Dynegy Issues Statement On Enron Merger Status
Business Wire, 11/21/01
Enron says repayment of 690 mln usd debt extended until mid-Dec
AFX News, 11/21/01
USA: Enron secures credit line as shares fall.
Reuters English News Service, 11/21/01
Enron stock free-fall continues
Associated Press Newswires, 11/21/01
Enron Closes On $450M Secured Credit Line
Dow Jones News Service, 11/21/01
USA: UPDATE 1-Enron shares fall further on credit concerns.
Reuters English News Service, 11/21/01
USA: Enron shares tumble on credit concerns.
Reuters English News Service, 11/21/01
Upgrades and Downgrades
CNNfn: Market Coverage - Morning, 11/21/01
USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.
Reuters English News Service, 11/21/01
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
Bloomberg, 11/21/01

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
Bloomberg, 11/21/01

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
Bloomberg, 11/21/01

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
Bloomberg, 11/21/01

Enron Corp. Cut to `Market Perform' at Goldman Sachs
Bloomberg, 11/21/01

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
Bloomberg, 11/21/01

Plunge Says End Is Near at Enron
TheStreet.com, 11/21/01

DYNEGY, ENRON SAY MERGER TO PROCEED
CBS.MarketWatch.com, 11/21/01

Dynegy Issues Statement On Enron Merger Status

11/21/2001
Business Wire
(Copyright (c) 2001, Business Wire)
HOUSTON--(BUSINESS WIRE)--Nov. 21, 2001--Dynegy Inc. (NYSE:DYN) Chairman and CEO Chuck Watson today said he is encouraged by Enron Corp.'s report this morning that it has closed the remaining $450 million credit facility secured by the assets of Northern Natural Gas Pipeline and has received a commitment from its lead bank to extend the $690 million note payable obligation described in Enron's recent 10-Q filing.
"We are continuing our confirmatory due diligence and working to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement," he said.
Watson also noted that ChevronTexaco recently reiterated that it has "full confidence in Dynegy's disciplined management approach to complete the merger and to build a new company into an industry leader." ChevronTexaco owns 26 percent of Dynegy's outstanding common stock.
Dynegy Inc. is one of the world's top energy merchants. Through its global energy delivery network and marketing, trading and risk management capabilities, Dynegy provides innovative solutions to customers in North America, the United Kingdom and Continental Europe.
Certain statements included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements include assumptions, expectations, predictions, intentions or beliefs about future events. Dynegy cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. Some of the key factors that could cause actual results to vary from those Dynegy expects include changes in commodity prices for energy or communications products or services; the timing and extent of deregulation of energy markets in the U.S. and Europe; the timing of required approvals for the Dynegy/Enron merger and the success of integration and cost savings measures relating to the merger; the effectiveness of Dynegy's risk management policies and procedures and the creditworthiness of customers and counterparties; the liquidity and competitiveness of wholesale trading markets for energy commodities, including the impact of electronic or online trading in these markets; operational factors affecting Dynegy's power generation or Dynegy's midstream natural gas facilities; uncertainties regarding the development of, and competition within, the market for communications services in the U.S. and Europe; uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Dynegy's business; general political, economic and financial market conditions; and any extended period of war or conflict involving the United States or Europe. Moreover, Dynegy's expectation that the acquisition will be accretive to earnings in 2002 and beyond is based upon achieving certain sales projections, meeting certain cost targets and successfully integrating the acquired assets. More information about the risks and uncertainties relating to these forward-looking statements are found in Dynegy's SEC filings, which are available free of charge on the SEC's Web site at http://www.sec.gov.

CONTACT: Dynegy Inc., Houston 713/767-5800
13:26 EST NOVEMBER 21, 2001

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron says repayment of 690 mln usd debt extended until mid-Dec

11/21/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
HOUSTON (AFX) - Enron Corp said its creditor banks have granted an extension on a 690 mln usd note payable by Nov 27 until mid-December, giving it enough time to restructure the debt.
In a statement, the troubled energy company said the extension has been agreed following talks with its main creditor banks on restructuring its debt to avoid a liquidity crisis.
"We have been in continuous contact with our banks and believe we can identify a mutually beneficial restructuring to enhance our cash position, strengthen our balance sheet and address upcoming maturities," said chief financial officer Jeffrey McMahon.
Enron first informed investors of the possibility it would be forced to repay the 690 mln usd note in a filing to the Securities and Exchange Commission on Monday.
The obligation arose after Standard & Poor's cut the company's long-term debt rating to BBB- last week, forcing it to either post collateral on the note or repay it on maturity.
Enron said it has also secured the remaining 450 mln usd of a previously announced 1 bln usd credit line from JP Morgan and Salomon Smith Barney. The facility is secured by the assets of Enron's Northern Natural Gas Co unit.
The other 550 mln usd are secured by the assets of its Transwestern Pipeline Co.
Enron also said it is still committed to its merger with Dynegy Inc, announced on Nov 9.
"We continue to believe that this merger is in the best interests of our shareholders, employees, and lenders," said chairman and chief executive Kenneth Lay. "It offers the opportunity to create a formidable player in the merchant energy business with substantial growth prospects and a strong financial position."
JP Morgan Chase vice chairman James Lee said the bank will work with Enron and its other creditor banks "to develop a plan to strengthen Enron's financial position up to and through its merger with Dynegy", which is expected to close in the third quarter of 2002.
cl/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron secures credit line as shares fall.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. said on Wednesday it secured the remaining $450 million of its $1 billion credit line and reaffirmed its commitment to an agreement to be taken over by rival Dynegy Inc.
Facing a crisis of confidence, Enron said it is in active talks with its other lenders to restructure its debt obligation and had pushed back the deadline for repaying a $690 million loan obligation to mid-December.
"We continue to believe that this merger is in the best interests of our shareholders, employees, and lenders," Enron Chairman and Chief Executive Ken Lay said in a statement.
Enron shares were down 28 percent after noon on Wednesday, after being down 33 percent earlier in the day. Its shares fell about 23 percent on Tuesday amid concerns over its liquidity and growing questions over whether the proposed takeover by Dynegy would go ahead.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron stock free-fall continues

11/21/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Shares of embattled Enron Corp. plunged another 32 percent Wednesday morning as analysts and investors continued to doubt the once-mighty energy trader's ability to recover lost business and investor confidence.
In a report released Wednesday, Goldman Sachs & Co. analyst David Fleischer became the latest to question Enron's future, saying that an SEC filing by the Houston-based company earlier this week "raised new issues about liquidity and the ability of the company to even finance itself over the next several months."
Analysts are also questioning whether Dynegy Inc.'s planned dlrs 8.9 billion acquisition of Enron will survive given the latest revelations.
Documents filed with the Securities and Exchange Commission by Enron late Monday restated the company's third-quarter earnings and stated that it may have to repay a dlrs 690 million debt by next week because of decreased credit ratings.
The filing also noted that Enron's financial woes have led to a "reduced level of transaction activity" with the company by trading partners.
Enron shares fell 23 percent Tuesday, then dropped another dlrs 2.25, or 32 percent, to dlrs 4.74 Wednesday in extremely heavy trading on the New York Stock Exchange.
Fleischer said Enron's Nov. 16 cash balance of dlrs 1.2 billion is inadequate to meet remaining debt obligations.
Fleischer acknowledged, however, Enron's efforts to renegotiate next week's due date for the dlrs 690 million debt, which was triggered Nov. 12 when the company's credit rating was downgraded to BBB-, saying that there are indications that Enron's banks may be willing to roll current maturities over and even make new equity investments.
Michelle Foss, director of the Energy Institute at the University of Houston, said this latest round of troubles had to raise concerns about whether the Dynegy-Enron deal will be pulled off.
"It doesn't look like it's going to be able to happen," Foss said. "It did look like a decent idea when they proposed the merger, but today I'm sure they'll look at it and see if they can salvage their attempt to buy Enron."
Shares of Dynegy were off dlrs 2.55 to dlrs 39.15 in trading on the NYSE.
---
Tobacco suits by Venezuela, Brazil's Espirito Santo dropped
MIAMI (AP) - Health care cost-recovery lawsuits against major U.S. cigarette makers by Venezuela and the Brazilian state of Espirito Santo have been dismissed.
"This is another important reminder to American plaintiffs' lawyers that a state court won't ignore the overwhelming number of decisions by federal courts rejecting these lawsuits," William S. Ohlemeyer, Philip Morris Cos. vice president, said Tuesday after the decisions.
Attorneys for several foreign governments have filed an assortment of lawsuits in U.S. federal and state courts in an attempt to find some legal mechanism that withstands judicial scrutiny.
Russia and other Brazilian states are among the foreign governments that have sued in Miami, where a verdict of dlrs 145 billion was awarded to Florida smokers against the five biggest U.S. cigarette makers.
Ecuador's suit in Miami was withdrawn earlier when another state judge announced his intention to dismiss it.
----
General Motors of Canada inks supplier agreement with Quebec rubber plants
Eds: Dollar figures are Canadian.
MONTREAL (AP) - General Motors of Canada has signed supplier agreements with a Quebec auto-parts maker that helped create about 800 jobs, news reports said Wednesday.
The deal with Saar-Gummi Automotive Group in Magog, Quebec, is part of General Motors' commitment to offset the jobs that will be lost when it shuts down its car assembly factory in Boisbriand, Quebec, next year, killing 1,400 jobs.
GM did not reveal the value of the contracts, but German-based Saar-Gummi said Tuesday it has made a dlrs 40 million investment in its seven Magog plants, doubling its workforce to 1,600 employees from 800 since last summer.
The factories make molded rubber parts for cars, such as the rubber strips and molding found along the doors of vehicles. Most of the production is sold to GM, and goes into 56 GM plants in Canada, the United States and Mexico.
The products will be used in several models including the Chevrolet Avalanche, GMC Envoy, Saturn VUE and Cadillacs.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Closes On $450M Secured Credit Line

11/21/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Co. (ENE) closed on the remaining $450 million of a previously announced $1 billion in secured credit lines and said it is in active discussions to restructure its debt to improve liquidity.
In a press release Wednesday, Enron said the $450 million credit facility is secured by the assets of Enron's Northern Natural Gas Co.
A $550 million credit facility, secured by the assets of Enron's Transwestern Pipeline Co., closed Nov. 16. The proceeds are being used to supplement short-term liquidity and to refinance maturing obligations.
The company said it was informed by the lead bank on the facility that the maturity on its $690 million note payable obligation will be extended to mid-December. Enron expects the extension to be finalized shortly.
Dow Jones Corporate Filings Alert reported Monday that Enron is currently preparing a restructuring plan aimed at taking aggressive steps to rationalize the company's existing cost structure, accelerating the process of divesting noncore businesses and assets and restructuring scheduled maturities of debt and other obligations.

Enron's credit lines are from J.P. Morgan, the investment-banking arm of J.P. Morgan Chase & Co. (JPM), and Salomon Smith Barney, the investment-banking arm of Citigroup Inc. (C).
Enron also reaffirmed its commitment to the merger with Dynegy Inc. (DYN). On Nov. 9, Enron and Dynegy signed a definitive merger agreement that would give Enron shareholders 0.2685 share of a Dynegy share. The merger is expected to close by the end of the third quarter of 2002.
On Monday, Enron filed its Form 10-Q for the third quarter, which reflected a wider loss by 3 cents a share. The energy company previously reported a loss of $618 million, or 84 cents a share, on revenue of $47.6 billion for the third quarter ended Sept. 30.
-Stephen Lee; Dow Jones Newswires; 201-938-5400

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron shares fall further on credit concerns.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 33 percent in early trading on Wednesday, following a 22.8 percent drop on Tuesday, amid concerns over the company's liquidity and growing questions over whether the proposed takeover by Dynegy will go ahead.
Enron's shares were down $2.29 to $4.70 in early trading on the New York Stock Exchange. The stock was the biggest loser by percentage and the most active stock on the NYSE.
"The Dynegy deal will take a long time and a lot of things could happen over that time period. Dynegy did their homework, but if they missed anything, they have a number of exit opportunities," said Fulcrum Global Partners analyst Michael Barbis.
Dynegy was not immediately available for comment.
Wall Street analysts said Enron is losing market share because of credit concerns from its trading partners and questions over Dynegy Inc.'s takeover offer. Enron warned on Monday it could be forced to pay by next week a $690 million debt triggered by a credit downgrade last week.
"Enron is definitely losing market share on credit concerns. Cash needs to run the buisness have now increased. The market perceives Enron as needing more cash," said Barbis.
On Monday, Enron disclosed it is up against a deadline of Nov. 26 to deliver collateral against the debt owed to a third party in one of its many partnerships.
If not, the partner has the right to liquidate all of the assets of the partnership, which include a Brazilian natural gas company that Enron was counting on selling to raise $250 million in cash.
Enron is working to make alternative payment arrangements, since it can ill-afford to pay the debt now. Enron has already already maxed out its $3 billion credit line, secured roughly $2 billion in loans and is looking for more cash to stay afloat.
On Monday, the Houston-based company also reduced previously reported 2001 third-quarter earnings by 3 cents per share and increased reported earnings for the first 9 months of the year by a penny per share.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron shares tumble on credit concerns.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 19 percent in opening trade on Wednesday, amid concerns over the company's liquidity and growing questions over whether the proposed takeover by Dynegy will go ahead.
Shares were down $1.33 to $5.66 in early trading on the New York Stock Exchange.
Wall Street analysts said Enron is losing market share because of credit concerns from its trading partners and questions over Dynegy Inc.'s takeover offer. Enron warned on Monday it could be forced to pay by next week a $690 million debt triggered by a credit downgrade last week.
"The Dynegy deal will take a long time and a lot of things could happen over that time period. Dynegy did their homework, but if they missed anything, they have a number of exit opportunities," said Fulcrum Global Partners analyst Michael Barbis.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
Upgrades and Downgrades
Rhonda Schaffler, Charles Kadlec

11/21/2001
CNNfn: Market Coverage - Morning
(c) Copyright Federal Document Clearing House. All Rights Reserved.
RHONDA SCHAFFLER, CNNfn ANCHOR, MARKET CALL: Time now for upgrades and downgrades.
Salomon Smith Barney downgrades Microsoft (URL: http://www.microsoft.com/) to neutral from outperform saying the company`s earnings estimates too aggressive in light of the economic conditions.
Goldman Sachs, as we heard from Chris, removing three energy firms; Enron (URL: http://.www.enron.com/) , Dynegy (URL: http://www.dynegy.com/) and Williams (URL: http://www.williamsenergy.com/) , from the recommended list.
Dynegy was expected to buy the troubled Enron. It is still, but it`s rated market perform now as is Enron. Williams rated market outperform. Goldman says it`s concerned about Enron`s ability to recover from the loss of significant business deals and sees no positive catalysts for the entire group largely due to the problems in Enron.
On the upside, Deutsche Bank is raising Xerox (URL: http://www.xerox.com/) to buy from market perform saying it`s pleased with the company`s turnaround strategy. We`re going to talk about that in detail when we speak with the analyst who made that call in just a moment.
First, we want to take a look at how these stocks are trading. Entire group is down with the exception of Xerox. It`s up 15 cents.
Peter Ausnit is imaging analyst at Deutsche Bank Alex. Brown and joins us.
And thanks for joining us here on MARKET CALL. What is it about Xerox you like?
PETER AUSNIT, IMAGING ANALYST, DEUTSCHE BANK ALEX. BROWN: Well I think the company`s really put its liquidity concerns behind it and now investors can look at the long-term picture, which is much brighter.
CHARLES KADLEC, J&W SELIGMAN: Peter, it`s Chuck Kadlec. Good morning. Is this is a heroic recommendation here? Is this - should we consider this more of a speculative investment or is this something that a conservative investor ought to be interested in?
AUSNIT: I think investors should be interested in this if, over the next several quarters - in the near-term, the conditions are still quite difficult but over the long-term it`s not that speculative. Xerox has a large install base, a tremendous sales and service force and can probably return to industry standard margins.
KADLEC: As you say, this probably depends on management`s ability to execute here. Why do you believe this management is going to be able to execute their strategy?
AUSNIT: Well their track records during the turnaround has been fairly strong and the strategy has made a lot of sense. They`ve sold a lot of businesses. They`ve done most of the things they promised to do such as bring on new third party equipment financing and they`re going to bring on a new CFO as well.
SCHAFFLER: Peter Ausnit of Deutsche Bank Alex. Brown, thanks for joining us.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.

11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Goldman Sachs said on Wednesday it removed merger partners Enron Corp. and Dynegy Inc. from its "recommended list" and downgraded the stocks to "market perform."
Goldman said it cut Enron's 2001 earnings estimate to $1.35 a share, and cut the 2002 estimate to 50 cents a share amid concerns about "new and major" liquidity issues, and the company's ability to recover the business that has been lost.
The firm said the cash infusion from Dynegy "appears inadequate to restore the confidence of Enron customers."
It said Dynegy and Williams Cos Inc. have "excellent long-term prospects," but valuations throughout the sector may be under pressure until Enron's issues are resolved.
Shares of Enron closed at $6.99 on Tuesday, while Dynegy closed at $41.70. Shares of Williams closed at $29.26.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
2001-11-21 12:38 (New York)

Enron Gets Extension on $690 Mln Note Due Next Week (Update1)

     (Updates with amount of debt in fourth paragraph.)

     Houston, Nov. 21 (Bloomberg) -- Enron Corp., whose shares had
dropped 92 percent this year amid a financial crisis, said lenders
extended to mid-December the payment date on a $690 million note
due next week.

     Enron, which agreed to be bought out by rival energy trader
Dynegy Inc. in a transaction now valued at more than $23 billion,
said earlier this week a drop in its credit rating may force it to
repay the $690 million note. The repayment would strain cash
reserves Enron needs to back its trading operations, investors and
analysts said.

     The Houston-based company didn't say in its release who holds
the note, which is owed by an affiliated partnership that owns
Brazilian natural-gas assets and was backed by Enron.
     The note is held by a group of banks led by the Citibank unit
of Citigroup Inc., Standard & Poor's said in a press release
yesterday.

      Enron also is in discussions with other lenders on a
restructuring of its debt, the company said in a statement
distributed by PR Newswire.

     ``We believe the interests of Chase and Enron's other primary
lenders are aligned in this restructuring effort,'' James Lee,
vice president of JP Morgan Chase & Co., said in the Enron
statement. ``We will work with Enron and its other primary lenders
to develop a plan to strengthen Enron's financial position up to
and through its merger with Dynegy.'' Morgan has been advising
Enron on its merger with Dynegy.

     Enron said yesterday it may have to pay $9.15 billion in debt
due by 2003, suggesting the company may run out of cash before the
merger closes. Dynegy has said the merger should close before the
end of the third quarter of 2002.

      Enron said in a regulatory filing that it has less than $2
billion in cash or credit lines.

     Shares of Enron, the most active stock in U.S. trading, fell
$1.79, or 23 percent, to $5.20 in midday trading. Before the
announcement that it had renegotiated the $690 million note, its
shares had fallen as much as 42.78 percent, the lowest level in
more than a decade.

     Dynegy fell $2.50, or 6 percent, to $39.20. Shares of
ChevronTexaco Corp., which owns 26 percent of Dynegy, rose 49
cents to  $87.02

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
2001-11-21 11:49 (New York)

Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)

     (Adds analyst comment in fourth paragraph.)

     Houston, Nov. 21, (Bloomberg) -- Shares of Enron Corp., the
biggest energy trader, and Dynegy Inc. fell for a second day on
concern Enron may run out of cash before its takeover by Dynegy
can be completed.

     Enron tumbled as much as 33 percent, and Dynegy dropped as
much as 6.7 percent. Enron's bonds also fell. The company's 6.4
percent notes maturing in July 2006 were bid at 62 cents and
offered at 66 cents, traders said. They sold at about 72 cents
yesterday.

     Institutional investors sold shares of both companies after
Goldman, Sachs & Co. analyst David Fleischer downgraded them to
``market perform'' from his ``recommend'' list, other analysts
said.

     The Dynegy bid ``did not eliminate customer concerns about
Enron's liquidity and long-term viability,'' Goldman Sachs said
in its report. ``We now believe that it will be difficult for
Enron shares to generate strong returns until it is clear that
Enron can operate on a normal basis without having to provide
cash or letters of credit to back routine transactions.''

     Fleischer also cut his 2002 profit estimate for Enron to 50
cents from $1.35. Enron had been expected to make $1.90 next
year, the average estimate of 16 analysts surveyed by Thomson
Financial/First Call.

     Enron said Monday it may have to pay $9.15 billion in debt
due by 2003, suggesting the Houston-based energy trader may run
out of cash. The company said in a regulatory filing it has less
than $2 billion in cash or credit lines.

     It also surprised some investors by saying a drop in its
credit rating may force it to repay a $690 million note next
week. Enron said yesterday the terms of the notes, which it
guaranteed for an affiliated partnership that owns Brazilian
natural-gas assets, are being renegotiated and that it had a
``verbal indications'' that the maturity of the notes will be
extended.

     The company's dealings with affiliated partnerships led to
earnings restatements, credit-rating cuts, a federal
investigation and a management shakeup. Dynegy plans to complete
its buyout by October, and Enron may have to ask lenders to
restructure payment schedules.

     Mirant Corp., Aquila Inc. and other big energy traders are
doing fewer transactions with Enron as concerns increase about
its credit rating and ability to finance daily business,
executives said yesterday.

     Enron's stock fell $2.28, or 32 percent, to $4.71 in
late-morning trading. Earlier, it touched $4.67, its lowest price
in more than a decade. The shares have plummeted 92 percent this
year. Dynegy fell $2.70, or 6.5 percent, to $39.00. The shares
had dropped 26 percent this year.

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
2001-11-21 10:24 (New York)

U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint

     New York, Nov. 21 (Bloomberg) -- The following is a list of
companies whose shares are moving in U.S. markets Wednesday, Nov.
21. The stock symbol is in parentheses after the company name.

Major Moving Stocks:

     Enron Corp. (ENE) fell $1.54, or 22 percent, to $5.45 and
traded as low as $5.44. The energy trader shares fell for a second
day on concern Enron may run out of cash before its takeover by
Dynegy Inc. (DYN) can be completed.

Other Moving Stocks:

     Cardiac Science Inc. (DFIB) rose 51 cents, or 16 percent, to
$3.65 and traded as high as $3.89. The maker of equipment used to
restore a normal heartbeat to patients in cardiac arrest said the
San Diego City Council approved an agreement for the company to
deploy automated external defibrillators in the region. The
company made the announcement in a press release distributed by PR
Newswire. Officials couldn't immediately be reached to comment.

     Guidant Corp. (GDT) rose $4.18, or 8.9 percent, to $51 and
traded as high as $51.50. The maker of products to treat heart
disease said a study showed implantable defibrillators cut deaths
by 30 percent in heart-attack survivors, potentially expanding the
$1.9 billion market for the product.

     Portal Software Inc. (PRSF) fell 34 cents, or 15 percent, to
$1.89 and traded as low as $1.64. The provider of Internet-billing
programs said in a release distributed by Business Wire that it
forecasts a loss of 9 cents to 10 cents a share in the fourth
quarter ending Jan. 31. The company is expected to lose 11 cents,
the average estimate of analysts surveyed by First Call. Officials
couldn't be reached to comment.

     TriQuint Semiconductor Inc. (TQNT) fell $1.99, or 10 percent,
to $17.56 and traded as low as $17.35. The communications-
equipment chipmaker said it would report fourth- and first-quarter
results at the low end of previous forecasts. TriQuint was cut to
``neutral'' from ``buy'' in a report by U.S. Bancorp Piper Jaffray
Cos. analyst Samuel May.

Tickers: ENE DFIB GDT TQNT

     Money flows, the difference between the value of trades made
at a higher price than the previous trade and those made at a
lower price, may also appear for some stocks. These inflows and
outflows show whether people are willing to pay more for a stock
that's rising, or to sell a stock that's falling for less. If not
it's a signal the share price may soon change direction.

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
2001-11-21 09:57 (New York)

Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid

     Houston, Nov. 21, (Bloomberg) -- Shares in Enron Corp. and
Dynegy Inc. fell for a second day on concern Enron may run out of
cash before its takeover by Dynegy can be completed.

     Enron fell $1.37, or 20 percent to $5.62 in early trading.
Dynegy fell $1.95, or 4.7 percent, to $39.75.

     Enron bonds extended declines. The company's 6.4 percent
notes maturing in July 2006 were bid at 60 cents and offered at 68
cents, traders said. They traded at about 72 cents yesterday.

Enron Corp. Cut to `Market Perform' at Goldman Sachs
2001-11-21 08:46 (New York)

     Princeton, New Jersey, Nov. 21 (Bloomberg Data) -- Enron Corp. (ENE US)
was downgraded to ``market perform'' from ``recommend list'' by analyst David
N Fleischer at Goldman, Sachs & Co.

Earnings estimates:  Period       Previous estimate     New estimate
per share   (USD)    FY 2001      1.80                  1.35
                     FY 2002      2.15                  0.50

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
2001-11-21 12:10 (New York)

Enron Says Lenders Extend $690 Mln Note Payment to Mid-December

     Houston, Nov. 21 (Bloomberg) -- Enron Corp. said its lenders
extended to mid-December the payment date on a $690 million note,
giving the debt-laden energy trader more time to restructure its
finances.

     Enron said it's still committed to a takeover by Dynegy Inc.
The company said it secured the remaining $450 million of a
previously announced $1 billion credit line.

     Enron shares pared losses after the announcement of the debt
extension. The stock fell $1.54, or 22 percent, to $5.45 in midday
trading.

Plunge Says End Is Near at Enron

By Peter Eavis <mailto:peavis@thestreet.com>
Senior Columnist
11/21/2001 12:32 PM EST
Enron (ENE <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=ENE>:NYSE - news <http://tscquote.thestreet.com/BBNews.jhtml?tkr=ENE> - commentary <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/results.html?tkr=ENE&site=tsc> - research <http://thestreet.multexinvestor.com/search.asp?Ticker=ENE> - analysis) <http://www.riskgrades.com/clients/thestreet/index.cgi?tickers=ENE> shares plunged a second straight day Wednesday as fear mounted that the struggling energy trader's bailout merger plan will unravel.
A potentially lethal cash crunch appears to be gripping Enron, even though its planned acquirer Dynegy (DYN <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=DYN>:NYSE - news <http://tscquote.thestreet.com/BBNews.jhtml?tkr=DYN> - commentary <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/results.html?tkr=DYN&site=tsc> - research <http://thestreet.multexinvestor.com/search.asp?Ticker=DYN> - analysis) <http://www.riskgrades.com/clients/thestreet/index.cgi?tickers=DYN> has injected $1.5 billion of cash, and banks have opened new credit lines. An Enron collapse would cause weeks of dislocation in the energy markets that would damage other energy traders, and it would cause big losses for the Houston company's creditors.
Just before noon EST, Enron announced in a press release that it had extended to mid-December a $690 million obligation that was due next week. It also said that it had agreed with its bankers to draw down the remaining $450 million of a previously announced $1 billion secured credit line that has J.P. Morgan Chase as its lead banker.
Investors have been fleeing Enron since the company last month disclosed a $1.2 billion writedown to unwind some related-party hedging transactions. The Securities and Exchange Commission is probing Enron deals with related parties. The October disclosure made investors uneasy because it suggested the company hadn't been forthcoming about the true state of its finances, and it showed that Enron was facing serious liquidity problems.
Those fears were temporarily quieted earlier this month when Enron agreed to be acquired by smaller rival Dynegy. But Enron's disclosure Monday that it faces additional earnings and financing troubles renewed the rush to the exits. In the Wednesday release, Enron CEO Ken Lay said his company was still committed to the merger: "We continue to believe that this merger is in the best interests of our shareholders, employees and lenders." Dynegy later issued a press release indicating it is "continuing our confirmatory due diligence" regarding the merger. Neither Enron nor Dynegy returned calls seeking comment.
After plunging 23% Tuesday to $6.99, Enron was down a staggering 34% at one point Wednesday. It moved slightly higher after the midday press release to trade at $4.90. Enron shares have lost more than 80% of their value since the company issued its third-quarter earnings release last month. Dynegy dropped $2.44, to $39.26, though it remains substantially above premerger levels.
At the heart of Enron's trouble is the sense that the company isn't letting on the full extent of its troubles. The selloff in Enron shares began in earnest Oct. 16, when the company disclosed in an earnings conference call that it would take a $1.2 billion writedown to unwind some related-party transactions. Critics of the company said those deals, in which the company did business with separate entities involving Enron managers, raised serious ethical and disclosure issues.
The Dynegy merger was taken as a vote of confidence for Enron, since as a big trading partner Dynegy would appear to have a solid grasp of Enron's situation. As a result, shares in both companies rallied after the deal's announcement. But Monday's disclosure that Enron faced $690 million in bond payments next week reignited worries that the company faced steeper challenges than it has detailed. According to a Merrill Lynch report cited in The New York Times Wednesday, Dynegy wasn't aware of the $690 million obligation. Critics of the deal wondered whether Enron had told Dynegy about all its obligations. <http://www.thestreet.com/markets/detox/10003860.html>
Liquidity fears have also been rekindled by information contained in a filing of quarterly results that show the company consumed as much as $5 billion of cash in recent weeks. By the end of 2002, Enron has to find around $9 billion to pay back various obligations. It had $1.2 billion in cash on hand as of Nov. 16, according to the filing.
Tellingly, Dynegy shares haven't plunged along with Enron, suggesting that investors see a collapse of the merger as catastrophic for Enron but not for Dynegy. At current levels, Enron shares are trading at more than a 50% discount to the Dynegy offer.
J.P. Morgan has taken a leading role in helping Enron. It has lent funds and it helped restructure the $690 million obligation. The bank's stock was down 78 cents to $38.62. "We will work with Enron and its other primary lenders to develop a plan to strengthen Enron's financial position up to and through its merger with Dynegy," said James Lee, a top banker at Morgan, in the Enron release.

From CBS.MarketWatch.com, online at:

DYNEGY, ENRON SAY MERGER TO PROCEED

By Myra P. Saefong

1:52 PM ET Nov 21, 2001

WASHINGTON (CBS.MW) -- Merger partners Enron and Dynegy restated their
commitment Wednesday to completing a deal, on the heels of embattled
Enron's announcement that its lead lender granted it more time to pay
off a $690 million note set to come due next week.

"We are continuing our confirmatory due diligence and working to
accelerate the regulatory approvals required to complete the merger,"
said Chuck Watson, Dynegy's chairman and chief executive,  in a
statement.

Shares of Enron (ENE) recovered slightly in afternoon  trading but
remained under pressure.

On heavy volume, the stock -- which had touched $4 earlier in the
session -- was down $1.83 to trade at $5.16, a new 10-year low. Some 84
million shares had changed hands.

Enron declined 23 percent Tuesday after the company revealed the
upcoming debt deadline and restated its earnings.

Meanwhile, Dynegy shares lost $1.83 to stand at $39.87.

Enron said that the lead bank on the $690 million debt agreed to extend
the maturity date to mid-December, which will give the company time to
restructure the facility, and added it expects to further restructure
its debt.

"We ... believe we can identify a mutually beneficial restructuring to
enhance our cash position, strengthen our balance sheet, and address
upcoming maturities," said Jeff McMahon, chief financial officer, in a
statement.

J.P. Morgan Chase & Co. said it and other lenders are committed to
helping Enron improve its financial position.

Also, Enron reaffirmed its commitment to a merger with Dynegy and said
it closed on a previously announced $450 million line of credit from
J.P. Morgan, collateralized by the company's Northern Natural Gas Co.

Enron -- which is being acquired by its smaller rival Dynegy (DYN) at a
fire-sale price -- revealed in a Securities and Exchange Commission
filing Monday that it had to pay off or refinance $690 million in debt
obligations by next Monday or risk triggering nearly $4 billion in
additional payments.

If Enron had missed that deadline and didn't post collateral, investors
had the right to demand immediate liquidation of the assets of one of
Enron's limited partnerships, the unusual business entities at the
center of the company's murky transactions currently under
investigation.

The SEC filing of Monday also contained yet another restatement of
financial results on the heels of a similar filing that disclosed more
than four years of restated earnings figures.
<http://cbs.marketwatch.com/news/story.asp?guid=%7B35D690E0%2D13BE%2D43D9%2D9644%2D1B1CF4896115%7D>

Earlier Wednesday, Goldman Sachs lowered its rating on Enron's stock to
"market performer" from its "U.S. recommended list," citing "major"
liquidity issues and concerns over whether the company can recover the
business it has lost.

CIBC World Markets also cut Enron to a "hold" from a "buy."

Commerzbank weighed in Wednesday, saying Enron's viability is in doubt.

"We believe the filing clearly shows that Enron remains in a precarious
financial position and its status as a going concern is much in doubt,"
analysts Andre Meade and Andrew Smith wrote. "It appears that Enron's
situation could worsen in a number of ways."

Though Enron's most recent disclosures shed more light on the fiscal
situation, Meade and Smith characterized the information as "piecemeal."

"It appears that the full extent of Enron's problems is not currently
known," they said in a note, cautioning clients against investing in
Enron.


Joe,

In case you have not seen it.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/10/2000
10:02 AM ---------------------------

Margaret Carson@ENRON
07/10/2000 08:20 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: CERA Alert--July 7, 2000

In  case you have not  yet  seen.Margaret
---------------------- Forwarded by Margaret Carson/Corp/Enron on 07/10/2000
08:15 AM ---------------------------

"Alerts@cera.com" <alerts on 07/07/2000 03:37:55 PM
To:
cc:

Subject: CERA Alert--July 7, 2000

European Gas CERA Alert: Signposts to a High Demand Path for Natural Gas: The
Large Combustion Plant Directive and German Nuclear Phaseout

Abstract
Two unrelated developments at the end of June both point in the direction of
a long-term high demand growth path for natural gas in Europe, consistent
with CERA's Blue Gold scenario. Both the approval of the Large Combustion
Plant Directive by EU environment ministers and the agreement on German
nuclear phaseout between the German government and industry could involve the
early removal of existing, low-cost generating plants from the European power
capital stock in the 2010-15 time period and their subsequent replacement by
natural gas-fired turbines.

**end**

Please see attachment for complete Alert.
NOTE: The attached file is a PDF document.
To view this file, you need the Adobe Acrobat reader installed on your
computer.
This software is available free of charge at http://www.adobe.com

 <<eg0707.pdf>>

 - eg0707.pdf


Please print the black line and put with the binder you are building.
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/09/2000 12:00
PM ---------------------------

"FAYE STEDMAN" <STEDF@andrews-kurth.com> on 10/25/2000 07:56:01 PM
To: <kay.mann@enron.com>
cc: "PAUL PIPITONE" <PIPIP@andrews-kurth.com>

Subject: ABB Transformer Purchase and Sale Agreement

Attached please find a clean copy of the ABB Transformer Purchase and Sale
Agreement as well as a blackline to show changes made from the WESTLB/ABB
Agreement.  Sorry for the delay in getting this to you. We have had to delete
the table of contents from the clean version in order to get this to you in a
timely fashion.  A completed version will be forthcoming sometime tomorrow.

If you have any questions or comments, please contact me at (202) 662-2780.

 - WESTLB-ABBblk.doc
 - WEST-LB-ABBcln.DOC


I enjoyed lunch, too.  Glad you included Kristin.  When do Jo and the kids leave for England?  We should try to have lunch with our gangs before then.  Let me know.  --Sally

 -----Original Message-----
From: 	Pearce, Barry
Sent:	Tuesday, April  24, 2001 3:00 PM
To:	Beck, Sally
Subject:	Lunch

I enjoyed lunch. Nice to get together.

Talk soon.

B.


I think we said we'd call you at 3:00 p.m. CDT.   See 'ya then.

 -----Original Message-----
From:  Dasovich, Jeff
Sent: Monday, April 09, 2001 10:21 AM
To: Fawcett, Jeffery
Subject: Re: FERC ruling on Kern expansion

Hmm. Interesting.  Thanks for the info.  Do we know who got to Breathitt?
Forgive me, but what time did we pick to talk today?  And will you call me?

Best,
Jeff


I have a Dr. Appt. on Wed. morning.  I will be in the office as early as
possible, but probably not until about 10:00am.


Ina,  thank you for the site.  Will you please have me added to the site
access?  I tried to login without success.

Sincerely,
mike


Reservation status has changed. Details of the reservation are listed below:
ASSIGNMENT_REF = 30098
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/AZPS-AZPS/FOURCORNE345 - PNPKAPS230//
POINT_OF_RECEIPT = FOURCORNE345
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = FOURCORNERS
SINK = PNPK
CAPACITY = 25
CAPACITY_REQUESTED = 25
SERVICE_INCREMENT = HOURLY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = OFF_PEAK
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 04/17/2002
STOP_TIME = 04/18/2002
CEILING_PRICE = 1.95
OFFER_PRICE = 1.95
BID_PRICE = 1.95
PRICE_UNITS = $/mW
PRECONFIRMED = YES
ANC_SVC_LINK = N/A
ANC_SVC_REQ = N/A
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = CONFIRMED
STATUS_NOTIFICATION = lisa.gang@enron.com
STATUS_COMMENTS =
TIME_QUEUED = 04/15/2002

TIME_OF_LAST_UPDATE = 04/15/2002
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS = call (503)464-5070 if problems
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Power Marketing, Inc.
CUSTOMER_PHONE = (713)853-3801
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = bill.rust@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0


-----Original Message-----
From: J. Bennett [mailto:edge@buyers-edge.com]
Sent: Wednesday, October 10, 2001 11:56 AM
To: Lenart, Kirk
Subject: [Fwd: FSBO Home]

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

From:  <SUlrich@palomaec.com>
To: edge@buyers-edge.com
Date: Tuesday, October 9, 2001 8:42:46 GMT
Subject:

Since you are a buyer's agent, we thought you might have a buyer for our
property.

Please see attached flyer if you are interested.

Thank you,
Sheila Ullrich

 <<guyflyer3.doc>>


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/24/2000
04:48 PM ---------------------------

Paulo Issler
02/24/2000 02:33 PM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT
cc:
Subject: LJM

Vince/Stinson:

The following is an update on LJM deal:

1) I participated on a conference call with AA (Jitendra and others) and our
Accounting/Credit Group (Wes, Bill Bradford and others) yesturday, in which
we discussed the best approach for definining credit reserves at year-end for
the puts we own.
2) A big chunck of the meeting was dedicated to explain AA the details of the
deal. Little progress was made on achieving the meeting's goal.
3) Apparently, Accounting did want to expose the calculation we made for puts
value that considers credit risk - the two factor model we developed. That
line of action was implied on a pre-meeting we had early that morning. From
my understanding, Accounting argues that we should not make any credit
reserve because we could not liquidate our position by year-end.
4) At a certain point Jintendra suggested me to use a two factor
MC-simulation for calculating the position with credit risk. The approach is
actually a more simplified version of the model we have. I and nobody
mentioned the results we got from our 2-factor model.
5) At that same afternoon I knew from Accounting that we are in a process of
unwinding our position.

These are the main points. Please let me know if need more details.

Paulo Issler


Mike Moulton has been pursuing an idea in the technology area for a while.
The sponsorship of this idea clearly fits in Net Works.  Could one of you
fine gentlemen give his idea a test drive?  I would much appreciate if you
could give him a call.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 05/15/2000
10:01 AM ---------------------------

	From:  Michael Moulton @ ENRON                           05/15/2000 07:51 AM

To: David W Delainey/HOU/ECT@ECT
cc:
Subject: Great words

David,

I hope all is well.  I had another good week at pulp and paper.  As you know
I have an affinity for technology trading.  I thought you would enjoy the
fine words below as you start a new week.

Time is your most precious possession-and the hands of time move swiftly
onward.  Fasten this warning deep into your mind, not for sorrow,s sake, but
to remind yourself that today may be all you have.  Now is the time for you
to move forward. Now is the time for you to stand and be counted.  The ground
is now ready for you to plant the seeds of a new vision, one that will bear
only the finest fruit.  It is time to focus on what you want, to turn dreams
into realities so that you are able to spend your life in the manner in which
you desire.  It is later than you think.    Too many of us waste our years
waiting for better times in the future or reflecting upon better times in the
past, instead of working for better times in the present.  --------------- If
only we had better schooling, better opportunities, or better resources.
If,if,if!  Tomorrow, tomorrow, tomorrow!
-------------------------------------

Today is always here; yesterday is gone; and tomorrow never comes.  Time
offers opportunity but demands a sense of urgency.  Now is the time.  This is
the place.  You are the one!

Those who leave a legacy of achievement master the art of living in the now-
the ability to make each moment count.  Here are their tips.

? First, they accept each moment as a gift to be received with joy.
? Second, they use each moment to maximum advantage.
? Third, they are bent on making a contribution to humanity.
? Fourth, they learn from their mistakes.
? Fifth, they concentrate on the task at hand.
? Sixth, they plan for the future rather than fretting over the past.
? Seventh, they simply refuse to allow the weight of an unpleasant
circumstance to encumber their thoughts or objectives.

               Dennis P. Kimbroa

I think technology is made up of a number of tradable commodities.  These
commodities are volatile and trading them will add value to ENA.  I would
like the opportunity to create this group.

Best wishes,

M. A. Moulton


I couldn't remember if I forwarded this to you, so here 'tis.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 10/12/2000 05:58
PM ---------------------------

"Heather Brown" <hbrown@bracepatt.com> on 10/11/2000 01:25:55 PM
To: <kay.mann@enron.com>
cc: <cdade@bracepatt.com>, "Eyvette Lopez" <elopez@bracepatt.com>

Subject: Enovate Credit Agreement

Kay,

Please find attached for your review a Closing Documents list and a very
preliminary draft of the Enovate Credit Agreement.  Once you have had a
chance to review the attached with your business people, let's set up a call
to discuss structure/changes/etc.  In addition to confirming the basics
(lending entity, interest rate, term), we will need to discuss financial
covenants

Please call me at 713.221.1419 regarding the foregoing.

Regards,

Heather

 - Checklist.doc
 - CreditAgmt.doc


Per Mark's earlier emails and conversations, we have 10 govt's/utilities with
masters in place that are approved to trade, with about another 30 currently
being negotiated.  The other 30 or so will only be approved to trade when we
get signed masters in place and any other relevant documents related thereto
(like legal opinions).


Brant:
FYI
Carol
---------------------- Forwarded by Carol St Clair/HOU/ECT on 04/27/2000
08:49 AM ---------------------------

"Lum, Susan" <LumS@EPEnergy.com> on 04/27/2000 08:01:12 AM
To: "'Carol.St.Clair@enron.com'" <Carol.St.Clair@enron.com>, "Shuttee, John"
<ShutteeJ@EPEnergy.com>
cc:
Subject: FW: Response to Comments

Thank you for your comments Carol.  By copy of this email, I am forwarding
them on to John Shuttee who is now responsible for ISDA negotiations.  He is
out of the office the remainder of this week but as of Monday he can be
reached at my old phone number of 713-420-3548.

Thank you.

-----Original Message-----
From: Carol St Clair [mailto: ]
Sent: Wednesday, April 26, 2000 6:14 PM
To: Lum, Susan
Cc: Brant Reves
Subject: Response to Comments

Susan:
We have finally had a chance to internally discuss the comments that you
sent to
Marie Heard on March 21 by e-mail and here is our response:

ISDA Comments

1.   Item #1 is fine

2.   We will agree to $100,000,00 for both parties

3.   It is Enron's Policy to use Loss instead of Market Quotation, which I-
believe is the standard that is currently used in the existing Master.  As a
compromise, we can agree to Market Quotation for Transactions with a term of
2
years or less as of the applicable termination date and Loss for all others.

4.   Item #4 is fine.

5.   Our credit people want to keep MAC where it is as a trigger that
reduces
the collateral threshold to zero.

6.   I would like to discuss with you what we are doing with the existing
Guarantys.

7.   Item #7 is okay but we would prefer a separate termination agreement.

8.   I need to discuss with you items #8 and 10

CSA COMMENTS

1.   Item #1 is fine

2.   We cannot agree to item #2 and would like for it to remain at 20

3.   I would like to discuss item #3 with you

Also, some of the changes that were made were not marked (i.e., no fault
termination was not in our draft, but in yours).  Could you please e-mail me
your latest versions so that I can make sure that I have seen all of the
changes?  With respect to no-fault termination, we cannot as a policy matter
agree to that.  I look forward to hearing from you.

Carol (713-853-3989)

******************************************************************
This email and any files transmitted with it from El Paso
Energy Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************


Enron Fuels International, Inc. and Enron Powerr Oil Supply Company need to
be added to the list.  EFI is used for crude purchases in Dominion Republic
and EPOS is used in Guatemala.

	Leslie Hansen
	11/01/2000 10:29 AM

		 To: Dan J Hyvl/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT
		 cc:
		 Subject: FW: Enron OnLine DRAFT compliance Document

Dan and Alan:

Please confirm that this is a complete list so that I can get back to this CP.

Thanks,

Leslie
----- Forwarded by Leslie Hansen/HOU/ECT on 11/01/2000 10:28 AM -----

	"Weisz, John L" <WeiszJL@bp.com>
	10/31/2000 03:35 PM

		 To: "'justin.boyd@enron.com'" <justin.boyd@enron.com>,
"'leslie.hansen@enron.com'" <leslie.hansen@enron.com>
		 cc:
		 Subject: FW: Enron OnLine DRAFT compliance Document

I have searched the website and believe that the list below captures all the
Enron entities which deal in Oil, products, petchems and Gas and LPG markets
on the Enron Online Website.

Can you confirm that this is a complete list ?

> UK
> ---------
> Enron Capital and Trade Resources International Corp
> Enron Capital and Trade Resources Limited
> Enron Gas and Petrochemicals Trading Limited
>
> USA
> ---------
> Enron Capital and Trade Resources International Corp
> Enron Reserve Acquisition Corp
> Enron North America Corp
> Enron Gas Liquids Inc
> ENRON PETROCHEMICALS COMPANY a division of Enron Liquid Fuels, Inc.
>
Many Thanks,

> John L. Weisz
> OTI US Region E-commerce/BIM
> Phone: 1-630-836-5687
> Cell:  1-630-841-2454
> Fax:   1-630-836-6589
>
>


Reservation status has changed. Details of the reservation are listed below:
ASSIGNMENT_REF = 20982
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/SRP-AZPS/P. Verde 500 - Pinn. Pk. 230//
POINT_OF_RECEIPT = PALOVERDE500
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = UNK
SINK = UNK
CAPACITY = 25
SERVICE_INCREMENT = STMONTHLY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = FULL_PERIOD
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 10/01/2001
STOP_TIME = 10/31/2001
CEILING_PRICE = 1,430.00
OFFER_PRICE = 1,430.00
BID_PRICE = 1,430.00
PRICE_UNITS = $/mW-M
PRECONFIRMED = YES
ANC_SVC_LINK =
ANC_SVC_REQ =
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = CONFIRMED
STATUS_NOTIFICATION = HOLDEN.SALISBURY@ENRON.COM
STATUS_COMMENTS =
TIME_QUEUED = 04/09/2001

TIME_OF_LAST_UPDATE = 05/14/2001
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS =
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Capital and Trade
CUSTOMER_PHONE = (800)349-5527
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = jzurita@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0


Here are the standings as we go into Championship series this weekend and
the pick sheet for those games:

 - Pick Sheet - playoff2000 #3a.xls
 - 2000PlayoffScores11a.xls


Due to computer troubles etc.  I did not get the confirms or agreement out
last night.  I assure you it is going today via Fed Ex First Delivery.  Is
the previous address still the location you want these docs sent too?

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


i have talked to him and he is ok
Lisa J. Mellencamp
Enron North America Corp. - Legal
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com

	Elizabeth Sager
	05/09/2001 04:04 PM

		 To: Lisa Mellencamp/HOU/ECT@ECT
		 cc:
		 Subject: Out of Office AutoReply: PG&E Standstill - Final Draft

Lisa can you let me know if if we should contact Michael or will you be doing
so  any way
----- Forwarded by Elizabeth Sager/HOU/ECT on 05/09/2001 04:03 PM -----

	Michael Tribolet/ENRON@enronXgate
	05/09/2001 03:56 PM

		 To: Elizabeth Sager/HOU/ECT@ECT
		 cc:
		 Subject: Out of Office AutoReply: PG&E Standstill - Final Draft

I am out of the office until Friday, May 11.  If you need to contact me,
please leave a message at 713 853-3820 or contact  Emy Geraldo @ 713 853-5391
or Pam Metoyer X3-6707.  Thanks.


No--that ought to do it.  DF

	From:  Kim Wilkie                           08/04/2000 11:16 AM

To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Binders

Aside from the following, can you think of anyone else down here (or up
there) who would like to add a lovely Conoco binder to their collection??

Soldano
Benson
Storie
Huber
Mangels??
Burleson??


With the implementation of SAP, the employee expense report form has been
modified to reflect the new coding system.  The procedures for its use are
unchanged, but there are some cosmetic differences.  One item to note: the
form no longer requires entry of your Social Security Number; instead use
your new personnel number assigned through Human Resources (see
http://hrweb.enron.com).  For electronically submitted expense reports, enter
the same number on the receipt envelope.

The form is now available at the SAP website.  To access the form:

 From the Enron home page, go to the SAP intranet site http://sap.enron.com
 Choose one of the following paths:
 Click on Quick Reference Tools on the left menu
  Click drop-down arrow for Accounts Payable Forms
  Click SAP Expense Report Form

  Click on Forms and Procedures Library on the left menu
  Click drop-down arrow for Accounts Payable Forms
  Click SAP Expense Report Form
 Wait for it to load
 Click Enable Macros (or Yes, allow macros)

After you enter the data, save as Excel Workbook (.xls file extension) with a
new filename.  Do not save as Excel Template (.xlt extension).

You may print the spreadsheet for submission to Accounts Payable, or attach
it to Notes for electronic submission.  Instructions are available at the
website, on the same drop down box as the form.

If you have any questions, contact the Center of Expertise (COE) at 713
345-7427.


Dick,

PLease see attached. Click on the first tab

Monika

-----Original Message-----
From: Robinson, Richard T.
Sent: Tuesday, August 14, 2001 10:27 AM
To: Causholli, Monika
Subject: RE: Pulp Update: Inventory Rise in July Well Below Average;
Goldman Sachs High Yield Research; 8/14/01

Monika -
Do you have the latest pulp inventory curve for NORSCAN?  Thx.  DR

-----Original Message-----
From: Causholli, Monika
Sent: Tuesday, August 14, 2001 10:24 AM
To: Aguilera-Peon, Maria Teresa; Allan, David; Biggerstaff, Finley;
Boudreaux, Jay; Bruch, Greg; Bryja, James; Carter, Karen E.; Conner,
Andrew R.; Crane, Bob; Dimitry, Dirk; Rickard, Craig; Robinson, Richard
T.; Stapley, Cecil
Subject: FW: Pulp Update: Inventory Rise in July Well Below Average;
Goldman Sachs High Yield Research; 8/14/01

-----Original Message-----
From: Velez, Luis
Sent: Tuesday, August 14, 2001 10:24 AM
To: Causholli, Monika
Subject: FW: Pulp Update: Inventory Rise in July Well Below Average;
Goldman Sachs High Yield Research; 8/14/01

-----Original Message-----
From: Stivaletti, Joe [mailto:joe.stivaletti@gs.com]
Sent: Tuesday, August 14, 2001 10:22 AM
To: Stivaletti, Joe
Subject: Pulp Update: Inventory Rise in July Well Below Average; Goldman
Sachs High Yield Research; 8/14/01

Pulp Update: Inventory Rise in July Well Below Average; Goldman Sachs High
Yield Research; 8/14/01

Norscan pulp inventories rose just 4,000 tonnes in July, which is well below
the typical seasonal increase of approximately 150,000 tonnes.  Amidst all
the bad news about the pulp environment, this is good news.  Producer
downtime is certainly helping.  However, pulp prices remain quite weak, and
inventories of 1.78 million tonnes are still too high to allow for any
tightening of supply and demand in the short term.

We will distribute details of the July pulp report once they are available.

Joe Stivaletti
Goldman, Sachs, & Co.
High Yield Research
85 Broad Street, 29th floor
New York, NY 10004
(212) 902-3299


I spoke with Hunter this afternoon and he affirmed that the UBS folks that we met with Monday (2/4) ARE going to help with the gas curve validation process.  Hunter will have them get with their respective Estate regional leads (Brad/East, Kevin/Central, Joe/TX & West) to divide work and get going.  Please get together and get copies (paper and electronic) of broker quotes asap so we do not loose time.

Tim/Kathy,  you may need to have a meeting to organize, but I leave that with you.

Regards,
Ed


WSJ(1/14) UBS Emerges As Top Bidder For Enron Trading Unit

01/14/2002
Dow Jones News Services
(Copyright ? 2002 Dow Jones & Company, Inc.)

  By Mitchell Pacelle and Rebecca Smith
  Staff Reporters of The Wall Street Journal

UBS AG, the giant Swiss financial firm, emerged the apparent victor to acquire Enron Corp.'s North American energy-trading operation. Enron hopes the deal will breathe new life into its dormant trading business, once the generator of 90% of the Houston company's profit.

But obstacles to resurrecting the business remain formidable, as indicated by the fact there were only two serious bidders -- UBS and Citigroup Inc. Enron wouldn't see any serious money from the UBS deal for at least a year, indicating how difficult it will be for the energy company's creditors to recover what they are owed. Enron filed for Chapter 11 bankruptcy-court protection on Dec. 2, the largest such filing ever, shielding the company from creditors as it seeks to reorganize.

Under the terms of the deal, which is subject to bankruptcy-court approval, Enron would transfer to UBS Warburg, the investment banking arm of UBS, its wholesale energy-trading operation, including a staff of roughly 800 people and computer systems and hardware that comprised its once-mighty EnronOnline Internet-based trading platform. UBS wouldn't be acquiring any of Enron's huge book of trading positions which gradually would be unwound. It also wouldn't provide any cash upfront to Enron.

Instead, UBS would pay royalties to Enron amounting to one-third of the energy-trading enterprise's pretax profit for a 10-year period, according to Enron. UBS would have an option to eliminate the royalty payments through the payment to Enron of money in years three, four and five. UBS would pay Enron 5.75 times Enron's prior-year payment for each one-third share of royalty eliminated. As such, it could completely eliminate Enron's royalty payments by the end of the fifth year.

As incentive to buy out Enron, UBS's royalty payments otherwise would increase by 10% from years five through 10, up to a maximum of 44% share of pretax profit.

Enron Chief Financial Officer Jeffrey McMahon said yesterday that he felt it was a "grand-slam great deal" for creditors since new life is being breathed into a "perishable commodity." Enron's staff had been kept together largely on the basis of retention bonuses that expire at the end of February. The trading operation effectively suspended operations prior to Enron's Chapter 11 filing last month.

Enron had hoped to bring in a credit-worthy partner to take a 51% stake in a new trading joint venture, leaving the energy company with a 49% stake. But Mr. McMahon said no bidder was interested in that deal. There also were no bids for the trading operation from rival energy or energy-trading companies. One possible reason was that resuscitating Enron's vast trading business would require a top credit rating, lots of capital to back trading operations and an expert credit-risk department to keep track of what traders are doing and to constantly revalue the trading book.

Since the Enron debacle, other energy-trading firms have taken pains to show they are de-emphasizing commodity-like trading of electricity, which Enron pioneered, and are instead concentrating on selling their own output of energy products and entering into contracts to protect themselves against price volatility.

Mr. McMahon said he feels that "by virtue of a AA-plus bank purchasing this business, it changes the landscape of the energy-merchant business forever" by putting more clout in the hands of institutions with top credit ratings. UBS apparently hasn't committed to provide any set level of capital. There is no determination, yet, for how royalty payments would be divided among Enron's thousands of creditors.

The largest question, though, is whether the trading business can truly be revived. Although Enron's global wholesale division, which included as its biggest component the North American energy-trading operations, generated about $3 billion in pretax profit during the first nine months of 2001, it has been dormant now for more than a month. Martin Bienenstock, Enron's lead bankruptcy lawyer, characterized the deal as "the sale of something that was dead that we are trying to bring back to life."

Competitors say they think a certain amount of Enron's trades were conducted at very thin margins in order to build volume, and that such trading practice likely will disappear. "You'll see the churn going away," says Michael McNally, chief financial officer of TXU Corp., now the biggest electricity trader in Texas. He thinks EnronOnline has "significant value but there's only a limited number of people who would know how to use it." Scaled to transact trades on hundreds of types of contracts, the platform is oversized for most uses.

UBS Warburg, which bought PaineWebber in 2000, has looked to expand its U.S. market share, and the Enron deal would provide entry into energy trading. John Costas, chief executive of UBS Warburg, said Friday the Enron unit would be "a valuable extension of our world-wide trading activities."

The winner of the auction, held under the bankruptcy court's supervision, was announced shortly after noon Friday in a packed Manhattan courtroom, less than an hour after the two bidders had submitted final offers. Enron's advisers and its creditors committee, which endorsed the UBS deal, had negotiated nonstop for more than 24 hours. In addition to Citigroup, which Mr. McMahon said competed "neck and neck" with UBS, BP PLC, the British oil company, had submitted a $25 million bid for the computer settlement support system of the Enron unit.

The proposed UBS transaction is subject to approval by Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court of the Southern District of New York, who officially closed the auction to new bidders Friday. A hearing is set for Thursday at which creditors will have an opportunity to voice objections.

Separately Friday, Judge Gonzalez declined to transfer the bankruptcy case to Houston, denying motions from several creditors who had argued that Enron's headquarters city was a more suitable venue.

---

Anita Greil contributed to this article.

---

Journal Link: A four-month timeline listing pivotal events surrounding the fall of Enron is in the Online Journal at WSJ.com/JournalLinks.

(END) DOW JONES NEWS 01-14-02

12:00 AM


Tana is going to need the details of these trades - deal number, volume,
price, etc.

thanks
Sheri

 -----Original Message-----
From:  Cass, Robert B.
Sent: Tuesday, April  24, 2001 6:29 PM
To: Jones, Tana
Cc: Moorer, Torrey; Denny, Jennifer; Thomas, Sheri
Subject: Request Termination Agreements for 4 EnronOnline Transactions

Hi Tana -

We need your assistance in preparing termination letters for the transactions
listed on the attached spreadsheet and described as follows:

On Friday, April 20, 2001, four transactions occurred on EnronOnline that
were in error.  One transaction was with Coral Energy Holding L.P. and three
transactions were with Morgan Stanley Capital Group, Inc.  As mutually agreed
to by both the Enron commercial team and the respective counterparties, it
was decided that each of the four transactions would not be confirmed and
should be terminated.

The exact specifics are detailed as follows:

? The transactions occurred due to an inadvertent entry in the actual
production system of EnronOnline by a Product Control Group member, Melba
Lozano.  Melba activated a product assuming that she was in the EnronOnline
test system of EnronOnline.

? The product transacted upon is normally managed by Frank Ermis.  However,
in his absence on Friday, the product was managed by Matt Lenhart.

? Steve South, trader on the West Desk, called and notified both Morgan and
Coral that the product had been posted in error.  All parties agreed that the
transactions were not reflective of the normal pricing.  As a result they
further agreed that transaction confirmations would not be necessary and that
the deals would be "killed" on all sides.  (For reference of any telephone
tapes that may need to be pulled, the conversations with the counterparties
occurred around 2:00 pm.)

? No confirmations were generated as a result of the killing of the
transactions in TAGG.

? I spoke with Mike Grigsby on Monday (April 23, 2001) and advised him that
termination letters may be required by Legal.  He responded that he had no
problem with that.

Tana, please advise if additional information is required to complete the
termination letters or if another course of action is warranted.

Thank you,

Rob Cass
x35491


Please give Michelle Cash a call or Karen Jones in Portland.     Mark

	Eric Thode@ENRON
	10/11/2000 02:44 PM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: Contract for California Consultants

I received a call from Sam Wehn, who is in our California office.  He needs a
consulting contract written up for Gene Tackett, who provides public and
government affairs support to our California development activities.  Who
would handle writing up such a contract?  Please advise.

Eric


Gerald/Eric-

I have a couple of questions regarding TGLO transport contract
012-88494-202.  We are currently delivering a volume of 28.000mm into various
Midcon interconnects on this contract that are designated to go to
Reliant/Entex for the purpose of heating HISD schools.  The transport
contract stipulates different rates for this delivery depending on whether
the gas is intended for state facilities or not.  My first question, then,
is:  are HISD schools considered state facilities?  And, if HISD schools are
considered state facilities, does the fact that this gas is being delivered
to them via Reliant/Entex utilizing Midcon's pipe make any difference?

I am asking these questions not only to assure that we are recouping the
correct transport rate, but also to determine what the consequences might be
if I interrupt this delivery.  We are having difficulty getting enough gas
into Midcon to cover our Entex noms and I am just exploring my options.  I
would also expect that this volume should decrease when HISD closes for the
Christmas holidays- does the fact that this is an IT agreement give me enough
leverage to cut this nom if TGLO does not do so voluntarily?

Thanks for your help.


Where do you intend to have that meeting?

 -----Original Message-----
From: 	Becker, Melissa
Sent:	Tuesday, October 30, 2001 10:05 AM
To:	Beck, Sally; Becker, Melissa; Butts, Bob; Colwell, Wes; Rice, Greek; Hayslett, Rod; Wasaff, George; Hermann, Robert; Faldyn, Rodney; Sommer, Allan; Dyson, Fernley; Johnson, Jan; Howes, Carol
Cc:	Villanueva, Chantelle; Valdez, Christina; Gray, Dortha; Tijerina, Shirley; Beliveaux, Anne; Campos, Kathy; Alvarez, Gloria; Moody, Bobbie; Dennard, Virginia; Karsolich, Regina; Scott, Nicole
Subject:	Steering Committee Meeting - Global Accounting Priorities

Even though a number of us are swamped with work related to the issues Enron is currently facing, progress has been made in three of the priority areas.

The purpose of the first Steering Committee meeting was to review (1)team members and (2)plans for the first 30 days.  For those teams who have named a lead (Reporting, Communications, and Human Capital), George Wasaff and I propose that we continue with the status meeting originally scheduled for November 1 from 10-11:30 with those team leads who are able to participate (Jan Johnson, Carol Howes, and I) and any Steering Committee members who are available.  Documentation indicating team members and plans can be made available to those unable to attend.

The five priority areas were expected to move at different speeds, so we can initiate the other two teams once time permits.

Please let me know if you are able to participate, and/or if you have any problems with this proposed path forward.

Thanks!


Please remember if you are going to be out of the office on vacation or for
business matters have your assistant send me an e-mail (and copy Janette)
with the dates you will be out and the telephone number where you can be
contacted.

Thank you.


Mike Sandridge and I finally spoke on the phone.  Here are the issues which
need to be addressed to keep things moving:

1. Which transformers go where?

2. How do we deal with the two cancelled units and any cancellation charges?

3. ABB has not had a good experience with an Enron LLC arrangement, and the
contract allows for them to request payment security.  Unless they are
convinced that they aren't at risk, they will want some form of payment
security.  The contract does allow for the equipment to be paid off (except
retainage) to facilitate the assignment.

Mike is available Thursday to discuss these issues, and how to get the break
out contracts closed. I'm available any time.

Kay


Mike Kahn: 415.986.2800.  ext. 205.    Let me know how it goes.

Best,
Jeff

P.S.  And I mean this in all seriousness.....  Many months ago, you were
sitting in our small conference room and said, "The Governor needs to take
control and initiate a negotiation, or summit."  Looks like he finally
figured it out.


11:15 today still works.


It is with sadness and regret that we announce that Cliff Baxter is resigning
as an employee of Enron.  We are happy, though, that Cliff,s primary reason
for resigning is to spend more time with his family.

Cliff is a unique talent.  His creativity, intelligence, sense of humor, and
straightforward manner have been assets to the company throughout his
career.  He will be missed.

Cliff joined Enron in 1991 and was a key member of the team that built Enron,
s wholesale business.  Before becoming Vice Chairman of Enron, Cliff served
in a variety of positions in Enron,s wholesale businesses, culminating in his
appointment as Chairman and Chief Executive Officer of Enron North America in
1999.

We have asked Cliff, and he has agreed, to continue in a consulting role for
the company while concluding negotiations on a number of key asset
dispositions.

Please join us in thanking Cliff for his service to the company and in
wishing him the very best.


hey- my deals made into the weekly buzz edition- see second paragraph below
---------------------- Forwarded by Kay Quigley/HOU/EES on 11/21/2001 09:56 AM ---------------------------

From:	The Buzz on 11/16/2001 06:26 PM
To:	Buzz
cc:
Subject:	the Buzz, Friday, November 16, 2001 (Additions)

the Buzz		Friday, November 16, 2001

In the Buzz this week:

EES Keeps the Fire Burning

EES Q4 Deals: EES is pounding the pavement, making calls and (of course) making deals. The Third Party Sales Group continues to dominate the small business market in Texas, New York and Massachusetts, currently signing over 2000 new deals each week. Texas, which is known for doing everything in a big way, accounts for about 60 percent of the new deals signed. With success in the three markets already achieved, the Third Party Sales Group has moved into new territory, the Illinois market. The Third Party Sales Group, which was established less than five months ago, has already signed up more than 24,000 customers.

The Mid Market group is also bringing new customers into the fold. In these first few weeks of Q4, the Mid Market group has added Boston Market and Holiday Inn in New York, Moody Gardens and American National Insurance Company in Galveston, the Jewish Community Center Houston, Gulf Coast Retailers Association, El Fenix Restaurants in Dallas and Maxim.

The commercial, manufacturing/industrial and regional commodity groups are continuing to offer EES' products and services to large business consumers and have successfully brought in several large deals over the past few weeks. New customers include Sonoco, Wendy's, Unilever and Sara Lee with gas contracts and Ball Corp, Oil Tanking and Sysco with power contracts in Texas.

Customer Information and Support: Prior to and following Enron's merger with Dynegy, customers have expressed many questions about EES and where we stand on our contracts. A letter along with a Q&A about EES' position was distributed to customers on November 14 outlining our continued commitment to our contracts and our ongoing efforts to provide excellent customer support. Click here  to read the letter and Q&A sheet.

Inquiries and Customer Satisfaction Support: For the past four months, the EES Business Center has successfully been serving as EES's primary contact and has been instrumental in delivering superb customer care. Please continue to route any general inquiry call that you receive to the center at 800-337-7827. Additionally, if you receive media inquiries, please refer calls to the appropriate contacts outlined below. This information is also available on the Resources Shelf that is accessible from the EES homepage.

General business inquiries:
EES Business Center	800.337.7827		EESBusinessCenter@enron.com

Media/Press inquiries:
Laura Schwartz		713.853.4535		Laura.Schwartz@enron.com
Laurie Shults		713.345.1753		Laurie.Nickel@enron.com

Lead$ Referral Program's Weekly Winner: Congratulations to Robert Foster, this week's winner of the $250 cash prize in the Lead$ Referral Program! Robert, Manager, Transaction Support, joins recent past winners Joe Bucio and Bill Walding, in the winner's circle for the weekly prize drawing. In the first three weeks of the program, a total of $750 has been awarded. Winning is easy! To be entered in the drawing, all you need to do is flip through your Rolodex and submit the names of companies and contacts that EES origination can call on! Submit your leads online at the Lead$ Referral Program. A $250 prize will be awarded each week from now until January 31, 2002. At the end of the program, all persons who submitted leads will be automatically entered in a grand prize drawing for $10,000! You could be the next big winner. Click here  to begin turning your Rolodex into cash!

Deal Structuring Brown Bag: The November 14 Brown Bag presentation with Deb Merril, Director, Deal Management, is now available on Video Central. Deb provided an overview of the "life of a deal" and explained how Deal Structuring, which acts as the "gatekeeper between Origination, Desks and Operations," participates in the successful completion of a deal. Click here to view  the presentation or download slides.

Attention Outlook Users!!: Many Outlook users are unable to access the links in the Buzz and other email notices sent from Lotus Notes. To correct this problem, follow these steps:
1.	Go to the Outlook inbox
2.	Click "Tools" on the top task bar
3.	Click "Options"
4.	Click "Security" tab
5.	Click "Attachment Security" button
6.	Change security from "high" to "none"
The email links should now work properly. If you are having difficulty, call the help desk at extension x39797 and representatives can walk you through the change.

The Dynegy/Enron Merger
Dynegy and Enron Merger: On November 9, Dynegy and Enron announced an agreement for a merger between the two companies which is expected to confirm the value of Enron's core business, rebuild customer, counter party and investor confidence and strengthen Enron's liquidity. Of the potential options considered outside of a merger, few could provide "the earnings potential and immediate synergies" that a combination with Dynegy could provide according to Greg Whalley, Enron president and chief operating officer.

The new organization will focus on core businesses including wholesale energy markets and commercial and industrial energy users. Enron will continue to act as an independent company until the merger, which is expected to close at the end of Q3 2002, is complete. Click here  to view the press release outlining the merger details and the merger Q&A.

Enron Investor Update Conference Call: Enron held an investor conference call early Thursday morning to provide investors with an up to date overview of the company's current situation. During the call, Ken Lay, chairman and chief executive officer of Enron, reviewed occurrences which led to the current loss in investor confidence and decline in liquidity such as bad investments, "perceived" conflicts of interest in related-party transactions, lack of transparency and errors in financial statements. "We fully understand and regret the combination of events that have resulted in loss of investor confidence," said Lay, and we "are fully committed to fixing the problems."

In an effort to restore operational and financial momentum, Enron will be split into Core and Non-Core businesses and Businesses Under Review.
?	The core businesses which were performing at all time highs prior to the events that lead to the merger with    	Dynegy provide "significant earnings and cash flow opportunities with unique competitive advantages," 		according to Greg Whalley, president and chief operating officer. Core businesses include the natural gas 		pipeline business, and the gas and power, retail and coal busniesses in North America and Europe.
?	Non-core businesses such as broadband and Azurix will be divested and the earnings will be used to repay 		debt and reinvest in core businesses.
?	Businesses Under Review are potential future markets outside of power and gas wholesale businesses.

The conference call is separated into five sections: Introduction, Business Overview, Business Segment Update, Financial Review and Outlook and Q&A session for easy access to needed information. Click here  to listen to the conference call.

Dynegy and Enron Investor Conference Call: In Monday morning's conference call, Dynegy and Enron executives reviewed the merger details and fielded questions from investors. Chuck Watson, Dynegy chairman and chief executive officer, reiterated the strength of Enron's core business units and the high level of integrity of the people working in the trenches. Watson and Ken Lay also spoke of the advantages that Enron's business units would bring to the new organization with Watson making specific note of EES. "EES is three to five years ahead of Dynegy's retail unit" and is an "earnings contributor and growth engine that will continue in the combined company" according to Watson. The conference call replay will be available until 5:00 p.m. EST, Monday, November 26. Click here  to listen to the conference call.

Conference Call Slide Show: If you don't have time to listen to the conference, the slideshow presentation is also available. Click here  to view the presentation.

Enron Elects New Treasurer: Raymond M. Bowen, Jr., the former chief operating officer of Enron Industrial Markets, has been elected as the new executive vice president - finance and treasurer. "Ray has extremely good credibility with the investment community," according to Ken Lay and is "well respected and trusted by banks and other financial institutions."

EES Customer Corner
Starwood Makes the Grade: EES customer, Starwood Hotels & Resorts Worldwide, Inc. earned the distinction of having over 30 of its top hotels and resorts included in Conde Nast Traveler's 2001 Readers' Choice Awards List. The November 2001 edition of Conde Nast Traveler includes the magazine's 14th Annual Readers' Choice Awards that features the Top 100 "Best in the World" list which rates the best in hotels, resorts, cities, islands, cruise lines, airlines and car rentals. Nine Starwood properties earned the distinction of making the Top 100 "Best in the World" hotel list, while 24 additional Starwood properties were included in other top regional hotel and resort lists.

University of California Irvine Receives Energy Grant: The University of California, Irvine, an EES customer, has received a $3 million grant from the California Energy Commission for research designed to promote more widespread use of alternative fuels and power generation.

The Buzz will return on November 29
Have a happy and safe Thanksgiving


On Monday, July 10th, I have two attorneys starting w/ ENA Legal Department.
Marcus Nettleton is transferring from EBS and Robert Bruce is from an outside
firm.  Can we please get the computer equipment set up for these two
gentlemen on Monday afternoon?  The cubes they are moving into will be
constructed on Friday 7/7/00, and completed by Monday 7/10/00.

Thanks.

Joya' F. Davis
Sr. Admin. Assistant
ENA Legal Department
EB3855A
joya.davis@enron.com
(713) 853-9559 DID
(713) 646-4842 FAX


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/01/2000
11:23 AM ---------------------------

Shirley Crenshaw
02/01/2000 08:32 AM
To: Clayton Vernon/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, Vasant
Shanbhogue/HOU/ECT@ECT
cc:
Subject: Re: mtg with Vince and Vasant Wednesday

The meeting is scheduled for Wednesday, Feb 2 at 10:00 AM in EB 19C2.
There is a projector in that conference room already.

Thanks!

Shirley

Clayton Vernon@ENRON
01/31/2000 03:05 PM
To: Shirley Crenshaw/HOU/ECT@ECT
cc:
Subject: mtg with Vince and Vasant Wednesday

Shirley-

Vince asked me to arrange a mtg Wednesday between himself, Vasant and I (for
30 minutes+). Can you coordinate this? (I already emailed Vasant and told him
about it). I would like an overhead projector for it, if possible. Thanks,

Clayton


fyi
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 06/18/2001
08:43 PM ---------------------------

	From:  Christi L Nicolay                           06/18/2001 07:17 PM

To: Elizabeth Sager/Enron@EnronXGate, Jeffrey T Hodge/Enron@EnronXGate, Mark
Taylor/Enron@EnronXGate
cc: Lisa Yoho/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, James D
Steffes/NA/Enron@Enron, Mark E Haedicke/Enron@EnronXGate, Richard
Shapiro/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, John J
Lavorato/Enron@EnronXGate, Louise Kitchen/HOU/ECT@ECT, Richard B
Sanders/Enron@EnronXGate

Subject: FERC question 1 re: Enron OnLine

ENA legal -- Kim Bruno is one of the FERC staff that visited the Enron gas
and power trading floors last week.  Can you provide us with a response to
his questions?  I'll set up a conference call if necessary to discuss before
we respond.  I talked with Kim today and told him that we would be responding
within several days and he is fine with that.  Thanks.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 06/18/2001
07:11 PM ---------------------------

"Kim Bruno" <kim.bruno@ferc.fed.us> on 06/14/2001 05:19:01 PM
To: <Christi.L.Nicolay@enron.com>
cc:

Subject: Enron OnLine

In providing an answer to our questions regarding risk assessment or
management, would you please provide an explanation to the following?  We
understand that EOL requires that a counter party, before accessing EOL to do
business with Enron North America, must undergo a credit worthiness
evaluation.   When a counter party executes or clicks on a price, EOL does an
instant credit check before confirming the transaction.

However, Enron may not only buy from a counter party, it may sell.  What sort
of creditworthiness standards must Enron provide to a counter party utilizing
EOL to purchase from Enron?

Are there industry standard creditworthiness agreements regarding counter
party credit risk that Enron uses?  If yes, may we have copies?  If Enron
utilizes its own agreements, please provide us with a copy.

Thank you.

Kim Bruno
Market Oversight and Enforcement
Office of the General Counsel
888 1st Street, NE, Room 92-19
Washington, DC  20426
(202) 208-0770 (office)
(202) 208-0057 (fax)


---------------------- Forwarded by Kimberly Brown/HOU/ECT on 11/28/2000
08:35 AM ---------------------------

	From:  Amanda Huble @ ENRON                           11/28/2000 08:46 AM

To: Becky Young/NA/Enron@Enron, Laura Harder/Corp/Enron@Enron, Jessica
Presas/Corp/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT,
Kimberly Brown/HOU/ECT@ECT
cc:
Subject: Gas Fundamentals Website Update

Please forward to your groups!

Thank you,
Amanda Huble
---------------------- Forwarded by Amanda Huble/NA/Enron on 11/28/2000 08:42
AM ---------------------------

David Dronet
11/28/2000 08:41 AM
To: Amanda Huble/NA/Enron@Enron
cc:

Subject: Gas Fundamentals Website Update

Morning,

 As some of you may have noticed we have added security to the Gas
Fundamentals Website.
If you encounter this screen when accessing http://gasfundy.corp.enron.com

simply login with your Windows Domain name and password.  This is the same
account you would use to logon to
your PC.  If you do not wish to be prompted with this information again,
check the "Save this password in your password list" option and
you will not encounter this pop up when accessing the website.

Thank you,

David Dronet
xt 53482


Here's my proposal for how we cover siting issues for Dave P. and Sam W. in
California.  Let me know your response to the discussion and clarify as
necessary.  I want to send this to Dave and Sam ASAP.

Legislative activity:

? Issues that affect generation owners and operators:  We will rely primarily
on IEP and only take a position on legislation or administrative activity
that uniquely affects us.  (Mirant, Southern, AES, etc. have a greater
interest in these issues that we do, given our business plan).  [Model is
legislative and adminstrative effort to change basis for taxing power
plants.]
? Issues that affect siting or project development:  We will rely primarily
on IEP, but will proceed with legislative proposals that have a high value to
Enron.  [Model is the effort that Mike Day has engaged in--i.e., drafting
legislation to consolidate conflicting administrative action on siting, etc.]
? Primary point of contact within Government Affairs:  Susan Mara
? Primary point of contact in Sacramento:  Scott Govenar

Administrative activity--CEC, CARB, etc.:

? Primary point of contact on environmental issues:  Mary Schoen.
? Primary point of contact if high level contacts need to be made within the
agencies:  Susan Mara.  Our lobbyists have the ability to make these high
level contacts on our behalf--particularly the Governmental Advocates firm.
[From time to time it may be necessary to contact the CEC to expedite permit
writing, etc.]

Local agency/community affairs activities:

? Primary point of contact for issues that arise from local concerns that may
require legislation:  Susan Mara.  [Model on this issue is the Williamson Act
legislation.  The issue and solution was identified at the local level.  The
solution required legislation, which was then promoted in Sacramento.  GA
acted to coordinate the efforts.]


Justin:
Thanks for the info.  Alan and I are going to work on it from this side.  It
sure looks like we could use a lawyer in New York.  After you and Alan talk
it through, let's agree on a plan to get the work done in NYC to make sure we
are coordinated.

Mark

	Justin Boyd
	07/12/2000 05:19 AM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: Re: MG + Romulus and New York

Mark,

Here are details of the number of employees based in New York

Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 12/07/2000 11:20
---------------------------

Richard Sage
11/07/2000 23:18
To: Justin Boyd/LON/ECT@ECT
cc: Nigel Sellens/LON/ECT@ECT, Melissa Laing/LON/ECT@ECT

Subject: Re: MG + Romulus and New York

The information I am working from shows:
MG: 60
RW: 30
but I'm defer to Melissa for accuracy.

Justin Boyd
11/07/2000 18:58
To: Nigel Sellens/LON/ECT@ECT, Richard Sage/LON/ECT@ECT
cc:

Subject: MG + Romulus and New York

Gentlemen,

Please could you tell me how many employees are located in New York - this
would include both MG as well as Romulus employees.

Thanks

Justin


Hello all:

Norberto telephoned me this morning and will not be able to come on
Friday, May 5th.  We have rescheduled the interview for Monday, May 1.

The times are as follows:

Vasant Shanbhogue  1:00 PM
Vince Kaminski  1:15 PM
Clayton Vernon  1:30 PM
Stinson Gibner  1:45 PM
Tanya Tamarchenko  2:00 PM
Grant Masson   2:15 PM

They will be conducted in EB1938

Thanks!

Shirley


The request has been completed with all resources requested either completed
or rejected. You can view the details of the  request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000024618&Page=
MyReq.


Cara,

I have a dispute  from Pinnacle West for Sept 12 at $40.  I've checked the sheets and the deal is in the sheet, but there is no deal number.  This leads me to believe that there isn't a deal in Enpower.  The deal is PV HV and Staci remembers the problem.

Let me know when we can talk about this

 thanks

Mike P. Purcell
Settlements Coordinator
Volume Management-Portland
503-464-8297