott (Legal) indicating that in approving tariff
changes to allow shippers to pay cash for fuel use rather than to provide
in-kind volumes, FERC looks at the situation as being analogous to cashing
out an imbalance, where the imbalance was created by the shipper not
delivering the fuel retention volumes.  If we followed FERC's lead here we
would record the fuel retention entries with a debit and credit to Account
805, then credit the cash receipt from the shipper as a reduction of its
imbalance.  Any gain or loss on the cash-out would be credited to Acct 495
(gain) or charged to Acct 813 (loss), just like any other gain or loss on
resolution of an imbalance.

I think the cashout approach will probably meet the objective of not bloating
reported margins...at least if the tariff language is consistent with this
concept.  If you prefer this cashout approach to my original proposal to
record fee revenue, then I will go ahead and re-draft the accounting memo
along those lines.  Any final determination of the appropriate accounting,
though, would have to be made after the language in the tariff revision is
finalized. However, if the cashout approach is your preference, then I expect
that we could work with Rates to make sure that the tariff language doesn't
conflict with the cashout approach.

Shall I re-draft and recirculate the memo using the cashout approach?

Rod Hayslett

05/08/2000 06:32 AM
To: Bob Chandler/ET&S/Enron@ENRON
cc:

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

I guess I'd like to understand the reason for wanting to call them
revenue?

	From:  Bob Chandler                           05/05/2000 06:04 PM

To: Rod Hayslett/FGT/Enron@Enron
cc:

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

I don't disagree that there are frequently numerous ways to account for
things--and some ways are better than others for tax, regulatory, financing
and other purposes.  From an historical perspective before Order 636 we
didn't seem to have any difficulty recording the proceeds from the PGA
tracker portion of the tariff as transportation revenue.  Under the proposed
circumstances, we are charging a fee based on average fuel retention
percentages that are set somewhat higher than actual consumption and there is
no requirement for a true-up.  In this circumstance, even though we may call
it a fuel reimbursement factor, it seems to be more characteristic of revenue
than expense credit.

That having been said, if it's deemed to be advantageous to the company to
account for these cash proceeds as an expense credit, I could support
crediting the proceeds to a/c 805 similar to our accounting for volumetric
fuel retention.  If that's the path you'd like us to follow, I'll amend the
draft memo accordingly.  Please confirm.

Rod Hayslett

05/05/2000 06:58 AM
To: Bob Chandler/ET&S/Enron@ENRON
cc: Dan Fancler/ET&S/Enron@ENRON

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

My first blush problems are 2.     1) This is really reimbursement for an
item that is designated an expense - compressor fuel and so I don't know why
you want to show it as revenue.     2)   Having a stat order will not help
the income statement presentation of revenues, a lower percentage of costs
being recovered from demand charges, a major factor if we decide to make TW
really stand on its own.

What is the reason for wanting to bloat the revenue in the income
statement?     Explain the logic for showing a revenue item for the contra of
an item that has been determined to be an expense.

	From:  Bob Chandler                           05/04/2000 04:16 PM

To: Rod Hayslett/FGT/Enron@Enron
cc: Dan Fancler/ET&S/Enron@ENRON

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

If we go with the transport revenue approach, we would for sure set up a
separate SAP statistical order to accumulate the fuel reimbursement fee
separately from the other revenue components.  If you think this approach is
distortive from a reporting trend perspective, we could classify these
revenues as "other gas revenues" on our GAAP statements--similar to the way
we've classified excess fuel retention revenue in TW's 1999 GAAP statements.

Rod Hayslett

05/04/2000 02:41 PM
To: Bob Chandler/ET&S/Enron@ENRON
cc: Dan Fancler/ET&S/Enron@ENRON

Subject: Re: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

I would think at a minimum we would like to have some kind of a tracking
account (nojn-FERC)  for accounting purposes to be able to tell the earnigs
impact of the transactions.      I have a problem with recording the revenue
in a plain transportation revenue account since it will skew the percentage
of transport revenues collected from demand charges  which is an important
piece for the financial world.   Ultimately I guess FERC will tell us how to
account for it.

	From:  Bob Chandler                           05/04/2000 12:55 PM

To: Mary Kay Miller/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON,
Lorraine Lindberg/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, Glen
Hass/ET&S/Enron@ENRON
cc: Steve Klimesh/ET&S/Enron@ENRON, Dan Fancler/ET&S/Enron@Enron, Rod
Hayslett/FGT/Enron@Enron, Jerry Thomas Moore/Corp/Enron@ENRON

Subject: TW Proposal for Fuel Retention in Dollars (not in-kind) -- Draft
Accounting Memo

From what we have so far been able to learn about the referenced proposal,
and after discussions with Dan Fancler, I prepared the attached draft of an
accounting memorandum for your consideration.

Please advise if you have additional facts or ideas to be considered.

By copy of this memo I'm asking Jerry Moore for excise tax advice as to
whether TW would risk incurring excise tax if we record gas sales to the
shippers and then retain the volumes for fuel.


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  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 3 / Preferred:   0.00 / Final:   0.01)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/8/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_ROSE
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 3 / Preferred:   0.00 / Final:  17.08)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/8/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: EPMI_CISO_YELLOW
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 3 / Preferred:   0.00 / Final:  17.07)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/8/01
  TIE_POINT: MEAD_2_WALC
  INTERCHG_ID: EPMI_CISO_YELLOW
  ENGY_TYPE: WHEEL
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 3 / Preferred:   0.00 / Final:   0.01)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/8/01
  TIE_POINT: MEAD_2_WALC
  INTERCHG_ID: EPMI_CISO_ORANGE
  ENGY_TYPE: WHEEL


Dear Mr Lay

Issue 37 - 15th November 2000

CONTENTS

1 - This Weeks E-News Stories
2 - Free issues of MENA Petroleum Bulletin
3 - Personalise Your E-news Stories
4 - Market Analysis Report News
5 - Author Opportunities with SMi's Market Analysis Report Series
6 - Conference News
7 - Feedback: Let us know how you feel we could improve this service

Welcome to MENA E-News, delivering you the latest Middle East and North
African oil, gas, power and petrochemical headlines to your virtual
doorstep.

MENA E-news is your FREE personalised weekly news service from the
publishers of MENA Petroleum Bulletin
http://www.smipublishing.co.uk/mena-enews.asp

Why is it E-News different?  Because you can personalise your issues to make
sure you receive the stories that matter to you.

******E-NEWS THIS WEEK*******

KVAERNER WINS BALAL AWARD
Tehran - Kvaerner Singapore, part of the Anglo-Norwegian group, has been
appointed detailed engineering contractor for the offshore production
platform in the Balal oil field, being developed by TotalFinaElf. The award
follows Iranian Offshore Engineering and Construction (OIEC) and Singapore's
SembCorp winning the $60m contract for installation of the platform to
process 40,000bbl/d of oil and 14mcfd of associated gas.
The Anglo-Norwegian group was brought in by NIOC subsidiary Petro Pars in
April to manage the first phase development of South Pars gas field. In a
separate development, OIEC and Petro Iran are reported to be looking for a
foreign partner to take a 30% stake in the $850m Salman offshore project,
which the two Iranian companies won in October on a buy-back basis. The
Salman contract, tendered in 1998, requires the rebuilding of war-damaged
facilities and upgrading production at the field by 45,000 bbl/d to 130,000
bbl/d as well as developing an associated gas structure. http://www.irna.com

OPEC TO SUSPEND 20-DAY MECHANISM UNTIL JANUARY
Vienna - OPEC exporters have rejected calls from consuming nations for
further extra crude supplies that would have helped ease stubbornly high
world oil prices and cut fuel bills this winter. It appears, as the
Ministers meet in Austria this month, that OPEC will not be adding further
increases to world supplies despite oil prices remaining outside its
automatic 20-day production increase mechanism, set at $22-28/bbl. 'There
will be no increases this year under any circumstances,' Indonesian Oil
Minister Purnomo Yusgiantoro told awaiting reporters after a two-hour
meeting ahead of the formal ratification of the decision.
http://www.opec.org/

SUDAN SIGN EXPLORATION AGREEMENT
Khartoum - Sudan has signed an oil exploration agreement with several local
and international companies for an area in central Sudan, the
government-owned Al-Anbaa newspaper reported on Sunday. 'Sudan has signed a
production agreement...covering prospecting, development and transportation
of oil with Gulf oil companies, the Chinese National Petroleum Corp, Al Than
and Sudapet,' the daily said.
Al-Anbaa said the agreement covered a 75sq.km area on the western bank of
the White Nile, south of the town of Rabak, about 275km south of Khartoum.
The Gulf companies hold a 46% stake in the investment, the Chinese company
has 23%, Al Than also has 23% and Sudapet holds 8%.
Sudan, which produces about 185,000 barrels per day of crude oil, began
crude exports in August 1999. It had previously been importing oil and oil
products for about $300m a year, eating up most of its export earnings. It
has also been reported this week that Talisman Energy are to step up their
exploration efforts in the country, despite opposition from humanitarian
groups.

SHELL INK EGYPTIAN GTL AGREEMENT
Cairo - Royal Dutch/Shell Group confirmed this week that they are to invest
$1.7bn in an Egyptian gas-to-liquids (GTL) plant that could lead the country
to use domestic gas reserves to satisfy its entire oil products market for
more than 50 years.
Egypt is currently an importer of oil products. The oil giant agreed to
initial terms on the deal early in October. Shell said it has now signed a
development protocol with Egyptian General Petroleum for a
75,000-barrel-per-day GTL conversion plant to convert natural gas into
synthetic fuels. Crucially the project is now said to have the backing of
Egyptian Petroleum Minister Sameh Fahmy. Production could be in place by
late 2005, while a plant at the same site producing liquefied natural gas
(LNG) could be up and running earlier, by mid-2004.

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month subscribers to the MENA Petroleum Bulletin receive news of policy,
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*****MARKET ANALYIS REPORT NEWS*****

ALGERIAN OIL, GAS AND CONDENSATES REPORT

Algerian Oil, Gas and Condensates is a detailed guide to investment,
exploration and development in this important energy exporting country. This
Report will provide you and your company with a realistic assessment of
present and future political and economic risks and opportunities, together
with a comprehensive account of Algeria's oil, gas and LNG sectors.

You can order your copy of this essential report online and also find out
about SMi's full range of Market Analysis Reports and Newsletters at:
http://www.smipublishing.co.uk/algeria3.asp

Or email ordering@smi-online.co.uk

EGYPTIAN OIL AND GAS REPORT

Are you up to date with the latest political and economic risks in the
Egyptian oil and gas industries?

SMi's Egyptian Oil and Gas report offers you a comprehensive, detailed guide
on all aspects of the Egyptian oil and gas industries. SMi's Egyptian Oil
and Gas includes the latest strategies for dealing with political and
economic risk, the latest statistics on the energy economy of Egypt and
critical information about the oil and gas fields, reserves and production.

With the development of gas exports a top priority for the Egyptian energy
sector and continued exploitation of Egyptian oil resources, the timing
couldn't be better.

The report will enable you to;
* Identify key organisations and decision-makers in the government for the
energy industries
* Assess the impact of the country's tightly controlled political system on
oil and gas operations
* Measure the effect of Egypt's economic reform programme on the oil and gas
sectors and the prospects for future reform
* Forecast the prospects for economic growth and the role oil and gas will
play in the future economy
* Formulate strategies for dealing with the public sector and sources of
finance for operations in Egypt as well as the risk of payment problems

But that's not all, SMi's Egyptian Oil and Gas also provides detailed
information on the following key issues;

* The scope for foreign companies to take advantage of potential
opportunities.
* Implications for the oil and gas industries of key political, economic and
commercial issues,
* Comprehensive information on important companies, organisations and
executives including contact information,
* Analysis of the banking system, sources of finance and credit-worthiness,
* Analysis of risks faced and strategies to minimise their impact.

You can order your copy of this essential report online and also find out
about SMi's full range of Market Analysis Reports and Newsletters at:
http//www.smi-online.co.uk/lng4.asp

Or email ordering@smi-online.co.uk quoting reference MR 66 EN

****AUTHOR OPPORTUNITIES WITH SMi's MARKET ANALYSIS REPORT SERIES****

SMi Publishing Ltd is a leading publisher of business to business
information.
Our Market Analysis Reports are 30,000 word rigorous analytical briefings
providing timely industry and market forecasts. We are looking for authors
to write for our Energy portfolio on topics such as:

- Deep and Ultra-Deep Water Drilling
- Smart Reservoirs
- Coal-Bed Methane
- EP Data Management

If you or one of your colleagues are interested in writing a Report, please
contact Elizabeth Gray: mailto:egray@smi-online.co.uk

*****CONFERENCE NEWS*****

PREDATORS AND PREY IN THE POWER SECTOR
8th & 9th January 2001, The Hatton, London

Book today - places are limited!

Minimise the risks and maximise the opportunities offered by market
deregulation by attending SMi's Predators and Prey in the Power Sector.

With the rapid growth of new opportunities the timing couldn't be better.
In just two days this conference will bring you up to date with the key
issues in mergers and acquisitions in the Power sector.  Just as strategic
alliances can increase your profitability and efficiency, attending SMi's
Predators and Prey in Power Sector will ensure you are using your resources
effectively.

Key speakers include:

* Peter Bucks, Senior Financial Advisor, Ofgem
* Marsha Gransee, Deputy General Counsel, US Federal Energy Regulatory
Commission
* Dr. Paul Lars Danielsen, Senior Vice-President, Corporate Strategy, TXU
Europe
* Dr. Helmar Rendez, Head of Corporate Development, VEAG

Not only will you benefit from an intensive programme, you will also hear
the first hand experiences of successful strategic alliances.  The high
quality of our speakers means that you can be confident of gaining insight
from the experts.  There will also be plenty of opportunities to meet key
decision makers and discuss market developments.

The full conference programme is available at
http://www.smi-online.co.uk/predators6.asp
Or call 020 7827 6134 for a conference brochure.

Time is running out to take advantage of this essential information resource
so make sure you book on SMi's Predators and Prey in the Power Sector today.
We have a limited number of places available and registration is easy. To
register online on our website http://www.smi-online.co.uk/predators6.asp,
or call 020 7827 6134. We will confirm registration within 24 hours.

LIQUEFIED NATURAL GAS 2001
5 - 6 February 2001, The Hatton, London

Are you keeping up to date with the tremendous worldwide opportunities
offered by LNG? Hear the latest strategic analysis of global LNG
developments at SMi's Liquefied Natural Gas Conference LNG 2001. This event
gives you the opportunity to join the sector early and to strategically
align your company for optimum success.

Why you should attend this event:

LNG 2001 offers you the advantage of hearing from a leading international
panel of experts at the cutting edge of LNG.  This event will give you
crucial commercial analysis of all the areas affected by the LNG chain from
the producers, through the shippers to the customers.

But that's not all, LNG 2001 is a time and labour saving way to ensure you
gain insight into market potential before you competitors do.  In just two
days you can find about the emerging market trends and opportunities in LNG
on a global scale.

The high quality of our speakers means you can be confident of gaining
insight from the experts.  Some of the key speakers include;

* Cesar Dias Ramos, Director, GNL do Nordeste Ltda
* Akira Misaki, Manager New Business LNG Team No. 2, LNG Group, Kawasaki
Kisen Kaisha (K Line)
* Patrick Pope, General Counsel, SONAT
* Dr Maizar Rahman, Director, Lemigas
* Sveinung J. Stohle, General Manager Commercial, Nigeria LNG
* Mustafa Gokman Cologlu, Planning Manager, IGDAS

The full conference programme is available at
http://www.smi-online.co.uk/lng4.asp
Or call 020 7827 6134 for a conference brochure.

******YOUR FEEDBACK********

We hope you have found this weeks copy of E-News beneficial.  We are always
keen to receive your comments and ways you feel we could improve this
service. mailto:feedback@smipublishing.co.uk

Regards,

Richard Nolan

PLEASE FEEL FREE TO FORWARD THIS MESSAGE ON TO A FRIEND OR COLLEAGUE YOU
FEEL IT WOULD BE OF INTEREST TO
_________________________________________________________
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_________________________________________________________
You are currently subscribed to MENA E-News as: [ klay@enron.com.]


-----Original Message-----
From: DeBenedictis, Greg [mailto:gdebenedictis@comark-corp.com]
Sent: Thursday, September 27, 2001 10:35 AM
To: 'Pete Mordente'; Steve Harms; Rick Stillman; Bob Zieman; Brian McDonald; Bruce & Nancy; DeBenedictis, Greg; general; Jim Lareau; John Cherry; Lichtenwalter, Blair; Mark Dreher; Mike Kisucky; Mike Maley; Mike Vilim; Murdo & Anna; Charlie Kerr; Jim Kerr; Jim Underdown; John Mordente; carl F; John Murray; Johnnie frango; Mike Suppa; George Felt; Mike O; 'fmsgraphic@aol.com'
Subject: The latest from Nintendo...

I never liked video games, but this one looks kind of good.

<http://www.fieler.com/terror/>

-----Original Message-----
From: Pete Mordente [mailto:pmordente@parkwayimaging.com]
Sent: Tuesday, August 21, 2001 8:54 AM
To: Steve Harms; Rick Stillman; Bob Zieman; Brian McDonald; Bruce & Nancy; DeBenedictis, Greg; general; Jim Lareau; John Cherry; Lichtenwalter, Blair; Mark Dreher; Mike Kisucky; Mike Maley; Mike Vilim; Murdo & Anna; Charlie Kerr; Jim Kerr; Jim Underdown; John Mordente; carl F; John Murray; Johnnie frango; Mike Suppa; George Felt; Mike O
Subject: A Code of Conduct


I have revised

Jennifer Reed
12/08/2000 11:38 AM
To: Dana Davis/HOU/ECT@ECT
cc:
Subject: Re: Mary Kay Makeup

Please help me friend with the questions below.  She is getting it ready for
my mom this weekend.  I am attaching your order so please find out & send
back to me.  She wants to make sure that she gets the correct stuff.

Your Order:
Dana Davis (work):
2  acne treatment gels
2  cleaners #2
1  oil control lotion #3
2  purifying bars
1 revitalizing mask #2
2  mahogany bronze #2 make-up
1  bronze loose powder
2  light bronze loose powders
2  conditioning eye make-up remover
3pkg sponges
1 under-eye cover cream (ivory)
2 blushed ivory #2
1 cleanser #1

---------------------- Forwarded by Jennifer Reed/HOU/ECT on 12/08/2000 11:36
AM ---------------------------

HEIDIMVALERIUS@aol.com on 12/08/2000 11:25:19 AM
To: Jennifer.Reed@enron.com
cc:
Subject: Re: Mary Kay Makeup

got your email.  i need help figuring out dana davis.  you put 2 purifying
bars revitalizing masks.  is that 2 bars and 2 masks, or what.  also she has
1 bronze loose powder and then 2 light bronze loose powders.  is that the
same thing?  all we have is bronze loose powder.  and i am assuming that
mahogany bronze is the foundation, correct?  just let me know and i will get
this to your mother this weekend.  thanks bunches.  love you, heidi


Start Date: 4/29/01; HourAhead hour: 16;  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\2001042916.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 16 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/29/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: FIRM


Attached are five flyers from the California Independent Energy Producers
providing information about the California power issue.


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Very Interesting
-----Original Message-----
From: Harrison, Tyrell
Sent: Thursday, November 15, 2001 2:19 PM
To: Whitt, Mark; Harrison, Tyrell
Subject: REPEAT:Reining In Enron Traders' Daring May Cost Dynegy

  <http://ste.clickability.com/ste.gif?151|5040|4120|3120|150|150|7584393|N|2|>
  <http://images.clickability.com/eti/spacer.gif>	  <http://images.clickability.com/eti/spacer.gif>
 	 WSJ.com <http://www.wsj.com>	   <http://images.clickability.com/logos/336699/emailthis-logo.gif>

Powered by	    <http://www.clickability.com>

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 	 You have received the following link from tyrell.harrison@enron.com:

  <http://images.clickability.com/eti/spacer.gif>

 	 Click the following to access the sent link:

 	   <http://images.clickability.com/partners/150/etIcon.gif>REPEAT:Reining In Enron Traders' Daring May Cost Dynegy <http://wsj.emailthis.clickability.com/et/emailThis?clickMap=viewThis&etMailToID=2122568295>

 	 SAVE THIS link <http://wsj.savethis.clickability.com/st/saveThisPopupApp?clickMap=saveFromET&partnerID=150&etMailToID=2122568295>	 FORWARD THIS link <http://wsj.emailthis.clickability.com/et/emailThis?clickMap=forward&etMailToID=2122568295&partnerID=150>

Please note, the sender's email address has not been verified.

Get your EMAIL THIS Browser Button and use it to email information from any Web site.	  <http://wsj.emailthis.clickability.com/et/emailThis?clickMap=browserButtons>

[Advertisement] <http://ad.doubleclick.net/jump/interactive.wsj.com/demo_yes.htm;famil=g roup_emailsave;sz=468x60;ord=969848>
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---------------------- Forwarded by Susan M Scott/HOU/ECT on 08/31/2000 07:56
PM ---------------------------

Susan M Scott
08/31/2000 07:52 PM
To: lnmay@aol.com
cc:
Subject: Reports2


FYI
---------------------- Forwarded by Mary Hain/HOU/ECT on 01/17/2001 11:17 AM
---------------------------
To: Alan Comnes/PDX/ECT@ECT, Mary Hain/HOU/ECT@ECT
cc:
Subject: Requested information

---------------------- Forwarded by Chris H Foster/HOU/ECT on 01/17/2001
10:34 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Eric.Lavik@sce.com                           01/17/2001 10:34 AM

To: chris.h.foster@enron.com
cc:
Subject: Requested information

(See attached file: StraightTalk.pdf)(See attached file: history.doc)(See
attached file: straight.doc)(See attached file: 8K.pdf)

 - StraightTalk.pdf
 - history.doc
 - straight.doc
 - 8K.pdf


CALENDAR ENTRY:	APPOINTMENT

Description:
	Chelsea in town - El Tiempo

Date:		12/20/2000
Time:		7:30 PM - 8:30 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Hello Chris.

All appendages still attached?  Hope you enjoyed your cooking class and had
an enjoyable weekend.   Sorry I had to cancel on Friday, weather here is
still awful..

Have a good week!

Traci
Traci McBride
Investment Advisor
Raymond James Ltd.
Ph: (403)314-2613
e-mail: traci.mcbride@raymondjames.ca

____________________________________________________________________________________

This email, and any files transmitted, is confidential and may contain privileged information.  Any unauthorized dissemination or copying is strictly prohibited. If you have received this email in error, please delete it and notify the sender immediately. Any views or opinions presented in this email are solely those of the author and do not necessarily represent those of Raymond James Ltd. This email is intended for distribution only in those jurisdictions where Raymond James Ltd. is registered as a dealer in securities.  It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities.  This footnote also confirms that this email message has been swept for the presence of computer viruses.

Raymond James Ltd. is a member of the Canadian Investor Protection Fund.
____________________________________________________________________________________


FYI, see below re the LOI. Are you available?

-----Original Message-----
From: "Becky Alex" <rtalex@tecoenergy.com>@ENRON
Sent: Tue 6/5/2001 2:39 PM
To: Jacoby, Ben; Mitro, Fred; dcturner@tecoenergy.com; Eric Bronner;
mrcarlson@tecoenergy.com; rtalex@tecoenergy.com;
TPS#032#Exec#032#Conf#032#Room@tecoenergy.com
Cc:
Subject: Conference Call to discuss Midway LOI

Item Type:  Appointment
Start Date:  06/07/2001  03:00 pm EDT  (Thursday)
Duration:  1 Hour, 30 Mins
Place:  TPS Executive Conference Room / Conference in Enron

3:00 PM EDT


Will Julie and/or the boys be coming to Ft Worth for the reunion in Oct?

Marcy may be coming down with the gang, and she'd like some company.

--Vance


NSM Bankruptcy Claim

Attached for your review and comment is a draft of the indemnification
portion of a claim by Enron entities in the NSM bankruptcy.? I have tried to
make the claim as big as possible, which makes it rather vague and
wishy-washy.? Maybe you can suggest changes.

At the risk of differing with Lisa and Paul, I really do not understand why
this is a good idea.? It seems to me that any claim by Enron is an unsecured
claim, way down in priority, clearly behind all of the bondholders, at least
to the extent of their security.? I don't understand how this claim creates
any threat to the plaintiffs or settlement pressure on anyone.

In addition, I hate saying the things we have to say to state a claim.? In
the litigation, we consistently say that we did nothing wrong, we were
victims too, the few people who did sue us should see their mistake and
dismiss us.? Now we propose to file a public document saying the opposite:?
that we fear the suits that have been filed and we expect more, producing
tens--maybe hundreds--of millions of dollars of exposure.

While we should continue to move this aspect of Enron's claim along, so we
are ready to file if we want to, I think we should consider a conference call
among Lisa, Paul, Richard, and me to talk through the wisdom of the
indemnification claim.? (I don't worry nearly so much about a fraud claim on
Enron's securities purchases, because that does not go against our litigation
position, although I still don't see what good such a claim would do.)

Steve Howard
Milbank, Tweed, Hadley & McCloy LLP
showard@milbank.com
213-892-4478; 213-892-4748 (fax)

 <<NSM Claim.doc>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - NSM Claim.doc


Mark,

The attached spread for Rob Fuller is identical to John Arnold's.  This will
replace the current crude spread product as a new product type.  Please
review and let us know if you have any questions.

Thanks,

CW
3-7533

 -----Original Message-----
From:  Meredith, Kevin
Sent: Friday, May 25, 2001 1:05 PM
To: Walker, Chris; Lozano, Melba
Subject: FW: Crude Spread

 -----Original Message-----
From:  Meredith, Kevin
Sent: Monday, May 21, 2001 3:47 PM
To: Fuller, Robert
Subject: Crude Spread

Rob,

Please review the attached long description for the spread product you've
requested.  Additionally, please confirm that the unit of measure will be
barrels per month and that you understand the functionality of the product
(i.e. one product on the website, two swap transactions once hit/lifted).
Let me know what you think.

Kevin
(713) 853-9555


I think that we should enforce the agreement. Did he get a signing bonus?  If so he probably will have to pay back. He also will have to hnor noncompete.

What happened with Brent Price?

Michelle
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


I never heard back from you last week.  Can we continue to send this report
monthly?  Some addressees have changed.  Sara


Bill you may want to sit in on this if you have time.  It seems we have items
of concern that were identified during the consolidated audit at Bakersfield
which were tied into  a previous agreement with Koch for which the action
team did not know when the action items were prepared.  The action dates are
approaching and   Scott and I are having a hard time getting clearification
on how to initiate getting the the action items started due to the
responsibility of Koch for some of the items.  Ed, the attorney for EOTT,
will be requested by Lou, to notify Koch concerning their responsiblity.  If
this sounds convoluted, then you know as much as I.....
---------------------- Forwarded by Larry Campbell/ET&S/Enron on 05/18/2001
09:26 AM ---------------------------
From: Jan Cobden/ENRON@enronXgate on 05/17/2001 04:05 PM CDT
To: edward.attanasio@eott.com@SMTP@enronXgate,
scott.jones@eott.com@SMTP@enronXgate, Larry Campbell/ET&S/Enron@ENRON, Louis
Soldano/ENRON@enronXgate
cc:

Subject: Conference Call

The conference call will be held Friday May 18th at 3:00pm CST.  The dial in
number is
1-800-713-8600, and the Passcode is 2357.

Thank you,
Jan for Lou Soldano


Stan, Bill, Jim & Jim,
Attached is the letter sent to Chairman Hoecker regarding the use of his
facilities on April 26 for the industry meeting facilitated by GISB for
governance issues for a standards organization for wholesale and retail gas
and electric issues.  The draft was sent to his staff on March 30 to ensure
that the letter said the necessary things, and we learned yesterday afternoon
that we would have access to the Commission Room and that Chairman Hoecker
would open the meeting.  Jim Templeton was working with Pat Wood (Texas PUC
Chairman) who originally said he would also like to make opening remarks for
the meeting.  Best Regards,  Rae

 - hoecker.pdf


----- Forwarded by Tana Jones/HOU/ECT on 04/12/2001 03:10 PM -----

	"Dotson, Elona" <EDotson@NYMEX.com>
	04/02/2001 05:57 PM

		 To: Tana.jones@enron.com
		 cc:
		 Subject: enymex Registration Information

April 2, 2001

Via Email

Tana Jones
Tana.jones@enron.com
Enron

Dear Tana Jones:

The New York Mercantile Exchange is excited and we want to tell you why.
NYMEX is about to launch enymexsm  and its prospects are invigorating.

Over-the-counter (OTC) participants will now be able to execute transactions
on the same platform as NYMEX futures.  The Exchange plans to use its proven
clearing infrastructure to introduce complete counter-party risk management,
and create net margining with Exchange futures markets by calculating a
consolidated clearing position.  Subsequent enymexsm functionality will also
provide an internet-based interface to the established Exchange futures
market by routing futures orders to the trading floor and the NYMEX ACCESSc
electronic trading system, depending on the session.

Attached please find information announcing the first slate of products to
be offered for listing on enymexsm .

Since we value your business as a forerunner in this industry, we are
enclosing for your review the sale registration form, which consists of the
enymexsm System User Agreement.  Please review, sign and return to Robert A.
Dagistino, Director of Customer Service, New York Mercantile Exchange, One
North End Avenue, New York, N.Y. 10282.  Any questions can be answered via
email at rdagistino@nymex.com or via telephone at 212-299-2429.

The signatory must be an executive officer or partner of the firm.  We are
also attaching two "click-on screens" that users will view when they first
log on to the system.

Please note that since the enymexsm products will be cleared you will also
need to obtain authorization from a clearing member for your account.

A NYMEX team, consisting of members of our Board, local traders and staff,
will be visiting each one of you in person.  They will discuss with you how
to utilize the benefits of NYMEX to achieve precision in many of your
customized transactions.

We look forward to receiving your registration and participation in what is
intended to be the premier, global exchange for forward trading and clearing
contracts focusing on energy and metals products.

Sincerely,

 <<...OLE_Obj...>>
Neal Wolkoff,
Executive Vice President

 <<enymex information.doc>>  <<enymex system user agreement.doc>>
<<clickonscreensfinal3282001.doc>>
 - enymex information.doc
 - enymex system user agreement.doc
 - clickonscreensfinal3282001.doc


I've added a comment in each leg of 597246 - "Deal modified from three
separate index-forwards to one deal with three legs." Does that work? And I'm
checking with John Malowney now to see if the confirm you've already sent out
will suffice - he's in a meeting right now. I'll get back to you in a moment.

Thanks,
Kate

	From:  Sharen Cason                           05/02/2001 06:25 AM

To: Kate Symes/PDX/ECT@ECT
cc: John Malowney/Enron@EnronXGate

Subject: Re: Montana power

If John Malowney is okay with the confirmation he reviewed, I'm fine.  I made
the changes he suggested and sent it out, so if nothing else needs to be done
for the confirmation, then yes, please add some notes in the comment section
of deal entry about what happened.

Thanks!

   Kate Symes                05/01/2001 06:07 PM

To: Sharen Cason/HOU/ECT@ECT
cc:
Subject: Re: Montana power

I'm really sorry about the confusion - I actually just got filled in myself.
I entered these deals for Mike Swerzbin yesterday, but he gave me an
incorrect delivery point (mid-columbia instead of montana system border).
Then Cara Semperger, in Scheduling, went in to change the delivery point and
felt that the deal should be combined into one with three legs instead of
three separate deals.

So, in the end, she killed 597244 and 597245, and added two legs to 597246.
I'm not sure she talked to John Malowney about any of this, otherwise he
probably would have told her that he already approved the confirm letter.

Please let me know if you'd like comments added to this deal, and I'll do it
right away.

Thanks for your help on this,
Kate

	From:  Sharen Cason                           05/01/2001 03:30 PM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Montana power

Help, I'm confused!  Yesterday I prepared a confirmation for three Montana
Power deals, # 5467244, 597245, 597246.  I sent it to John Malowney and he
approved it and I faxed it out. Today I noticed two of the deals have been
killed and two legs added to the other deal.  I think it is the same deal,
but can someone put notes into the deals saying what they did and why?

Thanks!


Jeff/Sue, what are your thoughts about trying to meet with commissioners or
key staff to advance our quite reasonable positions in the DG case?  The
Phase 1 ruling is only a month away.  It still baffles me that such contacts
are permissible, but obviously the utilities are doing whatever they can to
oppose our positions on UDC ownership, open access D tariffs, and standby
rates.


Power Marketers

QSE Services - Full Service

Contract Length		No Term	1 Year	3 Year
MINIMUM ANNUAL FEE		$120,000 	$108,000 	$102,000

		$/MWh	$/MWh	$/MWh
Energy Scheduling (includes reserve products)		0.08	0.065	0.055
Settlement		0.08	0.065	0.055

MAXIMUM ANNUAL FEE		No limit	$400,000 	$380,000

Thane indicated that we could possibly do a 1 or 2 month contract, thus avoiding "LD's" for a NO TERM contract..  He also indicated that the Minimum Annual Fee is really monthly--thus under the No Term scenario, with a 60-day cancellation:  if we were to terminate & begin using our own QSE prior to the 60 day cancellation we'd only be liable for the $20K in "Liquidated Damages"...$10K monthly minimum * 2 months.  The point is, if we only use 2 months we're not liable for $100K for unused months because of the "MINIMUM ANNUAL FEE OF $120K."

We would download APX software to upload/download our daily schedules using APX as our QSE. (no email)

There is also another option where we could be our own QSE but use the APX software to schedule for a lesser fee (which Thane is checking into).  There is a fee for the software per workstation.


-----Original Message-----
From: 	"Performance Evaluation Process (PEP)" <perfmgmt@enron.com>@ENRON [mailto:IMCEANOTES-+22Performance+20Evaluation+20Process+20+28PEP+29+22+20+3Cperfmgmt+40enron+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, May  24, 2001 6:14 PM
To:	Neal, Scott
Subject:	Mid-Year 2001 Performance Feedback

NEAL, SCOTT M,

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

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

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

Thank you for your participation in this important process.

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

Employee Name:
CARTER, TAMARA
CHAVEZ, ALEJANDRA
DE PAOLIS, TAMMI
DEMOES, THOMAS
HODGE, JEFFREY
JONES, DAVID
KAISER, JARED
KEISER, KAM
KNIPPA, MARK
LAMADRID, VICTOR
MARTIN, THOMAS
MAY, LAWRENCE
MUHL, GIL
OTTO, CHARLES
SUPERTY, ROBERT
TAYLOR, JOHN
TIAN, YUAN