F R I D A Y   E V E N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

Friday: The CRB Index is up 0.37 points to 184.49. The
US Dollar Index moved up 0.02 points to 115.57.

The Dow Industrials gained 82.27 points, at 9545.17, while
the S&P 500 climbed 4.52 points, last seen at 1104.61. The
Nasdaq Composite dropped 6.51 points to 1768.96.
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E X T R E M E   M A R K E T   C O M M E N T A R Y
_____________________________________________________________________

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

Stock indexes closed slightly lower on Friday due to light profit
taking ahead of the weekend. Nevertheless, this week's rally to new
highs for October keeps the fall rally intact and sets the stage for
a possible test of fib resistance crossing at 1857.56 later this
fall. The December S&P 500 index also closed slightly lower in quiet
trading on Friday leaving Thursday's key reversal up unconfirmed.
Session highs fell just short of testing last week's high at 1114.50
before profit taking pressured the market into the close. If the
rally continues, the 50% retracement level of the May/September
decline crossing at 1137.45 is December's next upside target.

The Dow closed higher on Friday thereby confirming yesterday's key
reversal up. Session highs fell short of testing broken fib support
crossing at 9636. The new high close for the month keeps this fall's
rebound alive while setting the stage for a possible test of this
summer's downtrend line, which crosses near 9905 later this fall.

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

December bonds posted an inside day with a higher close on Friday.
Early weakness led to a jab below broken resistance crossing at
107-11. However, a lack of follow-through selling failed to
materialize, which triggered a short covering rally into the close.
Friday's new contract high close sets the stage for additional gains
into early- November and a possible test of the October 1998 high,
which crosses at 111-21 later this year. This week's rally has turned
the daily ADX bullish.

The CRB INDEX http://quotes.ino.com/exchanges/?c=indexes

The CRB index closed slightly higher on Friday due strength in gold,
fiber and some energy markets. The CRB is trying to carve out a
bottom just above the July 1999 low crossing at 182.67. Closes above
191.99 are needed to confirm that a bottom has been posted. The daily
ADX remains bearish but hints that this fall's decline may soon come
to an end.

ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

The energy markets closed mixed on Friday in quiet trading. Recent
talk that OPEC will cut crude oil production by as much as 750,000
barrels on November 14th has put a floor under crude oil and the
products for the time being.

December crude oil closed slightly higher on Friday as it posted an
inside week. Closes above 22.80 or below 21.41 are needed to clear up
near-term direction in the market. Daily momentum indicators are
bearish but becoming oversold while weekly indicators are bearish and
signal that new lows are still possible later this fall.

December heating oil closed lower on Friday in lackluster trading as
it ended its fourth week of sideways trading. Closes above 68.60 or
below 61.40 are needed to confirm a breakout of this fall's trading
range and point the direction of the next trending move. Momentum
indicators are neutral to bullish hinting that sideways to higher
prices are possible into early-November.

December unleaded gas closed lower on Friday confirming Thursday's
downside reversal. Closes below 58.25 would set the stage for a
possible test of last week's low crossing at 56.80. However,
stochastics and RSI are bullish signaling that sideways to higher
prices are still possible.

December Henry Hub natural closed higher on Friday as it extends this
month's short covering rally and confirmed Wednesday's breakout above
the April/August downtrend line. Friday's high-range close leaves the
door open for additional strength on Monday as the seasonal trend
points to higher prices into mid-winter. Stochastics and RSI are
becoming overbought but signal that additional strength is still
possible.

CURRENCIES http://quotes.ino.com/exchanges/?c=currencies

The December Dollar posted an inside day with a slightly higher close
on Friday thereby leaving Thursday's key reversal down unconfirmed.
December is at a crossroads having spiked above September's high,
which coincides with the 50% retracement level of this summer's
decline at 116.65. Multiple closes above this resistance level are
needed to keep this fall's rally alive. Closes below October's
uptrend line and Thursday's low at 115.45 would all but confirm that
a short-term top has been posted.

The December Swiss Franc posted an inside day with a slightly lower
close on Friday leaving yesterday's key reversal up unconfirmed.
December remains below broken trendline support crossing near .6082,
which leaves the door open for additional weakness this fall if
December can close below Tuesday's low at .5996. If the decline
resumes, the 50% retracement level crossing at .5944 is December's
next target.

The December Canadian Dollar posted an inside day with a lower close
on Friday as it continues to consolidate above this week's low, which
appears to have also marked a double bottom with the late-September
low at .6315. Closes above .6367 would temper the near-term bearish
outlook in the market and could set the stage for a possible test of
October's high at .6422 later this fall.

The December Japanese Yen posted an inside day with a higher close
due to light short covering on Friday. However, the rising ADX
signals that additional weakness into the end of October is still
possible. If the decline continues, the reaction low crossing at
.8090 is a potential target later this fall.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

December gold closed higher on Friday as it extended its short
covering bounce off this week's low. Friday's close above the 62%
retracement level, which crosses at 278.10 has tempered the near-term
bearish outlook in the market while opening the door for additional
short covering into early- November. Stochastics and RSI are oversold
and turning neutral hinting that a low is in or very near.

December silver closed slightly lower on Friday as it consolidates
above September's gap crossing at 4.20. If this support level gives
way, September's low at 4.175 is the next downside target. However,
momentum indicators are very oversold hinting that a short-term
bottom might be near. Closes above broken fib support crossing at
4.294 are needed before a bottom is confirmed.

December copper closed sharply higher on Friday due to short covering
after failing to extend this week's decline below last Friday's low
at 62.25. Today's close at broken long- term support crossing at
63.50 hints that additional short covering is possible. However, it
will take closes above last week's high of 65.20 to signal that a
bottom is in place. Momentum indicators are oversold and turning
neutral to bullish hinting that additional short covering is possible
next week.

GRAINS http://quotes.ino.com/exchanges/?c=grains

December corn closed lower on Friday due to light profit taking ahead
of the weekend. Session highs tested the September/October downtrend
line crossing near 2.07 but was unable to overcome this resistance
level. Until this initial resistance level is broken, the door
remains open for a possible test of this summer's low crossing at
2.02 1/4 this fall. With the bulk of this year's corn harvest still
ahead of us along with the upcoming November supply/demand report,
upside potential near-term appears limited.

December wheat closed above key resistance marked by August's high at
2.93 1/2 as it confirmed Thursday's key reversal up. This week's
strong export sales report along with mounting concerns over flooding
in Argentine wheat country continues to underpin this fall's rally.
Multiple closes above August's high would confirm today's breakout
thereby setting the stage for a test of the 50% retracement level of
the January/September decline crossing at 2.97 possibly on Monday.
Momentum indicators are bullish but becoming overbought while the
daily ADX (a trend-following indicator) has turned bullish signaling
that sideways to higher prices into early-November are possible.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

November soybeans posted an inside day on Friday due to light profit
taking ahead of the weekend as it consolidated some of this week's
gains. With soybean harvest rapidly coming to an end, downside risk
appears limited at this time. Thursday's breakout above October's
downtrend line signaled that a harvest low might be in place. Closes
above the August/September downtrend line crossing near 4.36 are
needed before this is confirmed. This week's downturn by the daily
ADX provides added confirmation that an important low was posted
earlier this week.

December soybean meal closed higher on Friday due to light short
covering. Session highs fell short of filling this month's gap
crossing at 163.90 before a sell off ahead of the close tempered some
of today's losses. Friday's mid- range close leaves the door open for
a possible setback on Monday as December may try and consolidate some
of this week's gains. Longer-term, the door is open for a test of the
top of the gap crossing at 163.90 then October's high crossing at
167.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

December hogs closed higher on Friday due to short covering ahead of
the weekend as the market consolidated some of this week's losses.
Additional pressure came from light position squaring ahead of this
afternoon's monthly USDA hogs and pigs report. This afternoon's snout
count showed the U.S. pig crop as of September was 8.56 million head,
slightly below the previous year's level. Sow farrowing during this
time frame totaled 964,000 head, 1% below last year. The average
litter size for September rose to 8.88 compared with 8.84 last year.
This afternoon's report had no surprises in it so traders will
continue to focus on demand versus supply for near-term direction.
Weekly momentum indicators are bearish signaling that sideways to
lower prices are likely into November. The daily ADX is also bearish
mode and rising, which signals that additional weakness is possible.

December cattle posted an inside day with a slightly lower close on
Friday leaving Thursday's key reversal up unconfirmed. Gains were
limited as cash bids continue to run at a discount to futures prices.
Closes above the September/October downtrend line crossing near 67.50
are needed to confirm that a bottom has been posted. Stochastics and
RSI are neutral to bullish signaling that sideways to higher prices
are possible into early November.

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

December coffee posted a key reversal down on Friday due to producer
selling as harvest is beginning in southeast Mexico. Session highs
fell short of testing broken long-term support marked by the April
1975 low, which crosses at 45.25. Additional weakness on Monday is
needed to confirm today's bearish reversal pattern. Closes below
Monday's low would renew this year's decline while setting the stage
for a possible test of psychological support crossing at 40- cents
later this year.

December cocoa posted a key reversal up on Friday following a spike
below the 62% retracement level of the September/October rally, which
crosses at 979. Additional strength on Monday is needed to confirm
today's bullish reversal pattern. However, closes above Wednesday's
high at 1022 are needed to signal that a short-term bottom was posted
with today's low. Stochastics and RSI are bearish but oversold
hinting that a low is in or near.

March sugar posted an inside day with a lower close on Friday hinting
that a short-term top might be in placed. A close below this week's
low crossing at 660 is needed before this can be confirmed.
Stochastics are bullish but becoming overbought warning traders to
use caution as a short-term top might be in or is near. If the rally
off this month's low continues this summer's downtrend line crossing
near 709 is March's next upside target.

December cotton closed higher on Friday due to short covering as it
posted a key reversal up due to its extreme oversold condition.
However, December remains below broken long-term support crossing at
29.50 cents. With December cotton trading at new 29-year lows,
additional weakness is still possible. The daily ADX (a
trend-following indicator) is still in a bearish mode signaling that
additional weakness near-term is possible.

Daily Extreme Commentary is brought to you by GLOBALcharts,
INO.com's end-of-day charting software for Futures, Futures
Options and Optionable Stocks. http://www.globalcharts.com
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_____________________________________________________________________

I N O   N E W S
_____________________________________________________________________

American Stock Exchange Announces First Japanese ETF 'Twin'
   http://news.ino.com/press/?release=27096
NYMEX Reassures Building Occupants On Air Quality
   http://news.ino.com/press/?release=27095
Nasdaq Announces New Listing Fee Schedule
   http://news.ino.com/press/?release=27094
Final Rules On Security Futures Products Adopted
   http://news.ino.com/press/?release=27093
European Power Exchanges Announce Merger
   http://news.ino.com/press/?release=27092

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

PAZ1   Palladium Dec 2001                         343.00     22.00  +6.85
LBU2   Random Length Lumber Sep 2002              257.00     10.00  +3.91
WN3    Wheat Jul 2003                                321        12  +3.88
NGX1   Henry Hub Natural Gas Nov 2001              3.041     0.112  +3.81
AGJ2   Silver 1,000 oz. Apr 2002                   4.310     0.155  +3.64
ERY0   FTSE Eurotop 100 Cash                      2774.8      69.3  +2.56
PLF2   Platinum Jan 2002                           423.4       9.1  +2.20
DAX1   BFP Milk Nov 2001                           11.34      0.24  +2.16
XWZ1   Wheat Dec 2001                                295     6 1/4  +2.16
KWZ1   Wheat Dec 2001                            301 1/2     5 1/4  +1.77

LOSERS

DBZ1   Butter Dec 2001                           130.000    -5.000  -3.70
QLX1   Central Appalachian Coal Nov 2001           33.25     -1.00  -2.92
RRX1   Rough Rice Nov 2001                         3.625    -0.095  -2.55
NKH2   Nikkei 225 Stock Avg Mar 2002               10835      -240  -2.17
KCZ1   Coffee 'C' Dec 2001                         43.40     -0.95  -2.14
NDZ1   NASDAQ 100 Index Dec 2001                 1451.50    -30.50  -2.06
SBN2   Sugar #11 World Jul 2002                     6.21     -0.09  -1.43
HOZ1   Heating Oil Dec 2001                       0.6304   -0.0086  -1.34
SX2    Soybeans Nov 2002                         449 1/2    -4 1/4  -0.94
HUZ1   New York Harbor Unleaded Gasoline Dec 20    0.5881   -0.0052  -0.88

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____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

AVNT   AVANT CORP                                11.3000    4.1100  +57.56
SPEX   SPHERIX INC                                9.4800    3.0500  +44.92
DGIN   DIGITAL INSIGHT                           16.8100    4.6900  +38.13
OVER   OVERTURE SERVICES INC                     25.5000    6.4500  +33.86
ZNGN   ZENGINE INC                                5.9000    1.3800  +29.68
RSAS   RSA SECURITY INC                          12.1800    2.5400  +26.74
VSR    VERSAR INC                                   5.25      1.02  +24.11
IMNY   I-MANY INC                                 5.4400    0.9800  +21.78
CTLM   CENTILLIUM COMMUNICATIONS                  6.0000    1.0500  +21.65
TALX   TALX CORP                                 18.0600    3.2300  +21.55

LOSERS

TEST   TEST SECURITY 1                           13.6700   -6.3400  -31.70
ANR    ANNUITY & LIFE RE (HOLDINGS)                24.01     -8.84  -26.91
SCSC   SCANSOURCE INC                            43.7000  -13.6700  -24.02
SWC    STILLWATER MINING COMPANY                   16.44     -4.05  -19.76
VRSN   VERISIGN INC                              42.8200  -10.5400  -19.76
ILUM   ILLUMINET HOLDINGS                        39.6300   -9.2100  -18.87
GPI    GROUP 1 AUTOMOTIVE                          28.31     -6.20  -18.02
OPTV   OPENTV CORP CL A                           7.5000   -1.6200  -17.90
OGLE   OGLEBAY NORTON                            11.4000   -2.2600  -16.13
IMMR   IMMERSION CORP                             5.0400   -0.9225  -15.47
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

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( http://www.ino.com/ ). If you want to subscribe to our other email
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fyi
---------------------- Forwarded by Mary Solmonson/HOU/ECT on 11/08/2000
03:13 PM ---------------------------
   Kim S Theriot                11/08/2000 02:27 PM

To: Mary Solmonson/HOU/ECT@ECT
cc:
Subject: Sempra

First of all....I hope you are feeling well...with all of the emails going
back and forth I haven't taken the time to say so...

I just spoke with Lou Santorie with Sempra.  He said that they are very
interested in Confirm Corp and would be looking for a company to partner
with.  He said that basically "if Enron would decide to use this application"
that the industry would have to get on board...basically sounds like he feels
that we would set the stage for what is used in the industry as far a
clearing applications.

We had a brainstorming meeting with the Commodity Logic team at
lunch....their concepts are good for Phase I but we would get the biggest
bang from their later Phase concept where they intend to do the automatching
of deal info. between us and the Counterparty......

Kim


Tino called today to report on their meetings with DOE last week.  Tino,
Dennis Langley, and their outside lawyer Jim Slattery met with Bill
Richardson and DOE staff to discuss the "sole source" procurement approach to
DOE's obtaining an alternative power supplier for Kirtland AFB and Sandia.
Tino reports that Richardson signed off on the sole source approach, subject
only to DOE review of the final contract to assure its consistency with the
public interest.  Tino believes that the combination of significant Native
American involvement in the overall deal structure along with a power price
that is lower than DOE's current PNM rates will satisfy the "public interest"
standard.

 Slattery is set to begin discussions with DOE next week on the overall
structure of Dennis' proposal.  I am surprised that Dennis would go this far
before hearing from us on the economics, but Tino made it sound like the
initial discussions would be fairly general--i.e., to explain to DOE that the
plan is to build a new pipeline and a new power plant and to do the whole
thing in partnership with the Isleta Tribe, but without talking about
specific economic issues.  Sounds to me like Dennis has Richardson on board
but is nevertheless planning to pitch to the lower level DOE staff people
what a great deal this is for the Tribes and therefore the government.

 Tino, not surprisingly, is eager to see numbers and sit down to discuss
them.  He suggested a meeting the first week of May in either Houston or KC.
I asked Tino whether he could get firmer numbers from DOE than we currently
have on (1) total electric and gas load (current and projected) for the AFB
and Sandia and (2) actual price DOE currently pays for gas and power.  He
didn't think he could get better information before the first week in May.

 On another related topic, through Shelley Corman's group  I got acquainted
with a guy named Tim Beldon who runs the ENA transmission capacity book for
the Western U.S., out of Portland.  I talked with him for a few minutes about
power flows and pricing in the N.M-Arizona area and he seemed pretty
knowledgable.  He has a transmission engineer on his team who is an expert in
verifying utility claims of transmission constraints.  Apparently, ENA buys
and sells a lot of power in the four corners area and is pretty familiar with
the transmission availabilty and power pricing situation up there.  I didn't
discuss with Tim the specifics of the project we are looking at, but did tell
him that Kevin and Steve were looking at a potential power plant load and
trying to figure out how serious it is.  Kevin, if you guys think Beldon
could provide useful info on the cost and availability of firm and non-firm
transmission for the surplus power out of Albequerque up to four corners,
please give him a call.  It is OK to disclose to Beldon what we are working
on, but please inform him that we are subject to a confidentiality agreement
and that further disclosure is improper.

Please let me know whether a meeting with these guys the first week of May is
doable.  Thanks.  DF


Ginger, here is the information you requested.

Cherie D. Hernandez
07-30-70
465-47-0999


Dear Ken,

I spoke to Bonnie today regarding the letter I sent you on September
12th.  Bonnie suggested I follow-up that letter with this email.

With only 49 days to the election, we expect to see the oppositions'
advertisements on television and radio and in the mail in the next two
weeks.  It's crucial to our ability to be competitive that we complete
our media buys and print our next two direct mail pieces by October
1st.  If we do, we know that we can win.

Your initial contribution of $100,000 allowed us to do the first direct
mail piece to 250,000 households (a sample was included with the letter
I sent to you on the 12th).  We need to do at least two more of these
mailings for our direct mail effort to be truly effective at a total
cost of $190,000 for both (including postage).

To date, the combined total of contributions to the political campaign
and the public education campaign is just over $1,040,000.  We expect an
additional $150,000 in pledges and new contributions in the next two to
three weeks.  While we are actively soliciting others for help, we are
currently left with a shortfall of $310,000 to meet our minimum budget
of $1.5 million.  (This budget would include the production and mailing
of the three mail pieces described above)

Ken, the campaign is at a crossroads.  I cannot underscore enough how
important your additional financial help is at this time.  And, I cannot
underscore enough how important one last significant contribution from
you would be to our success on November 7th.

If you have any questions, or need additional information, please do not
hesitate to call me at (573) 446-3129 or reply to this email message.

Thank you for your past support and, hopefully, your additional
support.  Passing Proposition A is a once in a generation opportunity.

I look forward to hearing from you soon.

Sincerely,

Karl


Plove is going to go to Dallas.  We are going to leave next Friday when he
gets done (7ish) and go up for the game.  The game is at 11 in the morning,
so we will come home directly after it.  Plove says he has a friend who has a
place in Dallas that we can crash at if we don't want to pay for a hotel.

Do you want to go?

-Eric


Per discussion with Lance this morning, the "underwriting" aspects of the
EITF swaps are in the nature of a cash make-whole; therefore, I wonder if it
is an appropriate concept for EITF equity classification.  I am not going to
put it into the Talon swap.

Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


---------------------- Forwarded by Mary Hain/HOU/ECT on 01/26/2001 08:43 AM
---------------------------
From: James D Steffes@ENRON on 01/26/2001 07:15 AM CST
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: Re: Government Affairs-The Americas: Department Meeting Dates

Mary --

Also make sure that he is talking with stacey bolton.

	Mary Hain@ECT
	01/25/2001 01:05 PM

		 To: James D Steffes/NA/Enron@Enron
		 cc:
		 Subject: Re: Government Affairs-The Americas: Department Meeting Dates

This is not public information yet but, assuming Tim gives his final okay, a
guy will be joining the trading floor to develop a renewable market including
a portfolio, trading, an index, auction, an Enron Online product, etc.  He
wants to formulate a well developed regulatory policy approach and has agreed
to draft up some bullet points for our use and has had preliminary meetings
with various groups in Houston including Jeff Keeler.  He also wants to
enlist the assistance of government affairs.  I suggested he do a
presentation at our next government affairs meeting.  Are we still having
people do presentations at our meetings?  Could we fit him in?

Ginger Dernehl@ENRON
01/25/2001 10:50 AM
To: assad@elektro.com.br, Alan Comnes/PDX/ECT@ECT, Alberto
Levy/SA/Enron@Enron, Aleck Dadson/TOR/ECT@ECT, Allison
Navin/Corp/Enron@ENRON, Amy Fabian/Corp/Enron@ENRON, Barbara A
Hueter/NA/Enron@Enron, Bernadette Hawkins/Corp/Enron@ENRON, Bill
Moore/NA/Enron@Enron, cristinah@elektro.com.br, Carlos Gustavo
Azevedo/SA/Enron@Enron, Carmen Perez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Carolyn Cooney/Corp/Enron@ENRON, Charles Yeung/HOU/ECT@ECT, Chauncey
Hood/NA/Enron@ENRON, Chris Long/Corp/Enron@ENRON, Christi L
Nicolay/HOU/ECT@ECT, Cynthia Sandherr/Corp/Enron@ENRON, Damon
Harvey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dan Staines/HOU/ECT@ECT, Daniel
Allegretti/NA/Enron@Enron, Dave Mangskau/Corp/Enron@ENRON, Donald
Lassere/NA/Enron@Enron, Donna Fulton/Corp/Enron@ENRON, Eidy
Catala/TRANSREDES@TRANSREDES, Elizabeth Linnell/NA/Enron@Enron, Eric
Benson/NA/Enron@ENRON, Frank Rishe/NA/Enron@Enron, Geriann
Warner/NA/Enron@Enron, Ginger Dernehl/NA/Enron@Enron, Gisele S
Braz/SA/Enron@Enron, Gloria Ogenyi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Guillermo Canovas/SA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Howard
Fromer/NA/Enron@Enron, jpr@ceibo.entelnet.bo, James D Steffes/NA/Enron@Enron,
Janine Migden/NA/Enron@Enron, Javier Pantoja/TRANSREDES@TRANSREDES, Jean R
Dressler/NA/Enron@Enron, Jean Ryall/NA/Enron@ENRON, Jeff
Brown/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Jeffrey
Keeler/Corp/Enron@ENRON, Joao Paixao/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe
Allen/NA/Enron@Enron, Joe Connor/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@ENRON, Joe Hillings/Corp/Enron@ENRON, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joseph Alamo/NA/Enron@Enron,
Kathleen Sullivan/NA/Enron@ENRON, Kerry Stroup/NA/Enron@Enron, Kikumi
Kishigami/NA/Enron@Enron, Kirsten Bellas/NA/Enron@Enron, Lara
Leibman/NA/Enron@Enron, Laurie Knight/NA/Enron@Enron, Leslie
Lawner/NA/Enron@Enron, Linda J Noske/HOU/ECT@ECT, Linda
Robertson/NA/Enron@ENRON, Lindsay Meade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Lisa Yoho/NA/Enron@Enron, Lora Sullivan/Corp/Enron@ENRON, Luiz
Maurer/SA/Enron@Enron, Lysa Akin/PDX/ECT@ECT, Marchris
Robinson/NA/Enron@Enron, Marcia A Linton/NA/Enron@Enron, Marcie
Milner/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Maureen
McVicker/NA/Enron@Enron, Melinda Pharms/HOU/ECT@ECT, Michelle
Belzak/TOR/ECT@ECT, Mike Roan/ENRON@enronXgate, Mona L
Petrochko/NA/Enron@Enron, Nancy Hetrick/NA/Enron@Enron, Patrick
Keene/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Ray
Alvarez/TRANSREDES@TRANSREDES, Rebecca W Cantrell/HOU/ECT@ECT, Ricardo
Charvel/NA/Enron@Enron, Richard Ingersoll/HOU/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, Robert Frank/NA/Enron@Enron, Robert
Hemstock/CAL/ECT@ECT, Robert Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Robin Kittel/NA/Enron@Enron, Ron McNamara/NA/Enron@Enron, Roy
Boston/HOU/EES@EES, Rubena Buerger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Sandra McCubbin/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Scott
Bolton/Enron Communications@Enron Communications, Sergio
Assad/SA/Enron@Enron, Stella Chan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Stephen D Burns/Corp/Enron@ENRON, Steve Montovano/NA/Enron@Enron, Steve
Walton/HOU/ECT@ECT, Steven J Kean/NA/Enron@Enron, Sue Nord/NA/Enron@Enron,
Susan J Mara/NA/Enron@ENRON, Susan M Landwehr/NA/Enron@Enron, Terri
Miller/NA/Enron@Enron, Thane Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tom
Briggs/NA/Enron@Enron, Tom Chapman/HOU/ECT@ECT, Tom Delaney/Corp/Enron@ENRON,
Tom Hoatson/NA/Enron@Enron, Tracy Cooper/Enron Communications@Enron
Communications, Valeria Lima/SA/Enron@Enron, Vinio Floris/Corp/Enron@Enron,
Xi Xi/Enron Communications@Enron Communications
cc: Jeffrey Keeler/Corp/Enron@ENRON, Stacey Bolton/NA/Enron@Enron, Mary
Schoen/NA/Enron@Enron, Miyung Buster/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Elizabeth Linnell/NA/Enron@Enron, Lynnette Barnes/NA/Enron@Enron, Stephanie
McMurray/NA/Enron@Enron, Linda L Lawrence/NA/Enron@Enron, Earlene
O'Connell/NA/Enron@Enron, Margo Reyna/NA/Enron@Enron, Gus
Perez/Corp/Enron@Enron, Angela Wilson/NA/Enron@Enron, Sharonda
Stephens/Corp/Enron@ENRON, Eric Benson/NA/Enron@ENRON, John
Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gia
Maisashvili/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James D
Steffes/NA/Enron@Enron, Marcia A Linton/NA/Enron@Enron, Margaret
Carson/Corp/Enron@ENRON, Joan Stransky/Corp/Enron@ENRON
Subject: Government Affairs-The Americas: Department Meeting Dates

My apologies in getting this information to everyone so late, but some of the
dates are still a work in progress.  Please see below:

Government Affairs - The Americas
Department Meeting Dates for Year 2001

Date:   City/State   Location:
March 9   Houston, TX   The Woodlands Conf. Center
June?????
September 6  Houston, TX   The Woodlands Conf. Center
December 7  Houston, TX   Doubletree Hotel

FYI - The December 7 date could change.  I am trying to plan this meeting
around the company party again.

Thanks and feel free to call me if  you have any questions.

gngr
713-853-7751


would it be possible to leave it on ENA paper, it seems that would be the easiest

 -----Original Message-----
From: 	Guerra, Jesus
Sent:	Wednesday, May 16, 2001 10:56 AM
To:	Mims, Patrice L.; Storey, Geoff
Cc:	Pendergrass, Cora
Subject:	Cargill at Peoples

Patrice/Geoff, How do you guys want to handle the contract with this customer?  Will he stay on ENA paper or do we, EES, send him a new contract?  I need these answers today because the customer will be moved an EES pool today for June 1.

I would also like to see the contract you guys have with them so I can understand what obligations I would owe them.

Thanks,
Jesus


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Cyndie,

95000243 -  Transammonia, Inc., acting through it division Trammochem (actual
name on Master);
  Trammo Gas, a division of Transammonia, Inc. (division allowed to trade per
Legal);
  Trammo Gas & Petrochemicals Company (division allowed to trade per Legal)
Note:  To your indication of both Trammo Gas records labeled "duplicate
contract" - are in fact NOT duplicates of the Transammonia Master.  Under no
circumstances should anyone assume a Financial Global record is a duplicate
without verifying with Georgi, myself, or Tana Jones and her Financial team.

96043502 -  Cargill Incorporated (actual name on Master);
  Cargill Energy, a division of Cargill, Incorporated (division allowed to
trade per Legal)

96045659 - Northern Illinois Gas Company d/b/a Nicor Gas Company (actual name
on Master)
  Nicor Gas Company (name agreed to trade by GCP and Legal)

96030588 -  Ashland Specialty Chemicals Company (This record is an OnLine
GTC, name was given per Bob Bowen)

Please let me know if I may be of further assistance.

Thank You,
Anthony
3-7911

Cyndie Balfour-Flanagan@ENRON
05/15/2001 02:39 PM
To: Susan Elledge/NA/Enron@Enron, Bridgette Anderson/Corp/Enron@ENRON, Sharon
Gonzales/NA/Enron@ENRON, Anthony Campos/HOU/ECT@ECT, Sylvia A
Campos/HOU/ECT@ECT, Marlene Hilliard/HOU/ECT@ect
cc: Stacey Richardson/HOU/ECT@ECT, Linda S Bryan/HOU/ECT@ECT, Kim S
Theriot/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect, Stacy E Dickson/HOU/ECT@ECT
Subject: Re: Division/Tradename Audit (part deux)

Okay folks. We are starting in on the Division/Tradename audit (our side of
the equation). As it stands, we are not going to terminate any existing
contracts with counterparties that are classified as "Division" or
"Tradename". However, what we are going to do is to verify that the name on
any existing master contracts matches the name as it exists in the Global
Counterparty database. So, what we need to do is to view all of the attached
master contracts (please note that the attached spreadsheet has 3 tabs:
Physical, Financial & Transportation) and verify how the names are listed on
the contract & how the counterparty executed the contract. Please email me
any differences you come across. Remember - - - - watch for name change
notices, assignment notices, etc while reviewing these contracts.

Anthony:
Since Georgi is out would you mind verifying the Financial contracts (only
4)?

Sylvia/Marlene:
I know that in many cases your records won't have master contracts or actual
paper; however, there is a tab for transportation related contracts & many of
them are status "executed". Where at all possible, please verify counterparty
names - - - - primarily, any changes made on the financial or physical side
can  impact any executed agreements we may have on the transport side (name
might be one way on a phy contract & another way on a transport contract).
Then we can at least make sure that changes won't negate anything we have on
either side.

Please try to get this done as soon as possible. I'd like to have all
variations by end of the day tomorrow  (Wednesday, 5/16/01). If you are
working on something else at the moment - - - - please let me know & I'll add
the contracts to my list to review.

This project is fairly important & we need to wrap it up as soon as we can.

Thank you all!!
Cyndie

Stacey Richardson@ECT
05/15/2001 11:04 AM
To: Cyndie Balfour-Flanagan/Corp/Enron@ENRON
cc: Linda S Bryan/HOU/ECT@ECT, Kim S Theriot/HOU/ECT, Bill D
Hare/HOU/ECT@ect, Stacy E Dickson/HOU/ECT@ECT

Subject: Re: Division/Tradename Audit (part deux)

Oh yes, this will be a choice project...  So Credit or Legal hasn't requested
the number of deals attached to any of those contracts?  I assumed that would
be part of the original evaluation.  I'd be concerned with which of those
masters we're trading under now as well as how many deals, volume, etc.  Once
you hear from Legal and we have an idea of what needs to be done, then let's
all set up a meeting to discuss within Global Contracts.  We can then follow
up with Credit and Legal at that point.

Just keep us posted!

Thanks,
SBR

Cyndie Balfour-Flanagan@ENRON
05/15/2001 10:54 AM
To: Stacey Richardson/HOU/ECT@ECT
cc: Linda S Bryan/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Stacy E Dickson/HOU/ECT@ECT
Subject: Re: Division/Tradename Audit (part deux)

We really don't have anything to divide until Legal decides if it is a
'contract/legal' issue or a Credit Business Process issue. Stacy Dickson was
checking with Jeff H. to see what their position was on it.

If it does come down to a "kill" the record scenario - - - the fastest way
will probably be to do a mail merge format letter from list to create
termination letters where necessary or mail merger to create amendments
(adding additional counterparty names to existing master contracts). However,
I have a feeling it won't be that easy & will come down to a business process
challenge instead.

For us, if it comes down to it, I think the big issue will center around GTCs
(at least with Master contracts you have, or usually have, better
default/remedies & have a fairly good chance at either a security provision
or a collateral provision existing in the contract) . We can potentially end
up with multi layer GTC records where we do not have master contracts. This
will be the only way to guarantee that new GTCs (especially GTC Spots which
are 'masterized') from being generated. Even then, it can't be a 100%
guarantee since I can't see ENA stopping customers & traders from executing
transactions with CPs other than the 'parent' company - - - - we may have to
look more closely at the CP set-up info share with GKs (we will have no
controls to prevent GTCs or Master contracts from being established with CPs
established as Division, Tradename, ect..... unless we want to commit to
checking the CP database before we establish a new contract record (master K
or GTC)). Then, is the GCP group ready to be 100% accountable for how they
have been & are now classifying the CP records (headquarters, division,
tradename, ect.) & are the current records 100% accurate. With all the
turnover (contractors) and the CES scenarios, I'd say it would be impossible
to have done a 100% double check on all the records (we are even still
weeding out & cleaning up data in our system). THEN, how do we want to handle
the records classified in the GCP database as "New - Needs DnB" which are
records that have not had their status established in the database yet ?????

Either way, much fun lies ahead for this one.
Cyndie

Stacey Richardson@ECT
05/14/2001 10:01 AM
To: Cyndie Balfour-Flanagan/Corp/Enron@ENRON
cc: Linda S Bryan/HOU/ECT@ECT, Kim S Theriot/HOU/ECT, Bill D
Hare/HOU/ECT@ect, Stacy E Dickson/HOU/ECT@ECT

Subject: Re: Division/Tradename Audit (part deux)

When Linda gets back in, let's all meet on how to split this up and run the
Sitara reports.  I'd like to get a total as soon as possible for Credit and
Legal.  I'm not sure how you want to divide the work, but considering the
potential exposure with Credit, I think this should be the top of our
priority list.  However you want to run this project is OK with me, but let's
get everyone working on this one.

Thanks!
SBR

Cyndie Balfour-Flanagan@ENRON
05/11/2001 03:16 PM
To: Linda S Bryan/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT
cc: Stacey Richardson/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect, Stacy E
Dickson/HOU/ECT@ECT
Subject: Division/Tradename Audit (part deux)

Okay, Fred re-ran the report to pull all maintenance groups. Instead of
splitting into two separate reports - - - the attached report has three tabs.
The first tab shows ALL active Global records for ALL Global Maintenance
Groups, the second tab shows only 'our' maintenance groups (Hougas, Aruba &
Financial-North America), and the third tab runs a subtotal on all
maintenance groups. In total there are 473 global records tied to
counterparties that have a Division or Tradename classification in Global
Counterparties & 186 for 'our' maintenance groups. Please let me know if you
have any additional report 'views' you would like to be included (data sort
or subtotaled by counterparty, by contract type, ect....).

Fred is running a report against the list we received today for all
counterparties classified as "Agent" in Global Counterparties. I should be
able to have this report to you all on Tuesday as I will be out of the office
on Monday.


Ehud,

We can meet for dinner on the 21st. Then you can visit with us on the 22nd
in the morning and have individual meetings. At 11:30 you can meet the entire
Research Group at our weekly lunch meeting. We can continue
individual meetings in the afternoon.

Please, make a reservation at Hyatt Regency Downtown or Double Tree
Downtown (there are several hotels with the same names).

Vince

"Ehud I. Ronn" <eronn@mail.utexas.edu> on 06/09/2000 02:01:09 PM
To: Vince.J.Kaminski@enron.com
cc:
Subject: Re: Prospective 6/22 Houston Visit

Vince,

>June 22 works for me. Do you want to firm it up?
If it's not too late, I do.

I believe the "game plan" was for me to come in the previous evening.  If
you confirm the date, please advise at your convenience how you see the
6/21 - 6/22 schedule.

Best,
Ehud

==============================================
     Ehud I. Ronn
     Department of Finance
     McCombs School of Business
     University of Texas at Austin
     Austin, TX. 78712-1179
     Voice:  (512) 471-5853
      FAX:   (512) 471-5073
      Internet:  eronn@mail.utexas.edu
=================================================


---------------------- Forwarded by Ami Chokshi/Corp/Enron on 01/31/2000
03:06 PM ---------------------------

	From:  Linda S Bryan @ ECT                           01/20/2000 02:19 PM

To: Jeffrey T Hodge/HOU/ECT@ECT, Mary Solmonson/HOU/ECT@ECT, Tricia
Bowen/HOU/ECT@ECT, Ami Chokshi/Corp/Enron@ENRON, Stephanie Sever/HOU/ECT@ECT,
Dana Daigle/Corp/Enron@ENRON, Marlene Hilliard/HOU/ECT@ect, Edward
Terry/HOU/ECT@ECT, Faye Ellis/HOU/ECT@ECT, Sylvia A Campos/HOU/ECT@ECT,
Connie Sutton/HOU/ECT@ECT, Mary G Gosnell/HOU/ECT@ECT, Scott
Mills/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, Irena D Hogan/HOU/ECT@ECT, Mark Friedman/HOU/ECT@ECT
cc:

Subject: CES Meeting Minutes - January 18, 2000

Attached are the minutes for the CES meeting that was held on Monday, January
18, 2000.


- internet.com's -
M A R K E T  C L O S E

By Paul Shread (mailto:pshread@internet.com)
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http://www.internetstockreport.com/close/article/0,1785,1701_781491,00.html

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June 8, 2001 - Juniper Networks spoiled Intel's party on Friday, as the
router maker upstaged Intel's positive earnings preannouncement with an
earnings warning.

Traders were also unnerved by a software glitch that caused the New York
Stock Exchange to shut down for more than an hour in the morning.

The ISDEX http://www.wsrn.com/apps/ISDEX/ lost 9 to 259, and the Nasdaq
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to 10,977. Volume fell to 859 million shares on the NYSE, and 1.42 billion
on the Nasdaq, but the decline was largely due to the NYSE shutdown.
Decliners led 17 to 13 on the NYSE, and 21 to 15 on the Nasdaq. For
earnings reports, visit our earnings calendar at
http://www.wsrn.com/apps/earnings/internet.xpl and reported earnings at
http://www.wsrn.com/apps/earnings/ireported.xpl. For after hours quotes
and news, visit our after hours trading site at
http://www.afterhourstrading.com.

Juniper (NASDAQ:JNPR) plunged 8.47 to 38.16 after announcing that earnings
will be 8-9 cents a share, well under 24-cent estimates. The company also
declined to provide guidance beyond the June quarter. Cisco (NASDAQ:CSCO)
fell 1.25 to 20.57, Avici (NASDAQ:AVCI) lost .90 to 9.42, Ciena
(NASDAQ:CIEN) dropped 5.60 to 56.24, and Tellabs (NASDAQ:TLAB) fell to a
new 52-week low of 30.92.

Intel (NASDAQ:INTC) slipped .47 to 30.67 after saying revenues will be
"slightly below the midpoint" of the range it provided on April 17.
Traders took the reaffirmation as good news initially, but then the stock
lost ground after the Juniper warning. Handspring (NASDAQ:HAND), off .90
to 8, issued an earnings warning.

i2 (NASDAQ:ITWO) added .85 to 24.09 on rumors of contract wins.

Verity (NASDAQ:VRTY) surged 4.04 to 23.35 on a positive earnings
preannouncement.

Openwave (NASDAQ:OPWV) fell 2.15 to 40.15 after Chairman Alain Rossmann,
the "Father of WAP," resigned to security start-up Secret Seal.

NetZero (NASDAQ:NZRO) and Juno (NASDAQ:JWEB) announced they will merge,
forming a new company called United Online. Both companies will become
wholly-owned subsidiaries.

Liberate (NASDAQ:LBRT) surged 1.55 to 9.53 on a Wall Street Journal report
that the company plans to scale back its interactive TV service in favor
of a less complex version, which could help the company with AT&T.

Some technical comments on the market: Note: We include charts in the
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Those potential tops make 1250 on the S&P 500 and 642 on the S&P 100
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That could support the formation of a right shoulder on a head and
shoulders top, or it could just make the whole move since then a bull
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Scott Goodell will be attending as well.  Could you make sure he is covered
for lunch please?
---------------------- Forwarded by Chris Germany/HOU/ECT on 05/23/2000 10:28
AM ---------------------------

	From:  Colleen Sullivan                           05/23/2000 09:05 AM

To: Scott Neal/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Theresa Branney/HOU/ECT@ECT, Maria Garza/HOU/ECT@ECT, Judy
Townsend/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT, Dick
Jenkins/HOU/ECT@ECT, Thomas Engel/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Jane
M Tholt/HOU/ECT@ECT
cc:
Subject: EOL Follow up Meeting

Please plan to attend a follow up meeting to discuss what is needed as far as
position screens for trading transportation capacity on EOL.  The meeting
will be at 11:30 -12:30 today, May 23, 2000, in Room 3321.

There is a NYMEX screen in this conference room, and lunch will be provided.


Here is the turbine contract:

Any questions  please call.

Steve Thome

503-539-2340


Prepays - although they do not terminate they do drop to zero collateral on a further downgrade.


should i stop working?  no big deal, really.  but don't want to continue, if it doesn't make sense.  thanks, jeff


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/08/2000
05:55 PM ---------------------------

Vince J Kaminski
09/08/2000 05:43 PM
To: Mary Alison Bailey/HOU/ECT@ECT
cc: Shirley Crenshaw/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Kevin
Kindall/Corp/Enron@ENRON, cc: Kristin Gandy/NA/Enron@Enron
Subject: Re: Faculty Lunch

Alison,

I recommended inviting Duane Seppi and Steven Shreve. I would also invite
Brian Routledge.
I don't know him but heard many good things about him. Kevin Kindall may have
other recommendations.

Vince

	Enron North America Corp.

	From:  Mary Alison Bailey                           09/08/2000 05:04 PM

To: Shirley Crenshaw/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Kevin
Kuykendall/HOU/ECT@ECT, Kevin Kuykendall/HOU/ECT@ECT
cc: Kristin Gandy/NA/Enron@Enron
Subject: Faculty Lunch

Kristin had said she was interested in a faculty lunch, and Kevin said he
would host it. Are there any professors you would recommend be invited?

Here is a list of Finance Faculty:

 Robert Dammon  rd19@andrew.cmu.edu 412.268.3696
 Richard Green  rg0b@andrew.cmu.edu 412.268.2302
 David Heath   heath@andrew.cmu.edu 412.268.2545
 Christine Parlour  parlourc@andrew.cmu.edu 412.268.5806
 Brian Routledge  rout@andrew.cmu.edu 412.268.7588
 Duane Seppi   ds64@andrew.cmu.edu 412.268.2298
 Steven Shreve  shreve@andrew.cmu.edu 412.268.8484
 Chester Spatt  cs9z@andrew.cmu.edu 412.268.8834
 Christopher Telmer  telmerc@andrew.cmu.edu 412.268.8838
 Stanley Zin   sz0h@andrew.cmu.edu 412.268.3700

*


fyi.
----- Forwarded by Lara Leibman/Enron Communications on 02/27/01 07:35 PM
-----

	PR & Marketing
	Sent by: EBS Announcements
	02/27/01 01:35 PM

		 To: All EBS
		 cc:
		 Subject: ENRON BROADBAND SERVICES LAUNCHES ONLINE BANDWIDTH TRADING IN EUROPE

Anita Cullen
Enron Broadband Services
+44 (0) 20 7783 2384

ENRON BROADBAND SERVICES LAUNCHES ONLINE BANDWIDTH TRADING IN EUROPE

FOR IMMEDIATE RELEASE: Tuesday, February 27,2001

LONDON ) Enron Broadband Services, a wholly-owned subsidiary of Enron Corp.
(NYSE: ENE), announced today the launch of online bandwidth trading in
Europe. Bandwidth transactions that used to take months to close can now be
concluded in minutes, creating wholesale market efficiencies.
Bandwidth trading is carried out via the EnronOnline trading platform.
Launched in November 1999 to handle the trading of Enron,s natural gas, oil,
electricity and other commodities, EnronOnline is the world,s largest
business-to-business e-commerce website, currently handling over 3,850
transactions with a notional value of over $2.6 billion, each day.
The easy-to-use, customisable site enables registered customers to log on and
buy and sell bandwidth in just a few clicks. STM-1 capacity is available,
with contract durations of between three and 12 months and forward delivery
ranging from two to 14 months. Once a transaction is closed, settlement and
provisioning are handled offline.
To provide the physical infrastructure to enable bandwidth trading, Enron has
installed pooling points, or switching and interconnection facilities at
selected locations throughout Europe, through which connections between
bandwidth buyers and sellers can be established and monitored. To further
facilitate the commoditisation of bandwidth, Enron has also developed
standard terms and conditions which provide firm start dates and service
level agreements backed by liquidated damages.
&Enron,s online bandwidth trading service is not an exchange or bulletin
board. Instead, it satisfies orders at a quoted price with Enron acting as
the principal,8 said Marcello Romano, vice president, Bandwidth Trading,
Enron Broadband Services, Europe.
&The last three months have marked a turning point in the development of this
market in Europe. Participants are waking up to the value of firm service
level agreements and the flexibility offered through bandwidth trading and
risk management solutions. The best efforts service associated with this
market is finally being challenged.8
###
Editor,s Notes
About Enron
Enron Broadband Services is a leading provider of high quality, high
bandwidth delivery and application services.  The company,s business model
combines the power of the Enron Intelligent Network, Enron,s Broadband
Operating System, bandwidth trading and intermediation services, and
high-bandwidth applications to fundamentally improve the experience and
functionality of the Internet.  Enron,s Broadband Operating System allows
application developers to dynamically provision bandwidth for the quality of
service necessary to deliver broadband content.  Enron is also creating a
market for bandwidth that will allow network providers to scale to meet the
demands required by increasingly complex applications.  Enron Broadband
Services can be found on the Web at www.enron.net.
EnronOnline (www.EnronOnline.com) offers customers a free Internet-based
system for conducting wholesale transactions with Enron as principal.
EnronOnline provides real-time prices for bandwidth, power, natural gas,
coal, weather products, petrochemicals, pulp and paper and other commodities
in the Americas, Europe and Asia.  Since its launch in November 1999,
EnronOnline has expanded to include approximately 1,120 products and has
completed over 685,000 transactions with a total notional value exceeding
$420 billion.
Enron is one of the world,s leading electricity, natural gas and
communications companies.  The company, with revenues of $101 billion in
2000, markets electricity and natural gas, delivers physical commodities and
financial and risk management services to customers around the world, and has
developed an intelligent network platform to facilitate online business.
Fortune magazine has named Enron &America,s Most Innovative Company8 for six
consecutive years.  Enron,s Internet address is www.enron.com.  The stock is
traded under the ticker symbol &ENE.8


Start Date: 4/26/01; HourAhead hour: 8;  HourAhead schedule download failed.
Manual intervention required.


The Evolution Express market report for activity as of 5PM today
can be found at the following locations:

For Emissions Markets:
http://www.evomarkets.com/scripts/backdoor.php?user=michael.e.taylor@enron.com&expand=3a7c9ab4fb44af56&caller=evex_em~2001-11-26

For Coal Markets:
http://www.evomarkets.com/scripts/backdoor.php?user=michael.e.taylor@enron.com&expand=3a7c9ab4fb44af56&caller=evex_coal~2001-11-26

If you would like to see historical market data for SO2, NOx, and
Coal, including price volatility follow this:
http://www.evomarkets.com/scripts/backdoor.php?user=michael.e.taylor@enron.com&expand=3a7c9ab4fb44af56&caller=hist~

If you have any questions or comments regarding the content of the
report, please contact Mike Goldenberg (emissions) or Ken Worst (coal)
at 212-430-6475 or by e-mail (mgoldenberg@evomarkets.com or
kworst@evomarkets.com)

For technical problems related to accessing our report, please contact
our webmaster (webmaster@evomarkets.com). For general feedback on
improving our site, we would appreciate your input
http://www.evomarkets.com/feedback.html

If you would like to be removed from our distribution list, please
change your preferences following this link:
http://www.evomarkets.com/scripts/backdoor.php?user=michael.e.taylor@enron.com&expand=3a7c9ab4fb44af56&caller=modacc~

Note that sharing or forwarding this message and the active links to
restricted sections of the Evolution Markets' website is the same as
sharing your password and is a violation of the Evolution Markets LLC
Restricted Website Access User Agreement.

If you would like to have a friend or associate access these reports,
please refer them at:

http://www.evomarkets.com/refer.php?email_from=michael.e.taylor@enron.com


The EWS West Power URM desk will need to determine the $$ at stake and help us manage our financial exposure and the appropriate policy response.  It's their $$.  So far, my understanding from the desk is that our current policy recommendations (as outlined in the Mike Smith memo) are the "preferred" outcome - I'll reconfirm.

Jim

 -----Original Message-----
From: 	Williams, Robert C.
Sent:	Tuesday, October 09, 2001 5:25 PM
To:	Dasovich, Jeff; Mara, Susan; 'mday@gmssr.com'; Steffes, James D.; Wu, Andrew; Smith, Mike
Subject:	RE: $.01 surcharge as "tax"

We could not do that.  On the other hand, if we advocate that it should only apply to those who directly benefitted, and the CPUC adopts that reasoning, we would be shooting our tax argument in the foot.  I think you are right that we need to understand the implications, both financially and contractually, of the options before the Commission.

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, October 09, 2001 5:20 PM
To:	Williams, Robert C.; Mara, Susan; 'mday@gmssr.com'; Steffes, James D.; Wu, Andrew; Smith, Mike
Subject:	RE: $.01 surcharge as "tax"

Thanks.  One other question, which seems like a legal question.  Assume that Enron openly advocates for the PUC to apply the charges to all customers, including ours, understanding that our customers neither benefited from or caused the charges.  If the PUC does it, and we go back to our customers and claim that an indirect tax has been applied, are we in any kind of bind for having pushed for it?  I'm hoping that the answer is no.  Thanks for the info.

Best,
Jeff

 -----Original Message-----
From: 	Williams, Robert C.
Sent:	Tuesday, October 09, 2001 5:11 PM
To:	Dasovich, Jeff; Mara, Susan; 'mday@gmssr.com'; Steffes, James D.; Wu, Andrew; Smith, Mike
Subject:	FW: $.01 surcharge as "tax"

a legal memo follows

 -----Original Message-----
From: 	Williams, Robert C.
Sent:	Thursday, August 02, 2001 9:16 AM
To:	Mellencamp, Lisa; 'jklauber@llgm.com'
Subject:	FW: $.01 surcharge as "tax"

 -----Original Message-----
From: 	Williams, Robert C.
Sent:	Friday, July 27, 2001 5:47 PM
To:	Sharp, Vicki
Subject:	$.01 surcharge as "tax"

A typical clause reads as follows:

" 'Taxes' means any and all new or existing governmental or quasi-governmental taxes, assessments, levies, duties, fees, charges and withholdings of any kind or nature whatsoever and howsoever described, including gross receipts, franchise, sales, use , property, excise, capital, stamp, transfer, employment, occupation, generatiion, privilege, Utility Taxes [separately defined to include "any and all franchise, utility, regulatory, BTU or energy, gross receipts, administrative services, municipality, and utility user taxes and similar taxes and energy resource and municipal land use surcharges and other similar surcharges"], regulatory, BTU, energy, consumption, lease, transaction, license, filing, recording, and activity taxes, levies, duties, fees, charges and withholdings, together with any and all penalties, fines, interest, and additions thereto, but excluding any taxes on the net income of EESI or any affilitates."

Under the contracts the Buyer is usually responsible for taxes "applicable to Power at or after the Delivery Point" (the meter); the Seller is usually responsible for taxes "applicable prior to the Delivery Point."  The surcharge would seem to be applicable "at the Delivery Point."

Support for the argument that the surcharge is not a "tax" under the contracts:

     1.  The CPUC refers to it as a "rate increase"

     2.  It was not imposed by a governmental body (such as a state, county, or municipality)

     3.  When first implemented, all proceeds went to the utilities

     4.  It appears that a portion of the proceeds may continue to go to the utilities

Support for the argument that the surcharge is a "tax" under the contracts:

     1.  Since the "frozen tariff" remains in place it is disingenuous to refer to it as a "rate increase"

     2.  It now appears that the proceeds will go to a governmental entity, the DWR

     3.  The definition of "taxes" under the contract is broad and includes surcharges of all types

     4.  To the extent the $.01 surcharge is to pay for generation for bundled customers, those on direct access receive, if anything, only an indirect benefit, which is similar in effect to a tax and not to a rate increase


---------------------- Forwarded by Kay Mann/Corp/Enron on 01/03/2001 11:40
AM ---------------------------

"Thompson, Peter J." <peterthompson@akllp.com> on 01/03/2001 11:40:13 AM
To: <Kay.Mann@enron.com>
cc:

Subject: RE: CA Energy Development/ABB Agreement

Thanks.  I'm starting to proof the changes now.  Should be ready in
30-45 minutes.

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Wednesday, January 03, 2001 12:34 PM
To: Thompson, Peter J.
Subject: Re: CA Energy Development/ABB Agreement

Si. Oui.  Yep.

"Thompson, Peter J." <peterthompson@akllp.com> on 01/03/2001 09:57:52 AM

To:   "Kay Mann (E-mail)" <kay.mann@enron.com>
cc:

Subject:  CA Energy Development/ABB Agreement

The changes to the individual break-out agrement are being made now.  I
hope to have it to you by noon you time.  Please confirm that this
agreement is for CA Energy Development II.


We have another new addition to the Portland West Desk:

Todd Bland has recently joined the Real-Time Trading group as a summer associate.

Todd received his BA in Agricultural Economics from Texas A&M University, where he is currently working toward his Masters in Land Economics and Real Estate (expected graduation: December 2001). Todd has worked at Marine & Petroleum in Texas, Corner Stone Mortgage (also in Texas), and most recently, as a Research Assistant with the Texas Real Estate Center.

Please welcome Todd to our Portland office!


Nick: I will plan on being there and will be happy to comment on item 4.  I
think we also could talk about  regulatory barriers to energy trading in
Europe.  Please keep me posted on seminar plans in Europe re energy.

Regards,

Mark


Michael,

11:30 a.m. ?

Vince

Michael J Popkin@ENRON_DEVELOPMENT
04/03/2000 04:24 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Lunch?

Sounds good.  What time?

Vince J Kaminski@ECT
04/03/2000 03:32 PM
To: Michael J Popkin/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Lunch?

Michael,

What about tomorrow, April 4?

Vince

Michael J Popkin@ENRON_DEVELOPMENT
03/22/2000 09:55 AM
To: Vince J Kaminski@ECT
cc:
Subject: Lunch?

Hi Vince,

Hope everything is going well.  I am now back in Houston permanently and
would like to get together for lunch one of these days.    Are you free early
next week or sometime during the first week of April?  If not, please feel
free to suggest another time.

Look forward to seeing you,

Michael


Dear Colleagues,

We know you have many questions about your new benefits plan, payroll issues and other changes that will occur over the next few weeks. Human Resources and Communications are preparing a thorough Q&A, which we will send to you tomorrow and will regularly update as more information is available.

Meanwhile, please read the announcement below from Security about how you can obtain a new UBS Warburg access card that will allow you to enter our new office space after Friday.

I am confident that you share my enthusiasm about our new opportunity.  We look forward to working along side each of you in the coming days.

David Oxley
Head, Human Resources
____________________________________________________________________

Access Cards

There will be a two-day transition for the new UBS Warburg access cards. Beginning Monday, February 11, access to the 5th and 6th floors of Enron Center South will require these new cards. UBS Warburg access cards can be picked up from 7 a.m. to 7 p.m. at the reception area on the 5th floor of Enron Center South on Thursday, February 7th ; Friday, February 8th ; and Monday, February 11. Enron Security will produce new access cards with existing photographs, then simultaneously issue the new and collect the old cards. Employees without UBS Warburg cards will be allowed into the Enron Center South building on Monday but will have to collect their new cards as soon as possible to gain access to the 5th and 6th floors.

Employees who fail to collect their new cards by 7 p.m. Monday will be required to contact Enron Security's general information number at 713-853-5360 to arrange to pick them up.

There will be security staff available at the pick up point on ECS 5 to help with any problems you might have.

It is suggested employees wear their access cards at all times while on the premise.

Accessible Areas - The new cards will allow UBS-W employees to enter:
5th & 6th floors and Plaza area of Enron Center South ,
The Sky Ring
Body Shop, Enron Center North Plaza and therefore access the Credit Union and Cafeteria from either building.

Restricted Areas - Employees must submit to Enron Security a Restricted Access Request form (available by calling 713 8535360 ) and signed by Bob McAuliffe (713-853-7468) to enter:
Enron Center South, 8th and 9th floors
Enron Center North, 22nd and 34th floor
Ardmore Data Center.

Employees staying with the Enron estate while visa and other issues are completed - Employees in this group who are on assignment arrangements to UBS-W will be issued a regular access card - available in the same way as other new UBS-W employees.

Estate employees who are working with UBS-W on transition issues  - If they will be based in UBS-W office space they should talk to their UBS-W counterpart for approval and then UBSW HR for the issue of a UBS-W contractor card (in addition to their regular Enron badge).


Cathy,
 The subject contact that you faxed to me appears to be their standard
interruptible 311 contract.  t is a month to month interruptible contract.  I
see no reason why it should not be signed.   Please call me if you need
anything further.  I will be in the AEP Houston Metro building office
starting on Monday.


In case you missed this - interesting perspective.
---------------------- Forwarded by Peggy Mahoney/HOU/EES on 08/28/2000 01:26
PM ---------------------------

kpope@enron.com on 08/28/2000 11:45:00 AM
To: <pmahoney@enron.com>, <meberts@enron.com>, <kpope@enron.com>
cc:
Subject: Industry News: Consumers Grow More Anxious As They Are Cut Loose In
Electricity's< ...

fyi from kpope@enron.com

-------------------------------------------------------------------
E-mailed by: Dow Jones Interactive (R) Server Software
Folder: Industry News
-------------------------------------------------------------------

Headlines:
Consumers Grow More Anxious As They Are Cut Loose In Electricity's
New
Free Market

-------------------------------------------------------------------
  Metropolitan Desk; Section 1
Feeling Powerless In
Consumers Grow More Anxious As They Are Cut Loose In Electricity's
New
Free Market
By KIRK JOHNSON

Aug. 27, 2000
New York Times
Page 29, Column 2
c. 2000 New York Times Company

   Over the last 20 years, a dogma has taken root in America that says
people would be happier and better off if they were all continually
shopping for the best deals. Consumers, according to this theory, should
be empowered and freed from the old business monopolies and the dictates
of fussy bureaucrats.

  So airlines were deregulated, and telephone service, and then the
Internet arrived, giving people the ability to choose from 10 different
sellers of the same merchandise. The bull market on Wall Street brought
5,000 mutual funds begging for attention. Having more choices became an
end in itself.

   But for millions of people, especially in New York and California,
the doctrine of the sovereign consumer has come into question this
summer around a commodity that most had taken completely for granted:
electricity. A recently deregulated energy market, which was
supposed to
increase choices and reduce prices, has, for most residents, done
nothing of the kind. Many community leaders and politicians, calling for
investigations and caps on rising electricity bills -- up 30
percent to
40 percent from those of last August in many areas -- have denounced
energy deregulation as either a failure or a fraud.
   Some social scientists say that the anxiety over energy is
exposing
something even deeper in the human wiring. At a time when protesters
have railed in Seattle and Washington against chain stores and global
branding, and prominent social critics have denounced the intrusion of
endless choice into every corner of life -- a phenomenon that Barry
Schwartz, a psychologist at Swarthmore College, calls ''the tyranny of
freedom'' -- the public's worries about electricity may say more
about
human nature than about kilowatts.
   Perhaps, this alternative theory says, there is a point at which
people no longer wish to be autonomous, rational consumers at all. Maybe
they would just as soon delegate their decisions regarding some
transactions, as they did when Consolidated Edison was the only game in
town and government was assigned to make sure that the company played by
the rules. Maybe when it comes to electricity, a mysterious and
dangerous thing that is also the foundation of modern living, Americans
are just a little afraid to be alone.
   ''In the past we trusted that state regulators who were appointed by
our elected officials were watching out for us, which may or may not
have been true,'' said Edward A. Smeloff, a former utility industry
official who runs a research group on electricity at Pace
University.
''The new model is, 'Figure it out for yourself.' ''
   Some economists and energy industry experts say the sense of
powerlessness and confusion that many people feel is perhaps as much a
source of anxiety and anger as higher electricity bills. The
players
have all changed and no one seems to be in charge.
   The old Brooklyn Union Gas Company, for example, still remembered by
many New York residents for the fuzzy, feel-good images of its
advertising, has become the cool and metallic-sounding KeySpan
Energy.
The old Con Ed, on the other hand, was like a crotchety grandfather who
sometimes had to be prodded and yelled at, but who nonetheless presided
over the system.
   The company now throws up its hands  and says it is not responsible
for recent price increases; Con Ed's wires are simply a delivery
mechanism for the unregulated corporations that own generating plants,
Con Ed's chairman said at a recent hearing at City Hall.
   Opinion poll takers say anxiety about deregulation may also have
something to do with a contradiction in the American psyche that they
say has opened up in recent years, a contradiction about what people
really want. Surveys conducted by Yankelovich Partners, a research and
consulting firm based in Norwalk, Conn., have said, for example, that a
majority of people want more control over the details of their lives,
but a majority also want to simplify their lives, a result that Barbara
R. Caplan, a partner at the firm, has called ''the paradox of our
time.''
   Deregulated energy arrived right in the middle of those
conflicting
goals; because only a handful of energy competitors have been
attracted
to the New York market, most people still do not have much choice in
their electricity, and yet it all seems more complicated than ever,
as
well as more expensive.
   Another factor, some researchers say, may be a result of timing.
People have had experience with deregulation, and they have seen that it
did not always unfold to their benefit. The hub-and-spoke system
developed by the airline industry, for example, has given airlines
near-monopoly power at many airports around the country, resulting in
less competition, not more. Consumers have also seen that although tools
like the Internet have made buyers more powerful in getting good prices,
corporations on the other side of the transaction have become more
powerful, too, in gathering information about them.
   ''Years ago, you went into an auto dealership and had to negotiate to
buy a car, but only the corporate side had knowledge of what the real
costs were,'' said Mark L. Gillenson, a professor of management
information systems at the University of Memphis. ''Now you go into the
Internet, and lots of places will give you that information for free.''
On the other hand, Professor Gillenson said, the data that corporations
are collecting about people are creating what the old car dealer could
never have imagined: knowledge about what people want before they even
ask.
   Lurking behind all those forces, some psychologists say, is the
growing sense that people are simply being asked to decide too much.
Economic deregulation has accompanied what may be called social
deregulation, as issues that were not even considered decisions in the
past  have become issues of conscious choice: whether to get married and
have children, or how to express oneself sexually, as gay, straight or
somewhere in between.
   And the more choices there are, the more it can seem possible to
achieve an ideal result in every case, leading to a doomed, treadmill
kind of behavior often seen in people who continually change their
long-distance telephone service as they endlessly seek an incremental
price advantage.
   ''Over what domains in life are you supposed to have control?'' said
Professor Schwartz, the Swarthmore College psychologist. ''Nobody gets
depressed when you can't control the weather, and years ago nobody got
depressed because they couldn't control your telecommunications or
electricity either, because those things couldn't be controlled,''
he
said. ''But now you can, or you're told that you can, and so you're
going to be continually frustrated.''
   And electricity is also just different. Unlike a telephone call,
or
an airline ticket, nobody ever really wants to buy electricity
itself --
rather, people buy its expression and result: a cold beer in the fridge,
a light to read by. By the standards of American marketing, it is barely
a product at all.
   ''People want to make choices about clothes and restaurants and what
houses they live in, but a lot of us would rather not be bothered with
having to make a choice about electricity,'' said Wendy Kaminer, a
public policy fellow at the Radcliffe Institute for Advanced Study in
Cambridge, Mass. ''It's not a desire to be disempowered,'' Ms. Kaminer
added. ''It's a desire not to be bothered.''
   Finally, some experts think that the long bull market for stocks, in
which share prices mostly just go up, has made people forget a
fundamental truth about how markets work: they are genuinely fair only
over the long run, while at any given time, there are likely to be as
many losers as winners.
   ''Deregulation and privatization were sold implicitly on the
assumption that everybody can win from this, but I'm hard pressed to
find an example in the real world where that has happened,'' said Willis
Emmons, a professor in the strategy, public policy and ethics department
at Georgetown University's business school. Right now, Professor Emmons
added, ''maybe somebody is winning, but it isn't the consumer.''

NYTF0024000432

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