I will touch base with Richard Melton and Rob Wilson to see if GA can be of assistance on this matter.  I will update you on the results.

MR

 -----Original Message-----
From: 	Shapiro, Richard
Sent:	Wednesday, October 17, 2001 5:09 PM
To:	Robinson, Marchris; Steffes, James D.; Montovano, Steve
Subject:	FW: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

Do we have any interest in addressing this within Government Affairs?

 -----Original Message-----
From: 	Melton, Richard
Sent:	Wednesday, October 17, 2001 5:07 PM
To:	Shapiro, Richard
Cc:	Raker, Colleen; Soldano, Louis
Subject:	FW: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

Dear Rick:

As a follow-up to my voicemail message today just before 5PM, I am sending this email with additional details, including a track of earlier descriptive communications.

Please advise regarding the specific request for legal assistance addressing the Florida Sunshine laws.  Please let me know if you would address the request, or if we should proceed with local Florida counsel.

As additional background, Mike Nelson, VP under Phil Lowry,  is heading an initiative for security of the ETS related pipelines.  Enron Corp. security personnel are also participating as a service to ETS.

Selected communications on this matter will be held as confidential.

Thank you.

Richard Melton
Senior Counsel
ETS Legal
x52555
 -----Original Message-----
From: 	Melton, Richard
Sent:	Wednesday, October 17, 2001 12:35 PM
To:	Nelson, Mike
Cc:	Soldano, Louis; Raker, Colleen
Subject:	RE: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

Dear Mike:

The email you forwarded from Rob Wilson included the following request:

	"A side item- beyond the committees interest in hearing from our security personnel, Sue has asked if  an attorney in our 	group could assist her in drafting language, if needed, to provide exemptions/protections to FL sunshine laws regarding 	security related documents."

In discussions with Lou and Colleen, we concluded that I would check with Rick Shapiro, Counsel for Legislative Affairs, to address the request.  Alternatively, we can seek assistance from local Florida counsel (e.g. Ann Longman in Tallahassee FL).

I will let you know what develops soon.

Also, I understand that Rob Wilson is Manager of Regional Governmental Affairs in Tallahassee.  He mentioned that he had a prepared presentation that he had already used. Perhaps we should consider asking him to begin routing written matters on security through you and me for the time being.  Please ask him for a copy of the presentation before the conference call.  I assume we will meet in advance of the 10/24 call too.

Thank you.

Richard

 -----Original Message-----
From: 	Nelson, Mike
Sent:	Wednesday, October 17, 2001 10:20 AM
To:	Wilson, Rob
Cc:	Johnson, David L.; Norosky, Kyle; Craig, Rick; Melton, Richard ; Kilmer III, Robert
Subject:	RE: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

I would like Kyle, David Johnson, Rick Craig, Richard Melton, and I to attend the conf call on the 24th. We'll figure out who can / should attend.

 -----Original Message-----
From: 	Wilson, Rob
Sent:	Wednesday, October 17, 2001 9:39 AM
To:	Nelson, Mike
Cc:	Johnson, David L.; Norosky, Kyle; Craig, Rick; Melton, Richard ; Kilmer III, Robert
Subject:	RE: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

Mike,

Richard Hixson, House staff and Sue  Skelton, Senate staff have requested a meeting w/ our security rep. on the 24th. I suggested a conference call, since the same individual will be the presenter on the 26th. A time has not been established for the call. The conference call would include Sue, Richard , and the House and Senate chairs of each committee, Dudley Goodlette and Ginny Brown -Waite respectively. The intent would be to brief this audience on current security practices on the pipe and initiatives we are participating in w/ other stakeholders i.e. INGAA, DOE, OPS etc... In addition, the chairs want to be aware of information we do not want to share and how to manage the committee Q and A.

 I have indicated the 26th presentation will be succinct, generic, but reassuring . We can manage the Q and A  w/ some general responses regarding our efforts w/ the Florida Law Enforcement Department and heightened state of awareness responses.

 A side item- beyond the committees interest in hearing from our security personnel, Sue has asked if  an attorney in our group could assist her in drafting language, if needed, to provide exemptions/protections to FL sunshine laws regarding security related documents.

FYI- I have a presentation, I'll be using Monday w/ our PSC which includes bullet points on reliability and security, which should satisfy our needs for the 26th.

 -----Original Message-----
From: 	Nelson, Mike
Sent:	Tuesday, October 16, 2001 1:58 PM
To:	Wilson, Rob
Cc:	Johnson, David L.; Norosky, Kyle; Craig, Rick; Melton, Richard
Subject:	RE: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

This is something we can do, but it will be at a very high level in terms of specific information shared.

I suggest we have a confernce call on this next week (or before) to 1.) determine what the Florida House and Senate is expecting, 2) who should attend, and 3.) who else is invited.

I will be out of pocket until next Monday, but could possibly call in if the timing was right.

Mike

 -----Original Message-----
From: 	Wilson, Rob
Sent:	Tuesday, October 16, 2001 12:53 PM
To:	Nelson, Mike
Cc:	Johnson, David L.; Kilmer III, Robert
Subject:	Florida Joint House and Senate Committee Hearing/ Infrastructure Security

Mike,

This morning legislative staff asked that I arrange for the appearance of an ETS security personality to address the House and Senate committees examining FL security issues. The committees tentatively plan to meet jointly on October 26th to discuss infrastructure security. There also will be a prehearing meeting on the 25th w/ committee leadership, to discuss the presentations.

The hearing schedule and agenda continues to be a work in progress as legislative members and staff prepare for a special session to begin on Monday. However, I wanted to alert you to the possibility of needing someone from your shop on at least the 26th. I have seen most everything we've produced to date regarding this issue and drafting a statement will be relatively straight forward. As is always the case, it is the committee Q and A where the practitioner is most helpful.

I will keep you informed of any developments, my contact numbers are 850-350-5018 office;  850-544-6938 cell; 850-668-2782 home

Rob


ISDA PRESS REPORT - NOVEMBER 12, 2001

CREDIT DERIVATIVES
	*	ISDA Publishes Credit Publishes Credit Derivatives
Convertibles Supplement - ISDA Press Release
	*	ISDA Debuts Credit Derivatives Number At $631.5 Billion In
OTC Market Survey - ISDA Press Release
	*	ISDA reports growth in credit protection - Financial News
	*	Supranational Studies First Use Of Credit Derivatives -
Derivatives Week

RISK MANAGEMENT
	*	Basle study suggests changes to the Accord - IFR

ISDA Publishes Credit Publishes Credit Derivatives Convertibles Supplement
ISDA Press Release - November 9, 2001
<http://www.isda.org/whatsnew/index.html>

NEW YORK, Friday, November 9, 2001 - The International Swaps and Derivatives
Association announced today that it has finalized and published the
Supplement Relating to Convertible, Exchangeable or Accreting Obligations.
The Supplement and Commentary can be accessed under the What's New section
of the ISDA's web site.

The Convertibles Supplement addresses the treatment under the 1999 ISDA
Credit Derivatives Definition of certain types of convertible and
exchangeable obligations, as well as the treatment of accreting obligations,
such as zero-coupon bonds, low coupon bonds issued at a discount and
non-discounted bonds that accrete during their term.  "The Convertibles
Supplement represents the consensus of a diverse range of constituents in
the credit derivatives markets, including portfolio managers, credit
protection sellers and dealers," said Robert G. Pickel, Executive Director
and CEO of ISDA.

ISDA Debuts Credit Derivatives Number at $631.5 billion in OTC Market Survey
ISDA Press Release - November 9, 2001
<http://www.isda.org/whatsnew/index.html>

NEW YORK, Friday, November 9, 2001 - The International Swaps and Derivatives
Association (ISDA) announced today that the global notional outstanding
volume of credit derivatives transactions was $631.497 billion for the first
half of 2001. While still modest in relation to interest rate products, this
figure is expected to remain on a strong upward trend compared to more
mature derivative product areas.

Polling member firms for the first time on credit derivatives transactions,
ISDA surveyed total notional outstanding volumes for single name credit
default swaps, default swaps on baskets of up to ten credits, and portfolio
transactions of ten credits and more. 83 ISDA member firms supplied data on
these products. Interest rate and currency derivatives growth was 3.573% in
the first half of the year among members that also reported to ISDA at
year-end 2000. For these firms, total notional outstanding volumes increased
from $53.267 trillion to $55.170 trillion. Total notional principle of
interest rate swaps, interest rate options and currency swaps for all
surveyed firms dipped to $57.305 trillion from $63.009 trillion last year.
Among top ten dealers, there was also a minor decrease in volume from
$35.648 trillion to $35.532 trillion.

"Shifting product use is a reflection of a more uncertain global market
environment," said Thomas K. Montag, Vice-Chairman of ISDA and Chair of the
Association's Market Survey Committee. "The market for credit protection has
an obvious appeal during times of economic downturn," said Mr Montag, a
Managing Director of Global Interest Rate Products and Asia FICC, and
Co-President of Goldman Sachs (Japan), Ltd.

The survey, which is compiled twice yearly by Andersen LLP, is performed on
a confidential basis. It is complemented by the more comprehensive survey
produced quarterly by the Bank for International Settlements. Of the 83
member institutions providing outstanding notional volumes figures in the
ISDA interest rate and currency derivatives survey, 67 were participants in
the previous semi-annual survey.

Isda reports growth in credit protection
Financial News - November 12, 2001
Available upon request - smarra@isda.org <mailto:smarra@isda.org>

Supranational Studies First Use Of Credit Derivatives
Derivatives Week - November 12, 2001

The European Investment Bank, a multinational lender with a EUR215 billion
(USD192 billion) loan portfolio, is considering using credit derivatives for
the first time as a means of hedging its credit risks next year. Officials
at the EIB in Luxembourg said the lender is currently conducting an internal
review on the credit derivatives market and is weighing whether it makes
sense to use products such as single-name default swaps to mitigate risk.
"Credit [derivatives] would be a completely new field for us," said Luis
Pacheco, an official in the credit-risk department in Luxembourg, noting the
bank has used foreign exchange swaps in the past on the back of its bond
offerings but has not used any derivatives on its loan portfolio.

The lender hands out EUR36 billion per year, EUR30 billion of which is
within the European Union, to highly rated banks and corporates. Two-thirds
of the loans go to highly-rated banks with credit ratings in the A range
with maturities of 15-25 years, which then loan money to small and
medium-sized enterprises. The remaining third goes to corporates across the
credit spectrum in five to 15-year tenors.

Pacheco said the EIB will accept default swaps in place of bank guarantees,
which it now requires as a means of hedging risk on the bulk of its
long-term lending, if the market is deemed liquid enough. Officials were
unable to quantify potential usage of credit derivatives given the early
stage of the discussions.

Credit derivatives pros were excited to hear of the EIB's discussions. "It's
just a matter of time until the credit derivatives market becomes more like
the interest-rate swaps market and what we're seeing now is the initial
phase," said one trader, adding, "I'm not surprised."

Pacheco and other EIB officials said the reason behind the review is because
the default swap market is more liquid and as a result may offer more
attractive pricing for debtors. "The advantage is the portfolio approach,"
commented one official. The EIB has considered using credit derivatives in
the past, although it found "the market was not developed enough and so we
were not interested," said Pacheco. The supranational is analyzing the
market now to see if that has changed in terms of liquidity and critical
mass in the last year as is expected. "Now we want to see the new situation
of the market and to see if we can use it in our business," he said. He
declined comment on potential counterparties.

Basle study suggests changes to the Accord
IFR - November 10, 2001

Banks could face higher capital charges under Basle II's internal ratings
based (IRB) foundation approach to credit risk reserving than its more
advanced, standardised approach.

Contrary to the Baste Committee on Banking Supervision's desired results,
the IRB foundation approach's minimum capital requirements would be 14%
higher among large G-1O banks, the regulators' quantitative impact study
(QIS) found.

Under the standardised approach, these banks would see their requirements
increase 6% on average. An average change of - 5% was reached when banks
were asked to calibrate credit risk using the IRB advanced approach laid out
in the Committee's January proposal, according to the QIS released last
week.

To address the fact that the approach slated as the less intensive yielded
higher charges, and to understand better the impact that the January
proposal would have on small and medium-sized enterprises (SMEs), the
Committee is conducting a follow-on impact study.

The January proposal's corporate and retail risk weight curves and its
method for recognition of physical collateral and receivables may be
modified as a result of this study, the regulator said last week. The
January draft was not balanced because it was biased towards the views of
large banks engaged in large corporate lending activities, noted one
industry official.

The corporate risk weight curve under the new QIS is likely to reduce the
capital requirements for many SME borrowers relative to the January
proposal, the Committee said. Additional work is also under way aimed at
assessing the probable impact of applying separate risk weight curves for
residential mortgage exposures and for other retail exposures. Under the
Committee's January proposal, the IRB approach treated all retail exposures
using the same risk weight curve.

The impact of assuming a 45% loss-given default (LGD) for loans fully
secured by non-property physical collateral and a 40% LCD for loans fully
secured by receivables will be examined in the new QIS.  "Under the January
proposal banks with the foundation approach have no incentive to use most
forms of collateral," said Marc Intrater, managing director at Oliver, Wyman
in New York.

Other than commercial and residential property collateral, the January
proposal did not recognise physical collateral or trade receivables as
collateral. As such, loans fully secured by either received a 50% LGD. Banks
that use collateral for their secured lending and do it well generally
experience a reduction in credit risk. The Committee's decision to undertake
a follow-up impact exercise is widely viewed as revisionist, say market
participants. Similar moves earlier this year appear poised to result in
changes to the January proposal, they note.

"There is a lot of waiting until the final accord. But most banks realise
that even though the accord does not come into effect until 2005, getting
ready for it requires a lot of lead time," said Intrater. The Baste
Committee plans to release a final version of its proposed accord in
February.

**End of ISDA Press Report for November 12, 2001**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA ONLY.  THIS PRESS
REPORT IS NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION),
AND ISDA IS NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.

Scott Marra
Administrator for Policy and Media Relations
International Swaps and Derivatives Association
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org


This seems fine to me.  I have no other questions or comments.  There is a
small issue outstanding re. the Enron Re outside counsel opinion, which I
think LeBoeuf is handling with Bermuda counsel.

Regards

Steve

Mark.Taylor@enron.com on 05/31/2000 10:57:24 AM

To:   Stephen_Kruft@swissre.com
cc:   Lou.Stoler@enron.com
Subject:  Re: BWT Transaction

Thanks for your note.  In reply:

1.  We will change United Kingdom to England in the governing law section.

2.  and 3.  We did switch to the English law form and our form didn't
provide for using securities as collateral.  As you point out, it is likely
that SR will always be in the money and the CSA provides for an unlimited
Threshold for SR at all times so that it will never be providing collateral
under that document.   There are certainly other changes that could be made
to the document with that in mind but in the interest of time we didn't
make much of an effort on that score - our theory was that you wouldn't
mind too much since you would never have to post anything under this
document.

Please let me know if you have any other questions or comments.

Mark

                    "Stephen Kruft"
                    <Stephen_Kruft@sw        To:     mark.taylor@enron.com
                    issre.com>               cc:
                                             Subject:     BWT Transaction
                    05/31/2000 08:56
                    AM

I looked at the EFR-ENA Schedule in connection with Gordon Boozer's
comments.  I see no problems except:

1.  The document is expressed to be governed by the law of the"United
Kingdom."   I have never seen this formulation and think it should say
"England," as I believe there are in fact multiple legal systems (e.g.,
Scottish) within the U.K.

2.  I am not sure why all collateral except LCs was deleted.  Was this
agreed by EFR?  If so, OK.  If not, could the CSA provide for other
collateral as Gordon requested.  It is unusual for SR entities to use LCs
in non-reinsurance situations and would probably cost them less to post
Treasuries.  Here it is of course unlikely that EFR will have to post
anything, since EFR will always be in the money to some extent.

3. Did you switch to the English law form of CSA?

Regards

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Subject: Re: BWT Transaction
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I'm looking at it now.


just break your necks when i walk by to the bathroom or something.  i
probably won't be able to keep her off of me after that.


Tim and John, I wanted to touch base with you regarding a problem that we have run into between EOL and a trader having multiple trading books. EOL has been set up to have a trader associated with one and only one trading book in the stack manager. As a result, when creating the interface between EOL and Enpower we can cannot assign multiple trading books to one person. David Poston in the Enpower IT support group in Houston has been working with the EOL group and has come up with a solution.

1. If you definitely plan to be trading on EOL for all trading books associated with your name, EOL IT can define certain products to each trading book. If this is the approach that you would like to take, I will need a list of what products you want to trade and to which trading book they are affiliated with.

2. The other option is that you will just use one trading book under your name. If that is the case, no changes will have to be made.

If the plan is to use the first option, please let me know so we can make the changes and do the necessary testing on this.

John


Everyone,

This is hot news showing that the CAISO/CDWR relationship is even more cozy than we thought.  I am not sure how to best use this information, but this scam needs to be brought to the public's and FERC's attention.

1.  According to two sources, the CAISO is helping to bail Gov. Davis out of his high-priced CDWR long-term power contracts by purchasing CDWR's excess energy as an "Out Of Market" purchase---instead of purchasing real-time energy from the CAISO's Supplemental Energy auction as required by the CAISO Tariff.  The costs of purchasing this high-cost power is being charged to Scheduling Coordinators who are largely unaware of the CAISO's surreptitious transactions.

2.  This sweetheart deal violates the CAISO Tariff, which requires the CAISO to buy energy from its Supplemental Energy (Real-Time) auction first.  CAISO Tariff, Dispatch Protocol section 8.6.2 (d).  Only after the CAISO has used up the Supplemental Energy  bids, can the CAISO buy Out Of Market ("OOM") energy.  If the CAISO were following the Tariff, CDWR's excess energy would be treated as an uninstructed deviation and CDWR would be paid the clearing price for Supplemental Energy---which is often as low as $0.00.  Therefore, under the Tariff the CAISO could have paid CDWR the same price paid to other SCs, but instead is buying it at a price agreeable to CDWR.

3.  By ignoring Supplemental Energy bids in favor of CDWR power, the CAISO is able to manipulate the price it pays for energy in the Supplemental Energy market.  Low CAISO demand for Supplemental Energy drives down prices.  The clearing price for Supplemental Energy has often been as low as $0.00.  Therefore, the CAISO gets to keep all excess energy on the grid for free.  If CDWR was not getting preferential treatment, its energy would be treated as excess energy, and it would get little or nothing for it.

4.  While there is no evidence that Gov. Davis has directed the CAISO to buy from CDWR first, this behavior clearly benefits Davis.  Absent the CAISO's purchases of CDWR's excess energy, CDWR would be forced to sell its energy at a huge loss in the open market (just like many other suppliers).  The media has been been making hay out of Davis's strategy of buying high and selling low.  Therefore, Davis and CDWR benefit by being able to offset some of their losses under the long-term contracts.  Of course, they are only able to offset their losses through a back-door deal with the CAISO.

5.  The costs of this expensive CDWR power are being passed through to unwitting Scheduling Coordinators who, frequently seeing 10-minute Ex Post prices of $0.00, expect that the cost of imbalance energy will be close to $0.00.  These SCs are in for a big surprise.  According to one source at Sierra Pacific, the CAISO charged him as much as $400/MWh for imbalance energy.  (Where is the price mitigation here?)

6.  Who benefits under this scam?  Davis and CDWR.  Who loses under this scam?  In-state generators who are currently obligated to sell to the CAISO; Scheduling Coordinators who overgenerate or that have negative imbalances; consumers who end up paying higher prices for energy.

7.  Sources:  Our client representative from the CAISO has confirmed this practice and "the Friday Burrito," an industry insider publication mentioned it also.

8.  Here is the quote from the Friday Burrito:

"There is another problem that is being introduced by the long-term contracts. The ISO is utilizing the DWR contracts as Out of Market (OOM) calls, thereby forcing the contract energy into the grid ahead of the supplemental energy bids in the balancing energy ex post (BEEP) market. As one of our faithful observers told me, "The ISO will be billing some DRW/CERS long-term contracts to SCs as OOM energy. This has been confirmed by the ISO. This means there is no real-time price transparency. We may see an hourly ex-post price of, say, $15, but this will bear no resemblance to the eventual Real-Time settlement price. There is no way to estimate what the OOM charge was as the ISO doesn't post that information. The implication is that parties buying real-time energy will wait 90 days before theyhave any idea of the price. This sort of price uncertainty is completely contrary to the FERC's goals of creating open, transparent markets."
9.  Here is the e-mail from our CAISO representative:

-----Original Message-----
From: Almeida, Keoni [mailto:KAlmeida@caiso.com]
Sent: Thursday, August 23, 2001 4:04 PM
To: Emmert, Caroline; O'Neil, Murray P.; Gilbert, Scotty
Cc: Sheidun, Donna; Blair, Kit
Subject: RE: "Burrito"

Issue highlighted in blue lettering. This is being researched internally and
an ISO response on how these transactions are being handled should be
forthcoming, I would think.

Keoni Almeida
California Independent System Operator
phone: 916/608-7053
pager:  916/814-7352
alpha page:  9169812000.1151268@pagenet.net
e-mail:  <mailto:kalmeida@caiso.com>

-----Original Message-----
From: Emmert, Caroline [mailto:Caroline.Emmert@ENRON.com]
Sent: Thursday, August 23, 2001 3:15 PM
To: Keoni Almeida (E-mail)
Cc: Sheidun, Donna; Blair, Kit
Subject: "Burrito"

Can you send me a copy of the 'Burrito' that we were discussing, or at
least outline in an e-mail the name of the person who has written about
CERS and what was published?   What is the official name of this
newsletter?  I have seen them in the past (Harvey Hall used to get it
and sent a couple to me), but I haven't seen it for a long time.

Also, to recap our telephone discussion:  the charges assessed to the
Market in Charge Type 487 are determined by CERS, and are being
collected by the ISO on behalf of CERS, to cover the cost of contracts
that CERS has signed for energy purchases? and 487 pricing/charges have
do direct relationship to the Inc and Dec prices charged or paid to
those who inadvertently over- or under-schedule?  Please clarify that I
have understood this correctly.

Thanks a lot for your assistance.

Caroline

**********************************************************************
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
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binding and enforceable contract between Enron Corp. (or any of its
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relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************

10.  Here is an e-mail from the intrepid and vigilant Kit Blair, in Volume Management, who first brought this scam to my attention.
 -----Original Message-----
From: 	Blair, Kit
Sent:	Thursday, August 23, 2001 3:42 PM
To:	Hall, Steve C. (Legal)
Cc:	DL-Portland Volume Mgmt
Subject:	487 Revelation

Steve,
	Here is a summary of what we have learned regarding how the CAISO is handling 487.  Kent at Sierra Power inquired to me why he was being charged 487, (487 is the charge code the CAISO uses when it has to go out of market, and purchase power that exceeds $150.00/mwh, 481 is the charge code they use to credit it back), for the same hours and intervals that both the INC and DEC prices were zero.  This was obviously very peculiar and nobody in VM knew the answer. So Caroline posed the question to Keoni at the CAISO.  His response was this:  that the CAISO is charging 487 regardless of the INC and DEC prices, to cover the forward market contracts signed by CDWR and CERS.  In effect, they are ignoring their tariff that states they are supposed to purchase power at the lowest price, and are in effect trying to recover costs for CDWR and CERS.

-Kit


Ed:

Without knowing what's being hedged, it could be either ENA or ECTRIC.  Do
you have more infor?  Also, if the Enron party is ECTRIC, will Rod handle?
Please let me know and I'll chat with Mara.  Sara

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 02/02/2001 09:06 AM -----

	Mara_Alexander@cargill.com
	02/02/2001 07:34 AM

		 To: Cheryl.Nelson@enron.com, Sara.Shackleton@enron.com
		 cc: Edward.Sacks@enron.com
		 Subject: ISDA Master Agreement for Cargill International, S.A.

Dear Sara & Cheryl,

I have been asked by our affiliate in Geneva, Cargill
International, S.A. ("CISA"), to begin negotiations for
them on an ISDA Master Agreement with Enron.

There had been some question as to which Enron entity
was to enter into an ISDA with CISA, but the latest
information they had (possibly from someone in an Enron
office in London?) was that it should be Enron Capital
& Trade Resources International Corp.  FYI, Cargill
International, S.A. is located and incorporated in Geneva.

Could you kindly advise whom I should be contacting to
confirm this is indeed the proper Enron entity and with
whom I should be speaking to begin negotiations?  Please
also let me know if there is anything that needs to be
done from a Credit or Trading perspective in order to
get this ISDA started on Enron's part.

Thanks and Regards,
Mara Alexander
Sr. Documentation Analyst
Cargill, Incorporated
Tel: 952.984.3417
Fax: 952.984.3872
e-mail: Mara_Alexander@Cargill.com


I know you're busy!  You might try to contact by e-mail first at:
a.lawrence@longitude.com.  See you.  Thanks. Wendy


Thanks good job. You can Explain this to me next week or overthe weekend. Thanks again. Rick Buy
Rick Buy
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 05/01/2001
02:14 PM ---------------------------

Outlook Migration Team@ENRON
04/27/2001 01:00 PM
To: Allison Horton/NA/Enron@ENRON, Amir Baig/NA/Enron@ENRON, Brandon
Bangerter/NA/Enron@Enron, Brian Ellis/Corp/Enron@Enron, Charles
Philpott/HR/Corp/Enron@ENRON, Chris P Wood/NA/Enron@Enron, Chris
Tull/HOU/ECT@ECT, Dale Smith/Corp/Enron@ENRON, Dave June/NA/Enron@ENRON,
Donald Sutton/NA/Enron@Enron, Felicia Buenrostro/HR/Corp/Enron@ENRON, Johnna
Morrison/Corp/Enron@ENRON, Joe Dorn/Corp/Enron@ENRON, Kathryn
Schultea/HR/Corp/Enron@ENRON, Leon McDowell/NA/Enron@ENRON, Leticia
Barrios/Corp/Enron@ENRON, Milton Brown/HR/Corp/Enron@ENRON, Raj
Perubhatla/Corp/Enron@Enron, Shekar Komatireddy/NA/Enron@Enron, Andrea
Yowman/Corp/Enron@ENRON, Angie O'Brian/HR/Corp/Enron@ENRON, Bonne
Castellano/HR/Corp/Enron@ENRON, Gwynn Gorsuch/NA/Enron@ENRON, Jo Ann
Matson/Corp/Enron@ENRON, LaQuitta Washington/HR/Corp/Enron@ENRON, Rick
Johnson/HR/Corp/Enron@ENRON, Sandra Lighthill/HR/Corp/Enron@ENRON, Valeria A
Hope/HOU/ECT@ECT, Charlotte Brown/HR/Corp/Enron@ENRON, Ronald
Fain/HR/Corp/Enron@ENRON, Gary Fitch/HR/Corp/Enron@Enron, Anna
Harris/HR/Corp/Enron@ENRON, Keith Jones/HR/Corp/Enron@ENRON, Kristi
Monson/NA/Enron@Enron, Bobbie McNiel/HR/Corp/Enron@ENRON, John
Stabler/HR/Corp/Enron@ENRON, Michelle Prince/NA/Enron@Enron, James
Gramke/NA/Enron@ENRON, Blair Hicks/NA/Enron@ENRON, Jennifer
Johnson/Contractor/Enron Communications@Enron Communications, Jim
Little/Enron@EnronXGate, Dale Lukert/NA/Enron@ENRON, Donald
Martin/NA/Enron@ENRON, Andrew Mattei/NA/Enron@ENRON, Darvin
Mitchell/NA/Enron@ENRON, Mark Oldham/NA/Enron@ENRON, Wesley
Pearson/NA/Enron@ENRON, Ramon Pizarro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Natalie Rau/NA/Enron@ENRON, William Redick/NA/Enron@ENRON, Mark A
Richardson/NA/Enron@ENRON, Joseph Schnieders/NA/Enron@ENRON, Gary
Simmons/NA/Enron@Enron, Delaney Trimble/NA/Enron@ENRON, David
Upton/NA/Enron@ENRON, Mike Boegler/HR/Corp/Enron@ENRON, Lyndel
Click/HR/Corp/Enron@ENRON, Gabriel Franco/NA/Enron@Enron, Randy
Gross/HR/Corp/Enron@Enron, Arthur Johnson/HR/Corp/Enron@Enron, Danny
Jones/HR/Corp/Enron@ENRON, John Ogden/Houston/Eott@Eott, Edgar
Ponce/NA/Enron@Enron, Tracy Pursifull/HR/Corp/Enron@ENRON, Lance
Stanley/HR/Corp/Enron@ENRON, Frank Ermis/HOU/ECT@ECT, Jane M
Tholt/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect,
Matthew Lenhart/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Monique
Sanchez/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT,
Tori Kuykendall/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Jeanne
Wukasch/Corp/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Mike
Potter/NA/Enron@Enron, Natalie Baker/HOU/ECT@ECT, Suzanne
Calcagno/NA/Enron@Enron, Alvin Thompson/Corp/Enron@Enron, Cynthia
Franklin/Corp/Enron@ENRON, Jesse Villarreal/HOU/ECT@ECT, Joan
Collins/HOU/EES@EES, Joe A Casas/HOU/ECT@ECT, Kelly Loocke/ENRON@enronXgate,
Lia Halstead/NA/Enron@ENRON, Meredith Homco/HOU/ECT@ECT, Robert
Allwein/HOU/ECT@ECT, Scott Loving/NA/Enron@ENRON, Shanna
Boudreaux/ENRON@enronXgate, Steve Gillespie/Corp/Enron@ENRON, Tamara
Carter/NA/Enron@ENRON, Tracy Wood/NA/Enron@ENRON, Gabriel Fuzat/Enron
Communications@Enron Communications, Jack Netek/Enron Communications@Enron
Communications, Lam Nguyen/NA/Enron@Enron, Camille Gerard/Corp/Enron@ENRON,
Craig Taylor/HOU/ECT@ECT, Jessica Hangach/NYC/MGUSA@MGUSA, Kathy
Gagel/NYC/MGUSA@MGUSA, Lisa Goulart/NYC/MGUSA@MGUSA, Ruth
Balladares/NYC/MGUSA@MGUSA, Sid Strutt/NYC/MGUSA@MGUSA
cc:
Subject: 2- SURVEY/INFORMATION EMAIL

Current Notes User:

To ensure that you experience a successful migration from Notes to Outlook,
it is necessary to gather individual user information prior to your date of
migration.  Please take a few minutes to completely fill out the following
survey.  When you finish, simply click on the 'Reply' button then hit 'Send'
Your survey will automatically be sent to the Outlook 2000 Migration Mailbox.

Thank you.

Outlook 2000 Migration Team

------------------------------------------------------------------------------
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Full Name:

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Extension:

Office Location:

What type of computer do you have?  (Desktop,  Laptop,  Both)

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    If yes, who?

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    If yes, who?

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    If yes, who?

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    If yes, which shared calendar?

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    If yes, please list here:

Please list all Notes databases applications that you currently use:

In our efforts to plan the exact date/time of your migration, we also will
need to know:

What are your normal work hours?  From:      To:

Will you be out of the office in the near future for vacation, leave, etc?
       If so, when?        From (MM/DD/YY):      To (MM/DD/YY):


print
----- Forwarded by Steven J Kean/NA/Enron on 11/08/2000 09:15 AM -----

	Joe Hartsoe
	11/01/2000 05:49 PM

		 To: skean@enron.com, Richard Shapiro/NA/Enron@Enron, Susan J
Mara/NA/Enron@Enron, Mona L Petrochko/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Mary Hain/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON,
Sarah Novosel/Corp/Enron@ENRON, Sandra McCubbin/NA/Enron@Enron, Karen
Denne/Corp/Enron@ENRON, mpalmer@enron.com, Ginger Dernehl/NA/Enron@Enron,
Bernadette Hawkins/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, Susan J Mara/NA/Enron@Enron, Mona L
Petrochko/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Alan
Comnes/PDX/ECT, Tim Belden/HOU/ECT, Tom Briggs/NA/Enron@Enron, Cynthia
Sandherr/Corp/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron, Kathryn
Corbally/Corp/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON,
susan.j.mara@enron.com
		 cc: dbva@radix.net
		 Subject:

Folks  -- Attached is a summary of the Commission's Order on California.
Constitutional Crisis here we come.  Later JOE


I've left a message for Mike Swerzbin, the trader on these deals. They're
both in Enpower the way they're in his trade log, so I don't want to change
anything until I talk to him. I'm also going to call Judy Dyer at EES for
confirmation on the 517876 price. I'll let you know.

Thanks,
Kate

Evelyn Metoyer@ENRON
02/09/2001 12:05 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: 2/8/01 Errors

Hi Kate,

for ref 517891 the delivery point still shows as PV.........it should be SP-15
for ref 517876 the price stll shows $300....it should be $313

   Kate Symes @ ECT                02/08/2001 05:29 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: 2/8/01 Errors

517384 - price has been changed to $260
517891 - mike's book shows Palo delivery - desk was wrong - has been changed
to LTNW
517884 - price has been changed to $300
517876/877 - missing Amerex deals were under wrong desk (STCA) - have been
changed to LTNW

Also, I entered many of Mike's deals today, but in my rush forgot to re-set
my Deal Blotter defaults - so the deals went in under Short Term California
instead of Long Term Northwest. I've changed them all to the correct desk,
which should clear up the missing deals, and hopefully will make more sense
for your checkouts. Sorry about the confusion - entering deals for three
different desks at once gets a little hectic!

Let me know if you have questions.

Kate

Evelyn Metoyer@ENRON
02/08/2001 03:11 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 2/8/01 Errors

Mike Swerzbin
deal 517384
Prebon shows price as $260.......Enpower has $250

Mike Swerzbin
deal 517891
Amerex shows delivery as SP-15...Enpower has PV

Mike Swerzbin
deal 517884
Amerex shows price as $300...Enpower has $200

 Mike Swerzbin
I am missing the following deal per Amerex:
Buys from EES Q2'01 Mid-C 25 mw at $313 peak hrs.


chk email.  memo from Day just arrived.  Best, Jeff


Per the meeting today, we're going to schedule with the following counterparties & no one else.

CENTRAL MAINE
VEPCO
NSTAR
LEM
SELECT
CP&L
MINNESOTA POWER
WISCONSIN ELECTRIC POWER
TAUNTON

...and potentially TXU--Smith, Jeff & Corry will work on this counterparty.

Please contact me if you have any questions.

Jeff
X35642


The RCR meeting for Monday, April 9 will take place at 2:00 PM (CDT) instead
of 12:00 PM (CDT).  Please make note of this time change on your schedules.
The dial in number of 1-800-283-1805 will remain the same.

Thanks and call if you have any questions.

gngr


i was informed they are trying to schedule this deal.  so, as soon as you
find out can you pls let me know.

thanks
---------------------- Forwarded by Kerri Thompson/Corp/Enron on 02/28/2001
12:56 PM ---------------------------

Kerri Thompson
02/28/2001 10:50 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: tfs

broker has palo verde

533220


Guys, attached you will find the final plan to meet our origination targets
for Q4 consistent with our discussions.  It is important that we hit our
numbers in order for Enron to meet its targets for the year.

Regards
Delainey


The Weekly EES/EWS Process Meeting that was to be held today, Oct. 25 at 3:00 has been canceled.


Sara:

I received the list from Aneela.   The brokerage agreements marked on her
list as priority were ones that I too had already marked as priority and
hence, the same ones that Stephanie, Sam and I have been pushing, at the
latest, since last week.  One of the agreements, ITG, was sent for
execution today -- we were awaiting Mark Haedicke's approval for an
exeption and received it this morning.  I conveyed all of this to Aneela
earlier today.  In most cases, the ball is in the court on the other side
so I think from our end, I think from our end, we have been working
diligently to get these agreements executed as soon as possible.  At the
moment, I do not think that we need to meet again.

Cheryl Nelson
Senior Counsel
EB3875
(713) 345-4693


Kevin, shouldn't we participate in this RFP?
Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 08/31/2000
08:53 AM ---------------------------

	Enron North America Corp.

	From:  Ben F Jacoby                           08/30/2000 09:48 PM

Sent by: Ben Jacoby
To: David W Delainey/HOU/ECT@ECT, Richard Shapiro/HOU/EES@EES, Barbara A
Hueter/DUB/EES@EES, Kevin M Presto/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT,
Ozzie Pagan/HOU/ECT@ECT
cc:
Subject: TVA Issued RFP for peaking power

Folks:

The attached RFP for peaking power may be of interest. I believe the RFP is
restricted to those parties having control of generation assets in TVA or
Southern. Our consultant, Gary Hasty (former TVA), can gather additional if
you like.

Regards,

Ben
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 08/30/2000 09:40 PM
---------------------------

"Gary Hasty" <ghasty@pd-engineers.com> on 08/30/2000 11:32:56 AM
Please respond to <ghasty@pd-engineers.com>
To: "Ben Jacoby (E-mail)" <ben.f.jacoby@enron.com>
cc:
Subject: RFP for peaking power for TVA

Thought you might be interested in this.  It just went out yesterday.
Gary L. Hasty
57 White Plains Drive, Suite 200
Jackson, TN  38305
(901) 664-0209 Office
(901) 660-2631 Fax
(901) 267-6672 Cellular
ghasty@pd-engineers.com

-----Original Message-----
From: Hilson, D. Wayne [mailto:dwhilson@tva.gov]
Sent: Wednesday, August 30, 2000 11:22 AM
To: 'Gary Hasty'
Subject: RE: RFP for Power (Distributors only)

  Gary:
See attached non-Distributor owned Generation RFP and submittal forms.
<<TVARFP.doc>>  <<TVARFPForm.XLS>>
Wayne.

 - TVARFP.doc
 - TVARFPForm.XLS


lets make sure we save these on the lan.

---------------------- Forwarded by Tracy Geaccone/GPGFIN/Enron on 01/29/2001 08:58 AM ---------------------------

01/25/2001 06:52 PM
Vera Apodaca
Vera Apodaca
Vera Apodaca
01/25/2001 06:52 PM
01/25/2001 06:52 PM
To:	Tracy Geaccone, James  Weitekamp, Nancy Wood
cc:	Elaine Concklin/ET&S/Enron

Subject:	2001 Restated Plan

Tracy,  here is the restated plan for both Field and support groups.

Nancy,  pls make some copies for the meeting tomorrow.

Thx.


Gas OII Parties

Per our discussion at the April 10 meeting to discuss draft tariffs to
implement the PG&E Gas OII settlement, PG&E is providing the following
materials:

* Revised Gas OII and PG&E Tariff Preparation Schedule.  The testimony
and hearing schedule adopted at the April 11 prehearing conference is now
included, along with revised dates for the tariff approval process for
PG&E's settlement.  Please remember that much of this schedule is
speculative - and highly dependent on the actual timing of Commission
actions and presumes we can achieve broad consensus on tariff language. For
PG&E's settlement tariffs, we have delayed our providing a next draft until
May 25.  We need the extra time to address the issues raised at the April 10
meeting, and to further explore our internal process requirements.  We
therefore delayed our next tariff meeting until June 27, which should be
after hearings and opening briefs on SoCal matters.  If the litigation
schedule changes, we may need to revisit our tariff preparation schedule.

* List of Issues.  This list is compiled from the April 10 meeting,
plus the April 6 CPAG meeting.  As we work through these issues, we may be
contacting individual parties to further discuss the issue before we send
out our next tariff draft.  Please let us know if you have comments or
additions to this list.

* Exhibit A to Attachment K to the CTA Request Form, proposed CTA bill
format.  A draft of this proposed bill format Exhibit has been completed
since we sent out the last package. The attached table is for your
information on the source of various elements to be included in the bill
format, and would not be part of the final Exhibit.  If you have questions
or comments on this Exhibit, please include Cathy Bretz on your E-mail
(clbe@pge.com) or call her at 415-973-3140.

* Core Rate Impacts of CTA Storage Unbundling.  An illustration of the
expected rate impacts of this program was completed since we sent out the
last package.  This illustration was presented at the CPAG and Tariff Review
meetings. If you have questions or comments on this attachment, please
include Jerry Miller on your E-mail (grm8@pge.com) or call him at
415-973-4104.

We also continue to welcome comments or concerns you may have on the draft
tariffs for our Comprehensive Gas OII Settlement.  We will try to respond to
them in our next draft tariff package, to be sent May 25.

Thanks to those parties who attended the April 10 meeting and provided
excellent comments and suggestions.

Sincerely,

Randy Litteneker

Attachments

 <<OII + Tariff Schedule w6.doc>>     <<April 10 GasOII Wrkshp Issues_.doc>>
 <<EXHIBIT A of ATTACHMENT K Sample Consolidated Bill Items cb2.doc>>
<<Illustrative Rates_CTA unbundling.doc>>

 - OII + Tariff Schedule w6.doc
 - April 10 GasOII Wrkshp Issues_.doc
 - EXHIBIT A of ATTACHMENT K Sample Consolidated Bill Items cb2.doc
 - Illustrative Rates_CTA unbundling.doc


---------------------- Forwarded by Alan Comnes/PDX/ECT on 11/07/2000 04:46
PM ---------------------------

Alan Comnes
11/07/2000 04:44 PM
To: Steven J Kean/NA/Enron@ENRO
cc: Mary Hain/HOU/ECT@ECT, Cooper Richey/PDX/ECT@ECT, Paul
Kaufman/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron,
Jeff Dasovich/NA/Enron@Enron, Susan J Mara/SFO/EES@EES, Sandra
McCubbin/NA/Enron@Enron, David Parquet/SF/ECT@ECT, Mary Hain/HOU/ECT@ECT, Joe
Hartsoe/Corp/Enron@ENRON, James D Steffes/NA/Enron@Enron, Sarah
Novosel/Corp/Enron@ENRON, Peggy Mahoney/HOU/EES@EES

Subject: Re: Your request for presentations in Support of 9 Nov 00
Presentation

Steve et al.

Mary sent out FERC presentations earlier today (see note copied below) that
provide backup for the 9 Nov presentation.  We have updated the chart
(appears on p. 12 or so) that shows year 2000 PNW hydro production relative
to 1999.  You definitely want to use the updated data in the attached chart
because it shows that hydro production continues to be at a depressed level.

Alan Comnes

Mary Hain
11/07/2000 08:58 AM
To: Steven J Kean/NA/Enron@ENRON
cc: Cooper Richey/PDX/ECT@ECT, Alan Comnes/PDX/ECT@ECT, Paul
Kaufman/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron,
Jeff Dasovich/NA/Enron@Enron, Susan J Mara/SFO/EES@EES, Sandra
McCubbin/NA/Enron@Enron, David Parquet/SF/ECT@ECT, Mary Hain/HOU/ECT@ECT, Joe
Hartsoe/Corp/Enron@ENRON, James D Steffes/NA/Enron@Enron, Sarah
Novosel/Corp/Enron@ENRON, Peggy Mahoney/HOU/EES@EES

Subject: Your request for presentations

Here are the FERC presentations.  The first one is Tim's.  It corrects some
information in my presentation.  For example, Tim's presentation corrects the
hydro generation numbers to reflect the fact that not all hydro capacity
equates with hydro energy, if there isn't sufficient water to produce it.  My
presentation includes more verbal explanations.  Cooper and Alan - does any
of the data in these presentations need to be updated?

From: Steven J Kean@ENRON on 11/07/2000 08:59 AM CST
To: Paul Kaufman/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/SFO/EES@EES, Sandra McCubbin/NA/Enron@Enron, David Parquet/SF/ECT@ECT,
Mary Hain/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, James D
Steffes/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Peggy
Mahoney/HOU/EES@EES
cc:
Subject:

I will be on the first panel of the FERC California conference on Thursday.
The format allows a 5 min presentation and then 60 min of Q&A.  I need your
help to make sure I have "Gore-like" command of the details.  Please help
with the following information:
Enron project information (Parquet/McCubbin) -- please give me any
presentations or summaries you have on the generation, or firm purchases, we
have under way (or planned).  I'll talk with you to find out what we are
comfortable disclosing but please err on the side of giving whatever
information you have.
Updated Belden presentation (Hain/Belden) -- I believe the latest information
was as of August; I think some of the information on the cost of peaking
facilities is particularly eye-opening on the price cap issue.
Comparison to PJM (Hartsoe/Novosel) -- Is the information we are seeking from
the ISO and PX similar to information PJM already provides?  If so, it would
be nice to tie our requests back to something the Commission has already
approved.
Cancelled DSM projects (Mahoney) -- Again, I'll only use what we feel
comfortable with, but it would help make our point if we can give examples of
how price caps backfire when it comes to encouraging conservation.
ISO/PX reports (Dasovich).  I have the ISO market surveillance report.  Is
there another ISO report?  If so, please get me a copy and provide a copy of
the PX report too.
CEC/Proposed generation update (Mara/Parquet) -- Need the basic information:
proposed, waiting for permitting; how much/little the legislation did to
expedite siting (ie are we still comfortable saying that it applies to less
than 10%)?
Soft cap(Belden/Hain) -- need a crisp explanation of why the "soft" nature of
the cap is not sufficient.  Also, would we be OK if the Commission revised it
to say that bids can be taken above 150 without special filing or reporting
requirements, but those bids will be accepted at the price bid rather than
applying to all lower bids as well (ie the highest bid at or below 150 clears
the market, bids above 150 accepted at price bid as needed)?
Offers we have made/deals done (Parquet/Dasovich/ Mccubbin) -- Roseville plus
any others, offer made to SDG&E -- I want to make the point that the market
will provide solutions (below the retail price cap) if we get the utility
(and the regulators) out of the merchant function.
Herding the cats(Hartsoe/mccubbin/mara/dasovich):  We are asking FERC to be
courageous, do the right thing and ignore the politics.  To be even halfway
credible, we can't have IEP, EPSA, Dynegy or anyone else "squishing" on the
price cap issue..  We have never been closer to reform in California, we need
these guys on board.
Thanks.


Please take me off this list. I no longer need to be on it!


Below is the text of recommendations taken from the summary of
recommendations in the Cheney Energy Report being released later this morning
that focus on coal and coal-related issues, including environmental.

"The NEPD Group (National Energy Policy Development) recommends that the
President direct the Administrator of the Environmental Protection Agency
(EPA) to propose multi-pollutant legislation.  The NEPD Group recommends that
the President  direct the EPA Administrator to work with Congress to propose
legislation that would establish a flexible, market-based program to
significantly reduce and cap emissions fo sulfur dioxide, nitrogen oxides,
and mercury from electric power generators.  Such a program (with appropriate
measures to address local concerns) would provide significant public health
benefits even as we increase electricity supplies.

 Establish mandatory reduction targets to emissions of three main pollutants:
sulfur dioxide, nitrogen oxides, and mercury.

 Phase in reductions over a reasonable period of time, similar to the
successful acid rain reduction program established by the 1990 amendments to
 the Clean Air Act.

 Provide regulatory certainty to allow utilities to make modifications to
their plants without fear of new litigation.

 Provide market-based incentives, such as emissions trading credits to help
achieve the required reductions."

"The NEPD Group recognizes the importance of looking to technology to help us
meet the goals of increasing electricity generation while protecting our
environment.  To that end, the NEPD Group  recommends that the President
direct the Department of Energy to continue to develop advanced clean coal
technology by:

 Investing $2 billion over 10 years to fund research in clean coal
technologies.

 Supporting a permanent extension of the existing research and development
tax credit.

 Directing federal agencies to explore regulatory approaches that will
encourage advancements in environmental technology.

"The NEPD Group recomemnds that the President direct federal agencies to
provide greater regulatory certainty relating to coal electricity generation
through clear policies that are easily applied to business decisions."

"The NEPD Group recommends that the President direct the Administrator of the
Environmental Protection Agency, in consultation with the Secretary of Energy
and other relevant agencies, to review New Source Review regulations,
including administrative interpretations and implementation, and report to
the President within 90 days on the impact of the regulations on investment
in new utility and refinery generation capacity, energy efficiency, and
environmental protection."

"The NEPD Group recommends that the President direct the Attorney General to
review existing enforcement actions regarding New Source Review to ensure
that the enforcement actions are consistent with the Clean Air Act and its
regulations."

"The NEPD Group recommends that the President direct federal agencies to
support continued research into global climate change; continue efforts to
identify environmentally and cost-effective ways to use market mechanisms and
incentives; continue development of new technologies; and cooperate with
allies, including through international processes, to develop technologies,
market-based incentives, and other innovative approaches to address the issue
of global climate change.


where are you?


Walter Mitty (wol-tuhr MIT-ee) noun

   An ordinary, often ineffectual person who indulges in fantastic
   daydreams of personal triumphs.

[After the main character in The Secret Life of Walter Mitty by
James Thurber.]

   "The men you see rolling over the zoysia at 5 miles per hour are
   pretending to be Mario Andretti at Indianapolis. Nothing draws
   Walter Mitty from a soul like the sound of a riding lawn mower
   engine."
   Rheta Grimsley Johnson, Roar of the mower helps build a woman's psyche,
   The Atlanta Journal and Constitution, May 1, 1998.

One of the most important ingredients of fiction is its characters. Think
of any memorable book, play or movie and you'll recall its people--from
protagonist (and deuteragonist and tritagonist and ...) to antagonist are
folks one can feel, relate to, though not necessarily always agree with.
These are the people with depths, they are not cardboard characters or
people who live a 2D life, to use the publishing jargon. These multifaceted
people come alive on the pages of a book, on the stage of a theater, or on
the screen of a movie theater with all their foibles, follies and victories.
Perhaps the ultimate sign of their character is that they live on on the
pages of dictionaries. This week's AWAD focuses on a few of these fictional
persons who came alive and added a bit more color to our language.     -Anu

............................................................................
The palest ink is better than the best memory. -Chinese proverb

Q: Some time ago you featured a quote/word about x in AWAD. Could you resend
it?
A: You may search the archives at http://wordsmith.org/awad/search.html
   or browse them at http://wordsmith.org/awad/archives.html All the
   words and quotes since the beginning of AWAD are available there.

Pronunciation:
http://wordsmith.org/words/Walter_Mitty.wav
http://wordsmith.org/words/Walter_Mitty.ram


Great job.....

Thanks

 -----Original Message-----
From: 	Vaughan, Cara
Sent:	Wednesday, February 13, 2002 1:49 PM
To:	Blair, Lynn; Buchanan, John; Kowalke, Terry; Schoolcraft, Darrell; 'robert.m.burleson@dynegy.com'; Barry, Patrick; Blair, Jean; Bryan, Randy; Callans, Nancy; Carr, James; Clapper, Karen; Perry, Renee; Porter, Diana; Walden, Shirley; Washington, Kathy; Wilkens, Jerry; Benningfield, Robert; Forbish, Sherry; Greaney, Chris; Hibbard, Scott; Janzen, Randy; Linhart, Joe; McDaniel, Janet; Scurlock, Debra; Sturr, Kathy; Vaughan, Cara; Woodson, Harry
Subject:	 MOPS Update

The South Central Team has been fielding several calls from customers regarding the status of MOPS, Cara and Chris were invited to conference with the Tivoli Area and the crew working on the leak.

The latest information as of 11:00 am Wednesday 2/13/02 is as follows:

Operations:
The earliest the MOPS system will be unavailable this Saturday 2/16/02 (  best estimate )

The diving crew has located the exact source of the leak, and they are continuing repairs.  Right now the weather condition's look favorable and the forecast predicts that the good conditions should continue.  The leak is located 160 feet below the surface which presents complications no matter the weather conditions.

At least one member of the South Central Team will listen in on the daily conference call (11:00 am Central Time) and will keep everyone updated; this should help improve the accuracy and timeliness of our information.

Scheduling:

Darrell will set the operational capacity to 0 through the 18th on the delivery locations. If the MOPS system come back on before that time the operational capacities can be brought up. This information is available on the bulletin board.

Remember to post as a FORCE MAJEURE on the allocations. If receipt points (ex:platform 762) update the point and their deliveries will be cut.

Some customers have been calling and inquiring if they should nom. gas in the MOPS system. Noming gas is at the shippers discretion, as long as the system is down we will continue to confirm their gas to 0 and allocated the delivery points.   Please direct them to the bulletin board.  It is ok to let them know of our timeline, please stress that this is an estimate.  If you are not comfortable answering any question, please direct them to myself (5-2871), Chris (3-4826) Sherry (3-3063), or Bob Burleson (713-287-1049)

We will keep up updated as the MOPS situation continues. Cara will be on comp days Thurs and Friday-- Chris and Sherry will cover my desk and MOPS in my absence.

Thanks,
Cara and Chris


Dr. Kaminski,
I can stop by any Thursday or Friday to meet Grant. I think that will
be great for me to understand better what you are doing in your group
and I will be doing this summer. Could you let me know which day would
work for you, please?

Sevil Yaman
Department of Economics
University of Houston
Houston, TX 77204-5882
(713) 743-3814 / 3817

On Thu, 24 Feb 2000 Vince.J.Kaminski@enron.com wrote:

>
> Sevil.
>
> We are looking forward to having you here.
> If you want, you can stop by one day and I shall introduce you
> to Grant Masson with whom you will be working this summer.
>
> Vince
>
>
>
>
>
> Sevil Yaman <syaman@Bayou.UH.EDU> on 02/23/2000 10:09:30 AM
>
> To:   vkamins@enron.com
> cc:
> Subject:  Thank You
>
>
>
> Hi Dr. Kaminski,
>
> Yesterday, I learned from Shannon Rogers at the associate-analyst program
> that I was offered a summer associate/internship position in your group. I
> am already very excited about this position and look forward to working in
> your group. Many thanks for your consideration.
>
>
> Sevil Yaman
> Department of Economics
> University of Houston
> Houston, TX 77204-5882
> (713) 743-3814 / 3817
>
>
>
>
>
>
>


Hi Chauncey,

Are either of the restaurants very formal?  I want to make sure I bring the
right clothes.

Thanks,

Kay


Dear Enron Employees:

I'm sorry to report that a third Enron employee has died in the hospital as a result of injuries from yesterday's explosion and fire at Teesside Power Station.  To lose another employee is a devastating blow to all of us.  A fourth employee remains in the hospital and is in stable condition.  Please keep these employees and their families in your thoughts and prayers.  We will release their names as soon as all family members and relatives have been notified.

I'm in the U.K. now and will be visiting with the employees and families who've been affected by this tragic accident.  I will also visit the site and will meet with authorities in order to determine the cause of the explosion.  I will keep you posted on any new developments.


Enron announced today that its common stock will now be traded as an Over-the-Counter (OTC) equity security under the symbol "ENRNQ."  This follows a decision by the New York Stock Exchange (NYSE) to file an application to delist Enron's common stock, which means that Enron's common stock and related securities are suspended from trading on the NYSE.  Enron is considering whether to appeal the NYSE's decision.

The NYSE has standard criteria for listing stocks, which can be found on their website at www.nyse.com.  Enron recently fell below the following listing criteria: average closing price of a security less than $1.00 over a consecutive 30 trading-day period.  Quotation service for Enron's stock will now be provided by the National Quotation Bureau, LLC "Pink Sheets."


Below are the individuals in Jeff Sorenson's Deal Compliance group that need
access to the
Financial Trading Database:

       NotesMail Address Book

Jeff Sorenson       ECT
Larry Joe Hunter      ECT
Kevin Meredith       Corp
Bruce Mills       Corp
Derek Bailey       Corp
Jean Bell       ECT
Diane Anderson      Corp
Souad Mahmassani      Corp
Angie Guillen       ECT
Sheetal Patel       ECT
Jarrod Cyprow       ECT
Scott Tackett       Corp
Gordon Heaney      Corp
Pam Sonnier       ECT
David Dupre       ECT

I am assuming that since I have access that I will not need any further
action.


Thanks

Thor

Vince J Kaminski
12/12/2000 15:18
To: Thor Lien/OSL/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Paulo Issler/HOU/ECT@ECT

Subject: Re: Double-up Swap

Thor,

We have modeled this structure a few times in the past.
Paulo Issler will call you shortly to talk about it.

Vince

Thor Lien
12/12/2000 03:02 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Double-up Swap

Vince

Do we have any models to use on this product for Power ?

Thor


I am available at your convenience.  I do think we can accomplish a lot but, like you, am concerned with Marketing's expectations.  I am not sure of where exactly they are pulling their information.

Rick

 -----Original Message-----
From: 	Blair, Lynn
Sent:	Monday, December 31, 2001 6:52 AM
To:	Dietz, Rick
Subject:	FW: Accounts Receivables - Please Read

	Rick, FYI.  I am concerned about the expectation from Marketing vs. what we can accomplish
	before January 1.  Are you OK with the way all the emails are going back and forth?
	Would you have some time this morning to discuss?  Thanks. Lynn

 -----Original Message-----
From: 	Sebesta, Chris
Sent:	Friday, December 28, 2001 4:29 PM
To:	Zadow, Raetta
Cc:	Semin, Frank; Fowler, Bill; Jones, Dana; Blair, Lynn
Subject:	Accounts Receivables

The attached list are outstanding receivables associated with the Central Region group that have occurred prior to December 2000.  These are in addition to the receivables Frank Semin sent to you on December 19, 2001.  Total value of these receivables are $13,039.98.

Please have these receivables written off prior to January 1, 2002.   Thanks!

 << File: WPLAcctsRec122801.xls >>

Chris Sebesta
Northern Natural Gas
Office:  402-398-7064
Fax:      402-398-7413
chris.sebesta@enron.com


Thanks!


----- Forwarded by Jeff Dasovich/NA/Enron on 05/21/2001 01:19 PM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	05/21/2001 01:24 PM

		 To: "'Andy Brown (E-mail)'" <ABB@eslawfirm.com>, "'B Brown Andy (E-mail)'"
<andybrwn@earthlink.net>, "'Baker Carolyn (E-mail)'"
<cabaker@duke-energy.com>, "'Bob Escalante (E-mail)'"
<rescalante@riobravo-gm.com>, "'Bob Weisenmiller (E-mail)'"
<rbw@mrwassoc.com>, "'Curtis Kebler (E-mail)'"
<curtis_l_kebler@reliantenergy.com>, "Dean. Nistetter (E-mail)"
<Dean.Nistetter@dynegy.com>, "'Douglas Kerner (E-mail)'" <DKK@eslawfirm.com>,
"'Greg Blue (E-mail)'" <gtbl@dynegy.com>, "'Jan Smutny-Jones (E-mail)'"
<smutny@iepa.com>, "'Jeff Dasovich (E-mail)'" <Jeff.Dasovich@enron.com>,
"'Joe Ronan (E-mail)'" <joer@calpine.com>, "'John Larrea (E-mail)'"
<john.g.larrea@williams.com>, "'Julee Malinowski-Ball (E-mail)'"
<jmball@ns.net>, "'Kassandra Gough (E-mail)'" <kgough@calpine.com>, "'kent
Palmerton (E-mail)'" <kent.palmerton@williams.com>, "'Lynn Lednicky
(E-mail)'" <lale@dynegy.com>, "Marie Moretti (E-mail 2)"
<mmoretti@mccabeandcompany.net>, "'Marty Wilson (E-mail)'"
<mwilson@pstrategies.com>, "'McNally Ray (E-mail)'"
<rmcnally@mcnallytemple.com>, "''Nam Nguyen' (E-mail)'"
<nam.nguyen@powersrc.com>, "'Norton Kelli (E-mail)'"
<knorton@mcnallytemple.com>, "'Paula Hall-Collins (E-mail)'"
<paula.hall-collins@williams.com>, "'Pigott Jack (E-mail)'"
<jackp@calpine.com>, "'Richard Hyde (E-mail)'" <rwhyde@duke-energy.com>,
"'Roger Pelote (E-mail)'" <roger.pelote@williams.com>, "'Stephanie-Newell
(E-mail)'" <stephanie-newell@reliantenergy.com>, "'Sue Mara (E-mail)'"
<smara@enron.com>, "'Tom Ross (E-mail)'" <tross@mcnallytemple.com>, "Tom
Williams (E-mail)" <tcwillia@duke-energy.com>, "'Alex Sugaoka (E-mail)'"
<alex.sugaoka@uaecorp.com>, "'Bill Carlson (E-mail)'"
<william_carlson@wastemanagement.com>, "'Bill Woods (E-mail)'"
<billw@calpine.com>, "'Bob Ellery (E-mail)'" <bellery@spi-ind.com>, "'Bob
Gates (E-mail)'" <bob.gates@enron.com>, "'Cody Carter (E-mail)'"
<cody.carter@williams.com>, "'Curt Hatton (E-mail)'"
<Curt.Hatton@gen.pge.com>, "'David Parquet'" <david.parquet@enron.com>,
"'Dean Gosselin (E-mail)'" <dean_gosselin@fpl.com>, "'Doug Fernley (E-mail)'"
<fernley.doug@epenergy.com>, "'Duane Nelsen (E-mail)'"
<dnelsen@gwfpower.com>, "'Ed Tomeo (E-mail)'" <ed.tomeo@uaecorp.com>,
"'Eileen Koch (E-mail)'" <eileenk@calpine.com>, "'Eric Eisenman (E-mail)'"
<eric.eisenman@gen.pge.com>, "'Frank DeRosa (E-mail)'"
<frank.derosa@gen.pge.com>, "Frazier Blaylock (E-mail)"
<frazier_blaylock@ogden-energy.com>, "'Hap Boyd (E-mail)'"
<Hap_Boyd@enron.com>, "'Hawks Jack (E-mail)'" <jack.hawks@gen.pge.com>, "'Jim
Willey (E-mail)'" <elliottsa@earthlink.net>, "'Joe Greco (E-mail)'"
<jgreco@caithnessenergy.com>, "'Jonathan Weisgall (E-mail)'"
<jweisgall@aol.com>, "'Kate Castillo (E-mail)'" <CCastillo@riobravo-gm.com>,
"'Kelly Lloyd (E-mail)'" <kellyl@enxco.com>, "'Ken Hoffman (E-mail)'"
<khoffman@caithnessenergy.com>, "'Kent Fickett (E-mail)'"
<kfickett@usgen.com>, "'Lynn Lednicky (E-mail)'"
<lynn.a.lednicky@dynegy.com>, "'Marty McFadden (E-mail)'"
<marty_mcfadden@ogden-energy.com>, "'Paula Soos'"
<paula_soos@ogden-energy.com>, "'Randy Hickok (E-mail)'"
<rjhickok@duke-energy.com>, "Rick S. Koebbe (E-mail)"
<rskoebbe@powerworksinc.com>, "'Rob Lamkin (E-mail)'"
<rllamkin@seiworldwide.com>, "'Ross Ain (E-mail)'" <ain@worldnet.att.net>,
"'Steve Iliff'" <siliff@riobravo-gm.com>, "'Steve Ponder (E-mail)'"
<steve_ponder@fpl.com>, "'Tony Wetzel (E-mail)'" <twetzel@thermoecotek.com>,
"'William Hall (E-mail)'" <wfhall2@duke-energy.com>,
trusso@mcnallytemple.com, sadlersa@earthlink.net, mstultz@epsa.org,
rtemple@mcnallytemple.com, tracy.fairchild@edelman.com,
megan.beiser@edelman.com, deborah.fiorito@dynegy.com, lchurch@epsa.org, Katie
Kaplan <kaplan@iepa.com>, tcwillia@duke-energy.com, rwhyde@duke-energy.com,
tmcmorrow@manatt.com, Suzy.L.Rodriguez@dynegy.com, ppitts@wiredworld1.com,
mnobili@cal-lobby.com, sscsus@aol.com, kvellandi@pstrategies.com
		 cc:
		 Subject: Is Price Gouging Root of Crisis?

Following is the editorial that resulted from IEP's editorial board meeting
with the Orange County register on
May 24:

Is price gouging root of crisis?
Orange County Register Editorial
May 21, 2001

The president is "allowing the price-gouging energy companies, many of whom
reside in Texas, to get away with murder," Gov. Gray Davis said on Thursday
in response to a George W. Bush energy plan that doesn't call for caps on the
price of electricity sold by out-of-state generators to California.

This remark captured the essence of the Davis approach to the energy
problems: Blame everybody else, call for government price controls even
though they historically have reduced the supply of energy, and use divisive
and even conspiratorial rhetoric.

On the same day Governor Davis was blasting the Bush energy plan, his
appointee who runs the Public Utilities Commission, Loretta Lynch, told a
newspaper that power generators purposefully keep their plants idle to jack
up prices. Attorney General Bill Lockyer said that he found evidence of what
Ms. Lynch called "artificial shortages."

We're interested in seeing the evidence, of course. But it looks suspiciously
like politicians are using the "power-gouging" theory as a way to bluster
rather than come up with concrete solutions. It also is a way for those who
are ideologically hostile to deregulation - perhaps cynical of business and
capitalism in general - to demonize merchant generators and pave the way for
a government takeover.

No doubt, wholesale electricity prices have skyrocketed. Prices zoomed from
$200 a megawatt hour late last year to nearly $2,000 last week, according to
the San Francisco Chronicle. The newspaper reports that plant shutdowns are a
cause of the price spike.

Yet a number of analysts have found the price-gouging theory to be dubious. A
Dow Jones Newswire column analyzed Federal Energy Regulatory Commission data
on the amount of forced outages over the past two summers. Yes, there were
nearly four times as many plant closures by plants owned by five big
producers in summer 2000 than in summer 1999. But, as writer Mark Golden
pointed out, outages for all plants - including municipally owned ones and
small Qualifying Facilities that have no incentive to game the system - were
658 percent higher in summer 2000 than in summer 1999. The writer notes that
"four of the Big 5 are either constructing big new generators in California
or have applied for permits to do so. That would seem to fly in the face of a
withholding strategy."

An April paper co-authored by William Hogan, a professor at the John F.
Kennedy School of Government at Harvard University, could not prove there
wasn't manipulation, but explained, "it is unlikely to be the dominant factor
and may not even be significant."

The bigger issue, the Hogan paper argued, is the "seriously flawed"
restructuring system that caused the electricity market collapse. "[T]he
principal policy focus should be on fashioning workable solutions for the
other more serious problems in the market design that relate to the
underlying causes of the market meltdown."

Other analysts argue that, to whatever degree price-gouging has taken place,
it is solely the fault of the retail price caps and other government rules
that have distorted the market.

The large number of shutdowns has not been the result of any conspiracy, the
power generators say, but the result of needed maintenance on facilities that
have been overworked. Many of these are older plants that require more
shutdowns for maintenance than new ones.

"People can invest money in various different markets," Jan Smutny-Jones told
us; he is executive director of the Independent Energy Producers Association
in Sacramento, which represents QFs and merchant generators. With politically
charged hearings, demonization of power generators, proposals for
excess-profits taxes and threats of seizing property made by California
Democrats, he said generators may conclude that California is a dangerous
place to invest.

Gov. Davis said the Bush plan won't add any new electrical power. But neither
will Davis' grandstanding about price-gougers.

In fact, it may even dissuade electricity investment. The governor needs to
apply his "will it create new power?" standard to his own rhetoric, then get
busy leading the state out of this mess.


Al,

I am not in good enough shape to ride a century right now.  Plus I'm nursing
some injuries.  I can do lunch this week or next, let's pick a day.

Phillip


You are so picky!!

RR

	Enron North America Corp.

	From:  Nancy Hernandez @ ENRON                           02/26/2001 03:53 PM

To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Re: Book Request

You forgot to attach the request.

NH

Robin Rodrigue@ECT
02/26/2001 03:51 PM
To: Nancy Hernandez/NA/Enron@ENRON
cc:

Subject: Book Request

Nancy,

Here's the book request I spoke with you about.   This also needs to be added
to the AGG-GAS, AGG-GASIII, AND AGG-GASIV portfolios.  Please include as a
separate portfolio named trader under the Lavorato Other region.

Please let me know when this book is set up.

Thanks,
Robin


Unfortunately - these guys did not make the cut this week-end.  Jeanie, can you please ensure this is dealt with.

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, January 08, 2002 10:51 AM
To:	Kitchen, Louise
Subject:	FW:

Louise:
This is their headcount estimate.  Initially, the risk and logistics responsibilities can be shared by 1 person.

It is my understanding that they run on the same ERMS/TAG systems.  They still run their phys on TAG rather than SITARA which I think could continue.

 -----Original Message-----
From: 	Jackson, Lee
Sent:	Tuesday, January 08, 2002 9:52 AM
To:	Arnold, John
Subject:

John,

This is our estimate of the support staff requirements for the NGL business.

Risk Book:	1 full time
Logistics:	1 full time

Legal:		shared personel,  I dont see the need for a full time legal person dedicated to NGLs

Credit:		1 full time (at least initially), as we ramp up the business we will need a lot of credit support getting counterparties set up and approved.

Lee J.


I recently had the privilege to attend a speech given by Gene Kranz, who was
in charge at NASA for many space flight missions, including the disastrous
Apollo 13 mission.  He has written a book called "Failure is not an Option".
He speaks of teamwork, discipline and approaching the unexpected with an
attitude that excludes failure.  In short, his speech was great!

I don't know if/where this sort of speaker would be helpful to Enron, but I
wanted you to know about him.  Volunteer Houston brought him to town, so I'm
sure they know how to get a hold of him.  I realize he is not a corporate
organization expert, but he's one heck of a motivational speaker.  Hope this
is helpful.


As Enron finalizes plans for our child care center scheduled to open during
the 3rd quarter of next year, we are seeking input on 5 alternative
names/concepts for the naming of our center. If you've already given
feedback, THANKS!

If you have not, please take 5 minutes of your time to stop by EB 49C3 from
11-1 TODAY to give us your opinion.

Feel free to bring a friend! FREE cookies will be provided!

Please forward this email to any other Enron employees that may want to
provide their  input on the naming of the center.

We look forward to seeing you later today!

Regards,

Charla


I  think you ought to do a bit of hand holding to help Randy complete this.
For example, we know the type of derivative, the specific investment type and
a lot of the other information called for by the form. I really think you'll
spend less time working on this if you sit down with Randy and help him
prepare the form. Also, Randy needs some guidance on what sort of description
of the underlying investment is appropriate. I'm sure Randy can attach
something in his file that works just fine (as opposed to preparing something
for this). Also, you and Randy need to discuss how the fairness opinion is
used and whether it's provided to LJM to help support the swap price. Thanks!

Gordon McKillop@ENRON
09/26/2000 09:36 AM
To: Randy Young/NA/Enron@Enron
cc: Scott Sefton/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: Re: URGENT -- Re: Papers for Raptor Meeting Tuesday

To follow up on Scott's message below.  The attached proposal sheet has the
entity information for the Raptor II structure.  The proposal sheet should
contain the information that is necessary to support the confirm.  The asset
description should describe the business or entity.  A specific description
of the underlying investment and interest in should also be included.  Under
the detail of the derivative include the type (at the money price return
swap, put, call...), term, legal name, specific investment type (type of
stock, warrant ...), initial price, initial shares, initial notional value.
The valuation support should be attached with the proposal sheet.  For this
transaction, there is no premium calculation since the swap is at the money.

Please provide this information to Sara and me.  I will distribute the
information to Ryan and Scott.  After the confirm is completed, I will submit
the information to the counterparty for approval.

Please call me if you have any questions.
Thanks,
Gordon

Scott Sefton@ECT
09/26/2000 08:37 AM
To: Randy Young/NA/Enron@Enron
cc: Gordon McKillop/NA/Enron@ENRON

Subject: URGENT -- Re: Papers for Raptor Meeting Tuesday

Randy,

Hedges in the Raptor structure require that a Proposal Sheet be submitted to
the counterparty to the swap (the counterparty is owned by an outside
investor and our agreement with them requires this). Attached to Mary's email
below is the Raptor Derivative Proposal Sheet that the business unit will
need to submit. Gordon is responsible for this process and can answer any
questions you have.

Also attached below is a Raptor Securities/Confidentiality Response Form that
ENA legal prepared to help them conduct a due diligence exercise on their
merchant assets being hedged to confirm that there were no contractual or
other legal restrictions that may affect their ability to enter into the
swap. Although  many of the items on this form won't be relevant to what
you're hedging, I thought it may be helpful. Because we're not familiar with
the assets or any South American legal issues that may apply, we'll be
looking to you for confirmation that there aren't any issues in this regard.

You can ignore the document entitled Raptor Process for Inclusion of Swaps
into Raptor Vehicles.

Please call me or Gordon if you have any questions. Thanks!

Scott
---------------------- Forwarded by Scott Sefton/HOU/ECT on 09/26/2000 08:19
AM ---------------------------

MARY COOK
09/25/2000 06:38 PM
To: Scott Sefton/HOU/ECT@ECT
cc: Andrea V Reed/HOU/ECT@ECT, Brian Schwertner/NA/Enron@Enron, Hope
Vargas/HOU/ECT@ECT, Julia H Chin/NA/Enron@Enron, Lisa Mellencamp/HOU/ECT@ECT,
Michael S Galvan/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Travis
McCullough/HOU/ECT@ECT
Subject: Re: Papers for Raptor Meeting Tuesday

We can discuss tomorrow, but the swap group is not staffed either to fulfill
the coordination of all the work in respect of the underlying assets.  Do you
have alternative ideas?

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

	Scott Sefton
	09/25/2000 06:34 PM

		 To: Mary Cook/HOU/ECT@ECT
		 cc: Lisa Mellencamp/HOU/ECT@ECT, Travis McCullough/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Andrea V Reed/HOU/ECT@ECT, Julia H
Chin/NA/Enron@Enron, Michael S Galvan/HOU/ECT@ECT, Hope Vargas/HOU/ECT@ECT,
Brian Schwertner/NA/Enron@Enron
		 Subject: Re: Papers for Raptor Meeting Tuesday

Although I'm happy to discuss this at our meeting tomorrow, I don't think the
draft process document describes a role for Global Finance legal that we can
properly fulfill.

MARY COOK
09/25/2000 02:14 PM
To: Lisa Mellencamp/HOU/ECT@ECT, Travis McCullough/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Andrea V Reed/HOU/ECT@ECT, Scott Sefton/HOU/ECT@ECT,
Julia H Chin/NA/Enron@Enron, Michael S Galvan/HOU/ECT@ECT, Hope
Vargas/HOU/ECT@ECT, Brian Schwertner/NA/Enron@Enron
cc:
Subject: Papers for Raptor Meeting Tuesday

See attached for your review prior to meeting, Tuesday 9:30 38C1.  Thanks.
Mary

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


This was changed last night to SP-15, but Jeff forgot to change the index.
It's been changed to DJ SP-15 Peak Index.

Kate

	From:  Sharen Cason                           02/27/2001 03:55 PM

To: Jeff Richter/HOU/ECT@ECT, Kate Symes/PDX/ECT@ECT
cc:

Subject: #533084

This deal is against the NP index with an SP del point.  Is that what you
want?

Thanks!


Please send a reminder out to Mike Barnas, Kent Shoemaker, Steve Swift, Rose
Engeldorf,
Ben Jacoby, Scott Dieball, and Sheila, and once again include the
instructions (yeah, I know).

thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/28/2000 05:44
PM ---------------------------
From: Sheila Tweed@ECT on 11/28/2000 05:42 PM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: World Hunger assignment

Thanks Kay.  I will be on the call tomorrow.  You might get Suzanne to send
out a reminder.


Effective immediately, Joe Jeffers, Manager of Technical Training and Skill
Based Pay Administration, and his team of Dick Heitman, Cliff McPherson,
Andrea Woody and Lupi Trevino will move from ETS Human Resources to ETS
Operations Technical Services.  Joe will report to Steve Klimesh.

This move will better align Technical Training and SBP Administration with
Operations and enhance the interfaces that take place between this group and
ETS Operations management and the field teams.

Joe and his team have provided outstanding support to Operations in the past,
and it is expected that this high standard of customer service will
continue.  We will be sending more information in the very near future with
regard to the individual support accountabilities of the team members.

Please join me in welcoming this team and helping to make their transition a
smooth one.


It wasn't at the bottom of my list, but it appears it was at the bottom of
London's list.


Looks fine.

	Britt Davis/ENRON@enronXgate
	04/25/2001 07:48 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: david.best@clyde.co.uk@SMTP@enronXgate, Matthias Lee/SIN/ECT@ECT, James
P Studdert/HOU/ECT@ECT
		 Subject: FW: PACIFIC VIRGO

 Richard,

 Some time ago, you and I recommended to John Nowland, and he agreed, that we
didn't have a case against the ship or the supplier of this product ("Elang
Crude, fit for export"), but that we would try for a quick settlement with
the cargo underwriter.  Attached is a draft of the proposed letter to the
cargo underwriters.  David Best, Matt Lee, and I have reviewed and approved
it and recommend it to you.  The red-lining will of course be cleaned up.  It
will either be signed by Jim Studdert of our insurance group, or sent by him
with a transmittal letter signed by him.

 Please let me know whether the letter is acceptable to you.  Thanks.

 Britt

 -----Original Message-----
From:  Helen.Godel@clyde.co.uk@ENRON
[mailto:IMCEANOTES-Helen+2EGodel+40clyde+2Eco+2Euk+40ENRON@ENRON.com]
Sent: Monday, April 23, 2001 3:49 AM
To: Davis, Britt
Subject: PACIFIC VIRGO

Britt -

I have now identified the e-mail and attachment to which you referred in
your message on Friday.  For some reason it is not on my system but I now
have the hard copy from the file.  The covering message was very brief:

     "I attach an amended draft with the amendments highlighted in black."

I attach the draft hereto and apologise for the delay.

With best regards,
Helen Godel.

(See attached file: LET Underwriters - PACIFIC VIRGO.DOC)

-----------------------------------------------------------------------------
This e-mail and any attachments are confidential and may also be privileged.
If you are not the named recipient, please notify the sender immediately and
do not disclose the contents to any other person, use it for any purpose, or
store or copy the information.

In the event of any technical difficulty with this e-mail, please contact the
sender or the London IT Department on +44 (020) 7623 1244.

Clyde & Co
51 Eastcheap, London, EC3M 1JP
Tel: +44 (020) 7623 1244, Fax: +44 (020) 7623 5427

Clyde & Co Guildford
Beaufort House, Chertsey Street, Guildford, GU1 4HA
Tel: +44 (0) 1483 555 555, Fax: +44 (0) 1483 567 330

E-Mail: postmaster@clyde.co.uk, Internet: http://www.clydeco.com

 - LET Underwriters - PACIFIC VIRGO.DOC


Notice to Members No. 01-194
June 7, 2001

CORRECTS AND SUPPLEMENTS PREVIOUS NOTICE TO MEMBERS NO. 01-191

All amended rules can be found on the New York Mercantile Exchange, Inc. website @ http://www.nymex.com/refernce/notices/2001/ntm_191r.htm.

To:
All NYMEX Division Members
All NYMEX Division Clearing Members
All NYMEX Division Member Firms

From:
Neal Wolkoff, Executive Vice President

Re:
--	Amendments to NYMEX Division Position Limit and Reporting Rules
--	Amendments to Large Trader Reporting Requirements for Light Sweet
        Crude Oil and the Addition of Brent Crude Oil

The Board of Directors of the New York Mercantile Exchange, Inc. has approved various amendments to NYMEX Division Chapter 9 rules which, in general, move away from hard position limits "in any one month and all months combined" to position accountability standards. These amendments shall be effective as of the open of trading on Friday, June 15, 2001.

The amendments to any one month, all months combined and option quadrants limits as cited in Rule 9.26, position accountability will provide for the ability for any participant to exceed the prescribed levels. (As a note: the levels advocated for any one month and all months combined are the levels currently in place for all months combined under the existing rule structure. The currently defined any one month limits, which are lower than the all months limits, are being deleted. Additionally, the gross side of market rules are deleted.) Any market participant exceeding the defined position accountability levels will be subject to being contacted by the Exchange when the Exchange deems it necessary, and will be required to supply relevant information as to its position and the status of its account. If the participant refuses to do so, or if the Exchange believes the position, by its size, is a threat to the orderly operation of the market, a market participant can be direct!
ed!
 either to not increase or to decrease its position.

The existing current delivery month on expiration limits as defined in existing Rule 9.27 will be unchanged and subject to hedge/swap exemptions as they are today. The only caveat to this is that certain cash-settled enymexsm contracts will operate with some level of position accountability in the current delivery month.

Further, the large trader reporting levels cited in Rule 9.34 for Light Sweet Crude Oil futures has been amended from 300 to 350 contracts to coincide with existing CFTC standards. The soon to be traded Brent Crude Oil futures' reporting level has been added at the same level of 350 contracts.

Lastly, the any one month/all months position accountability level for the Brent Crude Oil contract of 20,000 has been added.

All amended rules can be found on the New York Mercantile Exchange, Inc. website @ http://www.nymex.com/refernce/notices/2001/ntm_191r.htm.

__________________________________________________
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=(01-194)"

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.


Received a call this afternoon from Gordon Smith, CEO of PG&E (I met Gordon
when he was CFO of PG&E and I was a bureaucrat at the PUC working on the Blue
Book).  He was following up from the meeting this morning with Bob Glynn.  He
was very positive about the comprehensive solution that Ken Lay described to
Glynn at this morning's meeting.  He was particularly positive about the
core/noncore proposal.  He asked to meet to discuss it further.  I have an
appointment to meet with him Monday afternoon.  He offered--as a board member
of the California Chamber of Commerce--to help bring the Chamber along, and
he also said that he can help with the Silicon Valley Manufacturing Ass.
I'll report back after the meeting.

And may have already mentioned that I have a meeting scheduled in Sacramento
Monday with the CEO of the Chamber and the President of CMA.

Will report back on the meetings.  Have a good weekend.

Best,
Jeff


Jeanne:

Thanks for checking about the rooms.  Steve Kean will not be able to attend
this time.  I checked with our DC office for a replacement and unfortunately
they couldn't attend either.

Thanks again for checking - I really appreciate it.

    Maureen McVicker
    Steve Kean's Assistant

	"Payne, Jeanne" <payne@bipac.org>
	03/29/2001 12:49 PM

		 To: "'Kean, Steven J. (Enron)'" <skean@enron.com>
		 cc:
		 Subject:

Will you be attending the the Adam Smith Dinner May 1-- and the Board
meeting May 2?

If so, will you want a hotel room at the Hyatt Regency on Capitol Hill?
They will be releasing the room block tomorrow.  The hotel is completely
booked with a wait list ... so, tomorrow is D-Day.

just a reminder in case you do need a room.


Joe King is in Norway all this week so he probably hasn't seem the e-mails.  You might try to reach Scott Moncrieff in London at 830-37488.
If you can't get a hold of him, then we should just proceed.

Homer

From:	Mark Taylor on 06/07/2001 09:07 AM
To:	Homer Lin/HOU/ECT@ECT
cc:
Subject:	Re: Tanker Freight Long Description

I haven't heard anything from anyone but you and the EnronOnline team.  I suggest we go forward as you suggested in your June 4 e-mail and deal with the mid-month to mid-month issue if it ever actually arises.

	Homer Lin 06/07/2001 07:11 AM 	   To: Mark Taylor/HOU/ECT@ECT  cc:   Subject: Re: Tanker Freight Long Description

Mark,

Did you ever get a final answer on the Product Description?

Homer

---------------------- Forwarded by Homer Lin/HOU/ECT on 06/07/2001 07:10 AM ---------------------------

Homer Lin
06/04/2001 08:19 AM
To:	Mark Taylor/HOU/ECT@ECT
cc:	Scott Moncrieff/Enron@EUEnronXGate, Joe King/Enron@EnronXGate
Subject:	Re: Tanker Freight Long Description

Mark,

Whether or not the mid-month to mid-month deals are likely, you should probably ask Scott Moncrieff or Joe King to answer that question.

I was just suggesting the possibility...  I do like the additional language that covers deals shorter than one month

"Each calendar month during the term of the Transaction will be a Determination Period; provided that, if the term of the Transaction is less than one calendar month, the Determination Period shall be the term of the Transaction."

Perhaps we should proceed with the current Product Description and worry about the mid-month to mid-month description if/when we need it.

Homer

From:	Mark Taylor on 06/01/2001 10:47 AM
To:	Homer Lin/HOU/ECT@ECT
cc:	Carlos Alatorre/Enron@EnronXGate, Joe King/Enron@EnronXGate, Robert Quick/Enron@EUEnronXGate, Scott Moncrieff/Enron@EUEnronXGate
Subject:	Re: Tanker Freight Long Description

Homer -

The problem with the language you suggest is that it will be triggered by any term that is longer than a month.  As far as I know, we have never had a product that went from mid-month to mid-month.  Is that a real issue for us here?  We have language in a few products already that takes care of the second issue (deals shorter than one month):

Each calendar month during the term of the Transaction will be a Determination Period; provided that, if the term of the Transaction is less than one calendar month, the Determination Period shall be the term of the Transaction.

In some cases (e.g. power swaps), when the deal is for less than a month the payment dates are modified to fall at the beginning of the following month (rather than 5 days after the floating price is determinable).  That is a commercial call.  Just let me know how you want to handle that issue.

If mid-month to mid-month deals are likely, let me know and I will come up with alternative language.

Mark

	Homer Lin 06/01/2001 10:15 AM 	  To: Mark Taylor/HOU/ECT@ECT, Joe King/Enron@EnronXGate, Scott Moncrieff/Enron@EUEnronXGate  cc: Carlos Alatorre/Enron@EnronXGate, Robert Quick/Enron@EUEnronXGate  Subject: Re: Tanker Freight Long Description

Mark,

Looks good.  The product description looks fine for copying the shipping products that Scott Moncrieff is trading now in London.

I'm a little concerned about the line: "Each calendar month during the term of the Transaction will be a Determination Period"...

Is it flexible enough in changing determination periods from mid-month to mid-month?
As in June 15 to July 14 to represent a month?  Or will that just be another Long Description that we would have to draft for another product type?

Also, what if we wanted to break up the determination periods into smaller increments than one month?
Let us say a 1-week or 2-week period instead of a full month.

May be something like:
"Each calendar month during the term of the Transaction will be a Determination Period unless otherwise specified by the Effective Dates"

That's my two cents,
Homer
x57642

From:	Mark Taylor on 05/31/2001 06:25 PM
To:	Joe King/Enron@EnronXGate, Homer Lin/HOU/ECT@ECT, Carlos Alatorre/Enron@EnronXGate
cc:	Scott Moncrieff/Enron@EUEnronXGate, Robert Quick/Enron@EUEnronXGate
Subject:	Tanker Freight Long Description

Here is a draft of the US version.  Please let me know if it works for you.

<Embedded StdOleLink>
<Embedded StdOleLink>
<Embedded StdOleLink>
<Embedded StdOleLink>


---------------------- Forwarded by Kay Mann/Corp/Enron on 07/11/2000 02:03
PM ---------------------------

"Thomas Mueller" <tmueller@rhm.com.mx> on 02/11/2000 08:56:50 PM
To: Kay.Mann@enron.com
cc:

Subject: [LETTER TO AI

 Kay,

it has become later than I anticipated (and wanted).
Attached is the revised letter.

Saludos
Thomas

 - 7SK01!2.DOC


Some South East Power infomation
-----Original Message-----
From: Malowney, John
Sent: Thursday, September 27, 2001 11:46 AM
To: Swerzbin, Mike
Subject: FW: FYI L-P

-----Original Message-----
From: Roger Dieringer [mailto:Roger.Dieringer@lpcorp.com]
Sent: Thursday, September 27, 2001 11:42 AM
To: Malowney, John
Subject: FYI

Industry notes on curtailments and closures

RandomLengths
09/27/2001

Plywood/OSB

Advanced Wood Resources, Brownsville, Ore., will cease all operations as of November 20. "Severe competition from the lower-priced OSB, combined with challenging economic conditions and rising costs associated with increased environmental standards," were cited as reasons for the closure.

Georgia-Pacific has announced plans to shut down nine plywood mills in the South for one week starting October 1 to replenish log supplies.

Hunt Forest Products will shut down its plywood mill in Natalbany, La., for one week starting October 1 due to tight log supplies.

LP has announced market-related downtime at most of its U.S. and Canadian OSB mills. Most of the mills will be down a minimum of one week, starting October 8. Plants in Sagola, Mich., and Jasper, Texas, will be down the week of October 1. Hayward, Wis., will be down the week of October 15. Carthage, Texas, will be down the week of September 24. And Silsbee, Texas, will be down the week of October 8 and for four to six weeks thereafter for a press rebuild.

Willamette Industries' plywood mill in Dodson, La., will shut down the week of September 24 for scheduled maintenance.

LUMBER

Harwood Products, Branscomb, Calif., has cut production by 20% due to market conditions

Weyerhaeuser will close its three Cedar sawmills in British Columbia for an indefinite duration beginning next week. Market conditions were cited.

Canadian Forest Products will reduce output at its sawmills in British Columbia and Alberta by an estimated 70 million board feet during October.

Abitibi Consolidated plans to cut production by about 25% at all of its sawmills over the next four weeks. "Market conditions and supplemental export costs" were cited as reasons for the curtailments.

Slocan Forest Products will reduce production by 30 million board feet by curtailing production the first week of October

For more information, visit RandomLengths <http://www.randomlengths.com/>

Roger Dieringer
Corporate Supply Manager - Energy
936.788.9759  Phone
936.524.0609  Cellular Phone
888.710-0640  Pager