FYI
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/28/99 09:21
AM ---------------------------

Michael Guerriero@ENRON_DEVELOPMENT

09/28/99 04:49 AM

To: Marcelo Parodi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ricardo D
Cunha/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mario
Trindade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John R
Ayres/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Guidry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, J Douglas
McNeilly/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jose
Anson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Karl W
Pierce/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Waymon
Votaw/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Orlando
Gonzalez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Orlando
Puppin/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bob Anderson@ENRON, Bob
Crane@ECT, Remi Collonges/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Connie F
Estrems/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jose Lucio
Reis/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Luiz
Maurer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maria Ines
Granado/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carl
Tricoli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea
Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton@ECT, Lynn
Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ricardo
Lisboa/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Claudio
Marques/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Idel
Metzger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Scott Porter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Don
Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter E
Weidler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, George
Wasaff/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brett R
Wiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert
Gross/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, D'Arcy
Carroll/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: VCP Asset Monetization Strategy

We have committed to move forward with one Asset Monetization transaction to
fully address and resolve the issues and complexities involved and establish
a base template by which we can expand the strategy as we move forward in
Brazil. Votorantim Cellulose e Papel (VCP) is the targeted transaction due to
its size, diversity of opportunities, and management commitment.

The structure of the assets is as follows:

The currently identified opportunities are as follows:

The tasks to be accomplished are as follows:

The Team that we see on the project is listed below:

I would first like to ask each of you to provide feedback on what I have laid
out to date. With regard to process and go forwards I am seeking all input.
Below are some additional files for your use.  We will co-ordinate initially
with each functional group and get everyone together as we move forward.
We have a commitment to complete Stage I with a proposal to the customer by
October 1st. It will take all of us to make that happen.

Thanks
MFG

Boiler Data

Questionnaire

Opps, Resp, Team

Asset Diagram

Steam Turbine I

Steam Turbine II


Geriann -- thanks for the note and keeping me posted.
Please let me know if I can assist in these meetings in any way.

Jo Ann

 -----Original Message-----
From:  Warner, Geriann
Sent: Thursday, May 17, 2001 8:23 AM
To: Hill, Jo Ann
Subject: Jean Ryall

Just a note to let you know that Jean and I had a nice talk yesterday.  I
thnik now that the session is almost over, and things are calming down in
Austin, that she is going to get with Joe and I to discuss the department
goals and how we can work together more as a team.

She even called Joe yesterday just to talk and also to get his opinion on
setting up meetings, etc. during the summer.I really think things are on an
upward trend.

I t\Thought you would be interested in this piece of information .

Geriann


They will be doing a lot of  maintenance activity at the plant this month.
Unfortunately, much of the key material needed to do the full turnaround
needs several months lead time.  For example, we have already ordered the
catalyst for the turnaround scheduled in March.  We discussed this yesterday
with David Bush, the plant manager, and he said they would do what they could
in December, but the critical path items would not be available until closer
to March.

The MTBE plant will be going down December 15th and the maintenance (spooge
clean up) has been accelerated so we can come back up in Mid January to take
advantage of an expected increase in MTBE margins.

As far as longer term shut down considerations go, no one seems to have a
good grasp on what the methanol market will do.  Obviously, domestic
production will be curtailed which should lift prices.  If prices rise and
January gas prices fall back below $6.00, then we would probably come back up
in January.  Regarding staffing effort, particularly in my group, the
shutdown does not significantly impact the accountants and with a high
vacation time and year-end coming up, their plates are pretty full.  At the
plant, the purchasers, contract administrator and A/P folks will actually be
busier trying to get materials  and contracts for both outages settled,
especially with the timing change for the MTBE outage.

Let me know if you want to discuss this further.

Rod Hayslett

12/05/2000 08:35 AM
To: Kerry Roper/GPGFIN/Enron@ENRON
cc: Denis Tu/FGT/Enron@ENRON

Subject: Re: Methanol Plant Shut Down

Thanks.     I think we need to be looking at the "accelerating of the
maintenance" question as well.   If there is a possibility that the economic
world has changed and there will be a longer shut down of the facilities,
does it make sense to do that work now?      What are the decision points
that we need to have information on in order to make that determination?
Should we set up a small group to come up with an answer to this
question?      Should we also be looking at what we could do to reduce the
staffing by reassigning some of the people to other things and minimizing the
effort expended against Clean Fuels, particularly in your group?

Kerry Roper
12/05/2000 08:25 AM
To: Rod Hayslett/FGT/Enron@ENRON
cc:

Subject: Methanol Plant Shut Down

FYI only - We are shutting the methanol plant down for the month and are
selling the natural gas back for $7.73.

Kerry


i got my full bonus today - i have to work at enron 90 days or else i owe them 125% of it but i have it and am going to deposit it at waterhouse.  word'em


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October 24, 2001
Dynegy vs. Enron:
A "Tale of Two Companies"
By Will McNamara
Director, Electric Industry Analysis

[IMAGE]
Facts: Dynegy Inc. (NYSE: DYN) beat expectations in the third quarter, reporting that its earnings rose to $286 million, or 85 cents per diluted share, from $177 million, or 55 cents per diluted share, for the same period in 2000. This represented a 22-percent increase from 3Q 2000 and boosted the company's 2001 earnings estimate. Dynegy has a market capitalization of $14.5 billion. Its stock is currently trading at about $43 down from a 52-week high of $59, although it is important to note that for year-end 2000 the company's stock was one of the top performers among Standard & Poor's 500 companies with a total shareholder return of 218 percent. Dynegy employs 5,778 people.
Enron Corp. (NYSE: ENE) reported $638 million in losses for the third quarter, after taking $1.01 billion in charges associated with several of its non-core businesses. The company's 3Q recurring net income (before the write-offs) increased 35 percent to $393 million, or 43 cents a diluted share, and revenue in the quarter rose to $47.6 billion from $30 billion in 3Q 2000. Enron has a market capitalization of $14.8 billion. Its stock is currently trading at about $16.0, which represents a six-year low for the company and is considerably lower than the peak of $82 hit in August 2000. Enron employs 20,600 people.
Analysis: Dynegy closed out a banner year in 2000 and appears to still be on a roll in terms of its financial performance. In contrast, Enron faced an unprecedented year of turmoil, and is presently languishing in a low ebb, characterized by a strategic crossroads and heightened scrutiny of the company's financial reporting. While the two companies operate in the same market space of power trading and are fierce competitors, Dynegy-ironically the younger and smaller of the two companies-is an industry success story while Enron's status remains rather uncertain. The questions to be addressed in this article are: What is Dynegy doing "right"? What is Enron doing "wrong"? What lessons can other power and natural-gas marketers learn from this "tale of two companies"?
Although they are often referred to as "cross-town rivals," Dynegy and Enron are worlds apart in terms of their competitive positions. Their divergent approaches to the global marketplace illustrate what could be the single-most important element related to their disparate positions at the end of 2001. Put more simply, the two companies have vastly different strategies, and-hindsight being 20/20-a strong argument can be made that Dynegy's strategy is the winner at this juncture. Throughout this article, I will focus on two key areas in which Dynegy and Enron differ dramatically. Those two key areas are the ownership of physical generation assets and the extent to which the companies have expanded (and invested) into non-core sectors.
Both companies started out as natural-gas companies and converged into the power market in the 1990s. However, that is essentially where their similarities end, and over the last few years Enron and Dynegy have followed decidedly different paths. In an attempt to make the complex rather rudimentary, let me summarize the two paths this way: Enron does not believe it needs to own physical assets to be a success in the power and natural-gas trading sector; Dynegy, on the other hand, not only believes in the ownership of physical assets, but has set a goal that could ultimately establish the company as owning one of the largest generation arsenals in the industry.
Let's look at the companies separately. We'll discuss Enron first since it is the older of the two. Enron readily admits that its strategy is difficult to define, but a close approximation is that Enron literally creates commodity markets so that it can deliver physical commodities to customers. The participation and success in commodity markets, according to Enron, does not necessitate ownership of physical assets. In fact, the company has routinely sold physical assets that are not considered to be strategic to its wholesale business. Rather, Enron has concentrated on developing a new philosophy of risk management excellence, in which it will merely buy and sell the commodities it needs to participate in trading venues.
As an example, Enron bought Portland General (which owns 2,000 MW of generation and 41,600 kilometers of electric T?lines) in 1996 as a way to launch its penetration of the West Coast power markets. When competition fizzled in that region, Enron put Portland General back on the sales block (a sale of Portland General to Northwest Natural is pending at this writing). Likewise in Europe, where it is one of the most prominent trading companies, Enron has disposed of generation assets such as Sutton Bridge in England and, unlike other U.S. competitors, has refrained from buying additional generating units in opening countries such as Germany and Italy. According to its most recent 10K report filed with the Securities and Exchange Commission, Enron owns or controls 2,015 MW of generating capacity (including joint ownerships), which is drastically lower than the average among other companies operating in the power trading sector.
Dynegy's approach to the market is crystal clear and radically different from Enron's. In the words of CEO Chuck Watson, "Dynegy's long-term strategy is to focus on marketing and trading around physical assets, which supports earnings sustainability." Ever since going public in 1995, Dynegy has been on an acquisition binge, with each purchase significantly increasing its generation capability. Dynegy presently owns or controls about 27,000 MW of generating capacity in the United States, 26 gas-processing plants and 14,000 miles of pipelines, which are located in geographically competitive areas. The company's goal is to own or control 70,000 MW, or 10 percent of the U.S. market, within the next five years. Sometimes, Dynegy has acquired assets through partnerships with other companies such as NRG Energy, but just as often it has purchased assets independently. Most notably, when Dynegy acquired Illinova in early 2000, the purchase doubled Dynegy's generating capacity. Dynegy is now attempting to replicate this approach in Europe, where it is presently planning to purchase natural-gas storage facilities in England. Dynegy executives have argued that natural-gas storage is the best way to back up a natural-gas trading operation. There's no question that the approach is working. Out of the $286 million that Dynegy reported in the third quarter, $263 million of it came from the company's main wholesale business.
The issue of asset ownership is probably the central defining difference between Enron and Dynegy, and its significance should not be overlooked. It is not difficult to make a case that supports Dynegy's approach. Owning physical assets often enables a trading company to gain information in the course of operating power plants that can help the company to gauge markets and anticipate small changes in price. In other words, by controlling the actual output of generation instead of just being involved in buys and sells, a trader such as Dynegy will theoretically know what the load is going to be in a particular region, how much power can be produced to meet that load and when shortages might occur. In addition, in markets that are short on infrastructure, it may be difficult for a trader to participate in the market unless they actually have ownership of physical assets in the region. By the same token, those companies that do control physical assets often have greater communication with grid operators, and possible insight to spreads (the difference between various energy prices). In fact, Dynegy's CEO Watson fully acknowledges that his company excels at being able to trade around the volatility of price, and being capable of resolving balances when shortages exist. This may be more difficult for a company such as Enron to accomplish when it has no physical generation of its own to meet discrepancies in power bids. Dynegy's strategy of acquiring both natural-gas pipelines and power plants also gives it the flexibility to trade on both commodities.
On the other side of this argument, a case could be made that Enron's approach provides more flexibility in reacting to trading volatility. Certainly, by investing less in power generation facilities, Enron has less capital on the line when compared to a company like Dynegy. Under a scenario when market prices suddenly drop, a company such as Enron that does not have heavy capital invested in power generation could actually fare better than an asset-laden company because Enron does not face the pressure to meet the fixed payments of a generation facility. Asset-heavy companies also may find that their earnings could be impacted by the investment in generation facilities in times of extreme price volatility. As the industry becomes increasingly focused on bottom-line results, this could be seen as a potential concern for investors. Further, some would argue that Enron's approach of establishing purchasing contracts with various parties to meet its buy and sell requirements is the rough equivalent of owning a generation facility. What Enron gains by this approach is the presumed flexibility it has by not being tied down to a specific generation unit and being able to build its own portfolio.
Consequently, the issue of asset ownership can perhaps be considered the "great debate" among power traders. However, although Dynegy's overall performance in the third quarter was better than Enron's, that does not necessarily provide a clear endorsement of Dynegy's strategy toward acquiring new generation facilities. Keep in mind that Enron's 3Q losses resulted primarily from non-recurring charges related to its non-core businesses (broadband and water in particular). Without these charges, Enron's core wholesale trading business continues to perform well. This is a point that CEO Ken Lay has been quick to reiterate to investors. "Our 26-percent increase in recurring earnings per diluted share shows the very strong results of our core wholesale and retail energy businesses and our natural-gas pipelines," Lay said. "The continued excellent prospects in these businesses and Enron's leading market position make us very confident in our strong earnings outlook."
Moreover, perhaps even more than ownership of physical assets, the key issue that played a role in the current disparity between Dynegy and Enron earnings in the third quarter is the companies' approach to developing new lines of business.  Telecom is a perfect example to illustrate the point. Enron, which prides itself as usually gaining a first-strike advantage, plunged into the telecom sector well ahead of other energy companies. Under the leadership of then-CEO Jeffrey Skilling, Enron sunk large sums of capital into purchasing broadband capacity on the expectation that the market would quickly become lucrative. Now Lay admits that the company "could have gotten into the broadband business with less capital" and that Enron "spent too much too soon" in this sector. Nevertheless, Enron recorded an $80-million non-recurring write-down for restructuring its broadband unit in the third quarter and is presently attempting to stop the bleeding in this sector by reducing future costs in this sector to $40 million a quarter.
Dynegy took a much more cautious approach toward expanding into the telecom sector and made a comparatively small amount of investment when compared to Enron. Dynegy has likewise been impacted by the slowdown of the telecom sector, but in the third quarter took a $15-million loss in its broadband business compared to the $80-million loss that Enron reported. However, Dynegy clearly specializes in marketing and trading two commodities (electricity and natural gas) and seems to add other businesses in a very methodical way that merely supplements its core business.
It is also important to note that Enron gained the first-strike advantage when it developed EnronOnline, an electronic trading exchange. In fact, Enron was the first to create such an exchange in the energy space, well ahead of its competitors. Dynegy later followed this trend with creating Dynegydirect. The two exchanges are different in terms of their trading standards, but it is important to acknowledge that in this particular case Enron was successful in launching into the electronic trading space well ahead of its competitors. The latest available information indicates that EnronOnline has recorded transactions that exceed $590 in notional value. Since its inception in November 2000, Dynegydirect has recorded $33 billion in notional transactions.
At this juncture, Dynegy and Enron are very different with regard to their approaches toward financial reporting. Enron, which has often been accused of not providing a balance sheet to investors, is currently struggling from a serious image problem as the Securities and Exchange Commission pursues an investigation of possible mishandling of funds by Enron's CFO. To my recollection, no one has ever accused Dynegy of not providing a balance sheet, and thus the company's status with investors is arguably more solid. As I don't expect either company to radically alter its competitive strategy any time soon, my projection is that (at least in the near term), we will continue to see a wide disparity in Wall Street performance between Dynegy and Enron. That is not to say that anyone should count Enron out of the game. As noted, the company's core business of wholesale business remains strong, but clearly has been tainted by the impact of other non-core businesses. That doesn't mean Enron is down permanently, but it will have to find a way to strike a better balance between the businesses that it does best and those businesses that former CEO Jeffrey Skilling believed were advantageous.
In many ways, the comparison between Dynegy and Enron is rather like the tortoise and the hare parable. I am sure you can guess which company is the tortoise and which is the hare in this analogy. The race between the two is far from over, although Dynegy is taking the lead at this point, based on its more methodical approach. What will be fascinating to observe is how both companies continue to adapt to changes in the marketplace and possibly modify what up to this point have been adamantly espoused philosophies.

Correction statement to 10/23 IssueAlert on European trading:
According to a news report from Reuters, the U.S.-owned Entergy-Koch Trading was listed as a publicly traded company. I was informed by my contact at Entergy that Entergy-Koch Trading is a limited partnership company and not publicly traded. I apologize for any confusion this error might have caused.

An archive list of previous IssueAlerts is available atwww.scientech.com

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Lorraine, would you please check on this.  Thanks, Kim.

-----Original Message-----
From:	Brown, Elizabeth
Sent:	Sat 9/22/2001 10:58 PM
To:	Watson, Kimberly; Blair, Lynn; Dietz, Rick; Donoho, Lindy
Cc:
Subject:	K #27291 - Invoices not capturing incremental fees for alternate points

FYI - In working to load rates for the FERC California reporting requirements, it appears that for the last four months Duke Energy T & M contract #27291 has not been billed the incremental fee of $0.06/dth for alternate deliveries to the Cal Border (over and above the base discount negotiated for the contracted primary points).

Please let me know if you have any questions.

Thanks,
Elizabeth
x3-6928


We are ready to start using Swaption Volatility Curves in our calcs

I have identified the following regions and terms that need swaption volatilities posted and the values I have currently entered into curve manager.  These values were based on the latest deals or my best guess, as not all the volatilities are consistent across similar deals:

Cinergy, Cal '02, .25
Entergy, Cal '02, .27
Ercot South, Cal '02, .25
Nepool, Cal '02, .3
Nepool, Cal '02, .24
West Hub, Cal '02, .24
West Hub, Cal '03, .28
NY East (zone G), Cal'02-'03, .16 (position in LT-NEMGMT book)

Options Desk: for today only, besides final posting swaption vols for today 11/15 please also final post yesterday 11/14.

Please call if you have any questions.

Michael Mattox
x34317


You may have told me the answer to this already, but is there a spreadsheet
for the transformers similar to what we have for the turbines?

Thanks,

Kay

PS  Herman and I are swapping voice mails about scheduling something today.

Kay

	From:  Rebecca Walker                           12/08/2000 10:30 AM

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

Subject: ABB Change Order

Kay

In regards to paying off ABB, I am trying to get a confirmed amount from Mike
Sandridge to put in the change order.  I will hopefully be able to get that
information to you this afternoon because we need to get the change order
executed as soon as possible since a funding request must be issued to West
LB no later than Monday at 10 AM since the last day that funds can be
withdrawn from West LB is Tuesday.  If you have any questions about this,
please get back to either myself or Ben.

Thanks,
Rebecca


fyi.
---------------------- Forwarded by Steven J Kean/NA/Enron on 04/30/2001
07:43 AM ---------------------------

Rosalee Fleming on 04/26/2001 04:00:22 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: On Market Power in California

Ken wanted you to have a copy
---------------------- Forwarded by Rosalee Fleming/Corp/Enron on 04/26/2001
03:51 PM ---------------------------

Willliam Hogan <William_Hogan@harvard.edu> on 04/25/2001 06:34:08 AM
To: ER:;
cc:
Subject: On Market Power in California

FYI.? The complete version of the following paper is available on my web page
at:

www.whogan.com

????????ON THE EXERCISE OF MARKET POWER THROUGH
STRATEGIC WITHHOLDING IN CALIFORNIA
Scott Harvey and William W. Hogan
April 24, 2001

EXECUTIVE SUMMARY

Beginning in June of 2000, the shock of unexpectedly high prices in the
California electricity market convinced everyone of the need for policies to
correct the apparent market failures.? The public debate and policy
discussions have been dominated by a focus on market power as a principal
problem amenable to regulatory solution.? However, design of effective
policies to moderate prices or mitigate their effects depends on the
diagnosis of the underlying causes.? High prices attributable largely to an
exercise of market power in electric generation would point to particular
market participants and behaviors that could be targeted for regulatory
action.? By contrast, high prices attributable to bad electricity market
design would indicate a need for changes in the design.? High prices
attributable to higher fuel prices, environmental constraints and capacity
shortages, on the other hand, would prompt actions to address the cost of
fuel and environmental limitations and indicate that retail loads should
receive the appropriate price signal for conservation.

Suppliers could affect market prices by strategically withholding some
capacity in order to profit on the capacity actually sold in the market.? But
charging high prices during periods of scarcity is not classified as
exercising market power if there is no strategic withholding of supply.?
Likewise, refusing to supply without being paid is not an exercise of market
power.? Although the potential for withholding exists for many suppliers, the
focus of attention has been on the exercise of market power by thermal
generators in California.

On its face, the experience of extremely high prices suggests that the
exercise of market power could be important.? But at the same time the data
show that there have been profound changes in the California market such that
the thermal generators have actually increased their production more than
demand has grown.? If anything, thermal generators that hit annual output
limits produced too much rather than too little in the summer of 2000.?
Furthermore, the widespread impacts of higher electricity prices throughout
the western market, both on and off peak,? indicate that if the exercise of
market power is important it is occurring to an extent and through channels
unprecedented in this or other electricity markets.? In short, this is a
complicated story, and there is ample room for further investigation of the
data and diagnosis of causes.

Examination of the major analyses of the exercise of market power reveals
that the estimated magnitude of the possible strategic withholding of
electric generation is small enough to make it important to verify the
simplifying assumptions.? If strategic withholding were large and pervasive,
then the real details of the California electricity market could be ignored.?
But it is by now apparent that the evidence is not clear, and any finding of
the presence or absence of strategic withholding of generation in the
California electricity market could turn on the simplifying assumptions used
in the analysis of the data.? For example, annual limits on production
dictate that plants should not run in many hours when prices are higher than
direct incremental costs; hence, examinations of output decisions for
individual hours or months are necessarily incomplete.? The variation in real
time conditions is large enough to produce significant reductions in output
compared to the expectations given day-ahead prices; hence, with capacity
constraints average optimal production is necessarily less than optimal
production at average prices.? Limits on the ramping rate of generation
units, start-up costs, minimum load costs and other operational
inflexibilities imply that a dispatch day is not just twenty-four separate
hours and must be analyzed chronologically, recognizing these factors.? And
so on.? Accounting for such effects can reverse the implications of the
previous evidence.? Unfortunately, the real details are neither simple nor
incidental.

It is difficult to conduct a study of market power based solely on publicly
available data.? A fuller analysis would require data available only to the
California Independent System Operator, and has not been done.? Many factors
contributed to higher electricity prices in California, and the market power
theme is only, at most, part of the story.? The import of the previous
analyses is not to prove that market power has been exercised in the
California electricity market but, rather, to suggest that it might be
important.? The import of the sensitivity analysis here is not to prove that
market power has not been exercised in the electricity market? but, rather,
to suggest that it is unlikely to be the dominant factor and may not even be
significant.? With the available data in the public domain, and the special
complications introduced by the California market design, the margin of error
in estimating the extent of the possible exercise of market power through
strategic withholding of electric generation is of the same order of
magnitude as the effect being measured.? On balance, to date the publicly
available data provides no reason for the Federal Energy Regulatory
Commission to change its conclusion that there is no evidence of strategic
withholding nor any proof that no strategic withholding has occurred.

By contrast, there is general agreement that the California electricity
market design is &seriously flawed.8? Furthermore, there is evidence that the
policy responses that have been adopted in California have accelerated an
already serious market collapse.? Hence, without dismissing the possibility
of the exercise of market power, the principal policy focus should be on
fashioning workable solutions for the other more serious problems in market
design that relate to the underlying causes of the market meltdown.

Separate from market power mitigation, California should pay its bills, raise
incremental prices to retail customers, and move as quickly as possible to
operating a coordinated and efficient market with consistent pricing for all
that includes unit commitment, day-ahead scheduling, and real-time
balancing.? Although not a panacea, these steps would address immediate
problems and set the stage for longer-term initiatives to expand generation
capacity, transmission infrastructure, and the reach of an efficient market
to the western interconnected grid.

William W. Hogan
John F. Kennedy School of Government
Harvard University
79 John F. Kennedy Street
Cambridge, MA 02138
617-495-1317 (o)
617-495-1635 (f)
william_hogan@harvard.edu
web page: www.whogan.com
or
http://ksgwww.harvard.edu/people/whogan


This agreement needs to be added to Lotus Notes.  It is required under the
BuySideDirect agreement which is under simultaneous negotiation.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 09/12/2000 03:58 PM -----

	Mike Fowler@ENRON
	09/12/2000 03:49 PM

		 To: PETEJ@andrews-kurth.com
		 cc: Sara Shackleton/HOU/ECT@ECT
		 Subject: Weiss, Peck & Greer Agreement

Weiss, Peck and Greer (WPG) has addressed the fee and margin issues noted in
my previous email.

Fees:  We will not be assessed any fees from WPG.  Thus, I suggest that
section 9 state this, or be removed.

Margin:  Section 14 should note that margin for our transactions through Buy
Side Direct would be maintained at our prime broker.  WPG would only request
margin if our prime broker disaffirms a trade.

Has the WPG attorney agreed to a time to discuss their agreement ?

Thanks.

Mike
713-853-9990

---------------------- Forwarded by Mike Fowler/Corp/Enron on 09/12/2000
02:33 PM ---------------------------

Mike Fowler
09/11/2000 02:41 PM
To: PETEJ@andrews-kurth.com
cc: Sara Shackleton/HOU/ECT@ECT

Subject: Weiss, Peck & Greer Agreement

My only suggestion regarding your comments on the WPG agreement would be not
to change the 2nd line of 5a from "your Prime Broker" to "the exchange".

Mike Minnich emailed you and me the following language to incorporate WPG's
obligation as our nominal counterparty:

WPG is responsible for the clearance and settlement of all affirmed trades
executed on the BuySideDirect trading system.

This appears reasonable to me (unless you or Sara feel that this could be
interpretted as excluding trades for which the other counterparty fails).

Rather than waiting until my issues regarding fees (#9) and margin (#14) are
resolved, I suggest that you forward your comments to Mike Minnich (who will
provide to WPG's attorneys) and note that we have requested an opportunity to
discuss fees (#9) and margin (#14) with Mike Minnich and WPG.  We suggest
deleting #9 as our understanding is that we would not incur charges from
WPG.  Regarding #14, we would incorporate our Buy Side Direct trading
activity into our margin account with our prime broker.    Jason, I'll
provide additional feedback after I discuss these issues with WPG.

Please call me (713-853-9990) if you would like to discuss.

Thanks.

Mike


Don - I will not be able to attend the meeting tomorrow at 1:30 PM because of
a Dr.'s appointment. Between Dave and Chris, and all the written answers we
provided, you should be covered on environmental. I will be glad to help out
with any additional questions they may have.

Ben - The answer to the question you left me on voice mail is no. I have not
yet received a written response from EPA approving the CEMS certification
extension deadline until January 30, 2001. I was verbally told that our
request was approved in a policy review committee held on October 12, 2000.
DPL can verify this approval by calling my EPA Clean Air Markets Division
Contact, Louis Nichols at (202) 564-0161.

Thanks.

Gus


Here it is.  If you could get it to all the usual suspects, that would be great.

Best,
Jeff

 -----Original Message-----
From: 	Mara, Susan
Sent:	Tuesday, September 25, 2001 12:26 PM
To:	'drothrock@cmta.net'
Cc:	Dasovich, Jeff
Subject:	Draft Request for Rehearing -- Killing DA

Jeff asked that I send this to you. Must be filed by Friday. We're trying to get as many parties as possible to join with us. Love to have you with us.

Here is the first draft.


--------- Inline attachment follows ---------

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JPARKS>
To: Erik Wollam <erwollam@hotmail.com>, knipe3@msn.com, brianc@saltgrass.com
Date: Monday, November 26, 2001 4:49:17 GMT
Subject:

possible next hunting dates for me dec14-20(any combination there of),
weekend of the 28th, and closing weekend, any interest i would like to
know so i can make work arrangements.

I had no expenses

-----Original Message-----
From: Erik Wollam [mailto:erwollam@hotmail.com]
Sent: Monday, November 26, 2001 10:43 AM
To: knipe3@msn.com; Parks, Joe; brianc@saltgrass.com
Subject: expenses from last weekend

I owe Brian $10 for Midway loan.
I spent $70 on groceries.
We owe brian for ice and keg. Joe, Chad??
Joe please figure up... Thanks, e.

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

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


---------------------- Forwarded by Dutch Quigley/HOU/ECT on 10/12/2000 12:05
PM ---------------------------
   Enron Global Markets LLC - Office of the Chairman

From: Enron Global Markets LLC - Office of the Chairman@ENRON on 10/12/2000
11:36 AM
Sent by: Enron Announcements@ENRON
To: ENA and EGM Employees, Enron Industrial Markets, Enron Europe
cc: Executive Committee and Assistants
Subject: Organization Announcement

We are pleased to announce the following organization changes within Enron
Global Markets (EGM).

Larry Lawyer will be joining EGM effective immediately to lead our new
finance activities.  In this role, he will work with all commodity products,
assets, and teams worldwide to lever our existing businesses with this new
focus.  Larry has worked as treasurer and was responsible for 3rd party
financing for EBS for the last year.  He has worked for Enron for 4 1/2 years
in various positions in the finance area.  He will be reporting to the Office
of the Chairman.

Eric Gonzales will be joining the LNG team and will co-head this effort with
Rick Bergsieker.  We believe there is significant opportunity in the
worldwide LNG markets, and Eric will direct all merchant activity and focus
on the Atlantic regions of the world.  He will also manage the LNG shipping
book.  Eric is located in the London office and also has responsibility for
leading the newly formed Pool Markets origination group reporting to Joe
Gold.

Rick Bergsieker has relocated to Dubai, in the UAE.  He is responsible for
all Middle East activities and projects, managing the Puerto Rico assets and
will co-head the worldwide LNG efforts.  Rick has over 20 years of LNG
experience and together, he and Eric will form an outstanding leadership team
as we expand Enron,s LNG activities around the world.  They both will report
to the Office of the Chairman.

Jennifer Fraser will come over and develop our market fundamentals group for
all products in EGM, much like ENA natural gas and power fundamentals and
Intranet pages existing today.  Previously, Jennifer was working in the Mid
Market origination group.  Heather Purcell will be joining this group
developing the commercial interface for our Intranet page.  Heather was with
Azurix, where she worked on the platform interface for their eBusiness
initiatives.

Gary Hickerson will be chairing our Traders, Roundtable.  This new group will
be comprised of traders across Enron's wholesale trading and risk management
businesses.  This forum will give traders the opportunity to discuss topics
important to their individual markets, and to learn and explore other markets
in a macro sense.  Also, we will be forming a cross-commodity trading group.
Traders who have shown extremely strong and consistent profitability will
have the opportunity to join this group and to exploit cross-commodity
opportunities with a bias toward structural shifts in markets.  This group
will not be involved in customer activity and will execute through our
principal desks.   Gary will manage this new group, as well as continuing
with his current F/X, Rates, Equity, and Agriculture initiatives.

Please join us in congratulating everyone on their new positions.
Organization charts outlining the entire EGM organization are available upon
request from Cathy Phillips.


Attached is the EnergyShare 2000 Agreement with my revisions included.
Included is both a clean and redlined version.  I did not review in detail
the payment calculation methodology.  I will leave this to Mark Courtney and
John Scarborough for their review.  Please feel free to call me at (713)
853-3512 if you have any questions or wish to discuss my revisions.


Done without much fanfare, except by Commissoner Wood, who continued his vitriolic attack on DA and took on green choice as "fraudulent." The language in the order says no more DA contracts can be entered into after today. The order directs the utilities to police the DASRs to make sure that none are submitted for contracts signed after today.  There is some strange language that talks about a possible future order to address the comments raised by the parties and putting parties "on notice" that, in this future order, they may suspend all direct access contracts signed on or after July 1, 2001. Our attorneys are reviewing this, but on first blush, our California attorney says the CPUC would have a difficult time implementing a later retroactive suspension of DA.


I've called and checked before and evidently the steak cook comes rain,
sleet, snow or hail.  So unless everyone's opposed to eating inside, if it's
raining, we can go no matter what.

Wilson Kriegel@ENRON
05/02/2000 04:51 PM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Re: Red Meat

yeah i guess so...Anyone who care bare being around me i guess
if you find any hot girls let me know...
But basicaly the regular...need to make sure it's not raining !


---------------------- Forwarded by Scott Neal/HOU/ECT on 10/05/2000 04:23 PM
---------------------------

Scott Neal
10/05/2000 04:09 PM
To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject: Fwd: FW: Montana Forest Fire picture

---------------------- Forwarded by Scott Neal/HOU/ECT on 10/05/2000 04:09 PM
---------------------------

Scott Neal
10/05/2000 01:41 PM
To: sneal12@mindspring.com
cc:
Subject: Fwd: FW: Montana Forest Fire picture

---------------------- Forwarded by Scott Neal/HOU/ECT on 10/05/2000 01:41 PM
---------------------------

	From:  Andrea Ring                           10/05/2000 01:12 PM

To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Fwd: FW: Montana Forest Fire picture

---------------------- Forwarded by Andrea Ring/HOU/ECT on 10/05/2000 01:12
PM ---------------------------
   Michele Winckowski @ ENRON                10/02/2000 02:04 PM

To:
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: Fwd: FW: Montana Forest Fire picture

Subj:    Montana Forest Fire picture
This is awsome and at the same time rather chilling.  Mother nature is
spectacular
This awesome picture was taken in the Bitterroot National Forest here in
Montana on August 6, 2000 by a fire behavior analyst from Fairbanks,
Alaska by the name of John McColgan with a Digital camera.  Since he was
working while he took the picture, he cannot sell or profit from it so he
should
at least be recognized as the photographer of this once in a lifetime
shot

 - ATT09176.jpg


Ben,

Here you go.

Andrew


Mr. McMichael-

I am requesting that we reconvene a meeting as soon as possible to discuss the Dominion Transmission issues. I am getting phone calls, faxes, and e-mails almost daily from affected producers. We need to reach consensus on handling these urgent requests.

Several of our (former) producers are being required by Dominion to provide a signoff from Enron North America concerning our termination of their contracts and/or the release of the producers' gas back to the producer so that the producer can sell it elsewhere.  They are under a deadline to get these termination letters forwarded to Dominion immediately or their gas will remain unallocated and they will not get paid for January 2002 gas in March 2002 (as is normal).

Producers currently requesting such termination letters include:
Pentex Energy Inc
Pacific Atlantics Resources
Gas Marketing Inc
Megan Oil & Gas
Triad Energy of West Virginia
Virco, Inc

In addition, the following producers are also requesting termination documents via an e-mail from potential buyer
Viking Resources
Perkins Oil & Gas

We need to determine the proper pathing of such requests including receipt, evaluation, termination, signoff, and return of such documents, and to be able to handle them in as timely a fashion as possible.

Thank you for your attention annd assistance.

Wade Price


that is a mighty tall bet on the brock dog........

 -----Original Message-----
From: 	"Martinez, Ernesto Jr" <martier@cpchem.com>@ENRON [mailto:IMCEANOTES-+22Martinez+2C+20Ernesto+20Jr+22+20+3Cmartier+40cpchem+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Friday, August 10, 2001 11:43 AM
To:	Quigley, Dutch; "\"ricardo mihaly\" <siva66@msn.com>@ENRON"; jaramirez@ev1.net; frthis@aol.com; wolphguy@aol.com; jramirez@othon.com; MarkM@cajunusa.com; Rs1119@aol.com; klyn@pdq.net
Subject:	Golf

When is the next golf outing?

There is a free round of golf for anyone that eats more Brock dogs than
me!!!


Thank you for your event RSVP.  We hope that the process was quick and simple.

For any further questions, please contact the event coordinator.

Your confirmation number is: 49297

You are registered for: Arthur Andersen 21st Annual Energy Symposium

Event Date: Tuesday, November 28, 2000 7:00:00 AM

Westin Galleria Hotel
5060 West Alabama
Houston, Texas  77056

Fee Information
--------------------------------------------------------------
If you register on or before October 31, the registration fee is $950.00.
After that date, the registration fee is $1,200.00., $950.00
--------------------------------------------------------------
Total Amount: $950.00


Houston Ballet gives free performances of Copp,lia
at Miller Outdoor Theatre in Hermann Park
8:00 p.m. Friday May 11, Saturday May 12, & Sunday May 13, 2001
sponsored by AZURIX and ENRON

Considered the great comedy of classical ballet, Copp,lia  tells the story of
a doll so enchantingly lifelike that she mesmerizes an entire village,
captures the heart of a young swain named Franz and inspires the eccentric
toymaker Dr. Copp,lius to attempt to transform her into a living, breathing
human being.

AZURIX and ENRON are Corporate Sponsors for Houston Ballet's Miller Theatre
performances, helping to present these free performances of Copp,lia to the
people of Houston.  Houston Ballet has a limited number of tickets for the
seated area each night for employees of AZURIX and ENRON.  These tickets are
available on a first-come, first-served basis by calling William at
713-535-3235 no later than 5 PM today .  (Please be aware that all unoccupied
seats are released at 10 minutes before curtain.)

Other, free, general public tickets for the seated area (max 4 per person)
are available at the Miller Theatre 11:30 a.m. - 1:00 p.m. on the day of
performance; for more information call 713-284-8351 for the Miller Theatre
ticket information line.  Tickets are not required for the lawn area.

About Coppelia
Copp,lia was first performed on May 25, 1870 at the Th,atre Imp,rial de
L'Op,ra, featuring choreography by Arthur Saint-L,on and music by L,o
Delibes. The work maintains a special place in the history of dance, serving
as a kind of bridge from the glory of the French Romantic ballet in the early
nineteenth century to the masterpieces of the Russian Imperial Theater at the
turn of the century. Writing in The International Dictionary of Ballet,
critic Karen Dacko analyzes the unique characteristics of the piece as
follows: "Copp,lia owes its longevity to its inspired, very danceable score.
But the ballet is also remarkable for its perennial appeal and for its
historical significance as Romanticism's grand finale and classical ballet's
prologue."
Copp,lia first entered Houston Ballet' repertoire in October 1974, in a
staging by Frederic Franklin (who also performed the role of Dr. Copp,lius),
and featuring scenery by Peter Farmer. In November 1979, former Royal Ballet
ballerina Anne Heaton re-staged the work for the company. When Houston Ballet
premiered its new production of the work in March 1992 featuring breathtaking
d,cor by Desmond Heeley, Carl Cunningham of The Houston Post wrote, "It would
be hard to imagine anything to cap the joyous, gentle, and glorious looking
new production of Copp,lia the splendidly prepared company of dancers and
musicians put forth Thursday evening on Wortham Center's Brown Theater
stage."    (The Houston Post, March 21, 1992)
Heeley's designs for Copp,lia never fail to enchant, most notably in the
second-act depiction of Dr. Copp,lius's workshop. The sampling of dolls on
display pay homage to the era when automatons, or mechanical toys, were the
rage in Europe -- and to Heeley's inexhaustible creativity. Among the
eye-popping toys featured in  the workshop are a huge astrologer with a
pointed hat and a robe covered in shooting stars and moons; a strongman with
a handlebar mustache and barbells; Puss n Boots; an acrobat hanging from a
trapeze holding the man in the moon; and a small ballerina dancing on the
back of a goat. In the first act, the vibrant reds, golds, and oranges of the
costumes worn by the peasants in the village conjure up a wonderfully
picturesque vision of nineteenth century Bavaria.


Boudreaux walked out to the dock, only to find a
> >> >  beautiful  blonde  woman,  standing there, crying.
>  >> > He said, "Mais cher, what's wrong?"
> >> > She  said, "I don't have anything to live for, I'm
> >> >  gonna
> >> > throw myself
> >> > into the water  and kill myself."
> >> >
> >> > Boudreaux said,  "Oh, don't do dat, you're a
> >> > beautiful
> >>  > woman, you  have plenty to live for. Tell you what,
> >>  > I'm gettin' ready to get on dis boat and go to
> >> >  Europe,
> >> > I'll sneak you on and I will take care of  you,
> >> > and we can be happy together."
> >>  >
> >> > So Boudreaux snuck his stowaway on board, and  hid
> >> > her in
> >> > a life  boat,   and for weeks, everyday he would
> >> > bring her 3
>  >> > square meals, making sure she was taken care of, and
>  >> > every night  he would slip into the lifeboat with
>  >> > her and they would make
> >> > passionate  love.
> >> >
> >> > One day, the captain  discovered the woman, and asked
> >> > her
> >> >  what  she  was  doing there.
> >> > She said, "One  of your crew members, a wonderful
> >> > man, has
>  >> > been taking  care of me, feeding me, and making love
>  >> > to me, and he's
> >> > taking me to Europe with him  on this boat."
> >> >
> >> > The Captain said,  "Cher, I'm sorry to tell you, but
> >> > this
> >>  > is the Plaquemine ferry."
> >> >
> >>  >
> >>
> >>
> >>


Brad,

You're scheduled to meet  w/Greg on Wednesday at 3:30p.m. in EB2801b.  It was
great seeing you and welcome back!

Liz


Issue for: June 2001       Is Your Company Ready to go Mobile?   Information Anytime, Anywhere.  Mobile devices enable an organization to take its traditional computing infrastructure and existing data, and extend it to the furthest reaches of its business.  Your company can place the information and services  in the hands of those making critical business decisions and serving customers any time, anywhere.   No matter where someone works, mobile devices enable them to access the information and services they need to get their job done faster with higher quality.   Some of the types of applications deployed on Handheld PCs are:  Inventory Management  Sales Force Automation  Customer Service  Financial Services  Healthcare/Medical   Visit  our web site to view two white papers from Microsoft on mobile solutions in the Enterprise.                Easily Add Yahoo! E-Commerce to Your Site  Looking for an inexpensive, easy-to-implement solution?   If you are looking for a low-cost way to add e-commerce to your site, Yahoo! and ESX may have a solution for you. Yahoo! Store is a turn-key online storefront. With it you build custom pages to sell your products and then manage your business with their easy-to-use design tools. The store is hosted on Yahoo!'s secure servers so you can accept orders and process credit card payments online, 24 hours a day. You can incorporate Yahoo shopping directly into your existing site, and your visitors won't even know the difference. Obviously, if you have custom requiements or  are looking for a more comprehensive solution, let us do a review of your specific needs. But if you are looking for a low cost way to get into true ecommerce fast, Yahoo! Store provides you with a way to get your products to market and still offer competitive prices.     ESX has extensive experience in helping small business owners get their Yahoo Stores set up.  Give us a call if you would like more information on how we can  help you get started.             ESX Donated Web Site Design and Services to the Houston SPCA   ESX just launched a new web site developed for the Houston Society  for Prevention of Cruelty to Animals (SPCA).  ESX, as a donation to support the non-profit organization, provided an entirely new site including creative design and the technology platform used for content management.   ESX developed the new site using our Community Catalyst Platform (Catalyst), a content management tool.  Using the Catalyst, the SPCA will be able to  delegate control over sections of the site to volunteers, who will then be able to easily update the content using a web browser.        Take a look at the new Houston SPCA web Site.      Updating Existing Software  Upgrading from DOS to Windows, or Web Enabling    Deciding to migrate existing software applications to a new platform is a big decision.  However, a lot of benefits are gained from doing it. A web interface can give legacy applications a modern graphical interface, deliver them to employees' desktops  regardless of platform, and grant secure access to distributed databases across the enterprise. Portions of the programs can be exposed over the Internet, allowing  high-value self-service transactions. This lowers the required number of customer service personnel, and adds a new dimension to the way customers and vendors can  interact with your business. Elements of your existing software can often be re-used as the foundation for the upgraded solution.      Vis it  our web site today to find out how we can help you map your migration path.

			   ESX is a Houston-based technology solution provider. We provide eBusiness  solutions, custom application development, full IT infrastructure support,  creative design, custom medical software development, and wireless/mobile  solutions. ESX is a Microsoft Certified Partner.   Call today for a free consultation: 713.613.2932
	  Copyright 2000 ESX Engineering, Inc.  To unsubscribe: newsletter@esxengineering.com   with Remove in the subject.


James & Rishi:
We also received two other completed CA's tonight.  You can send the books
out tomorrow for these if its too late.  The companies are Edison Mission and
Ida-West Energy.  Let me know if you have any questions.  Thanks
Ben

Total Tonight:
Caithness
LG&E
PG&E National Energy Group (Thomas Favinger)
Edision Mission (Maybe tonight, if not tomorow)
Ida-West Energy (Maybe tonight, if not tomorrow)


Can you forward alison the template for an omnibus swap.  The attached
appears to be an EOL template.
----- Forwarded by Tana Jones/HOU/ECT on 10/10/2000 03:29 PM -----

	Allison McHenry@EES
	10/10/2000 03:16 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Omnibus

The Confirmation I'm wanting is the other form you gave us which under
General Terms starts with "Notional Quantity per Determination Period". Do
you have it? Thanks.

From: Tana Jones@ECT on 10/10/2000 03:07 PM
To: Allison McHenry/HOU/EES@EES
cc:
Subject: Re: Omnibus

That's what I just sent you....

	Allison McHenry@EES
	10/10/2000 03:04 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Omnibus

Thanks Tana. Do you also have the Confirmation (SWAP) form that said "EOLID"?
I think that was the form we understood you to say was the "preferred" form.
Thanks again.

From: Tana Jones@ECT on 10/10/2000 02:54 PM
To: Allison McHenry/HOU/EES@EES
cc:
Subject: Omnibus

The omnibus swap below, plus this Annex A make up the "omnibus" confirm.

----- Forwarded by Tana Jones/HOU/ECT on 10/10/2000 02:52 PM -----

	Larry Joe Hunter
	10/09/2000 05:26 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Omnibus

Tana,

Here's a Draft I had in my personal file.  I thought this would be easier
than deleting the coding from the system template

Joe


Louise -

Spoke with Marla Barnard (she and Greg spoke this morning) - they have contacted Cecil, Stephen and Lydia and advised not to come in.

Regards -
Amy

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, December 05, 2001 12:34 PM
To:	Fitzpatrick, Amy
Cc:	Richter, Brad; Piper, Greg
Subject:	RE: Terminated Employees

Need to co-ordinate with Greg Piper and Brad Richter

 -----Original Message-----
From: 	Fitzpatrick, Amy
Sent:	Wednesday, December 05, 2001 10:37 AM
To:	Kitchen, Louise
Subject:	RE: Terminated Employees

Louise -

The following individuals will be returning to work tomorrow.

Zach Morning
Linden Chiu
Cecil John
Stephen Matthew
Karen O'Day
Mark Fillinger

Although Amelia is marked for termination in our global system, apparantly, she never left.  I will make sure that this gets updated.

A message has been left for Lydia - as soon as I hear back, I will let you know.

Amy

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, December 05, 2001 7:44 AM
To:	Fitzpatrick, Amy
Subject:	RE: Terminated Employees

Please get the following back
Immediate
Webb	-	Zach Moring			ENW - Corporate Systems (is this the correct person - the spreadsheet just had Zach M and this is the only person I could find)
Webb	-	Linden Chiu			ENW - ENA Front Office and Risk Systems
Hall		-	Amelia Cavazos			ENW - Energy Ops Financial Gas Support
Piper	-	Lydia Cannon			Enron Online
Piper 	- 	Cecil John			Enron Online
Piper	-	Stephen Matthew		Enron Online
Piper	-	Karen O'Day			Enron Online
 Belden	-	Mark Fillinger			West Development - San Francisco

[Kitchen, Louise]
 -----Original Message-----
From: 	Fitzpatrick, Amy
Sent:	Wednesday, December 05, 2001 12:28 AM
To:	Kitchen, Louise
Subject:	Terminated Employees

Louise -

The following employees are showing either an immediate or future termination indicator.

Immediate
Zach Moring			ENW - Corporate Systems (is this the correct person - the spreadsheet just had Zach M and this is the only person I could find)
Linden Chiu			ENW - ENA Front Office and Risk Systems
Deidre McCaffrey		EGM-EFM Forward Trading
Peter Bennett			ENA Compression Services
Amelia Cavazos			ENW - Energy Ops Financial Gas Support
Lydia Cannon			Enron Online
Cecil John			Enron Online
Stephen Matthew		Enron Online
Karen O'Day			Enron Online
Mark Fillinger			West Development - San Francisco

Future
Israel Estrada			ENW - Energy Ops Power Risk Management East
Cynthia Shoup			ENW - Energy Ops Financial Settlements
Nicholas Warner		ENW - Risk Management, Portland

If you require any additional information, please let me know.

Amy


great news!

	Hector McLoughlin
	06/06/2000 01:55 PM

		 To: Michelle Cash/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT, Kim
Melodick/HOU/ECT
		 cc:
		 Subject: Raygayle Pellum

FYI
Raygayle turned in her signed separation agreement at 1:30 PM today.   She
believes that she will most likely move to Philadelphia with her mother
instead of pursuing other opportunities for re-hire at Enron.
hgm


Thanks.  Just wanted to make sure that I wasn't losing my mind......

See you tonite.

Best,
Jeff

	Dylan Windham <dwindham@uclink4.berkeley.edu>
	03/12/2001 03:09 PM

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: Re:BF good case memo

What did you just wake up.  It is due today and it is worth 98% of our
grade!!!!!!!!!!!!!!!

No next week.  I have a take home midterm to work on this coming weekend
and wanted to get a head start on this one.
We can talk about it tonight.

Dylan

At 02:39 PM 03/12/01 -0600, you wrote:

>Dylan:  Don't kill me.  Is this case due today or next Monday?


Dear Dr. McMullen,

A few weeks ago I received a call from your University
regarding employment opportunities at Enron.

I called back and summarized the  needs of my group (an ideal profile of a
candidate):

1. mathematical finance
2. computer programming (C, C++)
3. understanding of the energy markets

I shall appreciate any information about potential candidates.

I have also given some other suggestions regarding potential
opportunities for graduates with different profiles.

Please, feel free to call me. My number is 713 853 3848.

Vince Kaminski


The purpose of this e-mail is to discuss the regulatory strategy in
California.  As we have discussed, I believe the regulatory strategy can be
summarized as follows:

Support the TURN proposal in order to maintain leverage against PG&E and
SCE.  We will have to do this strategically to avoid negative consequences.
Provide comments on mitigation measures at the CPUC's disposal to mitigate
PG&E's and SCE's undercollections on December 31, 2001 in order to make the
CPUC comfortable with their decisions.
Work with PG&E and SCE on developing a post-freeze solution at the
legislature to recover undercollections over a 5 year period in order to
facilitate an acceptable solution.
Expose the inequities of the rate caps implemented in SDG&E's service
territory for small customers in order to avoid a similar transition
mechanism in PG&E's and SCE's service territories that might facilitate an
end to the rate freeze for all customers prior to December 31, 2001.
Watch and prevent adverse changes to how the PX credit is calculated.

Roger


When: Wednesday, January 23, 2002 3:00 PM-3:30 PM (GMT-06:00) Central Time (US & Canada).
Where: ECS05776

*~*~*~*~*~*~*~*~*~*


Roger: Please clean up this line of questioning that shows that PG&E is
fishing for a windfall.  And that their liquidity problem is contrived or at
least overstated.

Q.  How many MW of generation do you have related to Nuclear?

[Expect answer] About 4000MW

Q. What value have you put on these assets?

[Expect much waffling and an answer close to $0]

Q.  Would you accept, subject to check, that 12 month forward contracts for
CA are trading at $180/MWh?

A [Expect much wafffling but a high number]

Q.  What is the vaiable (non capital related costs) of nuclear units in the
next year?

A [Expect $20/MWh]

Q.  Is it true that:

$150/MWH minus $20/MWh = $130/MWh

Q. And that

4,000 MW at 80% availability factor and 8760 hours per year = 28,000,000 MWh

Q.  And that

28,000,000 MWh times $130 = 3.6b dolllars

Q.  And would you accept subject to check that PG&E would get to keep $1.8b
of this amount given its past settlements?

A Yes

Q.  And could you confirm, subject to check

Your total generation 10,000MW times 60% avail factor times $100/MWh gap
would result in an increase in value of your existing assets by $8.8 b in
2001 alone?

Q.  And would you expect there to be more value in 2002?

A Expect lots of weaseling and yes

Q.  And can you confirm your current estimated shortfall is $6b.

Q.  How much did you value your hydro assets at this summer in your previous
filing?

A.  Expect 2.8 b

Q.  So the increase in value in assets in 2001 alone plus the original value
of hydro is almost double what your current shortfall is even without
counting on value from 2002 and beyond?

Q.  Does it strike you that you don't have a debt problem but lack of
communication to investor problem?

A .  Sure we remove our request and concede everything :) :) :) :) :) :)

Q.  Would you be willing to turn over your existing generation assets to the
government for $20b today?


Michael Tribolet and I (about 99% Michael) have put together a rough cut
analysis of the core/noncore structure, and some scenarios Hertzberg has
asked for.  Hertzberg's expecting some info from us on Monday (and I'm sure
that he'll want more scenarios, too).  Are you available first thing Monday
morning to be briefed on the analysis, my conversations with Hertzberg, what
Hertzberg's strategy is, etc.?


Notice No. 00-335
September 29, 2000

TO:
ALL NYMEX/COMEX DIVISION MEMBERS/MEMBER FIRMS
ALL NYMEX/COMEX DIVISION CLEARING MEMBERS
ALL NYMEX/COMEX DIVISION FLOOR TRADERS
ALL NYMEX/COMEX DIVISION OPERATIONS MANAGERS

FROM: Neal L. Wolkoff, Executive Vice President

SUBJECT: Revision by FTSE International of its Ground Rules for Minimum
Liquidity Requirements for Constituents of Eurotop 300c and Eurotop
100cIndexes.

FTSE International has issued revisions to its Ground Rules regarding for
minimum liquidity requirements for constituents of the Eurotop 300c and
Eurotop 100c Indexes.  See FTSE,s technical release at:
http://newsite.ftse.com/newsinfo/news/A2106_ei.html

Should you have any questions regarding the above, please contact Jay
Gottlieb at (212) 299-2607.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(00-335)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Attached is the revised Schedule I to the Bisti Compression Services
Agreement Amendment.  Please replace the existing Exhibit with this one.  If
you have any questions, please call me at x-33512.  Thanks for your all help
in getting these done timely.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 04/04/2001
02:36 PM ---------------------------

Darnellmo@aol.com on 04/04/2001 06:45:26 AM
To: cgiron@mindspring.com, yhaynes@mindspring.com, Darron.C.Giron@enron.com,
KRISTI.GIRON@cfisd.net
cc: paulgrobasr@hotmail.com, mcnewsome@tmw.com, barbara.mcandrews@cfisd.net,
susan.cory@phschool.com
Subject: Fwd: Texans !!!

And this is from ?my Kansas brother!!!!
Return-Path: <jcmayers@earthlink.net>
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From: "Clark Mayers" <jcmayers@earthlink.net>
To: <Darnellmo@aol.com>
Subject: Texans !!!
Date: Tue, 3 Apr 2001 10:24:59 -0700
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?
Texas Baby

A Texan buys a round of drinks for all in  the bar?because, he announces
his wife has just produced "a typical  Texas baby boy weighing 25 pounds."
Congratulations shower him from all  around, and many?exclamations of
"Wow!" are heard. A woman faints due  to?sympathy pains

Two weeks later, he returns to the bar. The  bartender?says, "Say,
you're the father of the typical Texas  baby?that weighed 25 pounds at
birth. How much does he weigh now?"

The proud father answers, "Seventeen pounds."

The bartender is  puzzled, concerned. "Why? What?happened? He already
weighed 25 pounds at  birth."

The Texas father takes a slow swig from his long-neck?Lone  Star, wipes
his lips on his shirtsleeve, leans into?the bartender and  proudly
says,? "Had him circumcised."

?


I am leaving the office early today (during lunch hour) as I am having some
pretty bad allergic reactions.

There are a few things that were put in my inbox this morning that I have not
gotten around to yet.  If you have left me with something that cannot wait
until Monday, I can work on it at home if you can e-mail it to me.  My home
e-mail is rebruce@houston.rr.com.  Also, Brenda has my cell phone number.

Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com


Please review and give me your comments on the attached proposal re adopting
a standard from 1 to 10 on legal risk ratings.  I am most concerned that the
proposal works for our international transactions.  Let me know.  I would
like to roll this out sometime in January.

Regards,

Mark


I am missing the following deals:

Jeff Richter-Amerex
Sell   American Electric Power  $525.00           SP 15           12/11/00-
12/11/00       50  on-peak     $.0075  fee

Sean Crandall/Dianna Scholtes- Amerex
Sell  Morgan Stanley Capital Group, Inc.    $2000.00      MID C
12/12/00- 12/31/00   25  on-peak   $.0075  fee

Matt Motley- Prebon
Sell Constellation   $525.00       Mid-C         Q1'01   25 mw on-peak
Sell Nevada Power   $200.00    PV  Q2'01 25 mw on-peak
Sell Nevada Power   $295.00  PV Q3'01   25 mw on-peak

Matt Motley- Amerex
I am missing two deals...I will send you details in a second.

Thanks!!


All,
Just wanted to touch base with you to see if you have had a chance to review the full time Analyst resumes that were delivered to you on May 14th.  Please see the list below of remaining Analysts and let me know ASAP if you would like one of them for your group:

Andrew Bermack
Bali Bukenya
Belinda DeLa Cruz
Deborah Freire
Neeloofar Haghighat
Blake Lasuzzo
Jaryn Levitas

These Analysts will be starting on July 17th and be attending orientation for a couple of weeks.

There are also three real time Analysts that were recently interviewed and made an offer to join Enron as a full time Analysts:

Timothy Weil - will be starting July 17th with the other full time Analysts
Vacharapol (Eddie) Sanguanruang - He will be able to start as soon as his visa is transferred which is already in progress
Nat Kreamer - He would be able to start June 4th if needed

We will be forwarding resumes to each of you on the real time candidates and if you have an immediate need, please let me know.  Thanks in advance for you consideration.

Jana Giovannini
Associate and Analyst Program
Career Development
(713) 853-9233


Benjamin,

Just a short note to thank you for taking the time and effort to give me some
of your ideas.  Believe it or not, we're working these exact issues right
now.  Thanks very much for your input.

Regards,
Jeff


Hello Vince, Stinson,

Thank you very much for hosting my visit at Enron. I had a
very pleasant time there, and I found the meetings very
informative.

As discussed during my visit at Enron, I am sending you below
a DRAFT of the letter that would be needed to get the program
in place and rolling, and start the students working on it.
It took a while to find out what the appropriate process was
and how the letter should be structured. Sorry for the delay.

If I may, I'd like to visit Enron again, sometime in August,
to define the research agenda more precisely and prioritize
the problems to look at. I'm in frequent contact with Giuseppe,
who is impressed by the environment there. We are trying to formulate
the research issues and problems to study, that would be of interest
to Enron.  The plan is this:

1) By August, Giuseppe will have been there for almost 2 months
and will probably have a relatively good understanding of the Enron problem
space.

2) I will work together with Giuseppe till August to formulate a set of
good problems of:
a) high practical importance
b) high innovation potential
c) serious scope.

3) I could  visit in August (say mid-August or so) to:
a) discuss these problems with you and get your feedback
b) prioritize the problems and evaluate their impact
c) make sure we're on the same page regarding research strategy
and execution path.

I hope we can fully set up the program at Stanford before then, so
that I can bring on board one more Ph.D. student to start his
doctoral work in this area.

I'm all excited about our collaboration. I am even thinking of
starting a research seminar at Stanford, specifically on these
research issues!

Talk to you soon.
Best Regards,

Nick

-----------------------------------------------------------------------
DRAFT of letter to be sent from Enron to Stanford.

Prof. Nicholas Bambos
420 Terman Engineering Center
Management Science & Eng. Dept. and
Electrical Engineering Department
Stanford University
Stanford, CA 94305

Dear Nick,

We are happy to provide gift funds of $100,000 per year, over
three years, to support a program in your research group, related
to Bandwidth Markets/Trading and Networking Technologies.

Enron would like to support research activities in the above
mentioned area, including Pd.D. student work, research seminars etc.
There may also be opportunities to have the supported Ph.D. students
do summer internships at Enron, related to their research interests.

Please find enclosed a check of $100,000 payable to Stanford University
for supporting this research effort in your group during the first year.

Best Regards,

Name and Title


I sympathize with your desire to obtain incremental revenues, but I think
PNM's representation to its own system shippers might have made that task
more difficult.  I fielded a call from Carla Johnson with Conoco indicating
that in its recent open season for this capacity, PNM told parties that it
wasn't really relevant whether a shipper had primary firm take away on TW
from the point, what really mattered is whether the shipper had firm on PNM
in order to get it there.   This issue surfaced when I told Carla that all of
the firm takeaway (receipt point) capacity had already been taken.

The point here is that we might have shippers (successfully) using alt.
receipt rights under existing contracts at discounted rates to receive firm
gas off PNM.  If PNM controls the upstream capacity, then (effectively) they
dictate the downstream parties' rights.  This poses little to no risk to East
- East shippers, more risk of getting cut to the East - West shippers.

Lorraine Lindberg
01/19/2001 01:11 PM
To: Martha Cormier/ET&S/Enron@ENRON, Darrell Schoolcraft/ET&S/Enron@ENRON,
Perry Frazier/ET&S/Enron@ENRON
cc: TK Lohman/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Kevin
Hyatt, Michelle Lokay/ET&S/Enron@Enron

Subject: Rio Puerco

PNM is setting additional compression at Rio Puerco which will allow them to
flow an incremental 25,000 MMBtu/d to Transwestern effective 5/1/01.  In
marketing this incremental point capacity, we expect to receive incremental
revenue from shippers who request Rio Puerco as a primary point.

Michelle and Perry - When you receive a shipper request for Rio Puerco
capacity please get approval from one of the TW marketers before approving
the request.  Perry - Make the adjustment to the point capacity at Rio Puerco
effective 5/1/01.

Darrell - Please adjust the point capacity on the posted capacity reports as
well as the point capacity in the system.

Please call me if you have any questions.  Thanks.

Lorraine


Jeff,

Please check with Belden or I if you are going to use these curves for
anything other than internal analysis or high-level negotiating.

If you need help converting into quarterly numbers, let me know.

Remember that the total cost of wholesale power includes ancillary services
which you can estimated to be 5% of these amounts.  I.e., 105% of the curve
price is the average power cost including A/S

Alan


Pam:
Here is the latest version of the presentation.  Let me know when you are
going to download the presentation into the system.  Thanks
Ben


Dear STEVEN J MERRISS,

Thank you for your order. We are currently reviewing for completeness and
accuracy.
A separate email with your Dell Order number(s) will be sent to you after the
order is processed.

A recap of your order is provided at the end of this message for your
reference.
We encourage you to verify, print, and retain the information on this page
for your records.

Date Submitted: 5/1/01 7:34:51 AM

If at any time you have questions regarding your order please contact your
Dell Sales Representative:

Name:  Employee Purchase Program
Email: enterprise_online@dell.com
Phone: (800) 695-8133 ext 66402

Again, thank you for your order. We appreciate you buying from Dell and using
Premier Dell.com.

Sincerely,
Premier Dell.com

Shopping cart includes 1 unique item(s)
Total Price: $0.00

** END OF ORDER **


Just a quick note to all that these employees are finally getting somewhere and getting the much needed forms and information they need.  Thanks to all who helped!

Sabra Dinari


CALENDAR ENTRY:	APPOINTMENT

Description:
	 Staff Mtg. Conference room EB4102

Date:		9/3/2001
Time:		10:30 AM - 1:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Attached is the draft for the December agenda. The scenarios and attendees
are a strong move in the direction of commodities, with less energy focus. I
think this might be the right direction to go in though. Let me know your
thoughts ASAP because we need to get moving on speakers.

Thanks, MSA


Attached is the weekly report re ECT Litigation.


The deal was done with Field Services and we should change our deal ticket "counter party" to reflect that.

Thanks
Paul

 -----Original Message-----
From: 	Dozier, Scott
Sent:	Thursday, October 11, 2001 6:20 AM
To:	Lucci, Paul T.
Cc:	Riordan, Sean; Hernandez, Elizabeth L.
Subject:	CMS Deal #1022271

Paul,

We have the above Sep-01 production deal on WIC pipeline in the system under CMS Marketing, Services and Trading Company.  However, the counterparty is billing us under CMS Field Services, Inc.  These two counterparties settle differently.  Please confirm the correct counterparty name if possible.

Thank you,
Scott Dozier
Client Services - Settlements
Enron Net Works LLC
office: 713.345.7213
fax: 713.646.8420
email: scott.dozier@enron.com


Mark Haedicke will be out of the office on vacation Friday afternoon,
December 22, through Wednesday, December 27.  He will be in Denver, Colorado,
and can be reached at:  (970) 547-9765.  He will also have his cellular phone
and that number is:  (713) 582-2367.  Also, he will be checking his voice
mail.

Happy Holidays!

Janette Elbertson
Enron North America Corp.
Legal Department - EB3326
Telephone:  (713) 853-7906
Fax:  (713) 646-2600
janette.elbertson@enron.com


Everybody,

As Vince suggested, I made a topical allocation of our new website for
quality control.  Can you please check out in detail, and put through the
paces, the following list?

Weather   Mike

Links    Maureen

Technical Analysis  Steve Bigalow

Options Library   Zimin (this is a big one!!)

European Weather  Jose

Agricaltural Weather  Jose (be sure and run spell check!!!)

Weather Derivatives  Stephen

Presentations   Tanya

Nuclear Outage Updates  Sam

FX and Sovergn Risk  Maureen

Industry Analysis   Vasant

Publications   Osman

Research Intelligence  Stinson

Hot Button #8   Vince

Thanks, just email me with any problems or ideas for adds/changes

- - - Mike


Stinson,

Hedging with the underlying may be unconstitutional ever since
slavery has been abolished.

Vince

Stinson Gibner
07/13/2000 01:27 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Black-Scholes meets Seinfeld

Where's the beef?

---------------------- Forwarded by Stinson Gibner/HOU/ECT on 07/13/2000
01:26 PM ---------------------------

Erik Simpson
07/13/2000 11:03 AM
To: Ken Rice/Enron Communications@Enron Communications, Kevin Hannon/Enron
Communications@Enron Communications, Jim Fallon/Enron Communications@Enron
Communications, Stinson Gibner/HOU/ECT@ECT
cc: Ben Freeman/Enron Communications@Enron Communications, Mike
Horning/HOU/ECT@ect
Subject: Black-Scholes meets Seinfeld

While we are in process of building this business, it is interesting to see a
quick write up McKinsey is promulgating on Options theory applied to TV and
Seinfeld.

I thought you guys would be interested in reading this.

Erik Simpson


Dear Sir;

Due to boilerproblems we will have a delay. Speed is now 12-13 knots on
one boiler. It is a bit early to say when the other boiler will be in
operation, but hopefully this evening. I will keep you updated.

HOEGH GALLEON, DATE:07-June-01	12:00	16:00	(UTC)

A) Position at noon:	N 24? 01'	W 082? 10'
B) Dist. From last noon:	337	nm
C) Dist. To go to next port:	712	nm
D) ETA next port:	LAKE CHARLES	09-Jun 09:00	LT
E) 1: Av. wind/sea	Wind:	ESE 3	Sea:	3
    2: Average speed	14.04	kn	RPM:	69.56
    3: BOG 		186.2	m3
    5: F.O Consumed		29	MT
    6: G.O. Consumed	0	MT
    7: Average vapor press		Average liq. Temp:
Tk1:	0.128	bar	-158.13	?C
Tk2:	0.126	bar	-158.19	?C
Tk3:	0.127	bar	-158.22	?C
Tk4:	0.125	bar	-158.21	?C
Tk5:	0.130	bar	-158.13	?C

Brgds Knut Bentzr?d
Master LNG/C "Hoegh Galleon"

E-mail: master.gall@hoegh.no
Teleph: Inmarsat tel.no. 330853910
Fax   : Inmarsat fax no. 330853913
Telex : Inmarsat B telex no. 330853915
Telex : Inmarsat C telex no. 430853910 (24hrs.watch)


This deal is entered with a Mid Columbia delivery point and CAISO energy.
Please let me know when it has been fixed.

Thanks!


Natsource showed one additional trade:
Jeff Richter
Enron Buys El Paso   275.00  May  NP  15  25 mws


Dear Tom -

When you get a chance, can you please fax over the SMUD "Board Resolution"
that you mentioned last week?  I believe that it dealt with SMUD"s authority
as well as delegation.

Thanks,

Shari Stack
Enron North America, Legal Department
Tel: (713) 853-9477
Fax: (713) 646-3490
----- Forwarded by Shari Stack/HOU/ECT on 03/08/2001 03:27 PM -----

	Shari Stack
	03/08/2001 12:17 PM

		 To: tingwer@smud.org, rjelici@smud.org
		 cc: Stewart Rosman/HOU/ECT@ECT, Tracy Ngo/PDX/ECT@ECT, Carol St
Clair/HOU/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT, Laird Dyer/SF/ECT@ECT, Kim
Ward/HOU/ECT@ECT, bbrunel@smud.org, Marino.Monardi@smud.org
		 Subject: Revised EEI Cover Sheet

Dear Tom and Ron,

Attached please find the revised EEI Cover Sheet which hopefully captures all
the modifications agreed between SMUD and Enron. I have blacklined in all the
modifications for ease of reference.  Please let me know if I have overlooked
something.

The Amendment Agreement for the ISDA should be coming shortly from my
colleague, Carol St. Clair.

Please let me know if you have any comments to the EEI.

Thanks!

Shari Stack
Enron North America, Legal Department
Tel: (713) 853-9477


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Brothers oh brothers,
   Let's see, we have Dent and Miller a feuding and they both live in
Oklahoma so who really gives a shit anyway?  We've got Beta's older than me
re-acquainting themselves with each other an STILL lying about their grade
points.  We've got fricking Wilson Jones mentions on this line??????   Have
some standards boys.  Should have handled that little weasel myself for
giving pledges dorg secrets back in 74.  All that's missing is Rob Rossell
chiming in with his famous pledge court quote, "Mr. Dent has been out to
personally hang my ass ever since I accepted the bid" and the circle would
be complete eh?

Kai Woogie
Drow

PS.  If you homos don't hear from me as often, fret not.  I finally broke
down and came out of early retirement and cranked up the revenue machine
again.  I'll still be looking in, promise.

_________________________________________________________________
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At Homecoming 2000, the BETA TENT had the biggest crowd by far.  Stay connected and consider a future homecoming BETA reunion.  It's incredible...forget the 20 years in between...everyone just seems to pick it up right where they left off years ago.

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Jo Ellen,

	The document below should be a starting point for our discussion this afternoon. I should give you a pretty good idea of the variables we are trying to capture in the Deal Ticket. I will be speaking w/ Steve Walker this afternoon to flush this all out in  greater detail. If you have any question please call me at 503-807-8959.


Ryan,

Everyone else is going to be here on Monday so please feel to stay a few extra days.  We will have the normal closing stuff, (liquidations, PMA's, etc.)  I've already checked out our PMA's and we don't have anything to liquidate so it should be a piece of cake.  Things may pick up a little bit on Wednesday getting the books closed for the year.
See you then

Have a great weekend,

Kam

-----Original Message-----
From: O'Rourke, Ryan
Sent: Thursday, December 27, 2001 10:36 AM
To: Keiser, Kam
Subject: Dec. 31

Kam,

Hey... hope you had a good Xmas.  I am scheduled to be back to work on the 31st.  If I'm not really needed, let me know.  I'm more than happy to be back, but if it's not necessary, than I would stay in KS a day or two longer.

I'M NOT ASKING FOR MORE TIME OFF, I know I've taking a longer vacation than most.  I just want to make sure that my returning on the 31st is still needed.

-Ryan


The Enron Europe legal department has grown steadily over the five years
since Enron,s merchant business was introduced into the UK in 1995 and
continues to grow, currently comprising some thirty lawyers in four
countries. In order to align the legal department as closely as possible with
Enron Europe's business units, to streamline the management of the department
and to clarify for all which lawyers within the department specialise in
which areas of Enron Europe,s activities, the following new groups within the
department will be created with effect from Tuesday 2nd January 2001, each
reporting to myself as General Counsel:

Asset Management and Origination / EES

Headed by Jon Chapman, this group will deal with all legal work relating to
Enron Europe,s existing and future asset positions (which include the TPL,
ETOL, Trakya, Sarlux and Nowa Sarzyna power stations and the Arcos project),
Enron,s retail power business: Enron Direct throughout Europe, and all EES
business. This group will also handle human resource related matters.
Reporting to Jon will be Alan Black, Sarah Gregory, Chris Wood, Stephan
Dewald, Stephen Hands, Tim Underdown (in his TPL legal capacity) and Annette
Patrick.

Finance / Continental Trading and Origination

Marcus Von Bock will head this group which will deal with Enron Global
Finance transactions (monetisation, securitisation and capital market related
transactions) and all gas and power origination and trading matters
throughout continental Europe. Mark Elliott, Martin Rosell, Michael Schuh and
Michael Slade will report to Marcus.

Technology and Global Markets

Justin Boyd will head this group which will deal with all European work
relating to all of Enron,s internet based trading platforms, including Enron
OnLine, Enron Credit.com and Clickpaper.com. This group will also handle all
Enron Global Markets, work in Europe, including weather, currency, equity,
interest rate, FX, and commodity derivatives, crude and products, coal,
emissions, LNG and paper and pulp trading. Robert Quick, Rahul Saxena, Ian
Brungs and Lorna Jones will report to Justin.

UK Energy/Credit/Metals

Paul Simons will head this group which will deal with all UK power and gas
trading and origination transactions (including the effort to amend existing
power contracts to ensure their viability in the new bilateral trading
market) all metals and softs related work and work originated by Enron
Credit.com. Adam Duguid, Denis O,Connell, Ed Cooper and Matt Dawson will
report to Paul.

As before:

- the Broadband Services Group continues to be headed by Mary Nell Browning
reporting to myself and to Kristina Mordaunt (General Counsel Enron Broadband
Services) in Houston;

- the Company Secretarial Group continues to be headed by Sue Kelly reporting
to me. Cindy Buckley reports to Sue; and

- the Regulatory Group continues to be headed by Jonathan Marsh, reporting to
me. Jon Barrett and Julie Russell report to Jonathan.

A chart showing the new structure is attached for your information.

This restructing of the group will inevitably result in some work being
transitioned from the lawyer currently responsible to lawyers within the
appropriate group. This will be achieved gradually over time (beginning Q1
2001) so as to prevent any disruption to ongoing transactions.

Please join me in congratulating Jon, Marcus, Justin and Paul on their
expanded roles.

    Mark Evans


e-mail sent on 10/22/01 by Sharron


I think I'm going to be in NYC tomorrow, otherwise I'd say  your place.  I'll
find out what Neil thinks.

Thanks,

Kay

"Brashear, Charlotte" <cbrashear@velaw.com> on 01/22/2001 11:22:13 AM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc:

Subject: RE: Feb 2

   Sounds fine.  It's on my book.  Tomorrow, do you want me to take him
home or to my apartment.  I promised him something fun.

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Monday, January 22, 2001 11:12 AM
To: cbrashear@velaw.com
Subject: Feb 2

Hi Charlotte,

We've been invited to someone's house for dinner on Feb 2.  Can you take
care of Michael?  The dinner is in River Oaks, so we could just drop him
off.

Michael  got a hair cut this weekend.  I think it makes him look taller.  I
wish it worked that way for me!  It is very short, and I think very cute.

Kay
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Attached are  EES's Volumetric NYMEX and Basis positions for today.

Robin, here is the real time Benchmark feed for 6/13.  Let me know if you
have any questions.

Thanks,

Kyle