Once again, Enron shows that it has the best damn reg affairs team in the world - maybe universe.

Thanks,

Jim

 -----Original Message-----
From: 	Nicolay, Christi L.
Sent:	Tuesday, December 11, 2001 11:44 AM
To:	Steffes, James D.; Novosel, Sarah
Cc:	Shapiro, Richard
Subject:	RE: 206 - Refund Order

Not at this time, since the language is a proposal.  Separately, I don't think Enron is going to file comments.  I will read EPSA's protest and provide comments, if necessary.  Thanks.

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Saturday, December 01, 2001 1:47 PM
To:	Nicolay, Christi L.; Novosel, Sarah
Cc:	Shapiro, Richard
Subject:	206 - Refund Order

Christi & Sarah --

Do we have to do something related to this?  Thanks.

Jim

Note also that in a separate development FERC
simultaneously opened a broad investigation under Section
206 of the Federal Power Act to apply the new
market-based-sales policy to all U.S. sellers nationwide.
What this means is that, although only three utilities are
mentioned in this initial order, it is expected that FERC
will continue to take steps to constrain what it believes
to be erratic wholesale markets. Reportedly, some 30
companies are awaiting similar reviews by FERC to
determine if the commission believes they exert market
power. The 206 investigation reportedly also requires
power providers with market-based sales authority to amend
their tariffs within 60 days to provide FERC with
open-ended authority to order refunds if the commission
determines that market manipulation has occurred.


Vince,

My name is Jeanne Anne Klein and I am a financial modeler working with
Mingcheng Lian on a high profile pipeline project in China.

Zimin Lu referred us to you regarding questions we have on the Real Option
Valuation Approach.  We are very enthusiastic about what we have read and
heard about this valuation method.

We have been doing some preliminary research on the Real Option Valuation
approach and believe that integrating this approach into our financial model
would bring a significant increase to the value to the project.   We have
identified some deal aspects we believe would be ideal to valuate as real
options.  Our goal is to work with the development team to structure the deal
to incorporate the Real Option Valuation approach into the model enabling us
to arrange the contracts within the deal to optimize the project's value.

We would like to arrange a meeting with you at your ealiest convenience to
brainstorm on additional deal aspects that can be valued using the real
option approach as well as on ways to quantify these aspects using the Real
Option valuation Method.

Please advise if you will be able to meet with us within the next week or
two.

Thank you for your kind attention,

Jeanne Anne

X 6-6547


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/15/2000
04:22 PM ---------------------------

Zimin Lu
12/15/2000 03:11 PM
To: John J Lavorato/Corp/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT
Subject: WTI trading simulation presentation

John,

I prepared the presentation in the way we discussed on Wednesday.
In summary I have included the following scenarios:

Tenor:  1, 3, 5 years back from Nov, 2000
               1, 3, 5 years back from Nov, 1998
               1, 3, 5 years back from Nov. 1995

Number of trade per day:  200, 600,1000

Bid-offer spread:  $0.04 and $0.06

Net Open position allowed: 1,000,000 and 5,000,000

Volume per trade is fixed at 1,000 BBL.

All together, there are 9*12 =  108 scenarios included in the presentation.

I will be on vocation starting next week.  But I will check my e-mail and
phone
messages to make modifications you need.

Happy Holidays,

Zimin


Please forward a credit worksheet for AGL.  The credit contact there is
Forrest Alexander 404-584-4244.

Thanks

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


Dear Salomon Smith Barney Client:

Your Salomon Smith Barney trade confirmation(s) has been delivered to Salomon Smith Barney Access for online viewing. To view your trade confirmation(s) online, click on the link below. You will be required to enter your Salomon Smith Barney Access User Name and Password.

https://www.salomonsmithbarney.com/cgi-bin/edelivery/econfirm.pl?47d10745b585f445e58545143323030313

Note: If you cannot access your confirmation through the link provided in this e-mail, "cut and paste" or type the full URL into your browser. You can also choose to view your confirmations directly from your Salomon Smith Barney Access Portfolio page by clicking the Portfolio tab and selecting "Confirms".

Any prospectuses related to these trade confirmations will be sent under separate cover. If you opted to receive your prospectuses online, you will receive an e-mail notice when they are available for online viewing.

If you are experiencing difficulty when viewing your confirmation online, you may need to adjust your Adobe Acrobat Options settings or upgrade your Adobe Acrobat software.  Please visit our Frequently Asked Questions area on Adobe Acrobat for assistance:

https://www.salomonsmithbarney.com/cust_srv/faq/

If you have any questions or need any assistance viewing your trade confirmations online, please contact the Online Client Service Center at 1-800-221-3636 (available 24 hours, seven days a week). If you have questions about the trades that generated the confirms, please contact your Salomon Smith Barney Financial Consultant.

Thank you.
Salomon Smith Barney

Please do not respond to this e-mail.

Salomon Smith Barney Access is a registered service mark of Salomon Smith Barney Inc.


On 11/1/00, FERC Staff issued reports on its Investigation of Bulk Power
Markets in the Eastern Interconnection.  These reports were the result of a
Commission order earlier this summer.  Enron's Federal regulatory staff
(Christi, Charles Yeung, and Sarah Novosel) provided a great deal of
information for this investigation and Joe Hartsoe and Donna Fulton discussed
many of the problems with the grid with the new head of Staff, Scott Miller
(who recently joined FERC from PG&E Gen).    While the Commission is under no
obligation to take any of Staff's recommendations, the Commission typically
looks to Staff for guidance on transmission and market issues.  Importantly,
Staff concludes that the Commission should consider these options for the
Southeast and Midwest -- all of which Enron has been asking FERC to implement
for several years:

Reduce the advantages of network service over point to point service by
requiring that native load be served under the same tariff as other
transmission services to eliminate the current incentives that VIUs have to
favor their native load through the calculation of ATC and handling of
interconnection requests.

While the Staff Hotline is used productively, the Commission can direct Staff
to conduct formal investigations into entities that have a pattern of
complaints.

The Commission could require TPs to submit tariff provisions containing a pro
forma interconnection process specific to interconnection, rather than simply
relying on the Tennessee Power order that utilizes the OATT timelines and
procedures.

Require TPs to retain real-time transmission data on market functions
pertaining to daily load, internal generation to meet that load, and imports
and exports.

RTOs should submit the basis and methods for calculating ATC and TTC, as well
as standardized criteria for curtailment.  In addition, since even such
standardized criteria might not "get to the root of the problem" -- that
control area still control generation -- the Commission could require that
each RTO set a date certain by which it will create one control area.
Regardless of the implementation of these two options, the Commission could
standardize ATC and TTC methodology.

Staff finds that while electricity is a commodity with market characteristics
similar to many other commodities, it is still viewed as "different," with a
reaction of price caps.  Staff encourages that basic decisions about the
regulatory model be made in order to complete the transition from a
traditional cost-of-service model to a model that uses markets to price the
commodity and services.

DETAILS  (Also, the reports contain good summaries of the generation,
transmission, state retail, federal reg. and other issues for the region):

Midwest:  The Midwest is dominated by vertically integrated Transmission
Providers ("TPs") that control transmission, generation and load.  "As such,
they have weak economic incentives to provide access to transmission service
to third-parties and strong incentives to favor their own services."  Staff
received numerous complaints; however, due to the lack of information
available from TPs, Staff cannot conclude whether these are isolated
incidents or wide-spread.  At the very least, the complaints indicate a lack
of confidence in the bulk power market and the ability of market participants
to rely on transmission access, thus harming the liquidity of the market.

TLRs are the most important transmission issue in the Midwest, with an
"enormous" increase in 2000.  The region showed a decline in peak load from
1999 to 2000 and a growth in new generation since the 1998 price spikes.
Even though there was an increase in generation and mild weather with
virtually no price spikes, TLRs climbed to record numbers.  The TLRs were
highly concentrated:  only 5 flowgates account for 41% of ECAR TLRs and
another 5 flowgates in MAIN account for 42% in that region.  Notably, even
though the NERC procedures for Level 3 TLRs mandate transaction curtailment,
78 of the 191 TLRs in the Midwest do not show any curtailment amount.  The
total amount of relief that these curtailments are intended to produce are
not posted.  Staff notes that TLR rules are established by NERC, whose
procedures are voluntary and not enforced by penalties.  While the Commission
has required certain NERC standards and procedures to be placed in Open
Access Transmission Tariffs ("OATT") where the Commission has the power to
enforce provisions under the Federal Power Act, in practice the Commission
has generally deferred to NERC on transmission reliability questions,
including the propriety of TLRs.

TLRs inhibit optimal functioning of the transmission system and market
because load is not served by the least cost supplier.  TLR procedure is an
inefficient instrument in mitigating constraints -- curtailment by fiat.  In
addition, the NERC IDC can result in inappropriate curtailments or increased
loading on the affected flowgate.  The impact could be mitigated by one
control area per RTO.

Staff notes that the Midwest state commissions did not petition FERC for
price caps following the 1998 price spikes.  Some market participants believe
that the absence of price spikes is the single reason that NUG construction
increased in the Midwest.

Market participants must keep track of, and follow, a plethora of information
in order to make energy deals, submit reservations and provide schedules for
service.  Staff received many complaints about barriers to transmission
access, including TLR curtailments and a lack of standardized information and
protocols, particularly for ATC and interconnection requests, and
discriminatory conduct.  Unbelievably, key data was unavailable to Staff,
such coincident peak load data, system-wide snap shots for days when TLRs
were called, and import/export data.  This lack of data creates a market
inefficiency, because neither market participants nor regulators can fully
analyze market conditions in real time.  As such, the market is risk adverse,
eschewing long-term deals for short-term transactions.  Staff also noted that
because the Security Coordinators often work for the IOU, there is a mixed
incentive to enforce reliability on the grid and maximize profit for the
IOU.  (Staff cites Richard Tabors' paper, "Transmission Markets, Stretching
the Rules for Fun and Profit.")

Staff cites the lack of information on OASIS or on the NERC web site,
particularly about real time TLRs and curtailments.  Examples were provided
to Staff of transmission refusals when there were no TLRs posted and improper
implementation of TLRs causing substantial financial loss.

The currently proposed Midwest RTOs may mitigate some problems; however, all
three retain existing control areas with the favortism for generation and
native load.  These incentives will continue to remain until the RTO
exercises complete autonomy over transmission control and security
coordinator functions.  Staff notes that the Midwest is a balkanized region
of 61 control areas with no uniform method for calculating ATC and CBM.  The
result is that ATCs can be different on 2 different sides of an interface.
Staff notes examples in inaccurate ATCs and states that Staff's own ATC audit
this summer was consistent with market participant complaints.  Staff is
weighing follow-up options.  The result of these problems is a lack of
liquidity.

Staff next noted the problems with unfiled "business practices," especially
on the next hour market.  Staff's audit of OASIS sites revealed several areas
of non-compliance.

Information transparency is necessary for a market to function efficiently,
with equal and timely access to data, including ATC, CBM, TRM, and load flow
input data.  TPs have incentives to resist efforts to make this information
transparent because of native load.  This incentive will still exist under
RTOs if utilities are allowed to calculate their own ATC.  ***  "As a
consequence, the Commission may wish to eliminate the native load exemption
and have all transactions under the same tariff."  ***  The Commission could
benefit by having access to existing transmission data and should require the
TPs to retain data, including current real-time network status.

Interconnection Issues:  IPPs need to be compensated for VAR support.  Also,
Staff cites a number of Hotline complaints about TPs seeking large deposits
or failing to complete System Impact Studies timely.  One solution is to have
the RTO handle this function to eliminate the disincentive the utilities have
against IPPs.  The current practice of requiring IPPs to deal with a wide
variety of procedures inhibits the free flow of transactions within the
region.

Network service has inherent advantages over point-to-point, citing the
Entergy source and sink order.  The Commission has relied on "passively"
receiving informal and formal complaints to determine if discriminatory
behavior has occurred rather than actively canvassing market participants.
While Staff cannot conclude that discriminatory practices are widespread,
there is evidence of discriminatory instances.

Southeast:  The traditional vertically integrated utility ("VIU") model has
largely persisted in the SE.  This continued control has vastly reduced the
economic incentives to facilitate IPP activities.  In many cases, the VIUs
have dampened IPP involvement without violating any Commission regulation due
to the inherent flexibility of the current rules.

Staff cites examples of delays in performing system impact studies,
transmission hoarding in the name of serving native load growth and
manipulation of ATC.  TPs have shown little inclination to improve the
transmission system and use many TLRs.

There is also a lack of market information that has stymied the development
of markets in the SE.  ATCs change constantly that leads to uncertainty and
there is no clearinghouse for electric power prices.

TVA, despite having taken steps to participate in reformed markets, has acted
as a bulwark against the development of competitive energy markets in the
SE.  This is significant because of TVA's size and location.  IPPs have
reported TVA's discouragement of siting in TVA through excessive time to
perform studies, excessive fees, and rejection of requests to perform
interconnection studies.

In addition, Staff cites the Florida Sup. Ct. decision against merchant
plants as significantly impeding the competitive market in Florida.

Staff discusses the significant flow of power from the Midwest to the SE this
summer.  Much of this resulted from the import of cheaper coal power, than
the use of gas fired peakers due to higher gas prices.  Peak prices were
radically lower this summer because utilities appear to have been better
prepared for peak events through the use of forward contracts, increased
generation capacity on line and reduced number of forced outages.

SE utilities reported that they have not used market-based rates to
extensively increase sales.  (Less used than in the midwest.)

The SE region lacks information, which has retarded the Staff's efforts to
discern the truth about the numerous complaints about transmission in the SE
(including ATC and TLRs).  Market participants seem to have less confidence
in the SE market than in any other market region.  This appears to be
justified based on Staff's investigations.  This lack of confidence
discourages investment and participation in the markets.  Staff concludes
that the Commission may need to be more prescriptive in terms of how
transmission is allocated in the SE RTOs, since there are market concerns
that the incumbents will continue to dominate operations.  The investigation
found numerous problems in bad ATCs and TTCs and poor OASIS postings.  In
addition, several OASIS audit logs actually erased historical data.  Staff
thinks that additional affiliate transaction information should be posted.
Staff could not obtain summer demand data and the Commission's lack of
jurisdiction over TVA made it difficult to obtain transmission access
information.

The Staff investigation revealed unclear interconnection procedures and lack
of adherence to schedules and arbitrary cost estimates and deposits.  In
addition, the TPs have reserved a huge amount of network transmission
capacity, much of it reserved shortly after the IPP approached the TP to
interconnect.  Staff cites the recent Skygen order in which Southern denied
Skygen's request for transmission stating that the only option was the
construction of an 80 mile 500 kv line that would take 8 years to complete.
Staff solutions include allowing network requests by IPPs and limiting
self-build capacity in the incumbent's territory.

ATC variations are a big problem in the SE.  SERC coordination of a
standardized ATC is a long process and may not be resolved soon without
direction from the Commission.  An improved method and improved communication
are needed.

The SE experienced a 354% increase in TLRs this summer.  This increase raises
the issue of whether curtailment has become an impediment to the competitive
operation of the market in the SE.  Staff cites information provided by
Charles Y. that an Ameren TLR was not implemented according to NERC
criteria.  Staff also wonders if transmission is being oversold since TPs do
not generally refund transmission revenues when TLRs are implemented.  RTOs
must have a broad geographic area to internalize much of the constraints.  In
addition, RTOs will adopt pricing mechanisms that obviate recourse to TLRs.
However, if control areas are retained, VIUs will retain mixed incentives.

*** As noted in the Midwest report, the manner in which load is calculated
weighs heavily on the value of this information.  This is an issue that the
formation of RTOs may not resolve.  Eliminating native load exceptions -- ie,
treating all load equally -- and placing all transactions under the same
tariff may be an option that provides the right incentives for the provision
of transparent and standardized information.

Finally, Staff describes specific problems with TVA and FP&L, TVA is a
"problem area" for the Eastern Interconnect grid.  TVA is a transmission
bottleneck due to the many TLRs called this summer.  The current federal law
and lack of Commission jurisdiction are impediments to the development of
deep and robust power markets in this area.  TVA simply has no strong
incentive to provide effective and efficient transmission service.  In
addition, the Commission does not have full information on TVA.  Staff lists
a number of complaints against TVA, including unjustifiably increasing the
tag deadline and allowing TVA Marketing, but not others, to sink and park
power.  Staff concludes that recent proposals by TVA to enhance the
development of markets and its system do not appear to have great potential.

A Staff audit of FP&L revealed violations of standards of conduct, including
confidential information on FP&L's transmission system (including interchange
information for other entities) posted on EMS systems that were available to
FPL's merchant function.  Staff's report found that FP&L does not have an
established procedure for review of EMS to ensure that information is not
displayed in error.  It is "up to individual Managers discretion."  ((FRCC
web site report dated 9/8/00)).  Violations such as these undermine
competition.

The reports are attached below.

 - southeast.pdf
 - midwest.pdf


Men:

I have a deposition in Austin on Thursday of this week.

Joe would you please let me know if you have reached the free trailer
source.

Chad and Brian, we need to select one of the following;
1. brian and I switch vehicles and I bring it home in his truck.
2. rent a trailer
3. chad buys trailer somewhere this week.

Brian your call on #1, then we go to plan 2 or 3.

e.

_________________________________________________________________
Send and receive Hotmail on your mobile device: http://mobile.msn.com


Thank you for your request. You will be notified by email when your request
has been processed. You can check the progress of your request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000034919&Page=
MyReq.


Looks good.  Coordinate with Chris and John and let's move on this.

Jeff

John Buckner Thomas
10/25/2000 02:20 AM
To: Jeffrey A Shankman/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT
cc: Chris Mahoney/LON/ECT@ECT, Chris Glaas/LON/ECT@ECT
Subject: EOL possibilities

1.  Brent-Dubai calendar swap differential.  Idea would be to trade this
differential on a quarterly basis.
2.  WTI-Brent calendar swap differential.  Same timing idea, Nymex v IPE..
3.  WTI-Dated Brent calendar swap differential.  Nymex v Platts Dated Brent.
4.  WTI-Brent  futures differential.  Issue would be settlement dates given
the time lag between expiry.


what did you go to dallas this weekend for?  it wasn't fun?  not much went on
here.  i am going to denver tomorrow for work for 3 days.  golfing and
boozing.  sounds good huh?  i will be back this weekend but i need to save my
money for vegas next week.


I redrafted the negotiated rate contract to better reflect our conversation yesterday.  Let me know what you think......................Tony


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 11/21/2000
08:03 AM ---------------------------

Daily-Blessings <dailyblessings.10@lists.postmastergeneral.com> on 11/21/2000
12:21:05 AM
To: judy.hernandez@enron.com
cc:
Subject: Daily Blessing 11/21/00

I apologize for the problem with the link for the 11/20/00 daily
blessing...it's been fixed so if you'd like to check it out again...i will
repeat it.

here's todays--
Daily Blessing
http://www.daily-blessings.com/bless146.htm

and yesterdays
http://www.daily-blessings.com/bless145.htm

Lord's prayer
http://www.daily-blessings.com/humor53.htm

I just found a really neat site that I hope you'll all check out.  With the
holidays coming up it has a great idea for that person you don't know what to
get...but someone you think is the greatest.  It's called Unsung Hero and I
know we all have one of those in our lives..check this out and see what they
have to offer.  I ordered one today!!

http://www.daily-blessings.com/cjunsunghero.htm

Hundred's of you have taken advantage of the free download available for the
Work From Home folks.  If you haven't checked it out yet...you should!!

http://www.daily-blessings.com/cjworkfromhome.htm

or
http://www.daily-blessings.com/orhome.htm

want more coupons the next time you go shopping?  check out this link
http://www.daily-blessings.com/orcoolsavings.htm

<<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>>
* To remove yourself from this mailing list, point your browser to:
http://inbound.postmastergeneral.com/remove?dailyblessings:10
* Enter your email address (judy.hernandez@enron.com) in the field
provided and click "Unsubscribe". The mailing list ID is "dailyblessings:10".

OR...

* Reply to this message with the word "remove" in the subject line.

This message was sent to address judy.hernandez@enron.com
X-PMG-Recipient: judy.hernandez@enron.com
<<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>>


At this time we are not offering CLE credits for the Legal e-Commerce
Training Course you attended in Washington D.C..   However we are seriously
looking into the possibility of doing so in the future.  I apologize for the
delayed response to your question.

Regards,

Maureen Benjamin
Training Course Operations Manager
Phone: (312) 894-6342
Fax: (312)894-6358
www.marcusevans.com


Start Date: 4/20/01; HourAhead hour: 12;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042012.txt

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 12 / Preferred: -800.00 / Final: -799.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/20/01
  TRADING_SC: DETM
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1


call mike mcconnel or kay chapman, setup meeting with mike. tell her he request that see finds sometime


Attached are the Mgmt. Summary, Hot List, and Metrics for the week and quarte
ending 7/27/00.  Beginning next week we will be posting this information to
the Executive Reports Viewer.


Start Date: 10/9/01; HourAhead hour: 7;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100907.txt

Error retrieving HourAhead price data - process continuing...


Currently an announcement is scheduled for mid may so there may be more
public information available then.  In the meantime, I would answer the
question as follows: Enron will continue to focus its attention on the
commercial, light manufacturing and industrial end user markets. Enron
continues to explore opportunities to serve the residential market and we
believe that the market presents opportunities that were not available even a
couple of years ago (for example, the  rising acceptance of online purchasing
by consumers presents low cost customer acquisition and account management
possibilities that didn't exist when Enron last moved into residential
markets). We believe, however, that the residential market opportunity is
best pursued through a separate entity outside of Enron

Mary Clark@ENRON
04/20/2000 02:31 PM
To: Steven J Kean/HOU/EES@EES, Maureen McVicker/HOU/EES@EES
cc:
Subject: Annual Meeting Q&A

Steve, we need to include a potential question in the Q&A document that
addresses if Enron will get back into the residential business (i.e. Resco).
Could you provide an answer to this question.  I need by end of biz Monday.
Thanks.

Mary


Health Tips and News
   The Straight Dope On Food, Health, & Exercise:

   Q:  I've heard that cardiovascular exercise can prolong life. Is this
 true?
   A:  Your heart is only good for so many beats, and that's it. Everything
  wears out eventually. Speeding up your heart will not make you live
 longer;
  that's like saying you can extend the life of your car by driving it
  faster.  Want to live longer? Take a nap.

   Q: Should I cut down on meat and eat more fruits and vegetables?
   A: You must grasp logistical efficiencies. What does a cow eat? Hay and
  corn. And what are these? Vegetables. So a steak is nothing more than an
  efficient mechanism of delivering vegetables to your system. Need grain?
  Eat chicken. Beef is also a good source of field grass (green leafy
  vegetable). And a pork chop can give you 100% of your recommended daily
  allowance of vegetable slop.

   Q: Is beer or wine bad for me?
   A: Look, it goes to the earlier point about fruits and vegetables. As we
  all know, scientists divide everything in the world into three categories:
  animal, mineral, and vegetable. We all know that beer and wine are not
  animal, and they are not on the periodic table of elements, so that only
  leaves one thing, right? My advice: Have a burger and a beer and enjoy
 your
  liquid vegetables.

   Q: How can I calculate my body/fat ratio?
   A: Well, if you have a body, and you have body fat, your ratio is one to
  one. If you have two bodies, your ratio is two to one, etc.

    Q: At the gym, a guy asked me to "spot" for him while he did the bench
  press. What did he mean?
   A: "Spotting" for someone means you stand over him while he blows air up
  your shorts. It's an accepted practice at health clubs; though if you find
  that it becomes the ONLY reason why you're going in, you probably ought to
  reevaluate your exercise program.

   Q: What are some of the advantages of participating in a regular exercise
  program?
   A: Can't think of a single one, sorry.  My philosophy is: No Pain-No
 Pain.

   Q: If I stop drinking, will I live longer?
   A: Nope. Drinking enhances individual expression and peace of mind. If
  you stop, you'll probably stress yourself to death in record time.

   Q: Aren't fried foods bad for you?
   A: You're not listening. Foods are fried these days in vegetable oil. In
  fact, they're permeated in it. How could getting more vegetables be
 bad for
  you?

   Q: What's the secret to healthy eating?
   A: Thicker gravy.

   Q: Will sit-ups help prevent me from getting a little soft around the
  middle?
   A: Definitely not! When you exercise a muscle, it gets bigger. You should
  only be doing sit-ups if you want a bigger stomach.

  I hope this has cleared up any misconceptions you may have had.

<><><><><><><><><><><><><><><><><><><><><><><>
Shawn Shafai
IT Project Manager, Global Extranet Management
Cisco Systems, Inc.
Tel:   408-525-4996
Fax:   408-526-7373
Pager: 800-365-4578
mailto:sshafai@cisco.com
<><><><><><><><><><><><><><><><><><><><><><><>
  <>  Empowering the Internet Generation  <>
                Are You Ready?


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http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C*9ukwpsk_z%7Ck1zqmpq1%7Cpr9K9-A
before leaving for the airport. We're looking forward to welcoming you onboard!

****************************************
TABLE OF CONTENTS
1. This Week's Destinations
2. Continental Vacations Offers
3. Hilton Hotels & Resorts, Doubletree Hotels & Resorts, & Embassy Suites Hotels Offers
4. Alamo Rent A Car Offers
5. National Car Rental Offers

****************************************
1. THIS WEEK'S DESTINATIONS

Depart Saturday, December 1 and return on either Monday, December 3 or Tuesday, December 4, 2001. Please see the Terms and Conditions listed at the end of this e-mail.

For OnePass members, here are special opportunities to redeem miles for travel to the following destinations. As an additional benefit, OnePass Elite members can travel using the miles below as the only payment necessary. The following are this week's OnePass continental.com Specials.

To use your OnePass miles (as listed below) to purchase continental.com Specials, you must call 1-800-642-1617.

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You can also purchase continental.com Specials for an additional cost of $20 per ticket through our telephone service at 1-800-642-1617.

****************************************
TRAVEL MAY ORIGINATE IN EITHER CITY
****************************************

****Roundtrip BETWEEN NEW YORK/NEWARK and:

$29 + 12,500 Miles or $119 - Ft. Lauderdale, FL
$29 + 10,000 Miles or $109 - Hartford, CT
$29 + 10,000 Miles or $109 - Manchester, NH
$29 + 10,000 Miles or $109 - Providence, RI

********************************
2. CONTINENTAL VACATIONS OFFERS

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****************************************
3. CONTINENTAL.COM SPECIALS FROM HILTON HOTELS AND RESORTS, DOUBLETREE
HOTELS AND RESORTS, AND EMBASSY SUITES HOTELS

The following rates are available December 1 - December 3, 2001 and are priced per night.
--------------------------------------
Fort Lauderdale, FL - Hilton Fort Lauderdale Airport, Dania, FL. - $119

Hartford, CT - Hilton Hartford, Hartford, CT. - $119

Manchester, NH - Hilton Dedham Place, Dedham, MA. - $79

Newark, NJ - Hilton Parsippany, Parsippany, NJ. - $89
Newark, NJ - Doubletree Club Suites Jersey City, Jersey City, NJ. - $159

New York, NY - Hilton New York, New York, NY. - $179/Night, 12/1-2

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Special rates apply only for the dates listed at each hotel and are subject to availability. Check hilton.com for specific dates at each Hilton Family Hotel. Or call at 1-800-774-1500 and ask for Value Rates. Restrictions apply to these rates.

********************************
4. CONTINENTAL.COM SPECIALS FROM ALAMO RENT A CAR

Rates listed below are valid on compact class vehicles at airport locations only. Other car types may be available. Rates are valid for rentals on Saturday, December 1 with returns Monday, December 3 or Tuesday, December 4, 2001.
-------------------------------
$26 a day in:  Hartford, CT (BDL)
$26 a day in:  Newark, NJ (EWR)
$26 a day in:  Fort Lauderdale, FL (FLL)
$26 a day in:  Providence, RI (PVD)

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****************************************
6. CONTINENTAL.COM SPECIALS FROM NATIONAL CAR RENTAL

Rates listed below are valid on intermediate class vehicles at airport locations only. Other car types may be available. Rates are valid for rentals on Saturday, December 1 with returns Monday, December 3 or Tuesday, December 4, 2001.
------------------------------------------
$29 a day in:  Hartford, CT (BDL)
$29 a day in:  Newark, NJ (EWR)
$29 a day in:  Fort Lauderdale, FL (FLL)
$21 a day in:  Manchester, NH (MHT)

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For complete details on these offers, please refer to National's terms and conditions below.

****************************************
CONTINENTAL.COM SPECIALS RULES:
Fares include a $37.20 fuel surcharge.  Passenger Facility Charges, up to $18 depending on routing, are not included. Up to $2.75 per segment federal excise tax, as applicable, is not included.  Applicable International and or Canadian taxes and fees up to $108, varying by destination, are not included and may vary slightly depending on currency exchange rate at the time of purchase. For a complete listing of rules please visit:
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ALAMO RENT A CAR'S TERMS AND CONDITIONS:
Taxes (including VLF taxes up to US$1.89 per day in California and GST), other governmentally-authorized or imposed surcharges, license recoupment fees, fuel, additional driver fee, drop charges and optional items (such as CDW Waiver Savers(R) up to US$18.99 a day,) are extra. Renter must meet standard age, driver and credit requirements. Rates higher for drivers under age 25. Concession recoupment fees may add up to 14% to the rental rate at some on-airport locations. Up to 10.75% may be added to the rental rate if you rent at an off-airport location and exit on our shuttle bus. Weekly rates require a 5-day minimum rental or daily rates apply. For weekend rates, the vehicle must be picked up after 9 a.m. on Thursday and returned before midnight on Monday or higher daily rates apply. 24-hour advance reservation required. May not be combined with other discounts. Availability is limited. All vehicles must be returned to the country of origin. Offer not valid in San Jose, CA.

NATIONAL CAR RENTAL TERMS AND CONDITIONS:
Customer must provide Contract ID# at the time of reservation to be eligible for discounts. Offer valid at participating National locations in the US and Canada. Minimum rental age is 25. This offer is not valid with any other special discount or promotion. Standard rental qualifications apply. Subject to availability and blackout dates. Advance reservations required. Geographic driving restrictions may apply.

---------------------------------------
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Greetings:

A check in the amount of $677,840 will be sent to Gwen Williams in Enron's
Houston office via Federal Express today. The transmittal letter and
Exhibits A & B (included in that Federal Express package) are also attached
to this e-mail as follows:

 <<Enron Fed Ex Payment April 2002.doc>>  <<Elec Power Cost Enron
Contract.xls>>

We look forward to continuing our dialogue on the "true up" process.

Sincerely,

	         Earl
	Hanson Permanente Cement
	Hanson Aggregates Mid-Pacific
	925.426.4084  Direct Dial                      925.426.4060  Fax
	Earl.Bouse@HansonAmerica.com     earlbouse@aol.com


Hi Vince

Following our PRC meeting yesterday, here are the high-level facts as I
presented them:
Ben Parsons, overall: satisfactory.  Good interpersonal skills, we have
questions on his quant abilities.  Reluctant to discuss/share his modelling
work, and that which I have seen has too many hand fixes to give me
confidence in his rigour.  Other EnronCredit.com feedback indicates that he
is sometimes prepared to compromise quant analysis to keep the traders happy.
Matthew Williams, overall: excellent.  Superior quant skills, excellent
everywhere else.  Recommended for promotion to Senior Specialist.
Kirstee Hewitt, overall: excellent.  A solid all-round performance, and a
huge workload.  In recognition of the level of responsibility Kirstee is
bearing I'm recommending her for promotion to Senior Specialist.
Sharad Agnihotri, overall: excellent.  Superior quant skills, excellent
everywhere else.  Very self-directed and commercial-minded.  Already
operating at manager level in my opinion.  Flagged for promotion next
mid-year if performance continues at this level.
Slava Danilov, overall: excellent.  Superior quant skills, excellent
everywhere else.  As a non-commercial-type quant he is hard to fault, but
will probably never work on a trading desk.  Already operating at manager
level in terms of his depth and rigour of analysis, and the extent to which
he is contributing to the team.  Flagged for promotion next mid-year if
performance continues at this level.

Steve


On the Events of Default for Seminole Brad has $0.5MM?  Is this 5million or
what? Please let me know.

Thanks

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

----- Forwarded by Debra Perlingiere/HOU/ECT on 09/01/2000 09:55 AM -----

	Brad Schneider
	08/29/2000 01:05 PM

		 To: Debra Perlingiere/HOU/ECT@ECT
		 cc:
		 Subject: Seminole Energy

Debra,

Russell wanted me to re-submit.

Brad


Ronald Davis
1510 cottage lane
towson, MD 21286
ldavis@bcpl.net

To Mr. Ken Lay,

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

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

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

Sincerely,

Ronald Davis


I'm thinking that I have probably missed you, but anyway, it was so nice to
hear from you.  We're haviing Jordan's birthday party tonight.  So thwat's
what we'll be doing this weekend!   Talk to you soon!

Love Bernie


Vicky,

My affiliation is Enron Corp. My assistant, Shirley Crenshaw, will send you
an updated version of my bio.
Here are the bullet points:

PRACTICAL TECHNIQUES TO PRICE EXOTIC ENERGY  OPTIONS

Definition of an exotic option
 - pay-off profile
 - price process assumptions
 - different sources of risk

Different types of exotic options used in the energy industry
 - Asian options
 - spread options
 - basket options
 - swing options

Evaluating methodologies for pricing  exotics
???  - assessing the pros and cons  of different techniques
  - approximations of closed-form formulas
  - Monte Carlo techniques
  - trees
  - numerical solutions of PDEs
???  - applying multi-factor models  to price exotic energy derivatives
???  - building trees for pricing  and hedging exotics

Practical examples
?
ANALYSING APPROACHES TO WEATHER DERIVATIVES  VALUATION
?
Definition of a weather derivative

Why does energy industry need weather derivatives?
 - hedging volume/price  risk as opposed to hedging exclusively price risk
 - the energy industry's exposure to weather: numerical estimates

Different types of weather derivatives used in the energy industry
???  - heating and cooling degree day  swaps and options
???  - precipitation contracts
 - hurricane contracts
 - financial options contingent on weather
 - digital options

Valuation controversy: actuarial valuation vs. valuation based on the
Black-Scholes paradigm

Use of Monte Carlo techniques in valuation of weather derivatives

Valuing long term transactions

Practical example

Please, feel free to edit my bullet points to improve my English.

It was a  pleasure working with you and I hope our roads will cross at some
point.
The best of luck to you.

Vince

"Vicky Windsor" <vicki@risk.co.uk> on 04/13/2000 01:00:18 PM
Please respond to "Vicky Windsor" <vicki@risk.co.uk>
To: <vkamins@enron.com>
cc:
Subject: Maths course

Dear Vince,
?
I just wondered whether you have had chance to  look at your bullet points
and bio for the maths course. If so please could  could email them to me as
soon as possible. Could you also let me know whether  your company
affiliation should now be Enron North America.
?
Thanks Vince and best regards,
?
Vicky


Richard, following up on my voice mail of yesterday evening, I am
responsible for putting together the application that will be filed with
the court regarding retention of Weil Gotshal.  In connection therewith, we
must disclose to the court all potential conflicts between parties in
interest that are adverse to Enron who may also be clients of the Firm.

In that regard, I need the following information:

1.  A list of secured creditors of the potential debtor entities, broken
down by entity

2.  A list of landlords for each entity

3.  A list of outside law firms who perform significant work on behalf of
the potential debtors (broken down by entitiy, if possible).  I'll leave it
to your judgment what constitutes "significant."  We clearly don't want to
have to run through our conflicts system each and every law firm that you
employ.  I think the best way to draw the line would be law firms to which
you routinely pay more than $___ per month.  It may be that this number is
$50,000 or $100,000 or more.

4.  A current list of officers and directors for Enron Corp. (I have lists
for the other entities from another source).

5.  We have a list of 160 banks that are lenders to various of the Enron
entities.  Can you easily identify banks as to which the only relationship
is that Corp. has guaranteed an obligation of a non-debtor subsidiary?  If
so, that would be helpful information to have.

**********NOTE**********
The information contained in this email message is intended only
for use of the individual or entity named above.  If the reader
of this message is not the intended recipient, or the employee or
agent responsible to deliver it to the intended recipient, you
are hereby notified that any dissemination, distribution or
copying of this communication is strictly prohibited.  If you
have received this communication in error, please immediately
notify us by telephone (713-546-5000), and destroy the original
message. Thank you.


Any info?
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/07/2000 04:32
PM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 12/07/2000 03:57:04 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>,
"'areynaud@coral-energy.com'" <areynaud@coral-energy.com>
cc:

Subject: LLC Agreement Details

Kay and Ann:

Please advise of the names of the persons who will constitute the directors
of the new LLC (three appointed by Coral and one appointed by Enron).  Also,
please advise of the date (appearing in Sections 6.2(a) and (c) of the LLC
Agreement) after which the put and call may be exercised.  These items
appear to be the only outstanding information required to complete the LLC
Agreement.  Thanks.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.


Mark, you have this one!
Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 06/06/2000
05:40 PM ---------------------------

Janet R Dietrich
06/06/2000 04:01 PM
To: Mark E Haedicke/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT
cc:
Subject: Chris Gaffney

I just heard that Chris Gaffney is transferring to the Toronto office. His
skill sets/capabilities have been critical in the closing of both the UI and
NSTAR deals and he has been actively engaged in the long-term NSTAR deal,
Con-Ed, and our Project Green Jacket. It is critical to our business to have
no transitional period with attorneys and I expect his replacement to be
fully up to speed (i.e. knowledge of the power market, understanding of
structured power transactions, etc) relative to definitive documents around
these transactions. Chris is definitely a loss to our team. Please advise as
to his qualified replacement on these specific deals.  Thanks.


Mark:

> I was informed that you are the contact person to handle documentation of
> the ISDA Contracts.  If that information is incorrect, please forward this
> message to the appropriate person at Enron.  Hess Energy Services Company
> is attempting to establish Masters with each of the trading companies in
> the Gulf Coast.  HESCO is a wholly owned subsidiary of Amerada Hess
> Corporation.
>
> Attached please find our drafts of the Schedule to the Master Agreement
> and the Schedule to the Credit Support Annex.  After you have had a chance
> to review, please call (713.609.4934) or email (rbryan@hess.com) with any
> questions or changes you may have.
>
> Thank you,
>
> Rich
>
>  <<Credit Annex Paragraph 13.doc>>  <<Domestic Schedule.doc>>

 - Credit Annex Paragraph 13.doc
 - Domestic Schedule.doc


Please see message from Kerry Stroup below.
---------------------- Forwarded by Ginger Dernehl/HOU/EES on 04/18/2000
11:39 AM ---------------------------

Kerry Stroup
04/18/2000 11:44 AM
To: Ginger Dernehl/HOU/EES@EES
cc: Janine Migden/DUB/EES@EES, Barbara A Hueter/DUB/EES@EES, Becky L
Merola/DUB/EES@EES
Subject: Ohio regulations regarding certification, market monitoring, ADR,
and electric service standards

The Ohio Commission has recently adopted several sets of administrative rules
required by the state's electric restructuring law.  Rules have been issued
specifiying certification requirements and procedures, reporting requirements
for the Commission's monitoring of the retail marketplace, alternative
dispute resolution, non-competitive electric service standards, and
competitive retail electric service standards.  A document follows,
summarizing some of the major highlights of the adopted rules.  As
promulgated, the rules regarding certification and market monitoring are not
overly burdensome.  The competitive electric service standards are a mixed
bag, e.g. imposing significant duties regarding contract disclosure and term,
while providing for telephonic and Internet enrollment.

Please direct any questions regarding the rules to me.


Ben:

Please forward me a copy of the model after you have incorporated the changes
Scot sent you below.

Thanks,

Ben
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 04/18/2000 07:41 PM
---------------------------

Scot Chambers@ENRON_DEVELOPMENT
04/18/2000 07:30 PM
To: Benjamin Rogers@ENRON_DEVELOPMENT
cc: Mark Dobler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John W
Cates/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Richard
Bickings/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tom
Callaghan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mike J Miller@ECT, Ben F
Jacoby@ENRON_DEVELOPMENT
Subject: Homestead, FL 6 x 1 LM6000 PC O&M Estimate

Ben, please find attached an O&M cost estimate for one oil fired 6 x 1
LM6000PC power project located in Homestead, FL. The estimate assumes 1,400
run hours in simple cycle during the first year (without SCR) and 2,500 run
hours in combined cycle for years 2+, with SCR. Given that it's combined
cycle in years 2+, the staffing plan is assuming year round availability
needs (except for agreed upon Scheduled Outages). Please note the increase in
GT Major Scheduled Maintenance costs due to liquid firing.

Please review it and let me know if you have questions or comments.

Mark and Tom, sorry for the short notice. Can you please review and provide
comment, particularly on the proposed staffing plan and Operator fees?

regards, Scot


If you will send me the latest schedule you have, I will start updating.

Thanks


Greetings all,

My @home e-mail is defunct and I am not up on the new one yet. Fortunately, I
kept my AOL account but I am back in the Dark Ages on a phone line with no
DSL availability (slow, slow slow) and it ties up the phone.

Anyway,  Charry, could you send the list for Wil and Haley to me at
dasovichd@aol.com.

Jeff asked me to send a list for my kids:

Katie:

1)  would like a trip downtown with Aunt Nancy and Haley at Christmas time to
go window shopping
2) 1/2 hour massage
3)music CD with Andean music

she's also asked for cool hair accessories and stationery but I think Mike's
family is getting these

Michael:
1) fleece vest
2) anything about baseball or football (books,games)
3)sleeveless shirts (might be tough to find this time of year)
4) time with any of you on an outing

BIG SECRET: Santa is bringing both kids a Gameboy so a game would be good.
Robert already got Katie a Harry Potter game.

Target has Sponge Bob Square Pants and Rocket Power which I think Michael
would like.

ALSO, everyone is invited to Christmas at our house, like last year, if you
haven't been formally notified already.

Debbie


Celeste,

Thanks.

Vince

Celeste Roberts
06/23/2000 05:07 PM
To: Cheryl Kuehl/Corp/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Summer part time employee

Add her to the distribution list for associate social functions.
---------------------- Forwarded by Celeste Roberts/HOU/ECT on 06/23/2000
05:06 PM ---------------------------

Vince J Kaminski
06/23/2000 09:56 AM
To: Celeste Roberts/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Elena Chilkina/Corp/Enron@Enron, Mike A
Roberts/HOU/ECT@ECT
Subject: Summer part time employee

Celeste,

I have talked to you last evening about Elena Chilkina,
an MBA Rice student who works for us part-time during the academic year,
and full time this summer.

She asked if she could participate in the program for summer associates.
(presentations, social meetings),

I would appreciate if you could help her.

Vince


Vince - attached is the most recent E&P version of the old corporate cash
flow model that I could find.  Note that "most recent" still dates it back a
few years.  A couple caveats:  I did try to clean it up somewhat from old
macros, but no guarntees offered.  Also, some of the underlying methodology
is not what we would probably currently use, such as for pricing, stochastic
processes, and perhaps decline rates.
Please let me know if I can provide any additional help.
Mark


The following is a list of staff that need updating on your OASIS site.  As
discussed please Email
the user names and passwords for the new accounts directly to the users
indicated below.

Please remove the following users from your site.

Morse
Webb
Hickle
Halmark
Burger
Haile
Zarritta
Norman

Please add the following users to your site.

Miguel Garcia    miguel.l.garcia@enron.com      (713) 853-5458
Rudy Acevedo      rudy.acevedo@enron.com     (713) 853-7171
Juan Hernandez  juan.hernandez@enron.com       (713) 853-0383
Gretchen Lotz     gretchen.lotz@enron.com    (713) 853-6261
Maria Valdes      maria.valdes@enron.com     (713) 853-6350
Smith Day       smith.l.day@enron.com          (713) 853-4201
Laura Podurgiel laura.podurgiel@enron.com  (713) 853-6470 (if this is a
active account please rest the password)

If you have any questions please call me at 713-853-3383.

Thanks


Looks like I got there attention.  Let's hope it dosen't explode on us.

Please plan on attending with me'
thanks

bob
---------------------- Forwarded by Bob M Hall/NA/Enron on 04/10/2001 01:14
PM ---------------------------

Janet H Wallis@ECT
04/10/2001 01:12 PM
To: Gary W Lamphier/HOU/ECT@ECT, Lee L Papayoti/HOU/ECT@ECT, Gerald
Lofton/HOU/ECT@ECT, Michael C Bilberry/HOU/ECT@ECT, Daren Farmer
cc: Brian Redmond/HOU/ECT@ECT, Bob M Hall/NA/Enron@Enron

Subject: Bad Debt

Please plan to attend a meeting with Brian Redmond and Bob Hall on Thursday
at 4:00 in conference room 3567.
  Each person should be prepared to discuss the current status of each "Bad
Debt" account that was assigned to them in February.

If you are unable to attend you will need to schedule a private meeting with
Brian Redmond at a later date.

Janet


Susan Bellinghausen and Pat Cagney would like to meet with each of you to
discuss the GPG SAP Reporting needs.  Based on discussions at the ASE,
"Project Jumpstart" is being initiated to develop a plan for addressing the
reporting needs of GPG. Please plan to attend this meeting to learn what
support is being offered and to provide your input into what you need from
the reporting team.  EB 30C2 is a video conference room.  We are trying to
get a video conference room in Omaha also.  We will let you know on Tuesday
where the Omaha meeting room will be.


Ina,

I need to add my son, Clark Watson, to my beneficiary list for medical, etc.
Please let me know what I need to do to complete this task.

Thank you,
Mike


Daily Blessing
57 cents
http://www.daily-blessings.com/57.htm

First Christmas in Heaven
http://www.daily-blessings.com/ch48.htm

I found a really neat site that I hope you'll all check out.  With the
holidays coming up it has a great idea for that person you don't know what to
get...but someone you think is the greatest.  It's called Unsung Hero and I
know we all have one of those in our lives..check this out and see what they
have to offer.  I've got mine!!

http://www.daily-blessings.com/cjunsunghero.htm

Hundred's of you have taken advantage of the free download available for the
Work From Home folks.  If you haven't checked it out yet...you should!!

http://www.daily-blessings.com/cjworkfromhome.htm

<<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>>
* To remove yourself from this mailing list, point your browser to:
http://inbound.postmastergeneral.com/remove?dailyblessings:10
* Enter your email address (judy.hernandez@enron.com) in the field
provided and click "Unsubscribe". The mailing list ID is "dailyblessings:10".

OR...

* Reply to this message with the word "remove" in the subject line.

This message was sent to address judy.hernandez@enron.com
X-PMG-Recipient: judy.hernandez@enron.com
<<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>> <<<>>>


The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=10/18/2001>, published as of 10/18/2001 is now available for viewing on the website.


Attached is the Transwestern Capacity Release Report that lists all capacity release transactions for the period effective 1/1/2002.  All transactions were awarded at 100% of the applicable maximum tariff rates.

I have also been advised by Marketing that another posting may occur for January 2001 (partial month) but nothing has been finalized.  I will send an updated file if necessary.

If you have any questions, please feel free to contact me.

Thanks,
Elizabeth


Theresa Frierson
713-621-7007
tfrierson@mcn.com

call theresa
call ayco disclaim
email larry
call kay merrill lynch
call ny lawyers
call mmc benefits or ayco about contingent benef

__________________________________________________
Do You Yahoo!?
Great stuff seeking new owners in Yahoo! Auctions!
http://auctions.yahoo.com


Due to the President's Day holiday in the U.S. on Monday, 2/21/2000, the
Nymex and equity markets will be closed.  As a result, there will not be a
DPR published for this day.   The DPR for Friday, 2/18/2000 will be published
on Tuesday, 2/22/2000.  Any P&L calculated for Monday, 2/21/2000 (i.e.
Europe) should be combined with activity for Tuesday 2/22/2000.  Activity for
these 2 days will be combined and reported in the DPR for 2/22/2000.

Please contact me if you have any questions or concerns.

Mike
x-35242


Attached is a draft of an agreement between Enron Corp. and the Enron entity
that is the managing member of enovate under which Enron Corp.'s treasury
department would agree to provide certain funds management services on behalf
of the managing member.  Gregg, as we discussed with the People's attorney,
this agreement would establish the link between enovate's managing member and
Enron Corp. with respect to these services, since the managing member has the
authority to take these actions, but Enron Corp. would be the entity actually
doing the work.  We should resist any attempt to make enovate or any other
party a party to this Agreement, since we want only the Enron entity that is
the managing member to have a cause of action against Enron Corp. for any
breach of this agreement, etc.

Kay, I am out of the office, and I didn't bring the enovate LLC agreement
with me.  Could you fill in the blanks for me in this document with the
correct names, jurisdictions of organization, etc.?

Gregg, if you could take a look at the description of services to make sure
that it captures everything that the treasury group does for enovate, that
would be great.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3893
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490


Joannie: Thank you very much. I appreciate Jeff giving me a few minutes out of his busy schedule (May 24 at 3:00 p.m.). Here are some questions that are pertinent for our discussion.

Are there two or three experiences you look back on having been especially valuable in helping develop your leadership style? Why did you find them valuable?

How have your views on leadership changed over time?

How do you think organizational changes or global changes impact on leadership styles?

What motivates you and how do you motivate others?

Do you ever have time to reflect on your leadership style in a particular instance? if so, what process do you use for evaluation?

What are the most important leadership skills for the energy industry? Does leadership style change for other industries, such as the airline industry or the automobile industry?

 -----Original Message-----
From: 	Williamson, Joannie   On Behalf Of Skilling, Jeff
Sent:	Tuesday, May 22, 2001 1:57 PM
To:	Butler, Janet
Subject:	RE: Interview

I can schedule 15 minutes for you on Thursday, May 31 at 3:00p.  It would be a big help to Jeff if you could submit your questions via e-mail prior to the interview.

Thanks,
Joannie
5-7774

 -----Original Message-----
From: 	Butler, Janet
Sent:	Thursday, May 17, 2001 4:05 PM
To:	Skilling, Jeff
Subject:	Interview

In order to prepare a paper for my graduate class on Leadership, I would like to interview you as a leader. Some questions that would be of interest would be what events conspired to bring you to Enron, what developmental process you knowingly (or unknowingly) went through in your early years and what challenges have you encountered that made a significant change in your career.

If you would be amenable and have the time, I would like to interview you sometime next week for about 30-40 minutes. If you wish, I could provide you questions in advance to maximize your time.

Thank you for considering this request.


missing deal for mike driscoll

buy duke
298.00
25 mw
june
midc


Tim, my understanding is that partnership fee (the $11.0M) has been amortized
for the last several years and expensed to the Industrial groups (McConville
and Ondarza).  As you are aware, I sued them for breach.  The settlement
involved the elimination of all existing transactions between Ft. James and
Enron including the Wauna and Halsey power contracts.  It is my understanding
that the benefit of the elimination of those shorts resides in the Portland
shop.   The elimination of the shorts would not have occurred without the
lawsuit on the alliance and the settlement I originated.  It seemed logical
to charge the Portland office with the remaining un-amortized fee of $1.8M as
a cost of eliminating the shorts for no cost and no future contingent
liability.

Lets discuss.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 06/16/2000
07:00 PM ---------------------------

	From:  Tim Belden                           06/16/2000 05:09 PM

To: Wes Colwell/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT, John J
Lavorato/Corp/Enron
cc: Paula Harris/HOU/ECT@ECT
Subject: Fort James Amortization

Edith Cross and I looked at the Fort James deal in great detail in early
1999.  When the deal was closed, west power trading booked an in the money
position and an offsetting expense of about $11 million.  This money has
already liquidated from our book.  In fact, I have a copy of the 3/31/97 DPR
that reflects this liquidation.  At that time, west power trading also paid a
350k credit reserve, 247k to the finance book, and 1.3 million in
origination.

I have also heard about a "partnership" fee that Enron paid to Fort James
around the same time.  I'm not sure what this fee was and who benefitted from
it.  It had nothing to do with the west power trading book.

On John's recommendation I called Wes to see if we could figure this out.
Wes, please give me a call back to discuss.  I think that someone needs to
look at the actual journal entries from March of 1997 to see why an expense
of $11 million was deferred.

This is not my problem.  I should not receive this expense.  Until this is
resolved, I would greatly appreciate it if the writedown of the deferred
account does not hit west power trading's expenses.


I am looking for the ISDA Schedule, Paragraph 11 to the Credit Support Annex
and the Enron and Kellog guarantees.  If at all possible, it would be ideal
if you could e-mail me the execution versions of these docs.  Alternatively,
please fax them (my fax no. is +44 20 7783 4539).

Many thanks for your help.

Regards

Deepak

From: Tana Jones on 03/05/2000 08:41 CDT
To: Deepak Sitlani/LON/ECT@ECT
cc:

Subject: Re: Kellogg's

The Kellogg ISDA Agreement has been signed, but it is somewhat long.  Would
you like me to fax it to you (if so, what is your fax no.?) or would you like
me to fedex it to you?


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I agree with Susan.  df

	From:  Susan Scott                           05/31/2000 09:24 AM

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

Subject: Re: Transwestern CAF Request

Approved.

Christine Stokes
05/31/2000 08:35 AM
To: Lorraine Lindberg, Steven Harris/ET&S/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Glen
Hass/ET&S/Enron@ENRON, Mary Darveaux/ET&S/Enron@ENRON, Bill
Cordes/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON
cc: Kevin Hyatt/ET&S/Enron@Enron

Subject: Transwestern CAF Request

TRANSWESTERN PIPELINE CONTRACT APPROVAL REQUEST

Please review the attached non-standard discount letter to Southwest Gas
Corporation (SWG).  SWG shall enter into a 10 year agreement  for 14,000
Dth/d of seasonal (November through March) capacity effective November 1,
2000.  The transport rate of $.15/Dth/d shall increase annually by
$.005/Dth/d.  The primary path shall be from Tranwestern's  East of Thoreau
(EOT) Area  to the SWG Interconnect located in the East of California Area.
Alternate receipt point rights shall be from Tranwestern's EOT Area and from
the Bloomfield Compressor.   SWG ROFR rights shall be wiaved. In
additionTranswestern shall propose  to retain revenues generated by capacity
release at rates higher than the effective contract's discount rate.

(Please note that the FTS-1 Appendix A - not shown here with the discount
letter-  specifically indicates 0 MMcf/d capacity for the April through
October period.  Therefore, even though the $.1500/MMBtu rate in Paragraph 3
of the discount letter does not indicate the rate is a "seasonal rate", the
effective billing to SWG shall be seasonal.)

Please indicate your approval via REPLY WITH HISTORY.   All Officer approvals
shall be faxed to Bill Cordes for final Officer approval.


Vance here is a list of meters that are in Sitara under the well head
portfolio but are not on your sheets for this month.  Please check these out
as soon as possible so I can get the best number to Daren ASAP.  Thanks Tom.
Acock Engineering.      985547         #229474              77
Blackhawk  Oil                27-0              #133255             670
Black Stone                     989003       #137868               664
Conoco                             984132        #138103              144
Dale Operating Co       985502         #138342                37
Dn Hughes                      980275         #138800                70
ElPaso                              980308         #139674
EOG                                   27-0              #126370
2027
                                             980440
#126351             444
Four  Square                   986735         #137971            1147
Lousis Dreyfus               987491         #138017             1000
Muelller Exploration     986838          #164172             2800
PH Exploration               986542          #138554                 47
Prime Energy                  986542         #138578                418
States Inc.                             23-3
#138359                 85
Tejones                            989643          #133173            1068
Titan Resources            989685         #248551               242
Upstream                         985155         #138628             8000
Valence Operating        984132         #138570                  12
Vintage                             989643          #139661
14
Wagner Oil                             27-0         #138033                900
Western Gulf                  980106            #139671            1068
Wilmar Pipline               985048           #224899               163

total               21097


Great.  I look forward to seeing you.  Feliz Navidad!

Pablo Acevedo @ ENRON   12/15/2000 11:01 AM

To: Scott Neal/HOU/ECT@ECT
cc:
Subject:

Scott,
I will be in Houston in Jan 10th onwards. Will be calling you. Hope we can
work something out up there. I am planing to do a US road show.

Saludos y abrazo.

Pablo


Hey Darren,

Just wanted to say thanks again for including Em and I in the outing Friday
night and joining us for dinner Monday.  Hope things with work are going well
and that you're managing to reinvent the wheel without too many problems.

Cheers,
Susan

"The game of life is a game of boomerangs. Our thoughts, deeds and words
return to us sooner or later with astounding
 accuracy." -- Florence Scovel Shinn


FYI

>X-From_: susanleigh55@earthlink.net Sun Aug 19 11:15 CDT 2001
>From: "Susan Murray" <susanleigh55@earthlink.net>
>To: jaye@rice.edu
>Cc: shelliebronson@yahoo.com, penny@mceinc.com, PwllGr@aol.com,
>   rlewis@docucorp.com
>Date: Mon, 20 Aug 2001 00:15:40 +0800
>Subject: flight to houston # 1262B arrives 12 noon
>
>Jaye, my flight arrives Saturday Aug 25 at noon. I am copying my family member on this note so you will have their email addresses if needed and also to update them on Nicaragua. I am having a good time especially considering my apprehension before I left Houston.  The way to travel is to hook up with a realtor who will take you all over for free.  The realtor (Steve) lived in Costa Rica for 20 years then moved to Nicaragua 6 years ago.  He is about our age and a true gentlemen.  Yesterday he took me to his house on one of the small islands on Lake Nicaragua.  He owns his own island.  There are about 300 of them.  Too rustic for me, but very peaceful. He arranged my travel from Granada to the Blue Bay Resort at Papaguyo Beach in Costa Rica.  It is only three or four hours away driving, but is a hassle because you have to cross the border.  If you want to see the property I visited, there are pictures at www.ranchosantana.com.  I feel safe here, but the real test will be when I!
> cross the border.  Today I left my room for breakfast very early.  I didn't lock up as I expected to return before the maid.  My money and passport were easily accesible.  The maid came while I was at breakfast, but nothing was missing.  Unbelievable since this might not have happened in the US. Today there is a big festival here in Granda with fireworks, a horse parade, etc.  Tomorrow I leave for the resort in Costa Rica.  The charge for the Internet use here is about $2.50 per hour.  Lisa and I paid $1.00 per minute on the cruise.  You  won't here from me again if the resort internet charges are astronomical. I am having trouble with hotmail so please email me at earthlink.net if you need to contact me.  Love Susan
>--
>
>_______________________________________________
>Get your free email from http://webmail.earthlink.net

--

---------------------
Jaye Randall Anderton
Manager, Rice University Art Gallery
PO Box 1892, MS-59
Houston, TX  77251-1892
713.348.5740; 713.348.5980 (fax)


Ross/Jackie,

Here's my list of comments to the most recent draft.  It is subject to
internal review, but this gives you an idea.  Could we have a telephone
conference to knock out as many of these as possible?

Thanks,

Kay


Market Participants:

Attached below are the version mapping for January 2001 and May 2001.

All advisory statements for January 2001 have posted to each customer's
secure web site with the exception of January 24, 2001.  This file will be
posted today, and I will notify you with another announcement when this
occurs.

(See attached file: January_2001_SA2_Version_Mapping.xls)(See attached
file: May_2001_SA1_ Version_Mapping.xls)
 - January_2001_SA2_Version_Mapping.xls
 - May_2001_SA1_ Version_Mapping.xls


No response yet.  I have a call into Credit to discuss what entities we want
to trade with.


-----Original Message-----
From: Jones, Carmella
Sent: Tuesday, November 13, 2001 7:48 AM
To: Piekielniak, Elsa; Ford, Yolanda; Coneway, Betty J.; Tawney, Mark; Vu, Steven; Windle, Bill; Noble, Ted; Ghosh, Partho; Nguyen, Michael; Ramachandran, Sandeep; Khanna, Sanjeev; Dinh, Huy; Williams, Bryan; Norton, Timothy M.
Subject: FW: Please Follow this closely!!!
Importance: High

Money

  <http://www.joygreetings.com/images/100_bill_rotate_md_wht.gif>

It can buy a House

  <http://www.joygreetings.com/images/house.jpg>

But not a Home

It can buy a Bed

  <http://www.joygreetings.com/images/tired_lg_wht.gif>

But not Sleep

It can buy a Clock

  <http://www.joygreetings.com/images/italian_pendulum_clock_swaying_sm_wht.gif>

But not Time

It can buy you a Book

  <http://www.joygreetings.com/images/book_page_flip_md_wht.gif>

But not Knowledge

It can buy you a Position

  <http://www.joygreetings.com/images/whiteman_cellphone_talking_md_wht.gif>

But not Respect

It can buy you Medicine

  <http://www.joygreetings.com/images/bottle_spill_md_wht.gif>

But not Health

It can buy you Blood

  <http://www.joygreetings.com/images/bloodbag.jpg>

But not Life

So you see money isn't everything.
And it often causes pain and suffering.
I tell you this because I am your Friend,
and as your Friend I want to
take away your pain and suffering!

  <http://www.joygreetings.com/images/100_bill_rotate_md_wht.gif>

So send me all your money and I will suffer for you! Cash only please.

  <http://www.joygreetings.com/images/smiley_cheapsmile.gif>


Please read the attached and respond.

---------------------- Forwarded by Gerald Nemec/HOU/ECT on 05/19/99 01:11 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Gerald Nemec                           04/20/99 04:07 PM

To: George Weissman/HOU/ECT@ECT
cc:
Subject: HPLR Processing Agreement Assignment

George,   Please review the attached and let me know if you agree.  Thanks.

---------------------- Forwarded by Gerald Nemec/HOU/ECT on 04/20/99 04:06 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Gerald Nemec                           04/15/99 06:22 PM

To: Steve -HPL- Schneider/HOU/ECT@ECT, Karry Kendall/HOU/ECT@ECT, George
Weissman/HOU/ECT@ECT
cc: Mary Cook/HOU/ECT@ECT
Subject: HPLR Processing Agreement Assignment

Steve, Per our previous discussions, I am preparing to draft assignments of
the following processing agreements (between 3rd Party Processors and HPLR)
from HPLR to HPLC.

 King Ranch Processing Plant
 1.  Gas Processing Agreement between HPLR and Exxon Company USA dated July
23, 1997
  *  Flow up to 10 mmcf/d (Primary Term to Sept. 30, 1999, then month to
month)

 2.  Gas Processing Agreement between HPLR, HPLC, and Exxon Company USA dated
May 20, 1998
  *  Processing for EOG BIG Cowboy Gas currently being purchased up to 70,000
MMBtu (Primary     Term through October 31, 2003
  *  This agreement originally gave HPLR the processing capacity rights since
HPLR was    originally purchasing the Big Cowboy Gas under the Excess Gas
Contract.  This contract has   been terminated and HPLC currently purchases
this gas.  This processing agreement by its   terms reverts the processing
capacity rights back to HPLC.  However, I will prepare a    confirming
assignment of this reversion.

 3.  Gas Liquifiables Purchase Agreement between HPLR, HPLC, and Exxon
Company USA dated October 4, 1996
  *  Processing for Seumar Cage Ranch Field volumes originally purchased by
HPLR up to 30,000 MMBtu.        (Primary Term through through March 31,
2001.)  The Seumar contract has been transferred to HPLC.         That
portion of the contract governing sales of natural gas liquids from HPLR to
Exxon will be assign to        HPLC.

UPRC Gulf Plains Processing Plant
 1.  This processing agreement has previously been assigned to HPLC.
==============================================================================
==========================
George,
Please confirm the above wrt HPLC currently purchasing all the production at
Big Cowboy and Cage Ranch.

Karry,
 Please re-confirm that the above are all the active processing agreement we
currently have with 3rd Party Plants.

Please let me know if there are any comments or issues with regard to such
assignments.  Along with such assignments, notification of assignment letters
will be prepared and forwarded to Exxon.


Not a problem.  I'll let you know how it goes.  df

Steven Harris
01/22/2001 04:36 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Susan Scott/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, James
Centilli/ET&S/Enron@ENRON

Subject: Re: ECS Gallup contract

Drew, if you don't mind I think you may be able to argue this better based on
your knowledge of the history and facts. Let me know if you feel otherwise.
Thanks.

 Steve

Drew Fossum
01/22/2001 12:52 PM
To: Susan Scott/ET&S/Enron@ENRON
cc: Kevin Hyatt/ET&S/Enron@Enron, James Centilli/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON

Subject: Re: ECS Gallup contract

Once Susan gets the last few pieces of info, either Steve or I should call
ECS and try to resolve this.  Steve--you or me??  Its your call.  DF

Susan Scott
01/21/2001 12:45 PM
To: Kevin Hyatt/ET&S/Enron@Enron, James Centilli/ET&S/Enron@ENRON, Drew
Fossum@ENRON
cc: Steven Harris/ET&S/Enron@ENRON

Subject: ECS Gallup contract

Here are some bullet points based on our conversation Friday morning
regarding the ECS Compression Service Agreement.  These bullet points
summarize our position and are intended to be a starting point for a
conversation between persons at TW and at ECS (who are yet to be determined)
regarding the additional power costs incurred by Transwestern as a result of
the lack of a system for monitoring peak loads on CDEC.  If you have
additional comments, please let me know.

We still need to decide who is going to call whom; I am going to leave that
up to you, but do let me know if I can help.

-  ECS is under an obligation to work in good faith with CDEC to establish a
monitoring system that would automatically
alert TW to peak loading conditions on CDEC's system.

-  Rate No. 21 became effective in July 2000.  ECS did not obtain permission
for TW to access the "Members Only" portion of CDEC's website (which contains
load data) until January 2001.  Access to the information required a
confidentiality agreement, which was executed in December.

-  ECS blames the delay on Tri-State/CDEC, who allegedly would not work on
the confidentiality agreement until the merger was completed.   "Good faith"
by ECS would reasonably include alerting TW to any such delay or any
difficulty in getting access to CDEC's information.  TW was never contacted
in this regard.

-  Since Rate No. 21 contains a rebate for customers that avoid peak load
times, we assume that CDEC is under an obligation to provide such customers
with access to peak load information (I have not been able to verify this,
but it makes sense).  If this is true, we should have been able to have
access immediately upon the effectiveness of Rate No. 21.

-  Most if not all of the $325,000 peak load costs incurred by TW since July
could have been avoided had TW had access to a monitoring system.  Because it
did not alert TW to difficulties/delay in getting the necessary information
from CDEC, ECS did not act in good faith in obtaining such access and should
therefore take responsibility for its share of the consequences.

-  ECS needs to act without further delay to build an automated monitoring
system to eliminate the need for someone to continuously monitor the
website.  An estimated completion date should be provided.

I've left messages at CDEC to ask about access to the Members Only part of
the website; I'll follow up.  The website states only that access is granted
"on a case-by-case basis."  I hope to make contact on Monday and will let you
know what I'm able to learn from them.


Can you please shut this counterparty down from trading weather.  Thanks!


http://www.consultrci.com

************************************************************************

TrueQuote completes connection to EnronOnline and receives equity investment
from PG&E. Find out more about SCIENTECH'S E-Commerce InfoGrid at:
http://www.consultrci.com
************************************************************************

===============================================================
SCIENTECH IssueAlert, October 26, 2000
TXU Sued By 23 Texas Cities Over Franchise Fees
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

The City of Denton, Texas, has filed a lawsuit against TXU Electric & Gas,
claiming that the utility intentionally underpaid Denton its franchise
fees by not accurately reporting its gross revenues, on which franchise
fees are based. To date, 23 cities have signed resolutions to join Denton
in the lawsuit and more are expected. An initial audit by Denton claims
that the amount that TXU owes could potentially exceed $240 million.

ANALYSIS: Over this last year, several utilities in Texas have come under
fire for allegedly not paying the full amount of franchise fees for which
various cities claim they are obligated. This suit against TXU is just
the latest, but it follows a judgment against Reliant Energy earlier this
spring and a pending suit against CPL (a subsidiary of AEP/CSW).

Franchise fees are essentially rental payments that a city has the right
to charge a utility for use of the city's public streets and grounds for
the placement of pipelines, poles and utility cables. Texas state law allows
cities to charge utilities 2 percent of their gross revenues for the right
to franchises within a city's limits. Some utilities such as Reliant entered
into agreements*stretching back to the 1950s*that obligate them to pay
4 percent of gross revenues earned in a city in exchange for 50-year
franchises.
In any case, the cities are arguing that franchise fees should be based
on gross revenue, not net revenue, that the utilities have earned from
providing service within the city limits.

Herein lies the core of the litigation as, in this case, the City of Denton
is claiming that TXU intentionally reported lower gross revenue, thereby
reducing the amount it was required to pay to Denton and the other cities
involved in the lawsuit. The cities involved in the suit claim they are
entitled to not only unpaid franchise fees from TXU, but punitive damages
as well.

The prognosis may not be very good for TXU, if a similar case against Reliant
Energy is any indication. In May, a Houston jury ruled that Reliant-HL&P
"acted with malice by intentionally underpaying cities for decades for
the exclusive right to sell electricity in those cities." The state district
court ordered HL&P to pay $34.2 million to the cities of Pasadena, Galveston
and Wharton. The award consisted of $30 million in punitive damages, another
$3 million because it was determined that HL&P had defrauded the cities,
and $1.2 million in actual damages. That seemed to be just the start of
Reliant's problems, as following that case 47 additional cities, including
Houston, came together and launched a class-action suit against Reliant
HL&P, again claiming that the utility intentionally underpaid franchise
fees for the sole right to provide power in the cities. This lawsuit is
claiming $113 million in damages, the bulk of which ($77 million) is allotted
for the City of Houston.

However, illustrating how polarized this issue is, just last week a state
district judge overturned the $34.2 million ruling for the first three
cities, and reduced the damages down to $1.2 million. In addition, the
same judge overturned the separate ruling that had given the green light
for the 47 cities to proceed with the class-action suit. Both rulings are
still being appealed by the cities in hopes to reinstate the award for
fraud and punitive damages. In addition, the 47 cities involved in the
new lawsuit against Reliant are proceeding*just with 47 individual cases
instead of one. Sound confusing? It certainly is, and it will no doubt
amount to one big mess if the cities are not permitted to band together
in one class-action suit.

Here's Reliant's position in the litigation, which is presently supported
by the Texas State District Court. Reliant claims that transactions that
do not generate profits or represent the selling of power in a city*such
as reconnection fees, renting pole space to other utilities and sending
electricity to other markets*should not be considered part of gross revenue
and, therefore, not subject to franchise fees. Thus, the figure Reliant
reported as gross revenue may indeed be lower than the cities expected
it to be*but it is an accurate number, based on Reliant's interpretation.

As noted, CPL is also involved in a pending lawsuit with the City of San
Juan, Texas, and a group of about 30 other cities. These cities claim that
CPL underpaid franchise fees and seek damages of up to $300 million plus
attorney's fees. CPL has filed a counterclaim for overpayment of franchise
fees and intends to defend itself against the cities' claims.

How all of this will impact the case against TXU is unclear, but certainly
the momentum is growing against the utilities in Texas. TXU, like Reliant
and CPL, maintains that it has done nothing wrong and that it has paid
in full all of the fees owed to the over 330 Texas cities and towns to
which it provides electric service. Again, the center of the dispute lies
in how to calculate gross revenues. TXU contends that gross revenue includes
only the direct proceeds it has received from the sale of electricity and
natural gas. The City of Denton, on the other hand, argues that gross revenue
also should include other income such as taxes and fees collected for bad
checks, which conceivably could result in a much higher figure, especially
when calculated over a 40-year period.

TXU had 1999 operating revenues of approximately $17.1 billion so, like
Reliant, a settlement in the $1.2 million range would not wield much financial
impact. However, more important to these utilities may be the fact that
this could be just the beginning of a string of similar lawsuits, brought
forward by cities across Texas. Consider the class action suit against
Reliant, to the tune of $113 million. If that suit is allowed to proceed,
we're talking about big money, especially when attorney fees are added
to the equation. In addition, the reputation of these utilities is at stake.
The cities initiating the lawsuits are using such terms as "unlawful business
practices" and claiming that every dollar utilities like TXU and Reliant
have not paid to the cities means a dollar increase in taxes for citizens.
As deregulation continues to unfold, a utility's reputation will be one
of the foundations on which it attracts new customers and retains current
ones.

It's also important to note that under Texas' restructuring law, once
competition
begins in the state (January 2002) the formula to determine franchise fees
in the state will switch from a revenue formula to a consumption formula.
In other words, the amount that utilities collected as gross revenue in
1998 will be divided by the amount of total kilowatt hours consumed within
the city limits during the same year, and that will be the amount of the
franchise fee owed by utilities to cities. The franchise fee shall be equal
to the charge per kilowatt hour determined for 1998, multiplied times the
number of kilowatt hours delivered within the city limits. Of course, all
of these pending lawsuits are bringing into question the amount of gross
revenue that was collected during 1998, which might make this formula
difficult
to calculate. In any case, I don't see these issues subsiding any time
soon as they are based on a fundamentally different interpretation of how
to define gross revenue. The real winners in these lawsuits may be the
attorneys themselves, as undoubtedly these cases will remain in litigation
for several years.
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Janette -- would you please revise Mark's group list to delete Mark A Taylor and add me as Mark E Taylor?  Thanks!

 -----Original Message-----
From: 	Taylor, Mark A
Sent:	Thursday, August 09, 2001 5:28 AM
To:	Taylor, Mark E (Legal)
Subject:	CLE Program - Antitrust Issues Relating to Regulated Industries

---------------------- Forwarded by Mark A Taylor/EFS/EES on 08/09/2001 06:29 AM ---------------------------
From:	Mark E Haedicke/Enron@EnronXGate@enronXgate on 08/08/2001 04:41 PM CDT
Sent by:	Janette Elbertson/ENRON@enronXgate
To:	Alan Aronowitz/ENRON@enronXgate, Deborah Asmus/HOU/EES@EES, Michelle Blaine/ENRON@enronXgate, Gail Brownfeld/ENRON@enronXgate, Robert Bruce/ENRON@enronXgate, Teresa G Bushman/Enron@EnronXGate, Dominic Carolan/ENRON@enronXgate, Michelle Cash/Enron@EnronXGate, Marianne Castano/HOU/EES@EES, Barton Clark/ENRON@enronXgate, Harry M Collins/ENRON@enronXgate, Mary Cook/ENRON@enronXgate, Nancy Corbet/ENRON@enronXgate, Ned E Crady/ENRON@enronXgate, Deborah Culver/HOU/EES@EES, Eddy Daniels/ENRON@enronXgate, Paul Darmitzel/HOU/EES@EES, Angela Davis/ENRON@enronXgate, Peter Del vecchio/ENRON@enronXgate, Stacy E Dickson/Enron@EnronXGate, Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Sarah Dietrich/HOU/EES@EES, Elisa Donovan/HOU/EES@EES, Andrew Edison/ENRON@enronXgate, Roseann Engeldorf/ENRON@enronXgate, Edwin Essandoh/HOU/EES@EES, Richard Freed/HOU/EES@EES, Robert H George/Enron@EnronXGate, Barbara N Gray/ENRON@enronXgate, Mark Greenberg/ENRON@enronXgate, Wayne Gresham/ENRON@enronXgate, Leslie Hansen/ENRON@enronXgate, Cynthia Harkness/ENRON@enronXgate, Brent Hendry/ENRON@enronXgate, Joseph Henry/ENRON@enronXgate, Michelle Hicks/ENRON@enronXgate, Kelly Higgason/HOU/EES@EES, Jeffrey T Hodge/Enron@EnronXGate, James E Keller/HOU/EES@EES, Anne C Koehler/ENRON@enronXgate, Francisco Pinto Leite/ENRON@enronXgate, Cheryl Lindeman/ENRON@enronXgate, Dan Lyons/ENRON@enronXgate, Kay Mann/ENRON@enronXgate, Michelle Maynard/HOU/EES@EES, Travis McCullough/ENRON@enronXgate, Lisa Mellencamp/ENRON@enronXgate, Janet H Moore/ENRON@enronXgate, Harlan Murphy/ENRON@enronXgate, Julia Murray/ENRON@enronXgate, Bonnie Nelson/HOU/EES@EES, Cheryl Nelson/ENRON@enronXgate, Gerald Nemec/ENRON@enronXgate, Marcus Nettelton/ENRON@enronXgate, Randy Pais/Corp/Enron@Enron, David Portz/ENRON@enronXgate, Andrew Ralston/HOU/EES@EES, Bill Rapp/HOU/EES@EES, Coralina Rivera/ENRON@enronXgate, Michael A Robison/ENRON@enronXgate, Daniel R Rogers/ENRON@enronXgate, David Roland/HOU/EES@EES, Robbi Rossi/ENRON@enronXgate, Elizabeth Sager/ENRON@enronXgate, Richard B Sanders/Enron@enronXgate, Frank Sayre/ENRON@enronXgate, Lance Schuler-Legal/ENRON@enronXgate, John Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton/ENRON@enronXgate, Vicki Sharp/HOU/EES@EES, Mike D Smith/HOU/EES@EES, Carlos Sole/ENRON@enronXgate, Carol St Clair/ENRON@enronXgate, Lou Stoler/ENRON@enronXgate, Mark A Taylor/EFS/EES@EES, Sheila Tweed/ENRON@enronXgate, Steve Van Hooser/ENRON@enronXgate, John Viverito/ENRON@enronXgate, Andrew Wu/HOU/EES@EES
cc:
Subject:	CLE Program - Antitrust Issues Relating to Regulated Industries

Jamie Serota and Allan Van Fleet with Vinson & Elkins have developed a one hour CLE program covering the antitrust issues encountered when non-regulated entities such as Enron compete with regulated utilities for market share.  An outline of the program is attached.

Jamie Serota and Allan Van Fleet will present the CLE program on Wednesday, August 22, 2001 at the Doubletree Hotel, 400 Dallas (La Salle B room) from Noon to 1:30 p.m.  The program will be accredited for 1.00 hour of CLE credit including at least .25 hours of ethics credit.  If you would like to attend please RSVP by Wednesday, August 15, 2001 by sending an e-mail to my assistant, Janette Elbertson.

Lunch will be served.