ISDA PRESS REPORT - TUESDAY, NOVEMBER 28, 2000

* Uneven Progress
* German Derivatives Legislation: A Need For Change Now
* Rate Derivatives Is Top Performer
* Capital Concerns
* Enron To Expand Weather Derivatives Cover

Uneven Progress
Asia Risk - November 2000
By Quentin Hills

The derivatives markets across Asia continue to develop in terms of maturity
and complexity.  However, as has been the case over the past five years,
this development has been neither homogeneous or consistent. Before
considering the future landscape, it is worth reviewing the various phases
of the market during the last few years.

During the early to mid 1990s, the main activity comprised currency and
interest rate transactions in the major currencies. The market was dominated
by a handful of foreign financial institutions, while local currency
business was limited and activity was for the most part evenly distributed
throughout the region. The regulatory environment was mixed and generally
not well defined or comprehensive.  Increasingly during this period, the
transactions became more speculative (in line with global trends)and the
inevitable occurred in the first quarter of 1994. As interest rates quickly
reversed (de, rose) in February 1994, there were several well-publicised
losses both in the region and globally. There were quick and adverse
consequences on the derivatives markets.

Activity abruptly slowed, speculative transactions ceased and financial
institutions that had been active pulled back - at least temporarily.
Globally, the focus turned towards discipline and control and there was a
flurry of new derivatives guidelines and regulations. Asian regulators
responded with new guidelines, which largely followed international
practice. During this period the industry, represented by the International
Swaps and Derivatives Association and regulators from all countries,
developed strong relationships.  These relationships continue to this day
and result in increasing industry comments during the drafting of new
regulations.

As derivatives markets began to recover, players returned and new entrants
emerged, local currency markets developed strongly and end-users focused on
risk management processes.  Nevertheless, despite the lack of highly
leveraged    structures, companies throughout the region continued to fund
long-term local currency investments with shorter term foreign currency
("cheaper") liabilities, both in the cash markets and synthetic derivatives.
When the Asian Crisis struck, the impact was severe and the toll heavy.
Apart from deals being unwound, activity ceased and liquidity disappeared.

Since the crisis, derivatives markets have recovered with a marked increase
in activity (although not to pre-crisis levels), the return of market makers
and the introduction of new products, such as credit derivatives.

Going forward, the market seems poised to resume strong growth as Asia
emerges from this difficult period.

Breadth and depth of participants

A consequence of the crisis was a sharp and significant fall in counterparty
creditworthiness across the region and the withdrawal of many market makers.
This was particularly acute during the height of the crisis, but is
reversing as foreign banks once again become more active and local banks
build their derivatives capabilities. Corporate credit quality is slowly
improving and a recent trend has been the increasing use of derivatives by
financial institutions - particularly local banks and fund managers. This is
expected to continue as more active portfolio management leads to a focus on
yield enhancement and credit risk management.

Additionally, there has been an ongoing mend among end-users of markedly
improved understanding and use of derivatives in risk management. Also
noticeable is the broader application of new products. For example, local
financial institutions are using credit derivatives to manage balance sheet
risk strategically, both for liabilities and assets. This reflects the
efficiencies available through the correct use of derivatives and increasing
sophistication of end-users.

Domestic bond markets

The emergence of domestic bond markets is having a positive impact on market
development, both directly and indirectly. There is a direct impact where
bond issues are swapped into a different currency (in the case of foreign
issuers accessing a market), or interest rate (where issuers wish to alter
the interest rate basis).  Additionally, the increased availability of
instruments in the market and greater demand for product from investors is
leading to new local currency products, such as options on domestic interest
rates and securities.

Regulatory convergence

Finally, derivatives regulation in the region has generally been somewhat
mixed, with some countries adopting a prescriptive approach and others a
risk-based approach. Prior to the Asian Crisis, there was a trend towards
convergence and harmonization with respect to regulation. During the crisis,
however, new  regulatory initiatives were put on hold as countries managed
larger and more pressing issues.

The response to the economic turmoil elicited different responses concerning
currency convertibility. Naturally, where currency controls were imposed
either in part or in full, there was a direct adverse impact on the local
derivatives market. However, in those countries where the response has been
to keep markets open, or even to restructure the local financial markets,
derivatives usage has rebounded quickly. This in turn requires further
regulatory consideration, which has generally been in line with
international standards. Going forward, it is reasonable to expect a mend
towards regulatory harmonization and increasing adoption of international
regulatory standards.

The derivatives markets in Asia have undergone dramatic changes over the
last few years. The markets themselves are far from homogeneous and
significant progress has been made from a low base. There has been continual
progress as the number of users increases, more products become available
and regulations put in place to allow healthy market development.
Development has not been uniform across the region, nor has it been
consistent over time as evidenced by the setbacks brought about by the Asian
Crisis. Nevertheless, the derivatives markets in Asia will continue to
develop and mature as end-users grow in number and sophistication, while the
range of products continues to expand.

German Derivatives Legislation: A Need For Change Now
Derivatives Week - November 26, 2000

In a global economy it is essential that each country establish a
transparent and efficient regulatory system for financial products. To
ensure market stability, governments must also instill a high degree of
confidence m the legal system. In   relation to over-the-counter derivatives
transactions, these goals have not yet been fully achieved in Germany. But
with the forthcoming Fourth Financial Markets Enhancement Act
(4.Finanzmarktf~rderungsgesetz) there might be light at the end of the
tunnel. In this context, it makes sense to look at a much-needed change in
the legal regulation of the so called Borsentermingeschaft.

ENFORCEABILITY
Generally, a party to a derivatives contract under German law could attempt
to challenge the validity of the agreement by raising a statutory defense:
the gaming or betting defense (sec. 762 of the Civil Code, Burgerliches
Gesetzbuch), the margin defense (sec. 764 of the Civil Code), or the futures
defense (sec. 52 of the Exchange Act, Borsengesetz).  However, there are two
ways to possibly avoid the threat of such defenses: (i) the contract in
question could qualify as a hedging transaction, or (ii) as a so called
exchange traded futures agreement (Borsentermingeschaft).

HEDGING
Under the hedging exception, a derivatives transaction is valid,
enforceable, and not subject to the gaming, betting or margin defense either
if it constitutes a hedge for both parties or if the transaction is a hedge
for one party and if this party believes, without negligence, that the
transaction constitutes a hedge for the other party as well. The term hedge
in this context covers micro-hedging strategies. Whether this exception is
also true with respect to macro-hedging strategies is not entirely dear.
Modern legal authors tend not to use the term "hedging exception" anymore,
but more broadly refer to economically justified transactions.

BORSENTERMINGESCHAFTE
According to the Exchange Act (sec. 53 pare. 1) Borsentermingeschafte are
binding on both parties if each
party is a merchant, and is either registered or not subject to registration
because he/it is a foreign resident or a public law  entity, or a
professional (defined as a person who, at the time of the transaction or
prior thereto, traded in futures commercially or professionally, or is
permanently admitted to engage in exchange-trading).

If only one party qualifies under the relevant provision of the Exchange
Act, a futures transaction is enforceable only if one party is subject to
statutory banking or exchange supervision, be it in Germany or abroad, and
informs the other party in writing of the risks inherent in the derivatives
transactions in question
(standardized information papers which, pursuant to German Supreme Court
(Bundesterichtshof ) case law, satisfy the requirements under the Exchange
Act and were created by the industry federations of the German banks). This
technique of entering a valid agreement is commonly referred to as the
"information model" and is subject to strict and ongoing form requirements.

In addition, the transaction in question must qualify as a
Borsentermingeschaft. Unfortunately, this term has never been statutorily
defined, but is intended to cover new types of transactions and has, thus,
to be interpreted in a broad sense.  Moreover, the Exchange Act was amended
in 1989 to extend the privilege of its sec. 53 to transactions with a
similar financial purpose as exchange-traded futures transactions.
Therefore, today most types of financial, commodity, energy and credit
derivatives, whether stock exchange traded or OTC products, are generally
eligible for falling under sec. 53 of the Exchange Act. Despite the vast
amount of case law (almost exclusively in the context of warrants) on this
matter, there is still some uncertainty as to whether certain OTC
derivatives qualify as Borsenter7ningeschdffe within the meaning of this
provision.

RELIEF: THE FOURTH FINANCIAL MARKETS ENHANCEMENT ACT
It is, however, widely expected-or at least hoped - that the forthcoming
Fourth Financial Markets  Enhancement Act will include the introduction of a
statutory definition of Borsentermingeschafte.
A legislative initiative to define Borsentermingeschafte in concrete terms
would be helpful, not least because the German Supreme Court seems in its
more recent judgments to have entirely given up the attempt to bring such
transactions within its own traditional definition attempts and now lays
emphasis only on the financial purpose necessary for qualification as a
Borsentermingeschafte.

The term also requires clarification in light of recent amendments to the
Securities Trading Act (Wertpapierhandelsgesetz) and the Banking Act
(Kreditwesengesetz), implementing into German law the EC Investment Services
Directive (ISD) and the EC Capital Adequacy Directive (CAD), which
introduced the distinguishable supervisory law term "derivative," narrowly
defined, into the two acts.

The term "Borsentermingeschaft" is not used internationally - it is specific
to Germany. Its conceptual scope is controvasial3 and the continuous
development of new types of transactions requires a provision which is as
comprehensive as possible. For this reason, it makes sense to find a legal
definition which includes existing derivatives and can accommodate new
developments.

Moreover, the essential point of a derivative is the dependence of its price
upon the development of its underlying(s). Securities,  money-market
instruments, currencies, units of account, interest rates or other yields as
well as commodities, power, and precious metals may all be assets underlying
derivatives transactions as defined in, for example, the Securities Trading
Act and the Banking Act. In addition, the inclusion of other underlyings
such as credit events, weather developments, traffic flows and environmental
emissions would be desirable in order to ensure that here too validity
defenses are essentially eliminated.

A broad definition of a Borsentermingeschafte would remedy the existing lack
of public confidence in the law - especially with regard to future
developments-and thus would enhance the status of Finanzplatz Deutschland.
The German banking associations and the International Swaps and Derivatives
Association should be supported by all market participants in air attempts
to convince the German legislator to make a broad definition of
Borsentermingeschafte a reality as soon as possible.

Rate Derivatives Is Top Performer
Australian Financial Review - November 28, 2000
By Bill McConnell

An explosion in the use of interest rate derivatives, particularly forward
rate agreements and swaps has been the standout feature of Australian
financial markets this year alongside strong growth in non-government debt
securities.

However, a slump in foreign exchange transactions resulted in an overall
decline in total financial markets turnover.

The Australian Financial Markets Association, in conjunction with the
Securities Industry Research Centre of Asia-Pacific  released the results of
its annual report on trading in  Australian financial instruments yesterday.
The report detailed statistical results of Australian over-the-counter, and
exchange traded market activity.

Traded contracts in Australian financial instruments totaled $38.3 trillion
with the bulk of trading taking place on over-the-counter markets which
contributed 72 per cent of total market turnover.

The two markets to show substantial declines in trading activity were
foreign exchange and options on futures, with yearly volumes down 16.7 per
cent in FX markets and 26.1 per cent in SFE traded options. The fall in
activity in currency trading the first since 1994-95 led to an overall
decline in market turnover of 1.5 per cent.

The total turnover on the Australian Stock Exchange options and direct
equities was $466 billion, or a little over 1 percent of total market
volume. But the meager contribution provided by equity markets masked an
impressive 28 per cent increase on volumes from levels last year, and a 14
per cent increase in exchange traded options.

Market capitalisation in the Australian sharemarket also increased by 20 per
cent to $682 billion.

The report identified not only a growth in share trading, but also a
changing investor profile.

``This growth in investor participation in the market does not mean larger
volumes. It also means there is a growing number of more experienced
investors, seeking a broader range of investment products. In addition, the
growth in superannuation funds in Australia is placing greater demand on
investment                  products. The challenge for exchanges is to meet
these growing demands.''

But the top performer in Australian financial markets this year was interest
rate derivatives . Use of forward rate agreements more than doubled during
the year to $1 trillion making it the fastest growing market segment for the
year.  Non-government debt securities, repurchase agreements and swaps
experienced growth in turnover between 36 and 50 percent.

Swap turnover has increased every year since data was first collected in
1992-93.

``Turnover in swap markets has increased each year for four years, and that
has been happening irrelevant of economic circumstances,'' said Mr. Gordon
Axford, chairman of the Swaps Committee.

``This has been a function of greater use of capital markets, and an
increased borrowing requirement by the corporate sector requiring the use of
swaps to hedge exposure.''

Mr. Ken Farrow, chief executive officer of AFMA, said it had been ``an
astonishing turnaround'' by interest rate markets after FRA markets appeared
to be in decline in 1994.

``The interest rate market was more volatile this year than last and that
means there was greater underlying customer demand for interest rate
hedging,'' said Mr. Farrow.

Trading in government debt securities fell for the fourth consecutive year,
and while the traded volumes fell by only 1.1 per cent, the trend suggests a
creeping supply gap between government and corporate markets.

``Corporate issuance has really come into its own,'' said Mr. Phil Coates,
AFMA debt capital markets committee chairman.

``The market has advanced considerably. People are very much in tune with
what is on offer and we have seen the expansion of the corporate floating
rate note market.''

But Mr. Brad Scott, vice-president, head of fixed income credit research at
Salomon Smith Barney, said while the corporate bond market was of equal size
to the semi-government sector, the liquidity of the government bond market
still far outstripped the corporate market by a factor of more than three.

``As funds inflow continues to outstrip demand, deal sizes particularly in
the triple B land will need to continue to increase to attract offshore
demand and encourage broad-based turnover growth.

``Similarly, greater issue diversity and liquidity provided by global credit
markets will continue to attract more interest from funds who have money to
place and can't wait for the market to grow.''

KEY POINTS

* Australian financial markets' turnover was $38.3 trillion for the
year.
* Turnover in forward rate agreements increased by 101 percent, the
fastest growing market segment.
* Foreign exchange trading fell 16.7 per cent, the first fall since
1994.
* Trading in government debt securities fell for the fourth
consecutive year, down 1 per cent.

Capital Concerns
Risk - November 2000
By Oliver Bennett

There are plenty of people who believed it would or should - never happen.
But early next year, regulators are expected to announce a tier one capital
charge for operational risk.  Bankers who have worked closely with the Basle
Committee on Banking Supervision say it is likely to recommend three
different options for banking supervisors: basic indicators (that is, a
single proxy for the entire bank, such as trading volumes); a business line
approach using Committee-imposed capital ratio; or thirdly, internal
measurement using a bank's own loss data within a supervisory specified
framework. The implication is that further and more detailed work on the
internal measurement approach may result an the development of appropriate
models and a fourth regulatory option, based on internal modelling.

There has been intense criticism from banks about an operational risk
capital charge through industry groups such as the International Swaps and
Derivatives Association (ISDA) and the British Bankers Association (BBA).
However, the Committee's consistent position on a capital charge for "other
risks" is encouraging initiatives to develop methodologies and coiled data
related to managing operational risk. Standardisation is some way off,
although there is growing industry agreement on a core operational risk
definition, the collection and sharing of internal loss data and the
importance of qualitative criteria.

The proposal took banks by surprise the absence of a standard methodology
led to fears of an arbitrary operational risk charge, supplementary to
existing capital charges for credit and market risk, based on size and
volume. Allen Wheat, chief executive officer and chairman of Credit Suisse
First Boston, speaking at Risk's annual European congress in Paris last
April, described the proposal for an operational risk capital charge as "the
dopiest thing I've ever seen".  Other leading banks like JP Morgan also
expressed concern that an operational risk capital charge was premature when
the industry had not come to an agreement on how important the issue was, or
how to measure it.  A rule-of-thumb measurement would not accurately reflect
different levels of risk in various banks and could result in overcharging
some banks for risk and undercharging others. Similarly, operational risk
capital charges could penalise banks competing against non-banking
organisations not subject to the charge.

The principal message to regulators is that larger banks with good
operational risk measurement and management should achieve lower capital
charges. However, without a standardised methodology, proposed operational
risk capital charge criteria need to be progressive, flexible and include a
risk-based option. Joseph Sabitini, managing director in the corporate risk
management group at JP Morgan in New York, recognises that a new regulatory
framework for operational risk must accommodate banks at all levels of
sophistication in terms of risk measurement and management, but that it also
includes a risk-based option for "those with the appropriate capability".
Sabitini, who has been working closely with the Risk Management Group of the
Committee, goes on to say that to avoid the shortcomings of the previous
Accord, the capital rules must also be transparent, uniform and consistency
applied.

A recent report by Meridien Research, the Massachusetts-based technology and
advisory service, concludes that in two to three years only one-third of
financial institutions will have the technology to measure and manage their
operational risks.  The report examines how financial institutions measure
up in a four-stage progression of addressing and implementing an operational
risk management strategy. In  the first stage, firms concentrate on the
identification of key risk Indicators and data collection. Stage two
involves developing metrics and tracking for the identified risks from stage
one. Stages three and four move on to using technology for the measurement
and management of those risks within a firm. The report gods on to say that
most firms are working in stages one and two of the operational risk
management process.

With the regulatory option to focus on specific business lines such as
investment banking, retail banking or asset management, banks are
concentrating on internal definitions and management strategies. But how are
they preparing for a capital charge? For most banks this includes
loss-gathering initiatives, key indicator information, risk assessment and
in some cases calculation However, unlike market risk and credit risk, a
purely quantitative approach to measure operational risk is not the current
focus.  Chris Rachlin, head of group operational risk at Royal Bank of
Scotland (RBS), details the main initiatives his group have been focusing
on: "We have been identifying and implementing tools and techniques to help
our businesses identify, manage and monitor operational risks better. As
part of this we have been collecting data on loss
events. We have also looked at a number of quantification techniques, but
believe their effectiveness will depend on the quality and quantity of the
data available."

The current challenge is to find a way around the lack of data on big loss
experiences. Due to the rarity of these large losses, banks lack extensive
data on operational catastrophes such as Nick Leeson-style fraud or a
complete systems breakdown. According to Tony Peccia, vice-president in the
operational risk management division at CIBC World Markets in Toronto, most
banks would want to be at the internal measurement stage of the proposed
capital charge when implemented - which is dependent on internal data. This
has led to the establishment of a number of operational loss databases - in
particular,
introduction consortia of internal loss data-bases. The two principal
consortia are the Multinational Operational Risk Exchange managed by
NetRisk, and the Global Operational Loss Database (Gold), managed by the
BBA, which both provide a mechanism to share loss data in a secure
environment. The consortium members supply operational loss data, business
and risk characteristics to the managing agents.  The data is sanitised,
secured and scaled then returned to the consortium members As well as
assisting banks to manage their operational risks, the data can be used to
compare their performance against their competitors and highlight vulnerable
areas.  The More consortium has agreed to begin sharing data from November 1
2000 and receive the first batch of scrubbed, anonymous data by the end of
the year.

There are a number of concerns regarding data standards. According to
Richard Metcalfe, ISDA Assistant Director of European Policy: "There is
concern that, while the proposed Basle Committee rules incentivise data
gathering, that is not the only issued if banks record their losses in
general categories when submitting internal data but do not associate losses
with enough contextual information, it we be difficult to understand the
finer gradations of risk later on - or indeed to reclassify the database to
an agreed industry or regulatory
standard. Matt Kimber, a director with Arthur Andersen's financial practice,
welcomes initiatives to collect internal loss data to increase the breadth
of information available.  However, he goes on to say that users of the
information "will have to be mindful of the parameters as to how the
information is "gathered and prepared." Similar criticisms are also levelled
at publicly disclosed external loss databases, where issues of caring and
cleansing must be considered.

Last month, ISDA issued a discussion paper, Operational Risk Regulatory
Approach Discussion, on operational risk capital charges.  The paper
highlights concerns that a purely quantitative approach could enable
institutions with poor operational risk management processes and controls,
but with access to internal loss event data, to achieve a lower capital
charge that institutions with stronger risk management processes but no
access to internal loss event data. The paper also highlights fears over the
method of calculation of operational risk capital for an institution that
has recently experienced serious loss, but
where management has reacted and strengthened the control environment in
that area, and consequently reduced the likelihood of reoccurrence.

The paper, produced with the active support of over 20 ISDA member firms and
facilitated by PriceWaterhouseCoopers, sets out a series of structured and
transparent qualitative assessment criteria - with particular reference to
quantitative criteria - to complement the operational risk data requirements
currency proposed by regulators. The paper argues blat there is strong
support in the industry for a regulatory capital assessment model that
allows institutions managing operational risk to effectively access a more
precise means of Calculating an operational risk capital charge -
institutions should benefit from more sophisticated controls and the
regulatory regime should establish incentives to improve risk management and
controls.  This is consistent with proposed quantative techniques once
internal loss data is
incorporated into the operational risk capital charge calculation, as any
institution with an effective control environment would normally expect to
have a lower loss experience, and thus a lower capital charge.

According to Arthur Andersen's Kimber, there is another option - insurance.
"Insurance and risk transfer will become an important and sophisticated
component in an operational risk manager's tool-box over the next few years.
"There are definitely challenges for insurance providers in offering
operational risk cover, but there has been some recent headway in the last
year or two" In fact, regulators have made it clear that, in principle,
mechanisms such as insurance might be an acceptable way for banks to
mitigate risk and reduce their capital charges. Depending on the stance of
regulators, the Committee might insist that policies that mitigate the
capital charge pay out immediately after any operational disaster, or that
these polices only cover certain classes of operational risk. It may also
stipulate a specified credit rating of the insurance company, or the
percentage of risk that the primary insurer can sell into the wider
insurance market.

Possibly the most well-known operational risk insurance product is Swiss
Re's Financial Institutions Operational Risk Insurance (Fiord). With
Fidelity Investments as the first client for the re-insurance firm's
product, it is designed for the top 400 financial institutions in the world.
FIORI would have covered most of the devastating losses that have hit the
headlines over the last few years - 68% of them according to the insurer's
own analysis.  Lars Schmidt-Ott, head of global banking practice at Swiss Re
New Markets, sees insurance as a good alternative to capital charges.
"Holding Capital on the balance sheet is not good for shareholder value - if
you can keep it off the balance sheet at an efficient price you only pay the
downside premium."

But according to RBS's Rachlin, there are a number of problems with the
insurance option - principally the speed of payment and potential lack of
capacity for meaningful levels of rover from financially secure insurers.
Although some products on the market will provide immediate liquidity to a
bank following a disaster, there may be certain arguments after the event.
Policies with catastrophe levels of cover would also need to be scheduled or
layered, and it is not always possible to secure acceptance for finely
worded polices from differed underwriters.  Rachlin also highlights
reputational issues: "While insurance may cover the short-term financial
impact for some events the longer term reputation impact can be of greater
concern."  Although Schmidt-Ott does not agree that there are any
reputational issues using insurance products, he recognises that it may be
some time before gaining relief from operational risk charges becomes a real
incentive to take out insurance.  "Insurance will play a role as an
instrument for managing operational risk, but not in its current form....we
are waiting for the regulators."

Insurance aside, the Basle Committee's capital charge announcement for
operational risk is not eagerly awaited.  If the regulators make their
announcements in the first quarter of 2001 they probably would not become
effective until at least 2002.  Depending on the flexibility of the
proposals, research into internal modelling approaches to operational risk
is likely to intensify.  Victor Dowd, an associate involved with operational
risk capital charge discussion at the UK's Financial Services Authority
agrees that further and more detailed work on the internal measurement
approach may result in the development of appropriate models.  However, for
the present, he says," modelling is not an option" for the regulators to
consider.

Enron To Expand Weather Derivatives Cover
Derivatives Week - November 27, 2000

Enron Europe is set to start quoting weather derivatives on an additional 15
cities in Europe in the next two weeks. Thor Lien, v.p. and head of weather
risk management-Europe in Oslo, said Enron is adding the cities in the U.K.,
the Netherlands, Germany and France. Enron has since the beginning of the
year been offering weather coverage via its website (www.enrononline.com)
and voice brokers on London, Paris, Oslo and Stockholm, as well as some U.S
and Asian cities.

Lien predicts the European weather derivatives market will double in size to
approximately EURO-8 billion (USD5.1-6.8 billion) (total outstanding
notional) within a year. Fund managers and risk managers are growing more
interested in the product as liquidity and transparency increase. Although
customers will also be able to trade weather derivatives through Enron's
voice brokers, the company is putting the contracts on its web site to
entice players worldwide and increase liquidity, Lien said.

End of ISDA Press Report for Tuesday, November 28, 2000.

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.  THIS PRESS REPORT IS
NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION), AND ISDA IS
NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT

Scott Marra
Administrator for Policy and Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Facsimile: (212) 332-1212


---------------------- Forwarded by Karla Hesketh/Field_Marketing/USTRA/ABB on
06/29/2000 10:31 AM ---------------------------
Ben/Kay/Kathy,

Attached is the revised pricing for the 3 types of transformers for the
LMSK-2001 contract along with Schedule 1A, 1B and 1C reflecting the latest
transformer designs.  This information is for incorporation into the final
contract.

(See attached file: ABBoption6000may12rev5.doc)

Please call if you have any questions.  Mike will be at Enron tomorrow should
you need to discuss this final pricing and design information with him.

Regards,
Karla Hesketh

Karla Hesketh\ABB
Ph: 713-821-4016, Fx: 713-821-3526

 - ABBoption6000may12rev5.doc


Attached is the document mentioned on the conference call relating the
purchase of certain of the LM6000 turbines from the S&S ADA.

Regards,

Rob Taylor
Andrews & Kurth L.L.P.
Chase Tower
600 Travis Street
Suite 4200
Houston, Texas  77002

Tel:  (713) 220-4436
Fax:  (713) 238-7273

robtaylor@andrews-kurth.com

This e-mail (and any attachment(s) hereto) is intended only for use by the
addressee(s) named herein and may contain legally privileged and/or
confidential information.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution or
copying of this e-mail (and any attachment(s) hereto) is strictly
prohibited.  If you have received this e-mail in error, please immediately
notify me at (713) 220-4436 and permanently delete the original and any copy
of such e-mail and destroy any printout of such e-mail.

 - Purchase.DOC


John,
Do you think you we be able to submit a quote for the facility behind COH 5-2  and/or the facility behind COH 7-3.  I am hoping to have all responses in by tomorrow morning and then, make a decision.  I hope to hear from you soon.  Also, if you did not receive the load profiles on these two facilities, I have attached them below.  Reminder:  They are looking for firm supply to the gate at a NYMEX based price.

Thanks,
Aiysha M. Billings
Alliance Energy Services
502-214-6364
 - OHIO_C~1.XLS


Please review the attached documents and submit comments on
   (i) the Purchase Agreement,
   (ii) the Trust Agreement,
   (iii) the Remarketing Agreement  and, if time allows,
   (iv) the Offering Circular
to Gareth Bahlmann or Clint Freeland by 4 p.m. tomorrow, Thursday, June 1.

Clint will be meeting with the legal group tomorrow at 4 pm in EB2762.
Please feel free to attend that meeting if you have comments that need to be
discussed.

Joyce Dorsey
Assistant to Gareth Bahlmann
---------------------- Forwarded by Joyce Dorsey/HOU/ECT on 05/31/2000 01:32
PM ---------------------------

mukunah@winstim.com on 05/31/2000 08:35:52 AM
To: clint.freeland@enron.com, gareth.bahlmann@enron.com,
kimberly.blue@ubsw.com, scott.whitney@ubsw.com, ryan.donovan@ubsw.com,
scott.giese@ubsw.com, timothy.steele@ubsw.com, michael.davidson@ubsw.com,
william.sullivan@ubsw.com, john.magovern@ubsw.com, raustin@houston.rr.com,
mspradling@velaw.com, sara.shackleton@enron.com, who@velaw.com,
gorloff@bracepatt.com, ktrautner@bracepatt.com, Rastin@velaw.com,
jim.hunt@ubsw.com, lyndon.taylor@ubsw.com, tom.field@ubsw.com,
ttabor@bankofny.com, kurzw@winstim.com, bergeronc@winstim.com
cc: ecklandt@winstim.com, delaneyj@winstim.com, chudyj@winstim.com,
earlyhud@winstim.com
Subject: Enron PATS 2000-1

In connection with Enron's PATS offering, we're attaching a Cover Letter and
clean and marked drafts of the revised Preliminary Offering Circular, Purchase
Agreement, Remarketing Agreement and Trust Agreement.

Best regards,

Hazel Mukuna

(See attached file: Cover Letter.doc)

(See attached file: Preliminary Offering Circular.doc)  (See attached file:
Preliminary Offering Circular.REDLINE.doc)

(See attached file: Purchase Agreement.doc)        (See attached file:
Purchase
Agreement.REDLINE.doc)

(See attached file: Remarketing Agreement.doc)     (See attached file:
Remarketing Agreement.REDLINE.doc)

(See attached file: Trust Agreement.doc)           (See attached file: Trust
Agreement.REDLINE.doc)

______________________________________
This message, together with any attachments, is intended only for the
use of the individual or entity to which it is addressed and may contain
information that is legally privileged, confidential and exempt from
disclosure.  If you are not the intended recipient, you are hereby
notified that any dissemination, distribution, or copying of this
message,or any attachment, is strictly prohibited.  If you have received
this message in error, please notify the original sender (or the WSPR
Help Desk) immediately by telephone (212-858-1000) or by return
E-mail and delete the message, along with any attachments, from
your computer.  Thank you.

 - Cover Letter.doc
 - Preliminary Offering Circular.doc
 - Preliminary Offering Circular.REDLINE.doc
 - Purchase Agreement.doc
 - Purchase Agreement.REDLINE.doc
 - Remarketing Agreement.doc
 - Remarketing Agreement.REDLINE.doc
 - Trust Agreement.doc
 - Trust Agreement.REDLINE.doc


To All -

Below is a lined version of the ICE contract marked to reflect the general comments I will be submitting to ICE.  As with the pricing, I do not anticipate that many of these changes will be acceptable to ICE, especially in light of recent events.

I welcome any additional suggestions or comments.

Thanks.

Mark


thanks.  who's jeff shields?

	Paul Kaufman@ECT
	03/05/2001 01:29 PM

		 To: Richard Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Harry Kingerski, Jeff Dasovich, Sandra
McCubbin/NA/Enron@Enron
		 cc:
		 Subject: California

FYI.
---------------------- Forwarded by Paul Kaufman/PDX/ECT on 03/05/2001 11:35
AM ---------------------------

Jeff Shields
02/26/2001 09:46 AM
To: Christopher F Calger/PDX/ECT@ECT, Laird Dyer/SF/ECT@ECT, Michael
McDonald/SF/ECT@ECT, Michael Danielson/SF/ECT@ECT, Paul Kaufman/PDX/ECT@ECT
cc:
Subject: California

I participated in a meeting on Friday afternoon in which staff of the
California Energy Oversight Board and the Cal Energy Commission briefed
representatives of the Governor's offices in Washington and Oregon on a
variety of energy related matter. Prior to the meeting the California folks
were given a list of topic areas and specific questions relating to the
respective topics. I have a list of those questions that I will be happy to
provide if your interested. Following are some notes regarding the discussion
that took place.

The first topic area was about the projected load/resource balance for this
summer in California. The Californian's provided a one page listing of the
various resources and anticipated loads that they expect to exist this
summer. They expect Peak Demand + 7% Reserves to be 61,125 MW's. They have
59,209 in total "existing resources."  They expect to have 3,050 MW off the
existing resources off-line for much of the summer. The net short position is
4,966 MW.

Governor Davis expects 5,053 MW of new generation. The Oversight Board and
CEC believe this is probably going to be 2,500 MW at best. Many of the
numbers were based on some suspect assumptions, including such things as an
expectation that BPA will be in a position to make some exports to Cal this
summer.

A second topic area is air quality. Governor Davis has asked all of the local
Air Quality management Districts to relax emission standards for this summer.
The problem is that California has some rules requiring older plants to
comply with BACT by 1-1-2002. Many plant owners have ordered the equipment to
comply and are anticipating being down to install this. There is no single
coordinator with reliable information on these planned outages.

NW Power Planning Council staff told the Californian's that they should
expect the NW Hydro system to be 4000 MW below normal through October, beyond
that who knows.

It was interesting to listen to the CEC explain how California has gone from
a system that didn't allow long-term energy contracts to the current effort
to secure long-term contracts with little capability to manage spot and
short-term transactions.

According to the Cal guys, the state expects to be severely energy
constrained starting in June, even if they manage to have capacity. This is
largely a function of gas supply.

An economist from the Washington State Energy Office said the between 1997
and 2004 Washington has seen a 150 % increase in demand for natural gas. He
said Oregon is up 110% in that same time frame. Apparently much of the supply
to get through this winter is coming from storage which will have to be
replenished, creating a conflict with anticipated generation capability this
summer.

California is starting to discuss an industrial curtailment program for this
summer. Like so many of California's efforts, there is no coordinated effort
around this program.

The CEC said they are bracing for 20-100 hours of blackouts this summer.
While this doesn't sound like a lot, I believe the blackouts  at the end of
the year were only about 5-10 hours ( this is a guess on my part based on
what I recall from news reports).

Jeff


That's fine.  Actually I really need to catch up on my sleep and my Napster
downloading.  Have fun with your friends and I'll chill out at my crib.
Yes,  my face has taken a beating in recent months.  Tell Casey I will live.

	bswaldrop@aol.com
	02/28/2001 04:15 PM

		 To: Gerald.Nemec@enron.com
		 cc:
		 Subject: Tonight

Hey there!

I just got a call from some friends that I have not seen in a while and they
wanted to meet for dinner.  However, it won't be until 8:00 or after.
So...would you be upset if I changed my plans for tonight (actually, the
plans are not 100%, however, I did not want to call you at the last minute).
Hopefully you will see this as an opportunity for you to get some sleep.  If
all works out, I should be home by about 10 and if you are interested in
coming over then...you are more than welcome to!  Or..we can let the
excitement of seeing each other build up and let you have sweet dreams about
the leather Rockies.  Just kidding.  Anyway, let me know your thoughts.

Also, Casey came by my office today and expressed her apologies about burning
your face and wanted me to tell you how sorry she was.  I told her that the
skin should grow back in a few weeks.


Please calendar for me.
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/31/2001 06:53
PM ---------------------------
From: Kayne Coulter/ENRON@enronXgate on 05/31/2001 05:21 PM
To: Lloyd Will/ENRON@enronXgate, Tom May/ENRON@enronXgate, Jeffrey
Miller/ENRON@enronXgate, Gerald Gilbert/ENRON@enronXgate, Clint
Dean/ENRON@enronXgate, Jeff Wolfe/ENRON@enronXgate, Reagan
Rorschach/ENRON@enronXgate, David Fairley/ENRON@enronXgate, Jennifer
Bagwell/ENRON@enronXgate, Elizabeth Johnston/ENRON@enronXgate, Billy
Braddock/ENRON@enronXgate, Miguel L Garcia/ENRON@enronXgate, Juan
Hernandez/ENRON@enronXgate, Juan Padron/ENRON@enronXgate, Don
Baughman/ENRON@enronXgate, Edward D Baughman/ENRON@enronXgate, John
Kinser/ENRON@enronXgate, Dustin Collins/ENRON@enronXgate, Dean
Laurent/ENRON@enronXgate, Corry Bentley/ENRON@enronXgate, Laura
Podurgiel/ENRON@enronXgate, Gretchen Lotz/ENRON@enronXgate, Andrea
Dahlke/NA/Enron@ENRON, Tamara Jae Black/ENRON@enronXgate, Lisa
Shoemake/ENRON@enronXgate, Claudia Guerra/ENRON@enronXgate, Amy
Ochoa/ENRON@enronXgate, Christi L Nicolay/HOU/ECT@ECT, Kay
Mann/Corp/Enron@Enron, Jim Meyn/ENRON@enronXgate, Smith L
Day/ENRON@enronXgate, Rebecca M Grace/ENRON@enronXgate, Thresa A
Allen/ENRON@enronXgate
cc:

Subject: MDEA PRESENTATION

 On Tuesday June 5th in room 3125B from 4:00 - 5:00 P.M.,  we will be having
a presentation on the MDEA delphi application and website that will help
consolidate our procedures.  We will also have a happy hour from 5-8 p.m. at
the Front Porch Pub.

Thanks


Please plan to attend a meeting in Tom's office to discuss CommodityLogic sign off.  This meeting will take place on Tuesday, July 31st at 1:30 pm - 2:00 pm.  If you have any questions, please feel free to contact me.

Thanks,
Brenda
x31914


Scott,

Thanks again for taking the time to talk this afternoon.  I really appreciate
it.

Please find attached my resume for your consideration.  I will touch base
with you when I get back from Alaska next week.

Regards,

Eric


For clarification, I asked Miguel to finish negotiation of a Trhoughput Agreement ONLY with Humberto, where we have proposed a fee of 3.25 cents while Humberto is looking for 2.75 cents.  My suggestion was to split the difference since it only means $60,000 a year.

On a supply, I guess it would be great if we can get it, but I have not instructed anyone to negotiate it.
JC

Miguel Maltes
04/11/2001 10:14 AM
To:	Suzanne B Clapp/HOU/ECT@ECT
cc:	Mariella Mahan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Greg Curran/CA/Enron@Enron, Bo Petersen@ECT, Javier Chavarria/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul Y'Barbo/NA/Enron@Enron
Subject:	Supply Contract

I have been requested by Javier Chavarria to start direct conversations with Humberto to supply him for the needs of Progasco / Tropigas.  In order to cover our costs and make the sale to Humberto, we need a landed cost around MB + 5 for 55,000 Mts per year delivered in partial cargoes sizes that can vary anywhere from 3,000 Mts to 15,000 Mts but cargoes over 8,000 Mts have to be carefully co-ordinated due to the fact that EcoEl?ctrica keeps an inventory in their tanks.

Suzanne, I need to move aggressively to try and make this deal .

Saludos


Late yesterday afternoon, EPSA's legislative affairs committee (about 10 of us) met with Chairman Barton and staff to discuss his draft RTO language.  Meeting lasted 45 minutes.  Interestingly, no one was there from either Reliant or El Paso.

We had what the diplomats would call a frank exchange of views.  Can't say we moved Barton very much, if at all, except we did have a chance to "go over the staff" to point out specific flaws in the draft even based on his view of how RTOs should come about (I gave several very specific examples like the 40,000 MW provision and other limits on FERC discretion on size and scope, as well as procedural rights for transmission owners but not the rest of us, etc.).

Chairman Barton's fundamental view is that Congress, not FERC, should determine how RTOs come about.  And that "the market" and "the industry" should determine how RTOs are shaped, etc., not FERC.  He bristled at one point and said he had more faith in "us" than he had in FERC or we had in ourselves to determine how RTOs come about, going so far as to saying that under his draft they would be "our" RTOs -- meaning those of us present.  I pointed out this is wrong because under his draft the transmission owners, particularly those least likely to join up, would have all the leverage.  I said that the basic flaw in the draft is that it assumes there are only two parties to the transaction -- FERC and transmission owners -- forgetting the rest of us, including consumers.  He said we could become transmission owners if we wanted to!!!

On the 40,000 MW size minimum, he said many "experts" had advised them this is the correct number.  We said that putting a number in to the statute ran counter to his oft-stated desire for a fair process to produce RTOs driven by market forces, not regulators.

The two elements of good news -- Barton reconfirmed that a markup this year is very unlikely AND he expressed that he would not spend too much time on electricity next year if it started to crowd out other issues, like Clean Air Act Amendments and nuclear waste legislation.  This suggests a strategy possibility in terms of running out the clock.

He said he has the votes by a wide margin to report the RTO draft, but will entertain some changes.  He said the only reason he has not marked up the bill is that the Sept. 11th terrorist attacks have taken attention away from the issue and subcommittee members are not engaged on the issue.  He said those of us who support could roll the dice with them, but that there are things that only Congress can do -- like getting all transmission owners into RTOs -- and that these statutory changes are so important that we should not oppose the draft.


The attached report summarizes current significant legal activities of EWS
Legal as of November 15, 2000.  This report does not attempt to list all
transactions or include reference to on-going maintenance of completed
transactions.

Please let me know if you have any questions.


Per my voicemail, could you please help me find the Governing Law(s) for the
list attached below for each Counterparty.

Please Note:  the following list of Agreements were not in your file cabinets.

Thank You,
Anthony


I quickly reviewed the Engelhard technology.
It may have some nice applications.  Here are the issues with this nitrogen rejection technology.
Adaptation of PSA technology, controls pore diameter (pd) at 3.7 A, and excludes methane which has a pd of 3.8 A and captures the nitrogen with a pd of 3.6 A.
Nice feature, there is only a 15 psi pressure drop between the feed gas and the product gas for this technology.
Issues
At low inlet pressures or low nitrogen concentrations the methane recovery can be as low as 80% unless a recycle system is utilized.  Then the recovery rate improves to greater than 90%.
As the inlet pressure increases, the recovery improves to 95+% but the recycle is approx. 15%.
PSA technology has operated at a 600 psig maximum pressure economically, since it uses many 300 ANSI flanges and valves.  Higher pressures are achievable, but the gas recoveries costs are required to be offset the higher cost of 600 ANSI valves and flanges.
The tail gas stream needs to have an economic home.  This stream operates in the 7 psia to 15 psia range and has a 300 Btu/scf.
If the feed gas has a high concentration of C3s and C4+ a pre treatment BPSA is required to extract the heavies for the nitrogen removal PSA.
Gas impurities like CO2 or H2S each require evaluation based on feed gas analysis.
Engelhard claims for 300 to 800 psia operating range, it can deliver 4% nitrogen in the residue gas and will achieve a 97.5% methane recovery for 5% nitrogen stream and the recovery falls to 90% methane for a feed stream of 25% nitrogen.  This implies a recycle system is built into the design.
Alternative technologies:
Cryogenic separation
Absorption
and membrane units [good for crude separation]

Dennis Zitterkopf and I will be happy to review any stranded wells or other technologies.
Regards, Gene

	  From:  Arnold L Eisenstein                           03/26/2001 09:44 AM

To:	Dennis C Zitterkopf/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eugene O'Gorman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:	Eric Faucheaux/ET&S/Enron@Enron
Subject:	RE: Nitrogen facility

Dennis, Gene
for your comments.

Eric,
We have looked in the past at various schemes for Bushton.   Dennis knows the entire system and the existing facilities at Bushton.

---------------------- Forwarded by Arnold L Eisenstein/ENRON_DEVELOPMENT on 03/26/2001 08:42 AM ---------------------------

	Eric Faucheaux @ ENRON 03/26/2001 09:30 AM

To:	Earl Chanley/ET&S/Enron@ENRON, Arnold L Eisenstein/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:	Kevin Hyatt/ET&S/Enron, Michael G Stage/ET&S/Enron, Morgan Gottsponer/ET&S/Enron
Subject:	RE: Nitrogen facility

I have recently requested quotations from Engelhard Corporation for their new technology for nitrogen removal (www.engelhard.com).  Their process is new technology and have only a few units in production that is available for field inspection.  One unit is located in SW Colorado and reduces dehydrated gas from 18% to 3% N2.  The process is called the Molecular Gate System and uses a patented mole sieve absorbent process.  The process removes both nitrogen and CO2 with a pressure drop across the unit of approximately 15 psi.  Some methane is lost in the regeneration process and an enriched recycle stream high in C4+ will need to be recycled requiring a small compressor unit.

Estimated costs excluding a recycle compressor are about $1.7MM for a 5MMcfd unit and $2.5MM for a 15 MMcfd unit.  Installation is not included in estimated costs but may vary between $100K to $200K for locations.

I am investigating this process further because I feel that the benefits of nitrogen removal in the Bushton Universe might prove to be economical with satelite installations versus a common point cryogenic plant considering that NNG is currently transporting 45 - 50 MMcf of N2 per day.  The removal of N2 would equate to lower O&M expenses on compression and higher heating values on the NNG system.  Both would help Enron realize higher revenue potential.

Rich Jolly
03/25/2001 05:21 AM
To:	Kevin Hyatt/ENRON@enronxgate
cc:	Earl Chanley/ET&S/Enron@ENRON, Eric Faucheaux/ET&S/Enron@Enron

Subject:	RE: Nitrogen facility

Thanks and let me know how I can help.
Rich

From:	Kevin Hyatt/ENRON@enronxgate on 03/23/2001 01:33 PM CST
To:	Earl Chanley/ET&S/Enron@ENRON, Rich Jolly/ET&S/Enron@ENRON
cc:	Eric Faucheaux/ET&S/Enron@Enron

Subject:	RE: Nitrogen facility

Thanks Earl for the info.  Eric Faucheaux is looking at some technology using cell membranes that may be much cheaper.  I gave him some gas sample info of volume near the Panhandle lateral that we may be able to do a test on.  Let's continue to keep each other posted.

kh

 -----Original Message-----
From: 	Chanley, Earl
Sent:	Friday, March 23, 2001 10:29 AM
To:	Hyatt, Kevin; Jolly, Rich
Subject:	Nitrogen facility

Kevin / Rich

You had asked about nitrogen removal facilities for a customer and an order of magnitude dollar amount, which can vary due to the % of nitrogen in the gas stream, is $5,000,000 for a 10 mmcf/d facility. (this cost is without compression) There are several process available and to go any further down the road, we would need to contact the customer and get a gas quality and more information. To remove nitrogen, base on assumptions, it would require the removal of CO2, Glycol dehy for large water content, dry bed dehy for water fines and cyro for nitrogen removal + recompression to get it back to pipeline pressure. I don't think the producer would want to spend that amount of money for small volumes.

If you would like for us to research any further, please let us know.

Thanks

Earl Chanley

<Embedded StdOleLink>
<Embedded StdOleLink>


Hey Home,

Just a note to tell you thanks again for being my "roaddog".  It really
helped me out!  You're the "bomb"!


Bob,

I didn't check voice mail until this morning (I don't have a blinking light.
The assistants pick up our lines and amtel us when voice mails have been
left.)  Anyway, with the uncertainty of the future business under the Texas
Desk, the following are my goals for the next six months:

1)  Ensure a smooth transition of HPL to AEP, with minimal upsets to Texas
business.
2)  Develop operations processes and controls for the new Texas Desk.
3)  Develop a replacement
 a.  Strong push to improve Liz (if she remains with Enron and )
 b.  Hire new person, internally or externally
4)  Assist in develop a strong logisitcs team.  With the new business, we
will need strong performers who know and accept their responsibilites.

1 and 2 are open-ended.  How I accomplish these goals and what they entail
will depend how the Texas Desk (if we have one) is set up and what type of
activity the desk will be invovled in, which is unknown to me at this time.
I'm sure as we get further into the finalization of the sale, additional and
possibly more urgent goals will develop.  So, in short, who knows what I need
to do.

D

Bob M Hall@ENRON
01/29/2001 04:19 PM
To: Rita Wynne/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT, Kathryn
Bussell/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Michael Eiben/HOU/ECT@ECT,
Robert Superty/HOU/ECT@ECT
cc:
Subject: reviews

Heather will be calling each of up to set up a time to discuss your review
for 2000.

Please bring with you two items that you plan on working on during the first
six months of 2001.

These should be items that improve the process around your area or brings
additional
income to Enron.

thanks

bob


From: ISO

ISO declared STAGE 2 Electrical Emergency for 05/09/2001 11:45 through 05/09/2001 23:59

For more information contact:
webmaster@caiso.com

EDIS-05-09-01 1146 PDT

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Sorry.  Can you purge anything from EnronOnline from this doc?

 -----Original Message-----
From:  Jones, Tana
Sent: Thursday, March 01, 2001 3:26 PM
To: Philipson, Fred
Subject: Re: NDA Request

 << File: unbound technologies.doc >>

	Fred Philipson/ENRON@enronXgate 03/01/2001 01:31 PM 	   To: Tana
Jones/HOU/ECT@ECT  cc:   Subject: NDA Request

Tana:

Can you please forward an NDA for Net Works and

UnBound Technologies, Inc.
5295 Hollister Road
Houston, Texas 77040

Voice: 832.590.1000
Fax: 832.590.1010
Email: info@unboundtech.com <mailto:info@unboundtech.com>

We are discussing applications and technology that we can develop and or
license from / to each other.

Thanks,

Fred Philipson
5-9323


5/16 - Trans Id. 5062820 shows 1033 mw R/T but we do not show this in
EnPower.  However, deal 613492 in EnPower for 1270 mw does not go with
anything with NY. The comments are not helping in identifying what
transaction it goes with. Could you please advise.

Thanks,
Jim Cashion


My only concern is that they have the legal right to cancel the contract.
"Certain Assets"  must also include the agreement  at issue.

DP

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


http://www.eyeforenergy.com/newsletter/newsletter_200901.htm

[IMAGE]	[IMAGE]				[IMAGE][IMAGE][IMAGE] HOME
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    Thursday, September 20, 2001 Issue 37   EDITORIAL  Last week's events  As most of you may know, Eyeforenergy held its second annual, Energy Exchanges Online  conference last week in New Orleans.  We'd like to thank the wonderful speakers and sponsors who made the event a very successful one.  For those of you interested in what went on you can take a look at the presentations which are up on the website here .   Normally, after a conference, we'd devote the newsletter to a wrap-up of the conference, some major trends we picked out, etc.  With the events of the last week, however, we thought it fitting that this newsletter focus on the effects wreaked on the energy sector by the recent terrorist attacks.  So in the article below you'll get a look at some possible scenarios for the next few months.   We'd like to once again extend our sympathy to the members of the Eyeforenergy community who have lost friends and colleagues, particularly our friends at Tradespark and eSpeed.  (For those of you interested in making a donation to Cantor Fitzgerald, parent company of Tradespark and eSpeed, please go to http://www.espeed.com/donation.html )   One of the best things about the job we do is the opportunity we get to meet some extraordinary people in the course of putting together our events.  It makes it all the harder when we know that we won't be seeing our trusted friends at the next one.    --Allison Robertshaw, Editor    FOCUS   The Sound of Silence   Last week's tragic events struck at the heart of the energy sector and the world will never be the same. While some of us lost family, friends, acquaintances and business associates, all of us share in the loss. Nationals of 47 countries have been declared dead or missing and 58 countries report some of their citizens, said to have been in the United States on September 11, are still among the 5,700 unaccounted for.  For those of us attending the Energy Exchanges Online II conference in New Orleans, it was particularly emotional as we watched some of our friends and associates come to the realization that their offices were... Click here for Full Story      ADVERTISEMENT  [IMAGE] Eyeforenergy Asia 2001 - PRIZE DRAW! The Shangri-La Hotel, Singapore 15-17 October 2001   There is less than a month to go before Eyeforenergy's October event in Singapore.  We've had a tremendous amount of interest in the show already and have lined up an unrivalled array of speakers to give cutting-edge presentations on all the important issues, including Enron, TotalFinaElf, Unocal and Shell.  As a special offer, each week will will offer one registered attendee a full refund and free ticket for Eyeforenergy Asia 2001!  To enter, simply register  for the event and be sure to mention "prize draw" when you book.  For more information about the event, click here  or email us .  [IMAGE] Landmark Graphics and Petroleum Place -- Accelerating Business Efficiency   Landmark Graphics and Petroleum Place Delivers Enormous Efficiencies within Acquisition and Divestiture. How? Through online delivery of data and evaluation tools within an APS environment to afford dramatic efficiencies for both sellers and buyers.   Visit www.petroleumplace.com   [IMAGE]  Eyeforenergy Emissions Trading 2002 Okura Hotel, Amsterdam 19-21 February 2002   Emissions trading options are ripe for the picking - so how can you make sure you're ready to profit from GHG? Let's face it - you can't really afford not to be, especially as the World Bank has estimated demand in the international GHG trading system to be in the order of US$20 billion per annum by 2010.   Eyeforenergy is delighted to bring you this event which will focus on how you can best seize this exciting new market opportunity. As ever the conference will be driven by the industry leaders in this arena backed up by expert advice from those helping the industry make the right moves in emissions.   For further information, click here   [IMAGE]  NEWS ROUND UP - WEEK IN REVIEW   NEG Micon Unveils Wind Turbines at German Fair   September 17, 2001---NEG Micon will take the wrappers off two new wind turbines at the Windtech Husum wind energy fair being held in Germany September 18-22.  The company announced that one of the turbines was designed for offshore use and the other for onshore use.  The onshore turbine is a low-wind-optimized 1.5-MW model with active-stall regulation for inland sites, model number NM82/1500. The offshore turbine is a 2.5-MW turbine, model number NM80/2500, with pitch regulation and variable speed for offshore and shoreline areas with offshore climatic conditions... Click here for Full Story     Excelergy Introduces Explorer to Deregulated Markets   Lexington, Ma., September 13, 2001---Excelergy Corp has taken the wrappers off a new product designed to resolve the settlement and billing questions and speed up client cash flows.  Excelergy Partner Explorer streamlines a client's operations while reducing back office costs and improving cash collections.  "Excelergy Partner Explorer is another example of how our products are delivering open co-action across the entire value chain of restructuring industries - in this case... Click here for Full Story     Deregulation Draws Players to Texas Electric Market   September 11, 2001---With deregulation set to begin in January 2002, Texas is proving to be a magnet for the retail power market. Centrica plc is the latest to announce their entry into the Texas market by filing its application for Retail Electric Provider status with the Public Utility Commission of Texas.  Active in Europe, operating under several well known consumer brands, Centrica  moved into North America by acquiring Direct Energy , a Canadian retailer.  The company supplies natural gas... Click here for Full Story     RWE Enters U.S. Energy Trading Market   RWE AG of Germany, in an effort to gain a foothold in the U.S. energy market, has created RWE Trading America.  RWE AG of Germany, in an effort to gain a foothold in the U.S. energy market, has created RWE Trading America. The move is a clear indication the company is seeking to build up its energy trading operations in the United States alongside of its European trading business.   The new company will... Click here for Full Story     ACN Energy Leverages Excelergy's Software to Multiply Customer Base   ACN Energy is turning to Excelergy Corp., to provide software solutions to expand its offerings of electricity,   ACN Energy is turning to Excelergy Corp., to provide software solutions to expand its offerings of electricity, natural gas and related products and services to a rapidly growing number of mass market residential and small business consumers in multiple jurisdictions nationwide.   "Partnering... Click here for Full Story     University of Arizona Scientists Seek Ways to Harness Solar Energy   The process involves using a thin film of organic molecules that could be cheaper and more efficient than current technology.  University of Arizona scientists are turning their attention to a new method of harnessing solar energy. The process involves using a thin film of organic molecules that could be cheaper and more efficient than current technology. While the organic solar cells are several years away from harvesting... Click here for Full Story      Latest News Now!       [IMAGE]     EDITORIAL [IMAGE] Last week's events    ARTICLES [IMAGE] The Sound of Silence    NEWS ROUND UP [IMAGE] NEG Micon Unveils Wind Turbines at German Fair  [IMAGE] Excelergy Introduces Explorer to Deregulated Markets  [IMAGE] Deregulation Draws Players to Texas Electric Market  [IMAGE] RWE Enters U.S. Energy Trading Market  [IMAGE] ACN Energy Leverages Excelergy's Software to Multiply Customer Base  [IMAGE] University of Arizona Scientists Seek Ways to Harness Solar Energy     EVENTS [IMAGE]  Eyeforenergy Asia 2001   [IMAGE]  Green Convention 2001   [IMAGE]  EEO Europe - Energy Trading in the New Economy   [IMAGE]  Emissions Trading 2002      SUBSCRIBE   Please enter your email address below to subscribe to the EyeForEnergy newsletter. Thank you        UNSUBSCRIBE  To unsubscribe from the EyeForEnergy newsletter please enter your email below. Thank you       If you have any comments about this newsletter or you would like to suggest future topics or industry related news, please email  bruno@eyeforenergy.com     [IMAGE]


Hi Robin,

Here is the Power TXT file.

Brian.


Students, Faculty, and Staff,

Don't forget to participate in the Coffee Colloquium this morning
(10-24-01) from 9:45 to 10:45 held outside room 124.

The Coffee Colloquium is an informal gathering which will allow faculty,
administration, and students an opportunity to talk, exchange ideas and get
to know each other better.  The Jones School Coffee Colloquium will be a
regular gathering every Wednesday (same time, same place) unless there is
another scheduled event (Dean's Lecture, exam day, holiday).  We usually
have coffee, juice, soft drinks, and some light snacks.

Kathy

Kathy M. Spradling
MBA Program Coordinator
Jesse H. Jones Graduate School of Management
Rice University
6100 Main Street, MS 531
Houston, Texas  77005-1892
Phone:  (713) 348-3313
Fax:  (713) 348-5251
Email:  spradlin@rice.edu
http://www.rice.edu/jgs
E-mail:  spradlin@rice.edu
http://www.ruf.rice.edu/~jgs/


not completed he didn't have the chance today.  I was unable to close a
Excell spreadsheet for me to install the memory


Barry:

This is the insurance language that would appear in the contract between Enron Asset Management Resources (EAMR) and Citizens.  I will send you a second e-mail that summarizes the proposed deal between EAMR and ENA.  As we discussed I would like you to look at this insurance arrangement and see if ENA has any risk.  My view of it is that this creates no risk to ENA, but I have not structured a deal in this way before and would appreciate a second opinion.

Thanks

C

 -----Original Message-----
From: 	Smith, Sarabeth
Sent:	Wednesday, June 06, 2001 1:42 PM
To:	Soldano, Louis; Hawkins, Don; Bouillion, James L.; Foster, Chris H.
Cc:	Marye, David
Subject:	Proposed Compromise to Citizens

Please review the attached proposed compromise to be sent to Citizens following internal review.  Lou worked with Don and myself to draft this document.  Jim and Chris, your comments are appreciated.  My apologies for the short turn around time, however, we need to get back to Citizens as quickly as possible due to the plant going commercial sometime between 6/18 and 6/21.


Guys,

The Iron Mtn question you raised early is a little sticky.  Grace may be able to help you, but over 300 boxes were shipped to Iron Mtn today.  Good luck!

__________________________
Julie Kearney
ENA HR Manager
503) 475-1407 (Mobile)
503) 464-7404 (Work)
julie.kearney@enron.com


Start Date: 4/25/01; HourAhead hour: 14;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042514.txt

---- SC Trades Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

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  SC_ID: EPMI
  MKT_TYPE: 2
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  TRADING_SC: PGAE
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


Greg,

Attached for your further handling is the Chambers ICA with the changes we
discussed.  Have a good weekend.

Eric Gillaspie
713-345-7667
Enron Building 3886

	Greg Brazaitis
	09/08/2000 02:48 PM

		 To: Eric Gillaspie/HOU/ECT@ECT
		 cc:
		 Subject: Chamber IC


The following notes are from Ken Smith from State Controller Kathleen
Connell's press conference today:

California State Controller Kathleen Connell held a press conference
today.  Although the Dow Newswire said it would be to disclose long-term
contracts, the event focused on what she believes will be an additional
need for borrowing beyond the energy bonds.

She anticipates an additional $4 billion in borrowing will be needed in
February to meet expected costs.  The borrowing should, she said, be
done as Revenue Anticipation Notes (RANs), short-term notes at a lower
interest rates (about 4%) that must be paid back by the end of the year,
rather than as additional energy bonds.  She categorized the current
budget situation as &the same kind of environment as a bad budget year,8
and said California should maintain at least a 3% reserve.

She did not comment on individual contracts except to say there are 17
different contracts.

Charts her office had prepared showed that $5.136 billion had been spent
on energy purchases through 5/17/01; about 99% of that went to spot
market purchases.  There was also a chart that showed projected
expenditures under the Governor,s plan to be $8.349 billion for the
period January 1-June 1, 2001, with about 89% of that going to spot
market purchases.  How these numbers work together was confusing ) I
checked with a reporter, who said he was also unclear.  I,ll try to get
this cleared up this afternoon.

An easel held a large photocopy of a $533 million check to Mirant, which
is the largest energy check written to date.   More has been paid to
Reliant ) she put it at about 25% of total expenditures ) but &we have
never written a check to Reliant over $500 million8 because of the way
they invoice.

She said the Governor,s financial assumptions for power &do not fit into
the most likely scenario8 and that summer conditions will greatly affect
the actual spending needs.  She noted that DWR estimates it will spend
$9.2 billion through June 30, 2002, although the PUC has only authorized
$7.5 billion.

The other significant announcement was that she plans to use her
authority with the Board of Equalization to hold hearings to determine
whether power plants sold by utilities have been properly assessed for
property taxes.  Apparently, they are still on the tax rolls at previous
rates, but she believes the profits recorded by some generators means
the plants may be more valuable than their current assessments.

A press release was not distributed at the event, although there may be
one issued later today.


That's a good one.  This is taking on much more meaning now that she possibly
might be a US Senator.  Yikes.

	"Emmye" <emmye@dracospring.com>
	09/14/2000 08:47 AM

		 To: <gerald.nemec@enron.com>
		 cc:
		 Subject: FW: FW: (no subject)

-----Original Message-----
From: JDogg96137@aol.com [mailto:JDogg96137@aol.com]
Sent: Wednesday, September 13, 2000 4:51 PM
To: JWells4378@aol.com; lkitchel@duffkitchelcpa.com;
lnkitchel@hotmail.com; jculwell@lcc.net; patti@dellago.com;
Charles.Johnson@equistarchem.com; ginabjohnson@compuserve.com;
jkitchel@bechtel.com; ldeniso@azurix.com; DDaniel@gbltx.com;
casares@astros.com; MEasley986@aol.com; iii@neosoft.com;
jabell@akingump.com; nextstep@bga.com; lenory@hotmail.com;
KacherSA@aol.com; jbolen@mdgibson.com; bethtx@webtv.net;
KWatkins@encompserv.com; Sandra.Shook@bakeroiltools.com;
zabalaj@hotmail.com; cindi.tate@unisys.com; jason@austinfirst.com;
joseph_h_hall@yahoo.com; Diane.Mullins@bowne.com; andy@dot9.com;
Cindyespinoza@aol.com; TROYNICHOLAS@aol.com; Cskbl1@aol.com;
dscurcio@worldnet.att.net; dgtatem@ev1.net; EJNicholas@msn.com;
dfornfeist@swmail.sw.org; bittenbinder@tamu.edu; emmye@dracospring.com
Subject: Fwd: FW: (no subject)

Content-Transfer-Encoding: 7bit
From: "Robertson, Misty" <MRoberts@bindview.com>
To: "'AL'" <ALW@GLD-LAW.com>, "'CLAUDIA'" <cblackman@gseworld.com>, "'DWANE'"
<Dwane.Harrison@Halliburton.com>, "'JEFF'" <JDogg96137@aol.com>, "'JOSH'"
<JWeinste@enron.com>, "'KIM'" <KimJ@GLD-LAW.com>, "'MELISA'"
<melisa_4@yahoo.com>, "'MELODY'" <gillespie@camdenprop.com>, "'MICHELLE'"
<mrobertson@computertech.com>, "'PAT D'" <pduff@gseworld.com>, "'TERESA'"
<TTrull@gseworld.com>, "'TIM'" <tbrandt@wt.net>, "'TODD'"
<tbarnes65@mindspring.com>
Subject: FW: (no subject)
Date: Wed, 13 Sep 2000 09:58:08 -0500
Message-ID: <82D9E4BB02AED311855D0008C756FEBD02EA147A@BVEW>
MIME-Version: 1.0
Content-Type: text/plain; charset="iso-8859-1"
X-Mailer: Internet Mail Service (5.5.2650.21)
X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2615.200

Misty Robertson
BindView Corporation
Budget Coordinator/Analyst
713.561.4204

               OVER THE HILLARY
                            * * *
submitted by The Captain

Hillary Clinton and her driver were cruising along a country road one
evening
when a cow ran in front of the car.

The driver tried to avoid it but couldn't - the cow was killed.

Hillary told her driver to go up to the farmhouse and explain to the owners
what happened.

About an hour later, the driver staggered back to the car with his clothes
in
disarray.  He was holding a bottle of wine in one hand, a cigar in the other

and smiling happily.

"What happened?" asked Hillary.

"Well," the driver replied, "the farmer gave me the wine, his wife gave me
the
cigar, and their beautiful daughter made mad passionate love to me."

"My God, what did you tell them?" asked Hillary.

The driver replied: "I'm Hillary Clinton's driver, and I just killed the
cow."


The following 2 scenarios were run and meet our return requirements.  The total volume of 306 comes from the 240 suggested starting volumes and the additional volumes come from expiring El Paso/MGI transportation agreements.

_______________________________

1)  306 total volume

240 @ $.2479 for yrs 1-15
26 @ $.2479 for yrs 3-15
40 @ $.2479 for yrs 4-15

2)  306 total volume

240 @ $.2600 for yrs 1-15
26 @ $.1883 for yrs 3-15
40 @ $.1883 for yrs 4-15
_______________________________

We would suggest Showing PEMEX either scenario but using the round numbers of $.25 (instead of $.2479) for scenario 1 and $.19 (instead of $.1883) for scenario 2.

Please let me know if you have a preference.  We would like to fax one of these scenarios to Jorge @ 3:00 today so that they can digest it and use it for a starting point for tomorrow's meeting.

Call me if you have any questions.

Mark

Mark McConnell
Transwestern Pipeline Company
713-345-7896   office
713-822-4862   cell
713-646-2551   fax
mark.mcconnell@enron.com


If you have any questions, please call me at ext. 54858.

Thanks,

"Z"


[IMAGE][IMAGE]   [IMAGE]
 [IMAGE]   Home    [IMAGE]    Go to    [IMAGE]    Events     BulletinBoard    Newsletter    Geological Guide    Contracting Guide      [IMAGE]  Procurement Guide    Noticias- Petroleo.com News  Spanish     IESA Macroeconomic Data Base     [IMAGE] Venezuela Central Bank Economic Indicators     Petroleumworld Business Partners:     [IMAGE]      [IMAGE]      [IMAGE]   	   "); document.write (mesn[fecha.getMonth()+1]+", "+fecha.getDate()+" "+fecha.getYear()); document.write ("");   Octubre, 17 2001     Petroleumworld Weekly Review Oct. 07-Oct. 14  Petroleumworld.com for the lastest daily news  [IMAGE]  Venezuela's Fedepetrol oil union: Ortega virtual new union's president  [IMAGE] Fedepetrol's virtual president Carlos Ortega   By Elio Ohep PETROLEUMWORLD Caracas, Oct. 11 - full story  OPEC President denies OPEC planning to Meet soon [IMAGE]OPEC's President Chakib Khelil  PETROLEUMWORLD Caracas, Oct. 14 - f ull story   !   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Gen. Ali Rodriguez PETROLEUMWORLD Caracas, Oct. 9 - full story      Venezuelan gas workers step up strike Photo: El Nacional [IMAGE] PETROLEUMWORLD Caracas, Oct. 8 - full story    Venezuela PDVSA official opposes govt plan for new companies [IMAGE] PETROLEUMWORLD Caracas, Oct. 8 - full story    OPEC Secy Genl: No automatic crude output cut for now [IMAGE]OPEC's Secretary Genral Ali Rodriguez PETROLEUMWORLD Caracas, Oct. 8 . - full story   Venezuela's Chavez says reduction in oil output possible [IMAGE] Venezuela's President Hugo Chavez PETROLEUMWORLD Caracas, Oct. 8 - full story      [IMAGE]    This week top ISSUES... Inside, confidential and off the record  USA warning - full story  Oct.14   Crushing defeat - full story  Oct.12!    UK's Minister: Oil needs flexibility - full story  Oct. 8     More...  To read all ISSUES...  articles please  click here       Prices Oct. 12 Update: Oct .15/12:30 GMT/08:30 ET   IPEBrent Spot 10/12 versus 10/5 $22.59 +.31     WTI   Cushing Spot 10/11 versus 10/04   $ 23.33 +.60     IPE Brent  Futures Front Month  10/11   $22.46     WTI Nymex  FOB Cushing Front Month 10/12   $22.50    Venezuela oil Basket     $ 16.71 week  Oct.12 vs $ 16.99 prev.week   Opec Crude oil basket     N.A. week Oct.12 vs.$ 19.96 prev.week    See more information and graphs in : www.petroleumworld.com     [IMAGE]    OPINION  IEA Summary: World oil demand hit by terrorist attacks - Oct. 12 - story    Venezuela '02 oil, budget scenario seen as unrealistic -Oct. 10 - full story    Venezuela's CANTV poison pill pits Verizon against AES - Oct. 8- story    Point Of View: US terror attacks challenge OPEC price plan - Oct. 8- story   Previous Opinion  articles      FOCUS-ANALYSIS-RISKWATCH  Mexico's energy needs still waiting forlegislation - Oct. 11 - story    Platts: OPEC September production falls 890,000 Bpd, compliance fell to 65% -Oct. 10 - full story    Oil companies' 3Q earnings fall with demand, prices - Oct. 8-  story    MEES: The Political Scene - Oct. 8- story    MEES: Crude prices weakness tests OPEC grip on markets -Oct. 8- story   Previous focus- analysis-interviews    II OPEC summit stories       The Sunday's Petroleumworld Opinion Forum: viewpoints in oil & international politics.  WHY RIYADH STIFFS AMERICA.  Deserted  by Joshua Teitelbaum  Illustration: TNR [IMAGE] By Joshua Teitelbaum The New Republic PETROLEUMWORLD Caracas, Oct.14 - full sto! ry  Previous Sunday opinion forum articles       Sunday's Feature  A profile of Venezuela's Hugo Chavez by Jon Lee Anderson [IMAGE]Venezuela's President Hugo Chavez PETROLEUMWORLD Caracas, Oct. 14 - full story    Previous articles    Saturday's INTERVIEW  Endesa's Peru Jose Maria Hidalgo : Endesa committed to Peru despite tax dispute [IMAGE] PETROLEUMWORLD Caracas, Oct. 13 - full story  Previous Saturday's interviews      EVENTS  [IMAGE]Venezuela's Role Supporting U.S. Energy Security -Thursday, October 11, 2001, 8:30 a.m. - 1:30 p.m., Willard Intercontinental Hotel, Washington, DC, The Johns Hopkins University's, - Oct. 9 - full story    API cancels Pasadena, Ca. annual meeting  Full story     Previous Events    THEMES  BARRON'S: Bin Laden blew it: Veteran mideast hand Tom Petrie says terrorist misc - Oct. 13 - story   PDVSA's Petroleum Education program - Story  Previous Themes      To received PetroleumworldWeekly Review click to suscribe     For daily Energy, Oil & Gas information www.petroleumworld.com   If you do not want to received this newsletter, or if you want to make some comments or suggestions,  please send us a reply message   [IMAGE]   From The Editor    Welcome  to our  weekly newsletterpetroleumworld.com   Weekly Review   Just to remind you  about  the best in Venezuela's  Petroleumworld.com   Our  Portal  Site changes its information at least  twice a day usually  around 12:00-15:00 hrs. and  22:00-24:00 GMT  PreviousNewsletters     [IMAGE]   Click for a spanish copy of the   [IMAGE]   Venezuelan Hydrocarbons Law Draft  [IMAGE]Unofficialenglish version   for commentaries to the draft: revision @leydehidrocarburos. gov.ve  The secretary of the committee evaluating the draft is Joaquin Parra Director at MEM Telephone: 507 5222 Fax: 575 2964  E-mail: japarra@mem.com.ve  [IMAGE] Venezuela's Oil Chamber Hydrocarbons Law Draft  Comments  &  Suggestions Spanish   [IMAGE]See all Petroleumworld oil law stories    [IMAGE]    [IMAGE]    Alianza Empresarial Petrolera   To promote  & develop  the Venezuelan industry  in the petroleum  sector     [IMAGE]   Venezuela's Executive Association   More information     Letters  If you have  anything in your mind about the oil business let us  know about  it  letters  are  welcome editor@petroleumworld.com     Tips...  From our Friends  [IMAGE]  Offers reduced  mileage award levels for travel Story    [IMAGE]   RIP de Venezuela C.A.  Rip de Venezuela  is one of  the oldest  and reputable  Venezuelan Trading company  in forged steel, stanless steel valves  and fittings,  tube fittings  and  stanless steel pipes.  RIP offers a wide range of products to  ANSI standards,  designed for the Chemical  and Petrochemical,  oil, gases  and  steam industries.  ripvenezuela.com.ve      [IMAGE]   [IMAGE]Sept News        [IMAGE]     [IMAGE]   Check out The  New Services    [IMAGE]     [IMAGE]    [IMAGE]    The abc  of the Legal Regime  of the Oil Industry  in Venezuela   Araque Reyna Sosa Viso & Pittier      [IMAGE]  Venezuela   Onshore  Geotechnical   Marine Geotechnical   Marine Survey      [IMAGE]   Articles  by  Francisco Monaldi Mas  Francisco Monaldi    Francisco Monaldi M. Punto deencuentro Punto dedesencuentro      LE PETIT  BISTROT  THE  JACQUES French Bistrot  Caracas Reservations: 266 0321/ 263 8695  Happy Hour 5-8 PM /M-F And  Le BISTROT  Express a culinary experience,  for your home.  Click for menu    [IMAGE]Click     Click   [IMAGE]  invites you  to attend Breakfast with  Venezuelan- Dominican Republic's Chamber of Commerce  to talk on  Venezuela's  opportunities for export  Tuesday Oct. 16  7:30 AM  Hotel  Paseo Las Mercedes Phone: 993 2379   [IMAGE]  The Venezuelan - Canadian Chamber  of Commerce extraordinary  conference, on Tuesday October 23, 2001  with :  JOSE TORO HARDY Petroleum Expert  and  ex-Director of Pdvsa  on the subject of  "Petroleum, OPEC,  Terrorism and the Consequences  for Venezuela of the War"  Hotel Four Seasons 7:30 a.m. Tuesday October 23   R.S.V.P  954 11 06  / 954 12 03  Email : nancyperez@cancham.com.ve  Nancy Am?rica P?rez Executive Director

		TOP   www.petroleumworld.com - Publisher/Editor/Producer - Elio C. Ohep A. CopyRight ? 2000, Elio C.Ohep A.- All rights reserved . Legal Information . To contact us: editor@petroleumworld.com  /phone: 58 212 286 57 62

Get your FREE download of MSN Explorer at http://explorer.msn.com


Stacey, can you do a conference call at 10:30 your time with Jeff and myself?

John Postlethwaite
EPMI-West Power Risk Management
503-464-7756


Garner and Glenn for T.D. ?


Hey Baby.  Tell your friend that the photos are under
http://home.earthlink.net/~ampaez/

They are either named brace or silver.  By sugar.
--
---
Angelica M. Paez


Start Date: 2/28/01; HourAhead hour: 13;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001022813.txt

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Julia has all the handouts.  Mark


Per our telephone call.  Take care.
---------------------- Forwarded by David Mitchell/NY/CWT on 12/11/2000
05:25 PM ---------------------------

12/11/2000 05:16 PM
Jeanne Naughton-Carr
Jeanne Naughton-Carr
Jeanne Naughton-Carr
12/11/2000 05:16 PM
12/11/2000 05:16 PM

To:   David Mitchell/NY/CWT@CWT
cc:
Subject:  Enron

Here is the Annex A we discussed.

(See attached file: #521098 vred - ENRON ENA Annex A.rtf)

==============================================================================
NOTE:  The information in this email is confidential and may be legally
privileged.  If you are not the intended recipient, you must not read, use or
disseminate the information.  Although this email and any attachments are
believed to be free of any virus or other defect
that might affect any computer system into which it is received and opened,
it is the responsibility of the recipient to ensure that it is virus free and
no responsibility is accepted by Cadwalader, Wickersham
& Taft for any loss or damage arising in any way from its use.

==============================================================================

 - #521098 vred - ENRON ENA Annex A.rtf


Some tangible progress is being made.
---------------------- Forwarded by Nicholas O'Day/AP/Enron on 05/31/2001
10:21 AM ---------------------------

Mika Watanabe
05/30/2001 10:38 AM
To: Nicholas O'Day/AP/Enron@Enron, Mark Crowther/AP/Enron@Enron, Llewelyn
Hughes/AP/Enron@Enron, Tom Fitzgibbon/AP/Enron@Enron, Michael
Grimes/AP/Enron@Enron, Takashi Kimura/AP/Enron@Enron
cc: Joseph P Hirl/AP/ENRON@ENRON

Subject: JFTC To Boost Staff As Probe Requests Rise

Wednesday, May 30, 2001
FTC To Boost Staff By 40% As Probe Requests Rise
TOKYO (Nikkei)--The Fair Trade Commission will increase its staff by 40% from
the current 570 to 800 in five years under its medium-term plan, The Nihon
Keizai Shimbun learned Tuesday.
In particular, the FTC aims to beef up its inspection functions to prevent
illegal activities, such as price cartels and obstruction of entry into the
information and data communications market. The upgraded inspection ability
will also speed up the screening of mega-mergers for approval, thus helping
accelerate ongoing industrial realignment in Japan.
Most of the planned increases will come in Tokyo, where the number of
inspection division personnel investigating cases such as cartels will be
doubled from the current 200.
With deregulation, the number of filings from businesses requesting FTC
probes has increased sharply. In fiscal 2000, such filings totaled 2,878, up
33.7% from a year earlier. But in many cases, personnel shortages prevented
the FTC from making thorough investigations or it took too long to complete
them.
The plan will also enhance the FTC's ability to protect consumers. With the
expansion of online shopping, the number of products with misleading labels
has increased sharply. The FTC will increase the number of personnel to
oversee and prevent such malpractice.
The FTC will seek to have the proposals in the plan incorporated into a set
of guidelines to be compiled in late June by the Council on Economic and
Fiscal Policy headed by Prime Minister Junichiro Koizumi.
q


Please review the attached outage report that pertains to your region. If you have any questions, please give me a call.

Jerry Graves
713-345-8923


Did you get you Boston Gas setup taken care of?


I'm thinking you don't have anything to move.  Maybe it would help if you
acknowledged that ENA might not be your final destination, but seems like a
good place to get exposed to a variety of opportunites, such as Enron Global
Markets and Enron Industrial Markets - both new businesses with international
aspects. Plus, lawyers at ENA move between groups without much fuss and
bother (if it changes, don't blame me later!)

How does that sound?

Kay

Carlos.Sole@enron.com on 10/23/2000 04:00:44 PM
To: Kay.Mann@enron.com
cc:

Subject: Thoughts

My deductive reasoning leads me think that JS's reaction was based on his
marine motto of being semper fei and thus feels that he has an obligation
to Vicki to present her with the opportunity of recruiting me first.
Anyway, I guess I should be flattered that I am such a coveted asset.  I'm
thinking that my next step tomorrow needs to be able to convey the message
to John that in visiting with Vicki, my interview season starts and based
on that, I'd like to be able to explore all opportunities where I have
leads (EES and ENA) and then make a decision based on what "offers" I
receive, rather than limiting myself to just one interview and wondering
what if.  It's a bit like a pushing a rock, you can only move so much each
day.  Today he was the one who opened the opportunity to discuss this
topic, so tomorrow can the opportunity to get what I've been wanting since
June.  So what do you think?


?

Please join Dean George Daly,
Associate Dean Mary Miller,
and area alumni and find out why
New York University,s Stern School of Business
can take you where you want to go.

MBA Program
Information Session

Houston
Wednesday, November 15
6:30 p.m.
Enron
Allen Center 2
1200 Smith Street 12th Floor
The Forum
Houston, TX
?
Special thanks to Enron for generously sponsoring this event.
?
?

Space is limited and will be filled in order of response.
Please RSVP via e-mail, fax, or our Web site.

Fax: (212) 995-4231
Please include the city name, daytime telephone number, and e-mail address.

E-mail:? rsvp@stern.nyu.edu
Please include the city name as the subject and your name, daytime telephone
number, and e-mail address in the message.

?Web site: www.stern.nyu.edu/mba.admissions/full_time/recruit/
Click on RSVP.? Please include the city name as the subject and your name,
daytime telephone number, and e-mail address in the message.
?


Although I will be handling the assignment rotation, please continue to send
your e-mails for work request to the following: SUSAN BAILEY, STEPHANIE PANUS
AND SAMANTHA BOYD.

Thanks,
Samantha

__________________

I will be handling the work assignment rotation from October 2, 2000 through
December 31, 2000 for the Paralegals in ENA's SWAP Group.  Please forward all
work request to may attention so that they can be logged and assigned to the
Paralegals.

Also,  at least one Swap Group  Paralegal will be available between the hours
of 8:00am to 6:00pm.  Set forth below is the revised schedule of our normal
working hours, phone extension and EB location:

          Paralegal	             Hours	            Phone Extension	            Location
           Susan Bailey	             8:00am to  5:00pm
		                        x 34737	                  EB3806A
           Stephanie Panus	             8:30am to 5:30pm
        x 53249	                  EB3806
           Samantha Boyd
	             9:00am to 6:00pm	                        x39188	                  EB3802A

Samantha M. Boyd
Sr. Legal Specialist
Enron North America, Corp.
1400 Smith, EB3802A
Houston, TX  77002
Phone:  (713) 853-9188
Fax:  (713) 646-3490
email:  samantha.boyd@enron.com


you memorized the tv guide?  you really know your stuff.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Kathy's b-day dinner @ Buca di Bepo (59 & Buffalo Speedway)

Date:		12/4/2000
Time:		7:00 PM - 10:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Start Date: 4/10/01; HourAhead hour: 5;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041005.txt


-----Original Message-----
From:  Mann, Kay
Sent: Thursday, May 24, 2001 11:35 AM
To: Mann, Kay
Cc: Rorschach, Reagan; Kroll, Heather; Fairley, David; May, Tom
Subject: Re: Open items for MDEA

More:

We need internal agreement on the cancellation fee schedule, to be included
as an exhibit.
[Rorschach, Reagan]  I will create today and email to you.

What is the status of the Yazoo City master gas agreement? [Rorschach,
Reagan]   I will check.   Do we still want a master gas agreement for
Clarksdale, also?   [Rorschach, Reagan]  yes Do we want it now? [Rorschach,
Reagan]  yes, so long as it does not bog you down

Thanks,

Kay

Kay Mann
05/23/2001 05:05 PM
To: Reagan Rorschach/Enron@EnronXGate, Heather Kroll/Enron@EnronXGate, David
Fairley/Enron@EnronXGate, Tom May/Enron@EnronXGate
cc:

Subject: Open items for MDEA

Here are issues which I'm unclear about, all of which impact the drafting of
the agreement:

How are we setting the heat rate?  Do we have the GADS (?)?  Is it a daily
average, weekly average?  Flat rate? Adjusted? If so, how often?

Are we comfortable that there are no permit restrictions?

We have determined that we won't deal with fuel oil, right?

We aren't making money on gas, right?

Do we have a defn of costs that we like yet, and if so, how does it fit in to
the picture?

Is there an up-to-date set of exhibits?

It would help if theh commercial part of the team could send me the
following, in words and/or formulae:

The defn and method of establishing the bogey (target production cost)
formula can be an exhibit, which would be great for the commercial team to
work on.   Are we determined how we should deal with imbalances (part of cost
of power)?  How are we setting the bogey?  Formula?  Subject to audit? Two
bogeys or one (gas and oil)?

What is defn of profit?  I think I have the general idea, but a sentence or
two would be helpful as a reality check.  What costs are included on the buy
and sell side?

Re stack model: a sentence or two describing what it is and how it is used.

Updated exhibit on facilities, contracted resources, operating limits.

What information does MDEA need for us to provide in order to split
costs/profits?  Are we clear that Cities buy gas, MDEA buys/sells power?

It would be great if I could get one set of answers to these
questions/issues, which has commercial buy in all around.

Thanks,

Kay


This is getting rediculous.  Twenty four hours notice is simply not
sufficient time to give us the notice required by the tariff.  Given the
current barrage of data requests and confidentiality requests I hadn't even
had time to read your E-mail when it was past time to respond.  Accordingly,
Mike Day will be sending to FERC a request for confidential treatment.
---------------------- Forwarded by Mary Hain/HOU/ECT on 10/06/2000 12:36 PM
---------------------------

Susan J Mara@EES
10/05/2000 03:51 PM
To: Mary Hain/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Jeff
Dasovich/NA/Enron@Enron, Mona L Petrochko/SFO/EES@EES, Sandra
McCubbin/SFO/EES@EES, James D Steffes/NA/Enron@Enron
cc:
Subject: FERC Request for ISO Generation Information

---------------------- Forwarded by Susan J Mara/SFO/EES on 10/05/2000 03:49
PM ---------------------------

"Fuller, Don" <DFuller@caiso.com>@caiso.com> on 10/05/2000 12:03:34 PM
Sent by: "Happ, Susan" <SHapp@caiso.com>
To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com>
cc:
Subject: FERC Request for ISO Generation Information

Market Participants and Scheduling Coordinators:

The California ISO has received the attached request for data from the
Federal Energy Regulatory Commission (FERC) in the context of FERC's Bulk
Power Investigation (the nationwide fact-finding probe of electric markets
and recent price spikes).  To the extent the request includes a request for
information that is listed in ISO tariff section 20.3.2., the ISO will seek
confidential treatment for such information pursuant to 18 C.F.R. 388.112.

Any concerns relating to the data request should be communicated by noon on
Friday, October 6 to Jeanne Sole at 916-608-7144 and jsole@caiso.com and
copied to Beth Ann Burns at bburns@caiso.com, Charlie Robinson at
crobinson@caiso.com and Norma Formanek at nformanek@fbm.com.  The FERC
contact on this request is Robert Pease at (202) 208-0131,
robert.pease@ferc.fed.us.

Don Fuller
Director, Client Relations
California ISO

 - ISO-8.wpd