thanks for lunch! i knew i would remember it -- the name of the little city
in portugal is sintra. i think it is northwest of lisbon. really cool city.
have a great trip and be careful! mb

-----Original Message-----
From: Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent: Friday, November 10, 2000 10:35 AM
To: mbeckworth@velaw.com
Subject: RE: Hello!

Miyako sounds great.  Why don't we meet there at 12:00.

I didn't get to know Terry that well.  I was pretty green at that point.
That was actually the first deal I worked on when I got to legal.  I went
to law school a little later in life.  I have been practicing for about 2
years.  Terry reminded me of an absent minded professor.  He had this pair
of glasses that during the course of the deal, they became more and more
broken down.  By the end, one of the ear pieces was missing and they barely
stayed on his face.  At the closing dinner Enron bought him a new pair of
glasses.

South America.  That sounds pretty interesting, ever travel down there?

                    "Beckworth,

                    Melissa"             To:     "'Gerald.Nemec@enron.com'"
<Gerald.Nemec@enron.com>
                    <mbeckworth@v        cc:

                    elaw.com>            Subject:     RE: Hello!

                    11/09/2000

                    11:59 AM

hi gn. so funny...terry and david are in my group. i don't know david as
well really, but terry is a good friend and is a total riot! i don't know
how well you got to know him, but he really is just great. anyway, i have
really been working with enron south america on the cuiaba project
exclusively for the past year and a half. the enron attorneys are randy
young and john novak. prior to that i did a few structured deals --
christina mordaunt was the atty.

yes, annie wu (we just call her "the wu") is a stitch! remind me to tell
you
the story about when she came to visit me in london...and a few other
stories. she is a trip! truly a sweet person and a good friend too. i heard
you know my friend walter daniel, too. he was in my law school class and is
also a good friend.

whenever/wherever on the 14th is fine. do you like sushi? we could go to
miyako...or zydeco or becks? those are the places where i usually meet
enron
folks since they are in between... let me know! mb

-----Original Message-----
From: Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent: Wednesday, November 08, 2000 10:29 AM
To: mbeckworth@velaw.com
Subject: Hello!

Hi Melissa,

Thanks for the call.  I thought it might be easier to communicate via email
since we are both kind of difficult to reach via phone.  Sounds like they
keep you busy at V&E.

Yes, I do work for Enron.  I am an attorney for Enron North America in gas
and power origination.   I actually worked with some attorney's from V&E on
a couple of asset financing deals we did about a year ago.  Terry Yates and
David Keyes.  Joel Ephross also worked on those deals, but he is now at
Enron in our Global Finance Legal Group.

Sounds like you have worked alot on Enron deals.  I know we keep you guys
pretty loaded with work.  Who are your Enron contacts?  Enron is a big
place, but I might know them.

Lunch sounds great.  The 14th works for me.  Any preferences as to
location?

In case you were wondering about how Ann Wukasch and I know each other; Ann
and I met at my sister's wedding in Colorado.  My sister and Ann are good
friends and work at the same school in Dallas.   Ann is a trip!

Gerald
          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You

          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You


Start Date: 1/18/02; HourAhead hour: 6;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011806.txt
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Error: dbCaps97Data: Cannot perform this operation on a closed database


> -----Original Message-----
> From: Benjamin, Tammy  (IndSys, MFG) [SMTP:Tammy.Benjamin@indsys.ge.com]
> Sent: Wednesday, August 16, 2000 3:33 PM
> To: CSwaringam@Carlson.com
> Subject: FW: Objections(A great tool for witnessing!)
>
>
>
> This is nice...Read it!
>
> (Tammy.Benjamin@Indsys.ge.com)
>        Purchasing Dept. Expediter
> Phone# 713-864-4431x255
> Fax# 713-880-7400
>
>
>
>
> -----Original Message-----
> From: Aylonda.Roberts@chron.com [mailto:Aylonda.Roberts@chron.com]
> Sent: Wednesday, August 16, 2000 3:26 PM
> To: Tammy.Benjamin@indsys.ge.com; torreyerin@aol.com;
> mary@benefitrecovery.com; madisos@wellsfargo.com;
> JLTHOMAS@duke-energy.com; tbowie@aquasource.com
> Subject: FW: Objections(A great tool for witnessing!)
>
>
>
>
> -
>
>
>
>
>
>
>
> Subject: FW: Objections(A great tool for witnessing!)
>
>
>
>
>
>  <<ATT36413.txt>>  <<OBJECTIONS.PPS>>

 - ATT36413.txt
 - OBJECTIONS.PPS


I'm even crossing my eyes!!!!  Will talk to you tomorrow on the leadership
call.

I was in at an Embassy Suites out on the peninsula.(I think that's what it's
called) ....it was actually quite a pretty view.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	06/06/2001 09:40 AM

		 To: Susan M Landwehr/NA/Enron@Enron
		 cc:
		 Subject: Re: San Fran

will miss you.  hope you have a good trip.  as it turns out, i'm in
sacramento all week in close door negotiations trying to settle california's
electricity mess.  keep your fingers and toes crossed!

best,
jeff


Power Curve 5: Forward Power Continues Softening; Implications

* The Power Curve has softened since our last analysis (Power Curve 4,
May 2).  Forward expectations are down 11%, 15% and 9% for 2001, 2002 and
2003, respectively.  The Spark Spread, an important measure of profit
potential, has declined further: down 18%, 32% and 84%, respectively.
* Shape of curve remains "backwardated" - decreasing from a peak this
summer.
* Softening trend has continued since January.  This period every
region was affected with California and the West showing the largest
declines.
* Power Producers: most favorable commodity pricing environment this
summer--continue to expect positive earnings surprises 2Q and perhaps 3Q.
* Recommendation to investors:  Expect near-term strength in Producers
keyed off of strong 2Q expectations.  Recommend shifting portfolio toward
Energy Merchants as we move into the summer.  Maintain positive ratings on
both groups of stocks given strong near-term earnings visibility.

 <<Power Curve 5 5-24-01.doc>>  <<Power Curve 5 5-24-01.pdf>>

Raymond C. Niles
Power/Natural Gas Research
Salomon Smith Barney
(212) 816-2807
ray.niles@ssmb.com

s

 - Power Curve 5 5-24-01.doc
 - Power Curve 5 5-24-01.pdf


Sean's comments
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 10/14/99 09:00
AM ---------------------------
Sean Black   10/14/99 08:43 AM

To: Sara Shackleton/HOU/ECT@ECT
cc: Lucy Ortiz/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Barton
Clark/HOU/ECT@ECT
Subject: Re: Spark Spread Confirmation

Sorry, I did not realize you were awaiting a response from me on this.

Our deal is with the subsidiary, not the parent.  So the name of the
counterparty should be Catalytica Combustion Systems, Inc., (CCSI) not
Catalytica.

Regarding the credit issue (Annex B; Credit and other special provisions), I
can't see how we are exposed to credit risk; we will not sign the XONON
Implementation Agreement with GE until we have received the $9.9 million
payment from CCSI.  If CCSI does not agree to return the spark spread
confirmation upon our request, as defined per the agreement, then CCSI is in
default of the agreement and the spark spread confirmation becomes worthless.

My main concern is with the general terms and conditions of the spark spread
confirmation because I know there are some errors in there that need to be
corrected:

There are three prices for the Gas Daily index referenced - low, high and
mid.  We need to define which curve we want to reference.
We need to change the name from Catalytica to Catalytica Combustion Systems,
Inc.
I think ECT should now be changed to Enron North America in the agreement,
but please advise on this
I need to provide the details for CCSI (e.g., name, title, payment account
information)

Also, if Lucy can review the document for any other errors that would be a
good idea.

I was looking to get these items corrected in anticipation of sending to CCSI
sometime around the end of next week.

Please feel to contact me with any other questions.

Sara Shackleton
10/11/99 05:23 PM
To: Sean Black/HOU/ECT@ECT, Randy Petersen/HOU/ECT@ECT
cc: Tanya Rohauer/HOU/ECT@ECT, Barton Clark/HOU/ECT@ECT
Subject: Spark Spread Confirmation

We are trying to revise the draft transaction confirmation per Sean's e-mail
of date.  The original confirm was prepared for "Catalytica, Inc." and the
credit included an additional event of default (cross-default) with
thresholds of $10 million for Catalytica and $50 million for Enron North
America.  Sean has requested that "Catalytica, Inc." be REPLACED with the sub
"Catalytica Combustion Systems".  Should the credit remain the same?

We are withholding release of this confirm pending a response from
underwriting.  Thanks.  Sara


Janet,  Attached is a clean and redlined version of the Confidentiality
Agreement (Trunkline) with the revisions we discussed.  Please review.  Bobby
Gaspard with Trunkline, asked that I forward the revised draft via email and
after their review an executable.  Please forward to Bobby for his review at
bjgaspard@cmsenergy.com if you are okay with this draft.


As we discussed.
---------------------- Forwarded by Steven J Kean/HOU/EES on 08/09/2000 02:44
PM ---------------------------

Richard Shapiro
08/03/2000 07:35 AM
To: Steven J Kean/HOU/EES@EES
cc:
Subject: Report on Calif. Electricity Price Spikes by CPUC and EOB

---------------------- Forwarded by Richard Shapiro/HOU/EES on 08/03/2000
07:35 AM ---------------------------

	Joseph Alamo
	08/02/2000 07:51 PM

To: California Government Affairs, Paul Kaufman/PDX/ECT@ECT, James D
Steffes/HOU/EES@EES, Richard Shapiro/HOU/EES@EES, Joe
Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Cynthia
Sandherr/Corp/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Karen
Denne/Corp/Enron@ENRON, Peggy Mahoney/HOU/EES@EES, Harry
Kingerski/HOU/EES@EES, David Parquet/SF/ECT@ECT, Laird Dyer/SF/ECT@ECT, Roger
Yang/SFO/EES@EES, Dennis Benevides/HOU/EES@EES, Michael McDonald/HOU/ECT@ECT,
Robert Badeer/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT
cc:
Subject: Report on Calif. Electricity Price Spikes by CPUC and EOB

For your review:


Vince,

A quick update on job candidates:

1)  Nelson Neale:   relayed your request to Norman, and told Nelson that an
offer is in progress.  Did not mention specific numbers to him.

2) Charles Shen:  left a message for him that we would get back to him next
week with details of an offer.

3)  Interviewed by phone Tom Barkley at Thunderbird (brought to our attention
by Enron recruiters there).   He looks very interesting so I am trying to
schedule a visit to Enron for him.   He will finish T-bird in December (MBA)
and has a bachelors with honours in Mathematics.

Have a great weekend.

Stinson


yes...please change griffith to trading.
thanks,
john


John,

I think the crucial distinction is between recognition of risks and
elimination of
risks through hedges (as correctly pointed out  in other messages). Being
aware of risk
does not mean that one does not want to be compensated for it.

Now a few more detailed comments.

1. I think that illiquidity discount represents double counting when combined
with
a project finance discount rate. Illiquidity discount, in my view,
should be applied to financial options that trade in a market without
sufficient depth.
One should apply a haircut if liquidating  a position takes a long time. The
approach used in valuation
of the Turkish transaction is the same as approach used in valuation of
investments in physical
assets, which are by definition illiquid. This illiquidity  is recognized
through other aspects
of valuation technology used in RAROC.

If we apply an illiquidity correction in this case, we should be consistent
and use
this approach  across the board for all project finance type cases (not that
I recommend this course of action).

2. Valuation of an unheadgable options.

Let's look at it from the position of a seller of the option.

He cannot hedge a short call or put and Black-Scholes valuation becomes the
floor for
the valuation: the seller has to be compensated for taking a price risk (as
opposed to taking a vol
risk when he hedges). The issue of the compensation he will require becomes
fuzzy.
The option really becomes an insurance type product and pricing depends on
two factors:

1. risk preference
2. existing portfolio positions

Risk preference. Insurance companies typically require a payment that
consists of two parts:
expected loss + unexpected loss. The latter is typically defined as 1 to 2
standard deviations.
The number of  standard deviations depends on risk appetite and the ability
to absorb the loss.
I admit that it is a bit fuzzy, but this is the way the world works. We
looked into insurance pricing at the
request of Jere Overdyke. You can talk to Vasant Shanbhogue to find out more
about it.

Existing portfolio positions. An additional contract may increase or decrease
the risk of the overall portfolio.
I would expect the deal to provide some risk diversification, but it does not
look to me as a deal that reduces risk
(given all our positions in this region).

What are the practical implications? Pricing depends on risk appetite (the
utility function of a decision maker
in technical jargon) and becomes to some degree arbitrary.

If we are short an option embedded in a deal and the option cannot be hedged,
we should subtract from the value of the contract
the value of the option (that is greater than the Black - Scholes value).
If we don't price this option explicitly,
the valuation of a contract will be based on a discount rate with a risk
premium.

In the case of an option buyer, the situation is reversed. If he cannot
hedge, he should recognize the risk
of losing the value of his investment and apply a discount to the value of
the option.
How big is the discount? See the comments above.

In the special case, where hedging is possible and the Black-Scholes-Merton
paradigm applies, both values
will become equal (ignoring transaction costs). The values of an option form
the point of view of
a seller and a buyer will converge.

3. What happens in case we use simulation technology?

We can discount at the risk free rate along each scenario (each scenario will
recognize the downside and/or
upside at different points in time in different states of the world).
If we run a sufficient number of scenarios, we shall get a distribution of
NPV as of today.
Knowing this distribution means that we can estimate risk, but in most cases
we are still holding
it. The expected value should be, therefore, adjusted for risk. This is
equivalent to using a
discount rate with a risk premium.

I hope this helps. Please, call me with additional questions. Sorry for a
delay in responding
to this question. I ran my response by Stinson and Vasant, to make sure we
all agree.
It's a very complicated technical problem and the financial theory does not
have
good answers.

Vince


are we still doing dinner some time, as well

"Larry W. Bass" <lwbthemarine@bigplanet.com> on 09/05/2000 12:50:57 PM
To: Eric.Bass@enron.com
cc:
Subject: Re: Bonnie

Why pray tell do you need to leave by 11:45? Details please.-L

----- Original Message -----
From: <Eric.Bass@enron.com>
To: <lwbthemarine@bigplanet.com>
Sent: Tuesday, September 05, 2000 12:17 PM
Subject: Re: Bonnie

>
> 2. we will probably come out around 10 b/c i need to leave by 11:45 or so
>
>
>
>
> "Larry W. Bass" <lwbthemarine@bigplanet.com> on 09/05/2000 12:03:12 PM
>
> To:   Eric.Bass@enron.com
> cc:   jason <jason.bass2@compaq.com>, KATHY BASS
<daphneco64@bigplanet.com>
> Subject:  Re: Bonnie
>
>
> That is fine with me. How many?-Dad
>
>
>
>
> ----- Original Message -----
> From: <Eric.Bass@enron.com>
> To: <lwbthemarine@bigplanet.com>
> Sent: Tuesday, September 05, 2000 11:56 AM
> Subject: Re: Bonnie
>
>
> >
> > can we make it 10:30?
> >
> >
> >
> >
> > "Larry W. Bass" <lwbthemarine@bigplanet.com> on 09/04/2000 02:23:34 PM
> >
> > To:   jason <jason.bass2@compaq.com>, eric preston bass
> >       <Eric.Bass@enron.com>
> > cc:
> > Subject:  Bonnie
> >
> >
> >
> > Howdy. Bonnie will be here Thursday, for a week. If  you guys are
> > available, we thought we would take all to Brunch @ SWCC, 11 a.m.
> Sunday.
> > Girls are invited. Let me know if you can make it and if your better
> > halves will accompany you. Do so, please, by Wed., so I can make the
> > reservations.-Dad
> >
> >
> >
> >
>
>
>
>
>


Attached below is the updated copy of the eCommerce Commercial and
Origination Activities Contact List.  Please let me know if you have any
additional changes to the list.

Thank you.

Mike McConnell


Some email can not read our web mail, please write enerfaxgold-subscribe@egroups.com to subscribe to the identical email in a text format. Visit http://www.enerfaxgold.com to see the web version.
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I left Bruce a message offering my assistance.

From: Ed B Hearn III@ECT on 07/11/2000 01:49 PM
To: Bruce Sukaly/Corp/Enron@ENRON
cc: Kay Mann/Corp/Enron@Enron

Subject: Re: "Turbine CA"

Bruce:

I'm unfamiliar with the documents you've requested (turbine/site
guarantee).   I think you'll have a much faster turn around time if you
contact Kay Mann.  Kay is our resident turbine expert, so you should benefit
greatly from her assistance.

Thanks,
Ed


I will send a copy to you!  We miss you...


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Absolutely.  I got a report yesterday on the 30-40 million/day that Phil and
his guys may be able to squeeze out of the system with debottlenecking etc.
We'll be ready to go to expedite any approvals that may be necessary on that
project.  On the quick 10 million/day that we've been working on, there's a
potential alternative to building more Gallup horsepower that may get us the
10 million much quicker and at a lower cost.  Steve Harris and I talked about
it yesterday and I hope we can run it to ground in a day or two.  We will be
ready to file at FERC shortly on the 15,000 hp at Gallup if the alternative
doesn't pan out.  We'll look at combining the 30-40 mm/d project with the
Gallup compression for FERC filing purposes.  DF

Stanley Horton
12/19/2000 06:15 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Danny McCarty/ET&S@Enron ., Phil Lowry/OTS/Enron@ENRON, Steven
Harris/ET&S/Enron@Enron, Mary Kay Miller/ET&S/Enron@ENRON

Subject: Re: Gallup Mods

Lets make sure we are picking-up on the other ideas Phil has for getting
additional capacity on Tw.  If any of his ideas require regulatory approval
we will probably want to include in the same certificate application.