Steve the comment compilation is a laundry list.  I think that some of them are completely out of sync and unjustified but others are real and many repeat themselves.  Many of the comments are with respect to salary.  There is also the theory that only the unhappy or bitter or unsuccessful take the time to answer.  The happy ones might just have passed on this one.

I hope you find them relevant and/or useful.

I was told that William Lemons of the associate program saw this list a couple of months ago and reacted positively.  A raise is being studied for current associates and the offers were higher for this year ?s summer associates.

Best,

Ricardo
 -----Original Message-----
From: 	Balmaceda, Andres
Sent:	Friday, August 17, 2001 3:06 PM
To:	Charvel, Ricardo
Subject:	FW: Comments Compilation

The comments are below.  They are also in the attached word document below.  Thank you to the people who took the time and energy to step up and respond.  We had a high response rate.

Everyone is not going to agree with all the comments but Billy is going to get them exactly the way they were written.  The note is long - consider printing it.

Vikas

Comments from MBA Class 2000

1.	We need to reconcile the difference between ENE's salaries vs competitors' and other Houston companies.

2.	We need better guidance in the rotation selection (I've seen lot of good people being screwed because choosing a bad area to work due to lack of information).

3.	Regardless of whether you like your rotation or not, the Program itself is staffed in a very amateur manner.  There are a few really good people but for the most part it is just not professionally run.  Calls unanswered, lots of passing the buck, and general disorganization.

4.	If they have resources, they do a poor job of communicating them.  While we do have a responsibility to find info ourselves, there should be an active effort to point us to those resources.

5.	Compensation.  The bonus part is certainly not communicated as being locked into a fixed range and independent of business unit performance.  At the very least, this is a serious oversight.

6.	PRC.  Really doesn't work.  Not an apple to apples comparison.  Heavily dependent on when/where you rotated.

7.	I could care less about Enron's reputation.  I tried paying my student loans with "reputation" but they only accepted cash.  How much money can I make at this place assuming the stock price doesn't double every few months, in effect preventing Enron from getting the public equity markets to pay my compensation?

8.	Also there has been a significant change on the acceptable cut in terms of the PRC, where before Enron was penalizing the "have issues" classification of the PRC, now it feels like they are trying to get rid of 20% of the pool. Reinforcing the first paragraph.

9.	Offer of salary is cloaked and we don't know where we can end up.

10.	I believe there is a big disconnect between recruiting team and the head office. As a result, the sales pitch given to recruits leads to false expectations. And obviously when those expectations are not met, we all know the consequences.

11.	The rest of the downtown Houston Energy concerns are paying much higher base

12.	Can we have a list of companies we benchmark compensation against?  Is it really Wall Street and consulting?  If so, I'd like to see the names of the firms.  New York is not that expensive that the "well they're in New York" excuse covers all discrepancies.  It feels like we must be benchmarking against second or third tier MBA recruiters.

13.	There's a feeling among the Associate pool that you need to be in a secure, established, money making division in order to guarantee a average or above PRC for the end of the year and therefore not be in the two bottom brackets and not be fired.  That goes against the long- term reputation of Enron as a company where you are rewarded for taking risks.

14.	Attempting to get into rotation and expect competition from others rotating but do not expect to get displaced by a 1st rotation associate that is placed by the AA pool.

15.	Assignment of 1st rotation was chosen for me and the job function was more of an analyst function than it was an associate function.  Why can't alumni from your school help to find a rotation to match the desires of the in coming candidate?

16.	Manage expectations...don't need to hear about 26 year old trader and Louise Kitchen's rise to fame with Enron Online...creates an expectation that those are more common occurrences than they really are.

17.	It doesn't feel like there's a lot to do in all areas, nonetheless something between 60 and 100 new associates coming in these fall: First, why that many?  Second, do they know what they are getting into?

18.	The main issues have to do with compensation being well below market - we have always been assured that the bonus and options more than made up for the disparity, but given the declining stock value, lack of meaningful rotations and decrease in the overall level of satisfaction with the program this is becoming a much bigger issue.

19.	Enron is so secretive about salaries that Associates have no idea what the upside looks like.  Working for beans in year 1 is ok if years 2-5 are excellent.  We really have no idea what to expect for salary or bonus after the program is over.

20.	Salary well below market (base salary and value of options/bonus) - even if they bring us up to the 2001 offers (which are rumored to be under market), we have 1 year or more experience with the class coming in and will be paid the same amount?

21.	Lack of quality rotations (cuts in EBS, EES, ect...)

22.	Level of responsibility is well below expectations/maturity level

23.	Compensation for Associates is at the bottom of the pay scale for Top B-Schools.  Not only in comparison to IB and Consulting, but also compared to specialties (brand management, etc.) that are at the lower end of the MBA scale.  It is cheaper to live in Houston but our student loans are not indexed by location.  Other energy companies here in town even pay more.

24.	The Enron contract is designed to retain employees with sticks and not carrots.  There is no other company I know that expects full repayment of a signing bonus 18 months after the start date.  If the Program is truly special people should not be forced to repay anything-Enron should deliver what they advertise and people will stay.  The 18-month lock up period suggests a concern with retention that is being met with a penalty to the Associate and not an improvement in the Program.

25.	How much do managers make assuming certain business and individual performance levels?  I've got no clue but I'm wondering why it such a big secret?

26.	The PRC process does not encourage people to experiment in their rotations as Enron implies.  For example, if you take a rotation in an area you know nothing about, you will lose in the PRC because you are still learning the job.  Similarly, if you were a trader and go to a trading rotation, you will be rewarded a PRC time.

27.	There are too many associates and too few analysts.   Too many associate rotations become exercises in finding something to do.  Too often, associates think to themselves, I remember doing this several years ago as an undergrad, why am I doing this again.

28.	They should present the program for what it is -an internal labor pool where Associates find their own rotations depending on what is available and who they know.  The Program does not match people with jobs and should make it clear that you will be interviewing for jobs, etc upon entry into the program.  This is not because they want Associates to have choice, but rather because they have no proven record of placing people in the rotations.

29.	If we are not going to be competitive with Wall Street and consulting, we should at least be competitive with our energy competitors.  I don't know what companies we are benchmarking against but I guarantee we are not keeping up.  Small differences can create a lot animosity towards the program.  When a person who didn't get into Enron but got into a competitor makes materially more money from the start, people start believing they have just been sold a lot of hype.

30.	Not enough development during rotations - even associates who end up learning a lot don't necessarily enjoy their rotations because they don't feel part of the team

31.	Not getting to pick your rotations or at least interview for your first rotation is a moral buster as well.  Additionally, it can waste a lot of time in the case that someone is forced into a group or position they have no interest in.

32.	Compensation - many gave up lucrative offers elsewhere for a lower base and bonus package from Enron because the stock price movement promised large equity based compensation.  Also, it was very difficult to find out what full first year bonuses were during the recruiting process.  Most wrongly believed that this indicated that the bonuses were competitive versus other leading MBA avenues.  How much money do people at Enron make assuming the stock price performs1. Great 2. Okay, 3. Poor?

33.	Responsibility - when you are getting recruited you always here the Louise Kitchen, John Arnold, and Greg Whalley examples as if that is normal.  We need to stop doing that.  Enron's slowing growth rate and failure in everything outside of gas and power trading will super fast promotions as we look more and more like a large corporation.

34.	The program is designed to bring in too many associates and then let them compete with each other until the weaker associates are driven out.  If this is true, why not spend more time and money recruiting and bring in fewer, higher quality associates from the start - the process of weeding out leaves everyone with a bad feeling.  More importantly, you probably lose more good people then you realize.

35.	Trading, trading, trading.  On MBA campus visits, Enron gives the impression that there are lots of corporate development & M&A, finance, and other similar assignments available at Enron.  The reality seems that if you are not interested in trading for a living, you are not on the company's main commercial track any longer.

36.	Finding a Rotation: Information difficult to get; it is all networking. This is fine, but I don't consider the A/A progrram a resource in this area at all. If no one else does, we should cut any expenses they are incurring for "rotation placement".

37.	The skew on associate bonuses hurts morale.  You can reward the high performers without penalizing the good performers.  Recently, the word has gotten around 	that the top 5% and the next 15% of the PRC group got very large bonuses while everyone below that level got very poor bonuses?  This distribution creates a small number of very happy people and a larger number of unhappy people.

38.	"I find it interesting that Enron chooses to 1- adopt a business model based upon free-market economics, and 2- pride itself on its intellectual capital in an era in which the company moves toward being a financial services player rather than a firm with a tremendous physical presence.  In selecting an employer this was a HUGE selling point.  I find it paradoxical, however, that we have chosen to adopt a pay grade that could at best be described as socialistic, and below market.  In a labor market where intellectual capital is portable and our chief competitors have seen our competitive advantage in the form of this asset, I can only believe that Enron is positioning itself to fall short in the years to come when J. Aron, Morgan Stanley, Dynegy, El Paso, etc. decide that the cheapest way to gain ground on Enron is to higher this intellectual capital.  Without griping, I feel if nothing else, workers at Enron would like to be paid market rate for the talents we possess.  In our "sales pitch" we are told that Enron benchmarks pay against our energy competitors as well as comparable jobs on Wall Street.  I can say from experience that our compensation packages cannot hold a candle to the potential for a Wall Street style pay package, which leaves me bitter that the sales pitch was shallow, fell short, or was deliberately misguided.  Part of the problem, from an Associates perspective, stems from Enron promising the moon and then falling short on delivery.  Like a company that fails to deliver on earnings in a tough market, punishment for such a shortfall is swift and severe.  I truly believe Enron is setting itself up for such a fall unless this matter is addressed swiftly.

39.	In an extension of the contradiction between free market economics and socialistic patronage, I have come to notice that more and more departments are positioning themselves to hire Associates under the guise that the Associate promise to stay more than the required and desired six months.  Further, many desks, once happy with the performance of the Associate, ask for the "option" to retain the Associate.  However, no effort is made to compensate the Associate for essentially giving up the "optionality" embedded in a rotational program.  In fact, many choosing to stay within a group have made their experiences explicitly known to others that come PRC time, they have actually been slighted for cutting short their rotation and instead opting to join a unit full time.  By removing the ability of business units to promote a worker until conclusion of the 18-24 month period, hard working, good-fit Associates miss the opportunity to capitalize on what would seem to be a natural fit for a full-time position, and the chance to alleviate a significant source of discontent-COMPENSATION- which could be addressed through the immediate promotion to the Manager level.  By allowing for promotion, Associates could earn enhanced compensation, and department heads could address hiring needs.  Rather, Associates leave a unit disgruntled, feeling they are marking time in other units, potentially passing up an alternative that may be of great interest.  Additionally, a number of Commercial units have even gone so far as refusing to hire Associates unless they are in their third or fourth rotation, so as to retain a "call option" on an employee that has run out of rotation alternatives.  This practice CANNOT be in the best interest of the Desks, the Program, or for that matter Enron.  By pigeonholing employees in this matter, the significance and importance of rotations is greatly diminished, as is our work experience.  This is just ludicrous!  Department heads aren't looking to hire externally because of the salary shortfall and our forced pay grade.  Rather, they are trying to plug a Manager level position with an Associate salary.  Again, rather than pay a competitive, performance-based wage, Enron has adopted a tight-fisted, socialistic pay grade to better serve expenses.  Ultimately, this will lead to people seeking to "rotate" out of Enron for the compensation the market will bare.

40.	I think A/A provides an excellent opportunity to find the department that you would like to work in through rotations and if you do a good job, chances of advancing are much better for analysts and associates, than for regular employees.

41.	We get solid commercial responsibility from the get go - I doubt many of the guys who went to NY had this.

42.	We get lots of freedom to manage my own business as long as I produce.

43.	Salaries: Not in line with market.

44.	Mentors: Not encouraged throughout the organization.

45.	Recruiting: Disorganized, not enough student focus, trying to compete with the IBanks but not willing to offer the salaries, sometimes unprofessional conduct (rejection letters to students contained spelling errors and gave message 'you are not good enough').

46.	Summer Intern Program: Not well coordinated.

47.	Rotation Length: Keep flexibility. 6 mos sometimes too short (other times too long); disincents management to include Associates in longer term/meatier projects.

48.	When is the issue of salary increases going to be revisited?

49.	Overall, Enron has a great group of people to work with.

50.	Enron has an excellent diversity of backgrounds, ethnicity, and nationalities within the company.

51.	Enron has an excellent overall atmosphere

52.	Overall, Enron has an excellent overall company image

53.	I do not have too many comments. My main problem with the last team was that they were extremely rigid - rigid start date, rigidity in assigning groups, etc. Old group did one-way dialogues, they would not even listen. The new group appears flexible and is willing to listen - these are two things I feel are most important in running such program.

54.	Three months ago I talked with Althea Gordon about a couple of friends that graduated with me from my business school.  They wanted (still want) to work for Enron. I sent her their resumes and am still waiting for a response (I believe she left Enron). I then contacted Patricia Payton. Several emails, phone calls and still haven't heard from her. It's frustrating dealing with the HR dept.

55.	PRC is not a trusted mechanism.  Few people in the program understand it fully, no one knows exactly what occurs in the meetings, and no one believes the results are truly equitable.  Politics appears to play as much of a role as performance, if not more so, in determining rankings.  Further, groups are not obligated to tell people in the pool where they ultimately ranked people.  For as much as individuals' success depends upon this ranking, and for as open and honest as the process is supposed to be, that policy is incredibly inconsistent.

56.	We are under market for compensation - everyone knows this, regardless of what the program people say.  It is common knowledge that at least Reliant and El Paso are paying their program participants more in salary and bonus.  The decision to increase sign on bonuses and not salaries to incoming participants slighted existing program members by keeping our salaries flat and was not well received (obviously).

57.	Rotation placement service is not very useful.  The best way to find a good rotation remains through networking.

58.	The experience, talent, and character of the associate pool continue to be excellent.

59.	Cooperation and support within the associate class is very good with virtually no known instances of undermining or backstabbing.  Comeraderie among the class is widespread and genuine.

60.	The efforts to solicit feedback and foster communication by the new A/A program administration is appreciated and a positive step in the right direction.

61.	Historically there has been at best a poor effort to both maintain internal communication and networking within each associate class and to create new networks between individual associate classes.  Efforts by individual associates to affect this have not been supported.

62.	Mixers with business unit management should be continuously offered, particularly as rotation time approaches.  This would facilitate informal discussion about opportunities and business unit activity.  Additionally it would be a good format for associates to exchange information on their rotations and introduce those interested to potential future managers.

63.	Compensation is clearly an issue.  Whether the compensation gap exists in reality or it only exists in perception, there is a widespread belief that Enron is under-compensating associates relative to both other firms in the industry and to a broader set of companies where the same skill sets are employed.  This is exasperated by the collapsing stock price and severely underwater options.  Base salary should be addressed.

64.	Again, whether perception or reality, associates are concerned about selecting rotations in groups that are not making money.  The belief is that bonus levels rise and fall with the profitability of business units.  Therefore, it is an extreme disincentive to rotate through an unprofitable group, regardless of the skill development it may offer.

65.	The mandatory eighteen-month service period before eligibility for promotion is arbitrary and penalizes the best performers.

66.	What happened to the A/A publication?

67.	There is no source available that provides a history of individual associates who have rotated through specific jobs.  It would be very beneficial to have a directory of associates who could be contacted for first-hand information on business units of interest.

68.	My assessment of the program thus far is that I think there are a lot of instances where the interviewing group is not upfront about the responsibilities that they plan to assign to the Associates before they get into the group.  Once in, I know of several people including myself that get a whole lot of very ridiculous work that was not a part of the set expectations prior to joining that group.  Furthermore, I believe that Associates get work that is more suitable for a clerk than for someone with a graduate degree.  This is very frustrating because once your in, your in and you can't get out for 6 months.  On top of that, you get PRC reviews based on work that was not challenging and I do not believe that a fair and equitable assessment can be made.

69.	Now I understand that this line of thinking does not apply to everyone.  But the point is that much of this would never happen if people were upfront with their expectations prior to hiring on an Associate.  In addition, it bothers me that Associates are many times treated very, very poorly by their new groups.  This has not been the case for me, but I know people that have voiced these thoughts and opinions - so I am speaking for them incase they are too nervous to put it into writing.

70.	That is about it.  I would like to see some education come out of the Associate Program as to new groups that start within Enron, as well as some greater insight to particular groups and the expectations.

71.	When Enron recruited us, it was so different from what it is now.  So many diverse opportunities were out there.  Now, Enron is heading towards a pure trading house.  It is getting harder and harder to get a decent rotation out of trading.  But you don't need an MBA to be a trader!  In fact, Associates often work for analysts on the trading side, and we don't have any special attention or cultivation from management to progress on the trading side.  It is not a surprise some of us are thinking about "getting the next rotation at El Paso".

72.	A lot of business units think Associates come and go too quickly, and six months is not enough for us to climb up the learning curve first, and then make meaningful contributions.  Some people think it is worthwhile to groom Associates, even less worthwhile than to cultivate Analysts, who are supposed to be there longer.  It is sometimes difficult for Associates to get meaningful assignments if management holds such a perception against us.

73.	Compensation level needs to be adjusted to match up with our competitors.

74.	The company's direction has changed drastically from the one I interviewed for in November 2000, some of these strategies seem shortsighted and in my opinion could make it more difficult for the company to compete in the energy business in the long term; specifically:

75.	The stated strategy of exiting all generation, exploration, and transportation assets in my mind endangers the competitive position of the company and earns us a banking multiple on the street.  Also, with additional players entering the gas and power markets in a major way, how can we expect to continue to grow and maintain our current market share?

76.	Along with our success there have been many failed business ventures; including Azurix, Enron International, Dabhol, EBS, and EES.  The failures of EES and EBS have still not been fully resolved and appear to have not been totally priced in to our stock price.  Bottom line; there does not appear to be any large areas of growth within the company.

77.	Pay! When the firms right up the street offers you anywhere from 25,000 to 40,000 dollars more to do the same job; it doesn't make you feel very intelligent to be working here.  Additionally, when I accepted this position I was never told and have yet to be told what the official limits on and what the determinants are of the annual bonus.  What I have heard through the grapevine is that it is significantly lower than what I was led to believe during recruiting.  Not having any assistance and having attended a top East coast school, I am almost $100,000 dollars in debt.  I was counting on the annual bonus to allow me to remove this albatross from around my neck, but in reality after my debt service I am barely better off than when I worked as an engineer in manufacturing.

78.	I don't see much difference in the kind of assignments between Analysts and Associates. It seems unfair for Analysts since they get lower salaries, but it is also a waste of "years of experience" in the case of Associates.  It is probably the number of Associates hired every year through the Program gives the idea of a cheap resource for the business units. Be certain the position requires some degree of expertise before assigning an Associate.

79.	If you look at A/A as human capital, we at Enron are very long in background, experience and knowledge. The A/A Program is "Regulation" using Enron terminology: from rotation assignments, to payments. I see pretty logical the consequences: a lot of inefficiencies, waste of energy, the lack of objectivity, poor motivation or even frustration, in general performance is far away from excellent. Add some flexibility to the Program: let the people choose their rotations and move without restrictions. Let them also negotiate working conditions, salaries, and career path with the business unit.

80.	PRC is unfair. I consider offensive writing in a maximum of 5 lines 6 months of accomplishments. I don't think a PRC Committee can better assess the performance than the business unit. 360-degree evaluations, and peers review are ok.  Re-think the need of a committee and a ranking of A/A assigned to so different business units.

81.	I feel free to choose for a second rotation. I like the way you can approach a new business unit, introduce yourself, have an interview and gathered information about the business and your position. Things may change after that and you get stacked in that place for at least 6 months. Keep allowing people to search and move freely from HR.

82.	Make staff more accountable.  Online based.  Much like the IT department, where when I call it initiates a request that I must approval closure of with any comments.

83.	Tell people up front that bonuses are pretty fixed until you make Manager.  Not communicated at all.

84.	Tell people that their first rotations are assigned.  Also not communicated.

85.	I wish I had a PRC suggestion, but I need to think about it.

86.	Don't insult my intelligence by giving incoming Associates more money but putting it in a bonus so you don't have to give us raises.  If you want to do that, give me the courtesy of being up front about it.

87.	Some kind of database (maybe there is one that I don't know about) of openings.  Would be pretty cool.

88.	Raise compensation so it is at a premium to our competitors - at the least so it is equal.

89.	Make the development and support of associates a more important criterion in the PRC process for both directors and Vice Presidents.  The commercial stress is so high right now that development is ignored completely

90.	Reduce the size of each incoming class - make the program special again.  Right now, I can't believe the broad spread in ability and experience in the associate class.  I guarantee the spread is not that high in other top tier firms that hire MBAs.

91.	With the smaller size, assign a lead commercial person to a group of 5 associates.  The lead commercial person (a director or VP) would keep in touch with and help out his group of associates to make sure they make the most of their rotations and Enron gets the most out of them

92.	Make sure the program stays in touch with commercial groups so these groups know when they need a clerk, analyst, or associate.  Too often we treat analysts, clerks, and 30-year-old associates with 6-8 years of experience the same.  This happens way too much.

93.	The program should work with the incoming associates a little closer to help them understand what kinds of job or what kind of career path they want to take and design a plan on how to get them there.


Sara, I have them all so I will send/forward  to you.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693

	Sara Shackleton@ECT
	04/25/2001 06:30 PM

		 To: Sheila Glover/HOU/ECT@ECT
		 cc: Cheryl Nelson/NA/Enron@Enron
		 Subject: Re: New Futures Execution and Clearing Agreements

Sheila:

Please send the futures and repo agreements to me.  What futures products
will Gary be trading and which exchanges?

Please continue to send brokerage agreements to Cheryl.

Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Sheila Glover
	04/25/2001 08:19 AM

		 To: Cassandra Schultz/NA/Enron, Cheryl Nelson/NA/Enron@Enron, David
Port/Market Risk/Corp/Enron
		 cc: Sara Shackleton/HOU/ECT@ECT, Mary Nordstrom/ENRON@enronXgate, Theresa T
Brogan/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT,
William S Bradford/HOU/ECT, Greg Whiting/Corp/Enron, Kim S
Theriot/HOU/ECT@ECT, Gerri Gosnell/HOU/ECT@ECT
		 Subject: New Futures Execution and Clearing Agreements

Cassandra, Cheryl and David,
Gary requested this morning that we add Goldman Sach's Futures Clearing
capability as well.  I will request  account opening information from them
and forward to legal.
Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 04/25/2001 08:18
AM ---------------------------

	From:  Sheila Glover                           04/24/2001 03:02 PM

To: Cassandra Schultz/NA/Enron, Cheryl Nelson/NA/Enron@Enron, David
Port/Market Risk/Corp/Enron
cc: Sara Shackleton/HOU/ECT@ECT, Mary Nordstrom/ENRON@enronXgate, Theresa T
Brogan/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT,
William S Bradford/HOU/ECT, Greg Whiting/Corp/Enron, Kim S
Theriot/HOU/ECT@ECT
Subject: New Futures Execution and Clearing Agreements

Cassandra, Cheryl and David,

Gary has requested that we establish new futures execution and clearing
agreements with Solomon Smith Barney/Citigroup and Morgan Stanley.  I will
forward the agreements when we receive them to Cheryl Nelson in Legal for
review.

Prudential is exiting the business and the prior people at Pru have moved to
SSB.

Please do not hesitate to call, 3-3210,  if you have any questions.
Sheila


Hello All -- Attached is a memo highlighting the issue areas covered by staff at the ICC meeting in Chicago yesterday.  If you have any questions feel free to call.  It was strange to hear Tom Kennedy say that staff supports reasonable hedging practices and forward contract purchases while sitting next to Zuraski who opposed recovery of same in the PGLC fixed price docket.  Incidentally, Tom Kennedy noted several times that hedging will not necessarily reduce prices but will stabilize them.


When you get the chance

Thanks

C


COMMENTS

EUR SWAPS
Another fairly quiet day, with curve steepening from the front end, key flow
of the afternoon was one US name receiving in 4bn 1y1y fwd swap, this was
relatively well absorbed by the mkt, but aided 2-10's on its 4bps steepening
on the day. Flows in long end of curve light with 10-30's broadly unch on
the day & 30yr spreads pushing wider by 1bps.

GBP
Curves disinverting in both gilts & swaps led by the long end on various
stories in the mkt, most mentioned is maybe the potential for reforms of
annuities, while rumours have been around for a long time, word is building
that in the pre budget report there may be a plan to get rid of this. This
might also explain the delay of the 2025's tap until the week after the
report. Swap spreads broadly unchanged, 10-30's swaps disinverted 3.5bps,
with 2-10's swaps unch. UK swap spreads are also increasingly becoming a
topic for discussion at these lvls, while we do feel we are starting to
reach a support lvl in long end swap spreads, we dont see these levels as an
obvious widening opportunity. Generally we do feel that further downside
over the coming months in 30yr spreads is probably limited to maybe 5bps or
so, and on that basis, it is worth keeping an eye on these and maybe looking
to start averaging in soon, but its not clear that the narrowing flows of
the last few months are definitely over for the year & while offside risk
already in the trade is not significant compared to other flows in the mkt,
its certainly out there potentially making this a little crowded going fwd.

DKK
The Danish election yesterday saw the largest swing since 1968 and reduced
the ruling Social Democrats to the second largest party only for the first
time in 75 years. The new prime minister will be the leader of the Liberals,
Anders Fogh Rasmussen. Together with the Conservatives, the Liberals will
begin the work of forming a new government. But this is likely to be a
fragile minority government, dependent on shifting coalition partners. The
Liberals had hoped to count on the support of the EU-friendly
Centre-Democrats but the latter failed to pass the 2% threshold for
parliamentary representation. Instead, the right wing Danish Peoples Party
emerged to become the third largest party - doubling its mandate.  Fogh
Rasmussen is going to have a tough job in conquering the middle ground.
General elections in Denmark do not ignite much market reaction & this is
unlikely to change this time around as the general thrust of the economic
policies will not change much, especially on EMU.

JPY
Bumpy day in Japan, with profit taking by domestics pre auction, then better
buying 7-10yr paper, as the new 235's, 1.4% coupon, 1.7trln in size, came at
pretty expensive lvls with good customer buying 100.78 ave px, 100.75 low,
100.60/65 area fair value.  FOllowing the auction S&P announced Japan
downgrade, futures crashed half a point, but mkt bounced back on buying and
7-10's flattened 1.5bps, helped by a strong domestic receiver in 7-10's.
Going forward, we see the downgrade impact as pretty limited. Head of S&P
Japan commented there is higher possibility of further downgrade from AA
(compare to the time they downgraded from AAA to AA in Feb 01)

LEVELS (close to close, ex basis)

SWAP CURVE
GBP/EUR(EUR convention)
	      today 	  t-1
5y5y		 -22		 -22
15y15y	 -140		 -147
10/30?	 -35.5	 -39.0
10/30E       +45.7	 +45.5

EUR SWAP SPREADS
5y:  Bobl 138	27.0  1.0 wider
10y: Jan 11 bund	34.4  0.6 wider
30y: Jan 31 bund	23.1	1.0 wider

EUR SWAP VOLATILITY
3m into 10yr	14.5 	0.2 higher
1y into 10yr	13.1 	0.2 higher
2y into 10y		12.6 	0.2 higher
5y into 5y		12.5	0.3 higher
5y into 25y		10.5	0.2 higher
10y into 20y	9.9	0.2 higher
5y5y swaption/5x10 cap spread	2.5

This material is for your private information, and we are not soliciting any
action based upon it. This report is not to be construed as an offer to sell
or the solicitation of an offer to buy any security in any jurisdiction
where such an offer or solicitation would be illegal. Certain transactions,
including those involving futures, options, and high yield securities, give
rise to substantial risk and are not suitable for all investors. The
material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon
as such. Opinions expressed are our current opinions as of the date
appearing on this material only. While we endeavor to update on a reasonable
basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so. We and our
affiliates, officers, directors, and employees, including persons involved
in the preparation or issuance of this material may, from time to time, have
long or short positions in, and buy or sell, the securities, or derivatives
(including options) thereof, of companies mentioned herein. No part of this
material may be (i) copied, photocopied or duplicated in any form by any
means or (ii) redistributed without Goldman, Sachs & Co.'s prior written
consent.


Rick, could you please let me know how I need to set up the execution lines
on the two ISDA Master agreements for RBC and Bow Valley.  Does the bank
require two signature lines?  What is the wording you need for Bow Valley's
execution line (I assume it will be something like "Bow Valley Trust, by its
duly appointed Trustee, X"?

Can you let me know as soon as possible so that I can have the standard forms
of the actual ISDA agreement and Credit Support Annex prepared for execution
tomorrow.  For logistics, can you also let me know whether the people who
will be executing the documents on behalf of RBC and Bow Valley in Calgary or
Toronto.

Thanks

Greg Johnston


ISDA PRESS REPORT - MARCH 7, 2001<?xml:namespace prefix = o ns =
"urn:schemas-microsoft-com:office:office" />

_       McDonough says won't extend Basel deadline.
_       Benchmark Tipping Is Favoring Swaps Over Treasurys
_     "It brings the products to the attention..."
_       The New Forecast For Meteorologists: It's Raining Job Offers

 McDonough says won't extend Basel deadline.
Reuters - March 8, 2001

LONDON, March 8 (Reuters) - William McDonough, chairman of the Basel
Committee on Banking Supervision, said on Thursday he would not extend the
consultation period for comments on the new Basel Capital Accord.

McDonough is also president of the New York Federal Reserve Bank. He was in
London for a British Bankers Association conference on the Basel accord.

A new accord designed to make capital adequacy rules for banks more risk
sensitive was launched in January. Banks and other interested groups were
given until May 31 to respond.

Many European banks have been critical of the short consultation period, but
McDonough has previously shrugged off this criticism, arguing that banks
were involved in developing the accord and a first proposal had been made in
June 1999.

"The consultation period, which we know is short...but we are not going to
extend it," McDonough told a news conference.

The Basel Committee intends to finalise the new Capital Accord by the end of
this year so it can be implemented in national jurisdictions in 2004.

Benchmark Tipping Is Favoring Swaps Over Treasurys
Dow Jones - March 8, 2001
By Michael Mackenzie

NEW YORK -(Dow Jones)- The near collapse of hedge fund Long Term Capital
Management in 1998 triggered a massive liquidity crisis in capital markets.
It also marked the beginning of the end for the role of Treasurys as a
benchmark for pricing other debt securities and hedging for duration and
volatility, according to a study by the Bank of International Settlements.
(BIS)

While the debate over alternative benchmarks for Treasurys has bounced
between the relative merits of swaps and agency debt, swaps appear to be
winning the hearts and minds of a trading community that has learnt the
lessons of hedging risk with Treasurys, a point that the BIS seems to
support.

In its report titled "Benchmark Tipping In The Money And Bond Markets," the
BIS cited the bitter lessons in the aftermath of the LTCM meltdown as a
direct cause for the ascendancy of interest rate swaps at the expense of
Treasury securities as a benchmark for capital markets.

And though the question of swaps replacing Treasurys has been discussed
since the U.S. government announced its debt buyback program, the thrust of
the BIS report is that such a move was perhaps inevitable.

"More recently the bond market has shifted away from its reliance on
government securities and might well have continued to do so even if there
had been no reduction in the stock of outstanding US government paper,"
writes the BIS.

In fact, the BIS said the burgeoning popularity of swaps is creating a
powerful vortex within capital markets.

"Each market participant who gives up using US Treasuries to hedge private
instruments subtracts liquidity from the Treasury market and adds it to the
swap market, thus raising the incentives for other market participants to do
likewise," writes the BIS.

History On Their Side

With history acting as a guide, the BIS has observed that the benchmark "is
tipping from Treasury paper to the swap."

The BIS cited two precedents for "benchmark tipping" - when market
participants migrate to using a private instrument such as an interest rate
swap instead of a Treasury security.

The most recent event - following the 1984 flight to quality rush by
investors, which resulted in the three-month Eurodollar futures contract
eclipsing the Treasury bill futures contract in terms of volume - occurred
on the heels of the LTCM near collapse.

Investors rapidly diluted their exposure to other credit securities and
flocked to the safe haven of US Treasurys, meaning that dealers shorting
Treasurys against being long spread product including corporate bonds,
agency securities and mortgages, discovered that their hedges melted down.

The lessons learned from these traumatic episodes in capital markets have
been recently observed since December when mortgage investors primarily
turned to swaps instead of Treasurys to hedge pre-payment risks of
mortgages, in what is known as the negative convexity trade.

Estimates of swap volume by several investment banks since the mortgage
hedging began, total in the region of $50 billion in terms of receiving a
fixed rate of interest via a swap contract.

Valuation Versus Investment Benchmarks

Swaps are being increasingly used by traders as a benchmark for valuation
purposes - hedging, pricing and establishing relative value across different
asset classes.
"The swaps market is generally the province of the leveraged buyer - whether
hedge funds, dealers, or asset swappers," wrote analysts at Credit Suisse
First Boston in New York in a research note last month. "Because levered
investors determine the marginal bid for credit product, swap spreads and
not government securities have become the defacto benchmark for credit
valuation."

Swaps perform like a synthetic bond and involve the exchange of two cash
flow streams. One leg comprises a fixed rate of interest priced as a spread
over a Treasury security that is traded against a floating rate of interest
pegged to the three-month London Interbank Offered Rate (LIBOR).

Thus they are not a physical asset that can used as an investment benchmark
- acting as an index measuring excess returns - by money managers.

"Ultimately it will be up to money fund managers and not traders to
determine whether swaps will become a viable benchmark," said George Oomman,
derivatives strategist at Lehman Brothers.

Although the growing supply of debt issued by the Government Sponsored
Agencies, Fannie Mae and Freddie Mac - currently over $1 trillion - is a
real asset, the agencys remain susceptible to political pressure changing
their charters and reducing their better than AAA rating.

"The market is looking at swaps and should Treasurys continue to shrink, the
market will steadily move to swaps," said Robert Auwaerter, senior fixed
income portfolio manager at The Vanguard Group in Malvern PA.

"It brings the products to the attention..."
Reuters - March 7, 2001
By Tom Bergin

LONDON, March 7 (Reuters) - A legal wrangle between Swiss bank UBS and
Germany's Deutsche Bank AG over a credit derivative contract has highlighted
concerns about potential risks in a relatively new sector of the market.

News this week of a lawsuit filed by UBS in Britain's High Court of Justice,
comes at a time when the industry is trying to convince regulators to adopt
more favourable treatment of credit derivatives in the updated Basel Accord
on capital requirements.

"This is illustrative of the general uncertainty of how this market works,"
said Richard Boulton, credit risk manager at the Financial Services
Authority (FSA), the UK's financial services regulator.

"There is not absolute certainty that these techniques will work all the
time," he said, speaking earlier this week when news of the lawsuit, filed
in February, came to light.

Draft proposals updating the 1988 Basel Accord treat risks on credit
derivatives as greater than for more tried and tested means of hedging
credit risk such as bank guarantees. As a result they require more money to
be set aside to cover risk.

The market body, the International Swaps and Derivatives Association ( ISDA
), is pressing Basel regulators for talks about aspects of the proposals,
which it says, are unfair.

"The case won't help the image of credit derivatives. We'll have to see how
things develop but hopefully it won't have a negative influence on
regulators," said the head of credit derivatives at a European bank, who
declined to be named.

Regulators are concerned in particular about legal risk. Bank of England
deputy governor David Clementi said last month question marks existed over
whether players had conflicting views on details of credit derivative deals
they entered into and how the law courts would treat agreements such as
credit default swaps.

A default swap is an insurance-like instrument which allows an investor to
hedge exposure to the risk of an issuer defaulting on an underlying bond or
loan.

In the UBS case, the Swiss bank alleges Deutsche Bank is in default of its
obligations to pay the sum of $10 million in a default swap deal designed to
pay if U.S. building materials firm Armstrong World Industries Inc defaulted
on its debt.

According to documents filed at the High Court, UBS alleges written
confirmation of the swap contract with Deutsche mistakenly lists AWI's
parent Armstrong Holdings as the underlying issuer, not AWI.

UBS alleges the true contract related to AWI, which filed for Chapter 11
protection from creditors more than half a year after the swap deal was
transacted, and not to Armstrong Holdings, which has not filed for Chapter
11 and has not defaulted.

Both banks have declined to comment on the lawsuit but credit derivative
traders have been quick to reject any suggestion that the legal action
supports the argument for harsher regulatory treatment of default swaps.

Disagreements between counter parties over the interpretation of what
constitutes a default event have resulted in court action on a number of
occasions. In a notable case last year, involving the U.S. insurer Conseco,
counterparties disagreed over whether the insurer's restructuring of debt
constituted a default event.

The market is a relatively new industry and regulators are concerned some
aspects of it, like contract documentation, have not been fully
standardised, leaving participants open to the risk of contractual disputes.

Banks and ISDA have worked to improve documentation. ISDA is currently
trying to nail down a definitive description of debt restructuring, which
has proven a particularly tricky issue.

While some market participants fear the market may be harmed by fallout from
legal actions, other experts in the sector are more sanguine.

"The momentum of the credit derivative market is such that it will require
more than these small problems to stop the market growing," said Jonathan
Davies, head of credit derivatives at PricewaterhouseCoopers.

Thesetypes of cases made firms address the issues involved, Davies said,
adding: "It brings the products to the attention of senior management and
accelerates the evolution of the market."

The New Forecast For Meteorologists: It's Raining Job Offers
The Wall Street Journal - March 8, 2001
By Chip Cummins

Two years ago, Bradley Hoggatt was heading for an academic career in
meteorology, intent on discovering more about how hurricanes form. But just
before he started working on a doctorate, a very different opportunity blew
in.

Now Mr. Hoggatt forecasts weather for a floor full of M.B.A.s who trade
billions of dollars in weather-sensitive energy commodities such as natural
gas and electricity for Aquila Inc., the trading subsidiary of a big Midwest
utility.

With no business background himself, Mr. Hoggatt is also trading complex
financial contracts based on his predictions. "I'm putting my money where my
mouth is," says the tall, square-shouldered 28-year-old.

Weathermen and women have become a hot commodity in the exploding
energy-trading business. While off-target forecasts on television may
frustrate parents and schools and embarrass politicians, as they did this
week on the East Coast, they can lose bundles for electricity and
natural-gas traders. So as trading has boomed, so has demand for trained
meteorologists, a profession that traditionally hasn't paid all that well
and is often the butt of jokes.

From Wall Street to Houston's Louisiana Street, where many energy companies
have set up shop, recent graduates are earning twice what they would earn at
the National Weather Service or in academia. "The appetite for weather is
insatiable," says James L. Gooding, director of meteorology at Duke Energy
Corp. A former NASA scientist, Dr. Gooding will be adding a fourth
forecaster to his Houston team in the next year.

Enron Corp., an energy-trading giant based in Houston, has more than doubled
its staff of weather forecasters to nine in the past three years, plucking
talent from places like the Weather Channel. Williams Cos., a Tulsa, Okla.,
competitor, is endowing university fellowships to lure meteorology students.
And since 1999, Aquila, which is owned by UtiliCorp United Inc., of Kansas
City, Mo., has hired two other meteorologists from Mr. Hoggatt's alma mater,
the University of Wisconsin, plus another scientist with a Ph.D. in
climatology.

That hiring paid off a bit during this week's winter storm in the Northeast.
While many on the East Coast were getting miscues from TV weathermen on a
pending, possibly historic blizzard that fizzled in New York and other
cities, traders at Aquila simply looked to Mr. Hoggatt.

Last Friday, Scott Macrorie, an electricity trader for the Mid-Atlantic
region at Aquila, stopped by to see how the storm was progressing. Mr.
Hoggatt's team told him temperatures in his region of interest would be
lower because of the storm, though the snowfall forecast on TV seemed a
little high. Sure enough, temperatures fell and snowfall in many cities was
less than predicted, lifting electricity prices and making Mr. Macrorie a
profit that he says was in the tens of thousands of dollars.

About 500 university students in the U.S. graduate each year with bachelor's
degrees in meteorology, according to the American Meteorological Society. An
additional 300 or so graduate with masters degrees or doctorates. Until just
a few years ago, those graduates didn't typically have many options: TV for
those who had the blow-dried look, back-office jobs with the government or a
handful of private consultants for those who didn't. Research was an option.
And some airlines and utilities kept a few meteorologists on staff to help
position airplanes or power-line repair trucks during storms.

Now, deep-pocketed trading companies are offering many meteorologists with
graduate degrees salaries ranging from $60,000 to $90,000. Performance and
trading bonuses can double or even triple the figure. That compares with the
roughly $33,000 the National Weather Service pays a junior forecaster with a
graduate degree.

"It's a bit unusual for meteorologists to have the prospect of lucrative
employment after graduation," says John Nielsen-Gammon, a professor of
atmospheric sciences at Texas A&M University. "This is a bit of a switch."

So far, there has been no dearth of meteorological talent available, partly
because the National Weather Service wrapped up a big expansion project in
the mid-1990s and slowed hiring. It hires only to replace people who leave,
about 30 to 50 meteorologists a year.

And the high-pressure world of billion-dollar commodity bets isn't for
everyone. When Carl Altoe graduated from Penn State, one of the nation's top
meteorology programs, he got a heavy sales pitch from Enron. "It's quite an
impressive place," he says of Enron's trading floor, but he wasn't sure
forecasting skills alone would be enough to make the grade. "I would be
afraid that if money wasn't made in a hurry, I'd be tossed," says Mr. Altoe,
who accepted a position with the National Weather Service in Marquette,
Mich.

For others, having forecasts count puts a new thrill in the old art. After
two years as a manager at the Weather Channel's Latin American division in
Atlanta, Jose Marquez posted his resume on an Internet job site run by the
American Meteorological Society. Enron called.

"Have you heard about Enron?" Mr. Marquez remembers being asked. "And I
said, honestly, `No.'"

During a visit, Mr. Marquez, a 33-year-old Navy-trained meteorologist, found
Enron's trading floor exhilarating. Enron courted Mr. Marquez heavily,
tracking him down three times during his Christmas vacation in Puerto Rico.
Mr. Marquez decided the sprawling trading floor was just the sort of active
work place he was looking for. Also, he'd be getting a 10% to 15% boost over
his Weather Channel salary, before potential bonuses from Enron.

"I'm getting more money than I would anywhere else," he says.

Weather has long affected prices of everything from grain at Chicago's early
commodity markets to the stocks of retail companies on Wall Street. Jon
Davis, a meteorologist for Salomon Smith Barney in Chicago, started
forecasting the weather for agriculture traders back in 1985.

But volatile energy prices have raised the stakes for forecasters who are
able to gauge air-conditioning use in the summer or natural-gas demand
during the winter heating season. Meanwhile, all sorts of companies are
turning to energy traders and Wall Street for " weather derivatives ,"
complex contracts used to hedge financial risks associated with the weather.
"With every passing year, you do more energy and more energy," Mr. Davis
says.

Despite big advances in data collection and modeling, betting millions of
dollars on weather forecasts can still be tricky business. Short-term
forecasts are pretty good. Predicting weather two weeks from now is chancy.
Most meteorologists get their data from the government, particularly the
National Weather Service. Many then tweak it with their own interpretations
or forecasting models.

Disappointed last year by poor long-term forecasts from 11 private
consultants, Aquila has a contest offering $100,000 to the meteorologist or
team that can best predict temperatures in 13 major U.S. cities over the
course of a year. "I call it the forecast bakeoff," says Mr. Hoggatt.

The high stakes also mean more pressure on forecasters. WSI Corp., a
Billerica, Mass., weather-forecasting firm, started an energy service last
year, and Jeffrey A. Shorter, a WSI vice president, says energy clients can
be less forgiving than his other clients in TV and aviation, especially when
the forecasts are wrong. But, he adds, "presumably, more often than not,
we're right."

**End of ISDA Press Report for March 8, 2001.**

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 & Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org

 - Ivy.gif


Can't wait to meet the little bundle of joy.


Louise,

I hope that everything is well with you.  Much has happened during the past two weeks and I will try to be as brief as possible.

?	Based on conversations and internal decisions that have occurred, Tom Byargeon and myself have decided to dissolve Production Offshore by the end of second quarter.  I have spoken with John regarding this commercial structural change and have also renegotiated the 2001 Upstream Products expected margin to $30 MM.  (The expected budget from Production Offshore was $20 MM out of the $50 MM for Upstream Products.)
?	I have attached a document that Tom has drafted outlining the remaining project responsibilities, market representation, and personnel redeployment.

The following individuals within Production Offshore have yet to be redeployed :

1. Tom Byargeon - He has been offered an opportunity to work with Randy Maffett, Vice President - Wholesale Origination, EGM.  Tom also will be meeting with Dave Duran tomorrow morning to discuss opportunities that exist within Generation Investments or Northeast Power Origination.

 In addition, I want him to consider leading the Ecommerce/ Producer One effort for Upstream Products.  I desperately need a dedicated senior commercial person with contract negotiations expertise that can also see the financing opportunities that exist for Producer segment (i.e., wellhead connects, metering and monitoring equipment, etc.) through a Producer One transaction.  However, Tom has surmised that higher commercial visibility will be achieved by working on the financing of large asset deals within EGM or perhaps, in Duran's group.  I have assured him that the commercialization of the back and mid office is just as important if not more important to Enron's upper management.  Plus, I feel the closing of these outsourcing transactions will be more numerous by the end of the year than the other origination opportunities offered.

I know that he greatly respects your opinion.  If you could contact him (x30650) or drop him an email with your commercial perspective, I am sure that the correspondence would be greatly appreciated.

2. Kevin Miller - mostly likely will focus on marketing and closing Producer ecommerce transactions.  In addition, Kevin has a very strong crude and processing background.  This experience would complement the Producer One effort as well support the processing needs of the Wellhead desk.  He could have career opportunities with EGM, but overall, is very enthusiastic about ENA's Producer ecommerce commercial platform.

3. Kenn Loch - has a very technical background suited for deepwater projects.  Since the responsibility for Mariner is within ECR, Allan Keel may be interested in his background.  Also, since the responsibility for the MEGS/Pluto deal should be transferred to ECR,  Kenn would be an appropriate resource for that transaction as well.

4. Lisa Druzbik -  is very familiar with the accounting details behind MEGS/ Pluto.  Has opportunities are within ECR and EES.  Most of her background is within the E&P sector.

?	I have spoken with Scott Josey about the impending dissolution of Production Offshore.  Since MEGS/Pluto is a deal with Mariner (and since Enron owns 97% of Mariner, the deal is analogous to doing a transaction with oneself), he concurs with me that the transaction should be evaluated with the overall restructure or potential sale of Mariner.  Should I transfer over to ECR all 2001 capital charges and associated earnings related to MEGS/Pluto?  Should this transfer occur as of the beginning of the year or at the end of second quarter? The YTD margin associated with this project is approximately $ 3 MM.

I look forward to hearing from you.

Regards, Mrha


Attached hereto is the draft form of template for the assignment and license back of the EOL and backoffice software between the Estate and Netco.  Please let me know if you have any comments or questions.

 -----Original Message-----
From: 	roberto.zapata@weil.com@ENRON <mailto:roberto.zapata@weil.com@ENRON>
Sent:	Friday, December  14, 2001 8:38 AM
To:	mary.korby@weil.com <mailto:mary.korby@weil.com>; stephen.kahn@weil.com <mailto:stephen.kahn@weil.com>; marita.makinen@weil.com <mailto:marita.makinen@weil.com>; stuart.ogg@weil.com <mailto:stuart.ogg@weil.com>; nancy.raber@weil.com <mailto:nancy.raber@weil.com>; john.quattrocchi@weil.com <mailto:john.quattrocchi@weil.com>; roberto.zapata@weil.com <mailto:roberto.zapata@weil.com>; michael.farnell@weil.com <mailto:michael.farnell@weil.com>; Schuler, Lance (Legal); Daniels, Eddy; Koehler, Anne C.; Hansen, Leslie; Piper, Greg; Detmering, Tim
Cc:	Roger.Ross@weil.com <mailto:Roger.Ross@weil.com>
Subject:	Revised Draft of the Assignment and License Agreement

Please find attached (immediately below) a blackline comparing versions 3
and 6 of the above-referenced document.  Please contact me at (212)
310-8690 if you have any difficulty accessing the document.

Best regards,

Bob Zapata

(Enron Assignment and License Agreement) (See attached file: n1bxRED.DOC)

---------------------- Forwarded by Roberto Zapata/NY/WGM/US on 12/14/2001
09:27 AM ---------------------------

Roger Ross
12/14/2001 05:18 AM

To:   Mary Korby/DA/WGM/US@WGM <mailto:Korby/DA/WGM/US@WGM>, Stephen Kahn/NY/WGM/US@WGM <mailto:Kahn/NY/WGM/US@WGM>, Marita
      Makinen/NY/WGM/US@WGM <mailto:Makinen/NY/WGM/US@WGM>, Stuart Ogg/DA/WGM/US@WGM <mailto:Ogg/DA/WGM/US@WGM>, Nancy
      Raber/SV/WGM/US@WGM <mailto:Raber/SV/WGM/US@WGM>, John Quattrocchi/DA/WGM/US@WGM <mailto:Quattrocchi/DA/WGM/US@WGM>, Roberto
      Zapata/NY/WGM/US@WGM <mailto:Zapata/NY/WGM/US@WGM>, Michael Farnell/DA/WGM/US@WGM <mailto:Farnell/DA/WGM/US@WGM>,
      Lance.schuler-legal@enron.com <mailto:Lance.schuler-legal@enron.com>, Eddy.daniels@enron.com <mailto:Eddy.daniels@enron.com>, "Koehler, Anne
      C." <Anne.C.Koehler@ENRON.com <mailto:Anne.C.Koehler@ENRON.com>>, leslie.hansen@enron.com <mailto:leslie.hansen@enron.com>,
      greg.piper@enron.com <mailto:greg.piper@enron.com>, Tim.detmering@enron.com <mailto:Tim.detmering@enron.com>
cc:
Subject:  Revised Draft of the Assignment and License Agreement  (Document
      link: Roberto Zapata)

Here is the revised draft reflecting comments from Enron management team
and Enron legal team (Houston).

For some reason, I am unable to run Comparite remotely.  If someone located
in NYO could run a comparison between Version 3 and Version 6 and
distribute to this same list it will aid people in the review.  Thanks.

Roger

(Enron Assignment and License Agreement) (See attached file: n1bx06!.DOC)

**********NOTE**********
The information contained in this email message is intended only
for use of the individual or entity named above.  If the reader
of this message is not the intended recipient, or the employee or
agent responsible to deliver it to the intended recipient, you
are hereby notified that any dissemination, distribution or
copying of this communication is strictly prohibited.  If you
have received this communication in error, please immediately
notify us by telephone (650-802-3000), and destroy the original
message. Thank you.

 - n1bxRED.DOC
 - n1bx06!.DOC


COLUMBIA GAS TRANSMISSION CORPORATION
                        NOTICE TO ALL INTERESTED PARTIES
                                  MAY 31, 2001

Notice ID: 2766
5 - NO RESPONSE REQUIRED

SUBJECT: CAPACITY UPDATE EFFECTIVE FOR FRIDAY THROUGH SUNDAY, JUNE 1-3, 2001

             CHANGES ARE INDICATED WITH AN *

Effective Friday through Sunday, June 1-3, 2001, capacities will be as
follows:

Excess MDWQ              Available +
ISS Withdrawals          Available
SIT Withdrawals          Available
Imbalance Drawdowns      Available
PAL Lends/Unparks        Available

Excess MDIQ              Not Available + *
ISS Injections           Not Available   *
SIT Injections           Not Available   *
Imbalance Paybacks       Not Available   *
PAL Parks/Loan Paybacks  Not Available   *

+ Call Gas Control 24 hours in advance at (304) 357-2606 to request approval.

Receipt capacity will be as follows:

TENNESSEE:

Brinker (B12)            20,000
Broad Run (B9)          450,000
Cambridge (B10)          10,000
Dungannon (B11)          40,000
Highland (B17)           25,000
Milford (B18)            30,000
North Greenwood (B22)    10,000
Unionville (B15)         75,000

TEXAS EASTERN:

Delmont (C16)                 0
Eagle (C22)              30,000
Hooker (C9)              25,000
Pennsburg (C23)          50,000
Windridge (C12)          60,000

NATIONAL FUEL:

Independence (M1)        10,000
Ellwood City (L1)        10,000

TRANSCO:

Downingtown (E3)          5,000
Emporia I (E13)         120,000
Rockville (E2)           65,000
Dranesville (E1)         25,000

ALGONQUIN:

Ramapo (R1)              50,000

ANR:

Paulding/Cecil          100,000
(F1, A2)

LEBANON AGGREGATE       225,000
(A4, F2, C4, D3)

TOLEDO AGGREGATE        225,000
(A3, F4, 734462)

COLUMBIA GULF:
(801)

TCO-Leach             2,218,000

Internal point non-firm capacity will be as follows:

Lanham                No Restrictions

Delivery capacity (non-firm) will be as follows:

TRANSCO:

Martins Creek (MA 21)    25,000
Young Woman's Creek       5,000
   (MA 36)

ALGONQUIN:

Hanover (MA 22)         143,000

EQUITRANS:

Fallen Timber (MA 35)    35,000
(MLI K1)

Waynesburg-Rhinehart     30,000
(MA 26) (MLI K2)

OPT-30 will be available in all market areas.
OPT-60 will be available in all market areas.

Market Area delivery capacity (non-firm) will be as follows:

Operating Area 1
     Market Area 33       No Restrictions
     Market Area 34       No Restrictions

Operating Area 2
     Market Area 20       No Restrictions

Operating Area 3
     Market Area 15       No Restrictions
     Market Area 16       No Restrictions
     Market Area 17       No Restrictions
     Market Area 18       No Restrictions
     Market Area 19       No Restrictions

Operating Area 4
     Market Area 21       No Restrictions
     Market Area 22       No Restrictions
     Market Area 23       No Restrictions
     Market Area 24       No Restrictions
     Market Area 25       No Restrictions
     Market Area 29       No Restrictions

Operating Area 5
     Market Area 02       No Restrictions
     Market Area 07       No Restrictions

Operating Area 6
     Market Area 10       No Restrictions
     Market Area 11       No Restrictions
     Market Area 12       No Restrictions
     Market Area 13       No Restrictions
     Market Area 14       No Restrictions

Operating Area 7
     Market Area 01       No Restrictions
     Market Area 03       No Restrictions
     Market Area 04       No Restrictions
     Market Area 05       No Restrictions
     Market Area 06       No Restrictions
     Market Area 08       No Restrictions
     Market Area 09       No Restrictions

Operating Area 8
     Market Area 26       No Restrictions
     Market Area 27       No Restrictions
     Market Area 32       No Restrictions
     Market Area 35       No Restrictions
     Market Area 36       No Restrictions
     Market Area 38       No Restrictions
     Market Area 39       No Restrictions
     Market Area 40       No Restrictions

Operating Area 10
     Market Area 28       No Restrictions
     Market Area 30       No Restrictions
     Market Area 31       No Restrictions

If you have any questions, please contact your Account
Representative.


The report named: VaR and Peak Position Report By Trader <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=22&report_name=VaR+and+Peak+Position+Report+By+Trader&category_cd=5&category_name=EAST&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=10/17/2001>, published as of 10/17/2001 is now available for viewing on the website.


Daily Market Commentary October 17, 2001

PRICES SWAN DIVE ON AGA REPORT . . .

 Natural gas futures plunged in busy inventory report driven trading Wednesday on the New York Mercantile Exchange. The AGA report showed an addiion of 63 BCF to working gas inventories, moderately above trader expectations. Nonetheless traders unloaded contracts in unison, and the deeply oversold condition of the market prompted traders to expect a higher open tomorrow. . .

 At the end of the day the November contract fell $.174 to $2.418 and the December tumbled $.149 to $2.703 . . .

 "Traders were looking for a build of 45 to 50 BCF, and some traders had
gotten long prior to the report so they liquidated quickly," said a New York
floor trader. . .

 "Both local and short term traders as well as trade and commercial accounts
were selling. The floor is now modestly negative," he said. . .

 "For tomorrow I think we'll have a slightly higher open, but close lower on
the day," he said.

For the most complete information available subscribe to GasTrader at http://gastrader.net

Bill Burson
120 Summit Blvd.
Englewood, Colorado 80110
Tel (303) 761-7470 * Fax (303) 761-8662
(To be removed from this list send email to burson@gastrader.net)


Thanks!!


Notice Phy & Fin Index tabs have been added...


I just finished neogtiating Annex A with this CP and its lawyer for the
8-month financial deal effective 2/1/00.  The CP is anxious to receive an
ISDA so that the ISDA will govern this transaction and future transactions.
Please let me know who will prepare credit (since the CP knows my phone
number and is awaiting receipt of a draft!).  Thanks.  Sara


Is it appropriate for a conference sponsor to use our name like this???
They've twisted our attendence into something approaching an endorsement.
Should we send a nasty letter?  df

Lee Huber
04/04/2001 09:33 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Article

FYI
---------------------- Forwarded by Lee Huber/ET&S/Enron on 04/04/2001 09:33
AM ---------------------------
From: Gina Taylor/ENRON@enronXgate on 04/04/2001 08:51 AM
To: Martha Janousek/ENRON@enronXgate, Lee Huber/ET&S/Enron@ENRON
cc:

Subject: Article

FYI.............

Gina

World's Largest Energy Companies Attend TIBCO Software's Energy Technology
And Trading Conference

04/04/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

Enron, Dynegy, Texaco and Other TIBCO Customers That Depend on Real-Time
Trading and Systems Integration Meet In Texas
HOUSTON, April 4 /PRNewswire/ -- TIBCO Software Inc. (Nasdaq: TIBX) is
hosting more than 200 customers, partners and prospects at its annual Energy
Users Conference today through Thursday in Houston, Texas. Customer attendees
include Enron, Dynegy, Reliant Energy, El Paso Corporation, Altra Energy
Technologies, Coral Energy, Duke Energy, Mirant, Marathon, Texaco, TXU
Energy, Equiva, Williams and more. Systems Integrator participates include
Accenture, Luminant, Zetta Works, and Deloitte Consulting.
During the conference, TIBCO, a leading provider of real-time e-business
infrastructure software that powers real-time energy trading floors, will be
announcing several new customers, and a number of existing customers will be
demonstrating how they use TIBCO's energy business integration solution to
grow within any economic condition. Additionally, several of TIBCO's systems
integration partners will discuss how they depend upon TIBCO products to
create technology solutions specific to the energy industry.
"Companies that don't adopt technology solutions that enable real-time
Internet trading and systems integration, will not survive in the deregulated
energy market," said Vivek Ranadive, chairman and CEO, TIBCO Software.
"Real-time trading and systems integration is exactly what TIBCO's software
provides. That's why the world's leaders, and all of those looking to
catch-up, are attending this conference"
About TIBCO Software Inc.
TIBCO Software Inc. is a leading provider of real-time e-business
infrastructure software. TIBCO's four product lines -- TIBCO
ActiveEnterprise(TM), TIBCO ActiveExchange(TM), TIBCO ActivePortal(TM) and
TIBCO Extensibility(TM) -- enable businesses to integrate enterprise
applications, interact with other businesses in B2B commerce, and efficiently
deliver personalized information through enterprise portals. TIBCO's products
enable the real-time distribution of information through patented technology
called The Information Bus(TM), or TIB(R). TIB technology was first used to
digitize Wall Street and has since been adopted in diverse industries
including telecommunications, electronic commerce, manufacturing and energy.
TIBCO's global direct customer base includes more than 800 customers from
around the world such as Cisco Systems, Yahoo!, Ariba, NEC, Enron, Sun
Microsystems, GE Capital, Philips, AT&T, Pirelli and AOL/Netscape.
Headquartered in Palo Alto, California, TIBCO can be reached at 650-846-1000
or on the web at www.tibco.com.
Art


FYI

GP

 -----Original Message-----
From:  Berberian, David
Sent: Thursday, March 15, 2001 3:37 PM
To: Bibi, Philippe A.; Piper, Greg; Shelby, Rex
Cc: Palmer, Mark S.
Subject: CGI Related Target for Orig.

Philippe, Greg, Rex -

We have followed up with CGI on their "secret" target for our applications.
It is CMS Energy
across town.   They will be presenting a careful (and short) concept proposal
to them on the 26th of March.

Initial feedback on Enron being part of the solution was very positive by the
business owner of the
rearchitecture.  Apparently, there is a significant process flow rework going
on at the same time
and the business owner reports to the CEO on both topics.

We are in early in the process so there is room to still influence the
overall approach they take,
according to CGI.

David


Steve, in response to your request to Cynthia Barrow, attached is a stock
option termination matrix, which indicates the typical termination provisions
for each specific type of termination event and for each type of option grant.

Some grants may have special provisions due to the reason for the grant;
these provisions are specified in the award agreement.

In 1996, Enron,s Board of Directors approved a change to the termination
provisions to extend from 1 year to three years the time an employee would
have to exercise vested options upon an involuntary termination (due to
non-performance, business reorganization, or divestiture) or termination due
to death, disability or retirement - no change was made to the time allowed
for vested options to be exercised in the event of a voluntary termination,
however.   This extension from 1 year to 3 years increased the value of an
option which was the desired effect i.e. fewer options are required to
deliver the desired value thus decreasing overall utilization.  This change
also reflected Enron,s desire to utilize options as a retention device with
greater downside to an employee who voluntarily terminates i.e. only 30 days
allowed to exercise vested options.   Prior to August, 1995, an employee had
to exercise vested options before terminating - this was changed to the
"within 30 days of termination" scenario in August, 1995.

The extension for time allowed to exercise vested options in the event of an
involuntary terminations may also provide the beneficial effect of minimizing
litigation associated with involuntary terminations due to divestiture,
non-performance, etc.

Please let me know if you would like to meet to discuss or if I can provide
additional information. My extension is x35816.  Thanks.


Mike is entering that deal right now. I'll get back to you with the deal
number.

Thanks,
Kate

Evelyn Metoyer@ENRON
12/07/2000 03:11 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 12-7-00 Checkout

I am missing the following deal for Mike Swerzbin brokered through Prebon:
Enron sells to Morgan 25 mw of Mid-C for Jan'01 at $700.00


Stan,
We had our board meeting last week.  It worked out the way we hoped it
would.  Results:

1.  Our CEO UBP Task Force will continue to work with your new team,
discussing matters such as principles, scope, governance, organization, etc.

2.  Each of our CEO Policy Committees (Energy Services, Supply, and Delivery)
will provide commentary on the principles, scope, governance, organization,
etc.

3.  Progress report to board in September.

I am going to work up a plan for getting much of #2 done before the September
board meeting, so that we can develop some rough proactive overall position
on wholesale before December.  Can't make promises yet.

It would be most helpful to me if I could give concrete examples about new
uniform practices can be a win-win in wholesale markets.  Do you know of any
examples we can use of practices that we really wish we already had?  I'm
sure somebody in GISB has a wish list.  We had such a list when we started
the retail effort,  much of it came from CUBR.  It is useful in helping
people understand what we are talking about.  I can use it as a "for
instance".

Thanks
  -Mike


plz ignore last note.  sorry, jeff


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Also add STASCO to my Oil & refined products list.  I have located a good contact at the right level who I have contacted named Steven Murray.

JC


I will be on Vacation March 18 through March 20, returning on Thursday March 21.
	For questions you can call:

		NNG Scheduling - Terry Kowalke (713-853-6403)
		TW Scheduling - John Buchanan (713-853-7429)
		NNG Invoicing - Raetta Zadow (713-853-1768) or Larry Berger (713-853-1502)
		TW Invoicing -  Richard Hanagrif (713-853-6709) or John Buchanan (713-853-7429)

	Ava, can get a hold of me if necessary. (713-853-5842)

	Have a great week and I'll see ya on Thursday.

            Thanks. Lynn
               Lynn Blair
              713-853-7637
              lynn.blair@enron.com


David, has asked that I forward the following attachment which includes
Policy Options regarding the November 2nd Rod Wright meeting in Los Angeles.

Please let me know if you have any questions.

Thank you,

Cristina
415-782-7819
415-782-7851 Fax


E-mail from Nov. 8, 2000
I was thinking of you today and I remembered a long conversation we had at
the office one morning when we both arrived before everyone else.  You were
wearing this pastel sun dress and you looked incredible.  I am thinking of
you now too ...


This is just to let you know that I am going to go on vacation from 7/26/00
to 8/8/00.

Tanya.


Pat,

I have been working with Volume Management, Settlements, Vance, and Bob to
clean up some prior period and prior-to-current month issues.  This process
should result in a correction to booked profit/loss for Vance and the desk.
This has brought to my attention that we have been paying some parties
manually for volumes when deals are not correctly entered.  I would propose
that Logistics be included in the communication of when checks are manually
cut.  It would be especially beneficial if we tracked manual checks by
counterparty, meter, and/or deal ticket id or price.  I feel that this will
allow us to spot and resolve potential issues more effectively.

Please let me know what your thoughts are on this matter.

Thank you for your time,

Mary

ext 35251


Ryan,

In the follow up to the meeting we had on Wednesday I would like
to reinforce one point I made. I feel strongly that I cannot support
the valuations my group has produced so far for the LJM/Raptor
related transactions without examination of all the related legal documents.

I feel that we did solid work based on verbal information,  but I cannot
guarantee the quality of the final product without looking at the contracts.
These transactions are too complex and controversial to bypass due diligence requirements
that you would expect from any professional.

Vince Kaminski


Steve,

Try bmckay@enron.com or Brad.McKay@enron.com


Kathy-

Is soccer practice on for tonight?  It looks like it might be raining then.
Also, for the game on Sunday, what time do you want everyone to be there?

Thanks

Susan Pereira


We are supposed to get back to the headhunter.
You can send her an E-mail (please see the first message at the bottom of the
page
for the address).

Vince

Greg Nikkel@ENRON
02/02/2000 11:39 AM
To: Kathy Kokas/Corp/Enron@ENRON
cc: Melissa Becker/Corp/Enron@ENRON, John Gillespie/Corp/Enron@ENRON, Vince J
Kaminski/HOU/ECT@ECT
Subject: Re: Wayne Tow's Resume

I will set-up a phone interview with him to assess his qualifications and
interest in the HR application support lead position.

Vince, how was it left with the headhunter on how to contact him?

Greg

	From:  Kathy Kokas                           02/02/2000 09:16 AM

To: Melissa Becker/Corp/Enron@ENRON
cc: Greg Nikkel/Corp/Enron@ENRON, John Gillespie/Corp/Enron@ENRON, Vince J
Kaminski/HOU/ECT@ECT

Subject: Re: Wayne Tow's Resume

Since I only talk to a very few headhunters that we've already done business
with and who have provided good people, I'll say "no, I have no current
needs" which is what I tell every headhunter that calls (at least one a day).

KK

Melissa Becker
02/01/2000 02:01 PM
To: Kathy Kokas/Corp/Enron@ENRON, Greg Nikkel/Corp/Enron@ENRON, John
Gillespie/Corp/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Wayne Tow's Resume

Kathy/Greg/John - Do we need the skills described in the attached resume on
the project team or in the permanent support group or in the eSupply group?
There are no personal recommendations associated this resume.
Vince - thanks for keeping us in mind!
---------------------- Forwarded by Melissa Becker/Corp/Enron on 02/01/2000
01:58 PM ---------------------------

Vince J Kaminski@ECT
01/31/2000 09:04 AM
To: Melissa Becker/Corp/Enron@ENRON
cc:

Subject: Wayne Tow's Resume

Melissa,

Please, take a look at this resume. Any interest?
I got it from a headhunter (I don't know her,
it was a cold call on her part and she did not make a good impression).

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/31/2000
09:01 AM ---------------------------

leewells@swbell.net on 01/25/2000 05:34:57 PM
Please respond to leewells@swbell.net
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Wayne Tow's Resume

Hi there Mr. Kaminski! It was a pleasure to speak with you today. I look

forward to lunch one day soon at Brennans.

Wayne Tow is a brilliant man, He worked for many years for a man I know
well.  This man says, Wayne is as good as it get, and he could do
anything that is assigned to him, and do it at  a level in which he was
always amazed.
He loves the E-commerce area, and this is what he wants to do
Thank you, Vince.
Lee Wells

 - Wayne2.doc


Robin Charo
110 Vaughn Court
Madison, WI 53705
altacharo@hotmail.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Robin Charo


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 01/26/2000
12:11 PM ---------------------------

Lisa Shoemake
01/26/2000 09:40 AM
To: Melissa Rodriguez/HOU/ECT@ECT, Leslie Smith/HOU/ECT@ECT, Amber
Limas/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT, Stephanie Cole/HOU/ECT@ECT,
Stacey Duplessis/HOU/ECT@ECT, Ragayle Pellum/HOU/ECT@ECT
cc:
Subject: FW: Hope you like this poem...

---------------------- Forwarded by Lisa Shoemake/HOU/ECT on 01/26/2000 09:39
AM ---------------------------

	Cheryl Slone
	01/25/2000 03:07 PM

To: Copier Repair/EPSC/HOU/ECT@ECT, emoses@mdanderson.org,
hapkido@freewwweb.com, coreys@ci.los-lunas.nm.us, dorothyb@ev1.net, Stephanie
Cole/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT, Jenny Phillips/Corp/Enron@ENRON
cc:
Subject: FW: Hope you like this poem...

> Does Heaven have a phone number?
> Mommy went to Heaven, but I need her here today, My tummy hurts and I fell
> down, I need her right away, Operator can you tell me how to find her in
> this book?
>
> Is heaven in the yellow part, I don't know where to look.
> I think my daddy needs her too, at night I hear him cry.
> I hear him call her name sometimes, but I really don't know why.
> Maybe if I call her, she will hurry home to me.
> Is Heaven very far away, is it across the sea?
> She's been gone a long, long time she needs to come home now!
> I really need to reach her, but I simply don't know how.
>
> Help me find the number please, is it listed under "Heaven"?
> I can't read these big big words, I am only seven.  I'm sorry operator, I
> didn't mean to make you cry, Is your tummy hurting too, or is there
> something in your eye?
>
> If I call my church maybe they will know.
> Mommy said when we need help that's where we should go.
> I found the number to my church tacked up on the wall.
> Thank you operator, I'll give them a call.
>
> forward this to at least 7 people if you love your mom.

 - WINMAIL.DAT


Rod,

I just spoke with Jayshree.   Jeff has requested that we have a data room by tomorrow night and I was wondering who I should I should contact in legal to coordinate this effort.

Let me know

Thanks
Sarah


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
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Crude     http://www.carrfut.com/research/Energy1/crude33.pdf
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Jan WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clf-qof.pdf
Jan Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
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Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
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Feb Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hug-hog.pdf
Dec/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/huz-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG33.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG33.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL33.pdf

Scott Mollner Recomendation
http://www.carrfut.com/research/Energy1/recom11-26-01.pdf


Tuesday, September 5 at 10:00 a.m. Houston time, join us for an eSpeak with
Dan Leff, president and CEO of Global Energy Services.  Dan will be
discussing Enron's efforts to profitably deliver on commitments, build strong
customer relationships, and create incremental value in existing contracts.
Can't make the live event?  Pre-submit your questions on the eSpeak site.

"Competitive intelligence is like putting your ear to the ground to hear a
distant train....  If it is done effectively...thousands of ears placed on
the tracks...Enron's strategy stays on track."
Dr. Ben Gilad 8/29/00 eSpeak.  Keep your ear on the track.  Click the Edge
today!


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/15/2000
10:04 AM ---------------------------

Sevil Yaman@ENRON
11/15/2000 09:40 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Robert Mccullough speech

Vince,

Here is a speech of Robert that I recently received.

Sevil,


Given our conversation this morning about exchanges, I thought you might find
the lead article of interest, insofar as it lists all the nascent European
exchanges dedicated to trading power/energy.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 19/10/2000
13:27 ---------------------------

Katy Lomax
18/10/2000 17:56
To: Jackie Gentle/LON/ECT@ECT, Louise Kitchen/HOU/ECT@ECT, Mark
Schroeder/LON/ECT@ECT, Amita Gosalia/LON/ECT@ECT, Marcello Romano/Enron
Communications@Enron Communications, Rahil Jafry/HOU/ECT@ECT, Nick
Mooney/LON/ECT@ECT, David Forster/Corp/Enron@Enron, Alexander
Woolfall/LON/ECT@ECT, Angela Connelly/LON/ECT@ECT, Kathryn
Corbally/Corp/Enron@ENRON
cc:

Subject: Press Clipping - EnronOnline

Please find attached the following article/s:

"Paris Borse announcement threatens platform congestion" - Powertrade

Kind Regards,
Katy Lomax


FYI:  This clip is from last nights newscast.  I think Ken Lay did a great
job in his response to Gray's comments.

Cristina