FYI, read the item below about the 25+ deals EES signed in CA.  There must be
several customers who are willing to weigh in on the direct access issue.
Jim, now that you've added EES to your plate, can you influence the
discussions at EES about having customers participate?  I have the sense that
the pushback is from us, not them. thx. kd
---------------------- Forwarded by Karen Denne/Corp/Enron on 04/03/2001
04:40 PM ---------------------------

From: The Buzz@EES on 03/09/2001 02:46 PM
To: The Buzz Distribution
cc:
Subject: the Buzz, 3-9-01

 the Buzz  Friday, March 9, 2001

In the Buzz this week:

EES and J.C. Penney Seal the Deal: Enron Energy Services has entered into a
long-term energy management agreement with J.C. Penney. Check out the flash
recognition piece:

California Mid-Market Team Making Tracks: The California Mid-Market has
closed over 25 deals during the first two months of 2001. Response to EES,
product in the San Diego area has been favorable in the highly volatile and
complicated regulatory environment of California. The teams, definitive
message to customers has been Enron,s ability to provide price certainty in
an uncertain market.

Deal highlights include Senior Aerospace Ketema, Applied Micro Circuits
Corporation, Neurocrine Biosciences, Hamilton Sundstrand, a United Technology
Company, Chicago Pizza and Brewery, LA Fitness, Mission Valley Hilton Hotel,
Marriott Residence Inn, Red Lion Hotel, Holiday Inn and Suites. In addition,
team members have closed deals involving several San Diego television
stations, grocery stores and auto dealerships. Click on link to view deal
team members: http://inet.ees.enron.com/vision/comm/eespeople/

Commodity Markets Brown Bag Presentations Begin Next Week: During the month
of March, the EES Commodity Markets teams will present two brown bag
presentations to update us on their activities in U.S. markets. The first
presentation, next Wednesday, March 14, will feature Jim Wood, Ed Hamb, Ryan
Frasier and Nicole Schwartz. They will discuss their activities in
California, Ohio and Illinois markets, as well as those markets' structures
and regulatory situations, product offerings and value proposition. The
presentation will be held in EB5C2 at 11:30. Lunch will be provided so get
there early to get a seat!

Texas Electric Choice Launces Statewide Advertising Campaign: With
deregulation in Texas scheduled to officially begin on January 1, 2002, the
Public Utility Commission of Texas (PUC) has launched a statewide advertising
blitz to get the word out. The PUC will begin with a pilot program this
summer, where five percent of customers currently using investor-owned
utilities choose their Retail Electric Provider (REP). The chosen customers
will have their electricity services switched to their REP of choice on June
1, 2001. The Pilot Program will expose customers to the Texas Electric Choice
program and give them the opportunity to learn how the program works so they
can make informed decisions about their REP. The PUC will continue to
regulate the transmission and distribution of electricity to ensure the safe
and reliable delivery of power to homes and businesses. Residential customers
who would like to enroll in the Pilot Program can call 1-266-PWR-4-TEX
(797-4830) or visit www.powertochoose.org for a list of certified REP,s. Don,
t forget to watch for a special Enron Employees Exclusive offer through the
New Power Company on March 12.

Governor Davis announces first round of long-term power contracts: California
has secured enough electricity to light almost 9 million homes over the next
decade with 40 long-term power contracts.  For the first 5 years, the
contracts provide power at an average of $79 per Mw hour, which is about 75%
below recent costs. The price later drops to $61 per MW hour. The contracts
will only cover 60% of the states energy needs, meaning that Northern
Californians still face the prospect of daily blackouts when demand surges in
the coming months. Some of the contract negotiations did result in
accelerated power plant construction, adding an estimated 5,000 MW to the
state grid within the next two years, some by this summer. Enron was one of
the companies to sign a contract with California.

Californians still without enough Power: Though the weather in California is
improving and consumers are using less energy to heat their homes, the
California Independent System Cal ISO Operator still expects supplies to drop
below 7 percent and issued several Stage 1 alerts this past week. Why?
According to the ISO, about 10,278 megawatts was offline for both planned and
unexpected repairs and the amount of energy presently imported to California
from out-of-state sources fell from 4,917 MW to 1,855 MW (one megawatt is
enough power for about 1,000 homes).

Other States Beckon California Businesses with Energy Promises: States from
Alaska to Virginia are putting out the red carpet in an effort to entice
California companies frustrated with escalating power prices and rolling
blackouts to move to their state. State marketing campaigns are specifically
geared towards promoting the availability of constant and affordable power
offered by their state. Even with the additional tangible economic
incentives, such as tax breaks, few California companies have actually picked
up and left according to officials. &We,ve always met the challenge. We,re
not leading the world in exports for no reason.8 boasted Lon Hatamiya,
California Secretary of Technology, Trade and Commerce.

Energy-Efficient Home Improvements Study Completed by Owens Corning: EES
customer Owens Corning, a world leader in building materials systems and
composite systems, has just concluded its second annual &Energy-Efficient
Home Improvements8 study to determine how homeowners were dealing with their
rising heating bills.  Results:
? 60% say energy bills are higher
? 26% say increase is over $50 (10% of total say that payment is difficult)
? 90% say energy-saving improvements would be made if tax credit available
(65% for financial reasons, 47% for resale value)
? 40% say increase in heating bills has caused them to cut back on eating
out, entertaining or making other personal expenditures (ages 18-34 note that
55%  are cutting back) therefore impacting retailers, restaurants, other
businesses

Rich Products Making Room Temperature Smoothies: High-tech and room temp
describe the new products coming out of EES customer Rich Products, recently
completed Niagra Street plant. With the completion of the $10 million
expansion, the company is set to produce an array of aseptic (free from
putrefying microorganisms) beverage products that do not require
refrigeration. While not currently available on a retail basis, Rich
strawberry, banana, and wild berry smoothies are being produced for a key
wholesale client.

Starwood and Cisco to Offer Internet Access to Hotel Customers: Hotel giant
and EES Customer Starwood Hotels & Resorts Worldwide announced a strategic
relationship with Cisco Systems to deliver secure, high-speed Internet access
and next-generation services to hotel guests beginning in 2001. These
advanced services will be available throughout its Westin, Sheraton, Four
Points, St. Regis/Luxury Collection and W hotel brands.

EES Foosball Tournament a Great Way to Meet Other EES Employees: In the 3rd
EES Foosball Championship, 26 teams (52 people) participated from across many
departments in EES. The tournaments are helping employees from different
department meet each other and thus when they get back to their desks to do
their work, they now know people they may have never known before in
different business units. This kind of interaction helps people in EES
communicate across business units more effectively, which improves
efficiency. Call Gallin Fortunov (x58706) to get in on the fun. Click on link
to view tournament results:

Desert Storm and the Tennessee Valley Authority: The same infrared cameras
and heat seeking missile technology used to bomb hidden Iraqi tanks during
Operation Desert Storm is used by the Tennessee Valley Authority (TVA) to
help prevent power outages. The TVA is one of the nation,s first utilities to
employ military technology to improve power reliability. Infrared scanning,
or thermography, has been used by TVA since 1998 to help identify &hot spots8
along transmission lines and substations across the utilities 7-state region.
Abnormal heat can be a predictor of equipment failure and the infrared
cameras allow technicians to read variances in temperatures as small as
one-tenth of a degree centigrade. The TVA estimates that the cameras have
already saved at least $10.6 million in equipment costs and improved
reliability. The goal is to reduce transmission interruptions below their
already low levels by at least 8 percent every year.

Whew! It,s Hot. . .Or It,s Going to Be: And we,re not just talking about
Houston. Two new United Nations sponsored reports show growing evidence that
human activities are indeed creating global warming and predict that the 21st
century will have more droughts, floods, storms, insect-borne diseases and
other side effects due to global warming. Climate change is scheduled on the
agenda at many of Bush,s upcoming sessions. Key climate policies supported by
Bush include international trading in pollution credits, more use of natural
gas and a permanent tax credit to encourage U.S. businesses to develop
cleaner energy technologies.


request_number:  DS-PP:011
firstname:  Peter
lastname:  Richardson
e-mail:  peter@richardsonandoleary.com
exhibit_wp-02-e-:  JCG-01 and -02
page_numbers:
request_text:  Please disclose and/or produce any and all communications from
October 16, 2001 to the present, between the BPA representatives listed below
and any representative of any other party concerning BPA's rates to be in
effect for Fiscal Years 2002-2006, the interactions of such rates and
customer contracts, or procedural aspects of these rate proceedings.

Bob Proctor
Tim McCoy
Byrne Lovell
Byron Keep
Valerie Lefler
Jon Wright
Peter Berger

For purposes of this Request, "disclose and/or produce" has the meanings
described below. With respect to oral communications, "disclose and/or
produce" means to describe the time, date, approximate duration, and
substantive content of the communication; the identity and organizational
affiliation of the communicating individuals; whether the communication
occurred in person or by telephone; the location of the communication if in
person; the identity of any witnesses to the communications, including all
individuals in the room if the communication occurred by speakerphone; and
whether the communication was made in the presence of or after coordination
with BPA counsel (if so, identify such counsel). For purposes of this
Request, you need not "disclose and/or produce" oral communications that
occurred during meetings noticed in compliance with Rate Case Rule 1010.7(d).

With respect to written communications, the Request includes communications
in any recorded form, whether on paper, electronic (including, without
limitation, e-mails), or whatever form. For such communications, "disclose
and/or produce" means to provide copies of all non-identical versions of any
written communications and to describe with particularity the location where
such communications were found and/or stored, including the identity of the
individual with possession or control of the written communications; to
describe with particularity the circumstances under which they were generated
or referred to; and to fully "disclose and/or produce" any oral
communications made in connection with the written communications consistent
with the preceding paragraph. For purposes of this Request, you need not
produce papers served on all parties to the rate case and made part of the
official file in the rate case.

response_text:  The Public Power Council (PPC) objects to this Data Request
on the grounds that it (i) seeks information that is not relevant; (ii) seeks
information that is privileged; and (iii) seeks information that is unduly
burdensome to produce. Rules of Procedure Governing Rate Hearings, Section
1010.8(b). PPC further objects to this Data Request on the grounds that it is
in improper form as it does not cite to specific testimony or indicate the
specific use to which the information sought will be put. Special Rules of
Practice, WP-02-01. Without waiving the foregoing objections, PPC responds as
follows:

Please see attached.  The e-mail dated 2/7/20 appears responsive to DS-PP:010
as well.

The following information is from the web server:
1.  Logon: IUSR_GRANITE
2.  Remote Host:  dsl226.usw-1-224.pacifier.com
3.  Remote IP Address:  207.202.224.226
4.  Form URL:
https://secure.bpa.gov/power/secure/psp/ratecase/discovery/wp_02_response.html
5.  Browser Client:  Mozilla/4.76 [en] (Win95; U)


Thanks very much.  It needs to go to Bev.  I don't have her email address,
though.  Can you send it to her?  Also copy Scott, Hedy and Sandi.

Thanks.
Jeff


John:  I just wanted to stay in the loop for Japan as to Gary Hickerson's
FX/rate/equity counterparties.  My understanding from Gary is that  EGM
(through ENA) will continue to hedge the business originating in Japan,
subject to tax and any regulatory input.  I don't know if this has
necessitated an agency arrangement  between Japan and Houston (or another
office, similar to London or Australia).  Also, for netting reasons, Japan
would not duplicate existing counterparty  ISDA's with ENA, and to the extent
Japan is transacting with a bank having an agreement with ENA, we could amend
the agreement for multibranch purposes if necessary (e.g., Bank of Montreal
if the bank is transacting from multiple locations that need to be added to
ENA's agreement).

Please advise if you have already had these discussions with Mark Taylor.  I
look forward to hearing from you.  Sara


change of plans.  we are going to front porch.  so meet up if you can/want

 -----Original Message-----
From: 	Bass, Eric
Sent:	Thursday, November 08, 2001 10:20 AM
To:	Blanchard, Timothy; Hull, Bryan; Lenhart, Matthew; Landry, Chad; 'mmmarcantel@equiva.com'; 'val.generes@accenture.com'; 'kevin.a.boone@accenture.com'; Gillette, Lisa
Subject:	RE: Happy Hour

Anybody up for happy hour at Ruggles Enron Field after work?


Vasant

Any interest?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/01/2000
03:07 PM ---------------------------

main@iafe.org on 06/01/2000 11:43:18 AM
To: <Undisclosed-Recipient:;@mindspring.com;;>
cc:
Subject: IAFE DOT.COM EVENT

The International Association of Financial Engineers (IAFE) is  pleased to
invite
you to attend the following event, sponsored by the IAFE  Committee on
Financial
Modeling and  Technology.

------------------------------------------------------------
June  12, 2000. New York City.
<Financial_Engineering.com>
Financial Engineers in the  dot.com World

Huge, parallel shifts in financial  technology and business models
are being driven by financial engineers and  technologists in Silicon
Alley and East Coast environs.

Many have  started firms in electronic and internet trading, risk management,
and  investments, or are leading the eCommerce charge within
established financial  institutions. Leading technology firms also provide
the financial community  with paradigm-shifting solutions. Hear their
experiences and success stories  in this late afternoon session, followed by
open bar cocktails and hors  d'oeuvres.

Chairperson: Cris Conde,? IAFE Board Member and president  & COO, SunGard
Speakers:
- Mike DeAddio, Chief Technology Officer,  Cygnifi
- Rich Tannenbaum, president/founder, Savvysoft
- Francis Wenzel,  Director, Marketing & Innovation, Exchange Market
Systems/Brokerware
-  Axel Kramer, Co-Chair of Technical Committee, FpML, and  president/founder,
2far.com
- Rich Cancro, Director, Business Development,  DLJdirect

4:00 PM to 8:00 PM. Lighthouse International, 111 East 59th  Street, New
York, NY
Tickets are $50 at door ($75 to non-IAFE members, with  $25 applicable to IAFE
membership)
RSVP to <main@iafe.org>
-----------------------------------------------

This  event promises to be a great opportunity to interact with a wide range
of
professionals driving the financial industry's rush to the dot.com  era.

If you have any questions, please contact me at  1.212.317.7483.

Best regards,

Mack Gill
IAFE Board Member and  Co-Chair, Committee on Financial Modeling and
Technology


For your information.


Hello, this information is all we need for now.  Thanks for your help!

Melissa

   Kate Symes                03/22/2001 07:10 PM

To: Melissa Ann Murphy/HOU/ECT@ECT
cc:
Subject: Re: Special Request

I just left you a voice-mail, but thought I'd follow up with a text message
as well. I can send you lists of all the people who work in each of these
groups, but not all of them use Enron Online. To make this information as
efficient as possible, I want to be sure of what you're looking for before I
send you a huge list of names and make it more confusing than it needs to be.
The other thing I just thought of is that I run an EOL deal count report
every night which includes the West Desk's EOL and brokered deal counts for
the day, month-to-date, and sometimes year-to-date. So I may already have
this information or may be able to get it very easily. For now, I'll send you
the list of our traders who use EOL. And please let me know what else I can
do to assist.

West Power Traders
Tim Belden
Matt Motley
Mike Swerzbin
Mike Driscoll
Bob Badeer
Sean Crandall
Diana Scholtes
Tom Alonso
Mark Fischer
Jeff Richter
Chris Mallory
Jeremy Morris
Phil Platter

Again, these are the traders in this office who currently use Enron Online.
Our other groups - mid-marketing, origination, and fundamentals - do not
trade online. I believe that development in San Francisco also does not trade
online.

Thanks,
Kate

Melissa Ann Murphy
03/22/2001 09:33 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Special Request

Hi Kate,  Can you help me determine which traders in Portland are associated
with each area list below under West Power?  The EOL team needs to run some
number by trader for Louise Kitchen.

Thanks,
Melissa
---------------------- Forwarded by Melissa Ann Murphy/HOU/ECT on 03/22/2001
10:27 AM ---------------------------

From:  Matt Motsinger
    03/22/2001 10:49 AM

To: Melissa Ann Murphy/HOU/ECT@ECT
cc: Kimberly Allen/HOU/ECT@ECT, Torrey Moorer/HOU/ECT@ECT
Subject: Special Request

Melissa,

We have received a request from/for Louise Kitchen and accounting for a deal
count breakout for the following areas. Can you provide a list of traders
that would coinside with the following areas:

EAST POWER
 Southeast (ex: Smith/Sukakly)
 Midwest (Hemdon/Pagan)
 Northeast (Sturm/Baughman)
 Management Book (Presto)
 New Albany (Presto)
 Development (Jacoby)
 Structuring (Aucoin)
 Fundamentals (Will)

WEST POWER
 Origination (Calger)
 QF (Calger)
 Development (Parquet)
 Trading (Belden)
 Middle Market/Services (Foster/Wolfe)
 Fundamentals (Heisenreiker)

If you can let us know which(ALL) traders are associated with these areas,
then we should be able to create this report for EOL numbers. We appreciate
any assistance you can provide.

Thanks,

Matt Motsinger
EnronOnline PCG
713-853-5221


Shirley,

No problem.

Vince

Shirley Crenshaw
08/02/2000 10:57 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Anita DuPont/NA/Enron@ENRON, Kevin G Moore/HOU/ECT@ECT
Subject: Vacation

Vince:

I would like to take Friday, the 4th as a vacation day if it is allright.  It
is the
first tax-free shopping day and I need to take my grandson and buy him
school clothes.

Thanks

Shirley


Following please find the Daily EnronOnline Executive Summary.

Due to size constraints on the Outlook System, the Public Report can no longer be included in the same email with the Weekly Management report. The Public Report is still accessible, however, at the intranet site address listed below. For this week, we will also be sending a supplemental email with the Public Report attached.
The Weekly Management and Public reports can now be accessed directly through the EnronOnline Intranet Site at http://eolinfo.enron.com.

In order to access these report,  click on the link above. Once there, follow the link entitled "Reports" and then select the "Secured Reports" tab. A dropdown menu will appear with a list of the various secured reports available for viewing. After choosing the report you are interested in, a security window will appear requiring you to enter your Windows login ID and password. Simply enter your standard login and the report will load automatically.

We look forward to your feedback and comments. If you have any questions or experience any difficulties accessing your reports through the Intranet Site, please feel free to contact either Bryan Deluca at x36161 or Fraisy George at x35424.

<Embedded Picture (Metafile)>


Good afternoon.   I have forwarded your email to Kristin Gandy.  She is
heading up our CMU recruiting effort.   Some contact info:  (713) 345 3214,
kristin.gandy@enron.com

 We are very interested in the Comp. Fin. students, and would tentatively
like to interview them in December, probably the week of the 11th, and around
the same time that we come to interview the MBA's.

 I'm uncertain as to the proper path forward.  Could you provide some details?

Regards,
Kevin Kindall

sallygould <sgould@andrew.cmu.edu> on 11/16/2000 03:38:44 PM
To: Kevin.Kindall@enron.com
cc:

Subject: Carnegie Mellon Recruiting

Kevin,
Jean Eisel asked that I connect with you about recruiting Comp. Finance
students.

Please contact me with questions you might have about the recruiting
process or if you have some dates in mind for coming to campus.

I look forward to hearing from you.

Regards,
Sally Gould
Recruiting Coordinator
GSIA - Carnegie Mellon University
412-268-1311
412-268-4146 (fx)


have you started building your model yet?

   Hector Campos                08/07/2000 12:11 PM

To: Eric Bass/HOU/ECT@ECT
cc: Shanna Husser/Corp/Enron@Enron, Christa Winfrey/HOU/ECT@ECT, Brian
Hoskins/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES, Matthew
Lenhart/HOU/ECT@ECT, Chad Landry/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT, Lenine
Jeganathan/HOU/ECT@ECT, Jason.Bass2@COMPAQ.com
Subject: Re: Austin?

The weather for this weekend is not looking good. I suggest we do this the
following weekend.

	Enron North America Corp.

	From:  Eric Bass                           08/07/2000 11:51 AM

To: Shanna Husser/Corp/Enron@Enron, Christa Winfrey/HOU/ECT@ECT, Brian
Hoskins/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES, Matthew
Lenhart/HOU/ECT@ECT, Chad Landry/HOU/ECT@ECT, Hector Campos/HOU/ECT@ECT,
Bryan Hull/HOU/ECT@ECT, Lenine Jeganathan/HOU/ECT@ECT, Jason.Bass2@COMPAQ.com
cc:
Subject: Austin?

I know that Christa sent an e-mail about this a couple of weeks ago, but I
wanted to follow up.  Does anyone have any interest in going to Austin Friday
night and then going tubing in New Braunfels on Saturday.

Let me know. Forward this to anyone you think mught be interested.

-Eric


I just wanted to say thanks for letting us stay last weekend.  We had a good
time.  We are already looking forward to doing it again next year.

DG


We have now been informed by the accounting gurus that  we can go ahead and
transfer the Entex contract to the purchaser of HPL and not have to undo the
marked to market position.  As a result, we will transfer the Entex contract
as well as the other contracts which cannot be in HPL to a new Enron and sell
the stock in the new sub along with the HPL stock.  There will be no need
for  a back to back contract.  However, we will need to unwind the cash
monetization transactions involving the Entex contract, as well as the one
involving the Union Carbide contract. (there may be others and we are
checking on them now.)

Anne C. Koehler
Sr. Counsel, ENA
EB 3832
713-853-3448


We have decided to make Texas Gas Zone 4 an "East" desk pipe as oppossed to
"Market East".  Please let me know if you think there might be any problems.


Chuck,

I just faxed you the screenprint that Larry Cash gave me that describes the $14.6 million Sithe payment.  Please contact Larry Cash or Jerry Britain to coordinate getting the cash applied to the correct account.

Ruth

 -----Original Message-----
From: 	Germany, Chris
Sent:	Monday, June 10, 2002 12:56 PM
To:	Concannon, Ruth
Cc:	Dhont, Margaret
Subject:	FW: Cash Deposits That Need Coding - Co 0446

Ruthy, have you ever heard of Sithe.  If yes, can you answer Margaret's question?

 -----Original Message-----
From: 	Dhont, Margaret
Sent:	Monday, June 10, 2002 11:28 AM
To:	Germany, Chris
Subject:	FW: Cash Deposits That Need Coding - Co 0446

Chris

Did commercial settle with Sithe that would have resulted in us receiving $14,634,671.65 on May 31, 2002.  Know anything about this??
thanks
Margaret
 -----Original Message-----
From: 	Britain, Jerry
Sent:	Monday, June 10, 2002 9:01 AM
To:	Aguilar, Darrell; Alexander, Ellen; Appelget, Russell L; Ayers, Sarah; Barta, Tammy; Becton, Pam; Blaskowski, Carrie; Bob, Winston; Bone, Vicki; Brannen, Debra; Britain, Jerry; Brown, Dennis K.; Brown, Jim; Bunting, Christy; Burnett, Stacey; Camacho, Noemi; Camarillo, Juan; Campbell, Melissa; Cash, Larry; Clark, Elise; Clifford, Nicole; Cockrell, Rainier; Corrigan, Jim; Davis, Frank L.; Dhont, Margaret; Doner, Max; Downey, Patricia; East, Laynie; Fischer, Mary; Francis-Kistow, Karen; Free, Darryl S.; Gowen, Theresa; Haralson, Nancy L; Helton, Susan; Hernandez, Elizabeth L.; Herrera, Olga; Herrmann, Karen; Jackson, Nikole; Johnson, Eric; Johnson, Trenton; Kanellopoulos, Drew; Kennedy, Phyllis R.; Klussmann, Troy; Koerselman, Lisa; Kokenge, Johnna; LaBaume, Wanda; Lamb, Marnie; Leneveu, Dan; Lessor, James N.; Lew, Elsie; Long, Lindsay; Massey, Rachel; Matheson, A.k.; Medwedeff, Mark; Miroballi, Angelo; Moryl, Heidi; Nelson, Kimberley; Newgard, Jim; Nguyen, Quyen; Nutt, Jeff; Orellana, Richard; Peoples, Dexter; Pittenger, Cathy; Pratt, Roxanna; Quaintance Jr., Alan; Quirsfeld, Amy; Ray, Sara; Reidy, John; Scheibe, Charles  ; Sherrill, Cathy; Shoup, Cynthia; Siewert, Sherri; Smith, Angela; Smith, Jeff E.; Solis, Alicia; Sweet, Trudy; Ueckert, Allen W.; Umbower, Denae; Varkey, Shiji; Vickers, Rodney ; Vos, Theresa; White, Nicole; Wilkinson, Benny; Williams, Gwendolyn; Winfrey, Christa; Wingenter II, Robert
Subject:	Cash Deposits That Need Coding - Co 0446

The following is list of cash received by Co 0446, Citibank, New York, Account No. 30469918, where coding is needed so that the cash may be applied:

	Date		Amount		Reference

	04/10/02	$25,861.67	Andex Resources - Inv # EWS 0302
	04/10/02	$2,261.30	Andex Resources - Inv # EWS 0401
	04/11/02	$2,113.79	Enron Enserco, LLC Bank Acct. Closure
	04/11/02	$136,783.06	Enron Enserco, Inc Bank Acct Closure
	04/19/02	$7,001.34	Gulfmark Energy
	04/19/02	$56,421.49	ECTMI Trutta Holdings LP - Condor Service Fee
	04/30/02	$1,350.00	Plains Marketing LP - W20620 - NETOUT
	05/09/02	$2,438.58	Kinder Morgan
	05/14/02	$17,495.56	Peoples Energy Resources - Enron MW, LLC
	05/14/02	$3,091,250.34	Peoples Gas Light and Coke Company - Enron MW, LLC
	05/17/02	$800,000.00	Enron Administration Service Corp Investment Acount
	05/20/02	$4,001.29	Gulfmark Energy, Inc
	05/31/02	$14,634,671.65	Sithe Independence Funding Pmt 5/31/02

Please provide me with the coding for these items so that the cash can be applied.

Thanks for your help.

Jerry L. Britain
x5-4456


Frank,

We have already done a number of things to help reduce AEP's exposure to Enron, none of which were required contractually.  We made a margin payment of $50,000,000.  We arranged ring-trades with Allegheny which reduced your exposure by over $90,000,000.  We have proposed a number of assignments which would reduce your exposure to Enron incrementally.

Conversely, pursuant to our contracts AEP has failed to pay a $1,311,625.46 swap settlement that was due on 11/8/01.  Additionally, a margin call which was due to Enron on 11/8/01 in the amount of $19,250,000 and remains unpaid.  Additionally, AEP has failed to continue to trade with Enron which was not our understanding of the agreement.

Enron maintains its investment grade credit rating and is receiving $1.5 billion of additional funded equity capital from Dynegy as announced on Friday.  We are more than happy to continue helping you to reduce exposures in mutually agreeable manners but do not agree to the below list of requests.  We need you to address these above issues before we can progress on these exposure reductions.

Regards,
Bill

 -----Original Message-----
From: 	ksbrown1@aep.com@ENRON   On Behalf Of fhilton@aep.com
Sent:	Tuesday, November 13, 2001 12:19 PM
To:	wbradfo@ect.enron.com
Subject:

Per our conversation on November 12, 2001, AEP has reassessed it's risk tolerance for Enron Corporation.  In light of the current status, we propose the following things to be done to allow for normal trading and other business activity to commence:
        A fully executed Master Set Off Agreement (MSA) with an Adequate Assurance provision and no MAC clauses.
        An agreement that allows for same day margining
        Cash collateral or Letter of Credit to bring exposure down to zero
        Work towards executing an EEI Agreement
        HPL post closing settlement payment must be paid as agreed by both parties
        Settlement of all payments due and past due

These are the critical issues we feel must be addressed to get things back to normal.  We appreciate all that has been done thusfar in working to mitigate our exposure, however, we now feel that more should be done to protect what we have at risk.

I look forward to your reply, should you have any questions, comments or otherwise, please give me a call.

Best Regards,

Frank Hilton
Managing Director,
Chief Credit Officer


The water analysis that I sent you is for Gleason.  Over the weekend we put
the other water analysis studies for the other plants on DealBench.  Please
let me know if you have any other questions.  Thanks!
Ben


p.s.  Kate Cole has been helping us with lists of officers for ECI and
other US entities

**********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 (44-20-7903-1000), and destroy the original
message. Thank you.


Traci,

I am really looking forward to my cooking class. My first one is this Saturday morning. I'm a little scared I am going to be the class screw up. Oh well, I won't know untill I try. I think I am going to Yoga on Wednesday but dinner on Friday would be great. Give me a shout or drop me an e-mail and let me know what time you want to eat and I'll make some reservations. Talk to you soon.

Chris
 -----Original Message-----
From: 	Traci McBride <traci.mcbride@raymondjames.ca>@ENRON
Sent:	Tuesday, January 22, 2002 11:10 AM
To:	Dorland, Chris
Subject:	Hello

Good Morning!

I am having a crazy week!  At least it is keeping me out of trouble!
I really enjoyed seeing you again as well.  It is good to see that you are
doing so well!

I have two appointments this week in Calgary.  Wednesday I have two and
Friday afternoon another.  If you want to get together either Wednesday for
Coffee (after 7 sometime) or Friday for a later dinner (after 6 sometime)
let me know.

Good luck with your cooking classes! Hopefully all appendages remain
attached.

Talk with you soon!

Traci

-----Original Message-----
From: Dorland, Chris [mailto:Chris.Dorland@ENRON.com]
Sent: Tuesday, January 22, 2002 8:29 AM
To: Traci McBride
Subject: hope your week is going well

Traci,

Great seeing you again and catching up. Be sure to give me a shout if you
are coming to Calgary. Don't work too hard.

Chris

401, 3511 14a St. SW
Calgary, Alberta
T2T 3Y1

H 403-214-0454
W 403-974-6910
C 403-875-6146

chris.dorland@enron.com
cdorland@hotmail.com

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Start Date: 4/10/01; HourAhead hour: 23;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041023.txt

---- SC Trades Schedule ----
+++ Hour 23 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/10/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


Vince,

FYI,  I ordered the Risk Management book you requested.  It will be published
on June 2nd, and we will receive it shortly thereafter.

Judy
3-9584


Good Monday Morning!

Abbreviated Edition.

IMPACT CALLS

Internet Security Israel Hernandez
Company Updates/Rating Changes
q Investment Conclusion: Below are specific company updates and our views on
each company in
our coverage universe. Reiterating our thoughts published on September 17,
we believe last
week's attacks are likely to cause numerous short-term disruptions that put
the September quarter
at risk for all the security software vendors, particularly those vulnerable
to discretionary spending
cuts or large deals. In light of recent events, we are adjusting our ratings
on two companies. We
are raising our rating on VeriSign from a 2-Buy to 1-Strong Buy based on
good earnings visibility
amid a generally uncertain outlook for most software vendors. We are also
lowering our rating on
Internet Security Systems from a 1-Strong Buy to 2-Buy to adjust for these
uncertainties and lack
of visibility. While valuations for many of the companies are starting to
look interesting, as a
whole, we remain somewhat cautious on the security software vendors given
the uncertainties
introduced into the market over the last two weeks which could lead to more
downward revisions
in the September and December quarters and spill over in the first quarter
of 2002.

Internet Secuirty Systems Israel Hernandez
Downgrading from Strong Buy to Buy 2 - Buy / $13.00 (USD)
q We are downgrading ISSX from a 1- Strong Buy to a 2-Buy rating to reflect
the lack of near-term
visibility, and changing economic backdrop that increases the likelihood of
a potential shortfall to
our Q3 forecast.
q Given the events of the past two weeks, we believe ISS and other security
software vendors may run into
difficulty closing business in a back-end loaded September quarter.
q We are lowering our price target from $35 to $20, or 4 x FY01 revenues of
$223M, to reflect the increased
economic uncertainty in the current environment.

VeriSign Inc Israel Hernandez
Upgrading to Strong Buy from Buy 1 - Strong Buy / $38.30 (USD)
q Given VeriSign's strong revenue visibility in a period of global economic
uncertainty, we are
raising our rating from 2-Buy to 1-Strong Buy making it our top pick in the
sector.
q In light of the global slowdown, we believe VeriSign provides investors
with exceptional earnings visibility
given its services model and strong deferred revenue balance. This
visibility should enable VeriSign to
sustain a premium valuation and outperform most technology stocks, even in a
contracting environment.
q We believe new value added services laid on top of a relatively fixed cost
structure will provide significant
margin expansion, currently at 14.6% and growing to the low thirties in the
next 2 years.

Oil & Gas: Exploration & Production Thomas R. Driscoll
Some E&P Shares Now Appear Attractive
q We are lowering our natural gas price forecasts as well as revising target
prices and codes for the
large-cap oil exploration and production companies we cover. We now believe
that several
companies we cover offer compelling values today. As a result we are
upgrading our ratings on the
shares of EOG Resources (EOG), Noble Affiliates (NBL) and Pioneer Natural
Resources (PXD) from
2-Buy to 1-Strong Buy. We are also downgrading our code on the shares of
Devon Energy (DVN)
from 2-Buy to 3-Outperfrom to reflect heightened concerns about the
increased debt load that will
result from recently announced acquisitions. We are also downgrading our
codes on Vintage
Petroleum (VPI) from 1-Strong Buy to 2-Buy.

AOL Time Warner Holly Becker
Fund. Remain Strong In Unstable Environm 2 - Buy / $29.25 (USD)
q The economic and advertising slowdown has obviously been compounded by
recent tragic events.
AOL Time Warner remains the premier integrated media company with a uniquely
valuable
portfolio of assets. While near-term estimates may need to come down
further, we view the stock's
pullback as a compelling buying opportunity.
q AOL Time Warner's core businesses offer investors superior earnings power
and growth, while new cross-platform
initiatives should propel the company's long-term growth rate to above
industry norms.
q Advertising represents only 25% of revenue, considerably lower than
comparable companies including
Viacom (45%) and Disney (30%).

Gaming & Lodging Joyce Minor
Rich Bottom Fishing, But Dangerous Water
q The gaming and lodging sectors saw huge downside moves last week, with the
large cap gaming
stocks down an average of -33% and the lodging stocks down an average of
-34%. The hotel
REITs were down too, by -39% on average. We continue to believe that calling
the course of the
conflict determines your appetite for the sector. Investors that believe in
a short period of pain
followed by a gradual rebound would buy the stocks now, especially gaming
companies like HET,
STN, PENN, but even the other large cap gaming and lodging names would
appear near historical
bottoms and attractive for the long haul. Among the hotel REITs, the
unwinding of the FCH/MHX
merger seems to have overly punished both, but especially MHX. We think MHX
is an absolute 1-
Strong Buy at these levels. More broadly, investors like us that are
concerned by the potential
course and duration of the conflict and the risk of events that will merit
continuing travel fears may
opt to stay on the sidelines with respect to the gaming and lodging stocks.
q Lodging stocks are trading at discounts to replacement of 15% to 45% (vs.
typical 30% bottom) and
gaming at discounts of 20% or so. Lodging REIT yields are 9% to 14%, even if
dividends are reduced by
40%.

Wireless & Internet Infrastructure Timothy Luke
Investigating Chinese Telecom Markets
q Following checks with numerous industry sources in China, we have
attempted to clarify some
concerns over China Telecom's capex & a possible slowdown in metro markets
in China.
q Believe CT may have reduced its planned '01 capex in recent months by
about 25% from $12b to $9b and
slowed down discretionary spending. Reductions appear to be a result from
the uncertainty pending CT's
major reorganization.
q In the n-term, we believe that vendors like Cisco and Nortel may see their
sales into CT somewhat below
normalized levels. However, this situation should be temporary and we may
see an uptick in spending by
CT once reorg is completed. Nevertheless, we believe '02 capex is likely to
be below '01.
q Separately, the Chinese Ministry of Information Industry recently issued a
Notice to regulate broadband
access networks. We believe some metro vendors may be impacted by this
ruling since Layer 3 switches
are also sometimes deployed to provide last-mile access.

FOCUS STOCK

Bed Bath & Beyond Alan Rifkin
Second Quarter Earnings Preview 2 - Buy / $20.61 (USD)
q BBBY will report 2Q EPS after the market close on September 25. While no
retailer is immune to an
economic slowdown, we remain confident BBBY will achieve our 2Q EPS est of
$0.18 vs $0.15 last
year.
q We estimate total sales rose 24% to $730.8MM, driven by a 3% comp.
q We forecast a 9 bp decrease in gross margin, which combined with an 11 bp
improvement in SG&A,
results in a modest increase in 2Q operating margin.
q BBBY remains one of our top picks---the only retailer within our universe
of coverage to meet or exceed its
original guidance since mid-2000. Well-insulated with $276MM in cash and $0
debt.
q Valuation. Currently trading at a 39% premium to S&P 500, though
historically has traded b/w a 20%
discount and 115% premium.

Liberty Media Group Stuart Linde
Sensitivity Analysis: Limited Downside 1 - Strong Buy / $11.93 (USD)
q Our worst case scenario yields a NAV of $13.32 per share. We believe that
current trading levels
represent a compelling buying opportunity as downside risk is limited by (1)
lowest exposure to
advertising market in our universe, (2) risk management strategy and (3)
strong balance sheet.
q At the close of 09/21, 10 days following the tragic terrorist attacks,
LMCA has declined by 16%, in line with
the S&P Entertainment Index versus a 14% decline for the market.

COMPANY / INDUSTRY UPDATE

Health Care Distribution & Technology Lawrence Marsh
Lehman Weekly Persp. - "THE WORST DAY"
q Lehman Brothers Health Care Distribution & Technology Weekly Comments and
Perspectives
q We are providing a review of last week in our Health Care Distribution &
Technology universe - "THE
WORST DAY", commenting on the horror seen in the city on September 11.
q Our covered group was down 7.8% since September 7th vs. the S&P 500 down
11.3%, the Russell 2000
down 15.5%, and the NASDAQ Composite down 16.1% over the same period. Henry
Schein, up 3.4%,
was the strongest performer for that period; OMI, down 15.4%, was the
weakest performer.
q We are providing a brief review of implications from the past two weeks in
our group, and also pointing to
points from our 2001 Fall Outlook Update. We also point to our reiteration
of our initiations on ACDO and
GTIV, and our upgrade on PSSI.
q We are providing a 10-K review of DKWD, highlighting a SCOR update, and
noting recent news items,
from CAH, GTIV, SCOR, PSSI, OMI.

Portfolio Strategy 	Charles Reinhard
Cutting Exp. EPS, Eqty Returns, & Valuat
q The policy response to the savage attack on civilization continues to be
vigorous. A sustained
diplomatic and military campaign against terrorism is coming into place.
Monetary policy has been
aggressive, with more to come. And fiscal policy is swinging into gear.
Still, the United States is
likely to remain in recession for the remainder of 2001. We are thus cutting
our 2001-2002 S&P 500
EPS forecast from $49.25 to $46.50 this year, and from $59.00 to $53.00 next
year. In a riskier world,
we are also assuming lower valuation for the stock market. Accordingly, we
are cutting our forward
one-year S&P 500 price target from 1375 to 1200; the Dow Jones Industrials
equivalent is 10,000.
q Our Economics team is now looking for a shallow U.S. recession for the
second half of this year, with GDP
down roughly 1.5% in the third and fourth quarters. The jobless rate will
rise to 5.3%, we think, as CPI
drops to 1.9%. With the Fed Funds rate at 3%, expect the Federal Reserve to
cut rates to 2.5% at the next
FOMC on October 2. With core CPI at 2.7%, that would take the real Fed Funds
rate below zero.
Historically, the real Fed Funds rate has always gone to at least zero
during profit recessions of the current
magnitude. Whether the Fed will need to do more after October 2 remains to
be seen. That the central
bank will do whatever it needs to do is beyond question. With another drop
in short-term interest rates, the
yield curve should steepen further.

NOTES FROM TODAY
Specialty Chemicals Timothy Gerdeman
Cautiously Accumulate Select Chem Stks
q While it remains premature to fully assess the ultimate impact to U.S.
specialty chemical
companies resulting from last week's terrorist attacks, certain stock
valuations may already
discount the likely adverse business impact. The table provided below lists
respective share price
declines occurring since the stock market reopened on September 17. For
conservatism, we now
assume zero global GDP growth and flat (versus prior expectation of lower)
2002 raw material
costs, which could place an approximately 10% downward bias to our average
2002 EPS
expectations. Handicapping our preferred share-price entry points for risks
currently present, right
now we would accumulate CYT particularly below $25/ share, CBM particularly
below $38/ share,
EC particularly below $23/ share, and APD below $38/ share.

Carnival Corp Felicia Rae Kantor
Searching for a Bottom 3 - Market Perform / $17.13 (USD)
q We are maintaining our Market Perform rating on CCL. While the company had
impressive
momentum going into 4Q01 and 2002, the macro-environment has changed. As
such, the
risk/reward still points to the downside, in our opinion.
q That said, this note provides investors with several tools that should
provide assistance with finding an
attractive entry point for CCL.
q We have also taken a first stab at our earnings estimates by lowering
4Q01E and 2002E EPS to $0.20 and
$1.50 from $0.30 and $1.85, respectively.
q Both our scenario revenue analysis and our total return analysis
illustrates that the stock could bottom at
$14-$15. However, a protracted and deep recession could render this analysis
invalid.

Darden Restaurants Mitchell Speiser
Conf Call Hi-Lights; Sept Solid 1 - Strong Buy / $24.79 (USD)
q Comps steadily improved following last Tues & are now running Positive.
Fears of vulnerability
seem overestimated, even in a weaker economy.
q Mgmt maintains FY02 Comps target at lower-end of 3-5% range & 15-20% EPS
growth; forecast takes into
account the ill-effects of rising unemployment.
q Sales trends resumed to normal levels over the weekend & are running
positive, much better than
expectations. Through last Sunday, Olive Garden Comps +3-4%, Red Lobster
+2-3%.
q An aging consumer, lower seafood costs, less dilution from new concepts &
Repo will occur despite
weaker economy so our FY02E EPS remains >15%.

Department Stores/Broadlines Jeffrey Feiner
Retail Company Share Repurchase Programs
q Below we have listed the buyback authorizations as well as the share
repurchase activities for the
major retailers.
q We believe certain of the major retailers including Wal-Mart and May
Department Stores have been
aggressively buying shares this past week with the drop in the equities
markets. As many of the major
retailers in our universe have significant cash balances and ample
availability left under current share
authorizations, we would expect many retailers to continue to repurchase
company shares at these
depressed levels which could cushion some downside from poor September sales
results. Note that
shares left under authorization may differ from levels reported below due to
the market activities of
companies since the end of their respective 2Q01 reporting periods.

Department Stores/Broadlines Jeffrey Feiner
Retail Industry Update Conference Call
q We cordially invite you to participate in our conference call to update
investors on Department
Store/Broadline Retailers on Monday, September 24, 2001, at 2:30 p.m. (EST).
q With the continued uncertainty around consumer confidence and retail
spending, we believe that several
retailers offer a reasonable amount of downside protection given their
defensive positioning relative to
product mix. We will be providing investors with an update on several select
stocks including Wal-Mart,
Costco, Kmart, BJ's, and Family Dollar as well as providing investors with
an update on the overall
department store/Broadline and Specialty Stores apparel retail industry.

Oil Tankers Daniel L. Barcelo
Weaker Demand Outweighs any War Bounce
q Tragedy buttressing rates near-term; Negative implications next year
q Due to the terrorist attacks, economic activity and air travel are
expected to be lower, resulting in lower
demand for oil products this year and next. However, it is not likely that
supply will be immediately
interrupted, as major oil producing nations are not yet direct targets for
retaliation. As charterhire rates
track oil production we expect sustained upward movement in rates near-term.
If a supply interruption does
occur it will be negative for charterhire rates. Lower economic growth next
year could imply less supply
from OPEC. Valuations remain extremely depressed with shares trading at a
discount to NAV and 3.5x
EV/DACF with a 2002 group average ROCE of over 15%, however, the low
liquidity of the group is a
negative in this market.

Duke Energy Daniel Ford
Duke Energy Acquires Westcoast Energy 2 - Buy / $37.17 (USD)
q ? In our opinion, the acquisition of Westcoast Energy is long-term
positive for Duke. We estimate
that the transaction will be $0.04 accretive to 2002 earnings and provide
additional growth
opportunities in North America. Near-term arbitrage pressure and regulatory
review will likely hold
back DUK shares.
q After last Thursday night's close, Duke Energy announced the acquisition
of Westcoast Energy in a stock
and cash deal valued at $8.5 billion.
q Under the terms of the agreement, Westcoast shareholders will receive
C$43.80 per share in cash, shares
of Duke Energy or a combination of both such that the overall consideration
will be 50% cash and 50%
stock.

PG&E Corp Daniel Ford
PCG Reorganization Plan Emerges 2 - Buy / $15.72 (USD)
q PCG's utility filed a bankruptcy reorganization plan in SF yesterday,
indicating substantial EPS
upside potential in 2003. We reiterate our 2-Buy rating. Lehman Brothers
acted as financial advisor
to PG&E Corp., which is a co-proponent of the reorg plan.
q PCG's utility subsidiary filed its plan of reorganization with the
bankruptcy court yesterday. Preliminary
analysis of the unique plan, which would not require CPUC approval,
indicates potential upside to $3.00-
3.10 of consolidated earnings in 2003 and $3.50+ in 2004.
q ? Legal challenges to specific portions of the reorganization plan could
limit the earnings upside potential
and delay the timing of emergence from bankruptcy.

Associated Banc-Corp Jason Goldberg
3Q01 Preview 3 - Market Perform / $30.46 (USD)
q We believe ASBC's current valuation reflects recent improvements, the
expected margin expansion
from its liability sensitive balance sheet and pristine credit quality. We
rate ASBC 3-Market
Perform.
q We expect ASBC to report 3Q01 EPS of at least $0.66 on October 18.
Continued strength in the net
interest margin could provide upside to our estimate.
q 3Q01 should witness continued expansion in net interest margin and
moderating commercial loan growth.
Mortgage banking and service fees should continue to lead increases in fee
income.
q Asset quality metrics should continue to be better than its peers.
q Our 2001 and 2002 EPS estimates (old GAAP) are $2.65 and $2.85,
respectively. On a new GAAP basis
our 2002 estimate is closer to $2.95.

BB&T Corp Jason Goldberg
3Q01 Preview: The Last Restatement 2 - Buy / $34.05 (USD)
q We rate BBT 2-Buy with a $40 price target. BBT is currently trading at a
multiple discount to the
group, compared to its typical modest premium.
q We expect BBT to report 3Q01 EPS of $0.62 ($0.66 cash) on October 11. We
believe 3Q01 results will
evidence a much better behaved NIM, decent (but slowing) loan growth, strong
fee income expansion led
by mortgage banking and controlled expenses.
q Asset quality ratios are expected to continue to show signs of
deterioration.
q While 3Q01 will mark the eighth time in the last nine quarters and the
thirteenth time in the last nineteen
quarters the company has restated results, it is expected to be the last!

First Midwest Bancorp Jason Goldberg
3Q01 Preview: Margin Expansion Continues 3 - Market Perform / $30.83 (USD)
q In our view, FMBI's strong franchise, being nicely positioned in Chicago
Land, consistent earnings
growth and sound asset quality are the reasons the company trades at a
premium to our Mid-Cap
Bank index. We rate FMBI 3-Market Perform.
q FMBI raised 3Q01 guidance today to $0.53, above its previous expectations
of $0.51 to $0.52. Better than
expected results should be driven by 20 to 25 bp expansion in the net
interest margin. Mgmt also
expressed comfort with 4Q01 consensus of $0.53. We remain a penny ahead at
$0.54.
q In addition to margin expansion, results should evidence moderate loan
growth and continued fee income
expansion.

Johnson & Johnson David A. Gruber
Coated stent leadership still evident 2 - Buy / $52.07 (USD)
q The Cook ASPECT data do not alter our hypothesis that J&J is well
positioned to obtain a
sustainable stent market share in the U.S. > 50%. The RAVEL data establish a
high standard. J&J is
believed to have at least a 9-12 month lead in the all-important U.S. stent
market. JNJ's valuation
relative to the market reflects its profile as a "safe haven" in these
uncertain times.
q Cook ASPECT trial results not directly comparable to J&J RAVEL data. Cook
lesions not as complex. Late
loss evident. RAVEL restenosis rate of 0% a difficult standard for
comparison.
q 2003 EPS estimates ($2.53) unchanged despite Cook results. J&J remains
highly defensive with improving
growth prospects.

Medtronic Inc David A. Gruber
Reiterating 1-Strong Buy Recommendation 1 - Strong Buy / $39.80 (USD)
q ? We are reiterating our 1-Strong Buy on Medtronic. Tuesday's analyst
meeting is likely to serve as
a catalyst for appreciation; at worst, increase investor confidence in
target attainment. Since
September 11, despite being in the defensive healthcare sector, MDT has
declined 10%, in-line with
the S&P500. Positive news flow in CHF, BMP and elsewhere is expected by
year-end.
q Early FDA approval of InSync for CHF likely to accelerate market
development by 6-12 months
q Vascular risk remains manageable. FY02 EPS guidance likely to be
unchanged. Offsetting opportunities
(led by CHF) readily identifiable.
q Analyst mtg. on Tue. to highlight 10-year CAGR of 38% and tech. platform
opportunities for sustainable
growth.

Major Pharmaceuticals Charles Butler
Peek at the Week ~ Week Ending September
q Lehman Equity Research reviews issues affecting pharmaceuticals for the
Week ending September
21st, 2001, and previews the forthcoming week.
q Bristol-Myers Squibb and Imclone Systems announced they would engage in a
JV for the cancer fighting
compound, C225. Additionally, Bristol-Myers Squibb will purchase a 19.9%
interest in Imclone with total
transactions costs at $2.0 billion.
q Eli Lilly sold worldwide rights to oritavancin, a late-stage Phase III
compound for complicated skin
infections and bacteremia. The strategic move by Lilly will allow them to
allocate their internal resources to
other late-stage pipeline opportunities.
q The FDA panel for Eli Lilly's Xigris, originally scheduled to meet
September 12th, did not convene due to
the tragedies in New York and Washington. After reviewing the Lilly
presentation & FDA's interpretation
(available on the FDA website) and speaking with two members of the Xigris
team, we increased our peak
sales estimates to $2.6 bil from $2.0 bil.
q We increased estimates for Merck KgaA from Eur 4 to Eur 4.5 and increased
long-term growth rate from
11% to 13% in light of the new deal between Bristol-Myers Squibb and
Imclone's Systems for C225.

Boeing Co Joseph F. Campbell
Thinking Through Uncertainty 2 - Buy / $30.10 (USD)
q Boeing's $29 billion total enterprise value is too cheap given the
company's $51 billion 2002
revenue, but BA is always undervalued during downturns. The current $30
price is about the
resting point until there is more info and progress towards normalcy.
q The 1st step of helping airlines weather the financial storm created by
the attacks has already been taken
by the government.
q The 2nd step of reacting is underway with the airlines and Boeing cutting
schedules and production about
20%. These dramatic rearrangements are expensive one-time financial events.

General Electric Robert Cornell
Our Takeaways From GE's Analysts Meeting 1 - Strong Buy / $31.30 (USD)
q GE endorsed 2001 EPS guidance of $1.41, which is better that many
anticipated. The bottom line is
that GE continues to deliver a double-digit growth even in the face of
significant economic
downturn. Investors should expect a continuation of double-digit growth into
2002. We are
estimating 2002 EPS at $1.60.
q Surprisingly, the short-cycle order rates have quickly bounced back to
pre-crisis levels, which coupled with
stringent cost control mechanisms, provides short-cycle businesses with a
cushion against worsening
market conditions.
q The outlook for long-cycle businesses remains very positive. The impact of
reduced air travel on Aircraft
Engines business appears to be moderate.

Broadcasting/Radio & TV William Meyers
Radio Stocks Remain Fully-Valued
q Prospects for an advertising growth recovery were in doubt prior to Sept
11 and the repercussions
(economic/social) from the incidents exacerbate an advertising environment
that was already the
weakest in the last 40 years. We now expect 2001 radio advertising to fall
8% vs. our previous
projection for a 3% decline. Concurrent with revised advertising growth
forecasts, radio equities
have fallen 16% (since September 10), larger than the 12% decline in the
S&P500 and in-line with
the NASDAQ. Despite this correction, radio equities remain fully-valued
trading at ~15x 2002E
EBITDA, only a slight discount to the 15.6x prior to the tragedies.
q While we believe the industry impact is cyclical rather than structural,
over the near-term we remain most
cautious of Cox Radio given its high valuation, Radio One based on its
leverage and Emmis given a
combination of its television exposure and high leverage.
q Conversely, we believe Clear Channel is the most defensive given its
relatively low multiple, debt leverage
and limited downside. In addition, we view Spanish Broadcasting as a special
situation (small cap) based
on its likelihood to still meet FY 4Q (Sept) estimates, continued ratings
and operating traction in its key
markets and underlying asset value.
q While radio operators have yet to quantify the near-term financial impact,
we expect a preliminary look
Wednesday when Emmis reports FY2Q (August) results.

David C. Morris

Sr. VP Lehman Brothers
713-652-7112/800-227-4537
dcmorris@lehman.com

Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the
past three years a public offering of securities for this company. B-An
employee of Lehman Brothers Inc. is a director of this company. C-Lehman
Brothers Inc. makes a market in the securities of this company. G-The Lehman
Brothers analyst who covers this company also has position in its
securities.Key to Investment Rankings: This is a guide to expected total
return (price performance plus dividend) relative to the total return of the
stock's local market over the next 12 months. 1 = Strong Buy (expected to
outperform the market by 15 or more percentage points); 2=Buy (expected to
outperformthe market by 5-15 percentage points); 3=Market Perform (expected
to perform in line with the market, plus or minus 5 percentage points);
4=Market Underperform (expected to underperform the market by 5-15
percentage points)This document is for information purposes only. We do not
represent that this information is complete or accurate. All opinions are
subject to change.The securities mentioned may not be eligible for sale in
some states or countries. This document has been prepared by Lehman Brothers
Inc., Member
SIPC, on behalf

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Attached is the summary for Petro-Canada.

Let me know should you have any questions.

Phil Polsky


Rod - ok for Miller to call Newell at Mike Miller's convenience.  At some point, I would like to be briefed on the structure as well.  Adam

PS by the way, the wind co also has a Mike Miller, making for potential e-mail confusion.

From:	Rod Hayslett/ENRON@enronXgate on 10/16/2001 02:58 PM CDT
To:	Adam Umanoff/EWC/Enron@ENRON
cc:	Stanley Horton/ENRON@enronXgate, Dave Gunther/ENRON@enronXgate

Subject:	FW: Project Storm-Minority Interest Transaction

I thought I would let you know we are working on this transaction, that should be ultimately transparent to EREC.    With your permission I will let Mike Miller know that it is OK to contact Eric.

 -----Original Message-----
From: 	Miller, Mike J.
Sent:	Tuesday, October 16, 2001 2:38 PM
To:	Hayslett, Rod
Cc:	Boyle, Dan; Koogler, David
Subject:	Project Storm-Minority Interest Transaction

Rod,

As part of the due diligence for the Storm Minority Interest transaction, it would be very helpful for David Koogler, my in-house transaction attorney, to be able to talk to Eric Newell, Enron Wind's General Counsel.  David will primarily be focused on insuring that there are no European legal issues that would negatively impact the execution of the Storm transaction.  Eric should be able to alert David to any obvious issues as well as refer David to appropriate European counsel as needed.  Please let me know when it would be appropriate fro David Koogler to call Eric Newell.  Thanks for all of the help.

Regards,

Mike J Miller


Only couple brief comments on the version that includes Edison's comments:

Under the definition of "Spot Market Service" it now reads:

This service is available for Large Customers and Medium Customers whose
service from a Direct Access provider has been interrupted, or who have
failed to elect or be deemed to elect either Direct Access, Core Service or
Term Service.

I don't understand the meaning of the phrase "or be deemed to elect."  If
inserting the phrase serves an important purpose, then perhaps it's
appropriate to leave it in.  But we haven't discussed any reason for needing
it.  As such, given the last-minute nature of the change, it should be
deleted.

There is one heckuvalot of detail in the rate-related language that Edison
provided that we didn't have a chance to discuss in our negotiations.  It may
turn out that it's all fine, but I frankly haven't haven't had the chance to
adequately wrap my meager mind around the language, so I just want to let
folks know that many more comments on those pieces may pop up from my end in
the near term.
Finally, I just want to raise a flag on section 25465 (a) (6) regarding the
green portfolio standard.  We never discussed/analyzed those additional
percentages and consequently we never established a "zone of comfort" around
including those numbers.  That may become an issue (and may not, just wanted
to briefly flag it).

Thanks again for all the effort.

Best,
Jeff


Done.

D

Ricky Ellis@ENRON
07/13/2000 02:28 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Deal Extended

Deal #276494 ended June 15, but there is additional flow on meter #9602 from
the 16th thru the 30th.  Could you extend this deal thru the 30th so that I
can have Vol. Management create an accounting arrangement for it.  If you are
not the person that I need to contact, could you let me know who I need to
talk to.


I thought you would enjoy this.
PS bring the magic dollar to lunch!
m
---------------------- Forwarded by Mike McConnell/HOU/ECT on 10/19/2000
06:19 PM ---------------------------

Kevin Kuykendall
10/17/2000 02:07 PM
To: Patrick Wade/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jay
Fitzgerald/NY/ECT@ECT
cc:
Subject: Fwd: Texas.jpg

Gentlemen,

I thought that all good Sooners would enjoy this.  If you know of others that
I've left out, please forward it on.

Thanks,
KK
---------------------- Forwarded by Kevin Kuykendall/HOU/ECT on 10/17/2000
03:03 PM ---------------------------

John Petersen <jdpetersen@yahoo.com> on 10/16/2000 09:01:54 AM
To: jdpetersen@yahoo.com
cc: Bill Stewart <bipastew@oklahoma.net>, Myrna Pontious
<mkpontious@yahoo.com>, Kevin Kuykendall <kkuyken@ect.enron.com>, Kevin
<rev_kev@peakonline.com>

Subject: Fwd: Texas.jpg

Let's hear it  for OU.

?
 - Texas.jpg


California's Finances
The State of California will be walking a fiscal tightrope for a while until
wholesale energy costs come down.  At first look, it seems California's
financial position seems OK in the short term; however, the picture remains
troublesome in the medium term.  For one thing, instead of the bridge loans,
the state can and probably will resort to Revenue Anticipation Notes, and has
also scheduled a billion dollar G.O. offering for June, which will help with
the cash situation.   There are also still substantial borrowable resources
available to the state within its own accounts.  However, they would prefer
not to resort to that, as doing so could have further implications for their
bond ratings, but the option is there.   Another reason California might be
OK in the short term, is that, everyone except Moody's, had conflated the
money allocated for power purchases, $7.2 billion, with the money actually
spent for power purchases, $4.3 billion. This indicates that even the pure
cash component of the state's general fund has a longer shelf life.   So now
the question shifts from a near term liquidity issue to asking how much of an
economic effect will the combination of blackouts and much higher retail
energy prices have on California's already flagging economy, and what will
the knock-on effect of this be on the state budget.

The state is completely assured that the proceeds of the bond offers, and the
use of the rate hikes to service those bonds, are "bankruptcy remote"
vehicles.   Second, California legislatures are not concerned by the
possibility of a ballot initiative.  Other areas of concern are about the tax
revenues in light of an economic slowdown, as well as the medium-term risk of
high electricity costs for debt service for the next 15 years.  This will
exert a sizable drag on California's growth which could itself have budgetary
consequences. This is actually a best case scenario, and it is clear that the
ratepayer has more pain to come, especially if California bails out Edison
and PG&E creditors with a "Plan B."
Legislative Matters
Nine key Democratic members are preparing legislation that would authorize a
buyer's cartel along with Washington state and Oregon state to set a firm
upper limit on what each state will pay for electricity during peak demand
periods.  Under this legislation, the state would simply refuse to pay more
than a predetermined price for electricity, no matter what happened.  The
Senate is having a hearing on this issues next Tuesday.  Davis commented
yesterday that he is in support of this legislation.
As mentioned in Wednesday's report, of the two viable Plan B's, success will
be determined by the following questions: (1) will it trigger a rate-payer
rebellion among California voters?; and (2) will it pass in time for SoCal
Edison to be rescued before bankruptcy?  One problem is that even if the Plan
Bs worked out for both SoCal Edison and PG&E, what happens with the other 64%
of their power needs?   One legislator notes, "even the good Plan B from
SoCal's perspective makes them essentially a vessel of the state and if we
are still talking about eminent domain with the other plants in California
how do you add new capacity -- which is the ultimate solution -- when
everybody who has come in has their assets seized?"   The real issue still
remains for any Plan B is: who pays for it and how much more does it cost
taxpayers.   Rate payers in California are already looking forward to a
future where their electricity rates will be paying not only for the
colossally high cost of the power itself, but also the coupons and ultimately
the principal on the $13 billion in bonds just authorized, on the "rate
reduction" bonds already outstanding and -- if the Plan B advocates get their
way -- on bailout debt issues for SoCal Edison and PG&E.


Megan/Kim---

Please make a note that we did a deal with Kinder Morgan that nets out and
should not be billed or paid.  The purchase deal ticket is 682244 @ Hardy St.
#980068 & and the sale is 682229 @ Mobil Beaumont #981040 for a volume of
30.000 MMBtu.

Let me know if you have any questions.

Thanks,
Mark
x33396


Sure this is just what you needed.  Best of luck.

Best,
Jeff


I will probably be taking election day off to work one of the voting locations unless Pat is overloaded with help.


Just a reminder that when entering a wheel, the Interchange ID must be the
same for the import and export.  When the Import is labeled as "EPMI_CISO_**"
and the Export as "CISO_EPMI_**," the ISO views these as unique imports and
exports.  They will not be linked together for a wheel, thus causing
ancillary services charges to occur.

Thank you!


Amerex - May 31

Gas:	21
Power:	41


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sounds good


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Review Group: ENRON
Feedback Due Date: Nov 17, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
BOLTON, SCOTT                   RICHARD S SHAPIRO               Nov 06, 2000
CONDON, CHARLES D               MARTIN J WENZEL                 Nov 03, 2000
DENNE, KAREN L                  MARK A PALMER                   Nov 07, 2000
FAWCETT, JEFFERY C              JESS K HYATT                    Nov 01, 2000
HAMILTON, TIMOTHY J             JAMES W LEWIS                   Oct 25, 2000
KAUFMAN, PAUL J                 RICHARD S SHAPIRO               Oct 31, 2000
MANDELKER, JEANNIE              KAREN L DENNE                   Nov 06, 2000
MARA, SUSAN J                   PAUL J KAUFMAN                  Nov 08, 2000
MCLAUGHLIN, TRACY               SCOTT BOLTON                    Oct 25, 2000
NORD, BONNIE S                  RICHARD S SHAPIRO               Nov 03, 2000
O'CONNELL, EARLENE              ELIZABETH C LINNELL             Nov 01, 2000
SHAPIRO, RICHARD S              STEVEN J KEAN                   Nov 01, 2000
STEFFES, JAMES D                STEVEN J KEAN                   Nov 13, 2000


-----Original Message-----
From: 	Swafford, John
Sent:	Monday, October 08, 2001 5:59 PM
To:	Caminos, Facundo
Cc:	Fischer, Mary; Dewar, Donette; Locklear, Essie
Subject:	FW: Raptor unwind tax accounting

Facundo:   See the note below.   Please note that you will need to reverse the book loss recorded on the upper tier entities (Harrier, Roadrunner, Pronghorn and Grizzley) for the purchase of the lower tier entities in the amount of about $600 million.   In place of the reversal of the book loss, you should record a tax Schedule M to deduct the same (about $600 million) of interest expense.   I am working with Essie to determine which entities will report how much of the $600 million purchase price.   Thanks, John.

 -----Original Message-----
From: 	Locklear, Essie
Sent:	Monday, October 08, 2001 2:27 PM
To:	Fischer, Mary; Ng, Mark
Cc:	Swafford, John; Wilson, Danny
Subject:	FW: Raptor unwind tax accounting

FYI

 -----Original Message-----
From: 	Dewar, Donette
Sent:	Friday, September 28, 2001 2:54 PM
To:	Locklear, Essie
Cc:	Vasconcellos, Brent
Subject:	Raptor unwind tax accounting

Essie:

The purpose of this message is to communicate to you, for co-ordination with the appropriate "MARC" personnel, the relevant facts of the transactions that closed on Friday, September 28, to unwind the Raptor structures.  As I likely will not return to the office until just at the time of September close, I thought it might make sense for you, with Brent's assistance, to make sure that the appropriate reporting personnel are notified of the tax adjustments that should be made to book these transactions.

Each of the "top tier" Raptor entities (Harrier, Roadrunner, Pronghorn, and Grizzly) "purchased" from LJM the membership interest that LJM owned in the "bottom tier" Raptor entities (Talon, Bobcat, Porcupine, and Timberwlf, respectively).  Harrier paid $6 mil, Roadrunner and Grizzly each paid $15 mil, and Pronghorn paid $1,000.  As a result of these transactions, the purchased entities became book consolidated with Enron. Also as a result of these transactions, a total book loss of around $600 mil was recorded (divided among the books of each one of the four structures).

For tax purposes, the purchasing and purchased entities are all disregarded entities of Enron Corp. (or EES, in the case of Pronghorn and Porcupine).  The repurchases are to be treated as merely a final payment made by Enron Corp. (or EES, as the case may be) on a contingent debt instrument.  Accordingly, the entire book loss should be reversed for tax, and instead an interest deduction recorded on the tax books of each purchasing entity for the amount that was paid to purchase the bottom tier entity.  For examply, Harrier will record an interest expense deduction for $6 mil.

We have not been told yet exactly how the book loss will be spread among the four structures, and whether it will be booked on the top tier or bottom tier entities' books.  Ron Baker likely will have an answer on this issue by the time you see this message.

Please leave me a voice mail if you need assistance before I return to the office on October 10.  Thanks!

DMD


Steve:

I'll toot my horn on this one.  The speeches we have been doing for Ken
ranging from corporate culture to getting markets open are doing what they
are supposed to do.

On another matter, I cast my vote for a "knowledge manager" to replace
Margaret.  If I had a full time position instead of a rotating analyst, this
person could maybe double up and gain the institutional knowledge that
Margaret accumulated.  I think Rita Hartfield would be good in this position
and would work well with Joan and me.  I would also expect Rita to work
efficiently on a variety of hot issues--including writing which she is
proficient at.

- Rob

----- Forwarded by Rob Bradley/Corp/Enron on 04/05/2001 12:22 PM -----

	Aleck Dadson@ECT
	04/05/2001 10:13 AM

		 To: Rob Bradley/Corp/Enron@ENRON
		 cc:
		 Subject: Re: Article: Enron calls on Ontario to open power market quickly

Rob, the speech could not have gone better.  It was published as an op-ed
this morning by one of the two majors.  Thanks for all your help and your
very very useful advice re the structure and content of  Ken Lay's remarks.

	Ursula Brenner@ENRON
	04/04/2001 05:43 PM

		 To: Aleck Dadson/TOR/ECT@ECT
		 cc: Richard Shapiro/NA/Enron@Enron, Rob Bradley/Corp/Enron@ENRON
		 Subject: Article: Enron calls on Ontario to open power market quickly

Rob Bradley asked me to forward this article to you.

Ursula Brenner

Enron calls on Ontario to open power market quickly
April 04, 2001 12:36:00 PM ET
By Scott Anderson
TORONTO, April 4 (Reuters) - Enron Corp. (ENE), North America's biggest buyer
and seller of natural gas and electricity, put pressure on the Ontario
government on Wednesday to deregulate the provincial energy market, Canada's
biggest, as quickly as possible.
Ontario has already pushed back its previous deadline of November 2000 by one
year to sort out its deregulation problems and avoid the problems encountered
by California in energy deregulation.
The delays have frustrated potential corporate players.
"We think the right thing for Ontario is to move ahead with this plan, open
the markets and get them working," Kenneth Lay, Enron's chairman, said at a
breakfast speech at the Toronto Board of Trade.
"Let people start building the new power plants and, of course, providing a
lot of the types of services we provide elsewhere."
Lay warned that the longer the government drags its feet on the issue, the
more it places itself at risk of scaring off potential investors.
"The delays continue to create uncertainty and uncertainty tends to
discourage investment," Lay told reporters. "By discouraging investment, as
the market keeps growing, it could be that Ontario is going to have a tough
time keeping up with the needs of the economy."
Enron plans to build a $250-million generating plant near the southwestern
Ontario town of Sarnia, but has delayed the project until Ontario sets a firm
date for deregulation.
Lay said Enron is "committed to Ontario" even though other companies have
said they will move to other jurisdictions if the government does not open up
the market by the fall.
He said Ontario is far better prepared for deregulation than was California.
"I think what California shows is that if you're going to do it, you've got
to do it right. And California did it wrong," he told reporters.
"Increasingly politicians are understanding that. You can't deregulate half
the market, but not the other half. You can't set up a system that does not
allow price signals to be sent to consumers and even after prices go up, you
can't just keep shielding consumers from price signals and get no response."
Power demand from California's industries and 32 million residents has
increased dramatically, but the state has not seen any new generating
capacity added in about 10 years. The crisis there has been blamed on
California's own 1996 power deregulation law, which required utilities to buy
energy on the spot market, where prices have skyrocketed, but maintained caps
on the rates they could charge consumers. The problem was then compounded by
California's own surging demand, resulting in the rolling blackouts and
voluntary power cutbacks of the past months.
, 2001 Reuters


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You are currently subscribed to texansnews as: GWHALLE@ENRON.COM
To unsubscribe send a blank email to
leave-texansnews-179392T@newsletter.houstontexans.com


---------------------- Forwarded by Kay Mann/Corp/Enron on 07/05/2000 05:14
PM ---------------------------

	From:  Ben F Jacoby @ ECT                           07/05/2000 05:13 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Enron Corrected Option Letter Information for Contract Purposes
-LMSK-2001

I'm not avail. until 11 AM or so.

Ben

	From:  Kay Mann @ ENRON                           07/05/2000 01:53 PM

To: Ben Jacoby/HOU/ECT@ECT
cc: Kathleen Clark/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Enron Corrected Option Letter Information for Contract Purposes
-LMSK-2001

Ben,

This email has the prices in Exhibit N of the current draft agreement.  Are
these the correct numbers?

Kathy and I discussed your comments, and she is making changes to the
contract consistent with those comments.  She is not available this
afternoon, but is free tomorrow am to discuss the contract. Please let me
know if tomorrow am works for you.

Kay

---------------------- Forwarded by Kay Mann/Corp/Enron on 07/05/2000 01:50
PM ---------------------------

karla.hesketh@us.abb.com on 06/29/2000 02:12:27 PM
To: ben.jacoby@enron.com, kay.mann@enron.com, kclark3@enron.com
cc: dennis.bowman@us.abb.com, frank.chmiel@us.abb.com,
michael.o.sandridge@us.abb.com

Subject: Enron Corrected Option Letter Information for Contract Purposes
-LMSK-2001

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

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

(See attached file: ABBoption6000may12rev5.doc)

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

Regards,
Karla Hesketh

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

 - ABBoption6000may12rev5.doc


Done.

D

	Enron North America Corp.

	From:  Megan Parker @ ENRON                           01/02/2001 12:35 PM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Tenaska IV 11/00

All of the outside sales for 11/00 have been paid.  We now need to forward
the cash to Tenaska IV.  The demand charge for deal 529856 should be
$341,250.47.  I have attached my spreadsheet.  The number is based on noms,
so when we receive the actuals I will send you a revised number.

Megan


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See comments below.
 -----Original Message-----
From: 	Portz, David
Sent:	Thursday, January 10, 2002 10:13 AM
To:	Panus, Stephanie
Cc:	Bailey, Susan; Gilbert, Gerald
Subject:	FW: Request for official term dates

Would you be availavble this morning to help with this?  Some of these wholesale power C/Ps haven't terminated --e.g., Great Bay; for others, the clearest information will be on my most recent 'restore services list'. Please run your work product back through me so I can eyeball it before it goes to Gerald and the Settlements group.

 << File: restore services list (1-9-01 update).doc >>

 -----Original Message-----
From: 	Gilbert, Gerald
Sent:	Thursday, January 10, 2002 10:03 AM
To:	Portz, David
Cc:	Grace, Rebecca M.; Durham, Kim; Allen, Thresa A.
Subject:	Request for official term dates

David,
	Could you please find out the actual dates of termination for the following counterparties.

 - Calpine [Panus, Stephanie]  	Calpine Energy Services L.P.		12/10/2001
 - Dynage [Panus, Stephanie]  	Dynegy Power Marketing, Inc.?		12/20/2001
 - Greatbay Power Corp. [Panus, Stephanie]  	have not received termination notice
 - Mirant [Panus, Stephanie]  	Mirant Americas Energy Marketing, LP	11/30/2001
 - Northeast Utilities Service Co. [Panus, Stephanie]  	have not received termination notice
 - Sithe Power Marketing, L.P. [Panus, Stephanie]  				12/04/2001
 - HQ Energy Services Inc. [Panus, Stephanie]  				01/01/2001

I am working with the Settlements group to try and clean up Dec.

Gerald


Dave,

See below broad summary from certain key Eurpoean jurisdictions. The
"concern" countries are Belgium and the Netherlands.

J

---------------------- Forwarded by Justin Boyd/LON/ECT on 26/05/2000 12:58
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "West, Nick" <nick.west@linklaters.com>
26/05/2000 12:58

To: "'jboyd@enron.com'" <jboyd@enron.com>
cc: "Didizian, Marly" <marly.didizian@linklaters.com>

Subject: Enron online/sports.com competition

Dear Justin

You asked for a summary of the UK and foreign advice which we have collated
on the lawfulness of the Enron online/sports.com "spread betting"
competition. I have set out a short note below. Marly and I would be happy
to discuss it with you further by telephone at any time this afternoon.

I have assumed that the competition is based predominantly on chance. I have
also assumed that there is no element of indirect consideration required to
enter the competition. We may need to discuss these points in more detail.

UK:

There appears to be no problem. The competition cannot be a lottery as the
contestants do not pay to enter. The competition may fall within the
definition of gaming, but only unlawful gaming is prohibited. The
competition format which you have described is unlikely be an unlawful game.

Germany:

There appears to be no problem as far as gaming laws on lotteries and the
German Trading Regulations are concerned, because the participants will not
pay to enter the competition. However, it is possible that there may a
breach of unfair competition laws. One of Enron's customers without online
trading capacity or one of Enron's competitors could argue that the
competition is anti-competitive i.e. Enron is trying to influence the
decision of its online trading customers as to whether they should trade
with Enron at all. We should consider this risk in greater detail. If the
game was held to be anti-competitive, Enron would have to cease to offer it
to German customers.

Netherlands:

Under the Dutch Games of Chance Act (GCA), games of chance are generally
prohibited, even if participation is free.  However, we have been advised
that, to date, it is not clear whether the GCA even applies to internet
games. We have also been advised that, in any event, the Dutch authorities
are unlikely to consider it a high priority to try to enforce the GCA
against a game offered for a limited time with only a moderate prize.
Finally, we have been advised that if the game complies with the law in the
country of its origin, this would decrease the likelihood of any Dutch
action. Thus the key decision in the Netherlands is whether the commercial
benefits of the competition outweighs the risk of a fine for contravention
of the GCA - maximum NLG 25,000 (approx 10,000 USD).

The GCA also only applies to games of chance. The provisions of the act
could be avoided if a greater degree of skill was introduced in to the
competition.

Italy:

You may recall that under Italian law, it appears that Enron will need to
get the approval of the Italian Ministry of Finance to offer the game to
Italian customers as it falls within the definition of an "advertising
contest". Having discussed this matter with our Italian colleagues, it seems
that Enron will be unable to avoid this requirement unless it does not offer
prizes. Authorisation is likely to take a minimum of 30 days - there is no
fast track process. Furthermore, since the website will be co-branded Enron
online/sports.com, we have been advised that both parties would need to seek
authorisation. Failure to obtain authorisation may result in a fine of up to
15m Lire (approx 7,500 USD) and continuing an unauthorised game in
contravention of an order of the Ministry of Finance may result in a fine of
up to 100m Lire (approx 50,000 USD).

We have also been advised that the Italian Ministry of Finance does not
undertake regular or thorough searches of the internet to identify
potentially unlawful advertising contests. With this is mind, Enron may
consider that the commercial benefits of running the competition in Italy
outweighs the risk of being fined. We may need to consider this issue in
more detail.

Belgium:

The advice we received from our Belgian colleague is inconclusive. The game
does not fall foul of the new Law on Games of Chance as no entry fee is
charged. However, we have been advised that there is a small risk that the
game may be prohibited under the Law on Lotteries of 1851 since it is a game
of chance. This risk can be alleviated by limiting the access to the game to
defined group of users - as is the case here - and by increasing the level
of skill involved. We may need to consider this risk in more detail since
civil and criminal sanctions may be imposed on the organisers of a
non-authorised lottery - imprisonment for up to 3 months and a fine of up to
BEF 600,000 (approx 14,000 USD) for the organiser of the competition (Enron)
as well as a fine for the distributor (sports.com) of up to BEF 200,000
(approx 4,500 USD)

Switzerland:

There appears to be no problem under Swiss law as the contestants do not
need to pay to participate.

____________________________________________________________

This message is confidential. It may also be privileged or
otherwise protected by work product immunity or other legal
rules. If you have received it by mistake please let us know
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Folks,
Please advise your availability ASAP in reference to the request noted below
to have
a conference call re: Sen. Joe Dunn w/Rick, Jim & Richard Sanders (legal).

Thanks,
Joseph

---------------------- Forwarded by Joseph Alamo/NA/Enron on 04/25/2001 12:50
PM ---------------------------

Linda J Noske@ECT
04/25/2001 12:41 PM
To: Joseph Alamo/NA/Enron@ENRON
cc:

Subject: Re: Senator Joe Dunn's Conference Call

Yes, Jim realized that, but figured they could participate from home if
necessary.  Advise.

	Joseph Alamo @ ENRON
	25/04/2001 02:40 PM

To: Linda J Noske/HOU/ECT@ECT
cc:
Subject: Re: Senator Joe Dunn's Conference Call

Do you realize that's 7 am Pacific time? Can you move it back a little later?
Let me know,
Thanks

Linda J Noske@ECT
04/25/2001 12:25 PM
To: Joseph Alamo/NA/Enron@Enron
cc:

Subject: Senator Joe Dunn's Conference Call

Jim just phoned me.............we need to schedule this in the a.m. now, FERC
meeting moved again today.................

I need to set up tomorrow morning, 9:00 EST, 8:00 a.m. CDT, what is their
availability? Advise.

Thanks for your help.