AES Expresses Interest in Enron's India Project
The Wall Street Journal, 06/28/01

California Energy Firm Subsidiary Puts Rockville, Md., Headquarters on Hold
KRTBN Knight-Ridder Tribune Business News: The Washington Times - Washington,
D.C., 06/28/01

World-Wide
The Wall Street Journal, 06/28/01

INDIA: AES interested in Enron's Indian power plant.
Reuters English News Service, 06/28/01

Bush kicks off summer of fund raising with $20 million dinner
Associated Press Newswires, 06/28/01

INDIA: Japan bank may invoke Enron loan guarantee-paper.
Reuters English News Service, 06/28/01

India: Reinsurance rates rise 20 pc
Business Line (The Hindu), 06/28/01

U.S. firm enters local energy market
Lethbridge Herald, 06/28/01

Investigators may seek contempt sanctions against power generators
Associated Press Newswires, 06/27/01

State energy crisis may imperil future of deregulation, consumer choice
Associated Press Newswires, 06/27/01

Impact: Why Won't Vice President Cheney Say Who He Got Advice From on the
Energy Crisis?
Fox News: The O'Reilly Factor, 06/27/01

Senators Ask Army Chief to Step Away From Energy Issue
Dow Jones Business News, 06/27/01

UK: Companies prepare European gas trading contract.
Reuters English News Service, 06/27/01

International
AES Expresses Interest in Enron's India Project
By Daniel Pearl
Staff Reporter of The Wall Street Journal

06/28/2001
The Wall Street Journal
A13
(Copyright (c) 2001, Dow Jones & Company, Inc.)

BOMBAY, India -- Power giant AES Corp. said it "would consider getting
involved" with rival Enron Corp.'s $3 billion Dabhol Power Co. project in
India, but Dabhol's backers so far don't see AES as a serious contender to
buy out the troubled electricity venture.
The 740-megawatt Dabhol project hasn't produced power for more than a month,
because of a payment and tariff dispute between the company and its sole
customer, the western industrial state of Maharashtra. Enron officials have
said it's unlikely any buyer would step in now, with Maharashtra insisting on
renegotiation of the project's 1,444-megawatt second phase and contractors
delaying its completion because of unpaid bills.
"We don't see that opportunity now," agreed Surender Singh, AES's executive
director in India. "They have to get [the dispute] resolved first." But he
added, "We are not denying we have an interest."
In a statement issued in India yesterday, AES said it has made "no formal
proposal to any stakeholders at this stage," but Mr. Singh wouldn't comment
on reports that the company had talked with one of Dabhol's lenders. He also
said AES wouldn't consider buying into the project unless it gained
management control.
Houston-based Enron has been trying without luck to sell a 15% stake in
Dabhol. Enron holds 65%, and the rest is split among General Electric Co.,
Bechtel Corp. and the cash-strapped government of Maharashtra. Enron is
believed to be looking for a way to leave the Dabhol project entirely.
The politically charged rate dispute appears increasingly to be heading for a
lengthy legal mediation, since Maharashtra is asking for much steeper tariff
reductions than Enron is willing to give. Also, Enron may wish to avoid
negotiating a new power-purchase agreement, which would allow a recently
formed state regulatory commission to claim jurisdiction over the project's
rates. The commission has already won the first round of a court battle
trying to assert its authority, though Dabhol is expected to appeal.
AES, Arlington, Va., is known for its willingness to take on political risks.
Still, some Dabhol officials worry that AES's vague expression of interest
will further muddy Enron's situation in India. The first of several local
newspaper articles quoting AES officials as wanting to take over Dabhol
appeared on June 16, just as Dabhol and its lenders were winding up a crucial
bargaining session with Maharashtra.

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

California Energy Firm Subsidiary Puts Rockville, Md., Headquarters on Hold
Chris Baker

06/28/2001
KRTBN Knight-Ridder Tribune Business News: The Washington Times - Washington,
D.C.
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

The California energy crunch has forced a PG&E Corp. subsidiary to delay its
plan for a new $100 million headquarters in Rockville.
PG&E National Energy Group was expected to start construction this summer on
the 450,000-square-foot complex in Tower Oaks, a business campus off
Interstate 270.
The plans are now on hold because of financial problems within the parent
company that are rooted in the California power crunch, a spokesman said.
Another PG&E unit, Pacific Gas and Electric Co., filed for protection from
its creditors under Chapter 11 of the federal bankruptcy code in April. It
listed an $8.9 billion deficit.
That unit, which has 13 million customers in California, suffered when the
state changed its electricity regulations and the company was forced to buy
increasingly expensive wholesale power without the ability to pass the rising
costs to its customers.
"Even though our companies are completely separate, we believe it is prudent
to put the project on hold and focus on other parts of the business," said
David Mould, spokesman for National Energy Group.
The company develops and operates electric and gas power plants, and operates
one of the nation's largest energy-trading businesses.
It announced a new $550 million line of credit from several investment banks
last week and said in a statement it would use the money for working capital
and to "establish a credit identity that is independent of PG&E Corp."
National Energy Group currently occupies 320,000 square feet in Bethesda. It
has about 650 employees.
This summer, the company expected to begin construction in Tower Oaks on a
10-story office building with roughly 280,000 square feet and an adjacent
building with about 140,000 square feet.
Mr. Mould said he did not know when construction might begin, but that the
company is "still committed" to the project.
A spokesman for the Tower Cos., the north Bethesda group that is developing
Tower Oaks, declined to comment yesterday.
National Energy Group's decision to delay the project is "disappointing,"
said Stephen Christian, business development specialist for the Montgomery
County Department of Economic Development.
But the department, which helped National Energy Group plan the new
headquarters, believes the company will eventually get the project "back on
track," Mr. Christian said.
A spokesman for the Electric Power Supply Association said power companies
across the country are proceeding with expansion plans, even though some
government officials and industry leaders believe the problems in California
could signal a national energy shortage.
"The situation with PG&E is unique because of the situation in California,"
said Mark Stultz, vice president of public affairs and marketing for the
trade group, which represents power marketers and generators.
Energy giant Enron Corp. said yesterday it is nearing completion on a 1.2
million-square-foot addition to its headquarters in a Houston office tower.
Meanwhile, Orion Power Holdings Inc., a Baltimore company, said it still
plans to build new electric plants in Southern Maryland and Kentucky.
Other companies are planning plants in Fauquier and Loudoun counties in
Northern Virginia, although elected officials in those counties say they are
not needed.

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

What's News
World-Wide

06/28/2001
The Wall Street Journal
A1
(Copyright (c) 2001, Dow Jones & Company, Inc.)

The Army secretary was advised by Senate Armed Services panel members McCain
and Carnahan to recuse himself in decisions on utility contracts for bases.
Thomas White until this year was Enron's vice chairman.

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

INDIA: AES interested in Enron's Indian power plant.

06/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 28 (Reuters) - The Indian subsidiary of U.S. electricity firm
AES Corp on Thursday said it "would consider getting involved" in the
controversy-ridden Dabhol power project if an opportunity arose, but said it
had made no formal proposal so far.
U.S. energy giant Enron Corp could pull out of the $2.9 billion project as a
result of a bitter dispute with the Indian state utility that has contracted
to buy the power.
The wrangle had given rise to speculation that AES India could take over the
project from Enron's Indian subsidiary, Dabhol Power Corporation.
In a press statement, AES said it had neither made any formal proposal to
stakeholders nor received any.
AES was among the first global firms to enter India when its government
liberalised the power sector in 1992, and has so far invested a total $155
million in two separate projects.
In 1998, it purchased 49 percent of Orissa Power Generation Corporation, when
the eastern Indian state of Orissa's power assets were privatised.
In September 1999 it also acquired the Central Electricity Supply Company of
Orissa.
AES initially came into India intending to develop and operate a coal-fired
power plant in Orissa. But the project was delayed and is still under
development.
Enron's investment in the power plant, on the western coast of India, is the
country's single largest direct foreign investment.
But Dabhol Power Corporation and the Maharashtra State Electricity Board are
now in the midst of an acrimonious row that threatens to scupper the
high-profile project.
The power firm claims the state utility has reneged on its contractual
obligations by defaulting on payments, while the utility claims Dabhol has
also violated several clauses in the contract.
The dispute has brought bad publicity to Enron and hurt India's image among
foreign investors, including other global power firms which had eagerly
entered the potentially huge Indian power sector.
"The commitment and willingness of parties to a contract...is an important
consideration for our investment decision in any project," said AES's press
release.
"This is the basis for both our current investment and for any future
investment we may make in India or any other country."

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

Bush kicks off summer of fund raising with $20 million dinner
By SHARON THEIMER
Associated Press Writer

06/28/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - Republican lawmakers and donors partied around a giant "W"
at a presidential dinner that raised more than $20 million for GOP
congressional candidates.
The Wednesday night dinner opened what party officials say will be a summer
of fund raising by President Bush, first lady Laura Bush and Vice President
Dick Cheney for Republican House and Senate candidates.
The invitation offered those contributing $25,000 and up "the option to
request a member of Congress and their guest to complete your table of 10."
The biggest donors got a chance to mingle with President Bush and Cheney at a
predinner reception.
Bush thanked contributors profusely in an 18-minute speech that touched on
his policies on tax cuts, education and defense.
"Make no mistake about it: This dinner has one goal in mind, to make sure
Denny Hastert remains the speaker of the House and to make sure Trent Lott is
the majority leader of the United States Senate," he said.
More than 4,000 tickets were sold for the $2,500-per-plate event, topping the
record $11.7 million the GOP's House-Senate dinner took in last year, when
former President George H.W. Bush was the main speaker.
Donors in tuxedos and gowns dined and drank around a giant gold "W" that
reached to the rafters at the Washington Convention Center ballroom in honor
of President Bush. Grilled tenderloin, sweet potato and corn souffle and
assorted desserts were on the menu.
Those hoping for quality time with the president may have been disappointed.
He and Cheney left before the salad plates were cleared.
Hastert of Illinois, Lott of Mississippi and former House Speaker Newt
Gingrich of Georgia were among politicians mixing with contributors.
The dinner program listed dozens of corporate sponsors representing a wide
range of industries, including Microsoft, American Airlines, Philip Morris,
Enron, AT&T, Dow Chemical, Walt Disney and eBay, to name a few.
Bruce Gates, a lobbyist for the Health Benefits Coalition, was one of the
event's co-chairmen. The group of insurers and business associations is
fighting pending Senate legislation that would give patients broad rights to
sue their managed-care plans.
Co-chairman Jim Anderson of the National Association of Wholesaler
Distributors, which is also a Health Benefits Coalition member, dined at one
of the head tables with Cheney. Anderson said he has taken part in several
House-Senate dinners.
"We do it because we support the policies of this administration. We support
the policies of the Republicans in the House and Senate with respect to the
issues our members care about," Anderson said, citing taxes, labor-management
relations and health care.
The Republican and Democratic parties are both raising money at a record clip
for next year's battle over House and Senate control.
And both are rolling out star power - political and otherwise - to do it.
Wynonna Judd entertained donors at Wednesday's GOP fund-raiser. Roberta Flack
is performing at a $1 million Democratic National Committee event Thursday
night.
Former vice presidential candidate Joseph Lieberman is the featured guest at
the DNC fund-raiser. The Connecticut senator, Senate Majority Leader Tom
Daschle of South Dakota and former President Clinton have all headlined
Democratic fund-raisers in recent weeks and are expected to do more this
summer.
The Democratic Senatorial Campaign Committee is inviting big donors to spend
July 6-8 on the Massachusetts island of Nantucket dining and sailing with
Daschle and more than a dozen other senators. Those giving $20,000 in
federally regulated donations or $50,000 in unregulated "soft money" are
invited.
The McCain-Feingold campaign finance bill pending in Congress would ban the
large soft-money contributions the parties commonly take in at big
fund-raisers.
---
On the Net:
GOP congressional committees: http://www.nrsc.org; http://www.nrcc.org
Democratic committees: http://www.dccc.org; http://www.dscc.org

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

INDIA: Japan bank may invoke Enron loan guarantee-paper.

06/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, June 28 (Reuters) - The Japanese Bank for International Cooperation
(JBIC) has warned it may invoke the guarantee provided by Indian banks for
the foreign loan used to help build a $2.9 billion power plant which has quit
operating, an Indian financial daily reported on Thursday.
The Economic Times, citing unnamed sources, said the Japanese government-run
bank had "sounded a grim warning" during a meeting last week in Bombay with
officials of the Industrial Development Bank of India (IDBI), which often
serves as a representative of all Indian banks in this matter.
No IDBI official could be contacted to comment on the report.
The Economic Times said JBIC had a direct fund exposure of $258.21 million to
Dahbol Power Company (DPC), set up by Houston-based energy giant Enron Corp
to build a 2,184 MW power plant south of Bombay.
The newspaper said Indian institutions - IDBI, ICICI , State Bank of India
and IFCI - had guaranteed $524.24 million in foreign loans to the project,
work on which was halted earlier this month.
Generating capacity of 740 MW was completed in 1998, while a second phase
adding another 1,444 MW was almost complete when Bechtel and other
contractors ceased work on June 16.
DPC has been embroiled in a dispute with the cash-strapped state utility, the
Maharashtra State Electricity Board, which is the sole buyer of its power and
has defaulted on payments of $48 million to DPC.
The state utility stopped buying power from DPC in May.

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

India: Reinsurance rates rise 20 pc

06/28/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

BANGALORE, June 27. REINSURANCE rates for India have escalated by 20 per cent
during the last three months. This escalation comes after the premiums went
up by 50 per cent in March this year.
Industry sources attributed this to the rising claims from the power sector
and the increase in the potential for claims by the sector.
Such potential is estimated by the industry using a methodology called the
"Probable Maximum Claim" ratios.
After this increase, reinsurance premiums are currently in the range of about
0.58 per cent of the sum assured. Till March this year, the premiums were in
the region of 0.47 per cent and in January it was about 0.25 per cent.
The claims from the energy sector have been on account of natural disasters
as well as accidents. Most of the claims are currently from the private
sector, specially in the generation segment. This is because very few of the
transmission / distribution companies' assets have been insured. Wherever
insurance cover has been taken, it has been mostly in externally- funded
projects.
Current estimates of reinsured assets in the country are in the region of
about Rs 2,500 crore. This approximately translates into a premium outflow of
about Rs 900 crore. This volume by international standards is treated as low.
In March when the premiums escalated, this was one of the reasons cited.
Moreover,, the sources said, during the last few months there had been a
weakening of the sentiment for India. Hence, the hardening of reinsurance
premiums. Among the reasons cited for the weakening were fears within the
reinsurance community that some of the force majeure clauses covering the
Dabhol Power Company (DPC) might be invoked.
DPC is insured for both political as well as non-political risks.
The fear is that the political risk component could be invoked by the project
promoters, Enron International, leading to high claims from the insurance
companies, which in turn was likely to devolve on to the reinsurers. Among
the reinsurers involved in providing cover to Enron international are
engineering insurance companies such as Munich Re.
The increase in premiums could also be on account of the low capital adequacy
levels of some of the new insurance entrants in the Indian market. For these
new companies, the retention levels, the ability to absorb claims into their
own balance sheet is low. Consequently, the premiums also tend to be on the
high side. On the other hand, the public sector companies have a capital
adequacy of a minimum of about Rs 2,000 crore and have high retention
abilities.
As a result, the companies that have been most affected by the premium
escalation have been the new companies, despite their partners being renowned
foreign companies.
- C. Shivkumar

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

Business Local
U.S. firm enters local energy market
Dave Mabell

06/28/2001
Lethbridge Herald
Metro
All material Copyright (c) Bell Globemedia Publishing Inc. and its licensors.
All rights reserved.

Another American company plans to sell electric power to Lethbridge
businesses. But Enron Direct has no plans to open an office here, officials
say.
And it's not taking on entrenched Epcor and Enmax in the residential market
in the foreseeable future.
"We want to sign up business and light industrial customers across Alberta,"
says Darren Cross, chief operating officer for Alberta. "Our plan is to use
direct mail and telemarketing."
In view of the non-competitive market that's remained despite the province's
attempts at power deregulation, he says even that approach should stimulate a
little competition.
"Competition hasn't happened," Cross says. "We plan to have people out
calling on business people right across Alberta."
Enron Direct will offer "competitive prices" for natural gas as well as
electricity, he says. But the company won't comment on the possibility it
might buy the gas distribution business recently put up for sale by the Atco
Group, one of a handful of gas and electricity producers that controls the
Alberta market.
As a subsidiary of North America's biggest gas and power wholesaler, Cross
says Enron can promise customers predictable term pricing and an assured
supply.
Enrom Canada already claims to be the largest wholesale buyer and seller of
both products in Canada.
"We're not going to have the lowest price in the market," Cross adds. "But
we'll always be competitive."
In Lethbridge, prospective customers in the Industrial Association of
Southern Alberta say they've heard it all before.
"We view this announcement with a degree of skepticism," says Chris Spearman,
the business group's chairman.
"A similar announcement regarding more competitive offers was made three
weeks ago by Enmax," he points out. "Our members have yet to see competitive
bids."
In today's market, Spearman says, high-use power consumers should be offered
prices in the range of four to five cents per kilowatt hour -- as they are in
neighbouring provinces.
"We are not receiving competitive bids in that range and believe the
deregulated market structure is a failure -- and is subject to price
manipulation," he says. "Real competition does not exist."
In the U.S., legislators are investigating charges that power prices were
manipulated in California and other western states, where deregulation was
also accompanied by promises of lower prices.
Spearman says Alberta industries' demand on the power system has fallen, in
response to record-high prices.
At the same time, some new power generation has come on stream -- and that
should have brought prices lower.
"But we continue to see a reluctance (by the power companies) to provide
competitive long-term pricing," he says. "Our members are paying rates that
are double the rates they paid in last year's regulated environment."
With Enmax as the city's "default" power supplier, its rival Epcor has
apparently been the only company in a position to offer Lethbridge businesses
an alternative price structure. But the Edmonton-company has no sales office
in Lethbridge.
Epcor also failed to replace a sales agent who left after been named the
company's sole representative in the Lethbridge area, as Epcor was announcing
its partnership in the seasonal Taylor Chute small-hydro project near
Magrath.
"Grand announcements are great for public image," says Spearman. "Now we
would like to see some substance to support them in the form of competitive
retail offers."
Any comments or questions? Contact the writer at
dave.mabell@lethbridgeherald.com

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

Investigators may seek contempt sanctions against power generators
By DON THOMPSON
Associated Press Writer

06/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SACRAMENTO (AP) - A Senate investigatory committee may seek contempt
sanctions Thursday against power generators that have not turned over
subpoenaed documents.
If the Senate agrees, it would be the first such move since 1929.
"These are the same documents we requested April 5, and to date the summary
is: three months, zero documents," said Laurence Drivon, special counsel to
the Senate Committee to Investigate Price Manipulation.
The Senate Rules Committee subpoenaed the documents - which include details
on bidding, pricing and other aspects of power sales - earlier this month.
Generators said they haven't complied because they have not been able to
negotiate an acceptable confidentiality agreement.
Representatives of Reliant Energy, Dynegy Energy Services Inc., Williams
Energy, Enron Corp., Duke Energy and Mirant Inc. will each be given an
opportunity at a hearing Thursday to argue why they should not be held in
contempt, Drivon said.
If the committee subsequently votes to hold any company in contempt, it would
ask the Senate to impose sanctions. There are no set penalties, Drivon said -
by law, "the Senate can take such action as it deems necessary and
appropriate," he said.
Duke spokesman Tom Williams said his company has turned over more than 200
boxes of material to the California Public Utilities Commission, and has
complied with document requests by the state attorney general and Federal
Energy Regulatory Commission.
"We're been working with this (Senate) committee for weeks now, for over a
month, without reaching agreement" on a confidentiality guarantee, Williams
said. "There's proprietary information there, highly competitive information
that no company could be expected to release without this sort of agreement."
Telephone calls seeking comment from the other five companies were not
immediately returned.
The committee's chairman, Sen. Joe Dunn, D-Santa Ana, said the companies may
go to court to resist the subpoenas.
The last time the Senate imposed contempt sanctions was 72 years ago, when it
briefly jailed a balky witness during a committee's investigation of price
fixing and price gouging allegations involving the sale of cement to the
state, Drivon said.
The state Supreme Court eventually upheld the Senate's right to jail those
who fail to comply with its subpoenas, Drivon said, but ordered that
particular witness freed after determining senators hadn't followed all the
proper procedures.

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

State energy crisis may imperil future of deregulation, consumer choice
By DON THOMPSON
Associated Press Writer

06/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SACRAMENTO (AP) - California's energy crisis may claim a substantial victim:
deregulation itself.
"Never again will we embrace a free market - it's too expensive," Gov. Gray
Davis' chief energy adviser, S. David Freeman, predicted Wednesday.
"The marketplace is blind to the need for cleaner air, it is blind to the
needs of consumers in a shortage, and it produces a shortage with its
volatility," the former head of the Los Angeles and Sacramento municipal
power agencies told a Senate committee plotting California's energy future.
The state's flawed 1996 law freed wholesale electricity rates while capping
retail power prices, leaving the state's three investor-owned utilities
trapped in between.
Now the state has signed $43 billion worth of long-term energy contracts, and
created a power authority that could build its own power plants.
Its Public Utilities Commission stands ready to bar businesses from freely
swapping power providers - the incentive that prompted deregulation in the
first place.
Davis wants lawmakers to approve buying the electricity transmission lines
from two of the three cash-strapped utilities, and wants to buy the lines of
the state's largest utility, Pacific Gas and Electric, out of bankruptcy
court.
Consumer groups say the state should buy the utilities' hydroelectric
generation and other assets as well, as part of a return to regulation and a
shift to publicly owned power supplies.
"Look what deregulation and handing our electricity supply over to a bunch of
private companies has done for us - 50 percent (rate) increases and $20
billion in surcharges. Thank you very much, but no thank you," Harvey
Rosenfield of the Foundation for Taxpayer and Consumer Rights said last week.
He argued the state should buy all three utilities at their current
"fire-sale prices" - "We're talking about picking them up for a
dime-for-a-dollar when they're totally out of cash."
Enron Corp. President and CEO Jeffrey Skilling is among those urging the
state to do the opposite and create a truly open market. Public power only
drives up costs and lowers accountability, he said.
"If you had an open competitive marketplace and not put restrictions on that
marketplace, I guarantee you the price of power in California will be
significantly lower," he said in a San Francisco speech last week entitled,
"The arrogance of regulation."
"California needs to get deregulation right and the rest of the country needs
to get deregulation right," Skilling said, shortly after he was hit by a pie
thrown by an irate electricity consumer.
That means giving consumers more immediate price incentives, other free
marketers told the Senate Energy Committee Wednesday.
Tiered electricity rates would reward consumers who confine their electricity
use to lower, cheaper "tiers" of energy consumption.
Real-time electricity meters would let consumers see the price they are
paying at any given time of day or night, encouraging them to, say, run their
clothes dryer at 3 a.m. when power would be cheaper.
Business' demand for choice drove the deregulation movement, when industries
sought the ability to choose among energy wholesalers or generators rather
than being locked into buying their money through a local utility.
But PUC President Loretta Lynch predicted the commission will block that
choice Tuesday, for fear departing customers will leave residential and other
small consumers to pay a larger share of the $8.2 billion the state has
authorized for power buys.
The move was panned by generators and business groups as a step backward.
Southern California Edison Vice President Bob Foster predicted the state will
end up regulating all three legs of its power grid: generation, transmission
and distribution. Regulation is needed to smooth out the boom-and-bust
business cycle that California has seen so graphically in the last year, he
said.
Freeman predicted the state will likely wind up with some sort of "hybrid" of
government regulation that will rein in the excesses of a free market.
"It's impossible to say at the moment whether the (investor-owned) utilities
will revive," he warned. If they do, he said their corporate boards may opt
to chase the higher profits of the open market while shedding their
transmission and distribution systems to state control.
Yet Freeman and California Energy Commission Chairman Bill Keese predicted
residential and business consumers may soon see the sort of freedom of choice
they now could only dream about, once fuel cells, photovoltaic generation and
micro-turbines become commonplace.
"The future perhaps belongs to a whole new set of competitors," Freeman said.
"These central station power generators are not going to have it all to
themselves."

AP Photos SC108-109.

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

News; Domestic
Impact: Why Won't Vice President Cheney Say Who He Got Advice From on the
Energy Crisis?
Bill O'Reilly

06/27/2001
Fox News: The O'Reilly Factor
(c) Copyright Federal Document Clearing House. All Rights Reserved.

O'REILLY: In the "Impact" segment tonight, why won't Vice President Cheney
tell us who he got advice from on the energy crisis?
The General Accounting Office, the investigative arm of Congress, has asked
Cheney for a list of people he has talked with because some Democrats are
charging that big donors to the GOP are getting more access to Cheney than
other Americans. So far, Mr. Cheney has not turned over the list.
His office told us that the GAO has no legal right to know who the vice
president talked with and that making names public would discourage people
from seeking an audience with government officials.
You may remember Hillary Clinton tried to do the same thing with her
health-care debacle.
Joining us now from Arlington, Virginia, is "USA Today" energy and economics
correspondent Jonathan Weisman who is following the story.
JONATHAN WEISMAN, "USA TODAY": How are you?
O'REILLY: I -- I'm not -- I'm not getting why Cheney won't turn this over. I
mean, I know that they're saying the GAO doesn't have a right and all this
stuff. But so what? Just turn the list over, right?
WEISMAN: Yeah. Well, you know, they say that there's a principle here, that
they feel like they -- they won't be able to get free and unfettered advice
if whoever goes into the Oval Office is going to get grilled by the press
afterwards.
That doesn't make a lot of sense to me. I mean, a lot of people who go into
the Oval Office go to the press and brag about it. In fact, I talked to the
-- the chairman of Enron, the big natural gas company, told me all about a
meeting with the Cheney task force and all the advice that he had given him.
It doesn't make a lot of sense. I mean, they must just feel like it would be
embarrassing to see a big list of a bunch of energy executives who had met
with the Cheney task force.
O'REILLY: So you think that it's -- that possible -- and we -- this is
conjecture. I don't like to do conjecture, but because there's no reason --
concrete reason in my mind that this list wouldn't be put out there that it's
possible the list is stacked to the right with GOP donors and people who are,
you know, looking out for the energy area rather than the environmental area?
WEISMAN: Yeah, it's certainly possible. I mean, I -- I actually know some
environmentalists and some -- kind of the -- actually, old Clinton people who
met with the energy task force to share their views.
I know that both sides did do these meetings, but, I mean, by the way they're
being very cautious about releasing these names, you've got to think that
there must -- there must be something to...
O'REILLY: Yeah. Well, if it's 10-1, that's not going to look too good, and
that's the...
WEISMAN: Exactly.
O'REILLY: ... and that's why Democrats want it. They -- they want to
embarrass the Bush-Cheney administration, correct?
WEISMAN: Oh, the Democrats are looking for any way to make a Clinton era-type
controversy stick to the Bush people, and this one just worked perfectly
because, you know, it -- it was Hillary Rodham Clinton's task force that met
secretly that got grilled.
In fact, it was -- it was actually a civil suit against Hillary's task force
that forced them to release all -- all their names. There hasn't been a civil
suit filed, but these two Democratic members of Congress asked the GAO to do
an investigation, and the GAO took them up on it.
O'REILLY: All right. So we -- we've got to know that the motives are
political, that the Democrats want to embarrass Cheney and Bush, and they
might have an opportunity, if Cheney and Bush sought the counsel of, you
know, the energy industry people, the drilling people, and the -- and the
fossil fuel people, and then very few on the other side. So that could be
a...
WEISMAN: Right.
O'REILLY: ... a potential source of embarrassment, but I...
WEISMAN: Right.
O'REILLY: I believe that all -- this isn't a big story as far as Americans
are concerned. Just throw it out there. It's going to last for 10 seconds,
no?
WEISMAN: Well, the -- the funny thing is, when it was just, you know, Henry
Waxman and John Dingell, these representatives from Congress just kind of
badgering the White House, nobody paid much attention to it. It looked like a
little partisan spat, right?
As soon as the GAO, though, sent this letter saying, "Release this -- release
this information or else," it was elevated to a different realm.
Now it looks more like a battle between Congress, represented by its
investigative arm, the GAO, and the White House...
O'REILLY: Right.
WEISMAN: ... and it becomes a much bigger deal.
O'REILLY: Well, I think -- but the big deal for the people, and I don't care
about the GAO or Cheney's office or any of that, but the folks have a right
to know what's going on. I mean, that's the bottom line on this.
WEISMAN: Yeah, it looks -- it looks like they're hiding.
O'REILLY: Yeah. Well, they are. They are. They are hiding. Just like Hillary
Clinton hid her list, Cheney's hiding his list. That's what they're doing. It
doesn't look like it. That's what it is. I believe in open government. I want
to know...
WEISMAN: Yeah. And then...
O'REILLY: ... who's going in and what they're doing because the Clinton
administration abused that so by having Johnny Chung in there and everybody
else. I don't want that to continue.
I'll give you the last word on it.
WEISMAN: OK.
O'REILLY: The last...
WEISMAN: All right. Well, let me tell you. One -- one other thing. They --
they make a lot of legal arguments about why the GAO doesn't have access and,
you know, I'm not a lawyer, maybe they're absolutely right, but, you know,
the Clinton administration also made a lot of legal arguments, and we're
getting -- we're getting kind of tired of legal arguments.
O'REILLY: I -- I know I am, and I think everybody wants open government.
Mr. Weisman, thanks very much for your time.
WEISMAN: You're welcome.
O'REILLY: Plenty more ahead as THE FACTOR moves along this evening.
Will your investments come back? The Fed cuts interest rates again, but some
still say Alan Greenspan is not doing the job.
And then ABC News correspondent John Stossel in the middle of yet another
controversy. This time over kids and the environment. We'll talk with him.
And we hope you stay tuned for those reports.

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

Senators Ask Army Chief to Step Away From Energy Issue

06/27/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Associated Press
WASHINGTON -- Two members of the Senate Armed Services Committee are asking
the new Army secretary to remove himself from any involvement with contracts
for military base utilities because of his ties to an energy company that is
pursuing the business.
Sens. John McCain (R., Ariz.), and Jean Carnahan (D., Mo.), made the request
Wednesday in response to a June 19 story by The Associated Press about Army
Secretary Thomas White's ties to Enron Energy Services, where he served as
vice chairman until earlier this year.
The two senators wrote the Army chief that they believe he should step aside
from the utility issue for at least a year to avoid the appearance of a
conflict of interest.
"No matter how impartial you would strive to be, the fact that you were
vice-chairman of Enron, have owned a substantial amount of Enron stock, and
recently lobbied on behalf of Enron on this very issue would raise in the
public's mind a question about whether your decisions would be totally
unbiased," they wrote.
Army spokeswoman Capt. Amy Hannah said Mr. White has "received the letter and
is currently studying the letter."
Mr. White has said he would recuse himself from Enron-related decisions if
there was a clear conflict of interest. He has been consulting with lawyers
on the question while selling his more than $25 million in Enron stock.
AP reported that Mr. White has been pressing to shift control of more
military base utilities into private hands, a multimillion-dollar business
Enron is pursuing. While at the company, Mr. White played an active role in
pushing for such contracts.
Sens. McCain and Carnahan, whose committee reviewed the Army secretary's
nomination, told White that even if he sells his stock, "there would be a
clear appearance of a conflict of interest" if he takes part in any matters
related to Army utility privatization for at least a year.
At the least, the Pentagon should release its determination on whether the
value to the government of Mr. White's participation in the issue "outweighs
the very significant appearance problems that such participation would
entail," the senators wrote.
In a cost-cutting move in December 1998, the Pentagon ordered each branch of
the service to hire energy companies to run the electric, natural gas and
other utilities on military bases.
Mr. White said earlier this month that the program should be moving faster.
He noted that the Army's Fort Hamilton in New York is the only Army base to
turn over all of its utilities to a private company. Enron won the $25
million, 10-year contract in 1999.
"I see no reason whatsoever why the Army is in the energy business," Mr.
White said. "It's a stupid business practice for the Army to be running
itself that way."
Enron has a bid pending to run utilities at several Texas bases, including
seven Air Force bases, a naval base and the Army's Fort Bliss in Texas.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved

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

UK: Companies prepare European gas trading contract.

06/27/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, June 27 (Reuters) - European energy companies will meet in London on
Thursday to discuss plans for a standard European natural gas trading
contract, the European Federation of Energy Traders said on Wednesday.
"The meeting in London will be with lawyers and traders to discuss a draft
contract," Jan van Aken, secretary general of the European Federation of
Energy Traders (EFET) told Reuters.
He said a contract had been prepared by a working group of five companies who
were picked for their involvment in discussions to prepare a similar European
electricity trading contract.
The firms involved are Germany's RWE , Essent from the Netherlands, UK-based
Centrica , U.S. utilities Enron and Mirant , formerly known as Southern
Energy.
Van Aken said there would be consultation with the industry on the draft,
adding he hoped the contract would be ready by the end of the year.
The European Union started to open its gas markets to competition in 2000, a
year after a similar process began in the electricity sector.
Britain, which has liberalised the whole of its gas industry, has the most
liquid gas trading market in Europe.
In the rest of the EU, most gas is sold under long-term contracts although
trading centres have started to emerge at Zeebrugge in Belgium, the entry
point to the interconnector pipeline to the UK, and at Bunde on the
German/Dutch border.

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


Charlene

Just a comment.  I would love to facilitate a couple decision meetings when
I'm in town.


Please see attached.
 -----Original Message-----
From: 	Bryan, Gary
Sent:	Wednesday, October 17, 2001 11:18 AM
To:	Nemec, Gerald
Subject:	FW: TECO Information

Can you please prepare a GISB contact for TECO based on the info provided below. If you will forward a hard copy and an email copy to me, I will forward it to TECO with other information I am sending them.
 -----Original Message-----
From: 	Denetsosie, Troy
Sent:	Thursday, October 11, 2001 1:47 PM
To:	Bryan, Gary
Subject:	TECO Information

Gary,

Per your request, I gathered the following information:

Legal Entity Name:	TECO EnergySource, Inc.
Address:		702 N. Franklin Street
			Tampa, FL 33601
Payment Info:		Bank of America, Dallas TX
			ABA No. 111000012
			Account No. 3751851796
Contact Info:		Paula Castoro
Electronic Mail:		pacastoro@tecoenergy.com

I believe she is expecting the GISB contract via email.

Contact me if you need additional assistance.

Troy


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November 20, 2001

Asset Sale Between TXU and EDF Supports European Strategies of Both Companies

By Will McNamara
Director, Electric Industry Analysis

[News item from PR Newswire] TXU Corp. (NYSE: TXU) has agreed to sell its 2,000 MW coal-fired West Burton power station, near Retford, Nottinghamshire, England, to London Electricity Group for GBP366 million (U.S. $523 million). In another transaction, TXU also announced the sale of Eastern Electricity, its U.K. distribution business, and its 50-percent interest in 24seven, the company that operates and maintains the distribution network, to London Electricity for GBP 1.31 billion (U.S. $1.873 billion). London Electricity, a distribution company that serves three million customers across Britain, is a subsidiary of Electricite de France (EDF), the state-owned and largest energy firm in France. London Electricity already owns the other 50 percent of 24seven.

Analysis: It's rather rare that an asset sale equally benefits the two energy companies involved in the transaction, but that appears to be the case in this deal between TXU and EDF. Both companies are pursuing different strategies, but they share a common goal of gaining a leading position in their respective niches in the European market. The transfer of both TXU's generating station and the entire distribution business in the United Kingdom to the French conglomerate EDF should help both companies increase market share in their respective markets. The divestiture enables TXU to obtain its goal of accumulating a total of about $2 billion in available capital to grow its energy merchant business across Continental Europe. For EDF, which aims to gain 20 percent of the market in Britain, the sale solidifies the company's position as a leader in the distribution sector and also expands its generation assets (both through its London Electricity subsidiary). Although the deal appears to be a winning transaction for both companies, one stumbling block toward obtaining necessary regulatory approval is the lingering frustration over EDF's expansion in other countries while the French market remains comparatively restricted.

Before moving on to the individual strategies of TXU and EDF, let's establish what is included in the current transactions. As noted, the sale of the generation assets includes only the coal-fired West Burton plant, for which London Electricity has also agreed to complete the installation of a flue gas desulphurization process. The transaction also includes a long-term contract for TXU to supply the station with coal. TXU Europe's distribution business is actually the largest in the United Kingdom, and includes the assets and wires that deliver electricity through a 56,000-mile network in East Anglia and southeast England. Both transactions must obtain regulatory approval from the European Union, and U.S. regulators may review the sales as well.

Let's now look at the separate gains that the two companies make in these transactions.

TXU Corp.
First, it is important to note that the European expansion of Dallas-based TXU Corp. is driven by the company's TXU Europe subsidiary. TXU's divestiture of its U.K. power assets is part of a larger strategy that the company has been pursuing for over a year. In a nutshell, TXU Corp. has sought to gain $2 billion from selling off non-strategic assets owned by TXU Europe to support further growth of the company's core trading and merchant energy businesses across the Continent. In February 2001, TXU Europe announced the sale of its gas-field assets in the North Sea to Consort Resources, which was the first indication that the company was moving away from a hard-asset strategy. TXU believes it only needs to have access to power supply through various contracts to retain its position as a leading power trader in Europe. Toward this end, TXU Europe also recently announced the sale of its 20-percent stake in Spain's Hidroelectrica del Cantabrico. In June, TXU completed the divestiture of its 1,000-MW Rugeley coal-fired power station to International Power. In August, TXU sold two gas-fired power plants in Eastern England, totaling 705 MW, to Centrica, a British gas and home services supplier, for $250 million.

Under the current sale of its U.K. assets, TXU exits the regulated pipes and wires business in the United Kingdom and gains available capital to support further growth in its trading business across the Continent. Specifically, from both sales TXU reportedly will reach its total of $2 billion in available financial resources and substantially exceed its previously established GBP 1 billion debt-reduction target. In other words, proceeds from the sales reportedly will allow TXU to strengthen its financial position by reducing debt, and TXU says it expects to cut its net debt-to-capital ratio to 55 percent by early 2002. However, the sale of the distribution assets includes a one-time write-off of $150 million that TXU is taking associated with transaction and debt restructuring. The write-off has caused TXU to reduce its 2002 earnings by 39 cents a share. The company now expects to earn between $4.35 to $4.45 a share next year.

With the divestiture proceeds in hand, TXU Europe's primary business model will remain focused on energy trading, a market in which the company holds a top-three position throughout the Continent. Further, the asset sales extricates TXU from the distribution sector, which it acknowledges is a business that provides lower returns and declining profitability. The bottom line for TXU in this and related sales is to "recycle capital into the faster growing merchant energy business," in the words of TXU Europe's CEO, enabling the company to derive more than three-fourths of its subsequent proceeds from this business. It is important to note that TXU Europe includes generating, trading and retail operations under the larger umbrella of its energy merchant operations. TXU Europe will probably remain involved in Britain's retail market, where the company retains the power-supply contract to serve 5.5 million customers, but the company is no longer interested in the distribution sector of this market.

Moreover, it is clear that energy trading is now the core of TXU's European operations. TXU Europe holds a trading volume of approximately 600 GWh, and earlier in 2001 the parent company TXU Corp. reported a 75-percent jump in its revenue that was attributed in large part to its energy trading business, both in Europe and the United States. TXU Europe still hopes to control physical assets in Europe, as represented by its purchase this year of a 51-percent state in Germany's Kiel utility, which in terms of volumes and customer base is the ninth largest of hundreds of municipalities in Germany. However, it is clear that TXU is moving out of the U.K. power distribution market and its sights are more clearly focused on Continental Europe.

Upon the word that the sales would drag down its earnings growth for the next three years, TXU shares fell about 8.5 percent on Nov. 19 to close at $45.59. In early morning trading on Nov. 20, TXU shares were priced at $45.15. However, Wall Street analysts indicate that the sales should increase TXU's long-term attractions because it will presumably be pursuing other acquisitions enabled by these sales.

Electricite de France
As noted, London Electricity is buying the generation and distribution assets from TXU, but it must be understood that these moves are being driven by the French-government owned Electricite de France, London's Electricity's parent company. EDF, which still maintains a practical monopoly status in France, purchased London Electricity in 1998 for 1.9 million British pounds ($2.72 billion) from Entergy Corp. Based on comments from EDF over the last year, the company plans on expanding its products and services and investing in further strategic alliances to become a multi-energy company.

In fact, London Electricity acknowledges that the purchases are part of the company's strategy to consolidate its position within the United Kingdom. Thus, while the U.K. market no longer appears to be a core focus of TXU, it obviously holds appeal for other companies that are attempting to gain a market share in Europe. Upon completion of the transactions, EDF / London Electricity will increase its share of the U.K. generation market to 7.5 percent from 4.5 percent, and reduce the gap that currently exists between its market share of generation versus distribution in the United Kingdom. London Electricity already owns the Cottam power station, a 2,000-MW coal-fired generating plant located near the West Burton plant. However, London Electricity will still own far less generation capacity in the United Kingdom when compared to the market leaders Powergen (which controls 10,000 MW) and Innogy (which controls about 8,000 MW).

Thus, the true focus of these purchases by London Electricity may be on the distribution sector. Upon completion of the transactions, London Electricity will own Britain's largest power distribution network and control about 18 percent of the country's distribution business. Analysts have suggested that EDF overpaid for TXU's West Burton plant (the buying price represented a 26-percent premium over the plant's book value), but got a fair price for the distribution assets. The point here may be that EDF was arguably willing to pay more for the generation assets as it already holds a solid lock on distribution in the United Kingdom and is attempting to expand further by gaining control over generation assets. Representatives from London Electricity have said that the company and its parent want to be one of the top five players in the United Kingdom, and have a goal of gaining 20 percent of market share in the region. London Electricity has been named as a contender for the U.K. supply company Seaboard, which current owner AEP plans to put for sale next year. Seaboard serves around two million customers in England (in the towns of Kent, Sussex and Surrey).

The involvement in EDF in this U.K. expansion has added a renewed spark to an old debate, namely the growth of EDF into other European countries while competition in France remains comparatively restricted. In other words, EDF has been the target of intense criticism across Europe for the last several years as the governments of other countries and other power firms have argued that EDF has taken advantage of investments abroad while fiercely protecting its own turf. For instance, while Germany has opened 100 percent of its power market to competition, France has opted for a phased-in approach, opening a third each of its power and gas markets by February 2003 and August 2008, respectively. While France remains rather blocked, EDF has freely admitted that it plans to acquire other companies in England, Spain, Italy, and possibly the United States. This dichotomy may become a factor as the current transactions with TXU fall under review of the European Union.

An archive list of previous IssueAlert articles is available at
www.scientech.com <http://secure.scientech.com/issuealert/>

  _____

We encourage our readers to contact us with their comments. We look forward to hearing from you. Nancy Spring  <mailto:nspring@scientech.com>

Reach thousands of utility analysts and decision makers every day. Your company can schedule a sponsorship of IssueAlert by contacting Jane Pelz  <mailto:jpelz@scientech.com>at 505.244.7650. Advertising opportunities are also available on our Website.

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Our staff is comprised of leading energy experts with diverse backgrounds in utility generation, transmission and distribution, retail markets, new technologies, I/T, renewable energy, regulatory affairs, community relations and international issues. Contact consulting@scientech.com <http://consulting@scientech.com> or call Nancy Spring at 505.244.7613.

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Copyright 2001. SCIENTECH, Inc. All rights reserved.
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In This Email:
Last-minute Love Measures
Great Wines and Gifts
Wine Team Picks
Tannin Salon
Valentine's Day Special from Proflowers.com
Instant V-Day Dining Reservations

Last-minute Love Measures

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_____________________________________________________________________

Great Wines and Gifts

Virtual Vineyards Duet, $25.00
Double your pleasure with a California Chardonnay and a supple red
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1997 Ch. Haut-Milon Pauillac, Bordeaux, France, $29.95
California ripeness in a Bordeaux package. C'est bon!

French Cheeses Book, $16.00
The definitive guide to French cheeses.

1995 Renaissance Vineyard & Winery Cabernet Sauvignon Estate, Sierra
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1997 Clos du Bois Cabernet Sauvignon Alexander Valley Reserve,
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A testament to the Clos du Bois winemaking team's expertise.

1999 Dr. F. Weins-Prum Riesling Estate, Mosel, Germany, $12.00
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_____________________________________________________________________

Wine Team Picks: Peter Marks on Tuesday Night Wines

Why Tuesday? Because if you save your most precious bottles for
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1999 Gerard Gelin Beaujolais Domaine des Nugues, Burgundy,
France, $12.00

1998 Dom. Allimant-Laugner Muscat, Alsace, France, $14.00

1999 Tuatara Bay Sauvignon Blanc, Marlborough, New Zealand, $11.49

1999 Dom. de l'Ameillaud Cotes du Rhone, Southern Rhone,
France, $9.95

1997 Danzante Sangiovese delle Marche, Italy, $8.95

_____________________________________________________________________

Tannin Salon

One of the most ubiquitous words in wine reviews is "tannin." Wine
writers never seem to tire of references to "round" tannins, "ripe"
tannins, "smooth tannins," "tough" tannins, "gentle" tannins, and
"supple" tannins. It begins to seem that, if you don't understand
tannin, you don't understand wine (especially red wine). So just what
the hell is a tannin?

Tannins are organic compounds in plants, trees, roots, and bark - or,
in the case of wine, skins, seeds, and stems. Tastewise, tannin
doesn't impart a flavor but a texture. In concentrated quantities it
sticks to the inside of your mouth, where it creates a puckering
sensation - a sensory effect that senior wine.com merchant Tim Gaiser
likens to that of overbrewed tea.

"Tannin is astringent," Gaiser explains. "If a wine has too much of
it, it's out of balance. But tannin isn't a bad thing. It's a
necessary component for wine to have structure and aging potential."

In other words, the more tannin a wine has, the better it will age?
Not necessarily. "If a wine has a lot of tannin that isn't balanced
by adequate fruit and acidity, it won't age well," says Gaiser.
"Eventually the fruit will fade, leaving nothing but tannin. Balance
is the key."

Winemakers and vineyard managers can control tannin in several ways.
"Ripeness of grapes dramatically affects the level and quality of
tannins," says Gaiser. "Wines made from grapes that aren't fully ripe
often have green, stemmy, hard tannins. Ripe tannins are finer and
rounder tasting."

In other words: supple. Given a suitable climate, ripeness (and its
corollary, flavor development) results from such factors as low
vineyard yields and long growing seasons, which allow extended
hang-time for the fruit.

Tannin quality also depends on the amount of time that a winemaker
leaves fermenting grape juice ("must") in contact with the skins - a
process referred to as maceration.

"One of the main reasons California Cabernets have gotten so much
better in the last 10 years is that longer maceration times have been
used," Gaiser says. "What's improved more than anything is texture,
which speaks specifically to tannin management." In Bordeaux and
California Cabernet, maceration times commonly last three weeks or
longer, a period that enables tannins to grow rounder and gentler.

Tannin isn't usually associated with white wines because they don't
undergo maceration; they're pressed off the skins right away. (Almost
all red grape varieties contain clear juice, so the color of red wine
is attributable solely to extended skin contact.) But some white
wines do gain tannin from the new oak barrels in which they're aged.

"A lot of oaky Chardonnays are just as tannic as red wines," Gaiser
points out. "People don't usually take that into account, which is
why Chardonnay can be so difficult to pair with food."

Click here to try our Studies in Contract Sampler: Tannin in Red Wine

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Texans News
June 21, 2001

ATTENTION TEXANS FANS:

TORO, the Houston Texans' official mascot, is available for appearances at
all events -- corporate functions, charity functions or private parties. To
book TORO for your next event, just call (713) 336-7866 or e-mail TORO in the
Kids Zone at http://www.HoustonTexans.com.??

Go Texans!
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To unsubscribe send a blank email to
leave-texansnews-179392T@newsletter.houstontexans.com


Yeah, yeah...My own personal management plan is to shoot does and/or a spike or booger head and make my "Trophy" a BIG OLD EIGHT or a Main Frame 10 or better only. Well, I guess I couldn't pass the Main Frame 8 with the crab claw and kicker off the G2 that was discussed last week. He's just TOO DAMN PRETTY...Uh oh, gotta go...Got "wood" just thinking about it.

-----Original Message-----
From: Erik Wollam [mailto:erwollam@hotmail.com]
Sent: Monday, March 11, 2002 12:10 PM
To: Brian Constantine; knipe3@msn.com; cmccomb@austin-mccomb.com; Joe.Parks@enron.com; kmccomb@austin-mccomb.com
Subject: RE: Possible new lease member

This year marked your move towards correcting that problem. Now you need to
take it to the next level and touch off on booger headed deer and does
instead of rattling them up all over the ranch and telling us about them. e.

>From: "Brian Constantine" <brianc@saltgrass.com>
>To: "Erik Wollam" <erwollam@hotmail.com>, <knipe3@msn.com>,
><cmccomb@austin-mccomb.com>, <Joe.Parks@enron.com>,
><kmccomb@austin-mccomb.com>
>Subject: RE: Possible new lease member
>Date: Mon, 11 Mar 2002 11:16:23 -0600
>
>In terms of his deer hunting experience, he went to Uvalde with Z and I a
>couple of times and shot a doe or two, so he at least knows how to pull the
>trigger, unlike myself (allegedly).
>
>								BC
>
>-----Original Message-----
>From: Erik Wollam [mailto:erwollam@hotmail.com]
>Sent: Monday, March 11, 2002 11:04 AM
>To: knipe3@msn.com; cmccomb@austin-mccomb.com; Joe.Parks@enron.com;
>kmccomb@austin-mccomb.com; Brian Constantine
>Subject: Possible new lease member
>
>Deer All:
>
>I have a person that might fit what we are looking for in the 8th spot or
>to
>fill a gap left by Joe (who is currently unable to provide a firm
>response).
>
>B.J. Johnson. Played football with Chad and I at Jesuit. Was a year a head
>of us. Met Zander at UH in College and hung with he and Brian while they
>were rooming together. Went to lawschool a few years after me. Is out and
>doing well with at a well known plaintiff's lawfirm.
>Nice guy. He mentioned a year or so ago to call him if we ever had a spot.
>His dad used to take him hunting and BJ wants to return the favor. Looking
>for a place he could take his dad once or twice a year, just to get out
>there not to shoot deer. He has two small girls, is busier than I am and
>would go no more than the rest of the Houston boys.
>
>He is a good guy. Don't know much about his deer hunting experience, but I
>don't care about that.
>
>Chad and Brian give him the stamp of approval. My thought is we could
>proceed as set with Chris and I splitting the 8th spot, but if Joe winds up
>taking a job out of state (which is a possibility) we would be left with
>two
>spots to fill and less time to do it. I think it might be best to offer
>this
>spot to BJ and fill up all 8 spots, then if we lose Joe, Chris and I can be
>the fall back plan.
>
>Thoughts and comments from the McComb guys please.
>
>
>Erik.
>
>
>_________________________________________________________________
>Send and receive Hotmail on your mobile device: http://mobile.msn.com
>

_________________________________________________________________
Send and receive Hotmail on your mobile device: http://mobile.msn.com


Attached is Jan Smutny Jone's Statement for the  FERC Conference on
California markets.
 - 001109_Statement of Jan Smutny..text.doc
 - Smutny..text.PDF


I am open from 3:00 to 4:00 on Thursday - have to meet with Enron's legal
counsel from Sydney at 4:00, followed by a 4:30 meeting with Delainey on a
proposed asset sale.   I have rescheduled my meeting with the Sydney guy
several times this week, and I think this may be my last shot of meeting with
him during this trip.  Is an hour sufficient?  --Sally

Thomas D Gros@ENRON
10/18/2000 02:38 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: CommodityLogic Demos

Tomorrow at 3:00 works for the demo guys.  Is it still OK on your calendar?


Columbia River Basin and Lower Snake.....Updated:   Nov  6, 2001 at 8:20


I need the estimates for Sunniland-into-liquids and the fiber-in-the-row
(instead of in-the-pipe) the day before this meeting.


fyi - a presentation prepared for communication to John Sherriff but it is a
useful reference document
---------------------- Forwarded by Mike Jordan/LON/ECT on 27/09/2000 17:34
---------------------------

Phil Yoxall
27/09/2000 11:10
To: Mike Jordan/LON/ECT@ECT, Steve Whitaker/LON/ECT@ECT
cc: Richard Samuel/LON/ECT@ECT, John Paskin/LON/ECT@ECT, Dragan
Jojic/LON/ECT@ECT

Subject: Enlighten

Find attached the "what is Enlighten" and golden rules document.

Cheers

Phil


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I don't have any contacts at Duke.  Kelly Little will be working there, but other than that I don't know anyone.  Have you called Scott Neal back yet?  We were just talking about that exact thing, we knew all the weather guys left and were wondering what they would do.  That would be a great opportunity for you.

KK

-----Original Message-----
From: jroyed [mailto:jroyed@mail.ev1.net]
Sent: Friday, January 25, 2002 9:54 AM
To: Keiser, Kam
Subject: RE: Your Address

Hi Kam,

I have already applied there online last week but I am afraid that it may have gone into that great HR black hole. Thank you for the heads up, though.  Do you have any contacts there?  Scott Neal has been trying to get a hold of me.  UBS is looking for some weather guys because a bunch of weather people left there.  Now wouldn't that be funny if I ended up back there in a different capacity?

---------- Original Message ----------------------------------
From: "Keiser, Kam" <Kam.Keiser@ENRON.com>
Date: Fri, 25 Jan 2002 09:20:39 -0600

>You should try looking at Duke,  they seem to be doing some mass hiring of Enron people and giving them big pay raises.
>
>KK
>
>
>-----Original Message-----
>From: Jeff Royed [mailto:jroyed@ev1.net]
>Sent: Saturday, December 15, 2001 2:39 PM
>To: Keiser, Kam
>Subject: Your Address
>
>
>Hi Kam,
>
>Could you send us your updated address?  Yahoo says you still live on 4444 Westheimer, which I know is wrong.  We would like to send you a wedding invite.  Have a happy holiday.
>
>Take care,
>
>JR
>
>
>
>**********************************************************************
>This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
>**********************************************************************
>
>
>


Ben,

Keep it to yourself. Don is very sensitive to this report.


This is accurate....Please take notes if you have to.

XO Jon
 -----Original Message-----
From: 	Watt, Ryan
Sent:	Tuesday, August 21, 2001 9:36 AM
To:	Mike Treytiak (E-mail); Jay Bowman (E-mail); Clark, Chad; Bruce, Chad; Gary Cooper (E-mail); Sam Pel (E-mail); Lambie, Chris; Mckay, Jonathan; Cowan, Mike; Torres, Carlos; Powley, Barry; Cam Sherman (E-mail); Ray Shiu (E-mail); Renneberg, Mark
Subject:	Something for the boys? - part 2

TO WOMEN EVERYWHERE FROM A MAN WHO'S HAD ENOUGH:

1.) Learn to work the toilet seat. If it's up, put it down. We need it up,
you need it down. You don't hear us bitching about you leaving it down.

2.) ALL men see in only 16 colours. Peach is a fruit, not a colour.

3.) If you won't dress like the Victoria's Secret girls, don't expect us to
act like soap opera guys.

4.) If you think you're fat, you probably are. Don't ask us. We refuse to
answer.

5.) Birthdays, Valentines, and Anniversaries are not quests to see if we
can find the perfect present yet again!

6.) If you ask a question you don't want an answer to, expect an answer you
don't want to hear.

7.) Sometimes, we're not thinking about you. Live with it. Don't ask us
what we're thinking about unless you are prepared to discuss such topics as
navel lint, or the shotgun formation.

8.) Sunday = Sports. It's like the full moon or the changing of the tides.
Let it be.

9.) Shopping is not a sport, and no, we're never going to think of it that
way.

10.) When we have to go somewhere, absolutely anything you wear is fine.

Really.

11.) You have enough clothes. You have too many shoes.

12.) Crying is blackmail.

13.) Ask for what you want. Let's be clear on this one: Subtle hints don't
work. Strong hints don't work. Really obvious hints don't work. Just say
it!

14.) No, we don't know what day it is. We never will. Mark Anniversaries on
the calendar.

15.) Peeing standing up is more difficult. We're bound to miss sometimes.

16.) Most guys own three pairs of shoes. What makes you think we'd be any
good at choosing which pair, out of thirty, would look good with your
dress?

17.) Yes, and No are perfectly acceptable answers to almost every question.

18.) Come to us with a problem only if you want help solving it. That's
what we do.

19.) Sympathy is what your girlfriends are for.

20.) A headache that lasts for 17 months is a problem. See a doctor.

21.) Foreign films are best left to foreigners. (Unless it's Bruce Lee or
some war flick where it doesn't really matter what they're saying anyway.

22.) Check your oil.

23.) It is neither in your best interest nor ours to take the quiz
together.

24.) No, it doesn't matter which quiz.

25.) Anything we said 6 months ago is inadmissible in an argument. All
comments become null and void after 7 days.

26.) If something we said can be interpreted two ways, and one of the ways
makes you sad or angry, we meant the other one.

27.) Let us ogle. We're going to look anyway; it's genetic.

28.) You can either tell us to do something OR tell us how to do something,
but not both.

29.) Whenever possible, please say whatever you have to say during
commercials.

30.) If it itches, it will be scratched.

31.) Beer is as exciting for us as handbags are for you.

32.) If we ask what's wrong and you say "nothing," we will act like
nothing's wrong.

33.) We know you're lying, but it's just not worth the hassle.

The information contained in or attached to this message is confidential
and is solely for the use of the addressee.  If you are not the intended
recipient please notify us immediately by return email to
postmaster@newton.co.uk
and delete the message from your system. Internet communications
are not secure.The Newton group and other subsidiaries of
Mellon Europe Ltd accepts no liability for changes to this
message after it was sent. Any views expressed by an individual in this
email do not necessarily reflect the views of the group.  If you have
any questions regarding the contents of this email please contact
Information_Security@newton.co.uk


FYI
 -----Original Message-----
From: 	Forster, David
Sent:	Monday, January 28, 2002 10:15 AM
To:	DL-EOL eCommerce Support; Becker, Lorraine; Boudreau, Kara; Mandola, Teresa; Mcquade, Jennifer; Carter, Carl; Diamond, Daniel; Jafry, Rahil; Shults, Bob; Alon, Heather; Bess, Erica; Hernandez, Lorie; Shah, Kal
Subject:	Benefits

All,

The last information I had on Benefits was that Enron benefits would cease on Feb. 8 and UBS benefits would start on Feb. 16.

Obviously, there is a gap here, and UBS/Enron are working to put something in place to cover this period.

If you have anything elective, you might find that it would be simpler if you were to avoid this gap period.

Dave


In today's edition of the Daily Update, we look at the silver linings
for telecom equipment stocks and even Enron. Indeed, where the latter
is concerned, eMarketer senior analyst Steve Butler explains how Enron's
online trading platform changed the energy trading landscape and
created opportunities that would not have otherwise existed. Also,
frequent contributor John Filar Atwood discusses three telecom
equipment stocks with brighter outlooks than expected.

You can link directly to our research page, which features synopses
of broker and free reports, and you can also register for the free
Morgan Stanley trial by clicking on the Morgan Stanley logo, here:
http://www.multexinvestor.com/article.asp?docid=6420&nd=0128

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Below
--------

- Investment ideas
- Broker and third-party research
- Online advice and chats
- Free and sponsored reports

Investment ideas
-----------------------------------------

1. INVESTMENT IDEAS
The EnronOnline diaspora
Online energy trading has been orphaned, not aborted

By Steve Butler, senior analyst, eMarketer

Although the company is now defunct, and while its behavior has taken a
serious financial toll on many individuals and companies, Enron's legacy
also includes its role as an Internet trailblazer. Indeed, by its sheer size
and ambition, the company was able to change the way that its
competitors traded, permanently and significantly altering both the
energy sector and the Internet.

To get an idea of the magnitude of what we're dealing with, according to
company data, Enron's (ENE) Internet-based trading exchange,
EnronOnline, was processing about 4,000 transactions per day
worldwide, with an average deal size of about $500,000, by September
of 2001. At an annualized rate, the notional value of online transaction
activity conducted through EnronOnline was approximately $510 billion--
a healthy increase from the $101 billion in transactions during 2000.

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6425&nd=0128

2. INVESTMENT IDEAS
Analysts see brighter earnings picture for three equipment companies
In an uncertain market, analysts seem sure about the earnings potential of
these companies

by John Filar Atwood, equity research columnist

The reduction in capital spending by major carriers has weighed on telecom
equipment stock performance in recent months, and threatens to do so
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Broker and third-party reports
-----------------------------------------

1. INVESTORS' CHOICE: 3-DAY FAVORITE
Bear Stearns publishes a 'top ten list' of Internet security predictions for
2002.

After a page of general sector commentary, the firm discusses its list; #3
prediction calls for more sophisticated virus attacks, #6 prediction is that
the biometric hype fizzles, #10 predicts security vendor stocks that will
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figures. (88-page report for purchase - $150)
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3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
CIBC World Markets discusses Microsoft's (MSFT) recent earnings and
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CIBC provides its investment conclusion on the stock, analysis of
MSFT's income statement, balance sheet, comments on the outlook for
the company, its valuation, and discusses changes to the firm's
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4. THIRD-PARTY REVIEW
Interfax updates investors on the latest Chinese technology
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RBC Capital Markets reports on possible bank unsecured credit
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To be sure you receive your TTA newsletter every week, click here:
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==============================================================

Online advice and chats
-----------------------------------------

1. ASK THE ANALYST
Schaeffer's Research's Bernie Schaeffer discusses recent price action in
major market averages.

Calling latest trading activity "disturbing," Schaeffer explains why his
chart analysis reveals bearish indications. What are some key levels that
investors should watch in the Dow, Nasdaq, and S&P averages? You
can ask him questions through tonight, Mon., Jan. 28, 5 PM ET.
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Ronald E. Newton with Insurance.com talks about how much auto
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In reality, there is often a large gap between the insurance you're
required to carry and what you should carry.  Ask Ronald E. Newton of
Insurance.com your questions.  He will take investor questions until
Thurs., Feb. 7.
http://www.multexinvestor.com/AskTheExpertForm.asp?&nd=0128

Free and sponsored reports
-----------------------------------------

1, FREE RESEARCH REPORT
Wachovia Securities provides its 2002 outlook on real estate investment
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The firm provides key points, general discussion, fundamental drivers,
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Your registration in Derivatives I - Applied Energy Derivatives on July 27 -
28, 2000 has been canceled.  You will not be charged for this class.

Please call the Development Center Team at 713-853-0357 if you have any
questions.

We look forward to seeing you in the future.  Thank you.


As usual, the lawyers are the last to know.

Stuart is working on a transaction to sell the asset (Gleason), and therefore
this ageement needs to be documented asap, which means in the next few days.
Please review the attached and give me a call.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/10/2000 09:52
AM ---------------------------

	Enron North America Corp.

	From:  Mitch Robinson                           11/09/2000 06:05 PM

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

Subject: SWPC Agreement

Kay -

I've reached a verbal agreement with Westinghouse on the LD issues.  I've
attached a letter outlining the agreement.  Could you review from a legal
standpoint?  Call me with questions.

Thanks,

Mitch


Hey Sara, my notes indicate that the 9 a.m. meeting I had on the schedule
last week or so was to discuss this project.  Let me know when you wanted to
meet to discuss.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693

	Sara Shackleton@ECT
	03/26/2001 05:01 PM

		 To: Cheryl Nelson/NA/Enron@Enron
		 cc:
		 Subject: LEGAL REVIEW OF THIRD PARTY ELECTRONIC TRADING PLATFORMS

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/26/2001 05:01 PM -----

	Mark Haedicke@ENRON
	Sent by: Enron Announcements@ENRON
	03/02/2001 04:51 PM

		 To: All_ENA_EGM_EIM, Enron Global Assets
		 cc:
		 Subject: LEGAL REVIEW OF THIRD PARTY ELECTRONIC TRADING PLATFORMS

In order to ensure adequate, consistent legal review of on-line terms and
conditions governing use of third party electronic trading platforms, you
must have all registration documentation (including, for example, password
applications and access agreements) approved by the On-Line Trading Legal
Contact before such documentation is submitted or executed.  Any document
that requires acceptance by &clicking8 should be treated like any other legal
document.  You are not authorized to accept any such click agreement without
written approval of the On-Line Trading Legal Contact.  In addition, the
On-Line Trading Legal Contact must review and approve all product
descriptions and other on-line terms and conditions applicable to a product
before a password may be used to trade that product on a third party
electronic trading platform.  Accordingly, before any master user or subuser
uses a password to trade a product, he or she must confirm that the On-Line
Trading Legal Contact has approved all applicable product descriptions and
terms and conditions applicable to such product.

The current On-Line Trading Legal Contact is Mark Greenberg (extension 58897)
(or in his absence, Mark Taylor (extension 37459)).


Here is the final portion of the presentation.
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 03/06/2000
10:09 AM ---------------------------

Jason R Wiesepape
02/03/2000 10:29 AM
To: Benjamin Rogers/HOU/ECT@ECT, Michael Danielson/HOU/ECT@ECT
cc:
Subject: 2000 Analyst Presentation

---------------------- Forwarded by Jason R Wiesepape/HOU/ECT on 02/03/2000
10:20 AM ---------------------------

	Enron North America Corp.

	From:  Michael B Rosen                           02/03/2000 10:09 AM

To: Jason R Wiesepape/HOU/ECT@ECT
cc:
Subject: 2000 Analyst Presentation


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jdasovic@enron.com


Thank you...I think

jane.m.tholt@enron.com on 06/15/2001 11:36:01 AM
To: skean@enron.com
cc:

Subject: 40th Birthday

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FYI - Please see attached information from Kate Cole.

Deb Korkmas
Enron North America Corp.
ENA Legal Dept.
1400 Smith Street, Room 3819
Houston, TX  77002
Phone:  713-853-5448
Fax:  713-646-3393
----- Forwarded by Deb Korkmas/HOU/ECT on 10/13/2000 09:27 AM -----

	Kate Cole@ENRON
	10/13/2000 09:05 AM

		 To: Melanie Curran/EWC/Enron@ENRON, Sue Kelly/LON/ECT@ECT, Robin Hill/Enron
Communications@Enron Communications, Deb Korkmas/HOU/ECT@ECT, Mary
Ogden/HOU/ECT@ECT, Lori Pinder/HOU/EES@EES, Annette Patrick/LON/ECT@ECT,
Bonnie_Rushing@pgn.com, Ed B Hearn III/HOU/ECT@ECT, Julie
Delahay/EWC/Enron@ENRON, Barbara Hankins/HOU/AZURIX@AZURIX, Lorna
Jones/LON/ECT@ECT, Michael Slade/LON/ECT@ECT, David Bateman/Corp/Enron@ENRON
		 cc: Hardie Davis/Corp/Enron@ENRON, Teresa Callahan/Corp/Enron@Enron
		 Subject: Huntlaw Corporate Services Limited -  COMPLIANCE PROCEDURES FOR
CAYMAN ISLANDS COMPANIES

I'm attaching a memorandum from Hunter & Hunter, our Cayman Islands counsel,
regarding recent changes in Cayman Islands laws and regulations.  Please
forward it to other interested parties in your departments.

One immediate consequence of these changes is the request by counsel that we
provide them with more detail on the intended business activities of our new
subsidiaries in the A&J memos that are sent to them.  Without being
impractical, something more than "Oil & Gas exploration in Mexico" (by way of
example) is requested.  If it is impossible to provide more meaningful detail
without going on extensively, then the current practice will have to continue
to be acceptable.  However, a business purpose of "holding company" is
probably not going to be acceptable.

If you have specific questions or concerns after reviewing the memorandum, I
suggest that you contact Rory Todd or another representative of Hunter &
Hunter (phone:  345-949-4900; fax:  345-949-5175; email rtodd@huntlaw.com.ky).

Thanks guys!  Kate

Kate B. Cole
Director, Corporate Services
Enron Corp.
Tel: (713) 853-1624
FAX: (713) 646-8007
Email: kate.cole@enron.com


----- Forwarded by Elizabeth Sager/HOU/ECT on 06/05/2001 11:51 AM -----

	Shari_Stack@reliantenergy.com
	05/14/2001 12:53 PM

		 To: Elizabeth.Sager@enron.com
		 cc: Chris.Lackey@enron.com, elizabeth.sager@enron.com, rott@reliant.com
		 Subject: Re: Revised confirm (FINAL VERSION)

Dear All:

I am fine with Elizabeth's changes. Here is the agreed version without the
blacklining.

Thanks,

Shari

(See attached file: Enron Gas Daily Call Option (FINAL 5.14.01).doc)

 - Enron Gas Daily Call Option (FINAL 5.14.01).doc


Dan & Debra -

Attached is a worksheet for a new Master Firm Purchase/Sale with Cross
Timbers Oil Company.  We currently have a Master Physical with this
counterparty, but I want to revise this agreement to reflect the attached
terms.

Please prepare and send out to Mr. Louis Baldwin at Cross Timbers at your
earliest convenience.

Thanks,

Jay


CALENDAR ENTRY:	APPOINTMENT

Description:
	John Buchanan - Oncall

Date:		3/31/2001
Time:		7:00 AM - 8:00 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Good Morning All!

I wanted to confirm that the meeting for Con-Ed was set up yesterday.  The
details of the meeting are as follows:

Date:    Tuesday, June 12, 2001
Location:   EB3801A
Time:    11 am  - 12 noon

Thank you for your patience, and should you need further attention to this
matter, feel free to contact me directly.

Regards,
Keegan Farrell
(713) 345-3317
EB3875