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SIVY ON STOCKS from money.com
November 27, 2000

The king of beers

Investors searching for defensive stocks are rediscovering the appeal of a
good brew. Anheuser-Busch looks like the top pick in the group.

By Michael Sivy

When the stock market gets rocky, many investors turn to drink.
Historically, buying shares in brewers has been a good way to play defense
in uncertain times because beer consumption is hardly affected by
fluctuations in economic growth. That hasn't counted for much during the
1990s boom, however. And the brewers have had bigger problems, too --
specifically, growth has gone flat. But that's all changing. A rotation in
stock-market leadership (away from momentum and into value) and shifting
demographics could lead to better times for all the U.S. beer makers and
Anheuser-Busch [BUD], maker of Budweiser, in particular.

Because of their high fixed costs, beer-makers' profits are highly
sensitive to very small changes in volume. And for the past two decades,
sales growth by volume has been terrible. Per-capita consumption is down to
less than a beer a day, a drop of nearly 11 percent since 1980.

No one will be surprised to learn that young adults are the most
enthusiastic beer guzzlers. In fact, though 21-to-27-year-olds account for
only 14 percent of the population, they put away 27 percent of the beer
consumed in the U.S. During the 1990s, the number of Americans in that age
bracket declined from 41 million to 36 million. But over the next few
years, their ranks will rise to around 38 million.

That bodes well for all brewers, but Anheuser-Busch may be best positioned
to capture the growth. As in the movie business and the magazine business,
success in the beer game depends on control of distribution. And
Anheuser-Busch is not only the biggest brewer, it also has the tightest
grip on its wholesalers. Distributors in more than 75 percent of
Anheuser-Busch's markets handle no other domestic beer (in 65 percent they
don't even handle foreign imports), while wholesalers in less than 30
percent in Miller's and Coor's markets are similarly exclusive.

Anheuser-Busch has steadily been improving its profit margins, but the key
to double-digit earnings gains will be the expected upturn in volume
growth. Per-share earnings growth is projected to average 12 percent
annually over the next five years. Combined with a 1.3 percent dividend
yield, the stock should offer a potential return to shareholders of at
least 13 percent. Since March, Anheuser-Busch has nearly doubled to $48 a
share, or 25 times next year's expected earnings. With a P/E almost double
its projected return, Anheuser-Busch isn't cheap, but it's a solid buy for
an investor looking for a top-quality defensive stock. And on any selloff
down to the low $40s, the stock would be a screaming buy.

###

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http://www.money.com/depts/investing/sivy/index.html

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---------------------- Forwarded by Kay Mann/Corp/Enron on 10/13/2000 04:09
PM ---------------------------

	Enron North America Corp.

	From:  Kay Mann                           10/13/2000 04:08 PM

To: lee.johnson@ss.ps.ge
cc: kent.shoemaker@ae.ge.com, Ben Jacoby/HOU/ECT@ECT

Subject: Change order #2,

Lee,

Here's a revised draft incorporating your two suggestions:

I've forwarded what I have on the CO (#3) for South America to their lawyer,
so I hope it will be wrapped up soon.

I've seen reference to the Pleasanton CO, and I know it is in the works as
well.  It is percolating through the system.

Do you have the electronic file for the LV CoGen change order (#4), extending
the delivery dates?

I'll be in on Monday, although I have a heavy conference call schedule.  I'll
be easiest to catch towards the end of the day.

Kay


What's your zip at home in Napa?


WChiume@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

THE ECONOMIC OUTLOOK MEETING
Presentation by Economy.com

The NYISO Analysis & Planning Department is pleased
to announce the next Economic Outlook Meeting scheduled
for October 18, 2001. The meeting will be at the NYISO
facilities:

     290 Washington Avenue Extension
     Albany, NY 12203

There will be lunch at NOON. The meeting starts at
12.45 to 4.30 PM.

Dr. Celia Chen and Dr. Steve Cochran from Economy.com
will present the outlook for New York, Northeast and U.S.
economies. The meeting is open to any market participant
interested in attending.

I encourage market participants to attend this meeting
particularly given the current 'uncertainty' on where the
economy is heading. The presentations will cover a
broad range of issues, including:

?    will the interest rate cuts help?
?    was the tax cut sufficient, or 'timely?'
?    how are the New York metro economies doing?
?    the impact of the stock market on New York, and
?    what are the implications of the global economic
     slowdown to the U.S. economy?

The last meeting in March was vibrant and insightful.
I anticipate the same for the next one, so mark your
calendars. Also, send me any questions that you
would like to see addressed by Economy.com.
Preferably by September 28.

Please call me or send email to confirm your attendance.

Regards,

Will.

William K. Chiume
Associate Analyst-Load Forecasting
New York Independent System Operator
290 Washington Avenue Extension
Tel: 518-356 6078
Fax: 518-356 6208
wchiume@nyiso.com | www.nyiso.com


Chris,
Appears that NIMO hasn't filed anything with the bankruptcy court.
Shemin
Shemin V. Proctor

-----Original Message-----
From: Kelly, Neil <NeilKelly@akllp.com>
To: Proctor, Shemin V. <SheminProctor@akllp.com>
Sent: Thu May 09 15:27:14 2002
Subject: RE: Niagara Mohawk

nothing by niagra mohawk, but there was something from Iroquois Gas
Transmission....

-----Original Message-----
From: Proctor, Shemin V.
Sent: Thu 5/9/2002 3:21 PM
To: Kelly, Neil
Cc:
Subject: RE: Niagara Mohawk

Thanks Neil.

-----Original Message-----
From: Kelly, Neil
Sent: Thursday, May 09, 2002 3:08 PM
To: Proctor, Shemin V.
Subject: RE: Niagara Mohawk

I will.  I seem to recall that name.

-----Original Message-----
From: Proctor, Shemin V.
Sent: Thu 5/9/2002 2:43 PM
To: Kelly, Neil
Cc:
Subject: Niagara Mohawk

Neil,
Will you please check to see whether Niagara Mohawk has filed any
motions before the bankruptcy court, please?
Shemin


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/13/2001
09:51 PM ---------------------------

Tanya Tamarchenko
04/09/2001 11:13 PM
To: Vince J Kaminski/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT, Debbie R
Brackett/HOU/ECT@ECT, wenyao.jia@enron.com, Naveen Andrews/Corp/Enron, Jaesoo
Lew/NA/Enron@ENRON, Zhiyong Wei/HOU/ECT, Rabi De/NA/Enron@ENRON, William S
Bradford/HOU/ECT, Dave Wei/NA/Enron, Jason Sokolov/HOU/ECT@ECT, Rakesh
Bharati/NA/Enron@Enron, Mike E Presley/ENRON@enronXgate, Mercy Gil/NA/Enron,
Mark Ruane/HOU/ECT, Stig Faltinsen/EU/Enron@Enron, Viacheslav
Danilov/LON/ECT@ECT, Frank Hayden/Corp/Enron
cc:
Subject: Re: VAR and Credit meeting on Wednesday, April 11 at 11:30 am

Everybody,

this week our regular meeting will be devoted primarily to 2 subjects:
1. Simulating power prices in VAR;
2. Capturing correlations across commodities as well as across term structure
of
forward prices.

Research will present some suggestions based on data analysis.

Detailed agenda is enclosed.

Please, let Shirley Crenshaw know if you are not planning to attend.

Tanya.


Start Date: 12/26/01; HourAhead hour: 12;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001122612.txt


Here's another one.
---------------------- Forwarded by Mark Taylor/HOU/ECT on 02/11/2000 04:40
PM ---------------------------

Dale Neuner on 02/11/2000 03:01:17 PM
To: Mark Taylor/HOU/ECT@ECT
cc:
Subject: Gas Daily Henry Hub

Mark - the Nat Gas traders would like to commence trading a daily Physical
Index product based on Gas Daily - Henry Hub. Please review the attached and
approve/offer comments.


I'm okay with this.


Robin purchased 8500 dts from Con Ed intra day on the 15th.  These are the
changes I made in Transit on contract 3.2067

Activity  Prev Volume New Volume
767169  25000  15000  Adjusted sale to Con Ed at meter 6571 down by 10000
789154  0  1500  Adjusted sale to Con Ed at meter 1183 up by 1500
789274  0  8500  ??? Robin or Kate will go to jail for this one.


Tim,

In Oct 2001 I produced the attached reports for Michael Paine. I hope these
are helpful.

Mark


This is about a trip to Brazil.  She asked me to pay the $6000 in expenses.
Do you see any rationale to pay for this?  Mark
---------------------- Forwarded by Mark E Haedicke/HOU/ECT on 11/08/99 12:40
PM ---------------------------

Monica Jordan
11/08/99 10:34 AM
To: Mark E Haedicke/HOU/ECT@ECT
cc:
Subject: follow up from our meeting 11/05/99

Mark,

 Thanks for looking into the People's to People program for me.    Instead of
asking Cliff for full funding perhaps it would be "better received" to
suggest 50% funding?   If it doesn't look like that would work either, would
it be ok with Enron's policy to go on my own?

 Thanks.  (I hope that I'm not being a nuisance about this Mark, if so, just
say the word and I'll drop it!)

 Monica


Attached is a very old and dated MarketLink presentation.


Redline of revised assignment and assumption agreement.

Kay


Do you do expense reports and have not taken the training?

Expense Management System (XMS) - Cost: $135
         June 4th  8:30am-11:30am EB564
June 19th 1:00pm-4:00pm    EB564

The Expense Management System (XMS) is a tool used to electronically submit
your expense report for approval and payment through the Enron Intranet. It
is user friendly, accurate and less labor intensive for you and the
accounting staff.  This system will help you report your travel and
entertainment expenses.

You will learn how to:
E Create New Expense Reports
E Enter Cash Expense Receipts
E Adding Company Card Entries
E Enter Personal Car Mileage
E Foreign Currency Translation
E Reimbursement Method
E Designating your Approving Manager
E Designating your Administrative Assistant
E Submitting Your Expense Report
E Reviewing your Expense Report
E And Much More...

Please login and enroll through the InvestInMe website,
http://www.corptraining.com/index.cfm?company=enron.  If you have any
questions, please call 713 853-1816.


Dear Salomon Smith Barney Client:

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

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Questions reading your statement? Click on the following link (or cut and paste the url into your browser) for a copy of "Understanding Your Statement". This Guide explains how each section of your current Salomon Smith Barney statement works:

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Please do not respond to this e-mail.

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


This is what you really want

http://www.ferc.fed.us/public/pipecomp.htm


Here's how it is shaping up:

We have a fence appointment for noon, the Wednesday before Thanksgiving.
That is the first opening, but there is always a chance of a cancellation.
Just in case there is an earlier opening, the utility people will be out
tomorrow. Therefore, we need to have BOTH dogs put up tomorrow, and the gate
open.

We have a noon appointment with John Foster THIS Wednesday.  There is a $20
consulting fee.  This is the same day Michael's class sings in chapel at 115,
so this isn't too bad.  I have a 130 staff meeting, but maybe I can miss it.
The work will NOT be done that day, as far as I know.

If we have  a hope of leaving town the week of Thanksgiving, we need a
reservation at the kennel.  Do we have one yet?  I would say we might want
one Fri and Sat night. Also, we might want to consider boarding Jack this
week for a couple of days, so we don't have to do the crate trip.  We should
be ok Saturday-Wednesday, since I'm planning on being home, and Paige will be
home on Tuesday.

Kay


You may have an interest in this. FYI Rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 02/08/2001 05:58 PM
---------------------------

From:  Pam Metoyer
 02/08/2001 02:53 PM

To: Connie F Estrems/NA/Enron@Enron, Lisa Connolly/NA/Enron@Enron, Erik
Kingshill/NA/Enron@Enron, Flavia Negrete/NA/Enron@Enron, Carol
North/NA/Enron@Enron, Felipe Ospina/NA/Enron@ENRON, Paulo
Squariz/SA/Enron@Enron, Marlene L Clifford/HOU/ECT@ECT, Rosalinda V
Gonzalez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Amador
Granado/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sherri Griffin/Corp/Enron@Enron,
Karen L Harrison/HOU/EES@EES, Sheila Hester/ENRON_DEVELOPMENT, Melissa C
Knightstep/HOU/ECT@ECT, Dianne Langeland/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Richard Lauer/HOU/ECT@ECT, Donna Lowry/HOU/ECT@ECT, Shemeika S
Landry/Corp/Enron@ENRON, Monique Shankle/Corp/Enron@ENRON, Louis
Sherrod/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Shelli Smith/NA/Enron@Enron,
Steven Watson/ENRON_DEVELOPMENT, Donna Wackerle/Corp/Enron@Enron, Debbie R
Brackett/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT,
Lesli Campbell/HOU/ECT@ECT, James L Copeland/HOU/ECT@ECT, Russell
Diamond/HOU/ECT@ECT, Bradley Diebner/Enron@EnronXGate, Veronica
Espinoza/Corp/Enron@ENRON, Veronica Gonzalez/HOU/ECT@ECT, Walter
Guidroz/NA/Enron@Enron, Molly Harris/HOU/ECT@ECT, Karen K
Heathman/HOU/ECT@ECT, Rudwell Johnson/NA/Enron@ENRON, Wendi
LeBrocq/Corp/Enron@Enron, Nidia Mendoza/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT,
Tracy Ngo/PDX/ECT@ECT, Martin O'Leary/HOU/EES@EES, Paul
Radous/Corp/Enron@ENRON, Brant Reves/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT,
Edward Sacks/Corp/Enron@Enron, Brad Schneider/Corp/Enron@Enron, Chris
Sloan/LON/ECT@ECT, Teresa Seibel/NA/Enron@ENRON, Christopher
Smith/HOU/ECT@ECT, Darren Vanek/NA/Enron@Enron, Jane Wilhite/NA/Enron@Enron,
Jason R Williams/NA/Enron@ENRON, Mark Bonney/HOU/ECT@ECT, Andre
Cangucu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Arleen Duran/HOU/ECT@ECT, Anila
Hoxha/NA/Enron@Enron, Cindy Hudler/HOU/ECT@ECT, Bill McKone/HOU/ECT@ECT, Mark
Ruane/HOU/ECT@ECT, Jeffrey A Soo/HOU/ECT@ECT, Shelia Benke/Corp/Enron@Enron,
Ethel Koskas/NA/Enron@Enron, Philip Polsky/NA/Enron@Enron, Kortney
Brown/HOU/ECT@ECT, Juan Cabrales/NA/Enron@Enron, Santiago
Garcia/NA/Enron@Enron, Felipe Ibarra/NA/Enron@ENRON, Mateo
Vegalara/NA/Enron@ENRON, Mark A Walker/NA/Enron@Enron, Lynn
Bellinghausen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Denise
Naiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Bobbie Campbell/HOU/ECT@ECT, Rick
Bittner/Corp/Enron@Enron, Rick L Carson/HOU/ECT@ECT, Becky
Caudle/HOU/ECT@ECT, Ken Curry/HOU/ECT@ECT, Sonya M Gasdia/HOU/ECT@ECT,
Kenneth Horton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kevin Jolly/HOU/ECT@ECT,
Maribel Mata/Corp/Enron@Enron, Stephanie McGinnis/HOU/ECT@ECT, Keith E
Power/HOU/ECT@ECT, Monica Reasoner/HOU/ECT@ECT, Don Rollins/HOU/ECT@ECT,
Sharon E Sullo/HOU/ECT@ECT, Lea Savala/GPGFIN/Enron@ENRON, Adam
Watts/Corp/Enron@ENRON, Ding Yuan/Corp/Enron@Enron, Naveen
Andrews/Corp/Enron@ENRON, Matthew Adams/Corp/Enron@ENRON, Sunil
Dalal/Corp/Enron@ENRON, LaCrecia Davenport/Corp/Enron@Enron, Frank
Economou/NA/Enron@Enron, Xochitl Figueroa/NA/Enron@Enron, Vladimir
Gorny/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT@ECT, Frank
Hayden/Corp/Enron@Enron, Rita Hennessy/NA/Enron@Enron, Andy
Knight/Corp/Enron@ENRON, Christian LeBroc/Corp/Enron@ENRON, Nick
Paraschos/Corp/Enron@ENRON, Rebecca Phillips/HOU/ECT@ECT, David Port/Market
Risk/Corp/Enron@ENRON, Monica Reasoner/HOU/ECT@ECT, Manfred
Roenz/Corp/Enron@Enron, Araceli Romero/NA/Enron@Enron, Cassandra
Schultz/NA/Enron@Enron, Jason Sokolov/HOU/ECT@ECT, John Suttle/HOU/ECT@ECT,
Veronica Valdez/HOU/ECT@ECT, Rudi Zipter/HOU/ECT@ECT, Darin
Schmidt/NA/Enron@ENRON, Ding Yuan/Corp/Enron@Enron, Minal Dalia/HOU/EES@EES,
Bharat Khanna/NA/Enron@Enron, Darin Schmidt/NA/Enron@ENRON, Mark E
Thomas/NA/Enron@Enron, Ted Murphy/LON/ECT@ECT, Karen L Barbour/HOU/ECT@ECT,
David Crews/Enron Communications@Enron Communications, David
Gorte/HOU/ECT@ECT, James Hachen/NA/Enron@Enron, Bradford Larson/HOU/ECT@ECT,
James Ledlow/HOU/ECT@ECT, Pam Metoyer/HOU/ECT@ECT, Randy
Petersen/HOU/ECT@ECT, Jack Schlemmer/HOU/ECT@ECT, Chip
Schneider/NA/Enron@Enron, Michael Tribolet/Corp/Enron@Enron, Emy
Geraldo/NA/Enron@ENRON
cc:
Subject: Memo from Rick with attachment

	Rick Buy
	02/08/2001 02:25 PM

		 To: All RAC Houston & London Employees
		 cc:
		 Subject: RAC Teams

As mentioned in our floor meeting recently, attached are listings of teams
that we are forming to better address the business needs of Enron as it
expands both in volume and scope. Supervisors of each RAC sub group provided
the names for the groups with the understanding that they may have to be
adjusted from time to time. Only the more senior people were included, but
others will be included as appropriate. Many will have to be
multidimensional. There will be no formal leader of the teams because each
member is responsible for the activities of the team, regardless of the RAC
group that you are in. Following are several thoughts concerning this process
for consideration.

- The purpose of this exercise is to better serve the customer, the
commercial business units and achieve this within our control framework.
- Ancillary benefits include cross training of RAC employees and heightened
awareness of RAC issues. "De-silo-ization" .
- All existing reporting relationships remain unchanged, for the moment.
- Successful implementation of this effort will require a positive attitude
among the teams.
- Existing RAC responsibilities remain in effect.
-  Teams should meet weekly, at least, to discuss issues. Transactions will
require more frequent informal meetings.
- There are no excuses for forgetting to consider the impact on a deal of
credit, market risk or our portfolio.
- All team members are responsible for all aspects of a transaction. Offer to
help out if needed.
- If formal cross-training is necessary, force it to happen.
- Encourage weak links in team to perform.
- Each quarter RAC management will conduct portfolio reviews of the business
unit with the team present. This may take one quarter to implement.
- If it makes sense to sit together for logistical reasons try to arrange it
with your supervisor.
- Individual performance on the teams will be strongly considered in the PRC
and compensation processes.

The existing EES team has been quite successful and in large part was a
catalyst to the recent reorganization there. You can have an impact.

This process should begin immediately.

Thanks in advance for your cooperation in this effort.

Rick


The Payment status has changed on the following report:

Status last changed by:  System
Expense Report Name: Mary S. Fischer
Report Total: $96.52
Amount Due Employee: $96.52
Amount Approved: $96.52
Amount Paid: $96.52
Approval Status: Approved
Payment Status: Paid

To review this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


All,

Further to my earlier email, I thought the following information would be of use to you:

1)  Jeff Skilling and Tim Underdown held a short press briefing at 12.30pm this afternoon -- a transcript from the briefing has been posted on the European website ( www.europe.enron.com ) and a quick, simple note is being circulated to staff in Europe, Japan and Australia advising them how to access the transcript.

2) Paul Lund with Standard & Poors' Infrastructure Financing Ratings division contacted us to advise S&P plan to issue a statement on Teesside Power Finance Limited this afternoon regarding the situation at Teesside power station.  We have run the statement by Richard Lewis and Legal and are requesting two minor changes be made before it is released, but in principle the statement is accurate and we have no issues with it.  See attached amended document:

3) In terms of enquiries that are coming in to us on the commercial viability of the plant, we have agreed with Richard Lewis that we will not enter into any discussions of this nature.  Our focus as a company is on supporting the friends and family of the victims and to cooperate with the investigation into the cause of the explosion -- not to comment on the commercial impact of the plant being off line.

4) Finally, we expect to be in a position to release the names of the four employees tomorrow once they have been formally identified.  We are hoping that the Health and Safety Executive will be able to release, at a minimum, its preliminary findings by early next week at the latest.  More information to follow on both issues.

Fiona


Start Date: 1/16/02; HourAhead hour: 5;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

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golf on sunday @ 12:30 cypress lakes.


Guess what?  The closing party isn't until Feb. 8.  I had the wrong week!
Glad I didn't show up on the wrong day....

BEAUTIFUL weather.  Might want to sit outside and have a little cocktail (or
equivalent) tonight.  I had Mexican food for lunch, so popcorn for dinner!

Love,

Kay


I'm O positive, and used to work with Bob.  I'm on the road until Thursday
afternoon, and give give blood on Friday.

Kay

---------------------- Forwarded by Kay Mann/Corp/Enron on 10/16/2000 02:48
PM ---------------------------

	From:  Kathleen Carnahan                           10/16/2000 02:44 PM

To: Kay Mann/Corp/Enron@Enron, Carlos
Sole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Claudia
Santos/Corp/Enron@Enron, Wyndel McNamara/NA/Enron@ENRON, David K
Bargainer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Shirley
Oliver/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Angie
Chappell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Looking for O+

---------------------- Forwarded by Kathleen Carnahan/NA/Enron on 10/16/2000
02:42 PM ---------------------------
From: Geneva Holland on 10/16/2000 02:34 PM
To: Denise Almoina/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ed B Hearn
III/HOU/ECT@ECT, Kathleen Carnahan/NA/Enron@Enron, Ann
Ballard/Corp/Enron@ENRON, Clement Abrams/Corp/Enron@ENRON, Dorothy
McCoppin/FGT/Enron@ENRON, Lauren Hagerty/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Martha Braddy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Matt
Maxwell/Corp/Enron@ENRON, Barbara Hankins/HOU/AZURIX@AZURIX, Robin Hill/Enron
Communications@Enron Communications, Teresa Callahan/Corp/Enron@Enron
cc:

Subject: Looking for O+

Please spread the word that we're looking for O+ blood donors -- See message
below.  The patient is a 23 year old college student who was diagnosed with
lukemia last December.  His father is a good friend and former Enron
employee.  Thanks very much.
Geneva

Geneva Holland
Corp Services - Corp Secretary Dept
EB4802

**************************************************
Michael has been in and out of the hospital the last 10 days with
fevers.  They're trying to figure out the cause, and no doubt will do
so.  In the meantime, he's in need of blood -- some 7-8 units over the
next couple weeks.  If any of you, your friends, spouses, co-workers,
etc., have some O+ blood in your system that you wouldn't mind donating,
I know Michael would welcome it.

Rather than rush down to MD Anderson to donate, please give me a call
first, and I can give you some of the specifics you'll need.

Thanks.

Bob

Robert A. Joyce
Kvaerner Process
7909 Parkwood Circle Drive


I have a closing scheduled for Wednesday, so I don't know when I'll be
getting to San Antonio.  Better leave me off the list.

Thanks,

Kay


Did you check out the link to the spandex picture?

Heather Kroll@ECT
01/20/2001 02:53 PM
To: Ozzie Pagan/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron
cc:

Subject: Fwd: A wedding party I wish we could have attended

You've got to check this out!
---------------------- Forwarded by Heather Kroll/HOU/ECT on 01/20/2001 02:53
PM ---------------------------

Leigh Williams <LWilliams@houstonzoo.org> on 01/19/2001 11:41:05 AM
To: ButchPool@aol.com, Ashley_Garza@bmc.com, Heather.Kroll@enron.com,
KMOLINA@glo.state.tx.us, SByrd@heart.org, arainbolt@mail.utexas.edu,
amunoz@pbfcm.com, christina@pdq.net, cmead@txstateaq.org,
larrybubela@yahoo.com
cc:
Subject: Fwd: A wedding party I wish we could have attended

Received: from mail pickup service by hotmail.com with Microsoft SMTPSVC;
Thu, 18 Jan 2001 15:49:55 -0800
Received: from 4.22.130.13 by lw4fd.law4.hotmail.msn.com with HTTP; Thu, 18
Jan 2001 23:49:55 GMT
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X-OriginalArrivalTime: 18 Jan 2001 23:49:55.0981 (UTC)
FILETIME=[5C0743D0:01C081A9]
Date: Thu, 18 Jan 2001 17:49:55 -0600
From: "Hoelt Pohlmeier"  <hoeltp@hotmail.com>
To: LWilliams@houstonzoo.org, WILLIAMS@TVMCAPITAL.COM
Subject: A wedding party I wish we could have attended
Mime-Version: 1.0
Content-Type: multipart/mixed; boundary="=_104B4F56.06670BCD"

>From: "Laurelyn Gross" <laurelyng@hotmail.com>
>To: hoeltp@hotmail.com
>Subject: Atlee just sent me this...
>Date: Thu, 18 Jan 2001 21:39:55
>
>
>
>
>>From: Atlee Weber <atleew@yahoo.com>
>>To: laurelyng@hotmail.com, roxyvalentine01@hotmail.com, welder26@aol.com,
>>channa@wbhq.com, senorgui@yahoo.com, seanmintz@hotmail.com,
>>hmblackmon@yahoo.com, mctravel1@aol.com, cybercdc@aol.com,
>>abell@abovomarketing.com
>>Subject: Fwd: FW: To those of you getting married...
>>Date: Thu, 18 Jan 2001 11:52:13 -0800 (PST)
>>
>>
>>
>>Note: forwarded message attached.
>>
>>
>>__________________________________________________
>>Do You Yahoo!?
>>Get email at your own domain with Yahoo! Mail.
>>http://personal.mail.yahoo.com/

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com

X-Apparently-To: atleew@yahoo.com via web3801
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Date: Thu, 18 Jan 2001 11:25:15 -0600
From: Angela French  <Angela_French@gsdm.com>
To: Lavinia_Ruiz@gsdm.com,AEppes@GT.com, brenda@smartprice.com,
atleew@yahoo.com
Subject: FW: To those of you getting married...
Mime-Version: 1.0
Content-Type: text/plain
Content-Disposition: inline

I had to forward this to you.  Please don't let this happen to me.

-----Original Message-----
From: Aurora Reyes
Sent: Thursday, January 18, 2001 11:14 AM
To: 'leslie_rhodes@dell.com'; 'allen_hooser@dell.com'; Erika Zain; Abi
Aylward; Angela French
Cc: Charlie Brown
Subject: To those of you getting married...

To those of you getting married - I'm just passing the e-mail along.
ar

>>Sorry, but I felt I must pass this on to those getting
married.  Love ya, don't think less of me.  Actually,
I thought it would be good for leslie, seeing as her
wedding is during the holiday season.

                           Emily

>>http://www.sgezine.com/wedding/wedding.html
>>
>>


Jennifer:  put on calendar.  Eric: do you want to attend?  Thanks.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/09/2001
11:03 AM ---------------------------

Vince J Kaminski
01/08/2001 12:06 PM
To: Rick Buy/HOU/ECT@ECT, David Port/Market Risk/Corp/Enron@ENRON, John L
Nowlan/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT
Subject: Re: Meeting on Feb 8, 2001

FYI.

This is the list of the Petronas executives visiting Enron on Feb 8.
I have invited them to lunch. Would you like to join me for lunch.

I would like to propose a short courtesy meeting at 10  with Jeff/John (5 -
10 minutes),
followed by RAC/Research presentation till 11:30.

Vince

P.S. I shall reserve a conference room for this meeting

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/08/2001
10:02 AM ---------------------------

azminab@petronas.com.my on 01/07/2001 06:37:33 PM
To: Vince.J.Kaminski@enron.com, Shirley.crenshaw@enron.com,
KhairuddinBMJaafar@petronas.com.my
cc:
Subject: Re: Meeting on Feb 8, 2001

Dear Kaminski

4 members from Corporate Risk Management Unit

1. Iqbal Abdullah   - General Manager
2. Nur Azmin Abu Bakar   - Head, Risk Assessment & Controls
3. Zulkifli A Rahim - Head, Risk Measurement & Systems
4. Adnan Adams - Head, Special Projects

Regards

Vince.J.Kaminski@enron.com on 03/01/2001 09:45:02 PM

To:   azminab@petronas.com.my
cc:   Vince.J.Kaminski@enron.com, Shirley.Crenshaw@enron.com
Subject:  Re: Meeting on Feb 8, 2001

Dear Mr. Nur Azmin Abu Bakar,

Thanks for your prompt reply.

Please, let us know how many members of your team will
visit Enron.

I look forward to our meeting on February 8.

Vince Kaminski

azminab@petronas.com.my on 01/02/2001 06:38:33 PM

To:   Vince.J.Kaminski@enron.com, KhairuddinBMJaafar@petronas.com.my,
      Shirley.crenshaw@enron.com
cc:
Subject:  Re: Meeting on Feb 8, 2001

Dear Kaminski,

  Happy New year and thank you for the reply.  We are honored to have
lunch with you and your team however we have another appointment at
2.30p.m.

Regards

Vince.J.Kaminski@enron.com on 03/01/2001 07:38:19 AM

To:   azminab@petronas.com.my
cc:   Vince.J.Kaminski@enron.com, Shirley.Crenshaw@enron.com
Subject:  Meeting on Feb 8, 2001

Dear Sir,

I would like to apologize for the delay in responding to your fax.
I was on vacation for the last few days.

I shall be honored to meet your delegation on Thursday, February 8 at 10:00
a.m.
Please, let me know if you will be free for lunch after the meeting.

Vince Kaminski


Thank you.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	"Cosma, Marcelo (Toronto-BCE)" <Marcelo_Cosma@ml.com>
	05/01/2001 01:46 PM

		 To: "'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com>
		 cc:
		 Subject: RE: repo agreement

Sara:

Apologies for the delay.  The changes in your previous email are fine.  If
there are no further issues, I will arrange for execution copies.

Regards,

Marcelo A. Cosma
Office of General Counsel--Canada
Tel.:  1-416-369-7478
Fax:  1-416-369-4551
E-mail:  marcelo_cosma@ca.ml.com

This email message is intended for the addressee only.  It may contain
information which is privileged, confidential or exempt from disclosure
under applicable law.  Any dissemination or copying of this email
message by anyone other than the addressee is strictly prohibited.

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Monday, April 30, 2001 6:57 PM
To: Marcelo_Cosma@ml.com
Subject: repo agreement

Marcelo:

When we last spoke on April 3, you told me that the blacklined agreement
would be sent in the next few days.  Can you please provide me with an
update?  I would like to finalize/execute before May 2 when I will be on
vacation.

Please advise.  Thank you.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


I received a message today from one of the brokers at ED&F Mann, who said he
was waiting on our payment for a Palo Verde futures contract for April. I
remember something like this happening last month, and I remember you two
coming to the rescue, which is why I'm asking for your assistance. If either
of you get a chance on Monday, let's get together and figure out why this
hasn't been paid, or maybe why it HAS been paid and not received.

I believe the deal in question is 531782 - Long Term Southwest buys from
Avista for the month of April, price $196, trade date 2/26. Doesn't this seem
eerily reminiscent of the last contract that ED&F Mann didn't receive payment
on? Was it Avista that time too?

The contact at ED&F Mann is Martin, and his number is (212) 566-9329. Just
let me know when you have a moment to talk.

Thanks,
Kate


Hey.  Whoa.  I already got Cameron a garlic press.  And I got her mom a
spatula, so don't go trying to preempt that gift, too.

	"Scott Laughlin" <scottwl@hotmail.com>
	11/28/2000 01:07 PM

		 To: Jeff.Dasovich@enron.com
		 cc: cameron@perfect.com
		 Subject: RE: guest list so far

I already told Cameron that she wasn't getting a Christmas present this year
because of the banjo. (Could ya hear that scream from Palo Alto? Calm down,
baby. I'll get you a garlic press.)

We'll talk later.

>From: Jeff.Dasovich@enron.com
>To: "Scott Laughlin" <scottwl@hotmail.com>
>CC: cameron@perfect.com
>Subject: RE: guest list so far
>Date: Tue, 28 Nov 2000 13:01:35 -0600
>
>
>I'm not buying and goddam banjo.  I can't stand the noise those freakin'
>things make.  ferget it.
>
>
>we kid!  I think that's it's a swell idea.  you can totally count me in on
>pitching in.  (i'm declaring bankruptcy after this birthday.)
>
>let's talk more tonite about the big day.  I have class, but should be over
>there by 10:30 or so.
>
>Best,
>jeff
>
>
>
>                     "Scott
>                     Laughlin"            To:     Jeff.Dasovich@enron.com,
>                     <scottwl@hotm        cameron@perfect.com
>                     ail.com>             cc:
>                                          Subject:     RE: guest list so
>far
>                     11/28/2000
>                     12:55 PM
>
>
>
>
>
>Ferget what? Banjo?
>
>
> >From: Jeff.Dasovich@enron.com
> >To: Cameron Sellers <cameron@perfect.com>
> >CC: "'Scott Laughlin'" <scottwl@hotmail.com>
> >Subject: RE: guest list so far
> >Date: Tue, 28 Nov 2000 11:23:08 -0600
> >
> >
> >Ferget it.
> >
> >
> >
> >                     Cameron
> >                     Sellers              To:     "'Scott Laughlin'"
> ><scottwl@hotmail.com>,
> >                     <cameron@perf        Jeff.Dasovich@enron.com
> >                     ect.com>             cc:
> >                                          Subject:     RE: guest list so
> >far
> >                     11/27/2000
> >                     04:20 PM
> >
> >
> >
> >
> >
> >That's great Riddles will be there.  Bobby said he would try to be there
> >late Friday night (after Davis), but that was it.
> >
> >WE ARE GETTING HER THE BANJO SHE HAS ALWAYS DREAMED OF (Earl Scruggs
>Gibson
> >banjo with maple neck).  DO NOT GET ANYTHING ELSE EITHER OF YOU THE BANJO
> >IS
> >VERY EXPENSIVE (around 2K) AND IT WILL BE FROM ALL OF US AND IT WILL BE
> >BOTH
> >HER BIRTHDAY AND XMAS.  Mom already said she will put in $500.  How about
> >the rest of you??  Can we make this happen.  I have all the details of
>the
> >banjo from Avram and Larry now and I am pricing it.  They have told me
> >where
> >to get the best prices and Avram has put me in touch with a guy that just
> >bought one and researched prices for weeks.  I will update you when I
>have
> >a
> >little more info.  OK???????????????????
> >
> >
> >Cameron Sellers
> >Vice President, Business Development
> >PERFECT
> >1860 Embarcadero Road - Suite 210
> >Palo Alto, CA 94303
> >cameron@perfect.com
> >650.798.3366 (direct dial)
> >650.269.3366 (cell)
> >650.858.1095 (fax)
> >
> >  -----Original Message-----
> >From:           Scott Laughlin [mailto:scottwl@hotmail.com]
> >Sent:           Monday, November 27, 2000 10:57 AM
> >To:        cameron@perfect.com; Jeff.Dasovich@enron.com
> >Cc:        Nancy.Sellers@mondavi.com
> >Subject:        Re: guest list so far
> >
> >Riddles is on there for at least one night, plus his "woman," I imagine.
> >Then we got Bobby most likely coming late on Sat night, after his gig in
> >Davis.
> >Jeff--what can I help with?? What about her present... are we all getting
> >her a banjo, or do you have something else you want to get her, leaving
>us
> >to fend for ourselves?
> >
> >Chapeau!
> >
> >
> > >From: Cameron Sellers <cameron@perfect.com>
> > >To: "'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>
> > >CC: 'Scott Laughlin' <scottwl@hotmail.com>, 'Mom'
> > ><Nancy.Sellers@mondavi.com>
> > >Subject: guest list so far
> > >Date: Mon, 27 Nov 2000 10:33:15 -0800
> > >
> > >
> > >Sure Thing:
> > >
> > >Jeff
> > >Prentice
> > >Cameron
> > >Scott
> > >Carter (Friday night only)
> > >Colleen Silva
> > >Chris Shea
> > >Cristina Shea
> > >Miriam
> > >Renee Lanam
> > >Doug Sinclair
> > >Mike Herring
> > >Lisa Herring
> > >Steve Pottier
> > >David Hoffman
> > >Heidi Hoffman
> > >
> > >
> > >Maybe:
> > >
> > >Avram Seagle
> > >Allison Seagle
> > >Ed Neff
> > >Lizanne Jensen
> > >Ken Jensen
> > >Sean
> > >Molly
> > >Mom
> > >Dad
> > >
> > >No Answer Yet:
> > >
> > >Bill Growney
> > >Buddy Arnheim
> > >Celise
> > >Andre
> > >Denis & Lynn
> > >Liz Sellers
> > >John Whiting
> > >Cary & Leslie
> > >Riddles
> > >
> > >
> > >
> > >Cameron Sellers
> > >Vice President, Business Development
> > >PERFECT
> > >1860 Embarcadero Road - Suite 210
> > >Palo Alto, CA 94303
> > >cameron@perfect.com
> > >650.798.3366 (direct dial)
> > >650.269.3366 (cell)
> > >650.858.1095 (fax)
> > >
> >
> >
>____________________________________________________________________________
>
> >
> >_________
> >Get more from the Web.  FREE MSN Explorer download :
> >http://explorer.msn.com
> >
> >
> >
> >
>
>_____________________________________________________________________________
________
>
>Get more from the Web.  FREE MSN Explorer download :
>http://explorer.msn.com
>
>
>
>
>

______________________________________________________________________________
_______
Get more from the Web.  FREE MSN Explorer download : http://explorer.msn.com


As I had a little difficulty expressing my concerns today, I thought that I
might offer you a little parable.

One day, an enterprising young boy named Bubba decided to start a lemonade
stand in front of his house so that he could afford to buy a GI Joe with
the kung fu grip.  He set up a table, painted a sign that read "Lemonade 25
cents", and began to squeeze lemons.  Bubba discovered that he could
squeeze enough lemons for about 10 glasses of lemonade each hour.

Bubba had a bothersome little five year old brother named Scooter.
Although annoying to Bubba, Scooter loved to do whatever Bubba was doing
and decided to set up another lemonade stand right next to his brother's
stand.  Scooter was not as strong as Bubba and could only squeeze enough
lemonade for about 8 glasses each hour.  Scooter also painted a sign that
read "Lemonade 25 cents".

Initially, the two boys could sell about 8 glasses of lemonade each hour
between the two of them, but as the weather got hotter they attracted more
and more thirsty customers.  Eventually, they were selling about 15 glasses
of lemonade each hour.*  As it got hotter and baseball season began, the
boys grew less interested in their stands and the GI Joe with the kung fu
grip was not getting any closer.  Then, Bubba got an idea.  if he raised
his price to 30 cents a glass, he would make a lot more money.

The customers at first would buy their lemonade from Scooter but when he
ran out they would buy it from Bubba.  This worked great for Bubba but
Scooter did not like his brother making more money for the same lemonade.
Because he liked to do whatever his brother was doing, and because he also
had his mind set on buying a three foot plastic alligator with the remote
action chompers and realistic sounds, he too raised his price by 5 cents.
Regardless of the new higher price, the customers kept coming.  "Hey, this
is great" the two brothers thought to themselves.

But then, the good times came to a halt.  Bubba's mom discovered that he
was charging 30 cents for a glass of lemonade and she ordered him to drop
his price back to 25 cents (but not before she bored him about how lemonade
had only cost a nickel in her day)**.   Interestingly, she must have
forgotten to tell Scooter to do the same (Bubba always suspected that she
liked Scooter better anyway).

So, Bubba hatched a new plan.  If he could get Scooter to sell his lemonade
for him, he could still receive the higher price the customers were
paying***.  Thus, Bubba began making lemonade for Scooter's stand.  Bubba
kept his stand open but he never had any lemonade to sell.

Soon a long line set up in front of Bubba's stand, all eager to buy out his
cheaper lemonade.   But some of the kids became frustrated and angry when
Bubba was not selling any lemonade at his mom's ordered price.   Buzzer,
the neighborhood snitch, told Bubba's mother what he was doing and she was
not pleased.   She told Bubba "young man, I want you to go out there and
sell lemonade for 25 cents to whoever asks for it, or else"!  Fearing for
his young life, and knowing that he could not possibly squeeze enough
lemons to make all 15 glasses, Bubba made Scooter an "offer he could not
refuse".  He told Scooter that he was taking the unsold lemonade from
Scooter's stand and would pay him only 20 cents****.  Then, Bubba could
sell Scooter's lemonade to the thirsty crowd and still meet the demand
while staying out of mom's dog house.  Unfortunately, Scooter realized that
this was more hassle than he had expected and went inside to play Nintendo
leaving Bubba with the angry crowd and not enough lemonade to sell.

*  Bubba has now become a pivotal supplier of lemonade.
** Bubba's mom has just intervened in his market with a price adjustment.
*** Bubba moves his supply to the unrestrained market.
**** Scooter's lemonade has just been OOMed.

Whenever two markets are perfect substitutes for each other, market forces
will bring the prices into equilibrium through the execution of arbitrage
opportunities.  Yet, when the price in one of the two markets is
artificially managed, this equilibrium cannot exist.  It would be expected
that the market that is price managed will attract more buyers but less
suppliers.  If suppliers are not forced to participate in the price managed
market, then they will shift their supply to the market without price
controls and buyers will have to follow.  This would mark the end of the
price controlled market leaving only one market remaining.

On the other hand, if the price controlled market also can force suppliers
to deliver into its market, then the buyers would not have to follow the
supply.  In fact, in this case, more buyers would shift to the price
controlled market if it was perceived to deliver lower prices than the free
market.  In this case, demand dries up in the free market and suppliers are
forced into the price managed market.  Yet, suppliers must be paid for this
forced sale and a regulated price is developed to accomplish a fair
compensation.  Thus, relieving us all of the complexities of this thing
called competition.

Brad


Please call me.  I believe I ordered a bloomberg machine only.  Does it some
with its own operating system or is it offered through the network?  Please
let me know before coming to install.  I already have two computers.

Thanks,
Mike


Tom and Mark are not spot traders, they're cash traders. This is what I was
referring to yesterday - that Real Time is now being charged $15 for trades -
but cash and term traders should still be charged the traditional $.005. Why
is Bloomberg recognizing these trades as Real Time?

Kate

Evelyn Metoyer@ENRON
04/17/2001 12:33 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Commission for Bloomberg

Hi Kate, per our discussion on yesterday about the $15.00 flat fee on Tom's
and Mark's deals, here is Bloomberg's response.  Please pass this info to all
of our traders.  Please let me know what the response is from them.

Thanks

---------------------- Forwarded by Evelyn Metoyer/Corp/Enron on 04/17/2001
02:34 PM ---------------------------

"PAUL CALLAHAN, BLOOMBERG/ NEW YORK" <PCALLAHAN2@bloomberg.net> on 04/17/2001
02:28:57 PM
To: Evelyn.Metoyer@enron.com
cc:

Subject: Commission

Evelyn, as of April 16, 2001 our charge for Spot trades is a flat fee of
$15/trade.


----- Forwarded by Sara Shackleton/HOU/ECT on 11/14/2000 03:05 PM -----

	"Rosenblum, Gary(CICG-GEDNY)" <grosenbl@exchange.ml.com>
	11/14/2000 02:53 PM

		 To: "'sara.shackleton@enron.com'" <sara.shackleton@enron.com>
		 cc: "Barna, Peter (CICG - Equity Linked Capital Markets)"
<pbarna@exchange.ml.com>, "Lyons, Maureen (CICG - Equity Linked Capital
Markets)" <malyons@exchange.ml.com>, "Payton-Jacobs, Leslie (OGC)"
<LPayton-Jacobs@exchange.ml.com>
		 Subject: Swap/Forward

Sara,

Attached are the Swap Termination Agreement and Forward Term Sheet. The
traders will provide the Settlement Amount in the next few minutes.Please
review and advise at your eariest convenience.

Regards

 <<ENRON TERMINATION 111400.doc>>  <<ENE-Forward-finalTS.doc>>

 - ENRON TERMINATION 111400.doc
 - ENE-Forward-finalTS.doc


Re the open item we discussed this morning, I will let you know if the preliminary decision below changes.  Otherwise you may assume that this is the final answer.
 -----Original Message-----
From: 	Yowman, Andrea
Sent:	Tuesday, May 15, 2001 12:00 PM
To:	Hill, Jo Ann; Becker, Melissa; Migliore, Todd; Ward, Cindy R.; Walton, Sheila; Bosien, Teresa; Philpott, Charles; Schultea, Kathryn; McSherry, Brad; Vasut, Tony; Johnson, Rick; Hope, Valeria; Gorsuch, Gwynn; Acevedo, Felecia; Taylor, Diane; Hope, Valeria; Vasut, Tony
Subject:	FYI

At Cindy's staff meeting today,there was a discussion on employees in redeployment relative to PRC.  The decision was made that employees in redeployment will not participate in the Mid-Year 2001 PRC process.   David Oxley took the task of validating this with Dave Delainey.

Please let me know if you have any questions.
ay


Everyone,

I am beginning to receive phone calls and emails from some of the CA
businesses that Ken sent letters to on Monday.  I will be tracking these
businesses through a database, but we need to start following up with phone
calls and additional information.

I will keep you posted on who is asking for more information, and all
materials that we send to these businesses going foward.  However, I will
need your help in placing follow up phone calls.

To that end, I would like Mark and Rick to make the first two phone calls
today.  Keep in mind we sent out two letters.  Before you contact these
folks, you might want to check the list to see which letter we sent out.
(I'm attaching the final list.  The highlighted companies - 15 -  received
the letter from Ken that indicated he would follow up personally.  Everyone
else - 100 -  received the generic letter).

****Whomever you talk with, be sure and confirm the address and phone number
and names for where we should send future information (see list) thanks!!!

Mark Palmer
Ms. Kris Essell (check the spelling when you talk with her)
Public Affairs Rep to Chairman Sherry Lansing
Paramount Pictures
323-956-5202
Asked for additional materials

Rick Shapiro
Tamsin Randlett
Senior Director, Government Affairs
Gap Inc.
415-427-3516
Asked for additional materials


FYI -- we got a reprieve!

Ruth

-----Original Message-----
From: Edward Smith [mailto:Edward.Smith@cwt.com]
Sent: Tuesday, June 04, 2002 12:59 PM
To: Concannon, Ruth
Subject: Dominion

----- Forwarded by Edward Smith/NY/CWT on 06/04/02 01:57 PM -----

                    Edward Smith
                                         To:     ruth.concannon@enron, sproctor@akllp.com
                                         cc:     Mark Ellenberg/DC/CWT@CWT
                                         Subject:     Dominion
                    06/04/02 01:58
                    PM

Dominion has agreed to adjourn the June 13 hearing on its motion for a
month.  We will schedule the hearing for sometime in mid July.  I'll let
you know the date.

==============================================================================
NOTE:  The information in this email is confidential and may be legally privileged.  If you are not the intended recipient, you must not read, use or disseminate the information.  Although this email and any attachments are believed to be free of any virus or other defect
that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Cadwalader, Wickersham
& Taft for any loss or damage arising in any way from its use.

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


D.

Mary provided this to Brian, please check against your numbers ASAP

---------------------- Forwarded by Edward D Gottlob/HOU/ECT on 11/28/2000
07:56 AM ---------------------------

Brian M Riley
11/27/2000 11:07 AM
To: Edward D Gottlob/HOU/ECT@ECT
cc:
Subject: King Ranch Processed volumes at Tailgate

Please compare with Darren's #'s.

Thanks BR
---------------------- Forwarded by Brian M Riley/HOU/ECT on 11/27/2000 11:09
AM ---------------------------

Mary Poorman@ENRON
10/27/2000 10:17 AM
To: Brian M Riley/HOU/ECT@ECT
cc:
Subject: King Ranch Processed volumes at Tailgate

This is a snapshot of my worksheet for October, I haven't received all of the
volumes for November, but, I don't expect any radical changes in production
at this time.

Please let me know if I can be of any further assistance.

Mary


Sharen:

In connection with the two (2) swap confirmations which you are revising
(from a "Deemed ISDA" format to a regular ISDA format), I ask that you please
contact  Stephanie to review the final forms.  Please note the following:

(1)  Melissa's prior "Deemed ISDA" drafts (dated Nov. 22, 2000) show ENA swap
nos. as 447459.4 and 447459.02.  One of your confims doesn't match:  it says
447459.04.  Please verify the correct number.

(2)  You can eliminate the "Payment Date(s)" section from the General Terms
because individual Payment Dates appear in both the Fixed and Floating
Details.

After either Tana or Stephanie have approved, please email to EWEB as follows
(with a copy to Holli Krebs):

jdeason@chbh.com
Dick.Varner@eweb.eugene.or.us

NOTE TO STEPHANIE:  copies of my markups  and the Deemed ISDA's are located
in a file entitled "EWEB confirmations".  Also, the ISDA has not been signed
but will be dated October 30, 2000.


Tana -

The NDA goes to a Timothy Burton - via email at  timothy_j_burt@fleet.com

Doug Fuehne with CommodityLogic wants to send an e-mail version out before
the end of the day.

Thanks.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


AGA for 12/8/2000 is (158)

Website information:
http://gasfundy.corp.enron.com/gas/framework/default.asp
Drop down Box to "Storage"
In-house Analysis
My files are the last three files.

When the dialog box asks to upadate links click "NO".


ReaD THIS

-----Original Message-----
From: Stephens, Jeffery
Sent: Wednesday, January 16, 2002 2:26 PM
To: gregory.schockling@bhlp.com
Subject: FW: E memo

-----Original Message-----
From: John_Carmody@transalta.com [mailto:John_Carmody@transalta.com]
Sent: Wednesday, January 16, 2002 2:23 PM
To: Stephens, Jeffery
Subject: FW:E memo

----- Forwarded by John Carmody on 01/16/2002 03:21 PM -----

                    "Carmody, Tom"
                    <TCarmody@util        To:     "'john_carmody@transalta.com'" <john_carmody@transalta.com>
                    icorp.com>            cc:
                                          Subject:     FW:
                    01/16/2002
                    10:57 AM

>  -----Original Message-----
>
>
> Text of Letter to Enron's Chairman After Departure of Chief Executive
> ollowing is the text of an unsigned letter written in August to Kenneth
L.
> Lay, the chairman of the Enron Corporation (news/quote
>
</redirect/marketwatch/redirect.ctx?MW=http://custom.marketwatch.com/custo
> m/nyt-com/html-companyprofile.asp&symb=ENRNQ>), after Jeffrey K. Skilling
> resigned unexpectedly as chief executive on Aug. 14. Its author was later
> identified as Sherron S. Watkins, a vice president for corporate
> development at Enron. The House Energy and Commerce Committee released
> excerpts of the letter on Monday and the full letter yesterday:

> Has Enron become a risky place to work? For those of us who didn't get
> rich over the last few years, can we afford to stay?
> Skilling's abrupt departure will raise suspicions of accounting
> improprieties and valuation issues. Enron has been very aggressive in its
> accounting - most notably the Raptor transactions and the Condor vehicle.
> We do have valuation issues with our international assets and possibly
> some of our EES MTM positions.
> The spotlight will be on us, the market just can't accept that Skilling
is
> leaving his dream job. I think that the valuation issues can be fixed and
> reported with other good will write-downs to occur in 2002. How do we fix
> the Raptor and Condor deals? They unwind in 2002 and 2003, we will have
to
> pony up Enron stock and that won't go unnoticed.
> To the layman on the street, it will look like we recognized funds flow
of
> $800 million from merchant asset sales in 1999 by selling to a vehicle
> (Condor) that we capitalized with a promise of Enron stock in later
years.
> Is that really funds flow or is it cash from equity issuance?
> We have recognized over $550 million of fair value gains on stocks via
our
> swaps with Raptor. Much of that stock has declined significantly - Avici
> by 98 percent from $178 million, to $5 million; the New Power Company by
> 80 percent from $40 a share, to $6 a share. The value in the swaps won't
> be there for Raptor, so once again Enron will issue stock to offset these
> losses. Raptor is an LJM entity. It sure looks to the layman on the
street
> that we are hiding losses in a related company and will compensate that
> company with Enron stock in the future.
> I am incredibly nervous that we will implode in a wave of accounting
> scandals. My eight years of Enron work history will be worth nothing on
my
> r?sum?, the business world will consider the past successes as nothing
but
> an elaborate accounting hoax. Skilling is resigning now for "personal
> reasons" but I would think he wasn't having fun, looked down the road and
> knew this stuff was unfixable and would rather abandon ship now than
> resign in shame in two years.
> Is there a way our accounting guru's can unwind these deals now? I have
> thought and thought about a way to do this, but I keep bumping into one
> big problem - we booked the Condor and Raptor deals in 1999 and 2000, we
> enjoyed wonderfully high stock price, many executives sold stock, we then
> try and reverse or fix the deals in 2001, and it's a bit like robbing the
> bank in one year and trying to pay it back two years later. Nice try, but
> investors were hurt, they bought at $70 and $80 a share looking for $120
a
> share and now they're at $38 or worse. We are under too much scrutiny and
> there are probably one or two disgruntled "redeployed" employees who know
> enough about the "funny" accounting to get us in trouble.
> What do we do? I know this question cannot be addressed in the
> all-employee meeting, but can you give some assurances that you and
Causey
> will sit down and take a good hard objective look at what is going to
> happen to Condor and Raptor in 2002 and 2003?
> Summary of Alleged Issues:
>
> RAPTOR Entity was capitalized with LJM equity. That equity is at risk;
> however, the investment was completely offset by a cash fee paid to LJM.
> If the Raptor entities go bankrupt LJM is not affected, there is no
> commitment to contribute more equity.
> The majority of the capitalization of the Raptor entities is some form of
> Enron N/P, restricted stock and stock rights.
> Enron entered into several equity derivative transactions with the Raptor
> entities locking in our values for various equity investments we hold.
> As disclosed in 2000, we recognized $500 million of revenue from the
> equity derivatives offset by market value changes in the underlying
> securities.
> This year, with the value of our stock declining, the underlying
> capitalization of the Raptor entities is declining and credit is pushing
> for reserves against our MTM positions.
> To avoid such a write-down or reserve in quarter one 2001, we "enhanced"
> the capital structure of the Raptor vehicles, committing more ENE shares.
> My understanding of the third-quarter problem is that we must "enhance"
> the vehicles by $250 million.
> I realize that we have had a lot of smart people looking at this and a
lot
> of accountants including AA & Co. have blessed the accounting treatment.
> None of that will protect Enron if these transactions are ever disclosed
> in the bright light of day. (Please review the late 90's problems of
Waste
> Management (news/quote
>
</redirect/marketwatch/redirect.ctx?MW=http://custom.marketwatch.com/custo
> m/nyt-com/html-companyprofile.asp&symb=WMI>) - where AA paid $130 million
> plus in litigation re questionable accounting practices.)
> The overriding basic principle of accounting is that if you explain the
> "accounting treatment" to a man in the street, would you influence his
> investing decisions? Would he sell or buy the stock based on a thorough
> understanding of the facts? If so, you best present it correctly and/or
> change the accounting.
> My concern is that the footnotes don't adequately explain the
> transactions. If adequately explained, the investor would know that the
> "entities" described in our related party footnote are thinly
capitalized,
> the equity holders have no skin in the game, and all the value in the
> entities comes from the underlying value of the derivatives
(unfortunately
> in this case, a big loss) AND Enron stock and N/P. Looking at the stock
we
> swapped, I also don't believe any other company would have entered into
> the equity derivative transactions with us at the same prices or without
> substantial premiums from Enron. In other words, the $500 million in
> revenue in 2000 would have been much lower. How much lower?
> Raptor looks to be a big bet if the underlying stocks did well, then no
> one would be the wiser. If Enron stock did well, the stock issuance to
> these entities would decline and the transactions would be less
> noticeable. All has gone against us. The stocks, most notably Hanover,
the
> New Power Company and Avici are underwater to great or lesser degrees.
> I firmly believe that executive management of the company must have a
> clear and precise knowledge of these transactions and they must have the
> transactions reviewed by objective experts in the fields of securities
law
> and accounting. I believe Ken Lay deserves the right to judge for himself
> what he believes the probabilities of discovery to be and the estimated
> damages to the company from those discoveries and decide one of two
> courses of action:
> 1. The probability of discovery is low enough and the estimated damage
too
> great; therefore we find a way to quietly and quickly reverse, unwind,
> write down these positions/transactions.
> 2. The probability of discovery is too great, the estimated damages to
the
> company too great; therefore, we must quantify, develop damage
containment
> plans and disclose.
> I firmly believe that the probability of discovery significantly
increased
> with Skilling's shocking departure. Too many people are looking for a
> smoking gun.
> Summary of Raptor Oddities:
> 1. The accounting treatment looks questionable.
> a. Enron booked a $500 million gain from equity derivatives from a
related
> party.
> b. That related party is thinly capitalized with no party at risk except
> Enron.
> c. It appears Enron has supported an income statement gain by a
> contribution of its own shares.
> One basic question: The related party entity has lost $500 million in its
> equity derivative transactions with Enron. Who bears that loss? I can't
> find an equity or debt holder that bears that loss. Find out who will
lose
> this money. Who will pay for this loss at the related party entity?
> If it's Enron, from our shares, then I think we do not have a fact
pattern
> that would look good to the S.E.C. or investors.
> 2. The equity derivative transactions do not appear to be at arms length.
> a. Enron hedged New Power, Hanover and Avici with the related party at
> what now appears to be the peak of the market. New Power and Avici have
> fallen away significantly since. The related party was unable to lay off
> this risk. This fact pattern is once again very negative for Enron.
> b. I don't think any other unrelated company would have entered into
these
> transactions at these prices. What else is going on here? What was the
> compensation to the related party to induce it to enter into such
> transactions?
> 3. There is a veil of secrecy around LJM and Raptor. Employees question
> our accounting propriety consistently and constantly. This alone is cause
> for concern.
> a. Jeff McMahon was highly vexed over the inherent conflicts of LJM. He
> complained mightily to Jeff Skilling and laid out five steps he thought
> should be taken if he was to remain as treasurer. Three days later,
> Skilling offered him the C.E.O. spot at Enron Industrial Markets and
never
> addressed the five steps with him.
> b. Cliff Baxter complained mightily to Skilling and all who would listen
> about the inappropriateness of our transactions with LJM.
> c. I have heard one manager-level employee from the principal investments
> group say, "I know it would be devastating to all of us, but I wish we
> would get caught. We're such a crooked company." The principal
investments
> group hedged a large number of their investments with Raptor. These
people
> know and see a lot. Many similar comments are made when you ask about
> these deals. Employees quote our C.F.O. as saying that he has a handshake
> deal with Skilling that LJM will never lose money.
> 4. Can the general counsel of Enron audit the deal trail and the money
> trail between Enron and LJM/Raptor and its principals? Can he look at
LJM?
> At Raptor? If the C.F.O. says no, isn't that a problem?
> Condor and Raptor Work:
> 1. Postpone decision on filling office of the chair, if the current
> decision includes C.F.O. and/or C.A.O.
> 2. Involve Jim Derrick and Rex Rogers to hire a law firm to investigate
> the Condor and Raptor transactions to give Enron attorney-client
privilege
> on the work product. (Can't use V & E due to conflict - they provided
some
> true sale opinions on some of the deals).
> 3. Law firm to hire one of the big 6, but not Arthur Andersen or
> PricewaterhouseCoopers due to their conflicts of interest: AA & Co.
> (Enron); PWC (LJM).
> 4. Investigate the transactions, our accounting treatment and our future
> commitments to these vehicles in the form of stock, NP, etc., For
> instance: In the third quarter we have a $250 million problem with Raptor
> 3 (NPW) if we don't "enhance" the capital structure of Raptor 3 to commit
> more ENE shares. By the way: in Q. 1 we enhanced the Raptor 3 deal,
> committing more ENE shares to avoid a write-down.
> 5. Develop cleanup plan:
> a. Best case: Clean up quietly if possible.
> b. Worst case: Quantify, develop P.R. and I.R. campaigns, customer
> assurance plans (don't want to go the way of Salomon's trading shop),
> legal actions, severance actions, disclosure.
> 6. Personnel to quiz confidentially to determine if I'm all wet:
> a. Jeff McMahon
> b. Mark Koenig
> c. Rick Buy
> d. Greg Walley
> To put the accounting treatment in perspective I offer the following:
> 1. We've contributed contingent Enron equity to the Raptor entities.
Since
> it's contingent, we have the consideration given and received at zero. We
> do, as Causey points out, include the shares in our fully diluted
> computations of shares outstanding if the current economics of the deal
> imply that Enron will have to issue the shares in the future. This
impacts
> 2002-2004 earnings-per- share projections only.
> 2. We lost value in several equity investments in 2000, $500 million of
> lost value. These were fair-value investments; we wrote them down.
> However, we also booked gains from our price risk management transactions
> with Raptor, recording a corresponding PRM account receivable from the
> Raptor entities. That's a $500 million related party transaction - it's
20
> percent of 2000 IBIT, 51 percent of NI pretax, 33 percent of NI after
tax.
> 3. Credit reviews the underlying capitalization of Raptor, reviews the
> contingent shares and determines whether the Raptor entities will have
> enough capital to pay Enron its $500 million when the equity derivatives
> expire.
> 4. The Raptor entities are technically bankrupt; the value of the
> contingent Enron shares equals or is just below the PRM account payable
> that Raptor owes Enron. Raptor's inception-to-date income statement is a
> $500 million loss.
> 5. Where are the equity and debt investors that lost out? LJM is whole on
> a cash-on- cash basis. Where did the $500 million in value come from? It
> came from Enron shares. Why haven't we booked the transaction as $500
> million in a promise of shares to the Raptor entity and $500 million of
> value in our "economic interests" in these entities? Then we would have a
> write-down of our value in the Raptor entities. We have not booked the
> latter, because we do not have to yet. Technically we can wait and face
> the music in 2002-2004.
> 6. The related party footnote tries to explain these transactions. Don't
> you think that several interested companies, be they stock analysts,
> journalists, hedge fund managers, etc., are busy trying to discover the
> reason Skilling left? Don't you think their smartest people are poring
> over that footnote disclosure right now? I can just hear the discussions
-
> "it looks like they booked a $500 million gain from this related party
> company and I think, from all the undecipherable half-page on Enron's
> contingent contributions to this related party entity, I think the
related
> party entity is capitalized with Enron stock." . . . . "No, no, no, you
> must have it all wrong, it can't be that, that's just too bad, too
> fraudulent, surely AA & Co. wouldn't let them get away with that?" "Go
> back to the drawing board, it's got to be something else. But find it!" .
> . . . "Hey, just in case you might be right, try and find some insiders
or
> `redeployed' former employees to validate your theory."
> <<Previous </2002/01/16/business/16TEXT.html?pagewanted=1> |
> </2002/01/16/business/16TEXT.html?pagewanted=1> | 2
>
>
>
> Matt Haverty
> Director
> Strategic Investments
> Aquila Energy Capital Corporation
> Tel: 816-527-1971
> Fax: 816-527-4971
> www.aquila.com
>
>
>


Richard,

Thanks a lot.

Vince

Richard Shapiro@EES
01/11/2000 07:37 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject:

Congratulations- well deserved.


Please note that earnings and headcount templates are due to Consolidations
on Monday, October 2nd.  Attached is the latest timeline.  Please submit your
templates to Trey Hardy by then.  Several guidelines or allocation
calculations (e.g., IT) have not been sent to you because we have not
received them from Corp. or ENW.  Therefore, we recommend that you use the
guidelines from 2000.  That should avoid any delays for Monday.

Please forward this to anyone who is participating in the Plan 2001 process.
Call me if you have any questions (x58694).  Thank you.

DT


Approved.

Sally Beck
---------------------- Forwarded by Sally Beck/HOU/ECT on 04/19/2000 12:09 PM
---------------------------

	Enron North America Corp.

	From:  Irena D Hogan                           04/19/2000 08:35 AM

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Re: Expense Reports

---------------------- Forwarded by Irena D Hogan/HOU/ECT on 04/19/2000 08:33
AM ---------------------------

Brent A Price
04/19/2000 03:35 AM
To: Irena D Hogan/HOU/ECT@ECT
cc:
Subject: Re: Expense Reports

Approved - please process ASAP

	Enron North America Corp.

	From:  Irena D Hogan                           04/18/2000 10:34 PM

To: Brent A Price/HOU/ECT@ECT
cc:
Subject: Expense Reports

Please review the below expenses and forward back to me for processing.

Thanks,

Irena


Rob,

I need to get a new gas daily product created.  This product will be settled
daily against the Katy Plant Tailgate under the East-Houston-Katy subheading
in Gas Daily.

Call with questions.

Thanks,

Eric
x3-0977


Jason:  I would like to meet with you on January 8, 9 or 10 to bring Cheryl
Nelson and me up to date on the remaining files so that Cheryl can take these
back.  Please call me when you are back in the office.  Hope you had a great
New Year!!!!!!!!  Sara

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


what do you think?

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 08/18/2000 09:35:58 AM
To: "'Eric Bass'" <Eric.Bass@enron.com>
cc:
Subject: RE:

Hold on, I have been real busy

Jason Bass
TSE
Compaq Computer Corporation

 -----Original Message-----
From:  Eric Bass [mailto:Eric.Bass@enron.com]
Sent: Friday, August 18, 2000 9:16 AM
To: Bass, Jason
Subject:

well?


Well,
today (or rather yesterday) it happened.  We have been pushing our limits
hard and the makets here have been very volatile.  We had a large increase in
North American Natural Gas VAR due to the breaking apart the Rockies/SoCal
basis correlation.  This am, we were attempting to get firm numbers on the
effect on our corporate limits so that we could provide
Jeff/Delainey/Lavorato/Buy/.... the information to make decisions whether or
not to reduce positions.  The number was not firm until 11 am houston time.
My understanding is that the Houston numbers were all in before 8 am and that
we were waiting for London.  While I am sure that there are issues all around
and I do not think that anyone Senior in Houston is even aware, let alone
prepared to blame, I fear that this will not always be the case.  I think
something needs to be changed in our process so that this can be avoided in
the future.

Please do not take this as a nasty-gram.  No one is cc'd or bcc'd.  I just
think that it will be deemed unacceptable.
Any thoughts/comments?
Ted


Just wanted to let you know that we are having global counterparties in
Houston inactivate the spot contract we have with Sunoco Inc so that anyone
that tries to book a deal to this entity wil have to get a contract in place
or get this one reactivated.  This difficulty should send up a red flag and
keep deals from flowing with this counterparty.  Please let me know if you
need any further information.  Thanks.
PL


done

 -----Original Message-----
From: 	Tholt, Jane M.
Sent:	Monday, November 19, 2001 1:50 PM
To:	Sever, Stephanie
Subject:	Add Product

Stephanie-could you please add Aeco basis (Canadian Product) to my product list.  I currently do not have access to this product.  Thank You!


Hi Vince and Happy New Year
Good to hear from you and I can understand being busy. I am myself trying to
balance my commitments here.

Like any research consortium Pserc is trying to provide value to its members
while walking the fine line between cooperation and competition. We are
definitely not in the business of providing proprietary research to the
members but rather working on more generic areas that later individual
members could see way to convert to proprietary tools. The work that Shijie
Deng and Rajnish Kamat have been doing with me are good examples.

As to my trip, thanks for the invitation but I already committed myself to
get back Friday night so I will save my visit for another time.

I will tell my son about the spring interviews at Cornell. Hopefully this
time he will not miss it.

Regards, Shmuel

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <oren@queue.IEOR.Berkeley.EDU>
Cc: <Vince.J.Kaminski@enron.com>
Sent: Monday, January 08, 2001 1:40 PM
Subject: Re: Fw: PSERC nuggets related to market Stem

>
> Hello Shmuel,
>
> Thanks for your message. The end of 2000 and the beginning of 2001 were
> extremely busy
> and I could not focus on PSERC issues. I shall consult a few people in
> Enron on this subject and get in
> touch with you. Our concern right now is that the results of research are
> widely shared with
> our competition.
>
> I am out on the 19th, but the 20th would work for me. I would be glad to
> cover the cost of your Austin
> to Houston trip.
>
> Regarding your son. The Analyst / Associate program will interview again
on
> the campus
> in the spring and they will be more than happy to interview him.
>
>
>
>
>
> "Shmuel Oren" <oren@ieor.berkeley.edu> on 12/19/2000 01:40:02 PM
>
> To:   <vkamins@ect.enron.com>
> cc:   "Dennis Ray" <djray@engr.wisc.edu>, <Lance.Cunningham@enron.com>,
>       <Alex.Huang@enron.com>
> Subject:  Fw: PSERC nuggets related to market Stem
>
>
> Hello Vince
> Happy Holidays.
> I wanted to connect with you regarding the possibility of Enron Joining
> PSERC. As you might have heard from Lance and Alex we are going through a
> transition period having doubled the number of universities and industry
> members within the last year. Consequently, our business processes are not
> well developed. One of the problems we are facing is the balance between
> the
> electrical engineering folks and industry members that are more interested
> in market related research. I hope to recruit more of the later so tat we
> have more of a constituency in the Advisory Board  that sees the value of
> market related research. I already have a verbal commitment from people at
> Electrabell that expressed interest in joining PSERC. With members like
> Electrabell and Enron we will be able to support more market Stem projects
> such as the one that Shijie Deng proposed (not funded in this round).
> Please
> let me know if I can do anything to facilitate the decision at Enron. I am
> going to be in Austin on January 19 to participate at a PUCT hearing and
> could come through Huston for a visit. Attached are some items that I
> shared
> with our PSERC members and thought that you might be interested in them as
> well.
> Regards, Shmuel.
>
> ----- Original Message -----
> From: "Shmuel Oren" <oren@ieor.berkeley.edu>
> To: "Power Systems Engineering Research Center" <PSERC-L@cornell.edu>
> Sent: Tuesday, December 19, 2000 9:47 AM
> Subject: Re: PSERC nuggets related to market Stem
>
>
> > The following are 3 items that demonstrate the impact of PSERC research
> in
> > the market stem area.
> >
> > 1. On December 12,  I (Shmuel Oren) testified at a hearing in San
> Francisco
> > before the Blue Ribbon Panel (chaired by Alfred Kahn) for the that is
> > investigating the implications of Uniform Price vs. Pay as Bid Auctions
> in
> > the California PX . As part of my testimony I presented a movie produced
> by
> > Tim Mount and Bob Thomas that show results of an experimental economic
> study
> > showing how bidders respond by raising their bids in a pay as bid
> auction.
> > Following is an acknowledgement I received.
> >
> > Dear Shmuel:
> >
> >
> > Thank you for attending the Blue Ribbon Panel this past Tuesday in San
> > Francisco.  Your presentation was very informative and valuable to all
> the
> > panel members and other participants.  The Panel greatly appreciates
your
> > involvement in this important project.
> >
> >
> > Thanks again,
> > Natalie Efland
> >
> >
> > 2. A recent E-mail from the Texas PUC
> >
> > Professor Oren, I hope you and your family are doing well.  We are
> seriously
> > considering your help and advice to facilitate the Commission's final
> > decision regarding retail competition in ERCOT.
> >
> >  I wanted to let you know that ERCOT Stakeholders filled an Application
> for
> > Approval of the ERCOT Protocols in November.  We received Comments
> including
> > List of Issues on November 22 and Reply Comments on December 1.  Staff
> will
> > draft and submit a Preliminary Order to the Commissioners for their
> > discussion on December 13.  There will be a Pre-hearing on December 15
> when
> > parties will be asked to brief the Commission on list of issues by the
> end
> > of first week in January.  There will be a Hearing on January 16
followed
> > with another Hearing if needed.  Parties have asked the Commission to
> > finalize its decision by mid March.
> >
> > To give you some more background, I have to mention that almost most of
> your
> > suggestions were accepted and will be reflected in the final Protocols,
> > except for problems with intra-zonal gaming regarding congestion
> management
> > and Pay-As-Bid compensation for selected ancillary services.  A few
> > additional concerns are raised regarding ancillary services and
> congestion
> > management.  Stakeholders are still working toward more load
> participation
> > in ERCOT market.  However, the main problem is the fact that market
> (pilot
> > that covers 100% of wholesale, but only 5% of retail load) will be open
> on
> > June 1, 2001 based on a version of the Protocols locked on August 1,
> 2000.
> > (That was the deadline for ERCOT to give a final design to Anderson
> > Consulting.)  That version does not include some of your recommendations
> to
> > address market design flaws.  The full version is highly possible to be
> > implemented by January 1, 2002 when market for 100% retail competition
is
> > scheduled to open.  Given this gap, some parties have recommended not to
> > implement incomplete Protocols and wait for full implementation by
> January
> > 2002.  In other words, they say let's go ahead with 5% pilot retail
load,
> > but wait for full design implementation before allowing 100% wholesale
> load
> > (and retail load) be subject to the rules of the game described in the
> final
> > Protocols.
> >
> > Thanks.
> >
> > Parviz Adib, Ph. D.
> > Director of Market Oversight Division
> > Public Utility Commission of Texas
> > 1701 N. Congress Avenue
> > P.O. Box 13326
> > Austin, Texas 78711-3326
> > Ph. No.: 512-936-7365
> >
> > 3. The following is a segment from a published summary of the Dec 13
PUCT
> > hearing. This segment describes the commision's deliberation on an
agenda
> > item addressing the possibility of instituting price caps as part of the
> > ERCOT protocols. (see reference to my involvement in the next to last
> > paragraph)
> >
> >   Docket No. 23220 - Petition of the Electric Reliability Council of
> Texas
> > for Approval of the ERCOT Protocols.  (Discussion and possible action)
> > Parviz Adib, Jess Totten, Keith Rogas, and Tammy Cooper
> > Chairman Wood turned to page 2 item number 3 of the draft order
> identifying
> > issues, recommending that the word "including" be changed to "other
than"
> in
> > the parentheses.  He thinks they know the ups and downs of the two
> > mechanisms, which are bid caps and price caps, but would not mind having
> > parties focus on what other protections might be used.  Commissioner
> Walsh
> > would say "including, but not limited to" because she does not think it
> is
> a
> > bad idea for ERCOT to at least consider in their protocols a fail-safe
> > mechanism.  It's kind of like the stock market suspending trading when
> > something crazy happens.  They could consider a maximum scenario, such
as
> > "we don't think this will ever happen but if it does we need to muffle
> it",
> > whether it is $1,000 or $99 or whatever it is.  They could consider
> whether
> > to put into the protocols a self-enacting price cap.  While not
expecting
> it
> > to happen, if it did, you don't have to declare it an emergency and have
> the
> > Commission have to act.  Chairman Wood asked if they could leave the
> > question without the parenthetical at all and just say "what protections
> > should be added to avoid extreme price spikes."  Commissioner Walsh
> > reiterated that she wants ERCOT to think about the unlikely possibility
> of
> > unacceptable price spikes.  She would like for them to have their own
> > fail-safe mechanism that is self-initiating as opposed to leaving that
to
> > having someone have to come in and act.  Commissioner Perlman stated
that
> he
> > thinks the California-type price caps is what the concern is about.  He
> > thinks everyone in this state is opposed to those, but he thinks the
> point
> > Commissioner Walsh is making is an interesting one.  He had not thought
> > about the circuit breaker idea, and it might have some merit.  He agreed
> > that it was worth considering something like that.  Then the question
> > becomes what the level is.  Chairman Wood suggested the wording "what
> > self-implementing protections should be added to avoid the price spikes.
> > Commissioner Perlman said he did not think anyone is talking about $250
> > price caps.  Commissioner Walsh agreed, but noted that if the unexpected
> > happens we should be prepared.  Commissioner Perlman indicated that if
> > someone is making $10,000 in one particular hour that it probably does
> not
> b
> > enefit the market and is probably a windfall to them.  It is not
> something
> > they would normally put in their business plan for determining whether
> they
> > are going to build a plant in Texas.  Chairman Wood stated that they
want
> to
> > lean toward the market as heavily as they can on these issues.
> >
> > Chairman Wood noted that some of these issues date back to when Dr. Oren
> was
> > assisting the Commission, and asked if he could be brought back again.
> > Staffer Dr. Parviz Adib said that staff had already talked to Dr. Oren
> and
> > that he is available to assist the Commission further.  Chairman Wood
> noted
> > that Dr. Oren had helped people think outside the box without just
> focusing
> > on California.
> >
> > The final wording was clarified to state "self-implementing mechanisms"
> and
> > to delete the parenthetical part of the sentence in question.  The order
> was
> > approved as amended.
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
> >
>
>
>
>
>
>


Vince:
Thanks for surfacing.Happy New Year!
 Linda

DECEMBER 2000  Financial Engineering Associates, Berkeley, CA

Gentlepeople,

As the end of the year rapidly approaches, it seems timely to thank you for
your business this year.  Thank you for helping to make this the best year
ever for FEA!

And, wed also like to wish you Happy Holidays and a healthy and prosperous
New Year.

Earlier this year, FEA initiated 3Virtual Coffee Break4, an emailed
newsletter for FEA Alliance Partners.  It has proven to be a popular and
useful media to share information.  This is our first effort at an emailed
newsletter to FEA clients, 3Afternoon Tea with Tracie).   We hope you will
take a few minutes to skim it for pertinent information  and then move it to
your FEA file folder for future reference.

***ANNOUNCING FEA PRODUCT UPDATES!***

FEA has been extraordinarily busy running extensive testing on new releases.
The following should be available to all clients, who are current on
maintenance, in just a couple weeks.  We will send an email notification of
the availability of the release, and CDs will be shipped.  If you prefer,
email support@fea.com to request download instructions.

@ENERGY. 2.0 will feature the release of the Forward Curve Builder and the
Swing (take or pay) Options valuation module. The Forward Curve Builder, as
its name suggests, calibrated the forward price curve for power
(electricity) and other commodity markets.  Some additional new features in
the 2.0 release include a Jump Diffusion Model for European-style options,
an option on a strip of options and an option on a strip of spread options.

VaRworks 4.0 includes sophisticated Stress Testing, support for individual
equities, and new easier to use templates.  Eagerly awaited by FEA clients,
the addition of Stress Testing capabilities has been a top priority for
FEA's engineering team.  Fund managers will be happy to hear that individual
(sectorial) equities are now supported in VaRworks. 4.0.

If you do not own a license for @ENERGY or VaRworks, and want to evaluate
them, email sales@fea.com and request a 30 day demo.  Product demos are free
to existing FEA clients.  Curious about a product, but dont have time to
install a demo, read the instructions and experiment?  Visit
www.fea.com/demos.htm and select alternative one.  We can now demo FEA
software on your computer screen, via the internet.

***LIST of CURRENT VERSIONS of FEA PRODUCTS NOW POSTED ON-LINE!
You may refer to www.fea.com/support.htm for details of the most current FEA
product releases.
***FEA NEWSWIRE: FEA AND ITS CHIEF SCIENTISTMARK GARMAN have been awarded a
4th US Patent! Patent 6,122,623 recognizes the "Watershed Method"as FEA's
second US Patent defining cutting-edge methodologies for VaR. The importance
of the recent invention is that it will allow market risk to be more
accurately allocated into accounting periods. Mark'sprior patent in the VaR
arena pertained to the calculation of "marginal VaR" or "Component VaR,"
which allowed risk managers to "slice and dice," or dissect enterprise-wide
VaR into its constituent components. (See the PressRelease at
www.fea.com/pdf/watershed_pr.pdf).
*** FIRST BETA SITE FOR VARWORKS SE***   www.fea.com/press_rm.htm
Look for a Press Release announcing  the first beta site for FEAs VaRworks.
SE (Server Edition).  VaRworks SEs dynamic risk analysis and reporting
environment will enable the delivery of  customized risk profiles to dozens
of exchange participants.  (See the product description at
http://www.fea.com/p_varse.htm.)

*** DID YOU HEAR?????
RiskMetrics, as of 1/15/2001, will be charging for their previously free
data sets.   Only outdated data sets will be available at no charge.

FEAs MakeVC product allows you to build your own customized data sets
utilizing historical time series data that you may already have available to
you.  You may request a FREE 30 day demo of MakeVC from
www.fea.com/demos.htm.  Product demos are free to existing FEA clients.

***PLAN AHEAD
The next VaR seminar will be late Spring 2001.  See
www.fea.com/seminars.htm for information as it becomes available, or browse
the October 2000 seminar brochure.  You may also contact  sales@fea.com to
reserve your space.

***The FEA FREQUENT FLYERS***

December/January, Madrid, Spain, Carlos
January 15 + Calgary and Toronto, Canada, Tracie
February 13-14, New York, GARP 2001, Laurent and Christine
February 13-15, Germany, E*Trade Chris and Ursula
February 19, London, Tracie

Contact sales@fea.com to arrange a meeting.

THE FINE PRINT: We are interested in your feedback, and ideas for future
topics.   Please send an email if you do not want to receive future FEA
Newsletters. mailto:elena@fea.com


Phil,

Mat Smith can help you with gathering the data.  The data is stored in a SQL database and can be easily transferred into Access or Excel.  Also, the original Excel files where the data has been gathered for the last few years are still available.  Please let Mat know which points you need, and he will help you gather the data.

Chris

 -----Original Message-----
From: 	Polsky, Phil
Sent:	Wednesday, May 30, 2001 5:10 PM
To:	Gaskill, Chris
Subject:	Pipeline Flow Data

Chris,

I am working with Julia Gomez and Barry Tycholiz on a fundamentals presentation.  One of the things I am after is pipeline load factor data for points into California, the Pacific Northwest and from the Rockies, San Juan, and Permian basins.

Where can I find historical monthly information (i.e. going back at least a couple of years) for this data?  I have copies of the sheets that Tara puts out, but ideally the data would be in excel format.  I know that you have converted a lot of the old spreadsheets to a new pdf format.

Let me know.

Thanks,

Phil Polsky
x3-5181


Rick. Let's pause and reflect on this bullet. Do we want to argue for that?
This is going to start another Federal/State rights war!! and I do not
believe this is going to help much and would require legislation.

Federal siting and permitting authority must be expanded to allow for the
construction of new transmission and generation facilities.

Maybe in some less populated states, or for sitting facilities in the middle
of no-where this is not a problem, but my experience in Florida is that the
sitting process is very much intertwined with property rights and ROW
acquisition, ultimately relying on condemnation.  To get there, in Florida
there is a process  to establish that there was a "public need" that required
government action.   At FPL we relied on the process to obtain an eventual
outcome where there was the force-of- law [of the greater public good to be
able to obtain the ROW].  This was crucial for the  Transmission ROW for all
lines greater than 240 KV. (Many more individual owners and 100% needed to
complete the connection within the selected route).   The sitting process for
the generation site was not as controversial, because we acquired  (or held
rights to) sites which had been pre-screened to avoid controversy; but,
obviously a permit for a generation site is useless if you can't get the
power into the grid, thus you need the Transmission ROW.

Part of the process involved providing options/ and costs, community
involvement, etc.  - which ultimately resulted in a "choice"  determined to
have been "prudently" undertaken, ( Longer much costly line, part
underground, etc,)

In every case, there were "not in my back-yard" arguments, at times disguised
as an EMF issue. Also, in every case, the authorities knew that they had to
select one option, or make one on their own. Not selecting one meant that
there would be power shortages and they would have to answer to the people
impacted, the local voters.

Under the regulatory framework, where there will be concurrent filings for
competing projects, the determination of "public need" will be more difficult
to acertain. You may end up having an approval but not being able to use the
condemnation process to get the ROW. But, still, I have a hard time believing
that the Federal process would be an improvement over the State process
(except in California where they have truly lived-up to their reputation).

Jose

Richard Shapiro@ENRON
04/04/2001 12:07 PM
To: Linda Robertson/NA/Enron@ENRON
cc: Steven J Kean/NA/Enron@Enron, Joe Hartsoe/Corp/Enron@ENRON, Tom
Briggs/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Janine Migden/NA/Enron@Enron, Jean Ryall/NA/Enron@ENRON,
Aleck Dadson/TOR/ECT@ECT, Ricardo Charvel/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steve Montovano/NA/Enron@Enron

Subject: Re: Lay/Skilling Talking Points for Bush Admin Meetings and Calls

I think these are quite good...the missing piece, I would argue, that we need
to include is a talking point on the need for FERC to focus significant
resources on the identification and elimination of market power in
electricity markets and the need to encourage the development of distributed
generation and more effective demand - side response mechanisms , partly in
response to market power concerns. This is a huge issue in  getting wholesale
electricity markets to work effectively, i.e; to create discernable  consumer
welfare benefits.... and we ( Enron ) need to talk about this this issue and
concern and talk about it frequently and w/ the same passion we talk about
the need for open markets.

Linda Robertson
04/04/2001 12:09 PM
To: Steven J Kean/NA/Enron@Enron
cc: Richard Shapiro/NA/Enron@Enron, Joe Hartsoe/Corp/Enron@ENRON, Tom
Briggs/NA/Enron@Enron

Subject: Lay/Skilling Talking Points for Bush Admin Meetings and Calls

Steve, per our conversation yesterday in Houston, what do you think of these
TPs?  To be used by both Ken and Jeff in conversations and meetings with the
Bush Administration.

 - Skilling Talking Points.doc


Janine --

If we have draft tariff language, I'd push pretty hard.

Jim

 -----Original Message-----
From: 	Migden, Janine
Sent:	Tuesday, August 28, 2001 7:53 AM
To:	Shapiro, Richard; Steffes, James D.; Nicolay, Christi L.; Roan, Michael; Stroup, Kerry; Boston, Roy; Hueter, Barbara A.; Landwehr, Susan M.
Cc:	Shapiro, Richard
Subject:	ICC- Balancing

On Friday, I participated in ICC Chairman Mathias' Roundtable on the state of competition in Illinois.  One of the questions he asked was what the ICC could do to improve competition in Illinois.  I commented that the ICC could commence an investigation on the balancing rules of the various utilities, having pointed out the problem's with ComEd's and the fact that the other utilities are even worse.  He expressed concern over ICC jurisdiction and opined that to the extent that it impacts retail transactions and adversely affects retail competition, the ICC is within its jurisdiction to order the utilities to file an amended OATT before FERC for FERC's approval.  I plan to follow-up with a letter to him and all the Commissioners and would like feedback as to how hard I should push on this.  Should the ICC look into balancing (to which I give a less than 50% probability) we would have to be prepared to participate.  I think it would be highly worth the effort, especially as far as Illinois Power is concerned, however, I would like some feedback as to your views in order to guage how hard to push this.

Thanks,
Janine