Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 03/21/2001 04:19 PM -----

	"Beiser, Megan" <Megan.Beiser@edelman.com>
	03/21/2001 03:42 PM

		 To: "Aaron Thomas (E-mail) (E-mail)" <athomas@newenergy.com>, "Andrea Weller
(E-mail) (E-mail)" <aweller@sel.com>, "andrew Chau (E-mail) (E-mail)"
<anchau@shellus.com>, "Bill Chen (E-mail) (E-mail)" <bchen@newenergy.com>,
"Douglas Oglesby (E-mail) (E-mail)" <doao@chevron.com>, "Fairchild, Tracy"
<tracy.fairchild@edelman.com>, "Jeffrey Hanson (E-mail) (E-mail)"
<jeff.hanson@phaser.com>, "jennifer Chamberlin (E-mail) (E-mail)"
<jnnc@chevron.com>, "john Barthrop (E-mail) (E-mail)"
<jbarthrop@electric.com>, "John Leslie (E-mail) (E-mail)" <jleslie@luce.com>,
"Joseph Alamo (E-mail) (E-mail)" <jalamo@enron.com>, "Manuel, Erica"
<Erica.Manuel@edelman.com>, "'Michael Nelson' (E-mail)"
<mnelson@electric.com>, "Peter Bray (E-mail) (E-mail)" <pbray@newpower.com>,
"Rebecca Schlanert (E-mail) (E-mail)" <rschlanert@electric.com>, "Richard
Counihan (E-mail) (E-mail)" <rick.counihan@greenmountain.com>, "'Robert
Morgan' (E-mail)" <rmorgan@newenergy.com>, "Sue Mara (E-mail) (E-mail)"
<smara@enron.com>, "Allen, Stevan" <stevan.allen@edelman.com>,
arm@phaser.com, "brbarkovich@earthlink.net" <bbarkovich@earthlink.net'>,
cra@calretailers.com, dennis.flatt@kp.org, dhunter@smithandkempton.com,
djsmith@smithandkempton.com, Dominic.DiMare@calchamber.com,
drothrock@cmta.net, gharrison@calstate.edu, hgovenar@govadv.com,
jackson_gualco@gualcogroup.com, ken_pietrelli@ocli.com, kgough@calpine.com,
kmccrea@sablaw.com, kmills@cfbf.com, lhastings@cagrocers.com, mday@gmssr.com,
mmoretti@calhealth.org, nplotkin@tfglobby.com, randy_britt@robinsonsmay.com,
richard.seguin@kp.org, RochmanM@spurr.org, rrichter@calhealth.org,
sgovenar@govadv.com, smccubbi@enron.com, spahnn@hnks.com, theo@ppallc.com,
vincent.stewart@ucop.edu, vjw@ceert.org, "Warner, Jami"
<jami.warner@edelman.com>, wbooth@booth-law.com, wbrown@lhom.com,
wlarson@calstate.edu
		 cc:
		 Subject: FW: Associated Press story: Power spending imperils state's finan
cial health, controller says

> Power spending imperils state's financial health, controller says
>
> Updated: March 21, 2001 - 3:11 p.m.
>
> California's power-buying on behalf of two strapped utilities is gutting
> its budget surplus and putting the state at financial risk, the state
> controller said Wednesday.
>
> The surplus dropped from $8.5 billion in January, when the state began
> buying electricity for Pacific Gas and Electric Co. and Southern
> California Edison, to $3.2 billion now, Kathleen Connell estimates.
>
> Connell ordered an audit of the state's power-buying, saying
> Gov. Gray Davis is withholding key financial information from her office
> and the Legislature.
>
> Wednesday marked the first time in three days the state avoided rolling
> blackouts. Power grid officials credited cooling temperatures and the
> completion of repairs at several power plants.
>
> Connell said the energy crunch now imperils the state's budget as well as
> its electric grid.
>
> California has been spending about $45 million a day --$4.2
> billion so far -- to buy power for Edison and PG&E, both denied credit by
> electricity wholesalers.
>
> The two utilities, California's largest, say they are nearly $14 billion
> in debt due to soaring wholesale power costs the state's deregulation law
> blocks them from recovering from customers.
>
> Meanwhile, the state has faced high natural gas costs and a
> tight power supply driven in part by power plant repairs in
> California and scarce hydroelectric power in the Pacific Northwest.
>
> Standard & Poor's has put the state on a credit watch due to its power
> purchases and chastised Davis, the Legislature and state regulators for
> not taking more aggressive steps to assure the utilities can pay their
> bills.
>
> On Wednesday, Connell said she is refusing a request by Davis and the
> Legislature to transfer $5.6 billion into a "rainy day fund" she said was
> set up to impress Wall Street as the state prepares to issue $10 billion
> in revenue bonds to cover its power-buying.
>
> Transferring the money would leave the state general fund $2.4 billion in
> debt, Connell said.
>
> Sandy Harrison, spokesman for the state Department of Finance, and Keely
> Bosler of the Legislative Analyst's Office, said such transfers are
> routine and required by law.
>
> They put the state's budget surplus at $5.6 billion.
>
> "The law says she has to do it. The law does not give her the power to
> demand that kind of audit information," Harrison said.
>
> He said the state's budget isn't in danger because it will be
> repaid with the $10 billion in long-term debt.
>
> Connell said the scope of the proposed transfer is unprecedented and
> amounts to a "shell game" that disguises the power purchases' impact on
> the state budget.
>
> Wells Fargo & Co. chief economist Sung Won Sohn said he sees little
> progress in efforts to fix the state's power problems and end state
> electricity purchases.
>
> "If we're going to pour money into a bottomless pit, I would
> worry about the state's finances," he said. "At some point we're going to
> run out of money."
>
> The controller's criticism of fellow Democrat Davis won support from
> Assembly Republicans and Secretary of State Bill Jones, a Republican
> considering challenging Davis next year.
>
> Jones said he wants to announce his own plan to solve the
> state's energy woes, but can't unless Davis releases more financial
> details. He said his plan may involve giving the utilities low-interest
> loans with their transmission lines held as collateral.
>
> Davis spokesman Steve Maviglio dismissed the criticism.
>
> "Political grandstanding doesn't generate one more kilowatt of energy for
> California in this time of emergency," he said.
>
> Maviglio said the administration has released the financial
> information it can without jeopardizing negotiations for long-term power
> contracts with wholesalers.
>
> -- Associated Press
>
>
>


Briefly:

The hearing that was planned to focus on UC issues has been postponed,
although per the attached there will be a discussion concerning the impact of
Energy Service Providers turning their customers back to DWR/utility service.

Also, the Federal Judge has scheduled the UC/CSU - Enron Energy Services
hearing for April 11th.  UC had requested an immediate review versus a
procedural 35 days to schedule.  The schedule reflects a more procedural
answer.

More as we get information.

---------------------- Forwarded by Marty Sunde/HOU/EES on 03/21/2001 08:53
AM ---------------------------

	Enron Energy Services

	From:  Mike D Smith                           03/21/2001 08:57 AM

To: Dan Leff/HOU/EES@EES, Marty Sunde/HOU/EES@EES, Jeff Messina/HOU/EES@EES,
Harry Kingerski/NA/Enron@Enron, Vicki Sharp/HOU/EES@EES, Robert C
Williams/Enron@EnronXGate, Peggy Mahoney/HOU/EES@EES, James D
Steffes/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron
cc:
Subject: Thursday Hearing

Per Sandy, it sounds like there is going to be a budget committee hearing on
Thursday to discuss DWR procurement and the effect of marketers returning
customers to utility service.  It looks like we may be asked to provide
testimony (but not about any customer specific issues).  Mike Day would be
the right person to provide that testimony if needed.  I'll pass on any more
details as I get them.  MDS


Will these instructions allow me to change the Credit people too?

	Michael Neves/ENRON@enronXgate
	02/13/2001 01:24 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Scott Cleverly/ENRON@enronXgate
		 Subject: RE: Financial Trading Agreement Database

Tana,

Regretfully, I will no longer be able to submit Application Access Requests
for you.  Until now, I have submitted e-requests on your behalf, and I feel
that removing myself from this process will help to reduce turn-around times
on your requests, as they will no longer have to come through me.  Below, I
have included detailed instructions on how to submit an e-request for the
Financial Trading Agreements Database.  Going forward, I would be glad to
assist you if you have any questions (on the system and on submitting
e-requests).

Sorry for any inconvenience this may cause.

Regards,
Mike 3-3363

e-request Instructions:

1. from your web browser: pull up http://itcentral.enron.com <--or click this
link
2. click on the "e-request" logo/link
3. select "Corp Logon", you'll then be prompted for your corp login (the same
one you login with in the morning)
4. then select "Add/Remove access..." under "Update Account Access"
5. chose the user/requestee from the available list of users (and choose
appropriate priority)
6. next, click the  "Applications" button (the one with gears on it)
7. then click "show all"
8. from this list, scroll down to "Lotus Notes Application - Unlisted" and
click the "+add" button
9. In the box provided, list "Financial Trading Agreements" and also include
the group name - in this case "ECT Legal - Swap - Users"

 -----Original Message-----
From:  Jones, Tana
Sent: Tuesday, February 13, 2001 11:21 AM
To: Neves, Michael
Subject: Re: Financial Trading Agreement Database

Can you get Peter Keohane and Greg Johnston, two attorneys in our Calgary
office, edit access to the Master Swap Agreement database.  Please let me
know when they have access.  Thanks!
----- Forwarded by Tana Jones/HOU/ECT on 02/13/2001 11:19 AM -----

	Peter Keohane 02/13/2001 09:54 AM 	  To: Tana Jones/HOU/ECT@ECT  cc: Greg
Johnston/CAL/ECT@ECT  Subject: Re: Financial Trading Agreement Database <<
OLE Object: StdOleLink >>

That would be good.  Peter.

From: Tana Jones on 02/13/2001 09:11 AM CST
To: Peter Keohane/CAL/ECT@ECT, Greg Johnston/CAL/ECT@ECT
cc:
Subject: Financial Trading Agreement Database

If you like, I can get you database access that will allow you to review the
comments between Legal & Credit.  We do not give this level of access to
non-Legal & Credit people because we are trying to limit certain information
for client-attorney privilege (not to mention the business people give away
our negotiating positions!).  If you would like this level of access, let me
know and I will put in a request.  This level of access will also give you
edit capability, so you need to be careful not to change things by mistake.


Jeff:

As of yesterdays mail I have not received anything!
Do we need to  let Hartford know of the delay?
There will also probably be a couple of days delay due to processing the check at the bank down here!

Please, let me know!
	Jim
---------------------- Forwarded by Jim Schwieger/HOU/ECT on 03/23/2001 12:25 PM ---------------------------

JJJSMD@aol.com on 03/18/2001 10:36:59 PM
To:	JSCHWIE@ect.enron.com
cc:
Subject:	Hartford Ins. premium due

Hi Jim,
I am sending a partial (quarterly) payment this time.
I would appreciate you taking care of this as you have in the past .
As always thankyou for your help in this matter.
Call me if there are any problems
Jeff
ps its due by the 25th of March


Enclosed is a draft of a form of Amendment Agreement that revises the setoff
language in the Financial Master Agreement.  Please note that these rights
are only trigerred upon the occurrence of an Early Termination Date which is
consistent with our form.  Should these rights be expanded?


----- Forwarded by Steven J Kean/NA/Enron on 02/28/2001 02:48 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/16/2001 08:49 AM

		 To: Sandra McCubbin/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON,
MDay@GMSSR.com, Hedy Govenar <hgovenar@mail.acom2.com> @ ENRON, Scott Govenar
<sgovenar@govadv.com>, Paul Kaufman/PDX/ECT@ECT, James D
Steffes/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, skean@enron.com, mpalmer@enron.com, Karen
Denne/Corp/Enron@ENRON, BTC <BCragg@GMSSR.com>
		 cc:
		 Subject: Ken Lay's email to Sen. Brulte

Greetings All:

First, I am apologizing in advance for any typos in this email.  Schedule is
very tight, but I wanted to make sure that everyone had it first thing this
morning, with some back-up info that I've included below.

Attached is the email that was sent to Ken Lay's office yesterday evening for
delivery to Sen. Brulte.  It's of course confidential.  Few points:

I don't have Bev's email, so if you could please forward to her, that would
be appreciated.
As we discussed (Jim, Mike, Bev, Scott, Hedy) on our lengthy call on
Wednesday, I'm assuming that the plan is still to "wallpaper" Sacramento with
our proposed legislation.
This email does not contain the legislation.  Mike sent the "final" versions
of our legislation out yesterday, except for the siting piece, which I
believe Brian Cragg of Mike's office is finalizing today.
You'll note that we promise Senator Brulte in the email that we'll deliver to
his office today the proposed legislation.  Again, based on our call on
Wednesday, I'm assuming that we would simultaneously release the proposed
legislation to the rest of the world at the same time.
When we spoke on Wednesday, we decided that the Sacramento team would
determine to whom we would circulate the proposed legislation at the same
time that we deliver the Senator Brulte. I'm assuming that you folks will
handle that end of things.  Please let us know at your convenience to whom
you've decided to circulate.
This email does, however, include a "summary" of our proposed legislation.
But I'm not certain that the summary included in this email is the
appropriate language to distribute "to the world," or if we'll need instead
to tailor some new language.  I think we all agreed that we need a "one
pager" to accompany the legislative package so that we can communicate the
package effectively.
We also discussed the need to quickly develop a coalition to support our
proposals.  We didn't finalize that plan.  Perhaps the Sacramento team could
propose a plan to do that.  Perhaps we could start with our friends in the
Direct Access coalition?
We also talked about the need at this point to engage in PR and to get the PR
machinery activated, also with the goal of effectively communicating our
legislative package/message.  We're in a meeting with folks today where we
can discuss getting that side of things going and Karen Denne has contacted
Marathon and they're pondering some things that we can do in the near term.
You'll note that there's a considerable amount of information about the DWR
credit issue.  As I recollect, we discussed the issue in depth on the call.
You note that attached to the email is a "legislative fix" to AB1X that could
solve the credit issue and an attached set of "taking points" related to a
second alternative to solving the credit issue:  a PUC order clarifying that
DWR will get its money for power purchase costs.
Note also that Steve Kean reminded me that we've got to continue to push to
get the utilities out of the merchant function.  Accordingly, I've put a
brief paragraph on that issue in the note to Brulte in the last section
(legislative solution) under the topic "create a real competitive retail
market in California."  To the best of my knowledge, we don't have
legislative language on that piece yet, and it seems that we'll need to
discuss it in considerably more depth before doing so.

If you have any questions about any of the materials in the email, please
don't hesitate to contact me or Jim or Sandi to discuss.  I can be best
reached to day by pager at 888.916.7184.

Thanks to all for helping pull this together.

Best,
Jeff

----- Forwarded by Jeff Dasovich/NA/Enron on 02/16/2001 08:27 AM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/15/2001 06:11 PM

		 To: jdasovic@enron.com, skean@enron.com, Richard Shapiro/NA/Enron@Enron,
James D Steffes/NA/Enron@Enron
		 cc:
		 Subject:

Steve:
Here's a substantially more cleaned-version, with attachments.  There's a
hard copy on your chair.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 02/15/2001 05:57 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	02/15/2001 05:56 PM

		 To: jdasovic@enron.com
		 cc:
		 Subject:

Jim:
It was a pleasure speaking with you yesterday.  Based on our conversation,
this email includes the following:

An Enron contact to discuss developing small-scale generation on Tribal lands.

Our views on the impediments to distributed generation and suggestions on how
to remove those impediments.

A description of the credit issues that continue to impede DWR,s ability to
sign contracts with power suppliers, and options to resolve them. Two
possible options for addressing the credit issue are 1) a California PUC
order clarifying that DWR will recover its power purchase costs through
rates, and 2) an amendment to AB1X designed to accomplish the same goal.  I
have attached talking points regarding the California PUC order and proposed
amendments to AB1X.  We believe that an amendment to AB1X is the preferable
option.

Our assessment of the supply/demand picture in California.

Our suggestions for a legislative package designed to solve both the near-
and long-term electricity crisis in California.  We will deliver to your
office tomorrow detailed legislative language.  In those materials we will
also identify existing bills that we believe can easily accommodate our
proposed language.

I hope that the information is useful.  Please do not hesitate to contact me
if you would like to discuss these materials further, or if there is anything
else that I can do to assist you.

Regards,
Ken

Contact Information to Discuss Interest Expressed by Native American Tribes
in Installing Small-scale Generation on Tribal Lands

David Parquet, Vice-President
Enron North America
101 California Street, Suite 1950
San Francisco, CA 94111
Phone: 415.782.7820
Fax: 415.782.7851

2. Key Barriers to Distributed Generation

Excessive and Unnecessary Utility Stand-by Charges

Solution: The executive orders issued by the Governor on February 14th took a
step in the right direction.  Utility stand-by charges have always been
designed by the utilities to protect their monopoly position, extract
monopoly prices from customers, or both.  But there is no reason to limit the
elimination of these charges to generation facilities that are less than
1MW.  These limits will only lengthen unnecessarily the time it takes for
California to close the significant gap between supply and demand and reduce
the risk of black outs this summer.  We would propose lifting the cap by
offering amendments to SB27X, which is designed to facilitate development of
distributed generation.

Excessive delays and costs related to interconnecting facilities with
investor-owned and municipal utilities

Solution:   The Governor,s executive order regarding interconnection is a
step in the right direction*D-D-26-01 requires utilities to complete
interconnection studies within 7 days.  California should ensure that this
requirement applies to all generation facilities, including distributed
generation.  In addition, the financial conflicts the utilities face when
interconnecting generation facilities are simply too powerful to overcome
through executive orders or other regulations.  To the greatest extent
possible, California should shift control over interconnection away from the
utility and place that control with the California ISO.  This could be
accomplished through amendments to SB 27X.

Permitting and Air Quality Issues
Developers of distributed (i.e., &on-site8) generation that is 50 MWs or
greater must receive certification from the California Energy Commission and
therefore face all of the impediments to development that large-scale
generation faces.

Solution: California should ensure that the executive orders (D-22-01 thru
D-26-01) issued by the Governor to expedite plant siting and maximize plant
output apply equally to smaller scale, &distributed generation8 facilities.
In addition, distributed generation that is less than 50 MWs continues to
face local opposition.  The State should ensure that local, parochial
interests cannot block otherwise beneficial distributed generation projects.
These objectives could be accomplished through amendments to SB27X.

3. Credit Concerns Regarding Authority Granted to DWR in AB1X to Purchase
Electricity on Behalf of the Utilities

Enron responded to the RFP issued by DWR to enter into power contracts with
suppliers.
Enron is in active discussions with DWR to establish contract terms with the
goal of entering into a power purchase agreement as soon as possible.
However, ambiguities contained in AB1X have created significant credit risk
concerns that need to be resolved in order to finalize contract terms.
We understand that the lion,s share of counterparties share Enron,s credit
risk concerns.
Enron has proposed several options for resolving the credit risk issues and
is working with DWR to arrive at a solution that is mutually agreeable to
both sides and that might serve as a template for power purchase agreements
going forward.

Summary of the Source of the Credit Risk Issue

Ambiguous Ratemaking Authority
The language in AB1X is ambiguous as to whether DWR has any authority to
charge California ratepayers for the costs of purchasing power.  From our
analysis of the bill, the language in AB1X appears to leave intact the
California PUC,s exclusive jurisdiction over ratemaking in California.  As
such, suppliers have no assurance that the PUC will agree to include in rates
adequate charges to cover DWR,s costs of power purchases.

Ambiguous Regulatory Authority Regarding Contract &Prudence8
The language in AB1X leaves open the possibility that the California Public
Utilities Commission could determine that power purchases made by DWR are
&imprudent.8  On the basis of such a finding, the CPUC could then refuse to
allow DWR to collect from ratepayers the costs associated with its power
purchases.  Consequently, suppliers have no assurance that the PUC will agree
to include in rates the charges to cover the costs of power contracts that
DWR has entered into with suppliers.

Ambiguous Language Regarding the Ratemaking Mechanism that Will Be Used to
Recover DWR,s Costs of Power Purchases
In addition to the ambiguity regarding ratemaking and regulatory authority
noted above, the language in the bill is equally ambiguous with respect to
the specific ratemaking &mechanics8 that AB1X directs the PUC to employ to
permit DWR to recover its power purchase costs. Based on our analysis, it is
extremely difficult to determine how the PUC would design the rates to ensure
DWR recovers its power purchase costs.  Moreover, as currently drafted, it is
difficult to determine whether AB1X would even permit the PUC to include in
rates all of the charges necessary to fully recover DWR,s power purchase
costs.  Again, this ambiguity raises significant credit risk concerns since
suppliers have little assurance that DWR will have the ability to recover
from ratepayers the costs of purchasing power.

Options to Resolve Concerns Regarding Credit Risk

We have been working diligently with DWR officials to resolve the credit risk
issues.  We have identified three options:

Amend AB1X
The amendments, which are attached to this email, would clarify that a) the
PUC would accept as &prudent and reasonable8 all purchase costs incurred by
DWR, and b) the PUC is obligated to include in rates the charges necessary to
ensure that DWR fully recovers its costs of power purchases.  This is the
preferred option, though we understand that the there may be some political
challenges standing in the way of amending AB1X.  (See attached file
entitled, &AmendAB1X.doc8.)

Clarify the Ambiguities in AB1X through an Order Issued by the PUC, and
through Contract Language
This is the option that we are currently working with DWR officials to
implement.  However, it is more complicated and could take significantly more
time to implement than the "legislative" fix.  We have attached electronic
copies of the talking points related to the order that the California PUC
would need to issue under this option.  (See attached file entitled,
&cpuctalkingpoints.doc.8)

Make Use of Other Instruments Designed to Address Credit Risk
As indicated in our letter responding to DWR,s RFP, we are willing to accept
other forms of credit from DWR.  Those options include a letter of credit,
cash prepayment, or an acceptable form of collateral.  DWR officials have
indicated to us that DWR prefers to pursue the second options. That is, DWR
prefers to clarify the ambiguities in AB1X through a PUC order and through
contract amendments.

4. California,s Supply-demand Picture Heading into Summer 2001

Both the California Energy Commission and Cambridge Energy Research
Associates (CERA), a private sector energy think tank, have issued reports
showing that California faces a severe supply-demand imbalance.  They differ
only on how much and how soon additional supply will be made available.  All
credible sources agree that supply will be very tight throughout the Summer
of 2001 and that unless a solution is found immediately, blackouts are
likely.

CEC and CERA both forecast that California will be short of supply this
summer by approximately 5,000 MW.   These numbers are in line with our
estimates.  California,s supply base currently has a 6% capacity margin, well
below the average 15-20%, which is recommended for reliable system operation
in the West.  Since the West relies more heavily upon hydroelectric power
than other regions, reserves are particularly important, owing to the
unpredictability of the weather and the dry year the West has experienced to
date. In the event of a low rain and snow period, the system must possess the
flexibility to respond to the reduced availability of power supply.
California,s very low reserve margin makes it especially susceptible to this
requirement.

Other reasons for reduced supply for the Summer of 2001 include the early
draw-down of reservoirs in the continual effort to manage California's severe
supply-demand gap; emissions restrictions on existing plants; and a reduced
number of customers who can be curtailed under their contracts with the
utilities.  Cambridge Energy Research Associates asserts that at the current
pace of siting, permitting and construction, adequate supplies will not be
added to correct the market imbalance until 2003 at the earliest.

CERA predicts that California is likely to face approximately 20 hours of
rolling black outs this summer.  The CEC paints a considerably more
optimistic scenario, betting that California will bring an additional 5,000
MWs on line to meet peaking summer demand.  It is our view that California
should view the CEC's "rosy scenario" with considerable skepticism.

5. Suggested Package of Legislative Proposals Designed to Solve California,s
Electricity Crisis

This email offers an overview of our proposed legislative solution.  We will
deliver to your office tomorrow specific legislative language and existing
bills that we believe can accommodate our proposals.

As we have suggested throughout the crisis, any solution to California's
crisis must focus on four issues:

Increase supply
Decrease demand
Establish a truly competitive retail electricity market
Return California,s Investor-owned utilities to solvency

Increase supply--Legislative vehicle: SB28X (Sher)
To site and construct a power plant in Texas takes approximately 2 years.
Enron and others have completed the entire process in other states in less
than a year.  In California, it takes about six years, or longer.

The Governor,s executive orders and Senator Sher,s siting reform legislation
are steps in the right direction.  Our suggested amendments can improve those
efforts by further addressing the difficulties that project developers face
in securing air emission reduction credits to meet the air permit
requirements included in the CEC's certification requirements.  Enron,s
proposal seeks to streamline the process for 1) obtaining credits and 2)
transfering credits between air districts.  In addition, it creates an
innovative emissions reduction bank to allow project sponsors to fund
emissions in advance of obtaining certification, and permits the affected air
districts to use those funds to finance projects that will produce the
required reductions in pollution emissions.

Decrease demand*Legislative Vehicle:   AB31X (Wright)
Because of the delay in getting a solution in place in California, closing
the supply-demand gap through energy conservation and efficiency offers the
best chance of avoiding blackouts this summer.  This can be accomplished most
effectively and quickly in two ways:

Buy-down demand
California is tapping into an enormous amount of money from the General Fund
to finance DWR,s power purchases.  California could likely reduce demand more
economically by running an auction to determine the payments businesses would
be willing to receive to reduce their demand for a sustained period (e.g.,
through the summer months).  DWR could easily run an on-line auction to
determine the price it could pay for these demand reductions.  To
participate, businesses would be required to have the metering equipment
necessary to monitor and verify that they are actually achieving the
reductions.  Enron has developed an on-line auction software package, &Deal
Bench,8 that it would be willing to contribute to the effort.

Use Price Signals to Incent Voluntary Curtailment
To be successful, customers need access to the following key elements:

An internet based hour-ahead price posting system to track the market price
for hour-ahead power in real time.
Real-time metering systems for baseline demand and voluntarily curtailment
verification.
Settlement process that allows for market clearing prices of energy to be
paid for load reduction (&Negawatts8).

The potential benefits of an effective demand response program would include:

&creation8 of additional summer peaking capacity in California, particularly
in the short term, without requiring construction of additional generation
resources.
reduction of  peak or super-peak load on the over-stressed California
electric system, thus potentially reducing the overall cost of electricity in
the state.
fostering of demand elasticity without subjecting customers to the full risk
of hourly market price volatility by passing market price signals to
customers and allowing them to voluntarily shed load and be compensated for
responding.

We estimate that we could generate a summer 2001 on-peak demand response in
excess of 400 MW during certain high cost hours, and a demand response for
summer 2002 on-peak hours that could exceed 1000 MW.  We further estimate
that the market response to this program from all ESPs could be 2 to 3 times
that amount.  We recommend that the State of California provide rebates
directly to customers to fund the installation of advanced metering and
control systems that would support load curtailment implementation.

Establish a truly competitive retail electricity market*Legislative vehicle:
SB27X
The only customers who were protected from price volatility in San Diego were
customers who chose Direct Access and signed fixed price deals with energy
service providers.  Ironically, AB1X takes that important option away from
customers and businesses.  It is critical that AB1X be amended to remove the
prohibition against Direct Access.

Enron's legislative proposal would give customers freedom to enter into a
direct access transaction, while simultaneously addressing the Department of
Water Resources' concerns about stranded power costs that might result from
customer migration.

In addition, California will only achieve a competitive retail market when
the utility is removed completely from the procurement function.  Procurement
is not a utility core competency, as evidenced by the dire financial
condition in which the utilities now find themselves.  California should
therefore begin immediately to phase the utility out of the procurement
function entirely, with the goal of having all customers served by a
non-utility provider within 36 months.  To execute the transition, California
should hold a series of competitive solicitations over the 36-month period in
which competing service providers would bid for the right to serve segments
of utility load.

Return California,s Investor-owned utilities to solvency*Legislative vehicle:
AB18X
Utility bankruptcy will not increase supply and it will not decrease demand.
In short, bankruptcy does nothing to solve California,s supply-demand
imbalance.  In addition, bankruptcy increases the likelihood that consumers
and businesses will bear the significant financial risks of having California
State government assume the role of &electricity buyer8 for an extended
period of time.  Finally, bankruptcy will undermine both investor confidence
in California's energy markets and the private sector's willingness to
participate in that market.

California can return the utilities to financial solvency by implementing a
series of staged rate increases.  California should design those rate
increases with the dual goal of returning the utilities to solvency without
&shocking8 the economy or household budgets For example, California could
amortize the recovery of the utilities, past debt over a 5-10 year period.
In addition, the magnitude of the rate increase can be reduced in two ways:
First, the utilities could absorb some portion of their existing debt in
recognition of the risk they accepted when they agreed to the structure of AB
1890.  Second, California can &net8 the revenues the utilities have received
from selling electricity into the Power Exchange against the debts they have
accrued due to the retail price cap.


Mike - Alina & I have decided to join Kim & Chad at the Aeros game tomorrow night, so we'll get the boys together for another event soon.

Shelley


Our open season witness with be Jean Zaiontz of BP Amoco Corporation.
Thanks.

Susan.Scott@enron.com wrote:

> Amie or Evie, Transwestern would like to reference IP's open season
> testimony in Jeff Fawcett's testimony.  What is the name of your witness?
> Just trying to be as accurate as possible.  Thanks.
>
> Susan Scott
> Transwestern Pipeline Company
> (713) 853-0596
> Susan.Scott@enron.com


Weather Headlines
Monday January 28, 2002
Summer-type ridge in the SE to get beaten down by approaching U.S. storm.
Trough to develop in the East turning the pattern to a normal to below
normal temperature regime.
We are looking at a deep trough in the West and strong ridge in the East on
this mornings weather maps. Dozens of record highs were set this weekend
from the Plains eastward while it was cold enough in the NW for snow in
Seattle. Things are on the move now which should end the warmth for most
areas by the end of the week. Relative to recent weeks, it certainly looks
a lot colder, but when one considers the time of year and steps back, well
most areas just don't get that cold. This looks to me to be the type of
situation where it will be colder in the Plains and then modify as it heads
East. This has a similar feel to what happened in late December. At the
moment, we are devoid of snow cover, so I have a difficult time getting too
pumped up over all of this. Speaking of snow, the Western U.S. system may
produce some moderate snows over the far North and Lakes as it pushes from
the High Plains NE to Canada. This does not appear to be a situation that
favors any East Coast winter storm development. Short term numbers will
still show warmth in the East, but that is a function of the next couple of
days. The Western and Central U.S. temperature departures are already below
normal and that trend will shift East later this week.
The 6-10 day period looks chilly, but hardly cold and also may be very
quiet. The SE ridge is replaced by a trough in the means so we should not
see the recent spring regime. The trend over the Western part of the
continent ( US and Canada) is for Pacific zonal flow. The real bitter cold
that has been in Canada the last several weeks should gradually modify. We
will likely see two distinct branches in the jet stream, an arctic branch
in the North and subtropical branch in the South. We get our big storms and
bitter cold outbreaks when they phase(come together). Most of the extreme
forecasts you see come together when this phasing occurs. I can not rule
out in the future, but it looks unlikely to me for now. To me the bottom
line for this period( and beyond) is for a slight cold bias East and a
close to normal look elsewhere.
For the period Monday January 28 through Friday February 1, expect the
following temperature trends:
Average 4 to 6-degrees below normal: Intermountain West, Desert SW,
California, Pacific NW...
Average 1 to 3- degrees below normal: Plains and Rockies...
Average 4 to 9-degrees above normal: Great Lakes, Mississippi Valley...
Average 10 to 15-degrees above normal: Ohio Valley, Mid-Atlantic,
Northeast, Gulf Coast, Southeast...
Andy Weingarten, Meteorologist APB Energy / True Quote


Forgot to attach it. Here is my resume.

-----Original Message-----
From: Nielsen, James - COB [mailto:NielsenJ@bus.orst.edu]
Sent: Thursday, November 15, 2001 3:58 PM
To: Causholli, Monika
Subject: RE: Advice

Hi Monika -

I have contacted the Head of the Finance Division at the University of
Colorado in Boulder to see if they offer assistantships. He is my major
professor from years ago. I will get back to you as soon as I hear from
him.

I am also forwarding to you in another email some info regarding
potential employment at Tektronix. Even though they will be coming to
OSU and you are in Texas, I would recommend that you forward your resume
to them and tell them you got the information from me. Tell them to call
me if they want to know more about you.

Jim

-----Original Message-----
From: Causholli, Monika [mailto:Monika.Causholli@ENRON.com]
Sent: Thursday, November 15, 2001 1:06 PM
To: Nielsen, James - COB
Subject: Advice

Hello Jim,

I was glad to hear back from you. So you are going to be a grandpa soon.
That's great news!

Well, the main reason I am writing to you is that I need some advice. I
would like to go back to school next year but I have no financial
security. My job prospects don't look good either now that Enron was
bought from another company.  I know that many private schools offer
scholarships as well as assistantships. I am looking into all of those.

It would be very helpful for me if you would help and direct me in the
right direction, let's say if you know a professor that would like to
have his own researcher which would help me in the process to go through
with school. I have a great deal of interest in finance, and that is
what I want to do, I really don't want to do a MBA, rather a MS in
Finance. I am very ambitious and work really hard to succeed. I have
great work experience and I have worked for a company that is well
recognized for its talent pool.

If you can't help me with this process, do you know anyone who can? I
really would appreciate any advice that you can give me because I have
no one else to get advice from right now. In addition, if you have any
contact in the job market I would look into that too.

Thanks Jim,
Monika

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure
by others is strictly prohibited. If you are not the intended recipient
(or authorized to receive for the recipient), please contact the sender
or reply to Enron Corp. at enron.messaging.administration@enron.com and
delete all copies of the message. This e-mail (and any attachments
hereto) are not intended to be an offer (or an acceptance) and do not
create or evidence a binding and enforceable contract between Enron
Corp. (or any of its affiliates) and the intended recipient or any other
party, and may not be relied on by anyone as the basis of a contract by
estoppel or otherwise. Thank you.
**********************************************************************


Mark,

Following a discrepancy with an incorrect confirm generated and executed for an EOL deal between ENA and Chase, Dutch Quigley on the Enron Gas desk has spoken with Greg Crowley, a Chase trader, and Cecile Taylor-Simpson (their confirms Manager) - and agreed that they would all like Enron to be the confirming party for EOL deals between us.  (Presently Chase is the Confirming Party for financial commodity confirms).

Can we, and do we want to, revise their Master Agreement to reflect this?  I thought perhaps this would be a good opportunity to try to get Chase to execute the EOL Amendment.

Please advise.
Thanks,
Diane
3.0443


Sara,

Nancy asked me to send this summary to you.

Call if you have any questions.

Eric

 -----Original Message-----
From: 	Boyt, Eric
Sent:	Thursday, January 17, 2002 4:10 PM
To:	Otis, Brian
Subject:	FW: Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Brian,

I aploligize for the delay in getting you this info.

 -----Original Message-----
From: 	Cook, Mary
Sent:	Tuesday, January 15, 2002 5:27 PM
To:	Mann, Kay; Shackleton, Sara; Dobin, Nora; Boyt, Eric
Cc:	Corbet, Nancy; Tweed, Sheila
Subject:	RE: Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Is all this being worked with Nora Dobin?  I think some of these are in the volumetric production payment vehicles.  we need to be careful.  Nancy, will you call Nora Dobin?

Eric:  are any of these tied to the production payment deals?  Please advise us all.

 -----Original Message-----
From: 	Mann, Kay
Sent:	Tuesday, January 15, 2002 5:23 PM
To:	Shackleton, Sara
Cc:	Corbet, Nancy; Cook, Mary; Tweed, Sheila
Subject:	FW: Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Sara,

Looks like one of yours.

Kay

 -----Original Message-----
From: 	Corbet, Nancy
Sent:	Tuesday, January 15, 2002 5:19 PM
To:	Cook, Mary; Tweed, Sheila; Mann, Kay
Cc:	Bushman, Teresa G.
Subject:	Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Jesus Melendrez, who is managing the ECR portfolio, has asked that the subject swaps be terminated. None of them is in the money for ENA. I have put together a small file folder for each and Eric Boyt has been asked to provide updated values. These are in l purple folders on my desk should I not be available . I am happy to liase with Jesus but seems to me that one of the swap attorneys who is more conversant with the ISDAs, T&Cs, swaps and ENA's current position re same should weigh in. Basic question is what approval is required to terminate.  The relevant interests are as follows :

Cresendo Energy LLC - 50 % JEDI ll , 50 % Trutta
Juniper - 75 % JEDI ll, 25 % Trutta
CGAS -  100% McGarret
East Sour Lake -100 % Trutta


>  -----Original Message-----
> From:  Fahey, Christine [mailto:Christine.Fahey@AIG.com]
> Sent: Wednesday, March 14, 2001 2:58 PM
> To: 'abaird@lemle.com'
> Subject: FW: Extreme sports
>
>  <<ExtremeSports.jpg>>

 - ExtremeSports.jpg


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call me at home


SIVY ON STOCKS from money.com
April 27, 2001

Waiting for the payoff

Cable television independent Comcast has a terrific franchise, but the
stock has gone nowhere. Now it looks ready to pay off.

By Michael Sivy

Sometimes businesses have great franchises and are well run, but you'd
never know it from the share price. Momentum investors would tell you to
dump such a stock because the market just doesn't like it. Not me. It can
sometimes take three or four years for a stock's price to catch up with its
fundamentals, and if you're really a long-term investor, you should be
willing to wait. As superstar investor Warren Buffett says, the stock
market transfers money from the active to the patient.

A perfect case in point is Comcast [CMCSK], the No. 3 cable television
company (after AT&T and AOL Time Warner, the owner of this website). I
recommended Comcast stock in December 1999 at $52 a share and over the next
five months it fell 40 percent to around $30 a share, at which point I
recommended it again. Now, at $44, I still like what I see.

There were several reasons for last year's decline. Most cable stocks
dropped in the initial phases of the Tech Wreck (although most of them
turned up long before other tech stocks did). Comcast also suffered after
reporting lower-than-expected earnings for last year's first quarter, in
part because of expenses associated with acquisitions. In addition, because
85 percent of the company's voting stock is held by insiders, the potential
for a takeover doesn't support the stock when it becomes undervalued.

Comcast's dealmaking may have hurt reported earnings last year, but it has
greatly enhanced the long-term value of the company's franchise. Through
strategic sales, purchases and swaps, Comcast has sharpened the focus of
its cable territories, which are centered on the greater Philadelphia
market. In addition, Comcast has aggressively upgraded its systems to use
the latest digital technology. Moreover, the company has valuable
investments in other businesses, including a 57 percent stake in the QVC
home-shopping network.

Over the past year, Wall Street analysts have become increasingly bullish
on Comcast's future, and two have recently upgraded the stock to a "strong
buy" in advance of the company's first-quarter earnings report expected on
May 8. The reason: Two important trends are bullish for the cable TV
industry as a whole, and Comcast is at the forefront of each.

First, cablers are poised to reap the benefits of technological
improvements, including digital video, interactive television, cable modems
and cable telephone service. Second, the industry will finish a series of
very expensive upgrades next year and will then enjoy several years of
lower capital spending. That means that the torrent of cash the cable TV
business generates will be available to companies to reduce debt, buy back
stock, raise dividends, make strategic acquisitions or otherwise increase
shareholder value.

At the current $44 share price, Comcast trades at 18 times next year's
estimated cash flow. That's a fair valuation and could look very cheap a
couple of years from now as Comcast cashes in on its first-rate technology
and enjoys soaring free cash flow.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

To subscribe or unsubscribe to Sivy on Stocks, go to:
http://www.money.com/email/

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Leslie Lawner, Becky Cantrell and I met with Dan Larcamp at FERC yesterday to discuss the marketing affiliate issue.  He agreed with the latest press reports that the upcoming rulemaking NOPR, expected to be voted out in September, would not make major structural changes to the industry.  The current document is up to the Commission level and the Commissioners are clearly considering the alternatives now.  Larcamp said he expected a broadening of the current market affiliate rules structure to include all corporate entities.  He did specifically mention that the Commission is not comfortable with the link between financial and physical transactions and the possibility for manipulation of market prices in one market (financial) to affect prices in the other market (physical).  He also expects the Commission to blend the gas and power rules, using the best practices of each.  Any NOPR that is issued will of course have comment dates to allow Enron and all industry participants to comment on any proposed rule changes.

Larcamp indicated that he did not think there were pervasive afilliate discrimination issues in the industry, but said that the Commission needed to act due to the political pressures they got from the Hill, etc.  The El Paso case is top on everyone's mind and is of special concern because it affects the California market, both gas and power.

Larcamp indicated that he is just now learning what a "Pat Wood" Commission is going to want.  He indicated that Wood has closer ties to the producer community than either of the two former Chairmen.  He therefore expects  that the Commission will be responsive to that sector in taking a relook at the affiliate rules.  However, Larcamp did mention that the only meeting that he had previously had on the affiliate issue was with the INGAA group (Joe Hartsoe went with them).  It is not clear whether the producer community has lobbied this issue at the Commissioner level.

We discussed strategy with Dan, how to let the Commission feel more comfortable with the marketing affiliate issue.  He suggested that he had gained a lot by visiting the trading floors (including Enron's).  He thought the Commissioners and their immediate staffs would benefit from similar visits.

We specifically raised the issue of market prices, and talked about tranportation costs not equalling basis differentials.  We stated that our marketers believed that the prices in the market were determined by market factors in the specific areas of delivery rather than basin costs plus transport costs.  Dan did indicate some agreement with this concept and thought that more education at the Commissioner level would be very worthwhile.

If you have any questions, call Leslie, Becky or me.


----- Forwarded by Miyung Buster/ENRON_DEVELOPMENT on 09/29/2000 05:46 PM
-----

	djcustomclips@djinteractive.com
	09/27/2000 02:30 PM
	Please respond to nobody

		 To: 86464@WCTOPICS.djnr.com
		 cc:
		 Subject: Utilities, Electric: Deregulation: California Utility Woes Attract
National Attention

California Utility Woes Attract National Attention
UTILITY BUSINESS STAFF
?
09/30/2000
Utility Business
Copyright 2000 by Intertec Publishing Corporation, a PRIMEDIA Company. All
rights reserved.

California is fast becoming the symbol for problems that can develop when the
electric utility industry is deregulated.

Since becoming the first state to deregulate its retail market, California
has had several power shortages this summer in which consumers were hit with
skyrocketing electric rates. In San Diego, rates doubled and even quadrupled
in the last two months. There's so much public backlash that members of
Congress from California will hold hearings this month to examine the
problem.

Trade groups that represent the utility companies and public power
organizations say deregulation is not at fault, but rather the specific way
in which California opened its markets without accounting for supply and
demand. They say there's not enough power generation to meet demand.

The state hasn't built any power plants for at least 10 years, in large part
because of the resistance utilities face from environmentalists concerned
about siting locations.

The National Energy Marketers Association, which represents wholesale and
retail energy marketers, warned that suggestions about placing price caps for
wholesale power markets would backfire. Instead, the group says Congress and
states should eliminate regulations that harm competition in wholesale and
retail power markets.

The group says the problem has been exacerbated by policies that increase the
risk to build new power plants and a lack of uniformity for operating
procedures and other requirements.

California's utility problems have also become an issue in the presidential
campaign. Green Party candidate Ralph Nader has called on the state
legislature and Gov. Gray Davis to pass a rate rollback law that doesn't
include a balloon payment to compensate utilities for the money they would
lose during a rate decrease.

"Electricity deregulation really brings about a collision of interests,"
Nader said. "It pits the interests of consumers - who are often unorganized
and lack power against the interests of supplierswho are usually very
organized, powerful and have a lot of money behind them. It shouldn't be that
way."

Energy Issues Divide Bush, Gore

For the first time in 20 years, energy issues could emerge as a major issue
in the presidential campaign. Both major candidates are trying to use the
issue to their advantage.

The Democrats argue that Texas Gov. George W. Bush and running mate Dick
Cheney - who are well-known figures in the oil industry - are in the back
pockets of oil companies that have lobbied to drill on more public lands.

Republicans have criticized Vice President Gore for failing to develop a plan
to address the country's long-term energy needs. The Republicans say that
Gore and his running mate Joseph Lieberman are more concerned about winning
the support of environmentalists than they are in developing an energy policy.

Gore and Lieberman support the development of alternative energy sources and
tax credits for energy-efficient vehicles. They also have promised to block
energy companies from drilling for oil or natural gas in the Arctic National
Wildlife Refuge in Alaska or along the coasts of California and Florida.

Bush and Cheney favor increased domestic oil production to reduce U.S.
dependence on foreign oil. Bush says he backs the moratorium on new drilling
in Florida and California, but supports oil exploration in the Arctic refuge.

Both Gore and Bush support new federal regulations that would require lower
sulfur levels in gasoline and cleaner engines in cars.

Folder Name: Utilities, Electric: Deregulation
Relevance Score on Scale of 100: 99

______________________________________________________________________
To review or revise your folder, visit Dow Jones CustomClipsor contact Dow
Jones Customer  Service by e-mail at custom.news@bis.dowjones.comor by phone
at 800-369-7466. (Outside the U.S. and  Canada, call 609-452-1511 or contact
your local sales representative.)
______________________________________________________________________
Copyright (c) 2000 Dow Jones &Company, Inc. All Rights Reserved


Hi Jeff:

I'm not sure if hiring is an issue these days for you, but I wanted to let
you know that Jim Bushnell and I will be again teaching a course at
Berkeley this spring called "Energy Market Strategies and Policies."  The
course is cross-listed between the Haas School of Business and the Energy
& Resources Group (ERG) at UC Berkeley.

The course is currently limited to 42 students, but it is already
over-subscribed, so we are trying to move it to a larger classroom. We'll
have mostly MBA students from Haas, but also about a dozen masters
students from ERG. There are also usually at least a few PhD students.
The students in the class are were very smart -- many of them
already have experience in the energy industries -- and we believe the
course puts them in a position to immediately contribute to any
energy-related organization that they would join.  You can see a copy of
last year's course syllabus at
 http://www.haas.berkeley.edu/~borenste/EnergyMarketsSyllabus.pdf

Many of these students are interested in either summer or permanent
employment starting as early as May.  If you have openings that you would
like to advertise to these students, please let me know.  We will be
setting up a webpage with job announcements in energy-related
organizations.  If you send me a job description (or the URL for it), I
can add it to the webpage.

Talk to you soon,
Severin

_________________________________________________________________
Severin Borenstein

E.T. Grether Professor of Business   Director
  Administration and Public Policy   U.C. Energy Institute
Economic Analysis & Policy Group     2539 Channing Way
Haas School of Business              Berkeley, CA 94720-5180
University of California             (p) 510-642-5145
Berkeley, CA 94720-1900              (main line) 510-642-9588
(p) 510-642-3689                     http://www.ucei.org
(f) 707-885-2508

Email: borenste@haas.berkeley.edu
WWW: http://haas.berkeley.edu/~borenste


Victor -- This is just a brief note to memorialize our earlier conversation today.  You had asked me whether there were any regulatory impediments to Enron renegotiating the Ada contract with Consumers so as to increase the value of the deal to our mutual benefit.  Specifically, you inquired whether changing the PPA to permit us to source the power used to comply with tour obligations under the contract from the market.  The changes you recommend to make to the PPA would not change the rate paid by Consumers but rather, the sourcing requirement.

	 My preliminary assessment is that such PPA changes would not need to be filed for approval at the PSC.

I have several reasons why the above mentioned changes would likely not have to be approved by the Commission.  First, rate increases must be  subject to hearings and approval by the Commission.  Consumers has a frozen purchased power/fuel adjustment clause and any changes in its contracts could not be passed on to customers during the term for which that rate is frozen. Since the rate could not increase, there would be no chance to pass through to customers a rate increase hence, no requirement to seek approval.  Moreover, after Consumers' fuel/purchased power  adjustment clause is reinstated, we could reneotiate the contract downwards and pass on a small savings (again, a rate decrease)to customers and we and Consumers could split the lion's share of the savings revenue.  Lastly, but more significantly, the Michigan law that pertains to utilities recovering QF costs through rates only provides authority to the Commission to review PPA changes if the costs for power and energy increase.  Our proposed changes are not likely to be deemed to be a rate increase.  Generally an unchanged rate for a service with a declining quality of service ( e.g., a firm transport service changed to an interruptible service at the same rate)could be construed as a rate increase thus triggering the Commission's authority.  Our proposal is quite different from that instance because, as I understand it, the change we propose would only affect our power sourcing ability and that Consumers would remain able to call on the Ada unit's capacity at all times if needed.  If changed as described, Consumers will receive the full quality and quantity of service for which it contracted under the PPA so its rights seem undisturbed.  The only change we seek is for Enron to have an option for power sourcing, which should be "invisible" to Consumers  -- except for the check we provide them as inducement.

I look forward to meeting with you Friday of this week to discuss this matter more fully.


Welcome to eMail News Delivery, a service from Business Wire.
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BW2013  JAN 21,2002       2:05 PACIFIC      05:05 EASTERN

( BW)(TX-INDUSTRIAL-INFO-RES) Hydro Aluminum Investment in North
American Secondary Aluminum Sector to Exceed $100 Million, in an
Advisory by Industrialinfo.com

    Business/Energy Editors

	   HOUSTON--(BUSINESS WIRE)--Jan. 21, 2002--The following is an
advisory by Industrialinfo.com (Industrial Information Resources Inc.;
Houston). Despite a somewhat depressed secondary aluminum market,
Hydro Aluminum Metal Products North America (Louisville, Ky.) a
subsidiary of Norsk Hydro ASA (NYSE:NHY) (Oslo, Norway) will spend
over $100 million on new facilities over a five year period. As part
of a continuing strategy to expand its international network of
secondary aluminum smelters, which includes five in Europe, Hydro
Aluminum has started construction of its second grassroot North
American secondary aluminum smelter to be located in Commerce, Texas.
The $37 million plant is scheduled to start operations late this year.
The plant will produce 90,000 metric tons a year of aluminum billet
from recycled scrap for sale to extruders and other aluminum end
users.
	   2001 was an active year for Hydro, not only did they open their
first grassroot secondary aluminum smelter in Henderson, Ky., they
also acquired Wells Aluminum and its associated secondary smelter in
Monett, Mo. This will give the company three secondary aluminum
smelters with a total capacity of 260,000 metric tons starting in 2003
when the Commerce plant will be in full operation. The company has
plans on the drawing board for a fourth smelter to supply the
northeastern U.S., once market conditions necessitate the demand. As
competitors have downsized recently, Hydro Aluminum has gone against
the grain utilizing its industry experience and energy efficient
technology to become a world leader in the aluminum billet market.
	   Norsk Hydro is an industrial leader-based in Norway and focused on
world growth of oil and gas resources, light metals and agricultural.
	   Industrialinfo.com provides daily news related to the industrial
market place including forecasts, outlooks, industry alerts, and
databases for the energy and industrial markets. For more information
on trends and upcoming construction activities for the metals &
minerals or energy markets as well as other industrial sectors send
inquiries to metalsandmineralsgroup@industrialinfo.com or visit us at
www.industrialinfo.com.

    --30--HM/ho*

    CONTACT: Industrialinfo.com, Houston
             Joseph Govreau, 713/783-5147

    KEYWORD: TEXAS KENTUCKY MISSOURI NORWAY INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: CHEMICALS/PLASTICS ENERGY MINING/METALS OIL/GAS
    SOURCE: Industrialinfo.com

For the best viewing of the news releases please
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 -Notice of Copyright and General Disclaimer-
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(c) 1999 Business Wire. All of the releases provided by Business Wire
are protected by copyright and other applicable laws, treaties and
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accuracy and originality. All reproduction, other than for an
individual user`s reference, is prohibited without prior written
permission.


Jim:
Here is an updated version.  Please disregard the previous version.  Thanks
Ben


Hi Norma,

 Sevil's primary project has been the Generation Bidding Analysis for the
East Power Desk.  She worked closely with the Power Fundamentals group and
the IT group in collecting and organizing the data, and then developing the
analysis.  Sha has focused on the PJM area and plans to expand the analysis
to other regions in the East.
 Sevil has also investigated the issue of Risk Premia in Power Prices
compared to Marginal Cost.

Vasant


The muni bond that we bought today is the following:

Grant Co. Washington
Coupon 5.875%
Due 01/01/31
Callable: 01/01/06 at 102.00
YTM: 6.25%

I have already put a copy of your grant summary in the mail.

If you have any questions, please call me at (713) 654-0324.

Thanks, Julie


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 06/20/2000 05:27 PM -----

	Carol St Clair
	06/20/2000 05:18 PM

		 To: avitabi@llgm.com, pwright@llgm.com
		 cc:
		 Subject: Agreements

Bruce and Scott:
I just received this from our guys.  I no nothing about the call at 4
tomorrow or who is on it and when our guys want to talk to us about this, but
as soon as I find out, I will let you know.
Carol

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 06/20/2000 05:15 PM -----

	Bill Windle@ENRON
	06/20/2000 04:57 PM

		 To: Leslie Hansen/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Gaurav
Babbar/HOU/ECT@ECT
		 cc:
		 Subject: Agreements

They have finally arrived...I'll call in the am to set up a time to review.
Thanks.

---------------------- Forwarded by Bill Windle/Corp/Enron on 06/20/2000
04:55 PM ---------------------------

"Gieryn, Rick TL21J" <Rick.Gieryn@ACE-INA.com> on 06/20/2000 04:50:42 PM
To: "'bill.windle@enron.com'" <bill.windle@enron.com>
cc: "Zaccaria, Ed TL32B" <Ed.Zaccaria@ACE-INA.com>, "Hoog, David T TL16"
<David.Hoog@ACE-INA.com>, "'Baird@ballardspahr.com'" <Baird@ballardspahr.com>

Subject: Agreements

Bill:  Attached is a revised draft of the Agreements for our telephone
conversation tomorrow at 4:00 p.m.  This incorporates the changes from our
last discussion. David, Ed and I have reviewed the proposed changes, but
have only briefly discussed the current version among ourselves.  As a
result, we may have a few other items to discuss that are not noted on the
documents.  We look forward to the call.  Best regards.  Rick.

 <<Reliable Power Product Call Option Blkln.doc>>  <<Reliable Power Product
Description Blkln.doc>>  <<Replacement Power Insurance Policy.doc>>

 - Reliable Power Product Call Option Blkln.doc
 - Reliable Power Product Description Blkln.doc
 - Replacement Power Insurance Policy.doc


no headaches

From: Suzanne Adams@ECT on 03/06/2001 06:06 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Tripp Scott Proposed Terms of Engagement

I've got in on your calendar.

Do your glasses give you a headache?

	Kay Mann@ENRON
	03/06/2001 06:00 PM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: Re: Tripp Scott Proposed Terms of Engagement

Please put on my schedule.
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/06/2001 05:59
PM ---------------------------
From: Marchris Robinson on 03/06/2001 04:30 PM
To: James D Steffes/NA/Enron@Enron
cc: Steve Montovano/NA/Enron@Enron, Kay Mann/Corp/Enron@Enron, Ben
Jacoby/HOU/ECT@ECT, Steven Krimsky/Corp/Enron@Enron

Subject: Re: Tripp Scott Proposed Terms of Engagement

I think we should do a phone conference to resolve the outstanding issues
regarding the engagement of "local lobbying firms" by ENA.  I will schedule a
call for tomorrow at 10:30am (cst).  Please advise if that time works with
your schedule.  Thanks.

Marchris
----- Forwarded by Marchris Robinson/NA/Enron on 03/06/2001 04:21 PM -----

	Kay Mann
	03/06/2001 09:27 AM

		 To: Marchris Robinson/NA/Enron@Enron
		 cc: Christi L Nicolay/HOU/ECT@ECT
		 Subject: Re: Tripp Scott Proposed Terms of Engagement

Hi Marchris,

I'm in ENA Legal, and I'm looking for the right person to discuss this with.
Christi Nicholay suggested I get you involved.  Please give me a call at 713
345 7566 to discuss.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/06/2001 09:29
AM ---------------------------

Ben F Jacoby@ECT
03/05/2001 10:48 AM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Tripp Scott Proposed Terms of Engagement

OK. This guy's a lawyer by training, but we're hiring him as a lobbyist.
Roger was previously looking into this, and proposed our standard form
agreement. Steve and I were wondering if we could work off of Tripp Scott's
proposed form, considering that he will not be representing us as our counsel.

Please let me know.

Thanks,

Ben

Kay Mann@ENRON
03/04/2001 02:27 PM
To: Ben F Jacoby/HOU/ECT@ECT
cc:
Subject: Re: Tripp Scott Proposed Terms of Engagement

Ben,

What are these folks supposed to do for Enron?  I had heard a rumor that we
were looking to hire someone to lobby for us on a success fee basis.  Is this
the same deal?  I know on the international side there were hoops to jump
through before such an engagement could be signed off on.  I'll have to check
to see what the drill is on this side of the street.

Kay

	From:  Ben F Jacoby @ ECT                           02/28/2001 12:18 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann
cc:

Subject: Tripp Scott Proposed Terms of Engagement

Per my earlier e-mail, attached is Tripp Scott's form.
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 02/28/2001 12:17 PM
---------------------------

Steven Krimsky@ENRON
02/28/2001 09:11 AM
To: Ben Jacoby/HOU/ECT@ECT
cc:
Subject: Tripp Scott Proposed Terms of Engagement

As discussed, Roger has no problem engaging Tripp Scott.  He does want to use
Enron's standard 9 page engagement letter in lieu of the attached 2 pager
received from Tripp Scott.  Is this necessary - any thoughts?

Steve

---------------------- Forwarded by Steven Krimsky/Corp/Enron on 02/28/2001
09:08 AM ---------------------------

Steven Krimsky
02/16/2001 03:44 PM
To: Ben Jacoby/HOU/ECT@ECT, Roger Balog@ECT, Marchris Robinson/NA/Enron@Enron
cc:

Subject: Tripp Scott Proposed Terms of Engagement

As discussed in Fort Pierce, Tripp Scott is that insurance policy I've been
looking for to help secure the commission vote in Pompano.  Tripp Scott will
also assist us in our door knock campaign in the County & Tallahassee.
Pozzuoli is a mover & shaker and is on a first name basis with Jeb Bush -  he
was the Chairman for the Bush/Cheny Broward County re-count.

Bill Keith & Debbie Orshefsky highly recommends the engagement.

Lets discuss Tuesday.

Steve
---------------------- Forwarded by Steven Krimsky/Corp/Enron on 02/16/2001
03:38 PM ---------------------------

"Edward J. Pozzuoli (Paulette R Segal)" <PRS@trippscott.usa.com> on
02/14/2001 01:56:42 PM
To: steven.krimsky@enron.com
cc: TSCS.TSCS-1.ejp@mail4.allegro.net

Subject: Proposed Terms of Engagement

It was a pleasure meeting with you and Debbie on Monday afternoon.  Per our
discussion, enclosed is Tripp Scott's proposed terms of engagement as well as
an abbreviated description of the firm and its key directors.

I look forward to speaking with you soon.

Ed
 - 239299.WPD
 - 239243.WPD


Boy do I have a lot to fill you in on job wise.  Here is the short version.  Yes I have a new job.  But, surprise, it's still at Enron.  I am just swamped and will not have the 2 weeks off I expected so there is definitely no weekday San Marcos trip in my future.

We have no plans for Easter -- other than the fact that Alina is scheduled to be baptized at 8:30 AM church.  The Plaza/Houston/Met clubs have an Easter brunch that looks like it could be fun.  On the other hand we could just relax pool side.  We'd love to spend the day with you and gimpy.  Just let me know your leisure preferences.

-----Original Message-----
From: Jewell, Cyndi M [mailto:cjewell@bcm.tmc.edu]
Sent: Monday, March 25, 2002 7:54 AM
To: Shelley A. Corman (E-mail)
Subject:

Hi. How was your weekend? I hope you had a nice visit with your guests.

As you can imagine I spent most of the weekend caring for John. He actually
slept quite a bit on Saturday but I thought I should stick around in case he
needed something. Yesterday, he started to get a little more mobile but it
is going to be a while before he is "back on his feet." He did go to work
today and starts physical therapy today as well.

I hope to see you all sometime soon. What are your plans for Easter?

C


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 09/22/2000
03:43 PM ---------------------------

"Marcantel MM (Mitch)" <MMMarcantel@equiva.com> on 09/22/2000 01:31:00 PM
To: "'Matthew.Lenhart@enron.com'" <Matthew.Lenhart@enron.com>
cc:

Subject: RE: Softball info

Include all the names in the CC box in email so they can be added to the
master list for updates.

-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com]
Sent: Friday, September 22, 2000 2:28 PM
To: MMMarcantel@equiva.com
Subject: Re: Softball info

lisa gillette
kendra something
bryan hull


Jeff & Steve -

Just a reminder that you are currently scheduled to meet each other upon your
respective arrivals in
Los Angeles (approx. 9 am) on Monday, Nov. 27th at Continental's Presidents
Club near Gate 62,
along with Eric Beal of Fontheim International (sp?), who will also be
accompanying you to your meeting.

Joseph


Have not called doctor, but will soon.

Love you siempre,
KPD


Intervew Schedule

17.30 - 18.00 Vince Kaminski & Anjam Ahmad

18.00 - 18.30 Ben Parsons

18.30 - 19.00 Stephen Leppard


Edmund:  Attached is a slightly different version of DTD Brent which I have
drafted.  I would like to discuss.  Please let me know when you can talk.
Sara

----- Forwarded by Sara Shackleton/HOU/ECT on 08/08/2000 09:18 AM -----

	Sheetal Patel
	08/01/2000 06:02 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: DTD Brent

Sara,

Below is the most recent language I have received from the London office
referencing the Market Wire correctly.

Thanks,
Sheetal
---------------------- Forwarded by Sheetal Patel/HOU/ECT on 08/01/2000 05:56
PM ---------------------------

Sheetal Patel
08/01/2000 05:53 PM
To: Matt A Brown/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
cc: Chris Shapland/LON/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT, Kevin
Meredith/Corp/Enron@ENRON, Souad Mahmassani/Corp/Enron@ENRON
Subject: DTD Brent

Matt/Susan,

Below is the common and float pricing language I have been asking about.  I
need an okay from a trader and legal perspective before putting this language
in our confirms.  If you notice, the most recent language is in red.

Thanks,
Sheetal

---------------------- Forwarded by Christopher Shapland/LON/ECT on
10/07/2000 15:12 ---------------------------

Edmund Cooper
07/07/2000 17:11
To: Christopher Shapland/LON/ECT@ECT
cc:

Subject: DTD Brent

Floating Price:

The mean of the arithmetic average of the daily high and low quotations for
Dated Brent under the heading 'Platt's Crude Oil Marketwire: Brent (DTD)' as
reported in Platt's Crude Oil Marketwire minus the average of the daily
settlement prices for the prompt month of the IPE Brent Crude Oil Futures
Contract for each Commodity Business Day/Trading Day for the applicable
Determination Period, with the exception of the last Commodity Business
Day/Trading Day of the prompt month on which day the settlement price for the
Second Nearby Month will be used.  The calculation should include only the
days when both the IPE is open and Platts publish their dated Brent
assessment.

Common Pricing:

Pricing to be effective only on the days when both the IPE is open and Platts
publish their dated Brent assessment.

From: Christopher Shapland on 06/13/2000 11:38 AM GDT
To: Sheetal Patel/HOU/ECT@ECT
cc:
Subject: EOL platts Dated brent over frontline ipe brent spread

Sheetal

Just a quick reminder of the trades I needed with common pricing!

Any problems give me a call

Cheers

Chris
:)
---------------------- Forwarded by Christopher Shapland/LON/ECT on
13/06/2000 11:38 ---------------------------
From: Christopher Shapland on 09/06/2000 08:54
To: Sheetal Patel/HOU/ECT@ECT
cc:

Subject: Re: language?

Sheetal

I'm sorry - here you are!

Floating Price:

The mean of the arithmetic average of the daily high and low quotations for
Crude Oil Assessments published in the table entitled &Crude Price
Assessments: International US$/BBL: Brent (DTD)8 in the issue of Platt,s
Crude Oil Marketwire that reports prices effective for such Business  Days
during the Determination Period minus the average of the daily settlement
prices for the prompt month of the IPE Brent Futures Contract for each
Commodity Business Day/Trading Day for the applicable Determination Period,
with the exception of the last Commodity Business Day/Trading Day of the
prompt month on which day the settlement price for the Second Nearby Month
will be used.

Common Pricing:

Pricing to be effective only on the days when both the IPE is open and Platts
publish their dated Brent assessment.

Cheers

Chris
:)

Sheetal Patel
08/06/2000 22:51
To: Christopher Shapland/LON/ECT@ECT
cc:

Subject: language?

Hi Chris,

I have not received any language from you.  Just wanted to make sure you
didnt forget.

Thanks,
Sheetal :)

---------------------- Forwarded by Sheetal Patel/HOU/ECT on 08/01/2000 05:47
PM ---------------------------
From: Christopher Shapland on 07/10/2000 03:10 PM GDT
To: Sheetal Patel/HOU/ECT@ECT
cc:
Subject: DTD Brent


Pilot Two Members:

Please Note:  If you intend to have your PC before 12/25, Dell has informed
us that you have a better chance if you order before December 15th.  Happy
Holidays!

Questions?  Please email us at clickathomepilot2@enron.com

The ClickAtHome Project Team!


Pursuant to your request, the topic Mark Haedicke proposes to be discussed
is:  Compressed time frame for transactions.


So, would you recommend anywhere?

B.


Jan-

I checked the website for the hotels at Foz.  The tourism website is down.
It looks like  a great place.  I'll have to convince Renato to go (you know,
he might miss out on working out for one day).  I think the kids might like
it too.  Did Alexia and Sebastien like it or was it too much walking?  I
asked my boss about it.  He went with his family when he was living in
Argentina.  They really enjoyed it.  Can you go ahead and check on flights
and which hotel to stay at?  The Hotel Colonial Iguacu e Spa looked like the
nicer one on the internet.  I imagine the flights will be cheaper booking
them there.  Is that right?  Let me know the airline and I'll check here.  I
guess we would go on July 4 and return on July 5.  Also, would y'all want to
go as well?

Thanks for your help.

Susan


Sally,
I am writing this article for the March issue of Shared Services Newsletter,
but I thought you might be interested in it. While you are not technically a
shared service, your group has many of the same attributes. The idea of
selling your services outside Enron may have crossed your mind as you look
at certain opportunities. Let me know what you think!
Thanks,

Mike Campbell
Holland & Davis, Inc
mcampbell@hdinc.com
713-877-8130

 <<>>

 - Outsourcing Your Shared Service Operations1.doc


Nick O'Day is proposing to hold the next Japan Working Group Conference Call
on Tuesday 25 April at 9am (Houston time).  Nick will be visiting Houston
over the period 24 April to 27 April and would like to hold the call during
this period.

Please let me know if you will not be available for this call.


Ava, please be sure tuesday afternoon is blocked ffor me to spend with the teams.  Not just
1 to 2.  Thanks Lynn
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


----- Forwarded by Tana Jones/HOU/ECT on 03/20/2001 03:03 PM -----

	exchangeinfo@nymex.com
	03/20/2001 02:25 PM

		 To: tana.jones@enron.com
		 cc:
		 Subject: (01-97) NYMEX ACCESS(r) Web Site

Notice No. 01-97
March 20, 2001

TO:
All Exchange Members

FROM:
Neal Wolkoff, Executive Vice President

SUBJECT:
NYMEX ACCESS(r) Web Site

As of Tuesday, March 20, 2001, the NYMEX ACCESS(r) web site remains
unavailable for the ACCESS session for trade date March 21st.

Please call the NYMEX ACCESS Control Center (NACC) for all NYMEX ACCESS price
information at 1-800-438-8616.

We will provide an update regarding the status of the web site on Wednesday,
March 21st.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"
http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdoc
=(01-97)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


PS: If no one is assigned yet, just state that for those CPs.

PSS: I have Neil on TXU.

 -----Original Message-----
From: 	Dicarlo, Louis
Sent:	Thursday, February 28, 2002 2:46 PM
To:	Shackleton, Sara
Subject:	Attorney Assignment

Ed needs to know which attorneys are assigned to which CPs for the top 10 live financial deals.  Please provide this by COB today.  Thanks

Louis R. DiCarlo
ENA Gas Structuring
Phone: 713-345-4666
Email: louis.dicarlo@enron.com


.disclaimer {  font-family: Arial; font-size: 10pt; font-style: normal; line-height: normal; font-weight: bold; color: #FFFFFF; text-decoration: none} .header {  font-family: Arial; font-size: 10pt; font-style: normal; line-height: normal; font-weight: bold; color: #FFFFFF; text-decoration: none} .letterbold {  font-family: Arial; font-size: 9pt; font-style: normal; line-height: normal; font-weight: bold; color: #000000; text-decoration: none} .text {  font-family: Arial; font-size: 9pt; font-style: normal; line-height: normal; font-weight: normal; color: #000000; text-decoration: none} .linked {  font-family: Arial; font-size: 8pt; font-style: normal; line-height: normal; font-weight: normal; color: #000000; text-decoration: none} .letter {  font-family: Arial; font-size: 9pt; font-style: normal; line-height: normal; font-weight: normal; color: #333333; text-decoration: none} .footer {  font-family: Arial; font-size: 8pt; font-style: normal; line-height: normal; font-weight: normal; color: #FFFFFF; text-decoration: none} .hotseller {  font-family: Arial; font-size: 8pt; font-style: normal; line-height: normal; font-weight: normal; color: #000000; text-decoration: none} .name {  font-family: Arial; font-size: 14pt; font-style: normal; line-height: normal; font-weight: bold; color: #000000; text-decoration: none} .exclusive {  FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #FF0000; LINE-HEIGHT: normal; FONT-STYLE: normal; FONT-FAMILY: Arial; TEXT-DECORATION: none} .letter02 {  font-family: Arial, Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: normal; font-weight: normal; color: #000000; text-decoration: none}   [IMAGE]  Stroll through 1-800-FLOWERS.COM workshop         Holiday Flower Tree
  Holiday Flower Tree
    Dear Jane,    The holidays may only be a week away, but sending  thoughtful gifts in time for the celebration is  only a click away!* Now through December  22, 2001, receive $10  OFFa purchase of $75  or more.* Enter promotion code EM22at checkout to receive your discount. Visit our  Holiday Gift Center  to find  something for everyone on your list whether they've  been naughty or nice.   And the New Year is almost here, so kick off  the changing of the calendar with a gift from  our New Year's Collection . We  have everything to make the new beginning special,  as well as the festive eve before!  Here's to a happy holiday season!  From your friends at 1-800-FLOWERS.COM
 Call 1-800-FLOWERS
 (1-800-356-9377), Click  (www.1800flowers.com) or Come in! AOL Keyword: 1800flowers  P.S. You can also thank a gracious host or inspire  a dinner party diva with CELEBRATIONS ,  the new book by Jim McCann  (CEO of 1-800-FLOWERS.COM
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 for Christmas  Crimson ChristmasTM  Classic  Christmas Centerpiece?  Fields  of Europe?Christmas  Mugables
 for Christmas  Crimson  Christmas?        Register  Now  Electronic  Greetings  Gift  Certificates  Member  Benefits    Remove  Me  Contact  Us  Security  & Privacy  Disclaimer*  Store  Locator


Westvaco is a brand new company.  I have added March also, didn't know about
that one.  Also, there will be one for Rohm & Haas, hopefully will be down in
the next day or two.  And there will not be one for Bayer in April.


What's up buddy?  How's school going?  Did you get this e-mail on the Dolan's?  Are we getting that old that our friends are beginning to have kids. Say it ain't so!!  I am stillin shock over everything that happened last week.  I think our economy that is in for a beating for quit some time.  Our stock has gotten hammered.  The safe havens are the yield stocks.  Gotto go trade the power.  Talk to you later.
Ben


John,

I will need 1 senior analyst and possibly could fill some of my cash trading needs with an additional associate.  I have talked to Bryan Hull (third year analyst) about a one year rotation at our desk.  He spent his first rotation in the Texas Risk Group and did a great job.  His second rotation has been in the EOL Marketing Group.  He is interested in trading and is a sharp guy.  I would like to see some of the other folks coming in just to compare against him and to see if using an associate is a viable option for my cash trading needs.

Tom

 -----Original Message-----
From: 	Lavorato, John
Sent:	Wednesday, May 02, 2001 4:10 PM
To:	Allen, Phillip; Arnold, John; Arora, Harry; Aucoin, Berney; Baughman, Edward D.; Belden, Tim; Calger, Christopher; Davies, Derek; Davis, Mark Dana; Deffner, Joseph; Devries, Paul; Duran, W David; Foster, Chris H.; Gaskill, Chris; Gilbert-Smith, Doug; Herndon, Rogers; Jacoby, Ben; Josey, Scott; Kitagawa, Kyle; Lagrasta, Fred; Lavorato, John; LeDain, Eric; Luce, Laura; Martin, Thomas A.; McKay, Jonathan; McMichael, Ed; Miller, Don; Miller, Michael L.; Milnthorp, Rob; Mrha, Jean; Neal, Scott; Parquet, David; Presto, Kevin; Redmond, Brian; Shively, Hunter S.; Sturm, Fletcher; Swerzbin, Mike; Thompson, C. John; Tricoli, Carl; Tycholiz, Barry; Vickers, Frank; Will, Lloyd; Wolfe, Greg; Yzaguirre, Max; Zufferli, John
Cc:	Kitchen, Louise; Buckley, Karen; Davies, Neil
Subject:

We have been assigned 24 new Associates, 26 new Anaysts, 8 summer Associates and 8 summer Analysts from the incoming class.

Please let me know your needs with respect to numbers.   Louise and I will then decide if we agree and then we will create a process to pick from the ones we have assigned to us.  I'm assuming that Calgary, Toronto and Portland have done their own thing and don't need any of these people (let me know if this is incorrect).

If you received this and you report to someone else on this list (ie. you don't report to the office of the chair) please cooridinate your needs with your supervisor.

Please respond prompty,

John


Love it! It is ind of a heavy one, though. Still, I'm always up for opera. We just need a sitter. Can't use my parebts because they'll be at Lisa Bowman's wedding. Shouldn't be too hard though. L M
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Great!  This is exactly how I want everything in RAC to work. Rick


---------------------- Forwarded by Victor Lamadrid/HOU/ECT on 04/23/2001
06:52 PM ---------------------------

Mark McClure
04/23/2001 06:40 PM
To: Alton Honore/HOU/ECT@ECT, Robert Allwein/HOU/ECT@ECT
cc: Victor Lamadrid/HOU/ECT@ECT, Rita Wynne/HOU/ECT@ECT, Bryce
Baxter/HOU/ECT@ECT, Sherlyn Schumack/HOU/ECT@ECT, Mary
Ellenberger/Corp/Enron@ENRON
Subject: Flash Gas Meeting Recap(4/23/2001)

Recap of today's meeting covering Transco's Flash Gas.

Problem:
Flash gas purchase by ENA from TDC not recorded(pathed) in Unify
Commodity gas pathed in Unify and actualized in Unify, but actualized volumes
may have included flash gas volumes for various months in order to tie out
with the pipeline
Transco paid ENA for Imbalance gas(Cashin)
ENA never paid TDC for Flash gas

Solution:
Logistics will create Deal Ticket to capture Flash Gas previously not
recorded(pathed)
Deal #745628  March 2000 - Feb. 2001(East Desk)
Deal #745637  March 2001 - until  (Gulf 1 - Desk)
Logistics will create paths to capture Flash Gas activity for all prior
months(paths will be of actual flow amount per TDC Statement - refer to
Alton's worksheet)
The new paths will not be to any Internal/External Pools, but to K#4983 to
capture imbalance amount
Alton will then actualize volumes based on Transco Pipeline Statement(they
should match TDC invoiced amount)
Alton will verify that all cash out' s for prior months tie to Transco's
pipeline statement. In addition Alton will confirm that the imbalance did not
include any Flash gas volumes in the calculations
Alton will reverse out any Manual payment made to Transco(if any?) and
replace it with Unify System adjusted entries
Mary Ellenberger will verify rates to be paid to TDC with the trader and pay
TDC for Flash Gas once approved
Going forward logistic will create pathes capturing Flash Gas volumes
Target dated of completion no later than April 25, 2001

If there is anything that was left off this list to do please let me know.

Thanks for all of your help in resolving this problem.

m.m.


Teco Tap       51.250 / Enron


about half a dozen crude swaps. I'll have to pull the file and get back to
you on the credit worksheet.  I thought i did something on this back when we
did the AAA derivative program (or am i thinking of the wrong customer?)

From: Sara Shackleton on 06/07/2000 12:37 PM
To: Jeff Nogid/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: Credit Agricole

Just got off the phone with outside counsel for Credit Agricole.  We're very
close.
Tanya:  Can you tell me what products we trade? Are there many outstanding
transactions?  Also, I'd like to make sure that the "credit worksheet" is
current.  It looks like we're working off of something dated 1/31/96 (Terry
Donovan!!!!!).  This must be wrong.


If you are attending the Board Meeting on March 6, please
indicate if you would like me to order lunch for you.

Thanks,
Kelley