Greetings Jeff,
Thanks.  I will make copies and bring it to class.
Kindly,
Salvador

--
Salvador D. Aceves
Assistant Professor, Accounting
Director, Executive Education
School of Business and Management
University of San Francisco
2130 Fulton Street
San Francisco, CA  94117
Tel (415) 422-6263 fax (415) 422-2502
e-mail: acevess@usfca.edu

> Funny thing.  Right after we'd discussed my company's mark to market
> accounting in class on Monday, this article showed up on Wednesday.
> Thought you might be interested.
>
> TEXAS JOURNAL --- Energy Traders Cite Gains, But Some Math Is Missing ----
> By Jonathan Weil Staff Reporter of The Wall Street Journal
>
> Volatile prices for natural gas and electricity are creating high-voltage
> earnings growth at some companies with large energy-trading units. But
> investors
> counting on these gains could be in for a jolt down the road.
>
>   Shares of these companies have been on a tear lately. And some of the
> biggest
> players are in Houston, the center of the energy-trading industry. Dynegy
> Inc.'s
> stock is up more than fourfold so far this year at $53.438, and now trades
> for
> 41 times what analysts project the company's 2000 earnings will be,
> according to
> First Call/Thomson Financial. Shares of Enron Corp., the largest trader of
> gas
> and electricity in North America, have nearly doubled this year to $84.875,
> or
> 60 times earnings. Meanwhile, El Paso Energy Corp.'s stock has jumped 61%
> this
> year to $62.375, or 24 times earnings.
>
>   Traders at these and other companies are capitalizing on the wild price
> swings
> and supply fluctuations that have accompanied deregulation in some regional
> markets. Natural-gas prices have more than doubled in the past year, while
> supplies have tightened. And the rapid price fluctuations for electricity
> have
> prompted many large businesses to seek price protection through hedging or
> fixed-price contracts, generating large premiums for traders.
>
>   But what many investors may not realize is that much of these companies'
> recent profits constitute unrealized, noncash gains. Frequently, these
> profits
> depend on assumptions and estimates about future market factors, the
> details of
> which the companies do not provide, and which time may prove wrong. And
> because
> of minimal disclosure standards in these kinds of cases, it's difficult for
> investors to assess whose assumptions might be too aggressive, or what
> market
> changes might invalidate the assumptions -- and force earnings revisions.
>
>   "There could be a quality-of-earnings issue," says Tom Linsmeier, an
> associate
> professor of accounting at Michigan State University, who co-authored the
> U.S.
> Securities and Exchange Commission's rules on market-risk disclosures for
> financial instruments. "There certainly might be great volatility that
> could
> cause what now looks like a winning, locked-in gain to not arise sometime
> in the
> future."
>
>   The companies reject any suggestion that there may be quality problems
> with
> their earnings.
>
>   But at the heart of the situation is an accounting technique that allows
> companies to include as current earnings those profits they expect to
> realize
> from energy-related contracts and other derivative instruments in future
> periods, sometimes stretching over more than 20 years.
>
>   So-called mark-to-market accounting is mandated by accounting-rule makers
> when
> companies have outstanding energy-related contracts on their books at the
> end of
> a quarter, such as agreements to sell electricity or buy natural gas over a
> period of time at certain prices. Under those rules, companies estimate the
> fair
> market values of those contracts on their balance sheets each quarter as
> assets
> or liabilities. Changes in the value of a contract from quarter to quarter
> then
> are either added to or subtracted from net earnings.
>
>   If, for instance, the market price for natural gas rises above the price
> specified in a company's contract to buy gas, generally the company will
> record
> an unrealized gain. That gain is recognized as income and recorded as an
> asset
> on the company's balance sheet. At the end of each quarter, the contract is
> revalued. The value of the previously recorded asset is increased, and any
> increase in unrealized gain is recorded as additional income. Conversely,
> if the
> market value for gas falls, and the value of the contract has declined, any
> change in the contract's value is recorded on the company's balance sheet,
> and a
> loss is recorded on its income statement. e
>
>   Yet in their financial reports, the companies only vaguely describe the
> methods they use to come up with fair-value estimates on the contracts.
> Increasingly, quoted market prices offering independent guidance are
> becoming
> readily available for several years into the future. However, with some
> long-term derivative instruments, particularly electricity contracts,
> future
> market prices don't extend far enough to cover the full life of those
> contracts.
> And in those cases, companies are allowed to base valuations on their own
> undisclosed estimates, assumptions and pricing models.
>
>   "Ultimately they're telling you what they think the answer is, but
> they're not
> telling you how they got to that answer," says Stephen Campbell, an analyst
> at
> Business Valuation Services in Dallas. "That is essentially saying `trust
> me.'"
>
>   Accounting-rule makers at the Financial Accounting Standards Board have
> debated the subject of how to value energy-related contracts extensively in
> recent months. "Two companies in similar circumstances might apply
> different
> methods to estimate the fair value of their energy-related contracts and
> may
> arrive at widely different values," an FASB task force studying the issue
> wrote
> in a June report. "Those differences lead to the question of whether some
> of the
> methods in practice yield estimated amounts that are not representative of
> fair
> value."
>
>   Despite this concern, FASB isn't inclined to offer any explicit guidance
> for
> how such contracts should be valued. "There are just too many models and
> too
> many different types of instruments for us to have a one-size-fits-all type
> of
> model," explains Timothy Lucas, FASB's director of research in Norwalk,
> Conn.
>
>   One way to determine the size of a company's unrealized gains is to
> compare
> the change in the values of net assets from risk-management activities from
> quarter to quarter. Some companies also disclose how much they're adjusting
> their cash-flow statements to reflect unrealized gains that have been
> booked as
> earnings. That's how one can determine the size of the unrealized gains at
> Dynegy and Enron, for example, the two companies confirm.
>
>   A reporter's examination of Dynegy's financial filings shows the
> company's
> earnings are highly dependent on unrealized gains from risk-management
> activities. For its most recent quarter, ended June 30, Dynegy reported
> earnings
> of 38 cents a diluted share -- 71% of which came from unrealized gains, the
> company confirms. (The company's per-share earnings would have been 20
> cents
> higher if not for a one-time stock dividend.) For all of 1999, Dynegy
> recorded
> $115 million in unrealized gains, accounting for 51% of its earnings.
>
>   Enron confirms it booked $747 million in unrealized gains from
> risk-management
> activities during the second quarter, more than the company's total $609
> million
> in earnings before interest and taxes. Absent unrealized gains, the company
> would have reported a quarterly loss. For the quarter, the company reported
> earnings of 34 cents a diluted share, up 26% from a year earlier.
>
>   But not all companies disclose enough information for investors to
> calculate
> how large their unrealized gains are. El Paso says that's the case with its
> own
> quarterly reports, which disclose short-term assets and liabilities from
> risk-management activities -- but not long-term risk-management assets and
> liabilities.
>
>   For the second quarter, El Paso reported that its energy marketing and
> trading
> unit earned $152 million before interest and taxes, 24 times what it earned
> a
> year earlier. In an interview, El Paso's chief financial officer, Brent
> Austin,
> says unrealized gains represented about a third of that total. He says most
> of
> the cash from those gains will materialize within a year.
>
>   In its financial reports, Dynegy highlights the uncertainties with some
> contract valuations. It explains that with some long-term contracts for
> which
> market-price quotes aren't available, "the lack of long-term pricing
> liquidity
> requires the use of mathematical models to value these commitments . . .
> [using]
> historical market data to forecast future elongated pricing curves." Dynegy
> cautions that actual cash returns may "vary, either positively or
> negatively,
> from the results estimated."
>
>  But like Enron, El Paso and others, Dynegy provides scant details about
> its
> mathematical models -- such as the assumptions they use for market
> volatility
> and long-term price forecasts for natural gas and electricity. Nor is the
> company required to disclose more.
>
>   "The disclosure mentions risks," says John Cassidy, an analyst who tracks
> Dynegy for Moody's Investors Service in New York. "But I don't know that
> the
> disclosure offers enough detail for you to be able to quantify how much
> risk
> there is."
>
>   El Paso's filings warn that "because the valuation of these financial
> instruments can involve estimates, changes in the assumptions underlying
> these
> estimates can occur, changing our valuation and potentially resulting in
> financial losses." Enron cautions that the values it assigns to various
> transactions are based on "management's best estimate."
>
>   The companies are required to disclose what they think their maximum
> potential
> single-day risk-management losses might be, figures that also are based on
> various undisclosed market assumptions. But energy traders cite competitive
> reasons for not disclosing more.
>
>   "You don't necessarily want to tip off everyone to what you're doing,"
> says
> John Harrison, chief financial officer for El Paso's merchant-energy unit.
>
>   Echoing remarks by executives at other energy traders, Enron's executive
> vice
> president and chief accounting officer, Richard Causey, says Enron runs a
> relatively balanced portfolio and that the estimates factored into his
> company's
> valuations are conservative. In large part, he says, those estimates are
> based
> on quoted market prices where available. Where they're not available, Mr.
> Causey
> says Enron bases its estimates in part on long-term pricing trends, as well
> as
> the company's own trading experience, which dates to 1990.
>
>   Further, Mr. Causey says, Enron's unrealized gains don't depend heavily
> on
> gains from long-term contracts that extend beyond the periods for which
> market
> quotes are available, reducing the potential for significant earnings
> revisions.
> The average length of Enron's risk-management contracts is just two years,
> he
> says. To be sure, though, some of Enron's electricity contracts extend for
> 25
> years.
>
>   "We're getting the cash in quicker than you might think," Mr. Causey
> says.
> "They don't stay unrealized very long."
>
>   El Paso says its contracts have an average life of six years, with some
> running as long as 20 years. Dynegy says the longest risk-management
> contracts
> for which it uses mark-to-market accounting are 10 years, though it doesn't
> disclose an average length. Dynegy's chief financial officer, Robert Doty,
> says
> 96% of the company's gas contracts close out by 2002, while 75% of its
> power
> contracts expire by 2003. "The cash will come in," he says.
>
>   As for why the company doesn't disclose the extent of any bias, bullish
> or
> bearish, it has in the market, Dynegy executives say that information, like
> the
> estimates behind its mathematical models, is proprietary. Such disclosures
> may
> be outdated anyway by the time they could be included in public financial
> filings, says Michael Mott, a Dynegy vice president. Mr. Mott further
> explains
> that Dynegy could be realizing more cash earnings now if it wanted to. But
> "we
> don't see that would be in the best interests of shareholders," Mr. Mott
> says,
> because the company figures it can earn more later by leaving much of its
> gains
> unrealized for now.
>
>   Mr. Linsmeier of Michigan State compares the current situation for energy
> traders with the accounting controversies that engulfed subprime automobile
> and
> residential lenders during the late 1990s, though he emphasizes it's too
> far
> early to tell whether the consequences will be similar. Using so-called
> gain-on-sale accounting (a form of mark-to-market accounting), those
> lenders
> booked earnings from loans as soon as they were made, rather than having to
> wait
> for them to be paid off, as banks typically do.
>
>   But as interest rates fell in 1998, many customers paid off their loans
> earlier than expected, slashing lenders' profit margins. Compounding
> matters,
> the market for mortgage-backed securities dried up in the wake of financial
> chaos in Russia and other foreign markets, leaving lenders to bear the
> higher
> risks of many new loans.
>
>   Many investors complained they were blindsided, in part because these
> lenders
> generally hadn't disclosed their assumptions about prepayment rates and
> other
> variables. After the crash, subprime lenders routinely began disclosing the
> key
> assumptions used to value their mortgage portfolios.
>
>   At New York University, accounting professor Baruch Lev says investors
> would
> be better served if energy traders' financial filings explained the effects
> of
> hypothetical commodity-price movements on the values of their
> risk-management
> assets, and disclosed the basic assumptions about future commodity-price
> movements ingrained in their mathematical models. Says Mr. Lev, "I would
> like to
> see much more disclosure, particularly given that this is now becoming a
> significant component of their earnings."
>
>
> - - - - - - - - - - - -  Document Released on 2000-09-20 02:20:08.0 EST - -
>                             - - - - - - - - - -
>
>


Please note the attached press release from Governor Davis regarding a
new energy efficiency program in which he references a contract with
EES.

http://www.governor.ca.gov/state/govsite/gov_htmlprint.jsp?BV_SessionID=@@@@11
67524908.0985126123@@@@&BV_EngineID=halkhckdehmbemfcfkmchcgi.0&sFilePath=%2fgo
vsite%2fpress_release%2f2001_03%2f20010320_PR01104_energyefficientbuildings.ht
ml&sTitle=GOVERNOR+DAVIS+ANNOUNCES+STATE+AGREEMENTS+TO+SPUR+ENERGY+EFFICIENT+B
UILDINGS+03%2f20%2f2001&sCatTitle=Press+Release&iOID=14048


Doug,

Can we meet at 9 on Tuesday instead?

Vince

Doug Arnell@ENRON_DEVELOPMENT
07/06/2000 02:36 PM
To: Vince J Kaminski@ECT
cc:
Subject: LNG Book

Vince, I would like to have another update meeting to talk about our progress
on the LNG book.  Would this coming tuesday morning at 10 work for you and
your group?

Please let me know.

Thanks


Hi,
 FYI here is an updated spreadsheet summarizing the data vendor research and
model development.

 Please let me know if any thing is missing, wrong, should be deleted, etc.

Thanks,
Iris

 -----Original Message-----
From:  Salmon, Scott
Sent: Monday, April 09, 2001 2:15 PM
To: Dhar, Amitava
Cc: Mumford, Mike; Kirkpatrick, Eric; Mack, Iris
Subject: Re: Data for private firm model

Great work Iris!  This gets us heading down the right direction and we'll
have some project scope documentation ASAP.

Cheers,
Scott

Amitava Dhar
09/04/2001 19:25
To: Scott Salmon/EU/Enron@Enron, Mike Mumford/LON/ECT@ECT, Eric
Kirkpatrick/EU/Enron@Enron
cc: Iris Mack/ENRON@enronXgate

Subject: Data for private firm model

The enclosed spreadsheet contains a summary of preliminary data search plan
prepared by Iris.  We will talk about further progress during our conf. call
on Wednesday.

 << File: Credit Modeling-Derivatives.xls >>


I take back my dog comment.

john
 -----Original Message-----
From: 	"Frank Ricciuti" <fricciuti@dceg.com>@ENRON [mailto:IMCEANOTES-+22Frank+20Ricciuti+22+20+3Cfricciuti+40dceg+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, April 17, 2001 8:49 AM
To:	John J. Lavorato
Subject:	Have you checked dceg share price

john, saw your CEO on the CNBC this mornng. He  looks and sounds impressive. Stock price does not seem to give a damn. From my  experience the price will show dramatic improvement once the overall tone of the  market gets better and the "California" bankruptcy situation is done  away with.

However have you seen the share price of dceg  lately. I think you called it a dog not long ago. We've increased in price by 5X  since the ridiculous lows reached just before Christmas.

Give my best to the family.

Your Uncle Frank


Hi,

I got your email.  Thank you for keeping me up on what's going on.  I was at the school yesterday sitting in on some of Candis' classes but I didn't get to make it in time to see you.  Hopefully I will be able to meet you during Open House. Until then, thanks again.

-----Original Message-----
From: Wendy Koebernick [mailto:wendykoeb@springisd.org]
Sent: Thursday, September 06, 2001 6:42 PM
To: Tina-Ly@2die4.com; gargonZ093@aol.com; Lucy-Webster@caldive.com;
Tholle@coair.com; aarmc6@cs.com; Davis, Dana; ingridinhouston@webtv.net;
LuisaDuran@yahoo.com
Subject: test

Hi,

This is your child's English teacher - finally got your E-mail addresses into my address book.  Please reply so I know you got this message ...

In case you do, you should know that we have a quiz tomorrow in class over their homework tonight, which counts half their grade.  The assignment should be written down in their agendas.  It is to read p. 456-8 and answer the questions on p. 459, exercise 2, #1-10.

Thanks!

Wendy Koebernick
(281) 586-2630


I hate to sound like a jerk (but its the nature of my job, and perhaps my
personality, so I will).  Another day has passed and the Bank has yet to see
paper, and frankly we have yet to see the Bank's paper.  Frankly I am very
concerned about this getting done on time.  I know this can all be put in
place, but I think we need to make a concerted and coordinated effort to make
this our individual priorities between now and Friday.  I will be in a plane
until mid-afternoon tomorrow, but will be reachable after that by cell @
403-819-5528.

In my absence Greg Johnston has kindly agreed to help out.  Greg can be
reached @ 403-974-6745.

I want to set out below the various tasks and responsibilities as I see them,
and the outstanding issues as I understand them.  I think a distribution of
all drafts needs to be circulated by no later than mid-afternoon tomorrow,
with a view to review of drafts Tuesday, revising drafts Wednesday,
finalizing drafts and executing Thursday and funding Friday.

A.  SWAP #1 w/ Swapco (Bow River Trust):

*  Credit worksheet - Bill

*  ISDA Master, etc. - Tana/Sara

*  Transaction terms (gas prepay) - Brian/Soma/RBC

*  Confirm (gas prepay) - Sara

*  Blakes opinion re; ECC - Warren

*  Enron Corp. G'ee - Clement

*  J. Derrick opinion re: Enron Corp. - Clement

*  VE opinion re: Enron Corp. - ? (Clement)

*  Macleod Dixon opinion re: Swapco - Warren to follow-up

B.  SWAP #3 w/ RBC

*  Credit worksheet - Bill

*  ISDA Master, etc. - Tana/Sara

*  Transaction terms (gas swap) - Brian/Soma/RBC

*  Confirm (gas swap) - Sara

*  Transaction terms (interest rate swap) - Brian/Soma/RBC

*  Confirm (interest rate swap) - Sara

*  Blakes opinion re; ECC - Warren

*  Enron Corp. G'ee - Clement

*  J. Derrick opinion re: Enron Corp. - Clement

*  VE opinion re: Enron Corp. - ? (Clement)

*  Macleod Dixon opinion re: RBC - Warren to follow-up

C.  OTHER

*  Fee Letter - Macleod Dixon - Warren to follow-up

*  Indemnification re: Increased Costs - Macleod Dixon - Warren to follow-up

*  Promissory Note from ECPC to ECC - Greg

*  Resolution re: Promissory Note for ECC - Greg

*  Resolution re: Promissory Note for ECPC - Greg

D.  ISSUES

*  Generic cross-default to any ECC swap in ECC portfolio over specified
threshold amount - as discussed, I would consider this as unacceptable but
will defer to commercial.  The scope of the default would be overly broad,
the Bank is relying on Enron Corp. credit and will have a third party debt
x-default to Enron Corp. of US$100MM.  If agreed, this needs to be considered
for both Swap #1 and  #3

*   Cross-default to Enron Corp. Credit Agreement - as discussed, this should
be unnecessary if Credit Agreement reps/wars/covenants are in the Enron Corp.
G'ee, but this could be a solution to providing a short for Enron Corp. G'ee

*  Cross-default to Swapco Credit Agreement with BF Equity for illegality -
as discussed, since ECC is not a party to that transaction and would have no
standing to take any position to prevent acceleration, since ECC would
nonetheless be obligated on Swap #1, the Bank's only issue would be timing of
repayment, the risk is more theoretical than real for the Bank and given that
the loan is part of the Bank's own off-balance sheet structure, this should
not be acceptable.  If agreed, this needs to be considered for both Swap #1
and  #3

*  Syndication - the Bank will be entitled to syndicate up to 50% of the
amount funded under Swap #1 to Canadian Chartered Banks, but not more than
20% of the funded amount to Schedule II Canadian Chartered Banks.  Increased
cost of funding by Schedule II Banks will be accounted for under the interest
rate swap.  The issue will be to define the parameters of our participation
in syndication, to whom we have recourse under Swap #3 (and #1) and to
document the right to syndicate Swap #1 separately from the adjustment to the
interest rate swap.

Finally, we need some answers on my earlier e-mail, including as to wiring of
funds and amount required to be funded.

PK


Hey,  I included you on this hoping you could help us get the management team at EES come up with some big bucks.  We are not looking for  the $1 donation from everyone in EES.

Thanks

Tracy
---------------------- Forwarded by Tracy Geaccone/GPGFIN/Enron on 02/08/2001 03:28 PM ---------------------------
From:	Shelley Corman/ENRON@enronXgate on 02/08/2001 09:21 AM
To:	Christi L Nicolay/HOU/ECT@ECT, Tracy Geaccone/GPGFIN/Enron@ENRON, Maggie Schroeder/FGT/Enron@ENRON, Kerry Roper/GPGFIN/Enron@ENRON, Lisa Yoho/NA/Enron@Enron, Sophie Patel/ET&S/Enron@ENRON, Rick Dietz/ET&S/Enron@ENRON, Steve Hotte/Corp/Enron@ENRON, John Shafer, Shanna Funkhouser/Corp/Enron@ENRON, Sherron Watkins/Enron Communications@Enron Communications, TK Lohman/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Kimberly Nelson/ENRON@enronXgate, Stephanie Miller/Corp/Enron@ENRON, John R Keller/OTS/Enron@Enron, Staci Holtzman/FGT/Enron@ENRON, Kevin Howard/Enron Communications@Enron Communications, Jenny Rub/ENRON@enronXgate, Amy Krone/ENRON@enronXgate, Thea Marino/HOU/EES@EES, Karen Clapper/FGT/Enron@ENRON, Gil Muhl/Corp/Enron@ENRON, Carrie A Robert/NA/Enron@Enron
cc:	Julie Armstrong/Corp/Enron@ENRON, Danny McCarty/ET&S/Enron@Enron, Alma Martinez/ENRON@enronXgate, Gina Taylor/ENRON@enronXgate

Subject:	March of Dimes Walk Team

Greetings,

It is once again time for the March of Dimes Walk America event.  This is the largest fundraising event for March of Dimes.  As you probably already know, March of Dimes is a non-profit organization focused on promotion of healthy babies and prevention of birth defects.  As you probably also already know, this is a cause near and dear to my heart.  In 1998, Enron provided no support for March of Dimes.   This was simply not acceptable for a company the size and stature of Enron.  Several of you agreed and we formed an Enron March of Dimes Walk Team.  A new team in 1999, we raised $12,000.  In 2000, Stan Horton lent us his executive support and we grew our efforts to $46,000 - earning us the position of 15th place of Houston March of Dimes Walk Teams.

Enron employees have shown that this is a cause that they want to support.  I believe that we can take our 2001 Enron Walk Team to the next level, achieving a goal of $75,000 and earning a place in the top ten Houston walk teams.  Danny McCarty has agreed to serve as our executive sponsor for 2001.

Of course to accomplish this goal, it will take a group of dedicated team leaders.  Please consider joining me in this effort.
I know you are all busy and running at full speed, but that is exactly why I need your help.  I believe that with a small but focused amount of your time over the next few weeks, we can accomplish significant results.  Fundraising is our primary goal, walking is not required!

Please give this some consideration and let me know in the next few days whether I can count on you to lead the team.

I am planning a kick-off luncheon for next Friday, February 16. I promise that this will be our one and only one formal meeting.  We can handle all other coordination and planning via email.


Leonard,

WELCOME BACK !!!!!   Hope you and Dorothy had a pleasant trip to Germany???   Hope all is well with Kasie??? I would love to hear all about it.

While you were gone, Maria Pirro contacted me -- she is with West Penn Appraisers, Inc. ("WPA").  She faxed their fee schedule relating to the various Sciullo Properties and signed off on my approval as to costs, so WPA is beginning their work.

FYI:	I have sent to WPA the monies for the Burger King appraisal as well as the Willow Farms lots.  However, there are some properties for which Four Star or Dan & I are not a party to.   Therefore, the payment of those appraisals must be handled probably by you or my Dad.

I will fax the WPA fee Schedule, so you know what properties constitute WPA's idea of the "Sciullo Properties".

Once again, welcome back.

Susan

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3803A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
Email: Susan.Bailey@enron.com


Tana, there was no attachement with this e-mail.  Can you please resend?

Thank you.
-----Original Message-----
From: Tana.Jones@enron.com [mailto:Tana.Jones@enron.com]
Sent: Wednesday, November 15, 2000 10:18 AM
To: gquinn@prebon.com
Cc: Bob.Shults@enron.com; Michael.Bridges@enron.com
Subject: NDA - Prebon Energy, Inc.

At the request of Bob Shults, I am attaching our proposed form of
Non-Disclosure Agreement.  If the enclosed meets with your approval, please
sign the NDA and return it to me via fax (713) 646-3490.  If you have any
comments or questions, please do not hesitate to call me at (713) 853-3399.

Tana L. Jones
Senior Legal Specialist


Thanks for the follow up.  Please move forward with this offer with the sign
on payment.  Thanks.

	Enron North America Corp.

	From:  Hector McLoughlin @ ENRON                           08/22/2000 09:46 AM

To: Sally Beck/HOU/ECT@ECT
cc: Sheila Walton/HOU/ECT@ECT, Toni Graham/Corp/Enron@Enron
Subject: Approval for Sign on Bonuses

Sally,
In answer to your question regarding the approval process for sign on
bonuses, Sheila Walton informed me of the following.
If you are primarily in agreement regarding a small sign on bonus award,
then no further approval process is necessary.     If the sign on bonus
amount is substantial then approval from David Oxley is advisable.
In our current case, a $5,000.00 sign on for a Sr. Specialist would not
require additional approval except your own.
I will continue to monitor sign on bonus offers and provide you with a
recommendation based on all available factors.

hgm


-----Original Message-----
From: 	Jones, Brad
Sent:	Tuesday, January 08, 2002 12:34 PM
To:	Gossett, Jeffrey C.
Subject:	TXU bankruptcy

Here is the info from Jan-4


Mara,

Here is the proposed revised contract with Citizens.  Could you take a look at it and see if the logic works in accordance with the spreadsheet?  sort of like how you built the original spreadsheet from the original contract.  Let me know if you have any questions and how this turns out.

Thanks,

Kim
 -----Original Message-----
From: 	Foster, Chris H.
Sent:	Tuesday, October 16, 2001 5:19 PM
To:	John Cogan (E-mail)
Cc:	Ward, Kim S (Houston)
Subject:

John:

Here is a very rough draft of the amendment that 1)  clarifies the gas pricing and 2) adds firm peaking gas.  I will call to discuss.

C

Chris Foster
chris.h.foster@enron.com
(W) 503/464-3822
(Cell) 503/702-8568


How did it go?


Please see below the update on lavo's reviews.   Let me know if you need more info.

Complete:
Phillip Allen
John Arnold
Orlando Gonzalez
Scott Josey
Fred Lagrasta
Laura Luce
Tom Martin
Rob Milnthorp
Scott Neal
Jim Schweiger
Hunter Shively
John Tompson
Barry Tycholiz
Frank Vickers
John Zufferli

Still to be written:
Michael Miller-lavo will do
Joe Deffner-lavo doesn't want to do this one.  He wants me to have Ben Glison to do.  I will check w/his hr rep to see if that is possible.  think we might get some resistance.  Let me know if you have any ideas.  I'll keep you posted.


Greg,

Welcome to Enron!

We will immediately start the "development" program to instill the Enron viewpoint....We are the best and brightest employees and we are better and smarter than any company in the world.  We are the elite.

Just kidding.  I look forward to seeing you in the elevator banks.

Mark

-----Original Message-----
From: McConnell, Sarah [mailto:Sarah.McConnell@COMPAQ.com]
Sent: Wednesday, October 10, 2001 8:17 AM
To: Phillips, Gregory L (Legal)
Cc: McConnell, Mark
Subject: Mark's number is 713-345-7896

Sarah Hlavinka McConnell
Associate General Counsel
Compaq Computer Corporation
MS 110701
20555 SH 249
Houston, TX  77070-2698
Phone (281) 514-4933
Facsimile (281) 518-7501
sarah.mcconnell@compaq.com <mailto:sarah.mcconnell@compaq.com>


Attached is my testimony.


no

	Taffy Milligan
	09/12/2000 12:06 PM

		 To: Susan Bailey/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT,
Mark Taylor/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Jason
Peters/Corp/Enron@Enron, Mary Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron,
Robert Bruce/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron
		 cc:
		 Subject: CCH - Commodity Futures Law Reporter - Transfer Binder

Do you have the final binder containing pages in the 50,000 range?  If so,
can I borrow it to place some updates in the book.  I will return it to you
when I I'm done.

Regards,
Taffy


Kathy,

Does this mean that the 3 gas trades between East Power and Alberta can be terminated, as well?!

Thanks,
Casey

 -----Original Message-----
From: 	White, Stacey W.
Sent:	Monday, January  14, 2002 9:55 AM
To:	Evans, Casey; Postlethwaite, John
Cc:	Albrecht, Kristin
Subject:	Estate Requests

Whenever we asked to give terminated information for the Estate we should include the 'Alberta ENA Bankruptcy' portfolio.  The transactions in this portfolio are transactions entered into by Canada using a ENA contract that has now been terminated.

If you have specific questions, please contact Kathy Reeves.

Stacey


----- Forwarded by Steven J Kean/NA/Enron on 10/16/2000 09:26 PM -----

	Hiroko Ono
	10/16/2000 05:18 AM

		 To: Steven J Kean/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Gary
Hickerson/HOU/ECT@ECT, Ken Rice/Enron Communications@Enron Communications,
Anthony Duenner/Enron Communications@Enron Communications,
mike.mcconnell@enron.com, jeff.shankman@enron.com, mark.frevert@enron.com,
Paul Chivers/LON/ECT@ECT, Mark Schroeder/LON/ECT@ECT, Jackie
Gentle/LON/ECT@ECT, Greg Whalley/HOU/ECT@ECT, Philippe A Bibi/HOU/ECT@ECT,
Tom McKeever/EU/Enron@Enron, Fiona Grant/LON/ECT@ECT, Jim
Thompson/OTS/Enron@ENRON, Brian Stanley/EU/Enron@ENRON
		 cc: Maureen McVicker/NA/Enron@Enron, Cindy Derecskey/Corp/Enron@Enron,
Stella L Ely/HOU/ECT@ECT, Kelly Kimberly/Enron Communications@Enron
Communications, cathy.phillips@enron.com, Beverley Ashcroft/LON/ECT@ECT,
Tracy Ralston/EU/Enron@ENRON, Liz M Taylor/HOU/ECT@ECT, Anita
Lynch/EU/Enron@Enron
		 Subject: Enron Japan Office Opening Party

Thank you for indicating your intention to attend the office opening.

Attached please find guest information checklist.

It would be grateful if you could arrange to complete and return the
checklist by e-mail at your earliest convenience.

Best regards,

Hiroko Ono
Assistant to Joe Hirl


Thanks !

 -----Original Message-----
From: 	Osire, Ann
Sent:	Thursday, August 30, 2001 10:09 AM
To:	Perlingiere, Debra
Subject:	RE: Interstate Gas Supply

Debra,

Here is the contact Info.

Attn: Dave Gaiser
Interstate Gas Supply, Inc.
5020 Bradenton Avenue
Dublin, Ohio 43017

Phone#:  (614) 923-1000

 -----Original Message-----
From: 	Perlingiere, Debra
Sent:	Thursday, August 30, 2001 9:48 AM
To:	Osire, Ann
Subject:	Interstate Gas Supply

 I have a fully executed Amendment to return to the customer.  Can you give me the name / add of your contact.  Thanks!!

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


Doug, Ashley's e-mail address is in the cc line if you want to get in touch
with her.  I hadn't thought that she might have had to put down a refundable
deposit (rather than a hookup fee) for some of the utilities so logistically
switching to your name might not be worthwhile, but it may be worth asking.
Remember I have water covered.  Call or e-mail if you have questions!


It may not be rocket science, but not everyone can hack it.  Isn't that why
you left the wholesale side of the business?  Besides somebody has to take up
the slack for EES.  Let the me know when you need some earnings to cover your
loss for the quarter, I'm sure I can spare some out of my book!

To: Eric Bass/HOU/ECT@ECT
cc: Chad Landry/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, val.generes@ac.co@ECT
Subject: Re: CWS

Remember, buys are 1/2 cent above Tom's buys and sells are 1/2 cent below.
Keep up the hard work.  It's definitely rocket science.

Eric Bass@ECT
06/08/2000 12:33 PM

To: Timothy Blanchard/HOU/EES@EES
cc: Chad Landry/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, val.generes@ac.co
Subject: Re: CWS

I don't need to talk shit about the game.  I will let the Longhorns do the
talking for me on Saturday.

By the way,  you can probably see your reflection in that surfboard by now.

To: Eric Bass/HOU/ECT@ECT, Chad Landry/HOU/ECT@ECT, Matthew
Lenhart/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT, val.generes@ac.com
cc:
Subject: CWS

Excerpt from Baseball America on 2000 CWS.

Bass, give it up.  You are done.

The Tigers wear the mantle of favorite well. They have won
                    nine straight games in postseason play, including the
Southeastern
                    Conference tournament. They are relatively healthy. They
have power
                    hitters, they have patient hitters, and they can field
better than recent
                    versions of the club. Best of all, they have a lot of
arms, and they have
                    Bertman around to use them.


Liane,

 As we discussed yesterday, I am concerned there has been an attempt to
manipulate the  El Paso San Juan monthly index.  A single buyer entered the
marketplace on both September 26 and 27 and paid above market prices
($4.70-$4.80) for San Juan gas with the intent to distort the index.  At the
time of these trades, offers for physical gas at significantly (10 to 15
cents) lower prices were bypassed in order to establish higher trades to
report into the index calculation.  Additionally, these trades are out of
line with the associated financial swaps for San Juan.

 We have compiled a list of financial and physical trades executed from
September 25 to September 27.  These are the complete list of trades from
Enron Online (EOL), Enron's direct phone conversations, and three brokerage
firms (Amerex, APB, and Prebon).  Please see the attached spreadsheet for a
trade by trade list and a summary.  We have also included a summary of gas
daily prices to illustrate the value of San Juan based on several spread
relationships.  The two key points from this data are as follows:

 1.  The high physical prices on the 26th & 27th (4.75,4,80) are much greater
than the high financial trades (4.6375,4.665) on those days.

 2.  The spread relationship between San Juan and other points (Socal &
Northwest)  is  consistent between the end of September and
       October gas daily.  It doesn't make sense to have monthly indeces that
are dramatically different.

 I understand you review the trades submitted for outliers.  Hopefully, the
trades submitted will reveal counterparty names and you will be able to
determine that there was only one buyer in the 4.70's and these trades are
outliers.  I wanted to give you some additional points of reference to aid in
establishing a reasonable index.  It is Enron's belief that the trades at
$4.70 and higher  were above market trades that should be excluded from the
calculation of index.

 It is our desire to have reliable and accurate indeces against which to
conduct our physical and financial business.  Please contact me
anytime I can assist you towards this goal.

Sincerely,

Phillip Allen


Anything exciting going on today?  We are proceeding witha great reception so far.  We did 4 meetings yesterday and have 4 more today and one more by phone tomorrow.  Going well here.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


=======================================================
This email message is for the sole use of the intended recipient(s) and
may contain confidential and privileged information. Any unauthorized
review, use, disclosure or distribution is prohibited. If you are not
the intended recipient, please contact the sender by reply email and
destroy all copies of the original message.

To reply to our email administrator directly, send an email to
postmaster@brobeck.com
BROBECK PHLEGER & HARRISON LLP
http://www.brobeck.com

 - Rojoin.cmplt.PDF


That is wonderful.  However my Prime Broker contact at Bear has still not
been advised of the pending changes.  It would seem to me it will still take
time for Bear to make the adjustment to the account.

This will likely delay getting the margin relief we so desperately need.

Could you please confirm that they are ready to fully enact the agreement and
lower the margin requirements as of tomorrow?

Thanks,

Tom

03/29/2001 02:53 PM
Cheryl Nelson
Cheryl Nelson
Cheryl Nelson
03/29/2001 02:53 PM
03/29/2001 02:53 PM
Sent by: Cheryl Nelson
To: Tom Doukas/NA/Enron@ENRON
cc: David A Wall/Risk Mgmt/LON/ECT@ECT, Richard Sage/LON/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT

Subject: Re: BEAR Guarantee letter

The Agreements will be ready first thing in the morning for signatures.
Final edits are being completed by Bear Stearns; all the negotiating is done.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693


Beginning at noon today, Mark Taylor will be out of the office.  He will return to work on Monday, October 22.  Numbers to reach him are as follows:

pager number: 			877-855-2081
email a message to his pager: 	8778552081@pagenetmessage.net
cellular:				713-206-8080

If I can be of assistance, please call.

Thank you,

Holly Keiser
Enron Wholesale Services
Legal Department
Phone: 713-345-7893
Fax: 713-646-3490
Location: EB 3887
Holly.Keiser@enron.com


Ken

I was able to enjoy the basketball game last night in your seats.  My family
and I had a wonderful time.

Thanks

John Lavorato


Mary,

These are transport related tickets.  Is this something that your group would
look into?

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 08/08/2000
09:04 AM ---------------------------

	From:  Thomas Engel                           08/08/2000 06:55 AM

To: Daren J Farmer/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT, Hillary
Mack/Corp/Enron@Enron
cc:
Subject: BRIDGE ERRORS

Keep an eye on the bridge - these are still erroring out.


Vince,
next time this program will be offered in CA in October (see below).
Let me know what you think,

Tanya.

"Isero, Alicia" <isero_alicia@gsb.stanford.edu> on 01/07/2000 12:38:12 PM
To: Tanya Tamarchenko/HOU/ECT@ECT
cc:
Subject: RE: Executive Program on Credit Risk

Thank you for your message.  Yes, it will be offered in California at
Stanford, but not until October 15 - 20.  If you look on our website:
www.gsb.stanford.edu/exed <http://www.gsb.stanford.edu/exed>
(click on programs)

it will give you the information for both programs (London and Stanford).

Regards,
Alicia Steinaecker Isero
Program Manager, Executive Education
Stanford University
Graduate School of Business
Stanford, CA 94305-5015
Phone: 650-723-2922
Fax: 650-723-3950
Email: isero_alicia@gsb.stanford.edu <mailto:isero_alicia@gsb.stanford.edu>

 -----Original Message-----
 From: Tanya Tamarchenko [SMTP:ttamarc@ect.enron.com]
 Sent: Thursday, January 06, 2000 3:23 PM
 To: isero_alicia@gsb.Stanford.EDU
 Subject: Re: Executive Program on Credit Risk

 Hi, Alicia,
 I work for Enron Research and I would like to take the Executive
Program on
 Credit Risk.
 I am trying to find out if this program is going to be offered in
California
 soon. Is the date known?
 Can you, please, let me know.

 Appreciate it,

 Tanya Tamarchenko
 11/19/99 01:37 PM

 To:   Tanya Tamarchenko/HOU/ECT@ECT
 cc:
 Subject:  Re: Executive Program on Credit Risk  (Document link:
Tanya
       Tamarchenko)

 "Isero, Alicia" <isero_alicia@gsb.stanford.edu> on 11/10/99 06:10:57
PM

 To:   "'Credit Risk mailing'"

<"IMCEACCMAIL-Isero+5Falicia+40gsb+2Estanford+2Eedu+20at+20isero+5Falicia+40
gsb+2Estanford+2Eedu"@exch-gsb.stanford.edu>
 cc:   "Weidell, Anna" <Weidell_Anna@gsb.stanford.edu>, "Sheehan,
Alice"
       <Sheehan_Alice@gsb.stanford.edu> (bcc: Tanya
Tamarchenko/HOU/ECT)
 Subject:  Executive Program on Credit Risk

 Subject:  ANNOUNCEMENT: Executive Program on Credit Risk Modeling

 Credit Risk Modeling for Financial Institutions
 February 27 - March 2, 2000
 in London, at the Lanesborough Hotel

 Risk management specialists, Stanford Business School professors of
finance
 Darrell Duffie and Kenneth Singleton will be repeating their
successful
 executive program on Credit Risk Pricing and Risk Management for
Financial
 Institutions.  The course is created for risk managers, research
staff, and
 traders with responsibility for credit risk or credit-related
products,
 including bond and loan portfolios, OTC derivative portfolios, and
credit
 derivatives.

 This program includes:
 *    valuation models for corporate and sovereign bonds, defaultable
OTC
 derivatives, and credit derivatives
 *    models for measuring credit risk, with correlation, for
portfolios
 *    analyses of the empirical behavior of returns and credit risk
 *    the strengths and limitations of current practice in modeling
credit
 risk
 *    practical issues in implementing credit modeling systems

 ___________________________________________________________

 Application Form:
 Credit Risk Modeling for Financial Institutions
 London, February 27 - March 2, 2000

 This form may be completed and returned by email, or may be printed
and sent
 by fax to:

 Stanford GSB Executive Education Programs
 Fax Number: 650 723 3950

 You may also apply and see more detailed information by visiting our
web
 site at:

 http://www.gsb.stanford.edu/eep/CRM
<http://www.gsb.stanford.edu/eep/CRM>

 Applications will be acknowledged upon receipt. If you have not
received an
 acknowledgement within two weeks, please contact us.

 Please complete all sections. All information is kept strictly
confidential.

 Name:
 Put an x beside one, please:  Male:               Female:

 Citizenship:

 Job Title:

 Company:

 Your company's main activity:

 Business Mailing Address:

 Business Phone (all codes please):
 Business Fax :
 Email Address:
 Home Address:

 Home Phone:
 Nickname for identification badge:
 Emergency Contact Name:
 Emergency Contact Phone:

 Title of person to whom you report:
 Your job responsibilities and experience related to this course:
(Please
 provide a brief job summary here, or attach and send a biographical
summary
 containing information relevant to your purpose and qualifications
for the
 course.)

 College or University Education: please list, by degree:
  College or  University                Dates    Degree Granted

  _________________                _____    _____________

 _________________                _____    _____________

 Please note:
 All classes and discussions are conducted in English.
 In order to reserve a place in the course, the program fee of
US$6,500 is
 due upon notification of acceptance. This fee covers the tuition,
most
 meals, and all course materials (including a proprietary manuscript
on
 credit risk pricing and measurement).  The program classes will be
held at
 the Lanesborough Hotel at Hyde Park Corner, London.  Hotel
accommodations
 are not included.
 Our refund policy is available upon request.

 Please state the source from which you heard about this course:

 Name and Date:

 If you would like a hard copy brochure and application form, please
contact:
 (make sure to include your MAILING ADDRESS)

 Alicia Steinaecker Isero
 Program Manager, Executive Education
 Stanford University
 Graduate School of Business
 Stanford, CA 94305-5015
 Phone: 650-723-2922
 Fax: 650-723-3950
 Email: isero_alicia@gsb.stanford.edu
<mailto:isero_alicia@gsb.stanford.edu>


aPPROVED


yes, yes, and yes.

You're on a roll....

From: Greg Krause/ENRON@enronXgate on 05/25/2001 11:57 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: FW: letter

Kay,

is this what you meant?

Consistent with the results of the Feasibility and Facilities Studies and
discussions that have been held to date between Florida Power & Light Company
(&FPL8) and Midway Development Company, L.L.C (& Midway and its designees
referred to as &MDC8), by this letter MDC authorizes FPL to perform the
necessary studies, analysis and other activities required to develop and
support a schedule the necessary for a potential power project to
interconnect with FPL,s transmission grid system and receive back-feed by
March 15, 2002.

Does this letter get the "Oricle's" seal of approval?

If Ben needs to sign this, would it be ok if he faxed it to FPL?

 -----Original Message-----
From:  Mann, Kay
Sent: Friday, May 25, 2001 9:05 AM
To: Krause, Greg
Subject: letter

My suggestions:


As you may have noticed, there was a network error during today's eSpeak with
Dr. Ben Gilad.  Although the questions and answers were not visible during
the second half of the eSpeak session, Dr. Gilad did answer all the questions
he received.  As always, the transcript of the discussion will be available
in the eSpeak archives.

If the technical issue prevented you from asking a question during today's
session, please email your question to Amy Oberg at Enron Energy Services.
Dr. Gilad has generously offered to respond to questions that could not be
submitted during the live event.


FYI.
Tom

(by fax to Peter Larson)

-----Original Message-----
From: Capellas, Michael D.
Sent: Tuesday, November 28, 2000 2:05 PM
To: Siekman, Tom
Subject: Please Issue to bod

This morning Rich Gardner of SSB issued a negative report on the segment and
specifically called out us. He sited high channel inventory parts shortages
and general demand. Report also called out Dell. We issued statement around
midday.

This is the same analyst that called out stuffing last quarter.

To say we are annoyed would be a gross understatement and we are being as
aggressive as we can be within limits of disclosure

I will make some personal visits this week

It is a real nervous market


Tom - another strike thrown at the entrenched players!  Keep this up and you
guys will control every transportation asset in the UK.

I am looking forward to moving our transportation business into continental
Europe and South Africa.

 Congratulations to you and your team.  Keep the pressure on.

George

Tom Kearney
09/01/2000 12:26 PM
To: Stuart Staley/LON/ECT@ECT, George McClellan/HOU/ECT@ECT
cc: Stephen Pirozzi/LON/ECT@ECT, John Moran/LON/ECT@ECT, Riaz
Rizvi/LON/ECT@ECT, Pierre Aury/LON/ECT@ECT, Chris Connelly/LON/ECT@ECT,
Tiffany Cochran/LON/ECT@ECT, Elizabeth McCarthy/LON/ECT@ECT, Jez
Peters/LON/ECT@ECT, Peter Bradley/LON/ECT@ECT, Lisa Kent/LON/ECT@ECT, Scott
Longmore/LON/ECT@ECT, Kenny Nicoll/LON/ECT@ECT, Candace Parker/LON/ECT@ECT,
Cornelia Luptowitsch/LON/ECT@ECT, John Sherriff/LON/ECT@ECT, Michael R
Brown/LON/ECT@ECT, Paul Chivers/LON/ECT@ECT, Robert Quick/LON/ECT@ECT, Tani
Nath/LON/ECT@ECT, Olivier Herbelot/LON/ECT@ECT, Anne Edgley/LON/ECT@ECT,
Moises Woll/LON/ECT@ECT, Otto Von Schwerin/LON/ECT@ECT, Dale
Surbey/LON/ECT@ECT, Steve W Young/LON/ECT@ECT, Matthew Landy/OSL/ECT@ECT,
Samuel Grossman/LON/ECT@ECT, James Sandt/LON/ECT@ECT, Mahesh
Lakhani/LON/ECT@ECT, Angie Collins/HOU/ECT@ECT, Matthew Arnold/HOU/ECT@ECT,
Meindert Witteveen/LON/ECT@ECT, Mark Schroeder/LON/ECT@ECT, Paul Dawson/Govt.
Affairs/LON/ECT@ECT, Andrew Morrison/LON/ECT@ECT
Subject: SIGNED: Redcar Throughput Services Agreement

On August 31 (yesterday) we signed an Agreement with Corus UK Limited
(formerly British Steel) for Throughput Services at the Redcar Facility in
northeastern England.

In exchange for a UKo2.5 million prepay to cover the cost of 750,000 tons of
planned imports to Redcar, the deal gives Enron:

the right but not the obligation to import up to all available third party
capacity (ca. 2 million tons per year) at the Redcar Facility for a term of 5
years;
through an incentivised price schedule, a throughput rate that falls with
each vessel which passes through the facility;
a price schedule that is not adjusted for inflation during the entire 5 year
contract term;
the unrestricted right to resell any or all slots to third parties during the
5 year contract term;

Coupled with our recent deal with Immingham (5 years of free options for the
full coal import capacity at new HIT Terminal), Enron Coal Services has a
unique and unrivalled position in ports and rail vis-a-vis all the major UK
coal importers.   Together with the recent Freightliner deal, Enron has
constructed the lowest cost and longest term "Coal Pipeline" to the major UK
coal-fired generators (pls. see attached map)

As a result, Enron is currently the only coal supplier in the UK with:

5 year call options on the available capacity of Redcar and HIT, the two most
important coal import facilities in the UK;
the ability to provide competitive rail to our customers from Redcar and
Immingham.

We have opted not to publicise this transaction in order not to spook our
current and potential clients in the Aire and Trent Valleys.   We would
prefer the market to continue to think that we are offering aggressive
multi-year delivered coal prices "because we just don't know what we are
doing."  Thanks for keeping this quiet.

Many thanks to Steve Pirozzi, John Moran, Pierre Aury, Cornelia Luptowitsch,
Chris Connelly, Robert Quick, Matt Arnold, Stu Staley and the entire Enron
Coal Team!


Wanted to let you know that I FedEx the tickets to you today to the address
you gave me.  You will get them tomorrow.  Please let me know how everything
goes.  See ya!
Ben


We extended the date and changed this to evergreen.

Thanks
---------------------- Forwarded by Chris Germany/HOU/ECT on 01/24/2000 08:17
AM ---------------------------

Robert Allwein
01/23/2000 09:42 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Deal # 124250 -Norse Pipeline

Chris, We are nomming for January. - Rob

Chris Germany
01/22/2000 10:56 PM
To: Victor Lamadrid/HOU/ECT@ECT, Robert Allwein/HOU/ECT@ECT
cc: Brenda H Fletcher/HOU/ECT@ECT
Subject: Deal # 124250 -Norse Pipeline

Should this deal be extended?

---------------------- Forwarded by Chris Germany/HOU/ECT on 01/22/2000 10:55
PM ---------------------------

Brenda H Fletcher
01/14/2000 02:59 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Deal # 124250 -Norse Pipeline

Chris,
Does this deal end 11/30/99 or should the stop date be extended?
Thanks,
Brenda


Attached is the Spring version of the SAC newsletter, which includes student
elective recommendations.  It also includes a new section on strategies for
choosing electives.  I hope you find it useful.

 <<SAC Newsletter Spring '01.doc>>

Michael Plumb
Outgoing SAC Chair

Michael Plumb
Director, Health Services Actuarial - Northern California
PacifiCare of California
925-602-1660

 - SAC Newsletter Spring '01.doc


are you serious?
i just talked to you 5 minutes ago

   Hector Campos                09/28/2000 01:09 PM

To: Eric Bass/HOU/ECT@ECT
cc: Brian Hoskins/Enron Communications@Enron Communications
Subject: Re: Brian's B-day

I'm sorry but I can't make it tonight. I will be in Chicago. Happy B-day
Brian!

	Enron North America Corp.

	From:  Eric Bass                           09/28/2000 12:51 PM

To: Shanna Husser/HOU/EES@EES, Hector Campos/HOU/ECT@ECT, Christa
Winfrey/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron, Lenine Jeganathan/HOU/ECT@ECT
cc: Brian Hoskins/Enron Communications@Enron Communications
Subject: Brian's B-day

Since most were out of town last weekend, we were thinking of celebrating
Brian's birthday again tonight at The Cheesecak Factory at 7:00.

Let me know if you will be able to attend.

-Eric


> Subject: OU/A&M Game
> Date: Mon, 13 Nov 2000 09:34:46 -0800
>
> College Station, TX (AP) - R.C. Slocum and the Texas A&M Aggies are
> demanding a recount of the game in which Oklahoma
> won 35 to 31. "The end zones were confusing," says Slocum. "I'm sure that
> some of the touchdowns that went in Oklahoma's end zone were meant to go
> into ours. We were scoring in those end zones also.  Oklahoma would never
> have scored thirty-five points. There's no way we lost this one. A&M
> demands
> a recount."
>
> Oklahoma officials are calling this "outrageous".  "They agreed to the
> size,
> shape and locations of the end zones prior to kick-off," replies OU coach
> Bob Stoops.  "If they had a problem with them, they should have said so
> before we started. You don't get to keep playing until you're happy with
> the
> outcome. Someone had to lose. We've scored over thirty-five points many
> times."
>
> A&M has sent lawyers, farmers, and those guys in the funny boots as well
> as
> Reville down to Kyle Field, where the scoreboard will be tested.
> "We
> are confident that when the points are re-totaled, we will be the winner
> of
> the game," says Slocum.
>
> OU also points out that in many games prior to this one, the same end
> zones
> were used. "They didn't have a problem with the end
> zones until they lost," says Stoops.
>
> Outside of Kyle Field, A&M student protesters have gathered bearing signs
> such as, "A&M wants a fair game!
> WHOOOOOOP!"  Students' thoughts echoed their signs. "All we want is a
fair
> total of the points before we declare a winner," says student Karen Hays,
> an
> Aggie from Marfa. "We need to proceed cautiously and not rush to judgment
> before we declare a winner."
>
> ABC, around 2:00pm central time, had mistakenly declared A&M the winner,
> despite the slim 3 point lead the Aggies held at
> that point. At about 2:30 pm, with the game still to close to call, ABC
> had
> to back off its prediction.
>
> College Football analyst Brent Musburger made the call. "We felt that
with
> a
> number of points still not added in by Jamaar Tombs
> and the Aggies, we were certain A&M would carry this game. We may have
> been
> premature in our prediction."


I just moved the following 2 sales to New Power from Trco Non NY to CGAS -
WGL, deals 377264 (volume = 515 day) and deal 377268 (volume = 5 day).

Joann, New Power will probably take some of this gas to BG&E.


Since I did the revision to the February 2001 report so late last month, I
accidentally failed to do the report for March 2001.  Attached is a report
for March 2001 which covers all assignments, terminations & expirations
entered since the last report was done on 2/15/01.  There will be a new
report done around March 22nd in preparation for Bid Week.


Sara/John,

Kevin Meredith is comparing the deals.  I've let him know to send the list to
both of you when finished.  We'll also include the remaining HS Resources
deals not on their spreadsheet.

thanks,
Joe


Steve,

The Secretary of Energy Ernesto Martens used to be the CEO of VITRO, our
client in for the Monterrey Project.  He was a board member until the day of
his appointment.  He knows Enron well.  He used to be the President and CEO
of CINTRA the holding company for Mexicana and Aeromexico airlines.  When I
worked at McKinsey I was engaged in projects with CINTRA for two years.
Martens has a reputation of being a good and tough manager.  He delivers.
On the other hand he also has a reputation of being stubborn and not a good
negotiator.  We still have to convince him of the proposed electric sector
reorganization.

The good news is that Fox used many of the phrases that we wrote in the
documents for the transition team.  Apparently he is following the script.
When he talks about no privatization he limits it by saying: there will be no
sell out of CFE's current assets and by ensuring that the sector will be open
to competition.

Dionisio P,rez- Jacome was appointed President of the FERC.  He is a
classmate of Steffes from the Kennedy School and a good friend of mine.

All of the team supporting him is Luis Tellez's team. The undersecretaries,
the president of the CRE (FERC) the directors of CFE and LFC.  The only new
face is the Director of PEMEX who used to be the President and CEO of DuPont
in Mexico.  Ra?l Muoz was very helpful in promoting electric deregulation.
About a year ago he organizad a trip to Altamira in the state of Tamaulipas
in which he invited members of Congress to visit the DuPont and the BASF
plants there so they could see the size of the investments and what was at
risk if deregulation did not take place.  Jaime Alatorre and I were the only
non Congress, non-DuPont or BASF people invited.  He and Alatorre are very
very good friends.  I spent some time with him yesterday at a conference in
which I presented a document on energy and economic development and he
invited me to his office to discuss competition in natural gas.

CFE and LFC have the same directors which may  make change more difficult
btu it is inevitable.

Best,

Ricardo

	Steven J Kean
	12/04/2000 04:11 PM

		 To: Ricardo Charvel/NA/Enron@Enron
		 cc:
		 Subject: Energy Analysis

How are the appointments turning out from your perspective?
----- Forwarded by Steven J Kean/NA/Enron on 12/04/2000 04:11 PM -----

	"Nike Papadopoulos" <nikep@edelmanmexico.com.mx>
	12/04/2000 11:22 AM
	Please respond to nikep

		 To: <max.yzaguirre@enron.com>, <skean@enron.com>, <rshapiro@enron.com>,
<eric.thode@enron.com>, <jaime.alatorre@enron.com>,
<Ricardo.Charvel@enron.com>, <jaime.williams@enron.com>, <sirvin@enron.com>,
<msabine@enron.com>, <agustin.perez@enron.com>
		 cc: <aventura@edelmanmexico.com.mx>
		 Subject: Energy Analysis

Attached you will find last week's energy analysis which includes
information about Vicente Fox's Energy team.

Thank you.

 - 24Nov-3Dec.DOC


Attached is the updated report for New Products and New Countries for the week ending 06/01/2001
Regards
jr
3-6460


So that we can verify payroll status, please send us the master list with any changes you have made this afternoon.

Thanks,
Anne and Sarah


Dale/Melba,

I need a gas daily monthly index to be set up for both Carthage Hub and Agua
Dulce Hub. We will be trading basis swaps off of this differential.

Call with questions.
Thanks,
Eric
x3-0977


Kay

Attached is a draft Confirmation which requires further input from the
commercial team but should give you a good framework of such transactions.
Please not that in the attached we are the toller and own the plant, we may
want to change certain aspects of the deal if we wanted to use someone else's
plant and toll our gas.

Regards

Marcus

Kay Mann
03/14/2001 09:14 AM
To: Marcus Nettelton/NA/Enron@ENRON
cc:

Subject: Tolling

Hello Marcus,

I heard a rumor that you have a form of tolling agreement.  I would
appreciate the opportunity to look at it, just to see what one looks like
since I hear tolling agreements discussed.  I understand it hasn't been
signed yet.

Thanks,

Kay


See the attached.  The proceeding certainly isn't over, but I think the
parties have done a great job of submitting a settlement that the Commission
will eventually approve, provided the parties present sufficient evidence to
support such a decision.  (Unfortunately, we expect the settlement to be
protested.)  Direct testimony is due May 5.  To streamline things, the
parties are going to consolidate efforts and have divided up the testimony by
topic.  Of course Transwestern got the Hector Road issue.  I plan to put Mr.
Fawcett on as a witness.  Our issue is not particularly controversial
anymore, so I do not anticipate rigorous cross-examination; nevertheless, I
will probably ask your assistance in preparing the witness for the hearing,
which begins May 30.
---------------------- Forwarded by Susan Scott/ET&S/Enron on 04/17/2000
03:53 PM ---------------------------

Jeffery Fawcett
04/17/2000 03:42 PM
To: Steven Harris/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, Kevin
Hyatt/ET&S/Enron@Enron, mbaldwin@igservice.com, Jeff Dasovich/SFO/EES@EES
cc: Julia White/ET&S/Enron@ENRON, Tim Aron/ET&S/Enron@ENRON

Subject: GIR settlement

As you know, approximately one year ago Transwestern first learned of a dark
cloud looming on the regulatory horizon in California.  The CPUC in its draft
Order on the Gas Industry Restructuring proceeding in May, 1999 listed, among
a variety of "promising options," the institution of Mojave's "Hector Road"
as a commercial receipt point into the SoCalGas system.  In fact, the CPUC
held in its "Findings of Fact" with regard to Hector Road that:

 - It is unlikely that the market will accurately reflect the value of
transmission resources if SoCalGas were to define its marketable transmission
access in a way that did not include the Hector Road facilities, and

 - The failure to provide at least window-style access through Hector Road
has resulted in lost opportunities for bringing relatively inexpensive gas
into Southern California.

The basis for the CPUC finding came from testimony taken during the
proceeding indicating that the use of Hector Road displaces deliveries to the
constrained delivery point at Wheeler Ridge.  In other words, whatever could
be delivered by Mojave at Hector Road frees-up space at Wheeler Ridge, a
delivery point many in the marketplace considered more desirable.

As first articulated by SoCalGas in its draft settlement proposal in the
summer of 1999, the Hector Road point would be established as a formal
receipt point into SoCalGas, with rights equal to Transwestern's delivery
point at North Needles.  With a meter capacity of 200 MMcf/d, and with the
market's apparent interest in securing additional capacity at Hector Road,
Transwestern was facing the real possibility of losing up to 200 MMcf/d of
access rights into SoCalGas at North Needles.  Using an average transport
rate of $0.25/Mcf, the resulting loss in transport revenues would be $19MM
per year.

Through months of [seemingly endless] negotiations, and through an
educational process begun by Transwestern during one of the early settlement
meetings back in September 1999, Transwestern went from a party with a
"bullseye" clearly taped on its back, to a party that other stakeholders were
depending on for a principled solution to these receipt point issues.  As it
stands now, the Appendix A to the Settlement Agreement, "Primary and
Secondary Receipt Point Access Rights" is nearly identical to the principles
outlined by Transwestern in that September settlement meeting.

I only re-state the obvious here to remind the group what their hard work has
accomplished.  Not only am I proud to see that the resulting Settlement
Agreement filed with the CPUC today treats Transwestern and its shippers
equitably, but I'm proud that the work group we cobbled together for this
effort functioned like a "well oiled machine."

I thank each of you for your efforts to get to this point.  We know we've
still got a lot of work to do to gain CPUC approval of this document, but no
matter what happens, we can be proud of what was accomplished here.

---------------------- Forwarded by Jeffery Fawcett/ET&S/Enron on 04/17/2000
02:49 PM ---------------------------

	From:  Susan Scott                           04/17/2000 02:42 PM

To: "Sullivan, Glen J." <GSullivan@sempra.com>
cc: "'MBD'" <MDay@GMSSR.com>, "'Leslie, John'" <jleslie@LUCE.com>,
"'Elsesser, Evie'" <eke@aelaw.com>, "'McCrea, Keith'" <kmccrea@sablaw.com>,
"'Pocta, R. Mark'" <rmp@cpuc.ca.gov>, "'Dasovich, Jeff'"
<jdasovic@enron.com>, "'Beach, Tom'" <tomb@crossborderenergy.com>,
"'Burkholder, John'" <burkee@cts.com>, "'Amirault, Paul'"
<paulamirault@aec.ca>, "'Alexander, Michael'" <alexanms@sce.com>,
"'Chancellor, Craig'" <craigc@calpine.com>, "'Dingwall, B.'"
<bdingwall@unitedgas.com>, "'Douglass, Dan@SES'" <douglass@arterhadden.com>,
"'Fawcett, Jeff'" <jfawcet@enron.com>, "'Porter, Doug'" <porterdk@sce.com>,
"'Rochman, Michael'" <rochmanm@spurr.org>, "'Counihan, Rick'"
<rick.counihan@greenmountain.com>, "'Bayless, David'"
<david.bayless@utility.com>, "'Paul, Joe'" <jmpa@dynegy.com>, "'Jimison,
John'" <johnj@bcjlaw.com>, "'Foss, Robert'" <rfoss@coral-energy.com>, "McVay,
Nancy W - TPNWM" <NMcVay@socalgas.com>, "'Karp, Joe'"
<karpjos@sf.whitecase.com>, "'Johnson, Pamela'" <Johnson_pamela@lacoe.edu>,
Steven Harris/ET&S/Enron@ENRON

Subject: GIR settlement

Glen, I'm faxing you Transwestern's signature page and declaration.  An
electronic version of the declaration is attached.


Fair Value is applied to plant and is being amortized over a useful life.
TW Fair Value is very similar to Goodwill in that it represents an excess over book value, and is not formally being recoverd in rates; BUT at the time of the  acquistion it was treated as a purchase price allocation an applied to plant. Goodwill is meant to be a "leftover" after all costs have been allocated.

-----Original Message-----
From: Geaccone, Tracy
Sent: Tuesday, November 06, 2001 9:21 AM
To: Saunders, James
Subject: FW: Transwestern Fair Value

?????

-----Original Message-----
From: Howard, Kevin A.
Sent: Tuesday, November 06, 2001 9:01 AM
To: Geaccone, Tracy
Subject: RE: Transwestern Fair Value

Banks want to exclude goodwill. How would you explain the difference between the two?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


at 5:00


Your memo was well done.  Mark


Reminder:

Exam 1 has to be completed by this Saturday.  Before you can take the exam
you must make an appointment with the SSIL lab. Beware that Friday's tend to
be popular - if you wish to take on Friday sign up now.  You will need your
student ID in order to take the exam.


now that I look at this, I'm not sure I'm included as I was just a bcc on the
email.  Please check out the website and see if you can learn anything.  pls
print out the relevant parts of the website includeing a list of which
computers we can choose from.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 02/05/2001
08:31 AM ---------------------------

ClickAtHomePilot3
02/01/2001 01:13 PM
Sent by: Stacey Dempsey
To: ClickAtHomePilot3@enron.com
cc:  (bcc: Drew Fossum/ET&S/Enron)

Subject: ClickAtHome Pilot 3 - An Invitation

The ClickAtHome Team is excited to announce the opening of the ClickAtHome
Pilot program for eligible Omaha employees!  As an invitee of the ClickAtHome
Pilot program, you can now order your PC and Internet Service through the
ClickAtHome Pilot website, which may be accessed at
http://clickathomepilot.enron.com (launch through Internet Explorer only).

Cox Cable- Omaha is ready to begin providing cable modem internet service to
you today, while MSN, providing both dial-up and DSL service nationwide, will
be available in late February.  We will provide further communication as soon
as MSN orders can be placed. We appreciate your patience in advance.

To pre-qualify and sign up for service in your area today with Cox Cable -
Omaha, refer to http://clickathomepilot.enron.com for specific provider
information and instructions on how to place your order.  If you have
problems viewing the site, please copy and paste
http://clickathomepilot.enron.com directly into Internet Explorer.

The ClickAtHome Team is excited to bring you these options and encourages you
to Get Innovative at Home!

ClickAtHome Team


Below is the exact wording of the recommendations in the Cheney energy report
released today as the recommendations relate to electricity issues.

"The NEPD Group recommends that the President direct the Secretary of Energy
to propose comprehensive electricity legislation that promotes competition,
protects consumers, enhances reliability, promotes renewable energy, improves
efficiency, repeals the Public Utility Holding Company Act, and reforms the
Public Utility Regulatory Policies Act."

"The NEPD Group recommends that the President encourage FERC to use its
existing statutory authority to promote competition and encourage investment
in transmission facilities."

More details to follow.  We expect to have the full report document shortly.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/13/2000
08:36 AM ---------------------------

"KRISTI GIRON" <KRISTI.GIRON@cfisd.net> on 11/09/2000 10:36:36 AM
To: <Darron.C.Giron@enron.com>
cc:
Subject: Fwd: Fw: Get out the Vote

Received: from smtp.email.msn.com (cpimssmtpu02.email.msn.com
[207.46.181.18]) by gpwise01.cfisd.net; Thu, 09 Nov 2000 09:08:26 -0600
Received: from default - 63.28.143.245 by email.msn.com with Microsoft
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Message-ID: <001a01c04a5d$86304c20$f58f1c3f@default>
From: "hollyw" <hollyw@email.msn.com>
To: "Steph and MO" <headbergms1@home.com>, "Stacy Warren"
<swarre02@coair.com>, "Sheri Thomas" <Sheri.Thomas@enron.com>, "Shane Herzog"
<SHERZOG@ridgways.com>, "Ron Jones" <jonesr@tpi-sourcing.com>, "Rochelle
Smith" <rochelle@waterengineers.com>, "Rick Couvillon"
<julierickcouv@hotmail.com>, "Nicol, Gary" <nicolg@bp.com>, "Matt Frazier"
<fraz2girls@ev1.net>, "Len" <bigusdickus70@hotmail.com>, "KRISTI GIRON"
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<jraggie1@pdq.net>, "Janine Gregor" <janine.gregor@talk21.com>, "Jim Henness
\(E-mail\)" <jhennes@c2i2.com>, "Diego Gotthelf" <dygotthelf@hotmail.com>,
"Debbie Hall" <gmind@icsi.net>, "Darron C Giron" <Darron.C.Giron@enron.com>,
"Ben Schulein" <advantage@infovia.com.ar>, "Ben & Phyllis Tobias"
<benandphyllistobias@compuserve.com>, "Barbara Denson" <bbdenson@pdq.net>
Subject: Fw: Get out the Vote
Date: Thu, 9 Nov 2000 08:58:25 -0600
MIME-Version: 1.0
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Thats adorable!!

----- Original Message -----
From: <raymond.paterson@dfait-maeci.gc.ca>
To: <gonzalo@loadmedia.com>; <hollyw@email.msn.com>;
<Paul.Steed@glencore-us.com>; <TRatchford@webtonetech.com>
Sent: Thursday, November 09, 2000 5:22 AM
Subject: Get out the Vote

>
>
>
> Don't open in your cube
>
>
>

 - att1.jpg


David -

The Password Application and ETA look fine to me.

Mark

David Minns@ENRON_DEVELOPMENT
02/25/2000 02:26 AM
To: Paul Smith/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Mark Taylor@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Forster/LON/ECT@ECT
Subject: EnronOnline

Attached is a draft advice from Mallesons on EnronOnline. Of immediate
concern to us are the form of the various agreements for the road show next
week. Mallesons have suggested some minor attachments. These are in the
annexes to the advice. Following are my comments

Password Agreement  - Fine, seems a good to give address for notices etc.

ETA - I asked Mallesons to consider the wording of the indemnity clause under
Australian law. The major concern is that in Australia special damages has a
near opposite meaning to the US. The suggested amendment to clause 3(c) I
believe we could dispense with. It relates to a concern that an Enron
acceptance may be accessible on the Website Server. However, from what I have
been told this is not a foreseeable eventuality.

GTCs - Minor changes. The only one we are unlikely to incorporate relates to
the  collateral clause. Obviously we are in a position to have different GTCs
for different counterparties

As a next step Paul I will give you copies of the Password Agreement and the
ETA for inclusion in Road Show. I expect to settle the advice early week  and
will circulate it.

---------------------- Forwarded by David Minns/ENRON_DEVELOPMENTon
02/25/2000 05:44 PM ---------------------------

"Farrell, Scott" <Scott.Farrell@msj.com.au> on 02/24/2000 03:52:20 PM
To: "'david.minns@enron.com'" <david.minns@enron.com>
cc: "James, Martin" <Martin.James@msj.com.au>

Subject: EnronOnline

Mallesons Stephen Jaques
Confidential communication

David

Please find attached a further draft of the advice marked up to show the
changes made from the previous draft. <<0437047.DOC>>

In particular please note:

* that we have suggested amendments to the agreements in the schedule
- if these are acceptable for use we will accept the revision mode in the
final version.  If they are not, please let us know.
* as certain negative prices are now possible, it is expected that an
AFMA endorsed amendment to the clause relating to negative prices and market
disruption events will be prepared - this would need to be included in the
GTCs (and your ISDAs)
* it would not seem practical to include the collateral language in
the GTCs only in respect of some clients (as the GTCs are standard
provisions).  Would collateral arrangements in relation to particular
clients using GTCs be best documented separately?
* will offers on EnronOnline be considered by a EAF trader in
Australia before being accepted?
* the trade practices material can be completed whenever it is
convenient for one of our trade practices lawyers to review the working site
as a whole.

Best regards

Scott Farrell
Senior Associate
Mallesons Stephen Jaques Sydney
Direct line (61 2) 9296 2142
Fax (61 2) 9296 3999

 - 0437047.DOC


The report named: East P/L Totals <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=1&report_name=East+P/L+Totals&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=10/01/2001>, published as of 10/01/2001 is now available for viewing on the website.

(Revision: 2)


ACTION ITEMS:
(1)  Include additional EES and Enron Corp conferences where trade credits
may be applicable.  Identify cash spend estimates for existing and new
spend categories.  Assigned:  Tracy Ramsey, Carrie Blaskowski and Janelle
Daniel.  Date: by 12/7

Cash Spend Estimates - Meeting Spend:
Meeting planning represents 20% additional T&E costs
Enron has spent approximately $10M on meetings to date in 2000
At least one Enron meeting is held offsite every workday of the year

EES  T&E Spend Jan - Aug = 2.9M (Estimated Meeting Planning Spend $580,000)
Corp  T&E Spend Jan - Aug = 3.2M (Estimated Meeting Planning Spend $640,000)

Note:  Estimates include food & beverages, golf, spa, etc.

Please let me know ifyou have any questions.

Tracy x68311


Portland West Desk lawyers have completed the application to become a
participant in the Dow Jones survey at NP-15 and SP-15 delivery points. As
soon as possible, we would like to begin executing deals against these
indices. In order to do this, we will need to access to them through EnPower,
in both Deal Blotter and Deal Entry.

If you could facilitate the addition of these two indices into EnPower, we
would appreciate having access to them by Tuesday. Please let me know what
steps we need to take at the West Desk to help complete this process. To the
best of my knowledge, we simply need the ability to choose the Dow Jones
NP-15 or SP-15 index in the PubCode list in Deal Blotter and Deal Entry. We
also need to be assured that when these deals are settled, the correct data
will be pulled into EnPower from Dow Jones.

Thank you for your help and cooperation. I will be in touch on Monday.

Kate Symes
West Desk Deal Control
503.464.7486


Attached are drafts of the Master Firm Purchase/Sale Agreement for gas.  Upon
completion of a guaranty I will incorporate a section for same.

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


In order to support Enron,s development of new business and desire to
maximize its return on invested capital; the following organizational changes
are taking place.
The current accounting groups supporting CALME, APACHI and South America
activities will be consolidated into one accounting group at Enron Corp.
This group will continue to provide accounting support to these international
regions and related Enron Corp initiatives.   Jeff Sommers, currently CALME
Vice President and CAO will head this accounting group.  Cassandra Schultz,
currently APACHI Vice President and CAO will join Rick Buy,s Risk Assessment
and Control Organization as a Vice President in Market Risk Management.  Kent
Castleman, currently South America Vice President and CAO will become Vice
President and CAO of Enron Industrial Markets.
Please join us in congratulating everyone in their new assignments.


November 11th and 12th is the weekend we will plan on going.  I'm going to
leave Eugene on Thursday the 9th at about 4pm and plan to arrive at the
Starkey camp at around 10pm (45 min. south of La Grande).  Can anyone else
get Friday off?  It would be nice to meet at Marcus' place and take one
vehicle (an Explorer?).  If you plan to hunt then you'd better get your
hunting license and tag (Rocky Mountain Elk, second season) real soon.  I
plan to hunt Friday, Saturday, and Sunday and head for home on Sunday the
12th about noon.  We should be back in Portland by 5pm.  Hope you guys don't
flake out.  Papa Wilson bought a nice big canvas tent and wood stove so were
going in style this year.  You will need warm clothes.  Preferably wool
because you don't want anything that makes noise, like nylon.  Call me if
you need some options.  Also a warm sleeping bag and don't use any scents
before you come over (shampoos, soaps, deoderants) as the Elk have great
smell.


Bob -

I've edited our numbers a bit on the Azurix analysis and would like you to
re-run the joint probabilities tables.

Please note that I've got 2 cases in the model now - an optimistic case and a
pessimistic case.  I hope you can run both cases.  (you will need to toggle
for case 1 or 2 - real complicated stuff!!)

Please keep everything else the same (ie, the currency probabilities, RAB
probabilities, etc.)

Thanks for your help.

Michael Anderson
646-9666


Happy New Year.  We hope your holidays were enjoyable and restful.  For a pleasant start to 2002, please join your Enron colleagues for coffee and donuts this Friday, January 11, from 8:00 - 9:00 a.m. in the lobby of the Enron Building.  We look forward to seeing you there.


EINSTEIN'S THEORY OF CAT BEHAVIOR
submitted by Stan Rockets
------------------------------------------------------------------------------
---------------
LAW OF CAT INERTIA - A cat at rest will tend to remain at rest,?
unless acted upon by some outside force, such as the opening of?
cat food, or a nearby scurrying mouse.?

LAW OF CAT MOTION - A cat will move in a straight line, unless?
there is a really good reason to change direction.?

FIRST LAW OF CAT ENERGY CONSERVATION - Cats know that?
energy can neither be created nor destroyed and will, therefore, use?
as little energy as possible.?

LAW OF BAG/BOX OCCUPANCY - All bags and boxes in a given?
room must contain a cat within the earliest possible nanosecond.?

LAW OF FURNITURE REPLACEMENT - A cat's desire to scratch?
furniture is directly proportional to the cost of the furniture.?

LAW OF CAT COMPOSITION - A cat is composed of Matter + Anti-
matter + It Doesn't Matter.?

LAW OF CAT OBEDIENCE - As yet undiscovered.


Suzanne:
If Bill gets his act together I will hand you an invitation to our party
tomorrow, but here are the details:  Saturday, April 22, 5-7.  If you have
some time, please stop by this afternoon and hopefully I can narrow down what
I want to order.  Alos, have you had any kluck in getting some Enron stuff
for my JA class?

Carol


I have not heard anything about this either.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Mark Taylor
	08/04/00 09:26 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Brent Hendry/NA/Enron@Enron, Carol St Clair/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT, Robert Bruce/NA/Enron@Enron, Samantha Boyd/NA/Enron@Enron,
Sara Shackleton/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT
		 Subject: Re: ISDA with Citibank Subsidiary

It would be nice if they could give us a counterparty name - I've never heard
of Jerry Peskuchi.

	Tana Jones
	08/04/2000 09:16 AM

		 To: Brent Hendry/NA/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT,
Mary Cook/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Robert
Bruce/NA/Enron@Enron
		 cc:
		 Subject: ISDA with Citibank Subsidiary

Anyone know anything about this?
----- Forwarded by Tana Jones/HOU/ECT on 08/04/2000 09:15 AM -----

	Mary Tudon
	08/04/2000 09:11 AM

		 To: Russell Diamond/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, John
Suttle/HOU/ECT@ECT, Paul Radous/Corp/Enron@ENRON, William S
Bradford/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT
		 cc: Tana Jones/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT
		 Subject: ISDA with Citibank Subsidiary

Everybody,

Tanya suggested I ask all of you if you know anything related to a hotline
call I took yesterday afternoon.  I got a call from John Arnold who wanted to
know who was working on getting an ISDA in place with a subsidiary of
Citibank. He thought it was a hedge fund, he wasn't sure.  He said that they
were getting very impatient to start dealing with us.  He left a contact for
Citibank:  Jerry Peskuchi (212) 723-7065, who wants to be updated on the
status of the master.

Sorry I didn't bring this up in the morning meeting, but please let me know
if any of you know anything about this, because I had no idea who to direct
his call to and could only promise to try and find the right person handling
this and pass the info on.


Mike,

Attached are red-lined versions of the two Transaction Agreements for the
transaction between Coral Energy Resources and enovate which includes the
changes that we discussed.  Please call me at (713) 853-5705 with your
comments.

Stacy


You have received this message because someone has attempted to send you an e-mail from outside of Enron with an attachment type that Enron does not allow into our messaging environment. Your e-mail has been quarantined and is being held at the MailSweeper server.

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"paulhastings.com" made the following annotations on 04/25/01 15:38:32
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

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

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

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

Attached for your  review is a revised draft of the Assignment and Assumption
Agreement marked to  reflect our comments.
 - 76CZRED.DOC


Got lunch plans?  Lets talk about this at 12:30--my joint.  (I'll buy) df

From: Susan Scott/ENRON@enronXgate on 03/30/2001 03:01 PM
To: Glen Hass/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Maria
Pavlou/ENRON@enronXgate, sstojic@gbmdc.com@SMTP@enronXgate
cc: Drew Fossum/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON

Subject: Additional Needles capacity

As you'll see in the Legal bullets, TW Commercial has asked me to look into
the following issue.
As you probably know, SoCalGas is proposing to add compression to its system,
which will result in at least 50,000 MMcf/d additional takeaway capacity from
Needles by Dec. 2001.
TW's shippers have gotten wind of this thru the trade press and are already
calling TW to ask about the availability of additional Needles capacity.
Many of them are already shippers to Topock who would love to switch their
primary point to Needles.
The issue is this:  One of the reasons Red Rock capacity has been so slow to
sell is that we have no more Needles capacity available, and shippers are
less enthusiastic about shipping to Topock.  Our marketers would like to
earmark the new Needles delivery point capacity for use by Red Rock shippers,
rather than let existing shippers move primary points.  This will help to
sell out the expansion space.
I am looking thru my file of cases on the topic of reserving capacity for
expansions, to see if it gets us anywhere.  I'll let you know what I find.
If you have comments in the meantime, please let me know.  We may need to set
up a conference call to discuss this sometime next week.  Thanks.


: )

	From:  Clint Dean @ ENRON                           05/18/2001 08:19 AM

To: Stephanie Piwetz/HOU/ECT@ECT
cc:
Subject:

I feel more at ease after our conversation last night.  I think that we
actually took a positive step to understanding each other better.  Now we
just see where it goes from here.

Clint


Ravi,

This is a resume of Shirley's daughter.
Do you know if somebody in EBS is looking for a secretary?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/17/2000
04:08 PM ---------------------------

Shirley Crenshaw
03/17/2000 03:13 PM
To: Stinson Gibner/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Kathy's Resume

Here is Kathy's Resume.  Thanks so much for your interest!


Dave and my comments were very similar...I want to forward my memo to the
larger group b/c it contains some background information for those not as
familiar with the environmental regs.

Mary Schoen
Environmental Strategies
Enron Corp
713-345-7422


Start Date: 4/19/01; HourAhead hour: 5;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041905.txt


------------------------------------------------------------------------------
------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

April 13, 2001 5:00pm through April 16, 2001 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER:        SEE ORIGINAL REPORT

ENRON NORTH AMERICAN LANS:  SEE ORIGINAL REPORT

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING: No Scheduled Outages.

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:
Impact:  CORP
Time:  Sun 4/15/2001 at  4:45:00 AM thru Sun 4/15/2001 at  7:00:00 AM
Outage:  General maintenance for server dserv2
Disruption:  Total Disruption of Service
Environments Impacted:  Backup DNS Server
Purpose: General maintenance
Backout: BAck out the patches
restart server
Contact(s):  Malcolm Wells

Impact:  CORP
Time:  Sun 4/15/2001 at  5:00:00 AM thru Sun 4/15/2001 at  7:00:00 AM
Outage:  Migration off fddi and general maintenance for server reporter.  The
new IP address will be 172.16.2.166.
Disruption:  Total Disruption of Service
Environments Impacted:  UNIFY
Purpose: Corporate direction to move off fddi and general maintenance.
Backout: remove the patches and NIC entry
shutdown the server
change the DNS back to the original entry
restart the server
Contact(s):  Malcolm Wells

SITARA:    SEE ORIGINAL REPORT

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY:    SEE ORIGINAL REPORT

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:
Impact:  Unify Power
Time: Fri 4/13 at 5:00pm CST until Sat. 4/14 9:00am CST

Description: Unify Power database migration cut-over preparation activities.
Purpose: To prepare for next weekend's (4/20- 4/22) production migration of
Unify Power to MS SQL Server.
Technical Desc: Unify is undergoing a database migration for Power database
to provide a more stable environment.

Total Disruption of Service

Contact(s):
Regan Smith 713-853-9291
Brian Ripley 713-345-4709
Ramesh Rao 713-345-4207

------------------------------------------------------------------------------
-------------------------------------------------------
        FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management   (713) 853-5536
SAP/ISC
        (713) 345-4727
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
EES Help Desk     (713)853-9797 OR (888)853-9797


Here you go, Kim. I've added a couple more counterparty names to your list,
and made a few minor changes that I thought might clarify the reasoning
behind and origination of these "no confirm" deals. The one counterparty name
I couldn't recall was Bonneville - do you remember who requested that we not
confirm these?

Please let me know if you have any questions on the additions.

Thanks,
Kate

Kimberly Hundl@ENRON
04/17/2001 02:43 PM
To: Sharen Cason/HOU/ECT@ECT, Amy Smith/ENRON@enronXgate, Kate
Symes/PDX/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT, Melissa Ann
Murphy/HOU/ECT@ECT
cc:

Subject: Not to be confirmed deals

Hi everyone!

I have begun to document all special situations and counterparties that are
exceptions to our "not to be confirmed" rules.  Thus, in the future, when we
need to answer questions regarding why certain deals are unconfirmed, there
will be no confusion about where the directives not to do so originated.

Please review this document carefully.  Go ahead and make any changes that
you'd like -but please change your font color so that I will know which items
you have added.  I will incorporate all of your edits to the master document
and save it to a common drive where it can be accessed and updated whenever
necessary.

If you can think of any additional "not to be confirmed"
exceptions/situations, or more specific details  -please add them.  Please
let me know if you have any questions.

Thanks for your input,
Kimberly Hundl x31647


Cute!

	Kaye Ellis
	10/30/2000 04:53 PM

		 To: Becky Spencer/HOU/ECT@ECT, Mary Ogden/HOU/ECT@ECT, Marie Heard/Enron
Communications@Enron Communications, Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Too Cute

 - toocute (1).jpg


I spoke with the Hotel in St Thomas - all systems go for now - they seemed
totally unfazed by the entire thing.  They have the reservation and no
problem.

The Airline has cancelled all flights from San Juan to St Thomas for today.
They did not have an outlook at this time for tomorrow.  They suggested we
check in as early as possible tomorrow so that we keep our confirmed seat
assignment from San Juan to St Thomas in case there are a lot of stranded
people trying to get there as well.

Does anyone have a projection on the storm's movement by tomorrow morning?
I feel really dumb - I don't even know which island on the map St Thomas is.
(see the attached pictures)

If the flight from San Juan to St Thomas is cancelled, we will be stranded
there and have to take a flight out at a later time and need to get a hotel
in San Juan.  I have not yet asked them to change our departure date as a
pre-caution - that is next, but I think that causes problems with the air
fare.

Here are some pictures I found on CNN.com.

 <<position.gif>>  <<movement.gif>>  <<radius.gif>>  <<animation.gif>>
 Greg Pier
 Client Services Director
 Closed-Loop Marketing Solutions
 gpier@doubleclick.net <mailto:gpier@doubleclick.net>
 [DIRECT] 212.497.4326
 [FAX] 212.655.7330
 [PAGER] 1-800-724-3624    PAGER PIN# 1434222
 E-mail my pager: 1434222@pagemci.com <mailto:1434222@pagemci.com>
(240 char. max)

 DoubleClick TechSolutions (DART, Closed-Loop, NetGravity)
 This October, DoubleClick merged with NetGravity to offer
advertisers and publishers the most comprehensive array of online
advertising technology solutions.  To find out why over 3,600 advertisers
and 10,000 Web sites turn to DoubleClick TechSolutions to answer their
online marketing needs visit http//www.doubleclick.net.

 -----Original Message-----
 From: Bruce Hutt [SMTP:bhutt@ankarcapital.com]
 Sent: Thursday, November 18, 1999 10:29 AM
 To: Mark Taylor
 Cc: gpier@doubleclick.net
 Subject: Re: Viva VI or are they?

 Check the weather reports.

 USVI badly hit by hurricane Lenny....145mph winds......Clinton
thinking of
 declaring a state of emergency.

 B

 - position.gif
 - movement.gif
 - radius.gif
 - animation.gif


Well I guess you know by now that Jerry and I survived Florida.  I had fun at
Disney.  The airshow was a bit of a let down though.  AND NO, I didn't buy an
airplane.  Now I'm thinking ... boat... yeah that sounds real good.  See what
you can find me.

I'm tired of my Ford Explorer.  However, I checked new car prices on the
internet and I think I'll keep my Explorer for a little while longer.  New
cars are so expensive.  So just go find me a boat and I'll be happy.

Just came in to work for a few min.  Later.


FYI

----- Forwarded by Stephen D Burns/Corp/Enron on 01/24/2001 11:45 AM -----

	Sue Nord
	01/24/2001 11:39 AM

		 To: Stephen D Burns/Corp/Enron@ENRON
		 cc:
		 Subject: Re: Washington Post article -- Tauzin vows to reopen 96 Telecom
Act, restructure FCC

Interesting article.  Could you forward it to the whole group?  Thanks.

	Stephen D Burns
	01/24/2001 07:47 AM

		 To: Sue Nord/NA/Enron@Enron, Scott Bolton/Enron Communications@Enron
Communications
		 cc: Allison Navin/Corp/Enron@ENRON
		 Subject: Washington Post article -- Tauzin vows to reopen 96 Telecom Act,
restructure FCC

http://washingtonpost.com/wp-dyn/articles/A36490-2001Jan23.html


I expect Ben to turn up the heat today.  No pun intended.

To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: LM 6000 GSU's

Kay:

As soon as I hear from Harry O., I'll let you know.
Kathy


No Problem!


I can only imagine the extreme pressure and stress you are under right now.  I just want to say that we have every confidence in you  and the management team you are forming.  WE will get through this, just as our country will get through the international situation.

Everyone needs a word of encouragement every now and then; I wanted to say we are behind you, respect you and your leadership.

We are trying to do our part in staying focused on our responsibilities, and in some small way contribute to correcting Enron's reversal of fortunes.

Thanks, Ken, for your dedication and inspiration.
	-jtm


FYI.
---------------------- Forwarded by Phillip M Love/HOU/ECT on 02/20/2001
08:20 AM ---------------------------

Dawn C Kenne
02/16/2001 04:43 PM
To: Jeffrey C Gossett/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT,
John Swinney/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT, Jenny
Latham/HOU/ECT@ECT, EOL Call Center
cc: Torrey Moorer/HOU/ECT@ECT, Jennifer deBoisblanc Denny/HOU/ECT@ECT, Tara
Sweitzer/HOU/ECT@ECT
Subject: New Bridge Monitor

This evening, the new improved bridge monitor will be migrated to the EOL
production environment.  Several new enhancements were created to make this
application more efficient.  Such as:

1.  The bridge will handle 20 messages/second, instead of processing 1
message/second.
2.  The screens will no longer jump around! (Yeah)  You can select and view a
transaction without having the screen update with new deals.
3.  Historical deal query - ability to select and process historical dates
very quickly.
4.  Sorting capability - you can query any of the eight column headers by
selecting the column and typing a risk book, trans. id, deal capture system,
etc. and it  will filter to that section.

Please forward this e-mail to your groups.  If you have any questions or
concerns with the new bridge monitor please contact me at 3-9353 or Tara at
3-4523.  We hope this helps, I know it has made our lives easier while
testing.  Also, feedback is much appreciated!

Thanks,
Dawn