Congratulations to you on a job well done!  Yesterday's meeting with Joe
Sutton demonstrated all of your hard work.

As you saw yesterday, there's a very high probability that this program will
become reality.  This means we need to consider what our next design,
development and implementation steps are.

Press Release
Another important consideration includes a possible near-term press release
(three weeks or less possibly).   Those who have already press released this
(Ford, Delta, American and Intel) have included the following in their press
release : company purpose and benefits, hardware vendor/specs, web portal
elements, planned deployment period, elig. employees, co-pay if any, and
other business partners involved in this transaction.  For those of you who
are working with vendors, please pursue final steps up to the point of
contract execution.  For the portal development and IT infrastructure, please
proceed with next steps inthose areas as well.  I will work on employees
elig., updating the npv model, and drafting a press release with your input.

Co-Pay
Tax and Legal have begun discussions about how a partial company subsidy or
employee co-pay impacts this program.  If you have a position on this matter,
please let Tony, Sharon or myself know.  Cynthia, what additional admin costs
are involved with a co-pay? Can you provide input?

BU Input
Cindy asked that Todd N, Allen H and myself meet with EBS upper management to
discuss this program for input.  I will call when we get on Kevin's calendar.

PGE
Tony, if we do not offer this to PGE employees, does it preclude us from
taking the positive employee tax treatment proposed in the pending
legislation?

Thanks again for all of your hard work.

I have asked Stacey Dempsey to coordinate a meeting to regroup the team to
discuss the details that I have mentioned above and any other detail
necessary.


Teresa:

Please change Elena Chilkina's payroll record to reflect non-exempt instead
of exempt in order for her to be paid overtime.  Vince Kaminski has approved
this action.

Her time site is:  0428

If you need anything else, please let me know.

Thanks!

Shirley
3-5290


that is real nice.  you hate fat people huh?


Are you ok with this (they would not be listing, as agent for 3 listed
utilities)?
----- Forwarded by Tana Jones/HOU/ECT on 04/24/2001 09:54 AM -----

	Sharen Cason
	04/24/2001 09:34 AM

		 To: Samuel Schott/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Rhonda L
Denton/HOU/ECT@ECT, Walter Guidroz/Enron@EnronXGate, Tom
Moran/Enron@EnronXGate, Stephanie Sever/Enron@EnronXGate, Larry Joe
Hunter/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON
		 cc:
		 Subject: Alliant Energy Corporate Services

I have checked with Kim Theriot and if no one has any objections, we would
like to be consistent with the way we have handled agency situations
previously.  Set the name  up in Global as Alliant Energy Corporate Services,
Inc. , as authorized agent .  I will make a counterparty specific template
that includes the rest of the legal name of the counterparty.  We have sent
this format to other agency entities and it was accepted.

Please let me know when this has been done.  We will have to move records in
the Enpower system because a new record was set up.

Thanks!


What's the date again?

-----Original Message-----
From: Delaney Hunter [mailto:dhunter@s-k-w.com]
Sent: Thursday, October 11, 2001 2:25 PM
To: Jeff Dasovich (E-mail)
Subject: CESG Annual Retreat

Jeff-
Hey there! Will you please moderate a panel for me at the CESG Annual
Retreat? Below are the details. Just let me know.

Thanks,
Delaney

V.	Natural Gas Market Development. California has proceeded over the last
several years from 	a nuclear/hydro/QF price based generation cost base to
one dominated by natural gas costs - 	what's ahead for gas?
Proposals for new or enhanced interstate and intrastate pipelines, LNG
development, storage facilities as well as future price outlooks, etc.

Moderator: 	Jeff Dasovich - Enron

Panelists:	Keith McCrea - California Manufacturers & Technology Association
		Clark Smith - El Paso Corporation
Bill Wood - California Energy Commission
		Randy Wu - The Utility Reform Network
			Representative - Sempra


Don't I know...they are smart and loving, but a little short on the details
sometimes, aren't they!  --Sally

"Cindy White" <cwhite@viviance.com> on 02/15/2001 02:47:14 PM
To: "Sister" <sally.beck@enron.com>
cc:
Subject: Don't send a dad...

From the Don't Send a Dad to do a Mom's Job Department....

Brigeda just went to her 2nd ortho appointment.  I had a deadline so did not
attend--Richard did.  Apparently Brigeda's treatment plan has changed.  So I
asked Richard what had changed--he didn't know and didn't ask....

Grrr....


What's shakin?  Any good fantasies about me lately?

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


Will there be a Buyback ticket for Formosa during August 2000 activity.
  Deal #:  92881 expired July 31,2000.


Patricia,

I need to know what futures products you are trading?

	Patricia Tlapek
	06/21/2000 06:44 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Enron North America Corp. NYMEX Hedge Exemption Applications

Tana,

I do have a futures trading account.

Tricia Tlapek Ext. 36615
---------------------- Forwarded by Patricia Tlapek/HOU/ECT on 06/21/2000
06:43 PM ---------------------------

	Enron North America Corp.

	From:  Mark Taylor @ ENRON                           06/21/2000 06:39 PM

Sent by: Enron Announcements@ENRON
To: All Enron Houston, Everyone_in_ECT_Calgary, Everyone_in_ECT_London,
Everyone_in_ECT_Portland, Everyone_in_ECT_New York, Everyone_in_ECT_Denver,
Everyone_in_ECT_Oslo, Everyone_in_ECT_Singapore, EI-Australia, Buenos Aires
Argentina - Office Staff, Buenos Aires Argentina - TGS Office Staff, Enron
Everyone_EOG_Denver, Enron Everyone_EOG_Calgary
cc:
Subject: Enron North America Corp. NYMEX Hedge Exemption Applications

We are in the process of preparing applications for position limit exemptions
for ENA,s NYMEX energy commodities futures trading.  These applications
require that ENA represent whether its officers, employees, owners, or agents
have a power of attorney, control or have a financial interest in any other
related commodity future(s) account either individually or acting with
another person pursuant to express or implied agreement.

Please direct any responses to my paralegal, Tana Jones, via intercompany
email or call her at (713) 853-3399 by the end of business Friday, June 30,
2000 if you have any power of attorney, control or have a financial interest
in any commodity futures account (other than an ENA or other trading
affiliate account).

IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO RESPOND TO
THIS REQUEST.


Unsubscribe directions are on the bottom of this letter.
Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Thursday, May 31, 2001 No. 751
Visit our website at: http://www.enerfax.com,
if a friend would like to receive our daily free email  write Enerfax-subscribe@egroups.com.
For Oil Prices & News write enerfax@enerfax.com with the email address to subscribe or go to http://www.enerfaxgold.com
Please view in a fixed-width font such as Courier.

GAS FUTURES
Henry Hub
12 Month Strip  4.1437
18 Month Strip  4.0980
| Month | High  |  Low  | Close | Change |
| JUL   | 3.990 | 3.670 | 3.981 | +0.171 |
| AUG   | 4.070 | 3.750 | 4.055 | +0.162 |
| SEP   | 4.100 | 3.815 | 4.087 | +0.157 |
| OCT   | 4.100 | 3.845 | 4.117 | +0.155 |
| NOV   | 4.282 | 4.020 | 4.282 | +0.140 |
| DEC   | 4.460 | 4.190 | 4.447 | +0.126 |
| JAN   | 4.520 | 4.270 | 4.525 | +0.124 |
| FEB   | 4.400 | 4.160 | 4.408 | +0.117 |
| MAR   | 4.215 | 3.990 | 4.239 | +0.109 |
| APR   | 3.870 | 3.665 | 3.896 | +0.083 |
| MAY   | 3.800 | 3.600 | 3.821 | +0.068 |
| JUN   | 3.840 | 3.680 | 3.866 | +0.063 |

PHYSICAL GAS PRICES
| Gulf/Eastern Region              |        |
| Agua Dulce                       |  3.60  |
| ANR SE                           |  3.64  |
| Carthage TG                      |  3.65  |
| Chicago Citygate                 |  3.75  |
| Columbia Gulf Onshore            |  3.63  |
| Dominion TTT South(CNG S. Point) |  3.93  |
| Henry Hub                        |  3.66  |
| Houston Ship Channel             |  3.70  |
| Katy Hub                         |  3.64  |
| NGPL - Midcontinent              |  3.54  |
| NGPL STX                         |  3.56  |
| NGPL TX/OK                       |  3.64  |
| Niagara                          |  3.86  |
| Sonat Tier 1                     |  3.67  |
| TCO IPP Pool                     |  3.87  |
| Tetco ELa                        |  3.62  |
| Tetco M-3                        |  3.97  |
| Tetco STX                        |  3.57  |
| TGP Zone 0                       |  3.57  |
| TGP Zone 1                       |  3.65  |
| TGT Zone SL                      |  3.62  |
| New York Citygate                |  3.98  |
| Transco Station 65               |  3.76  |
| Transco Zone 6 (NY)              |  3.98  |
| Trunk ELa                        |  3.53  |
| Western Region                   |        |
| California Border                | 10.15  |
| El Paso Permian                  |  3.49  |
| El Paso San Juan                 |  2.80  |
| Waha Hub                         |  3.52  |
| Canadian/Rockies Region          |        |
| Nova/Aeco (in C$/GJ)             |  4.92  |
| Dawn Hub/Union                   |  3.86  |
| Northwest Stanfield              |  3.56  |
| Wyoming Pool                     |  2.48  |
| Opal                             |  2.55  |
| PGT-Malin                        |  4.12  |
| Sumas                            |  3.55  |

POWER FUTURES
| Month |   COB   | Change |   PV    | Change |
| JUL   | 300.00  | +0.00  | 325.00  | +0.00  |
| AUG   | 360.00  | +0.00  | 365.00  | +0.00  |
| SEP   | 225.00  | +0.00  | 210.00  | +0.00  |
| OCT   | 215.00  | +0.00  | 155.00  | +0.00  |
| NOV   | 185.00  | +0.00  | 105.00  | +0.00  |
| DEC   | 220.00  | +0.00  | 110.00  | +0.00  |
| JAN   | 175.00  | +0.00  |  90.00  | +0.00  |
| FEB   | 160.00  | +0.00  |  80.00  | +0.00  |
| MAR   | 115.00  | +0.00  |  70.00  | +0.00  |
| APR   |  72.00  | +0.00  |  70.00  | +0.00  |
| MAY   |  72.00  | +0.00  |  70.00  | +0.00  |
| JUN   |  72.00  | +0.00  |  90.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| JUL   |  90.00  | -3.00  |  86.00  | -4.00  |
| AUG   |  90.00  | -3.00  |  75.00  | +0.00  |
| SEP   |  42.50  | -1.50  |  36.50  | -1.00  |
| OCT   |  36.00  | -1.50  |  34.25  | -1.25  |
| NOV   |  36.00  | -1.50  |  34.25  | -1.25  |
| DEC   |  36.00  | -1.50  |  34.25  | -1.25  |
| JAN   |  38.50  | -1.50  |  37.50  | -1.25  |
| FEB   |  38.50  | -1.50  |  37.50  | -1.25  |
| MAR   |  35.50  | -1.75  |  34.50  | -0.50  |
| APR   |  35.50  | -1.75  |  34.50  | -0.50  |
| MAY   |  40.00  | -4.00  |  39.00  | -1.50  |
| JUN   |  52.00  | -5.00  |  49.00  | -2.75  |

POWER FUTURES
| Month |  PJM  | Change |
| JUL   | 84.00 | -3.00  |
| AUG   | 74.00 | +0.00  |
| SEP   | 39.75 | -1.25  |
| OCT   | 36.25 | -0.50  |
| NOV   | 36.25 | -0.50  |
| DEC   | 36.25 | -0.50  |
| JAN   | 42.00 | -1.00  |
| FEB   | 42.00 | -1.00  |
| MAR   | 37.50 | +0.00  |
| APR   | 37.50 | +0.00  |
| MAY   | 40.50 | -2.00  |
| JUN   | 51.00 | -4.00  |

NATURAL GAS OPTIONS
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| JUL   |  3.981  |  28  |   56.42%    |
| AUG   |  4.055  |  58  |   55.42%    |
| SEP   |  4.087  |  91  |   56.51%    |
| OCT   |  4.117  | 119  |   56.99%    |
| NOV   |  4.282  | 150  |   57.45%    |
| DEC   |  4.447  | 182  |   57.96%    |

PHYSICAL POWER PRICES
|            |  High   |   Low   | Average |
|            |  $/MWh  |  $/MWh  |  $/MWh  |
| Cinergy    |  21.50  |  17.00  |  18.70  |
| ECAR       |  21.45  |  17.65  |  19.35  |
| ERCOT      |  37.00  |  32.75  |  35.15  |
| Entergy    |  35.25  |  33.50  |  34.60  |
| TVA        |  23.00  |  18.90  |  20.60  |
| ComEd      |  20.00  |  19.50  |  19.85  |
| PJM West   |  28.50  |  27.25  |  28.30  |
| Main       |  21.50  |  16.00  |  18.30  |
| MAPP       |  23.25  |  20.50  |  22.40  |
| Palo Verde | 140.00  | 115.00  | 125.85  |
| Mid C      | 115.00  | 100.00  | 104.15  |
| COB        | 115.00  | 115.00  | 115.00  |
| 4 Corners  | 170.00  | 160.00  | 165.00  |
| Mead       | 170.00  | 150.00  | 170.00  |
| NP 15      | 200.00  | 150.00  | 154.60  |
| SP 15      | 210.00  | 130.00  | 173.80  |
_______________________________________________

For a Free White Paper Report from FAME:

Forward Curves Managing Price Risk

Go to http://www.fame-energy.com/fcreg.htm
_________________________________________________

Today's Power Bulletins
 * Dominion Applies to Renew Virginia Nuclear Licenses
 * EU Approves Shell/United Technologies Fuel Cell Joint Venture
 * Enron's Dabhol Stops Generating Power
 * India Prime Minister Says Government Committed to Resolve Enron Dispute
 * New Southern California Edison Default Leaves Analysts Wary
 * Stage Two Emergency Declared, Electrical Usage Trending Higher; California ISO Urges Conservation
 * Ingersoll-Rand Tells Senate Committee How Microturbine Technology Helps to Address America's Energy Needs
 * El Paso Announces 340 MW Natural Gas Fired Power Plant Development in Michigan
 * Western Spot Power Prices Jump as Hot Weather Propels Demand
 * PJM Spot Power Prices Continue to Fall on Low Demand
 * Mid-Continent Power Prices Drop Again; Mild Weather Forecast to Continue
 * Most Southeast Spot Power Prices Fall with Natural Gas and Mild Weather
 * Diablo Canyon Nuclear Power Plant Unit 2 Back On Line
 * American Superconductor Positioned to Meet Critical Power Grid Needs

More stories with bulletins at http://www.enerfactsdaily.com
____________________________________________________

GET REAL about energy risk management with KWI

In today's fast moving energy markets you need to be able to manage risk in real time.

That means knowing before you hit a risk problem, not afterwards when it may be too late to prevent big losses spreading right through your enterprise.

With kW3000(tm), our multi-commodity, integrated front to back office software, you can monitor your Profit At Risk(tm), counterparty risk and mark-to-market all in real time.

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Americas: +1-281-681-3301 / Europe: +44 (0) 20-7386-2700 / Asia Pacific: +61(0) 2-9976-6111
________________________________________________

Today's Gas Bulletins
 * FERC Approves Iroquois $174 Million
 * Eastchester Expansion Project to Ship Additional 220 MMcf per Day to New York City
 * International Petroleum Exchange Shareholders Approve IntercontinentalExchange Bid
 * Woodside Begins Marketing Natural Gas from Southeast Australia Find
 * Dennis McFarland Elected NiSource Vice President and Treasurer
 * Enbridge and BC Gas International to Operate Oman National Natural Gas System
 * PG&E Declares Open Season for 1.2 Bcf per Day of Capacity on Redwood, Baja and Silverado Paths which Transport Natural Gas from Malin, Oregon; Topock, Arizona; and California Production
 * Allegheny Ventures to Acquire Fellon-McCord & Associates and Alliance Energy Services Partnership

More stories with bulletins at http://www.enerfactsdaily.com
__________________________________________________

North American Gas Storage Conference
Storage 2001 - 2002:
Source of Stability or Chaos?
June 22, Houston

Find the answers at Ziff Energy's natural gas storage conference.  A blockbuster roster of industry leaders from the utility, trading, pipeline and storage sectors in each of the North American storage regions will present timely, relevant information you can use. This conference will assist you in making critical decisions about your natural gas storage strategy for peaking and the remaining seasonal base fill. The game has changed - storage strategy has been kicked up a notch from buying for seasonal fill to real-time risk management.

Session 1 Supply Shortage or Storage Inefficiencies: Last Winter's Saga
El Paso Corporation - Byron Wright, VP
Energy Information Administration, DOE - Jim Thompson, Industry Analyst
Keyspan Energy - David Manning, Senior VP, Corporation Affairs
Axia Energy - David Modesett, VP

Session 2 The Changing Storage Paradigm:
Dynamic Storage Service vs Seasonal Fill
AEC Storage & Hub Services Inc. - Rick Daniel, President
Williams Energy Marketing & Trading - Blake Herndon, Director, Risk Management
NiSource Inc. - T.J. Aruffo, VP Energy Supply Services
Enron North America - Paul Bieniawski, Director
Duke Energy Gas Transmission - David Nightingale, VP MHP

Session 3 Pricing it Right and Reducing Risk:
Can We Expect Stability or Chaos in Winter 2001 - 2001?
Aquila Energy - Mark Cook, VP The Exchange Center Conoco Gas and Power Marketing - Brad King, VP Storage
Sempra Energy Trading - Dan Guertin, Meteorologist

For more information or to register visit
http://www.ziffenergyconferences.com, call 1-800-853-6252,
or email us at gasconference@ziffenergy.com
________________________________________________

Natural Gas Futures Rally

    Natural gas futures jumped sharply higher yesterday following the AGA report of a 99 Bcf increase in natural gas storage last week, below market expectations. Prices slumped early as traders awaited the release of the inventory data. The July contract gained $0.171 to $3.981 per MMBtu. August climbed $0.162 to $4.055 per MMBtu. Some traders are not convinced the rally, which saw the market climb $0.30 from the Wednesday trading low, is for real. El Paso was a large seller yesterday, but they got taken out by Enron buying. Look for the market to open even higher this morning as it takes out $4.00. Natural gas prices for next day delivery across the US and Canada were generally lower yesterday, except in the west where spot prices continue to rise sharply. Natural for next day delivery at the Henry hub dropped $0.17 to $3.66 per MMBtu.
________________________________________________

VISIT http://www.enernetdaily.com/restruc.pdf
TO SEE YOUR FREE ISSUE OF RESTRUCTURING TODAY.
To order write restruc@enerfax.com or call 504-893-9225 and receive the discounted price of one year , 255 issues for $437. You must order by June1,2001
Restructuring Today reports the twists, plans, failures, strategies, shocks, absurdities, new sales and buying methods in what's becoming American's biggest industry.
Restructuring Today's editors will tell you what the CEOs making the big decision are thinking and planning.  And those editors cover more seminars than you can imagine going to (or paying for).  They're guided by a network of correspondents in state capitals.
Restructuring Today's editors are directed not to write what the news is but to report what the news means.  It may seem opinionated but Restructuring Today's analysis is frequently mentioned when we survey readers about what they find useful in the daily reports.
_________________________________________________

Natural Gas NYMEX Volume
01JUN   42,031
01JLY   30,518
01AUG    8,975
01SEP    3,320
01OCT    3,030
01NOV    1,707
01DEC    3,588
02JAN    1,399
02FEB      637
02MAR    1,365
02APR    1,191
02MAY      167
02JUN      175
02JLY       61
02AUG      190
02SEP       94
02OCT    1,064
02NOV       90
02DEC    1,455
03JAN      137
03FEB       32
03MAR       26
03APR       12
03MAY       12
_______________________________________________

NATURAL GAS STORAGE REPORT

           Week                                    Prev    5
           Ending    Prev                   Prev    Year   Year
| Region | 5/25/01 | Week | Diff | % Full | Year | % Full|Average
| Prod   |  410    |  390 |  20  |  43%   |  363 |  38%  |  423
| East   |  624    |  558 |  66  |  34%   |  601 |  33%  |  627
| West   |  247    |  234 |  13  |  49%   |  310 |  61%  |  258

| Total  | 1281    | 1182 |  99  |  39%   | 1274 |  39%  | 1308
_______________________________________________

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_________________________________________________

California Governor Gives FERC 30 Days to Act or Else

   Californias governor says he will give FERC at least 30 days to take steps to help solve the state's energy crisis before going forward with the lawsuit he has been promising. His vow to file his own lawsuit against FERC follows a decision by the 9th Circuit Court of Appeals in San Francisco on Tuesday to deny a similar lawsuit filed by two state legislative leaders. That lawsuit said FERC was failing in its legal duty to ensure just and reasonable energy prices in California. But the federal appeals court said the legislators had failed to demonstrate court intervention was warranted. The governors spokesman said the cop needs to be on the beat and not hiding behind some false ideology that is not relevant, evidently referring to capitalism. The governor also said the federal government should order refunds of 40% to 50% to send a strong signal to energy companies in Texas and in the South to stop bleeding us dry, stop taking us to the cleaners, and charge reasonable rat!
es!
.
__________________________________________________

"New Horizons Solutions for the 21st Century"

An Energy Efficiency Workshop and Exposition
Kansas City, Missouri
June 3 - June 6, 2001

For more information go to http://www.energy2001.eee.doe.gov
_________________________________________________

DTE and Entergy to Build Illinois Power Plant

    DTE Energy and Entergy will build a $160 million, 320  MW natural gas fired peaking power plant in Illinois to go into operation in June 2002. The plant is about 30 miles south of Chicago and will be operated by Entergy Operating Systems and DTE Energy Services. Natural gas for will be supplied through the recently completed Vector interstate pipeline.
_________________________________________________

SUNGARD

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Epsilon and Panorama Energy
Risk and complexity are inevitable components of every trading transaction within today's volatile energy market.  Having the right tools to manage and control those risks has become a determining success factor.  SunGard provides those tools with Epsilon and Panorama Energy - comprehensive solutions designed to create measurable competitive advantages for energy trading organizations and utility companies worldwide.

To receive more information or a free demonstration, we invite you to contact us at 713-266-7771 or visit our web site at http://risk.sungard.com/energy.
________________________________________________

FERC Chairman Defends Record

    FERC Chairman Hebert has defended his agency against charges by California's governor that it has failed to act on the state's power crisis, and said lawsuits to make the FERC impose price caps would likely be a waste of time and money. Hebert says he feels good about winning any legal challenge by anyone from California. He also noted FERC has issued a price mitigation plan for California, which would help ease the power shortage crisis if the state would just cooperate.
________________________________________________

Upcoming Energy Seminars

Power Techniques for Power Purchasing
Kansas City Oct 4-5, Las Vegas Nov 29-30

Gas Contracts A - Z 101 & 202
Houston - Fall(see web page for update)

Natural Gas 101
Dallas June 4-5, Houston July 17-18, Philadelphia Aug 9-10,
Houston Sept 13-14, Atlanta Oct 11-12, Houston Nov 27-28,
Oklahoma City Dec 6-7

FASB 133: Accounting for Derivatives
Houston June 15

Basis Trading - Natural Gas
Houston June 13-14, Philadelphia July 12-13,
Houston Aug 16-17, Toronto Sept 20-21, Houston Oct 16-17,
Atlanta Nov 8-9, Houston Dec 13-14

Petroleum Products Hedging
Houston June 26-27, Houston Sept 27-28, Houston Nov 27-28,

Gas Processing Contracts
Oklahoma City Sept 11-12, Houston Nov 13-14

Electricity 101
Houston Jun 13-14, Houston Sept 5-6, Washington DC Oct 23-24, Houston Dec 5-6

Electricity 202
Houston Nov 6-7

Energy Seminars, Inc
Phone 281-362-7979
See http://www.energyseminars.com for more details.
________________________________________________

Williams Receives Barrett Regulatory Approval

    Williams has received early termination of the regulatory Hart-Scott-Rodino waiting period for its tender offer for Barrett Resources. The early termination was one of the conditions to its proposed $2.5 billion cash and stock purchase. The tender offer is scheduled to expire on Monday, June 11th.
________________________________________________

And now there's FASB 133.  So history will affect reported earnings, because hedge efficiencies and derivative valuations will hit the bottom line.

At FAME, we deliver quality historical information and analysis. For your FREE copy of the recent report, Protecting Your Earnings: Managing the FASB 133 Challenge, visit www.fame-energy.com
_______________________________________________

Massey Calls for Change in Market Power Definition

    FERC Commissioner Massey, dissenting from two orders, strongly called for the commission to revise its current method of market power analysis, saying it is just plain outdated, inadequate and unreliable. Massey says the hub-and-spoke method of market power analysis, which presumes market power if any single market participant holds a 20% market share, does not work. In April, PG&E and SCE asked FERC to deny renewal of market-based rate authority to Williams Energy Marketing and Trading, saying that while Williams controls less than 20% of the generation resources in the state, it is still able to exercise market power. To renew its market-based rate authority, Williams should perform an analysis of market power using other means, the utilities said. Massey says the events of the California wholesale power market, where no single power seller holds close to 20% market share during the past year, demonstrate that market power can be exercised by any player holding a much !
sm!
aller piece of the market.
_______________________________________________

Progas Storage Services, Inc

was recently organized to offer specialized natural gas storage services to marketers and end users servicing the upper Midwest and Northeast market regions along the major transmission systems in Indiana, Illinois, Kentucky, and Michigan. PGSMI has 10 bcf of potential working capacity which will offer service along TXG, ANR, Midwestern, and is currently evaluating for purchase another 21 bcf of potential working capacity which can be serviced by these and other systems in the region. PGSMI also explores for natural gas in the Gulf Coast region through a wholly owned subsidiary. Progas intends to go public through a route of private industry offerings, and an IPO or registration. For more information on services or the company mail to: gastorage@aol.com or for AOL mail to gastorage@aol.com; web site currently under construction at: http://www.progas.net/wip.

The company's executive and administrative office is located in Abilene, Texas with storage operations in Owensboro, KY and exploration operations in Corpus Christi, TX.

Progas Storage Services, Inc
8610 S. Hwy 277
Abilene, TX 79606

Ph 915 698 3699
Fx 915 698 2859
_____________________________________________

Metcalf Power Plant Set for Approval

    San Joses mayor, a vocal opponent of a proposed 600 MW, natural gas fired power plant planned for California's Silicon Valley, has reversed course and accepted an agreement that should pave the way for the project's approval. Facing an onslaught of pressure, the mayor announced a compromise with project developers. Most California officials support the project, including the state's mainline environmental groups the governor. Computer networking giant, Cisco Systems, which plans to build an office complex near Metcalf for 20,000 employees, has fought the plant. Three main points in the agreement that had been problems for Cisco: * The time it takes to shutdown the plant for maintenance and start it up again will be cut by 25% during the first five years to further reduce emissions. * Calpine agreed to set up two new air-monitoring stations near Metcalf that will be independently monitored to ensure it is meeting strict emissions requirements. * Calpine will adopt technol!
og!
ies reducing or eliminating the use of liquid ammonia as soon as these systems are approved by state regulators and are proven economically feasible. Metcalf will also offer long-term power contracts at competitive prices for San Jose businesses. The plant has taken on symbolic value, and industry analysts say the outcome will be a key sign of how the state will deal with its power crisis. Metcalf would be the first major power plant built in Silicon Valley in 20 years.
______________________________________________

TRENTON/BLACKRIVER "BOOM" IN WEST VIRGINIA

Land and Mineral Development LLC., Vienna, West Virginia, owns 85,000 acres of mineral rights in Southeastern West Virginia. The first Trenton/Blackriver production found in the state, was in a well drilled in 1962 by Tidewater Oil Company adjoining our property. We need an industry
partner. Geophysicist report and other information available.  The 85000 acres would also make a great gas storage field.

We also have another small storage field for sale near the new Trenton Wells.

Email - Driller@wirefire.com
Qualified Industry Principals only please.
This is not an offer to sell anything to anyone.

Land and Mineral Development LLC.,
P.O. Box 5370
Vienna, West Virginia, 26105
(304) 295-3333
_______________________________________________

Energy Companies Using More Credit Derivatives

   Energy companies are using more credit derivatives both to hedge existing risk and make money by trading them, and need to adjust their risk management strategies to compensate, according to a report by Standard & Poor's. Many energy trading firms are augmenting their credit risk management practices through the use of credit derivatives, while others attempt to profit by trading credit derivatives, the report says. Credit derivatives are contracts that let companies transfer credit risk. Buying them works like insurance against a company going bankrupt, paying out if a trigger event occurs. Companies trading energy commodities such can use financial derivatives as a hedge. Enron is one of the heaviest traders of credit derivatives as a market maker.
_______________________________________________

CAMINUS
ENERGY SOFTWARE
SHOWCASE 2001
HOUSTON, TEXAS

You're Invited
To a four hour exposition of software and services that will set the new standard for the energy trading, scheduling, and risk management. Join us and compare your existing system with our latest product offerings.

Thursday, June 14, 2001. 3p.m. to 7p.m.
Houston Petroleum Club
800 Bell Avenue, 43rd Floor

For more information or to register on-line, visit http://www.caminus.com. You may invite up to two qualified colleagues to join you.

Nucleus Software . ZaiNet Software
ZaiNet Gasmaster 2 . ZaiNet WeatherDelta
___________________________________________________

Conoco to Help Arctic Pipeline Plans

    Conocos takeover of Gulf Canada Resources should add political power to the plans of a group of major oil companies to build a natural gas pipeline from Canada's Arctic, according to Gulf's CEO. Conoco has offered C$12.40 per share in cash for Gulf. Gulf's partners in the study of the C$3 billion pipeline include Imperial Oil, Shell Canada and Exxon Mobil. Gulf has an estimated 1.3 Tcf of natural gas reserves in the region. Last week, the group negotiated an agreement with native leaders from the Northwest Territories that would have the Aboriginal Pipeline Group owning up to a third of the pipeline. Debate has long centered on whether a pipeline from northern Alaska or the Mackenzie Delta would be built first, or whether the market could initially support both.
___________________________________________________

EnerfactsDaily Job Center at http://www.enerfactsdaily.com

New Job Postings Include:
 * Sales-Business Development
 * Operations Specialist
 * Account Director -Marketing/Transportation
_____________________________________________________

Need a past issue of Enerfax Daily or Enerfax GOLD. Past issues are available on Sagewave at
http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax
______________________________________________________

FINANCIAL SUMMARY
The TSE 300 dropped 150.60 points to 8101.41
The CRB Index fell 0.75 points to 209.77
The US Dollar increased 0.00 points to 118.22
The Dow dropped 166.50 points to 10872.64
The S&P 500 lost 19.85 points to 1248.08
The Nasdaq was down 91.04 points to 2084.50
July NYMEX Crude Oil fell 0.11 to 28.55
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Please welcome our advertisers by visiting these websites.
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http://www.progas.net/wip
http://www.fame-energy.com
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Back on the calendar this afternoon with Andy Zipper to get his comments on
the presentation - should be able to get you and John a copy following that
meeting.
---------------------- Forwarded by Sally Beck/HOU/ECT on 04/11/2001 10:44 AM
---------------------------

	Enron North America Corp.

	From:  Sally Beck                           04/11/2001 10:17 AM

To: Louise Kitchen/HOU/ECT@ECT
cc: Rahil Jafry/HOU/ECT
Subject: Re: Costs

I chose not to circulate a copy last Friday - reality was that I didn't think
that any of the originators would read it over the weekend anyway.  We had
hoped to have a final draft ready on Monday (April 9), with plans to review
that with Andy Zipper for his input and then two "test runs" with Ed Baughman
and Frank Vickers on Tuesday.  With any suggested changes from those test
runs, my plan was to circulate copies to you and John Lavorato on Tuesday as
well so that you would be aware of the approach with the origination teams.
We scraped the idea of an offsite, and instead are setting up individual
meetings with lead originators and their teams.  Unfortunately, I got food
poisoning Monday night and was out of the office on Tuesday, so we are behind
schedule by a day.  I am in the office today, but at about half speed, and we
will try to make up for time lost yesterday.

Louise Kitchen
04/10/2001 03:26 PM
To: Sally Beck/HOU/ECT@ECT, Rahil Jafry/Enron@EnronXGate
cc:
Subject: Re: Costs

We haven't seen any presentation circulated - did I just not get a copy?

	Enron Capital & Trade Resources Corp.

	From:  Sally Beck                           04/04/2001 07:08 PM

To: Louise Kitchen/HOU/ECT@ECT
cc: Greg Piper/Corp/Enron

Subject: Re: Costs

Rahil is working with me on a presentation that covers what our services are,
the creation of a pricing desk, how that will work (process and revenue
sharing), selling of services for others, our operations pricing model, the
DASH process, key contacts in operations, etc.  I expect to review a draft by
this Friday.  Tomorrow we will have the date set for such a meeting.  We are
checking travel schedules for Laura Luce and Max Y. to see if we can catch
both in Houston sometime next week.  Greg Piper suggests a meeting with all
origination heads at once (a mini offsite).  We will do that if we can set a
date that works for a majority.  If that doesn't work, we will simply do
one-on-ones over the next ten days to get everyone.  Targeted attendees are:

Gas   Frank Vickers (East)
   Laura Luce (Central)
   Barry Tycholiz (West)

Derivatives  Fred LaGrasta

Power  Dave Duran
   Ozzie Pagan
   Ed Baughman
   Bruce Shuckley

Portland  Chris Calger

Calgary  Ladain

Mexico  Max Y.

When you and I met we discussed most of these names.  I added the Calgary guy
and Max.  I also want to share this info with Bob Shults and his EOL
marketing team.  They talk with a lot of customers and may have the
opportunity to bring up our services as well.  We have spent some time with
Jean Mrha and John Grass, and will share the presentation with them as well.

Do you want to add any names?   If we do wind up with one date that will work
for most, I will let you know that tomorrow so that you can attend if you
would like.  --Sally

Louise Kitchen
04/04/2001 03:50 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Costs

Weren't we supposed to be having a meeting on costs of back office services
with the Heads of Origination?  Are we close to having this?

Thanks

Louise


Jim, I have added responses below in ALL CAPS.

 Joe Connor

	James D Steffes@EES
	09/20/2000 07:17 PM

		 To: Joe Connor/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Tom
Chapman/HOU/ECT@ECT, Steve Montovano/DUB/EES@EES, Joe
Hartsoe/Corp/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Donna
Fulton/Corp/Enron@ENRON
		 cc: Richard Shapiro/HOU/EES@EES
		 Subject: Southern RTO - Questions & Issues

The following is a set of issues I thought about while reading the Southern
RTO paper.  Not necessary critical, but something to think about.

1. Do we have an understanding of the big issues for MEAG, Dalton, and other
public power?  We need to be working these groups hard to make sure they
don't agree too quickly.
                THEY ARE SAYING THEY CANNOT ENTER INTO A FOR-PROFIT
ARRANGEMENT.  THEY SEEM TO BE IGNORING THAT THE PRPOSAL SAYS A TRANSMISSION
OWNER CAN KEEP THEIR ASSETS, PAY THE GRIDCO A FEE FOR OPERATIOS, AND NOT
PARTICIPATE IN THE LLC.  I KNOW THIS IS CONFUSING, BUT APPARENTLY TVA IS
SAYING THE SAME THING AS MEAG.  I WILL DISCUSS THIS FURTHER WITH MEAG THIS
WEEK.

2. I like the concept of a Gridco - for-profit company that does not own
assets but operates transmission grid.  It seems to blend pros and cons
well.  Key will be incentives.
               THEY ARE SETTING IT UP TO EVENTUALLY OWN ASSETS.  YES, THE
INITIAL KEY IS INCENTIVES AND THE TRANSMISSION OWNERS ARE CONTROLLING THE
INCENTIVES AS A PART OF THERE STATED REQUIREMENT TO PROTECT THE VALUE OF
THEIR ASSETS.

3. I agree with SOCO that S-T Reliability "authority does not extend to
initial unit commitment and dispatch decisions for generators".  Does this
imply no tight pool?  From later description, it looks like SOCO is proposing
LMP for settlements.
               THE RTO IS NOT TO BE INVOLVED IN UNIT COMMITMENT OR DISPATCH
DECISIONS, UNLESS  MANDATORY  REDISPATCH IS REQUIRED TO MAINTAIN FIRM SERVICE
OR THERE IS A SYSTEM EMERGENCY.

4. Not sure that I like the conclusion that "SERC Southern sub-region" is
preferred but probably not much success in pushing for bigger region?
                APPARENTLY THEY COULD NOT GET CLOSE ENOUGH TOGETHER WITH
GRIDSOUTH TO COMBINE INITIALLY.  SOUTHERN REALIZES THEY WILL HAVE TROUBLE AT
FERC ABOUT THE SIZE AND ARE JUST SAYING ITS BIG ENOUGH TO SATISFY THE STARTUP
OF A RTO.

5. I wonder what TVA thinks about this filing?
               WE ARE HEARING THAT TVA WANTS A NON-PROFIT ARRANGEMENT AND
CANNOT DO ANYTHING WITHOUT LEGISLATION.  WE NEED MORE DISCUSSION WITH THEM
ALSO.  THAT'S NOT MY TERRITORY, BUT I'LL BE GLAD TO PURSUE IT.

6. Interesting idea that Gridco could become Transco for future transmission
upgrades (pg 31).  What form of capitalization would be necessary?  SOCO
seems to think this won't happen.
               THEY ARE SAYING PRIVATE PLACEMENT FOR INITIAL FINANCING AND
THINK IT WILL BE AT LEAST A COUPLE OF YEARS BEFORE THE FINANCIAL COMMUNITY
WILL HAVE ENOUGH EXPERIENCE WITH THE GRIDCO TO ALLOW ANY CONSIDERATION OF AN
IPO.

7. Why does SOCO want Market Monitoring inside Gridco?  Why not have Gridco
contract this service?
                 THEY THINK FERC WANTED THIS.  I THINK THEY WOULD BE WILLING
TO TURN IT OVER TO A 3RD PARTY.  WE WILL ASK THEM THIS WEEK.

8. I don't think that SOCO should keep the ROFR for new transmission.  New
transmission plant investment should be driven by market rewards.
                I AGREE.  WE NEED TO PUSH FOR THIS TO BE OPEN AND FOR THE
EXISTING OWNERS TO BE PROVIDERS OF LAST RESORT.

9. Why not allow Enron to "finance" the Gridco operations?  On-going
operations should be contained within OATT?  We may do it without any voting
control.  Couldn't we finance a startup venture and sell services to SOCO?
               THEY HAVE MENTIONED A COUPLE OF TIMES THAT THEY ARE
CONSIDERING AN ALTERNATE PROPOSAL THAT WOULD INVOLVE A THIRD PARTY COMING IN
TO JUST OPERATE THE RTO, BUT AT THIS POINT THEY DO NOT KNOW OF ANYONE
QUALIFIED TO DO IT OR INTERESTED IN DOING IT.  ARE YOU READY TO PROPOSE ENRON
DOING THIS AND ALLOWING IT TO BE COMPLETELY INDEPENDENT?

10. I think that SOCO should simply arrange for Gridco "lease" of TO
facilities for 10 years, with an option to buy or sell.  I don't really
understand why TOs would "pay a fee to have Gridco operate their assets"? (pg
50).
              SAME AS ABOVE.  THE ONLY TIME A FEE IS PAID IS WHEN A NON-LLC
TRANSMISSION OWNER TURNS THEIR OPERATIONS OVER TO THE GRIDCO.

11. Agree with providing Gridco incentives to operate well - including maybe
losing money (pg 53).  How do these get established?
               THE TRANSMISSION OWNERS PLAN TO SET THE INCENTIVES AND CONTROL
ANY CHANGES.

12. Why have the TOs determine the Board of Directors?  Gridco is an
independent, self-financed company.  SOCO may not want to sign a lease with
Gridco but it shouldn't determine BoD.
                THEY WANT TO PROTECT THE VALUE OF THEIR ASSETS  AND CONSIDER
THIS NECESSARY TO DO SO.

13. I don't understand the restriction on "potentially significant adverse
effect on value of assets"?  Which assets?  I assume only transmission.  (pg
61).  I would simply argue that the lease agreement deal with this question.
               YES, ITS ONLY THE TRANSMISSION ASSETS.

14. Why the requirement to have "balanced schedules" DA and HA? (pg 67)
                NEEDED TO EVALUATE RELIABILITY.

15. There appears to be some confusion on Flowgate model and reference to
Contract Path? (pg 68)
                YES, THERE IS A MIXED BAG.  WE WILL DISCUSS THAT WITH THEM
THIS WEEK.  THINK THEY DID IT BECAUSE NEIGHBORING SYSTEMS ARE DOING IT
.
16. Real-time settlements pricing appears to use LMP but I don't see any
reference to bids? (pg 70)
                 YES, THEY TAKE VOLUNTARY BIDS FOR GENERATORS AND LOADS.

17. SOCO continues to use 888 OATT terms like Network Service.  My current
thinking is that our new tariff (Project e-trans) provides only one Service =
Network Plus.
               THEY AREN'T THERE YET.  WILL ALSO BE DISCUSSED THIS WEEK.

18. Disagree with RTO operating secondary market for FTRs (pg 75)
                I THINK THEY THINK THIS IS NEEDED JUST TO KEEP UP WITH WHAT'S
AGREED TO.  WOULD PROBABLY BE WILLING TO GIVE IT UP IF EVERYONE IS ALWAYS
AWARE OF WHO OWNS WHAY RIGHTS.

19. Does RTO only operate 100 kv and above?  What about lower voltages?
               THEY MODIFIED THAT LAST WEEK.  WILL BE WHATEVER THE GRIDCO
DECIDES IS NEEDED FOR WHOLESALE.  SAID THEY WERE CURRENTLY LOOKING AT THE 69
KV SYSTEM, BUT WOULD USE FERC'S 7 FACTOR TEST TO DECIDE.

20. Transmission Pricing is probably biggest problem given SOCO insistenance
on retail bundled customers (pg 104).
                AGREE. AMEA HAS RAISED A QUESTION ABOUT PRICE SQUEEZE BECAUSE
IT MIGHT BE MORE EXPENSIVE FOR THEM TO GET OUT TO GENERATION TO SERVE THEIR
LOAD THAN IT WOULD BE FOR ALABAMA POWER TO SERVE THE SAME LOAD.

21 SOCO proposal on initial ROE as wgt avg as highest of state's jurisdiction
is worth how much???
                DON'T KNOW HOW MUCH.  HAVEN'T SEEN ANY NUMBERS YET.

22. Does Enron have a policy on Transmission Losses?
                THOUGHT YOU WERE CONCERNED ABOUT PRICE CERTAINTY AND
COMPARABILITY.  IF THERE ARE OTHER  CONCERNS, LET ME KNOW.

23 On incentives for new Transmission plant, why not give developers the FTRs
created?
                DON'T THINK SOUTHERN IS EVEN THINKING ABOUT 3RD PARTIES
BUILDING TRANSMISSION AT THIS POINT.

In general, an interesting opening offer from SOCO.  I guess I am still
confused over how a bundled retail customer will have priority in this model.

We also need to work with state PUCs to see what they are thinking about
this.  Especially to try and learn what SOCO is saying about Native Load
exception.

Finally, SOCO seems to say only one control area.  Is this right?

Jim

YES, ONLY ONE CONTROL AREA IS WHAT THEY PROPOSE, BUT WILL ALLOW MORE THAN
ONE.  I UNDERSTAND THEY ARE TELLING THE OTHER POTENTIAL PARTIES THAT THE ONLY
WAY THEY GET ACCESS TO THE ENTIRE RTO AT A POSTAGE STAMP RATE IS TO AGREE TO
ONE CONTROL AREA.  NOT SURE WHAT YOU MEAN BY PRIORITY OF BUNDLED RETAIL.
LOOKS LIKE THEY GET NONE, JUST PROTECTION FROM ANY SIGNIFICANT PRICE INCREASE
WITH THE TRANSITION.  I AGREE WE NEED TO BE WORKING ON THE PUCS; PLAN TO
START ASAP.


Mark: I finally got a chance this weekend to read through the recent reorg
announcement.  I think they memorialized what had already been ongoing in
terms of your responsibilities.  In any event, congratulations.  Hopefully,
we'll have some time to visit at the MC later this week.

Jordan


Start Date: 4/26/01; HourAhead hour: 7;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042607.txt

Error retrieving HourAhead price data - process continuing...


Hi Sara, I have an invoice here for you to sign and approve.  If you can let
me know the appropriate number there  I will fax it through to you.

Thanks

Jo


done.

Aimee Lannou   03/15/2001 09:23 AM

To: Daren J Farmer/HOU/ECT@ECT
cc: Juliann Kemp/ENRON@enronXgate
Subject: Meter 1558

Daren - meter 1558 has no nom for March.  It has a little over flow on 3/1.
Could you please extend the deal?  The deal is 604056.

Thanks.

Aimee


"paulhastings.com" made the following annotations on 04/19/01 18:59:28
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address.  Our new domain name is
paulhastings.com.  In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com.  Here are
two examples: janesmith@paulhastings.com and danjones@paulhastings.com.
If you have any questions, please contact us at noc@paulhastings.com.

==============================================================================
"The information transmitted is intended only for the person or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received this in error, please contact the sender and delete the
material from all computers."

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

Kay - Carolyn asked  me to forward to you our few comments to the GE Parent
Guaranty to forward to  the appropriate person(s) at GE.? They are attached
in a pdf file. Our  comments are limited to the inclusion of a notice and
consent of the collateral  assignment of the Recipient's rights under the
Guaranty and to conform the  governing law clause to the other GE delivered
documents in this transaction.  Please feel free to call me or to have the
appropriate person at GE contact me  with any questions.
?
Greg
?
Gregory F.  Lang
Paul, Hastings, Janofsky & Walker  LLP
1055 Washington Blvd.
Stamford, CT 06901
?
203.961.7446 (p)
203.674.7646 (direct fax)
203.359.3031 (firm fax)
gregorylang@paulhastings.com
?
 - Stamford.pdf


test
----- Forwarded by Steven J Kean/NA/Enron on 03/02/2001 11:51 AM -----

	Susan J Mara
	03/02/2001 10:44 AM

		 To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Christopher F
Calger/PDX/ECT@ECT, David Parquet/SF/ECT@ECT, Laird Dyer/SF/ECT@ECT, Tim
Belden/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron, James D Steffes/NA/Enron@Enron
		 cc:
		 Subject: ABX1 70 Further Nail in Generator's Coffin -- Absurdity in CA

I just heard about this bill by La Seur

ABX1 70 attempts to criminalize acts of unregulated generators if they
perform maintenance at times other than the California Public Utilities
Commission requires. Further, the commission is required to allow scheduled
maintenance of only one generator at a time.
So, with 500 generators in the state, just how  many years would it take to
complete one round of maintenance?  Also, please note it does not apply to
munis.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854


EFF_DT PORTFOLIO_ID DOWN95
3/7/01  MANAGEMENT-COAL 0
3/7/01  MANAGEMENT-CRD 0
3/7/01  MANAGEMENT-GAS 618,898.
3/7/01  MANAGEMENT-PWR 171,473.
3/7/01  AGG-MANAGEMENT 742,902.


Sally -

I'd like to set up a meeting with you regarding CommodityLogic's credit
exposure tracker.

We are displaying what we call the "exposure tracker" on our site, which will
provide two benefits:  revenue enhancement by providing incentive to visit
the site every day, and control mechanism to automatically turn off early-
and pre-pay options if a counterparty exposure reaches unfavorable levels.

Credit has expressed concern that our numbers will not be completely
accurate.  We need your help in evaluating:

1) the accuracy of the numbers displayed
2) how to improve such accuracy if it is not sufficient, whether in credit or
in the back office

I would like to meet with you, Leslie Reeves, Bill Bradford, and my tech team
sometime early next week to validate our feature.  Please respond with your
availability for Monday or Tuesday and I will set everything up.

thanks!

doug


Hi, everybody,
get ready for our lunch meeting: this Wednesday, April 19, the
"new credit model development and testing team" is going to go to Vincent's
restaurant.
The address is 2701 W. Dallas, the reservation is made for 11:30 a.m.

See you there,

Tanya.


Sounds great! Can I wear my CCC letter jacket?
Kasey

----- Original Message -----
From: "Laura Jahnke" <ljahnke@aerotek.com>
To: "Susan Edwards" <susan_s_edwards@yahoo.com>; <sscott5@enron.com>; "Ash
Mace" <ashley.a.mace@williams.com>; <Lisa.Gillette@enron.com>;
<elaina5@hotmail.com>; "Katy Hester" <katyhester@hotmail.com>; "Emily
Hillegeist" <ehillegeist@hotmail.com>; <Kelbarker@aol.com>; "Kasey Walker"
<kaseywalker@mindspring.com>; <sonderfan@hotmail.com>;
<lodgesarah@hotmail.com>; "Laura White" <LWhite@StageStores.com>;
<Corinne_Connally@Dell.com>
Sent: Tuesday, December 12, 2000 7:20 AM
Subject: Christmas Dinner

> Girls-
> Thank you for the responses.  So far it has been overwhelmingly
> positive!  I really can't wait to get us all together.  Emily had
> suggested Ousies's Table-as well as a coworker of mine.  Yesterday
> during our lunch break we went and looked at Ousies's and it seems
> pretty cute.  Unfortunately they were not open, but I heard they light
> it up at night and it is supposed to be really pretty.  The other
> suggestion is Benji's.  Lis-you made a good point.  It would be nice to
> try somewhere new.
> I have not heard from Sarah or Kelly-so if you talk to them-please pass
> them the message.  I know Kelly usually checks her email, but I am not
> sure about Sarah.  If anyone has a number for her-let me know.  I also
> haven't heard from Susan Scott-so Lisa- you are in charge of that.
> Ashley-I know you've gotten this message-so reply!  : )
> Corinne-Sorry that you will not be able to make it. : (  If anything
> changes-let us know.
> Jen's flight comes in around 7 that night-so I thought we would make the
> reservations for 8-830 so she has time to make it.
> Let me know what ya'll think.
> -Laura
>
>


Dan:  We have discussed this internally and will remain with the numbers
provided in my e-mail to you on 03/05.  Our feeling is that until the sampling
equipment is up and running at the terminal we have to stick to a know number
as
a bench mark, that being the first delivery of Matthew.
Brgds'
Joe

Dan.Masters@enron.com on 03/05/2001 03:34:57 PM

To:   Joseph McKechnie/Cabot LNG@Cabot LNG
cc:   Christopher Skinner/Cabot LNG@Cabot LNG, Jaime.Sanabria@enron.com,
      Paul.Y'Barbo@enron.com, Todd.Peterson@enron.com, Rudy Adamiak/Cabot
      LNG@Cabot LNG, Jane Michalek/Cabot LNG@Cabot LNG
Fax to:
Subject:  Re: Feb 12 delivery of "Methane Arctic"

Joe-
It would have been preferable to work these numbers out in advance rather
than after the fact, especially considering that it seems we already had by
our phone conversations and my email to you dated February 7.  Since we
received no correspondence to the contrary, I assumed the numbers to be
used would be per that email.  Please revert with your response.

Dan

"Joseph McKechnie" <jmckechnie@cabotlng.com> on 03/05/2001 08:22:30 AM

To:   Dan.Masters@enron.com
cc:   "Christopher Skinner" <cskinner@cabotlng.com>,
      Jaime.Sanabria@enron.com, Paul.Y'Barbo@enron.com,
      Todd.Peterson@enron.com, "Rudy Adamiak" <radamiak@cabotlng.com>,
      "Jane Michalek" <jmichalek@cabotlng.com>
Subject:  Re: Feb 12 delivery of "Methane Arctic"

Dan:  We have rechecked our numbers and offer the following.  Based on The
Matthew's original delivery to Eco in July 2000 she delivered 2,744.094
mmbtu's.
This is the base number we are working with.  The Arctic delivered
1,415,921
mmbtu's 5/6 feb 2001, She then delivered 1,389,086 mmbtus on the 12/13th of
feb
2001, for a total of 2,805,007 mmbtus delivered.  We subtract 2,744,094
(matthew
base number) from 2,805,007 and get 60,913 mmbtus remaining, which we will
bill
at the $3.483097 rate.
We will be re-submitting the invoice upon receipt of you comments

Brgds
Joe McKechnie

Dan.Masters@enron.com on 02/27/2001 09:18:11 PM

To:   Joseph McKechnie/Cabot LNG@Cabot LNG, Christopher Skinner/Cabot
LNG@Cabot
      LNG
cc:   Jaime.Sanabria@enron.com, Paul.Y'Barbo@enron.com,
Todd.Peterson@enron.com
Fax to:
Subject:  Re: Feb 12 delivery of "Methane Arctic"

Joe/Chris-
I have received your invoice for the Feb 13 delivery of the "Methane
Arctic".  I do not agree with the split as it appears on the invoice.  For
the Winter Cargo portion billed at $4.323264, there should be 55,924.321m
(superscript: 3) which corresponds to 1,252,745 MMBtu.  The remainder to be
billed at $3.483097 is 6,086.467m(superscript: 3) which corresponds to
136,341 MMBtu.  Please recheck your figures and revert.

Thank you,
Dan Masters

Dan Masters
02/07/2001 04:07 PM

To:   jmckechnie@cabotlng.com
cc:
Subject:  Feb 12 delivery of "Methane Arctic"

Joe-
Confirming our conversation, since the "Winter Cargo" is being delivered on
two Methane Arctics, we need to paper split the volumes on the 2nd one
between the winter cargo price and normal price.  Using the volumes for a
standard cargo from the contract, the winter cargo should be 119,000 m
(superscript: 3).  The delivery that just finished was 63,075.679 m
(superscript: 3).  That leaves 55,924.321m(superscript: 3) on the next
delivery to be priced at the winter cargo rate and the remainder to be
priced at the normal rate.

Thanks,
Dan Masters
Office:   713-345-5498
Fax: 713-646-6560
Cell:     832-326-9590
Email:    dan.masters@enron.com

(See attached file: att1.eml)

 - att1.eml
 - att2.eml


John thought you might be interested in the following from the credit markets....

Play by play during the call on the 5yr Enron Credit Default Swaps from Morgan Stanley:

1.  5Y BIDS GETTING HIT ON OPENING AS EARNINGS NEWS LOOKED LIKE
    CLEANING HOUSE.  250.
2.  DURING THE CONFERENCE CALL; WHICH APPARENTLY WAS UNCLEAR,
    TICKED OUT 255,260,265.
3.  LAY INDICATED NEAR END OF CONFERENCE "NO RATINGS ACTION
    ANTICIPATED".   MINUTE CONFERENCE ENDED MOODY'S WATCH NEWS
    RELEASED.  280 BID.
4.  LAY ALSO MENTIONED 3Q NEG CASH FLOW DUE TO SOME CONTRACT
    ROLLOFF.  UNCLEAR MESSSAGE.
5.  ENE SAYS COMMITTED TO "INV GRADE" RATHER THAN "A"  280/325

Summary from Morgan Stanley after the call:

CREDIT DERIVATIVE UPDATE:  ENRON CORP

AFTER THE NEWS THIS AM ($1 BIL. CHARGE), THE COMPANY HOSTED A
CALL AT 10AM NY TIME.   THE CALL DID NOT GO WELL & ENRON SPREADS
ARE HEADING WIDER IN CREDIT DERIVATIVE LAND.  MKTS ARE SPOOKED
B/C:  1) MOODY'S WATCHLISTED CO NEGATIVE, 2) ENE STATED "THEY
ARE COMMITED TO INVESTMENT GRADE RATING," WHICH IS A CHANGE FROM
THE SINGLE-A BOGEY THEY ONCE EXTOLED, 3) CO. DID NOT ADDRESS ALL
LIQUIDITY CONCERNS, AND 4) MORE CHARGES COMING?
5YR MARKETS:

      ENE (PRE-WTC):   165/185        ENE (8AM TODAY): 240/260
      ENE (WEEK AGO):  250/300      **ENE NOW:         275/350

Clearly the above are a function of what people think they heard...I did not alter any of the email.  In general MSDW likes Enron credit but this is how they see the market.  Enron is one of the most actively traded names in the credit derivative market.  Let me know if you want updates as the market gets more clarity and works throught the details


Hi Mr. Moore -

I did hear back from Mr. Lay.  Will September 11 at 3:00 p.m. work for you?

I look forward to hearing from you.

Rosalee

"Charles Moore" <CHMoore1@email.msn.com> on 08/23/2000 08:57:49 AM
To: <kenneth.lay@enron.com>
cc:
Subject: meeting

With regard to working out a convenient date to meet with  you, Rosalee has
suggested that your week of September 4 is pretty well  booked-up. Would
either September 11 or 13 work? After that I have to join Norm  Blake at the
Olympics in Sydney. While all of this can de done by phone, as  deputy to the
chairmen, I'm making every effort to meet (albeit briefly) with  each
Committee member. If you are willing to host a meeting in Houston, I want  to
make every effort to have Paul Newman in  attendance.


Following please find the Daily EnronOnline Executive Summary.

EnronOnline Executive Summary for 12/04/00
Transaction Summary
External Transactions Today	5,500
Average Daily External Transactions (30 day Trailing Avg)	4,097
Total Life to Date Transactions	493,715

EnronOnline Daily % of Entity's Total Transactions for 12/04/00	Trans	Percent
Enron North America	4,957	80%
Enron Europe Limited	119	27%
Global Products	224	34%
Enron Metals	200	8%

EnronOnline Percentage of Total Corporate Transactions
(30 day Trailing Avg)	54%

Gross Notional Value of EnronOnline Transactions	Total
Today	6,718,666,961
MTD	11,437,759,254
LTD	290,608,284,119
Average Daily Notional Value (30 Day Trailing Avg)	3,095,165,757

Notional Revenue from Physical Flows to Date	19,315,426,224

Counterparties, Users, and Products Offered
Counterparties having transacted to date	593
New Counterparties transacting for the first time today	2
Number of Products Offered Today	1,138
Total Number of External Users Logged on Today	3,225
Average # of External Users logged on (30 day Trailing Avg)	2,890


(See attached file: HPLN1228.xls)

 - HPLN1228.xls


Sara: attached is the memo that I received from Tozzini & Freire yesterday.
As you will notice, the memo addresses Gustavo's questions and corrects
certain assumptions made by him in his e-mail.

Sara Shackleton@ECT
08/24/99 02:10 PM
To: Andrea Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Brazilian Regulations for Swaps & Prepays

Help me understand HOW MANY Tozzini memoranda exist which address financial
swaps and derivatives.  I e-mailed Michael about this attachment and I think
his response was that Antonio Felix ADDED comments to the attachment.  I am
not clear.  I am aware of only TWO Tozzini memos :  dated 12/26/97 (physical
trading of energy) and 2/20/98 (local derivatives market).  Let's all start
from the same point.  Thanks.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 08/24/99 11:06
AM ---------------------------

Michael Guerriero@ENRON_DEVELOPMENT

08/20/99 07:45 AM

To: Sara Shackleton@ENRON_DEVELOPMENT
cc: Gustavo Junqueira/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, D'Arcy
Carroll/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maria Ines
Granado/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Brazilian Regulations for Swaps & Prepays

Don Black has suggested we get you in the loop on the below issues we are
seeking answers on. We have some pending financial transactions that we would
like to work through all the Brazilian mechanics before proceeding. Your
primary contact down here for this issue will be Maria Ines Granado. Please
provide us with your comments as soon as possible so that we do not encounter
a transactional conflict.

Gustavo thank you for all your work to date we will keep you briefed to make
sure we have your input. Please follow up on the Tozzini issue we discussed
to make a final decision on their input.

Thanks
MFG

---------------------- Forwarded by Michael Guerriero/ENRON_DEVELOPMENT on
08/20/99 09:40 AM ---------------------------

	Enron International

	From:  Gustavo Junqueira                           08/17/99 06:19 PM

To: afac@tfts.tozzini.com.br
cc: Andrea Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Michael
Guerriero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, D'Arcy
Carroll/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marcelo
Parodi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott
Porter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maria Ines
Granado/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David S
Reinfeld/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Brazilian Regulations for Swaps & Prepays

Antonio Felix,

As Enron is finding several opportunities involving financial derivatives in
Brazil, we would like to get from Tozzini Freire Law Firm a summarized but
concise read on the "cans and cannots" of these type of transactions in
Brazil. Here is my understanding of the regulations from the memo you have
already sent to us regarding swaps and prepays as well as a list of the most
common examples of deals that Enron would be encountering in the marketplace.
I would appreciate if you could comment on what is written here and also add
further information so Enron can have some sort of menu of deals of this
nature that can be pursued. I would like to ask you to add your comment in
this same message to make the review process a little easier. Thank you
inadvance for your attention.

Swaps (Pulp & Paper, Petrochem, Power)

OTC Swaps

The Central Bank regulates swap transactions involving local financial
institutions acting either as dealers for their own account or as
intermediaries to the contracting parties. When the financial institutions
act as intermediaries, the agreements are in fact private agreements
negotiated by two non-financial companies, but become subject to the
requirements and regulations normally applicable to swaps involving financial
institutions. According to regulations currently in force, such swaps can
relate to exchange rates, interest rates, gold and price indices.

All of the swap agreements involving financial institutions must be
registered with CETIP or with another custody and clearing system authorized
by the Central Bank or the CVM (Brazilian SEC). As a matter of practice, the
agreements used by the banks that participate in the swap market do not
follow a standard form, since normally each bank has a particular sample form
with which it feels more comfortable.

Derivatives
In addition to exchange-traded derivatives and OTC swaps involving financial
institutions, there is no legal impediment, in principle, to derivatives
transactions being privately negotiated and entered into between two
interested parties. As a general rule in Brazil, as long as no specific
prohibition is found in the law, parties are free to negotiate agreements
that best suit their interests.

International Hedge
Central Bank regulations authorize that Brazilian companies enter into
transactions abroad, either in exchanges or having a financial institution as
their counterpart, to hedge against the fluctuation of interest rates,
exchange rates or commodity prices in the international markets.

Such hedge transactions must refer to payments in foreign currency scheduled
to be made by or to the Brazilian company in respect of commercial or
financial rights or obligations, or to payments in local currency arising out
of certain financial obligations subject to the variation of exchange rates
and payments relating to imports, exports or local transactions involving
commodities priced according to their valuation in foreign exchanges. The
commercial market exchange rates are applicable to foreign exchange
agreements referring to remittances of currency in connection with hedge
transactions.

When the underlying obligation/right is registered with the Central Bank, the
corresponding hedge transaction must be informed to the Central Bank within
10 days of its execution. When there is no registration with the Central
Bank, the banks executing the foreign exchange agreements relating to the
hedge transaction must verify the existence of the obligation/right being
hedged.

Examples

Commodity swap between two Brazilian companies:
As per what has been said above, there is nothing that precludes Enron Brazil
of entering into a swap with another Brazilian company regarding any
commodity traded by Enron (Pulp, Paper, Petrochem products, Power, Gas).
Enron does not need to be a financial institutions to provide swaps
transactions. On the other hand, I am not sure yet on the following points:
(1) Does such swap agreement should be registered with CETIP or any other
clearing system to be valid under Brazilian regulations? (2) What are the
taxes involved in a swap?

Commodity swap between a Brazilian company and an offshore company:
This kind of deal seems to be also available in the Brazilian market and the
only difference from example 1 would be the fact that it must be registered
with the Central Bank and it would involved transfer of foreign currency.

Commodity swap between two offshore companies but involving Brazilian exports:
I am not sure if Brazilian regulations would have anything to do with a
transaction like this one. I would assume that a Brazilian exporter would
sell to their offshore subsidiary and such subsidiary would sell to their end
customer. Enron would step in and offer a swap agreement for the offshore
subsidiary of the Brazilian company therefore Enron would not have any
involvement with Brazilian regulations because it would not be dealing with
Brazil.

Prepays (Pulp & Paper, Petrochem, Power)

The regulations currently in force governing export prepayments, especially
Central Bank of Brazil's Carta-Circular 2624, of February 14, 1996, establish
that all repayments of principal under such transactions must necessarily be
made by means of shipments of the relevant exported goods.  Carta-Circular
2624 allows cash remittances abroad only in regard to payments of interest
under the facility.  Therefore, it is not possible to structure a transaction
where the repayment of principal will be made only in cash or where the
borrower has the ability to choose between paying cash or exporting the goods.

A transaction that involves structuring a direct loan to the Brazilian
company where the value of the principal of which would be tied to the price
of the relevant commodity is very difficult to be approved.  Under a direct
loan registered with the Central Bank the borrower may remit all due amounts
of principal and interest in accordance with the schedule of payments
attached to the certificate of registration. The problem with such
alternative is that, although there are no express regulations preventing it
to do so, the Central Bank will most probably not issue a prior authorization
for such type of loan, as it only normally issues authorizations for normal
loans where the principal is a fixed amount and the interest rate is either a
fixed rate or a floating rate (normally based on LIBOR or US Treasury).  It
should also be noted that generally speaking all interest payments under such
an agreement are subject to withholding tax at the rate of 15% p.a.

CC 5 Account

A possible alternative way to structure a prepay would be by using a
non-registered loan with the Central Bank.  Under such alternative, the funds
disbursed by Enron under the loan would be remitted to Brazil through an
international transfer of Brazilian currency, as allowed by Circular 2677 of
the Central Bank of Brazil. The international transfer of Brazilian currency
("International Transfer") is a system which uses a non-resident current
account in Brazil and the Brazilian interbank foreign exchange market to
effect remittances of funds to and from Brazil.  Under such system, a lender
that wishes to disburse funds to a Brazilian borrower makes a foreign
currency deposit with a bank located outside of Brazil ("offshore bank")  and
instructs the offshore bank to deliver such dollars to a Brazilian bank in
exchange for Brazilian currency.  Such Brazilian currency is then deposited
in a non-resident account held by the offshore bank in Brazil and thereafter
transferred to the borrower. The repayments follow the inverse procedure,
i.e. the borrower deposits the amount in a non-resident account of an
offshore bank and instructs it to exchange the funds into foreign currency
and deliver them to the lender abroad.

The main differences between the registered loans and the non-registered
loans are that the non-registered loans are not subject to prior approval by
the Central Bank of Brazil (and therefore not subject to scrutiny as to their
minimum tenors and applicable interest rates) and the applicable foreign
exchange rate to non-registered loans is the floating rate (as opposed to the
commercial rate of exchange). All transfers of funds to Brazil as
International Transfers are subject to a Financial Transactions Tax ("IOF")
at the rate of 2% on the amount transferred, plus a bank fee that normally
ranges from 0.4% to 0.6% of such amount.  Any interest payments under a
non-registered loan are subject to withholding tax at the rate of 15% (or 25%
if the lender is located in a tax-haven jurisdiction).

I don't think this type of transaction is the best way to circumvent some of
the Brazilian regulations regarding prepayment given the bad press that deals
via the CC 5 Account mechanism would bring to Enron but I have it addressed
just in case someone does not share the same opinion.

Examples

Financial prepay between two Brazilian companies
Not allowed unless the company providing the prepay qualifies as a financial
institution as per Brazilian law. Since it will not be the case in Enron's
cases, we should not focus in these kind of transactions.

Financial prepay between a Brazilian company and an offshore company
As it has been mentioned before it is allowed as long as Enron can structure
the prepay in way where there is a pre-established amortization schedule for
principal and interest. It is very hard to structure a prepay with specific
split between principal and interest because the objective of the prepay is
to lock on a certain volume of a product and not on a specific price.
Therefore, if Enron prepays for a specific product on a floating basis the
attached value of that commodity can go up or down as the market fluctuates
as well as the total value associate to the deal. Such value can be either
principal or interest and it is impossible to determine what it will be.

Financial prepay between two offshore companies but one being a subsidiary of
a Brazilian entity
I think there is no restrictions in this case given the whole deal will be
closed offshore and the Brazilian authorities are not going to be involved.
It will most likely be a deal involving three parties: a company in Brazil,
its offshore subsidiary and Enron.

Physical prepay between two Brazilian companies
No restrictions.

Physical prepay between a Brazilian company and an offshore company
No restrictions as long as there is physical deliveries.

Physical prepay between two offshore companies but  involving Brazilian
exports
No restrictions. It would also involve three parties: a company in Brazil,
its offshore subsidiary and Enron.

Thanks,

Gustavo


Lawrence J May,

As requested, below is your user ID to access the Performance Management System:

90040978


Dear Richard,

Thanks for speaking with me the other day regarding KWI.  I am writing
to update you on the progress of this search.  Our client is in the final
stages of negotiations with an excellent candidate.   Thanks a lot for
your suggestions and input.  I look forward to working with you in the
future.

Get back to me if you have any questions.

Thanks

Dal Coger
781-395-2981


I think all of us who deal with assets are running across confidentiality
hurdles in all kinds of agreements, including confidentiality agreements.  In
short, our business people need the ability to disclose agreements to
potential purchasers of projects, contracts and assets, and not all of our
forms allow this.

I'm trying to include an exception for "potential lenders and investors"
whenever I can (instead of just lenders). Does someone have a more artful or
effective solution?

Just wanted to share the thought so that more eyes could be watching for the
issue.

Kay


Oscar and David - Here is the redrafted guarantee, including: (a) an
expiration provision based on your language with an expiration date of March
13, 2002; and (b) a single notice requirement.  I hope we can finalize this
document first thing in the morning.  Frank


o Report: Crosspoint Forgoes $1 Billion New Fund

NEW YORK -- Crosspoint Venture Partners has commitments
for a new $1 billion fund but has decided not to
raise the capital, according to a report in the
Wall Street Journal. The reason for the delay is
the difficult environment for investing in new companies
and generating high returns. Crosspoint will raise
the fund as soon as the environment improves, according
to the report. Crosspoint raised an $850 million
fund earlier this year.
http://www.cpvp.com/
_____________________________________________

o Mineral and Metal Marketplace Gets Funding from Votorantim

LOS ANGELES -- Quadrem, an online marketplace for
mining, minerals, and metals, said that Votorantim
Venture Capital, the venture arm of industrial giant
Votorantim Group of Brazil, has become a founding
shareholder of Quadrem. Other founding shareholders
of include Alcan Aluminium Limited, Alcoa, Anglo
American, Barrick Gold, BHP, Corporacion Nacional
del Cobre de Chile (CODELCO), Companhia Vale do
Rio Doce (CVRD), De Beers Consolidated Mines, Imerys,
Inco Limited, Newmont Mining, Noranda. Normandy
Mining, Pechiney, Phelps Dodge , Rio Tinto, WMC
Limited, and Morgan Stanley Dean Witter.
http://www.quadrem.com/

_________________________________________

o Crosslink Capital Makes Add-ons but No New Investments in Q3

SAN FRANCISCO -- Crosslink Capital said that it
made no new investments in the third quarter of
2000. The firm said this was the first time this
happened since the fourth quarter of 1996. Crosslink
did commit additional capital to existing portfolio
companies in the third quarter. The firm invested
in Brightmail, a provider of anti-spam software;
NonStop Solutions, which develops chain automation
software; Protocare, a healthcare services company;
and techies.com, which provides Web-based IT recruiting
services. The firm said it is evaluating potential
investments in software, Internet infrastructure,
and communications integrated circuits companies.
Crosslink Capital has more $800 million under management.
http://www.crosslinkcapital.com/
_____________________________________________

EnergyWorkspace in alliance with VerticalNet
HOUSTON, Nov. 29 (LocalBusiness.com) -- EnergyWorkspace, a developer of
online business software for the oil and gas industry, has formed an alliance
with a huge Pennsylvania business-to-business company to co-brand their
products.
EnergyWorkspace said the deal with VerticalNet Markets, a unit of VerticalNet
Inc. (Nasdaq: VERT), of Horsham, Pa., will give its users greater information
reach through that company's two energy portals.
VerticalNet operates 55 industry-specific online communities, including one
for oil and gas interests and another for the hydrocarbon industry.
Mark Beatty, president and chief executive officer of Houston-based
EnergyWorkspace, said in a release the alliance will aid his customers and it
also will "introduce our unique business process support system to thousands
of potential clients across a range of energy companies."
Both companies commented on how well the two fit each other's needs, stopping
just short of mentioning a possible merger. Jerry Alwais, a spokesman for
EnergyWorkspace, told LocalBusiness.com that he does not know terms of the
deal and has not heard anything about a merger. Officials at each company
were not available for futher comment.
The once high-flying VerticalNet, whose stock traded as high as $148.38 last
spring, opened today at a 52-week low of $10.50.
Joseph Galli, chief executive officer and president of VerticalNet, earlier
said his company was looking to make strategic acquisitions. He made the
announcement at the same time the company said it lost a whopping $121.9
million through the first nine months of the year, compared with a loss of
$38.2 million for the period a year earlier.
Since EnergyWorkspace is privately held, it doesn't report on its financial
picture.

___________________________________________

o Broadband Access Firm Allegro Gets $24 Million First Round

SAN JOSE, Calif. -- Allegro Networks, which is developing
a wholesale broadband access platform, said it has
secured $24 million in its first round of funding
from Bessemer Venture Partners, Columbia Capital,
and Infinity Capital.  The company said it will
use the funds to develop its technology. Allegro
Networks said it named P.J. Singh as its chief technical
officer and acting CEO. Mr. Singh co-founded Packet
Engines.
http://www.allegronetworks.com/

_______________________________________________

o ASP United Messaging Closes Third Round with $70 Million

WEST CHESTER, Pa. -- United Messaging, an enterprise
messaging service provider, said it closed a $70
million third round of financing led by Broadview
Capital Partners. New investors First Union Capital
Partners, Comcast Interactive Capital, and Brinson
Partners, and previous investors Internet Capital
Group, Oak Investment Partners, Infinity Capital,
and Labrador Ventures participated in the round
as well. United Messaging is a global application
service provider that offers hosted messaging and
professional services. The company said it will
use the funding to expand service platforms in the
U.S. and abroad, to support the launch and promotion
of its existing and upcoming messaging technologies
and services, and to open new sales offices in Europe
and Asia. Broadview and First Union will each receive
a seat on United Messaging's board of directors.
http://www.unitedmessaging.com/
_____________________________________________

o ID Management Firm Courion Gets $13.2 Million in Round Two

FRAMINGHAM, Mass. -- Courion, which develops self-service
identity management  software, said it secured $13.2
million in its second round of funding led by QuestMark
Partners. Other investors include Riggs Capital
and previous investors JMI Equity and Massachusetts
Technology Development. The company will use the
funds to add new products, and to expand into Internet
commerce and international markets.
http://www.courion.com/
_____________________________________________

o Performance Management Firm Wily Has $10 Million Round Two

BURLINGAME, Calif. -- Wily Technology, a provider
of performance management software for Java Web
applications, said it raised $10 million in its
second round of funding. Previous investors Greylock
Management and BEA Systems participated along with
new investor Accel Partners. The company will use
the funds to expand its Web application management
product portfolio, and for sales and marketing.
http://www.wilytech.com/
_____________________________________________


I am sending out by fax signed CA's by Enron to MEGA, Dominion and Teco to be
signed by them.  They should all be signed probably by Monday night.  We now
have an executed CA with Avista, so please send out two books to them ASAP.
Thanks!
Ben


Miguel,

EGEP extends our best wishes to you on pursuing your new assignment and
expresses sincere appreciation for all of your assistance with our DealBench
projects.

You probably follow the DealBench activity but if you haven't watched
specific details, we have observed the following activity level to date:
 India Deal Rooms A-G  9573 Deal and Document hits (since 27 Dec when stats
became available)
 India Deal Room  H    417 Deal and Document hits (since opening 1 Feb)
 China Deal Rooms A-B    500 Deal and Document hits (since opening 23 Feb)

We consider the DealBench datarooms a great success.  We appreciate the
insights you shared with us when we were first designing the rooms, as well
as, the support  you provided with regard to our questions and problems
thereafter.  You were always knowledgeable, resourceful, responsive and
courteous in all of our dealings.

Thanks again, Miguel.  We will miss you in the DealBench project group but
will look forward to hearing about your new assignment.

Sincerely,
Paula


You are correct. By copy of this message,  I will ask Tana to finalize.  Sara

	William S Bradford
	10/25/2000 07:55 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: DeutscheBank ("DB")

This refers to settlement or payment netting only, not close out
netting....correct?
If so, we can probably live with it.

Thanks,
Bill

From: Sara Shackleton on 10/24/2000 12:15 PM
To: William S Bradford/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
cc:
Subject: DeutscheBank ("DB")

I spoke with Steve Kessler this morning.  He told me that he agreed with
Carol to net commodity transactions (which was actually more than he wanted
to agree to!).  However, DB does not have the systems to net within other
product groups.  Sara


As a follow-up to our meeting last Friday, I have reviewed the Comprehensive Settlement Agreement (CSA), SoCalGas System Adequacy proceeding testimony of Lad Lorenz and the CPUC Dec. 11, 2001 Decision on Unbundling the SoCalGas system by implementing the CSA with modifications.  I also have a call into Rodger Schwecke at SoCal to discuss their upcoming tariff filing and the related capacity issues.  Some of the pertinent points made in these documents relative to receipt point capacity and allocation are as follows:

Comprehensive Settlement Agreement

Appendix B outlines the details of backbone transmission/receipt point capacity rights:

1. All receipt points will be defined with firm capacity and primary access rights that reflect physical limitations.  The Appendix B table of receipt point capacity indicates that for No. Needles, Transwestern has Primary Access Rights of 750MMcf/d and Mojave at Hector Road has Secondary Access Rights.

2.  For interconnects into SoCalGas with more than one upstream pipeline, secondary access rights will be defined.

3.  New or expanded interconnects with existing or new pipelines will have secondary access rights only and will be subject to bumping by gas scheduled through primary access points.

In the text of the CSA, the Open Season procedures for intrastate backbone transmission/receipt point capacity are described in detail.  Briefly, its proposed to work as follows:

1.  Initial Reservation for Core customers.  SoCalGas Acquisitions, core transport agents and wholesale customers serving the core will be provided a set aside amount of capacity.  This included 300MMcf/d at North Needles.

2.  First Stage/Phase I of the Open Season for 50% of RP capacity after deducting core customer set aside.  Existing noncore customers may bid on any RP capacity up to 100% of their historical usage.

3.  Second Stage/Phase II of the Open Season for remainder of Phase I capacity, if any, not awarded or allocated.  Available to same existing noncore customers as in Phase I to bid on in this second round if they haven't been awarded capacity up to their 100% historical usage.

4.  Third Stage/Phase III of the Open Season for 50% of RP capacity after deducting core customer set aside plus any remaining capacity not awarded in Phases I and II.  Bidding open to any existing or new customers with creditworthiness established.

5.  SoCalGas will hold annual open seasons for expired or non-contracted available capacity.

6.  Market concentration limits were set such that no person or entity including affiliates may hold more than 40% of the capacity (after core set aside) at any one receipt point awarded through the open season process.  This does not include secondary market capacity or individually negotiated contracts acquired after the initial open season.

Examples of North Needles capacity:	Physical capacity	750 MMcf/d		Add'l 25/50	775/800
					Core Cust. set aside	300			Inc. core	313
					Avail. Cap. for bidding	450					462/487

					Phase I  avail. cap.	225					231/243.5

					Phase II avail. cap.	remainder of 225			remainder of
													231 or 243.5

					Phase III avail. cap. 	225 + remainder 			231/243.5 +
								of Phases I & II if any.			remainder of
													Ph. I & II if any.

System Adequacy Proceeding--Lorenz Testimony

Lad Lorenz testifies that the proposal to allocate firm receipt point capacity on the SoCalGas system is intended to be used "until the commission acts in the GIR proceeding".

In Section H. of Lad's testimony on Firm Receipt Point Access, Table II illustrates that North Needles will be expanded by 50MMcf/d to a level of 800.  In Table III under the heading of Firm Primary Access it states "TW--who then allocates among its shippers" in reference to the 800MMcf/d of capacity listed for North Needles.

In this same Section H, Lad states that this alternative proposal for allocating primary firm capacity at each receipt point will achieve improved reliability "until the Commission acts to approve the CSA".

CPUC Decision 01-12-018 on SoCalGas Unbundling

The Commission approved the CSA on Dec. 11, 2001 with certain modifications.  These modifications included:

1.  Market concentration limits were decreased from 40% to 30% and included capacity attained in subsequent open seasons or by individually negotiated contracts.  Secondary market capacity remains excluded from the market concentration limit.

2.  A secondary market price cap was established at 120% of the interruptible rate ($.07191).

3.  Reinstated the core reservation for intrastate capacity at 1044MMcf/d (CSA lowered it to 1000).  This explains why the core reservation for Needles is 313 and doesn't match the TW/SoCal contract level.  The additional 44 was allocated per a Calpine proposal on a prorata basis to each receipt point with Needles receiving an additional 13MMcf/d.

In the summary and conclusion sections of the Decision, SoCalGas was directed to include the additional 375MMcf/d of new backbone and receipt point capacity in its open season.  This part of the Order did not provide any direction as to how the new capacity was to be allocated to upstream pipelines.  Additionally SoCalGas was directed to file an advice letter for implementation and to include proposed methods for allocating any additional future capacity additions.


Unplanned Losses - ($2130.93)
Static Sch Fees - $414.00

Total - ($1716.93)

ERCOT Sch Fees - $418.00


Hi Errol.  Have you had any luck with these two deals?

Thanks, Diane

---------------------- Forwarded by Diane Anderson/NA/Enron on 02/09/2001
09:12 AM ---------------------------

	Enron North America Corp.

	From:  Diane Anderson                           02/07/2001 10:34 AM

To: Errol McLaughlin/Corp/Enron@ENRON, Sherry Dawson/NA/Enron@Enron
cc:

Subject: QF4314 (EOL 672213) QF4331 (EOL 672217)

Hi Errol & Sherry,

We received confirmations for the above referenced
deals from Paribas (they confirm us) and Paribas' confirm
differs from what we show in TAGG.  Paribas' trader, Herve,
says that he spoke with John Arnold after the deal was done
and changed the price from 8.15 to 8.14 and the index from
Gas Daily to NYMEX.     TAGG still reflects the terms that
EOL has.

Can one of you please find out if John Arnold agreed to these
changes, and if so, can you make the necessary changes
to TAGG?

Let me know.
Thanks a lot,
Diane
3-0443


Should this basket of weather swaps be treated special in any way?
----- Forwarded by Tana Jones/HOU/ECT on 04/18/2001 09:19 AM -----

	Lisa Lees
	04/18/2001 08:38 AM

		 To: Tana Jones/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron, Karen
Lambert/HOU/ECT@ECT
		 cc: Stephanie Sever/HOU/ECT@ECT
		 Subject: Profiles needed for US Weather BP BDD Swap

Tana/Kelly/Karen:

The product long description below will fall under the new product type US
Weather BP BDD Swap.  Credit (Tom Moran) has approved copying the profiles
for the new product type from the following:

 US Weather CDD Swap

Please respond no later than 11 a.m. on Wednesday, April 18.

Thank you.

----- Forwarded by Lisa Lees/HOU/ECT on 04/17/01 10:31 PM -----

	Kevin Meredith@ENRON
	04/09/01 03:59 PM

		 To: Mark Taylor/HOU/ECT@ECT, Tom Moran/Enron@EnronXGate, Jeff
Blumenthal/Enron@EnronXGate, Susan Musch/Enron@EnronXGate, Bjorn
Hagelmann/Enron@EnronXGate, Matthew F Gockerman/Enron@EnronXGate, Larry Joe
Hunter/HOU/ECT@ECT
		 cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron,
Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT, Chris Walker/HOU/ECT@ECT,
Melba Lozano/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Sandeep
Ramachandran/ENRON@enronXgate, Carl Carter/NA/Enron@Enron
		 Subject: Approval needed for US Weather Swap

Your review and approval of the following product type in the EOL Datamanager
is needed (for directions on approval , please see steps for approval at the
bottom of this e-mail). If you have any questions please call me at ext.
39555.
********* DO NOT APPROVE PRODUCT TYPES BETWEEN THE HOURS OF 6AM -
11AM***********

US Wthr BP BDD Swap    Bond Portfolio   [Nov00/Oct01]    USD/BDD

A US Weather Bond Portfolio Basket Degree Day Financial Swap Transaction with
Enron North America Corp., under which the Seller is obliged to pay the
Payment Amount to the Buyer where the Floating Amount is above the Strike
Amount, or where the Buyer is obliged to pay the Payment Amount to the Seller
where the Floating Amount is below the Strike Amount.  The Floating Amount is
the sum of the Underlying Payment Amounts for the Underlying Transactions.
The Strike Amount shall be the amount submitted in the "price" field by
Counterparty via the Website. The Notional Amount is the quantity submitted
by Counterparty via the Website. The Payment Amount is the product of (i) the
Notional Amount and (ii) the absolute value of the difference between the
Floating Amount and the Strike Amount.
The Calculation Period is from and including the Effective Date of November
1, 2000 to and including the Termination Date of October 31, 2001.
The Calculation Period shall commence at 12:01am on the Effective Date and
conclude at 12:00am on the Termination Date at the relevant Reference Weather
Station or Fallback Station for the Underlying Transactions.  The Basket of
Reference Weather Stations for the Underlying Transactions and the terms and
conditions for such Underlying Transactions as well as the respective
Fallback Stations are set forth in the GTC.
The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.
BDD shall mean Basket Degree Day.
The Reference Basis shall be in Degrees Fahrenheit as specified for each
relevant Reverence Weather Station.

The Maximum Payout Limit is ____ USD, multiplied by the quantity submitted by
the Counterparty via the Website.

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

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Partially Approved"
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up

TO APPROVE:  Right mouse click on "Approved"


I forgot to mention my Commodity Logic activities.  See revised version.

---------------------- Forwarded by Mary Solmonson/HOU/ECT on 11/18/2000
09:01 AM ---------------------------

Mary Solmonson
11/18/2000 09:07 AM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Accomplishments for YearEnd PRC


-----Original Message-----
From: 	John Wyman <jwyman@houstonstreet.com>@ENRON [mailto:IMCEANOTES-John+20Wyman+20+3Cjwyman+40houstonstreet+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, May 30, 2001 4:39 PM
To:	Shults, Bob
Cc:	Oberai, Ricky
Subject:	RE: Fill Transaction Count.
Importance:	High

Bob,
It appears that we may have had some confusion around the completed
transactions that were recorded on Houston Street during our demonstration
on Tuesday, May 22nd.  Since we have been unable to verify the timeframes
used, we have extracted from our database all of the transactions that
occurred after 2:45 Central Time through 5:30 Central Time.  We used our
DealCapture Product which enables customers to extract their deals done from
our database.  We are also providing a detailed log containing all of the
transaction responses that we received from Enron that resulting in a FILLED
transaction.  By expanding this timeframe we have the following Trade
Confirmation Details which is confirmed by the FILLED Transaction log and
the DealCapture XML that was generated.

	 user		Fills
	----------------	----------
	arizona		14
	avista		3
	adams		19
	bptrader		58
	Total		94

 <<Success-TradeLog.xls>>  <<xml_dtd_oil_power.dtd>>
<<XMLClientResult_adams.xml>>  <<XMLClientResult_arizona.xml>>
<<XMLClientResult_avista.xml>>  <<XMLClientResult_bptrader.xml>> .

If you have any questions please call @ 603-766-8730 or 603-591-9004.

John Wyman

>  -----Original Message-----
> From: 	John Wyman
> Sent:	Wednesday, May 23, 2001 11:43 AM
> To:	'Bob.Shults@ENRON.com'
> Subject:	Fill Transaction Count.
>
> Bob,
> Here are the details for the fills.  We actually cleaned out the database
> just prior to 3:00 PM CST yesterday in preperation for the testing.  If
> you could reconcile based ont he first deal datetime and count from their
> forward that would be great.
>
> Here are the details.
>
> user		Fills
> ----------------	----------
> arizona		12
> avista		3
> adams		17
> bptrader		57
> Total		89
>
> First fill datetime stamp to start counting from : 5-22-2001 14:58:31.440
> CST.
>
> If you could count forward from that point we should be in sync.
>
> Thanks,  Give me a call if you have any questions.
>
> Thanks again for taking the time yesterday to go over the latest version
> of the application.  Flight back was a bit long - got into Boston at 1 AM
> and didn't get home til 2:30 AM...
>
> John Wyman
> HoustonStreet Exchange
> (603) 766-8730
> (603) 591-9004 (cell)
> (603) 433-6875 (fax)
>
>

 - Success-TradeLog.xls
 - xml_dtd_oil_power.dtd
 - XMLClientResult_adams.xml
 - XMLClientResult_arizona.xml
 - XMLClientResult_avista.xml
 - XMLClientResult_bptrader.xml


John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
http://hsb.baylor.edu/html/martinj/home.html