Dot-Com Meltdown...Greenspan and the Fed...

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12/19 -- Special Report -- After the Meltdown: Crawling from the Dot-Com
Wreckage
Yes, the carnage will get worse. But survivors -- and a healthier overall
climate -- will ultimately emerge. Here's what's next
http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001219_800.htm

 OTHER MELTDOWN STORIES:
 Return to Reality in the IPO Market
 http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001219_210.htm

 The New VC Canon Is Caution
 http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001219_171.htm

12/20 -- The Fed Has No Time to Dawdle
It should have cut rates on Dec. 19. Every month Greenspan waits before
acting makes it that much harder to avoid a downturn
http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001220_822.htm

12/20-- Greenspan & Co. Could Pull the Trigger Before Long
Though the Fed declined to cut interest rates now, it may not even wait till
the next policy meeting to act -- if the stock market keeps falling
http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001220_617.htm

12/18 -- Greenspan's Ace in the Hole: Productivity
He still thinks its strong growth will avert a recession. But if the slowing
continues, watch for quick rate-cut action
http://www.businessweek.com/bwdaily/dnflash/dec2000/nf20001218_169.htm

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12/21 -- A "Beacon" in the B2B Wasteland
webMethods' software lets incompatible computer systems talk to each other --
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http://www.businessweek.com/ebiz/0012/es1221.htm

12/19 -- Why Homestore.com Isn't Yet Home Free
To cement its lead, the online real estate listings service  has bought
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http://www.businessweek.com/ebiz/0012/ec1219.htm

12/18 -- Is "the End of Mutual-Fund Dominance" Approaching?
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12/21 -- Faith in Diversity
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12/21 -- The Franchisee Blues
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12/20 -- Buying Trouble with Free ISPs
No-fee Internet access was all the rage just a year ago. Now it is becoming
an embarrassing liability for companies whose providers go out of business
http://www.businessweek.com/smallbiz/content/dec2000/sb20001220_682.htm

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Special Report -- After the Meltdown: Dot-Com Dropouts Head Back to Class
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This is to confirm that a meeting has been scheduled with yourself, Bob Mills & Jonathan Britton (UBS CFOs) in conf room ECS06-112 at 11:30am - Noon.

If you have any further questions, please call me at X58113.

Thanks.


1.0  John A and Armando.

My question and John's response has led me down the following merry chase:

The LM6000 contract has GE keeping risk of loss and damage until delivery to
the Delivery Point.   The Delivery Point is Jacinto Port.   Without any other
documents, GE has delivered the equipment and Risk of Loss and Damage is
Brazilian Trust's.   I understand that some deal was cut in a letter that Ben
Jacoby sent to GE where GE keeps the ROL while in storage, but there are some
storage costs.

(Note:) We have a very painful experience on a turbine from another vendor
where the point and time of transfer of risk of loss is a central issue to a
dispute at hand.)

I think we need clear documentation making it clear that GE has ROL for the
equipment until we take it out of storage.

As it relates to NEPCO if I understand it correctly the risk of loss chain is
as follows: GE delivers to the Jacinto port where Risk of loss transfers to
Brazilian Trust,  Brazilian Trust delivers to the port  and keeps risk of
loss until Ex Terra, at which point risk of loss under the Turbine Purchase
Agreement transfers to NEPCO, but under the EPC contract SFE assumes risk of
loss at ExTerra.  Thus NEPCO does not have a risk of loss exposure.

I can see how NEPCO transports from Exterra to the Site under the EPC
contract and is protected by clause 8.1 of the EPC Contract.

 Under what authority is NEPCO transporting the equipment from the GE
delivery point to Exterra, has Brazilian Trust engaged NEPCO to do so?  The
Turbine Purchase Agreement does not contemplate this.

2.0  David Gohlke-  I think we have a small hole that needs and can be easily
filled.  In the Turbine Purchase Agreement, can we have NEPCO perform
transport service from the GE delivery point to Exterra but BT keeps ROL.

3.0 I think from a GE perspective,  the Enron family takes ROL from GE at
Jacinto port and gets the turbines delivered to  the Site.

4.0  Kay Mann - I really need a copy of the Ben letter- we start moving
equipment shortly- I need to make sure that the ROL issue with GE is
adequately covered.

	John R Ayres@ENRON
	05/08/2001 08:53 AM

		 To: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Pamela K Blande/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Armando
Lucio/Enron@EnronXGate
		 Subject: Re: Who delivers from Houston to Brazil

John, call Pam Blande for the exact details.  It is a custom broker by the
name of Fritz, but she will gladly give you the details.  NEPCO via a
sub-contract moves the material out of the GE storage, to the ship, load on
the ship, ocean shipment, unloading at Sepitiba, transport to the site,
custom clearance, and then NEPCO unloads from the heavy hauller onto the pads.
Pam has all of the details.
John

John G Rigby@ENRON_DEVELOPMENT
05/07/2001 06:01 PM
To: John R Ayres/NA/Enron@Enron
cc:

Subject: Who delivers from Houston to Brazil

Who transports from Houston to Brazil,    GE, SFE, Brazil Trust or NEPCO.
Have we elected the Option to have GE deliver to the Site?


I have created deal 222844 to cover this meter.  The deal ticket has zero
volume.  Just allocate the actuals at the end of each month.

D

   Aimee Lannou                03/11/2000 09:49 AM

To: Daren J Farmer/HOU/ECT@ECT, Stacey Neuweiler/HOU/ECT@ECT
cc: Anita Luong/HOU/ECT@ECT
Subject: Re: Allocation Exceptions

Daren or Stacey:  Could you please extend deal #169625 for meter 1520 for
Feb. 2000?

Thanks.

Aimee
---------------------- Forwarded by Aimee Lannou/HOU/ECT on 03/11/2000 09:46
AM ---------------------------

	Anita Luong
	03/10/2000 05:23 PM

To: Aimee Lannou/HOU/ECT@ECT
cc:
Subject: Re: Allocation Exceptions

meter 5191 track ID is  89328.

meter 1520 need to extend or deal or add new deal.

   Aimee Lannou                03/10/2000 02:57 PM

To: Anita Luong/HOU/ECT@ECT
cc:
Subject: Allocation Exceptions

Anita - I need some accounting arrangements created for two meters.

 Meter  contract  Receipt/Delivery Counterparty  Deal #  last month allocated

 5191  gathering Receipt   Tri-Union Development 100896
        Corp.   138661  Jan 00

 1520  HPL 215 Delivery  Engage  169625  Jan 00

If youneed more information, please let e know.

- Aimee


Paul:

Is this resolved?  Let me know if we need to discuss further.

Mark

	Paul Simons
	11/16/2000 11:24 AM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc: Michael R Brown/LON/ECT@ECT
		 Subject: Enron Corp - Risk Management Policy

Mark

Further to my voicemail, I attach the string of emails which highlights the
concern relating to personal trading by Enron staff (please see section VII -
Miscellaneous - Employee Trading).

I appreciate you are tied up at a management conference, but if you could
possibly get word to me on who I should speak to to resolve this, I would be
very grateful.  Many thanks

Paul
207 783 6566

---------------------- Forwarded by Paul Simons/LON/ECT on 16/11/2000 17:19
---------------------------

From:  Ted Murphy
13/11/2000 16:58

To: David Redmond/LON/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Paul Simons/LON/ECT@ECT, Peter
Crilly/LON/ECT@ECT, Richard Lewis/LON/ECT@ECT

Subject: Re: issue w/compliance ertificate

The answer on question 1, according to our usual interpretation, is yes - you
may trade equities.
The answer on question 2, according to our usual interpretation, is no - you
should not trade Brent Futures.
Ted

David Redmond
11/13/2000 08:21 AM
To: Mark Taylor/HOU/ECT@ECT
cc: Paul Simons/LON/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Peter
Crilly/LON/ECT@ECT, Richard Lewis/LON/ECT@ECT
Subject: Re: issue w/compliance ertificate

Mark,

I am not sure I follow this but I will attempt to present my interpretation
of your note.

I am only restrained from trading those items in clause one if I am
responsible for trading them at Enron, and "equities" falls under
"securities" in clause one.
"Equities" fall under clause one and are therefore not included in clause
two. Therefore, since I do not trade equities for Enron, I can trade them on
my personal account.

Brent Crude futures, I would argue, are "financial instruments," included in
clause one. I am not responsible for trading them for Enron. If they fall
under clause one they are not included in clause two. Does this mean, since
they are not in clause two and I do not trade them for Enron, I can trade
them on my personal account?

Perhaps you could give me a call, +44 207 783 4928.

Thank you,

Dave

From: Mark Taylor on 10/11/2000 15:56 CST
To: Cassandra Schultz/NA/Enron@ENRON
cc: David Redmond/LON/ECT@ECT, Paul Simons/LON/ECT@ECT, Peter
Crilly/LON/ECT@ECT, Richard Lewis/LON/ECT@ECT

Subject: Re: issue w/compliance ertificate

This issue was much easier when all we traded were energy commodities,
interest rates and currencies. The older versions of the policy provided that
no Enron employee may trade any energy commodity for the account of anyone
other than Enron.  Beyond that, no Enron employee could trade a commodity
which was within their area of responsibility.  For example, I was not
permitted to trade natural gas futures for my own account but, since interest
rates and currencies are not within my area of responsibility, I could trade
them.  As the scope of our trading activities expanded it became more
difficult to identify the scope of the company's concern, much less to
articulate it.  We did however take a stab at it and the result is below.
This may be an area which could stand some clarification in the next version
of the Policy.

For now, I would suggest that the term "security" highlighted below should be
read to include equities and therefore not one of the commodities covered in
the second numbered clause (i.e. the word "other" refers to items other than
those listed in clause (i)).  The result is that an Enron employee who does
not trade financial instruments, securities, financial assets or liabilities
for Enron may trade them for his or her own personal account.  To take this a
step further, one could argue that an employee who trades the equities of
energy companies for Enron should not trade energy company equities for his
or her own account but could trade other equities - if it were me, I would
certainly make sure that Ted Murphy agreed with my analysis before I did it.
Of course, a wide variety of commodities remain clearly off limits for
personal trading - metals, ag commodities, bandwidth, freight, lumber, among
many others - for all employees.  As I remember it, this was done purposely
and if anyone disagrees with the scope of the policy they would be wise to
discuss the matter with the RAC Group as they make suggestions for Policy
revisions to the Enron Corp. board.

Employee Trading.  No employee of any Enron Business Unit may engage in the
trading of any Position for the benefit of any party other than an Enron
Business Unit (whether for their own account or for the account of any third
party) where such Position relates to (i) any financial instrument, security,
financial asset or liability which falls within such employee,s
responsibility at an Enron Business Unit or (ii) any other commodity,
included in any Commodity Group.

	Cassandra Schultz@ENRON
	11/08/2000 08:32 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: David Redmond/LON/ECT@ECT, Richard Lewis/LON/ECT@ECT, Peter
Crilly/LON/ECT@ECT, Paul Simons/LON/ECT@ECT
		 Subject: issue w/compliance ertificate

To: Mark Taylor,  Legal counsel for Market Risk Management

Mark - would you please clarify this issue for us?

Thank you,
Cassandra Schultz.
---------------------- Forwarded by Cassandra Schultz/NA/Enron on 11/08/2000
08:26 AM ---------------------------

David Redmond@ECT
11/08/2000 03:05 AM
To: Cassandra Schultz/NA/Enron@ENRON
cc: Araceli Romero/NA/Enron@Enron, Richard Lewis/LON/ECT@ECT, Peter
Crilly/LON/ECT@ECT

Subject: Re: 3rd Request - RESPONSE NEEDED ASAP - Risk Mgmt. Compliance
Certificate

Cassandra,

Richard asked me to review this document before the traders on the UK Gas
Desk would sign it.

The UK gas desk adheres to all the risk management requirements of this
document. However, in Section VII , Miscellaneous, Employee Trading, the
document would appear to prevent any of us trading equities (amongst other
commodities) on our personal account as Equity Trading is a Commodity Group.
We are unsure if this is the aim of this agreement.

We have asked our compliance officer, Paul Simons to clarify the impact of
this clause for us.

We are not ignoring the document, we are waiting for clarification.

Thank you,

David Redmond


Thanks.  You do the same.  Best, Jeff

	Scott Govenar <sgovenar@govadv.com>
	02/23/2001 11:20 AM

		 To: Jeff Dasovich <jdasovic@enron.com>
		 cc:
		 Subject: AF

Jeff,

Got your message.  I had a long conversation yesterday with Lt. Colonel
Bill Wells who I promised to keep in the loop.  I suggested he send a
letter now indicating their support for DA but they were not prepared to
do so. I'll keep both of you updated.

If I don't speak to you have a nice weekend.

Scott


Dear Ken,
        Having been  deeply involved at the birth of Enron I,in a very insignificant
way,share the immense pain you certainly feel.The only  conceivable solace
comes from The Course in Miracles which tells us that "we  are as God created
us" and the Bible which says "this too will pass".You and all  the Enron family
are in Pat and my prayers.
        As you are obviously  deciding on all crucial corporate and personal matters
at this critical time please, if at all possible,look  favorably at my previously sub-
mitted formal request to receive the discounted lump sum  distribution of my retire-
ment funds authorized under the 1994 Deferral Plan.At this  most difficult time I
greatly appreciate your attention to this  request.
                                                                            Respectfully  Submitted,
                                                                             Lou Potempa


<<Petition for Declaratory Relief.DOC>>

Attached please find the latest version of the petition.  We have added two
paragraphs on the confidentiality provision, although I think we are leaning
toward excluding that claim.  It appears based on the interviews and
documents I have gathered, that the confidentiality clause was put in the
documents by Enron.  I have also left the sentence on acceleration of
payments bracketed.  I was not sure whether we had reached a final decision
as to its inclusion.  Finally, we appear to be one Guaranty agreement short.
We are missing a copy of the East Coast Power Guaranty.  I will call Lisa
about it this morning.

 - Petition for Declaratory Relief.DOC


Tom McCall's number is 713-544-4123, ext. 4644.  Call me back when you get a
minute.


I meant the top 4 contracts
--------------------- Forwarded by Chris Germany/HOU/ECT on 10/19/2000 03:25
PM ---------------------------

Chris Germany
10/19/2000 03:23 PM
To: Michael H Garred/HOU/EES@EES
cc: Jeffrey Porter/HOU/EES@EES
Subject: Re: New Capacity for Nov-Oct

You are correct.  The top 3 contracts were released to CES and the bottom one
is released to ENA.  I will execute all of them and re-release the CES's
contracts to ENA.

Michael H Garred@EES
10/19/2000 01:49 PM
To: Chris Germany/HOU/ECT@ECT
cc: Jeffrey Porter/HOU/EES@EES
Subject: Re: New Capacity for Nov-Oct

Everything looks fine with one exception.  The contract at the bottom (K#
61825) should have already been in ENA's name starting Nov-00 through
Oct-2001.  PLEASE CONFIRM THIS .

mhg
x35488

Michael H Garred
10/19/2000 01:38 PM
To: Jeffrey Porter/HOU/EES@EES
cc: Chris Germany/HOU/ECT@ECT
Subject: New Capacity for Nov-Oct

Jeff, can you verify the mdq's in yellow below?  Do we have to take the Gulf
capacity per the LDC?

CHRIS --> JEFF HAS IS NOW ON THE NETWORK.  HE CANNOT NOT RECIEVE EMAILS SENT
TO HIS OLD ADDRESS.

---------------------- Forwarded by Michael H Garred/HOU/EES on 10/19/2000
01:17 PM ---------------------------

Chris Germany@ECT
10/19/2000 12:47 PM
To: Michael H Garred/HOU/EES@EES, jporte1@columbiaenergygroup.com
cc:
Subject: New Capacity for Nov-Oct

Call me when you get a chance.  There is some new capacity to execute for
November.  Expiring contracts are show in purple, the new contracts are shown
in yellow.  Ignore the demand charges for now, I did not verify them.  I
won't execute these until I hear from you.

The capacity listed below was purchased from the pipeline.  Scott said Jeff
gave us the OK on this one.


Wisconsin Gas to Purchase Nine Mile Line From Northern Natural Gas
PR Newswire, 07/13/01

Commodities Review: LME Copper Hit By Another Stock Rise
Dow Jones Commodities Service, 07/13/01

LME Base Metals: Copper Pressured Down By Stock Build
Dow Jones Commodities Service, 07/13/01

UK: Telecoms, drugs drive FTSE 100 rally, Vodafone leads.
Reuters English News Service, 07/13/01

Futures Contract Covering Coal Debuts in New York (Correct)
Bloomberg, 07/13/01

Enron: Panacea or Pariah?
Modern Metals, July 2001

Wisconsin Gas to Purchase Nine Mile Line From Northern Natural Gas

07/13/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

Line Will Enhance Competition in Southeast Wisconsin and Use Existing
Facilities

MILWAUKEE, July 13 /PRNewswire/ -- Wisconsin Gas, Northern Natural Gas and
Guardian Pipeline announced today that Wisconsin Gas has signed an agreement
with Northern Natural Gas (NNG) to purchase a nine mile, high pressure
natural gas pipeline in Walworth and Waukesha counties. The purchase price is
$5 million. The proposed transaction will require approval from federal and
state regulators. The pipe, known as the Eagle line, is located southeast of
the Kettle Moraine Forest near Eagle, Wis.
The existing line has been part of the NNG interstate transmission system.
Under the new ownership, the line will become part of the Wisconsin Gas
distribution system and will interconnect with Guardian Pipeline as well as
the NNG system.
"Northern Natural Gas is pleased to be a part of a creative, cost-effective
solution to provide additional gas service to southeastern Wisconsin," said
Dave Neubauer, vice president of business development and marketing, Northern
Natural Gas. "This transaction enables Wisconsin Gas and its customers to
obtain natural gas supplies from Guardian or NNG. Providing reliable,
economical choices for consumers will benefit all of the parties involved."
"We saw this as an opportunity to minimize environmental impact and still
realize the benefits of increased competition in the natural gas market,"
said James Schott, senior vice president, Wisconsin Gas. "The purchase of the
Eagle line will enable Wisconsin Gas to further our goal of providing
cost-efficient natural gas service to our customers."
As a result of the purchase Guardian Pipeline, the 141-mile interstate
pipeline from Joliet, Ill. to Ixonia, Wis., will no longer build an 8.5-mile
lateral to Eagle. The lateral was part of the originally certified Guardian
Pipeline. This portion of the line would have generally run parallel to the
current Northern Natural pipeline.
"This sale is a win-win situation for Guardian and consumers," said George
Hass, project manager of Guardian Pipeline. "The Eagle line purchase by
Wisconsin Gas saves Guardian time and resources by taking away the need to
build the 8.5-mile lateral and allows all three companies to create a better
environment for competition in the natural gas marketplace."
The existing gate stations at LaGrange and Eagle will remain in-service for
regulation purposes. Odorization and measurement will take place at a new
gate station that will be constructed at the interconnect with Guardian. This
new gate station will be called the Bluff Creek station and will be located
near Whitewater. The Bluff Creek gate station will be constructed during the
construction of Guardian Pipeline.
Northern Natural Gas, a subsidiary of Enron Corp., with a market area
capacity of about 4.3 Bcf/d, provides natural gas transportation services to
utility customers in the upper Midwestern United States through its
approximately 16,000 miles of pipeline.
Guardian Pipeline is a partnership of three Midwestern energy companies: CMS
Energy, based in Dearborn, Mich.; Wisconsin Energy, headquartered in
Milwaukee, Wis.; and Viking Gas Transmission Co., a wholly owned subsidiary
of Xcel Energy Inc., and located in St. Paul, Minn.
Wisconsin Electric-Wisconsin Gas, the principal utility subsidiary of
Wisconsin Energy Corp. (NYSE: WEC), serves more than one million electric
customers and more than 960,000 natural gas customers throughout Wisconsin
and Michigan's Upper Peninsula. Visit our company's Web site at
www.WE-WG.com. Learn about Wisconsin Energy Corp. by visiting
www.WisconsinEnergy.com
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X86200271

/CONTACT: Media only: Kelly Farr of CMS Energy, 313-436-9253; or Megan
McCarthy of Wisconsin Energy, 414-221-4444; or Gina Taylor of Northern
Natural Gas, 713-853-7681/ 17:01 EDT

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Commodities Review: LME Copper Hit By Another Stock Rise
By Mark Long and Steve McGrath
Of DOW JONES NEWSWIRES

07/13/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- Copper futures traded in London fell Friday, as a
further influx of stocks into official warehouses put the copper market under
pressure and dragged down the rest of the base metal complex.
Three-month copper traded on the London Metal Exchange ended $6 down from
Thursday's late kerb close at $1,554.50 a metric ton.
An increase of 7,475 tons of copper into LME warehouses Friday brought total
stocks up to a 12-month high of 550,300 tons. This pressured prices in early
trade down to test $1,550/ton support, although prices recovered slightly in
later trade.
Unconfirmed market talk said Enron is behind much of the week's stock rise,
in an effort to ease nearby supply tightness and to alleviate the large short
positions it is thought to have built up on the July-for-a-week spread, which
is currently showing a $6-$8/ton backwardation. The July futures contract
will switch over to cash Monday.
Enron declined to comment on the market talk Friday.
A backwardation is a pricing structure in which deliveries to be made in the
near future are more expensive then those set for a more distant delivery.
The opposite situation is called contango.
"The spreads are still tight. The major longs are still reluctant to lend,
with no signs of that (tightness) dissipated," said Kevin Norrish, an analyst
with Barclays Capital in London.
Dealers and analysts said they expect further stock increases next week.
The entire base metals complex ignored Thursday's 237-point rally in the Dow
Jones Industrial Average, dealers said.
"Copper has been sensitive to moves in the stock market, but not this time,"
Norrish said. In fact, now it appears that base metals markets ignore
equities markets when they rally, but follow stocks down when they slump, he
added.
European Grain Futures See Profit-Taking, But More Gains Expected
European grain and oilseed futures were hit by a bout of profit-taking and
pre-weekend position-squaring Friday, after rising to long-time highs,
brokers said.
However, world and domestic crop concerns, the strength of the dollar and
general bullish sentiment will carry the markets to fresh highs short term,
they said.
On the London International Financial Futures and Options Exchange, the
benchmark November feed wheat contract ended just 25 pence up at GBP82/ton,
after hitting a new two-year high of GBP83/ton in early trade.
Meanwhile, Matif November rapeseed futures fell EUR2.75 on the day to
EUR265/ton, after hitting a three-year high of EUR271/ton in early trade.
The U.K. wheat crop and the French rapeseed crop are forecast to be well down
on last year, and wheat and canola crops in some other major producing
countries are also expected to fall.
Meanwhile, the strength of the dollar is allowing European grain and oilseed
traders to up prices and still remain competitive against U.S. imports and
dollar-denominated grains on the world market.
-By Mark Long and Steve McGrath, Dow Jones Newswires; 44-20-7842-9358;
mark.long@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

LME Base Metals: Copper Pressured Down By Stock Build

07/13/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- London Metal Exchange three-month copper ended Friday's
late kerb lower compared with Thursday, pressured by another stock build,
dealers said.
(LME three-month metals prices in dollars a metric ton at 1600 GMT, with the
previous late kerb close in parentheses. Comex copper at 1641 GMT in cents a
pound, with the previous close in parentheses.) Copper 1,554.50 (1,560.50)
Tin 4,452.50 (4,502.50)
Aluminum 1,452.25 (1,458.50) Zinc 871.50 (877.50)
Nickel 5,925.00 (6,012.50) Lead 462.50 (465.00)
Comex Sep Copper 70.75 (70.80)
An increase of 7,475 tons of copper Friday brought total stocks up to a
12-month high of 550,300 tons. This pressured prices in early trade down to
test $1,550/ton support before rising slightly to close at $1,554.50/ton,
down from Thursday's close of $1,560.50/ton.
Unconfirmed market talk said Enron is behind much of the week's stock rise,
in an effort to ease nearby supply tightness and to alleviate the large short
positions it is thought to have built up on the July-for-a-week spread, which
is currently showing a $6-$8/ton backwardation. The July futures contract
will switch over to cash Monday.
Enron declined to comment on the market talk.
A backwardation is a pricing structure in which deliveries to be made in the
near future are more expensive then those set for a more distant delivery.
The opposite situation is called contango.
"The spreads are still tight. The major longs are still reluctant to lend,
with no signs of that (tightness) dissipated," said Kevin Norrish, an analyst
with Barclays Capital in London.
Dealers and analysts said they expect further stock increases next week.
The entire base metals complex ignored Thursday's 237-point rally in the Dow
Jones Industrial Average, dealers said.
"Copper has been sensitive to moves in the stock market, but not this time,"
Norrish said. In fact, now it appears that base metals markets ignore
equities markets when they rally, but follow stocks down when they slump, he
added.
Aluminum also ended the late kerb lower Friday.
News of the restart of some smelters has dampened sentiment, despite a stock
drawdown of around 8,000 tons since the end of last week, dealers said.
"The stock drawdowns are fairly small percentage-wise," said Standard Bank
analyst Robin Bhar, adding that they would need to be much larger to
significantly improve market sentiment.
"A test of $1,435/ton cannot be ruled out, though we would expect forward
buying to prevent a break below this level for the time being," Barclays said
in a market report.
Zinc continued its slump, falling to a seven-and-a-half-year low, mainly on
technicals.
Technicals also hurt nickel, which rose slightly after breaking $5,900/ton
support but still closed at its lowest level since April.
Nickel's fall was "just on some speculative liquidation and short selling,
mostly chart-based," Bhar said.
-By Mark Long, Dow Jones Newswires; +44-20-7842-9356; mark.long@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

UK: Telecoms, drugs drive FTSE 100 rally, Vodafone leads.
By Camila Reed

07/13/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, July 13 (Reuters) - Britain's largest companies raced higher at the
close on Friday fired by telecoms and drug stocks as they bounced back from
Wednesday's 16-week low.
Index heavyweights Vodafone and GlaxoSmithKline provided 27 of the day's
55-point gain, while technology firms wobbled. However, the telecoms giant
surged 4.1 percent to 157-1/4p.
The FTSE 100 finished 55.4 points or one percent firmer at 5,537.0, having
jumped 1.66 percent on Thursday after seven consecutive losing sessions, with
gainers outnumbering losers by three to one.
Stocks steamed higher and refused to be derailed by sluggish U.S. retail
sales figures for June, which showed only a meagre rise, and a weaker Wall
Street, but volumes were thin at 1.4 billion shares.
By London's 1530 GMT finish the blue chip Dow Jones industrial average was
down five points, while the tech-laden Nasdaq Composite Index was flat,
having streaked up in the previous session.
Mike Lenhoff and Simon Rubinsohn at money managers Gerrard said that the UK
equity market was deeply oversold and long-term this presented a buying
opportunity for UK equities.
DRUGS SEE-SAW
Drugs reversed an earlier decline with Nycomed Amersham among the day's top
performers, up nearly four percent at 536-1/2p and AstraZeneca rising over
one percent.
Mining giant Anglo American moved into the FTSE 100 top ten gainers with a
three percent rise, as investors sought refuge in mining stocks as a cyclical
play.
Another major gainer was British business services firm Hays Plc up 3.4
percent. The shares leapt on market talk that Germany's Deutsche Post was
looking to make a bid for it, dealers said.
Both Deutsche Post and Hays declined to comment.
Firmer crude prices gave support to the oil sector. BP rose 0.6 percent to
572 pence and Shell also added 0.6 percent to 581-1/2p lifting the index by
four points.
FTSE MIXED PICTURE
But dealers and analysts said it would be a mixed picture going forward with
the market scrutinising data for signs of a sustained economic recovery or a
lapse in consumer confidence.
"This week we had a really bloody day on Wednesday and then the opposite on
Thursday, so we're going to be on a rollercoaster still. It's very fragile
but it does show the potential of the market," said Foreign & Colonial
director of UK equities David Manning.
"It's not only the holiday period, it's also that the market can make you
look an idiot one day to the next. In that sort of circumstance the
temptation is to do very little," he said.
ABN Amro strategist Gareth Williams said the market would make modest
progress over the next month or so, with moves downward quite likely although
the trend would be upwards over the course of the year.
TECHS DIP
Thursday's 5.3-percent rally in the Nasdaq failed to bring any cheer to UK
technology shares. Logica and Colt Telecom slid four percent, while microchip
designer ARM fell 3.9 percent to 223 pence trimming Thursday's 13 percent
jump.
The techMARK index of technology shares rose 0.98 percent to 1,602.87.
Elsewhere on the downside, UK holiday operator Airtours lost nearly 10
percent of its value after Swiss peer Kuoni issued a profit warning.
Among second liners, Baltimore Technologies closed up 3.3 percent. It
initially rallied 22 percent after the Irish Internet security firm said it
received an approach from an unlisted British-based company for an all-paper
deal to combine the companies.
The FTSE 250 Mid-cap index finished 5.1 points stronger at 6,163.8.
Among small-caps, Paladin Resources' shares jumped 10 percent after the UK
oil explorer said that major shareholder U.S. oil giant Enron had sold the
whole of its 40-million-share stake via HSBC bank for 44 pence a share.
Britain's Litho Supplies Plc slumped 42.5 percent after the company, which
supplies printing and graphic arts products, said that sales in the first six
months of 2001 were on target, but profits would likely be below expectations
due to tough market conditions and pressure on margins.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Futures Contract Covering Coal Debuts in New York (Correct)
2001-07-13 08:48 (New York)

Futures Contract Covering Coal Debuts in New York (Correct)

     (Corrects location of FirstEnergy Corp. in 10th paragraph of
story that moved yesterday.)

     New York, July 12 (Bloomberg) -- The New York Mercantile
Exchange today began trading a futures contract for low-sulfur
coal, a fuel that President George W. Bush said will play a major
role in meeting electricity demand over the next two decades.
     The contract's debut came after prices for coal, considered
the dirtiest of power-plant fuels, doubled in the past year, as
demand from power plants outstripped mine production. Coal for
September delivery opened at $42 a ton and settled at $40.75, as
98 contracts were traded, exchange officials said.
     ``We had a big run-up in coal prices this past winter,'' said
Andy Ozley, who buys coal for Atlanta-based Mirant Corp.'s six
coal plants in New York, Illinois, Maryland and Virginia. ``This
contract affords us a way to mitigate our exposure'' to large
price swings.
     The Bush administration said in an energy policy report this
spring that coal would be the dominant fuel for electricity
generation through 2020. Bush gave an added boost to the fuel when
he retreated from a campaign pledge to restrict carbon dioxide
emissions, implicated in global warming.
     Coal plants are responsible for a third of the nation's
carbon dioxide emissions. They also produce sulfur dioxide, which
causes acid rain, and nitrogen oxides, which cause smog.
     The Nymex started the futures contract to give mining
companies and utilities a way to hedge their risks in the $33
billion coal market. Producers such as Peabody Energy Corp. and
Arch Coal Inc., whose shares have soared in the past year, have
said they would trade the futures.

                            New Plants

     Last year's quadrupling of prices for natural gas -- a
cleaner-burning power-plant fuel -- prompted many generators to
ramp up output from their coal plants. Utility coal stockpiles
dwindled, and prices have risen to their highest levels since at
least 1989.
     So far this year, more than a dozen companies have announced
plans to build coal-fired plants, including Kansas City, Missouri-
based Kansas City Power & Light Co. and Portland, Oregon-based
PacifiCorp.
     Although coal is used to produce 52 percent of the nation's
electricity, few plants were built during the 1990s because of the
high costs of building them and the difficulty of complying with
federal and local environmental regulations.
     Demand for coal has eased in recent weeks as below-normal
temperatures in the U.S. Midwest and Northeast reduced demand for
air conditioning, said Jim Parks, who buys coal for six power
plants in Ohio and Pennsylvania as director of fuels at Akron,
Ohio-based FirstEnergy Corp.
     ``The summer's been pretty mild so far -- you haven't seen
any big heat waves'' in regions with the most coal generation, he
said.

                           Big Sandy

     The Nymex futures contract calls for the delivery of 1,550
tons of low-sulfur coal to the mouth of the Big Sandy River near
Huntington, West Virginia. From there, the fuel would be loaded
onto Ohio River barges and shipped to power plants in the U.S. and
possibly Europe.
     The new contract is tailored to producers in Appalachian
states that account for about 40 percent of U.S. production,
including West Virginia, Kentucky and Pennsylvania, the No. 2, 3
and 4 coal producers.
     The industry lacks a futures contract for coal from Western
states that account for 47 percent of the nation's production,
including the No. 1 producer, Wyoming.

                         Avoiding the Past

     The exchange, which earns commissions on trades, hopes coal
futures will avoid the fate of other contracts it has started over
the past few years. Its six electricity futures contracts have
fizzled, as has its Middle East sour crude oil contract, which
debuted in May 2000.
     ``I said yesterday, if you traded 100 to 200 contracts, that
would be a really a good day,'' said Chris Casale, vice president
of energy trading at Dynegy Inc. in Houston, which trades coal and
buys the fuel for its six power plants in New York and Illinois.
``It came out sort of on target.''
     Most of today's trading was originated by large energy
marketing companies, he said, although he declined to say whether
Dynegy traded any contracts. Enron Corp., the largest energy
trader, and Duke Energy Corp., the largest U.S.-based utility
holding company, have said they would trade coal futures.
     Exchange officials have said the coal market has the
potential to reach 5,000 trades a day after a year of trading.
     The Nymex's 17-year-old crude oil futures contract averages
about 66,700 trades a day, and its 11-year-old natural gas
contract averages about 33,500.

                           Wary of Coal

     ``The coal market is still lacking liquidity,'' said Anthony
McAuley, a floor broker at ABN Amro Inc., who said he bought five
coal contracts for a client at $42 a ton -- the market's first
transaction. ``You probably need to see a little more
participation'' from industry coal buyers and sellers for the
market to take off.
     Independent floor traders, known as locals, are wary of
trading coal futures without assurances that the industry will be
active as well.
     ``Floor traders lost millions'' in electricity futures when
some were caught with high-priced contracts and nobody in the
industry to sell them to, he said.
     ``Because of that, people are a little bit tentative about
coal,'' said Tom Schiff, an independent crude oil trader. ``We're
here to help make liquidity but we can't tackle all the risk.''

		Modern Metals, July 2001

		Giant energy concern now turns its attention to steel. The company's
aggressive posture has begged controversy. Industry reactions vary from
hand-wringing to open arms. Still others characterize Enron as a "non-event."
		By Michelle
Martinez Arjona,
Editor-in-Chief,
and Paul Hohl,
Contributing Editor

		These days, saying the word "Enron" in a room full of metals executives is
like screaming "fire" in a crowded theater. For most in the steel industry,
the idea of a futures market is enough to raise a few eyebrows. But when a
major market maker with annual revenues of 10 times the market cap of the
U.S. steelmaking industry stakes a claim (for 2000 alone, Enron logged
revenues of $101 billion--that's with a "b"), a lot more than eyebrows are
likely to be raised. After a bold presentation from Jeff McMahon, president
and CEO of Enron Industrial Markets, at the SSCI annual convention in May (in
which he accused steel mills of treating their service center customers as
"annoyances"), industry leaders rushed to understand this latest market
contender.
		Friend or foe? Competitor or partner? These are just a couple of the
questions surrounding Enron's aggressive push into the metals industry.
Judging from the service center and mill executives Modern Metals queried,
there are as many answers as there are opinions in the industry. Reactions
ranged from fear to acceptance to downright resentment. At least one mill was
reticent to discuss Enron at all--still others seemed to meet the issue with
unaffected shrugs. If the saying is true that all publicity is good
publicity, the buzz that Enron has generated would make even a Hollywood spin
doctor envious.
		What's the hubbub?
Although products such as natural gas and energy--Enron's major business
platform--have been traded as commodities for years, until Enron's appearance
a formal forward market for steel has never existed. According to McMahon,
the absence of a liquid and transparent market has resulted in "uninformed
investment decisions" that have exacerbated the current oversupply situation,
and left companies exposed to the hazards of price volatility.
		Enron's answer is to offer a variety of financial hedging products along with
forward contracts in hot-rolled, cold-rolled and galvanized (plate and long
products are soon to follow), locking in prices for as many as five years
out. Enron contends that it can act as a "risk intermediary" in steel
transactions, ensuring healthier profit margins and lowering the cost of
capital. Certain grades of steel are commodities, McMahon insists, and as
such should be bought and sold on a commodity market basis, instead of the
strategic relationships that now exist between the mills and consumers. Enron
has been offering steel online, and via phone and fax, since November of last
year.
		"Before you add capacity, before you make an investment decision, you'll be
able to see a three, five, maybe even a 10-year forward price of steel,"
McMahon stated, "and if you want to hedge that investment you can do that."
		The company plans to buy steel at a floating price and then sell it to steel
consumers at a fixed rate, making money on the spread. In February, Greg
Hermans, VP of steel trading at Enron, reported to AMM that it was offering
U.S.-made 10-gauge, 48-in. wide hot-rolled for April delivery in Chicago for
$225 a ton. Hermans said Enron was buying the same product for April delivery
at $215 a ton.
		Eventually, Enron sees the development of four different marketplaces: the
Northeast, the Midwest (or Chicago area), the Gulf Coast (or Houston area),
and the West Coast. Enron will hedge against spot price spikes through equity
and physical holdings in domestic mills. The company closed on Huntco's
Arkansas-based cold-rolling mill in June.
		"It's a big portfolio," McMahon said. "We wanted to put together a portfolio
of supply and demand. In some cases, we'll own assets--hopefully we'll own
some term contracts with domestic mills. To the extent that imports are a
part of the equation, we'll be a part of that market. We may purchase
capacity from somebody, not necessarily the assets, but toll slab through a
hot strip mill. All of those combined is how we do our business."
		Steel mills can benefit, McMahon said, by entering into a multi-year
"physical off take" with Enron, thus giving steel mills a degree of certain
volume and on product specification. Enron would guarantee purchase of a
specified amount of tonnage, and use a floating price or a floor price to
guard against market shocks. Whether mills would be willing to divert
capacity to the commodity grades being bought and sold by Enron remains
uncertain. At least one mill executive privately said no . . . at least for
now.
		Nucor president, CEO and vice chairman, Dan DiMicco also sees little value in
Enron's proposal. "What we need to have is stable pricing at levels where the
most efficient mills can make a good return on their capital and further
invest in new technologies and equipment," he stated. "I define true value as
helping the industry to become stronger. It doesn't do any good to maintain a
lack of price volatility at $200 a ton."
		Keith Busse, CEO at Steel Dynamics, echoed that sentiment in a recent New
Steel article. "If you're trying to get volatility out at $320 [per ton],
great," he said. "But at $230, you want to stick your fingers down your
throat."
		For the service centers
Service centers, McMahon suggested, could benefit immediately. "The only way
[distributors] are able to hedge themselves is to go out and buy inventory,"
he explained. "That takes capital, and cash, and space. We can offer a
financial product that gives the exact same protection, but doesn't require
any of the above.
		"We can hold those inventories and price the steel at the time of delivery to
the service centers," he continued, "so their 4- or 5- percent net margins
are somewhat certain."
		"I do think that Enron is providing a service for the industry . . . "
commented Dave Lerman, CEO of Steel Warehouse, South Bend, Indiana. But he
pointed out that "how [it] moves forward will be interesting. If they just
move forward with hedge instruments . . . that's independent of whether you
run your business well by having a good supplier that matches up with the
demands of your customers. I think [Enron] will be a good thing for some
people and a non-event for others."
		Beyond hedging, McMahon pointed out, firm and enforceable contracts could
become a key benefit to service centers. As one Midwestern distributor source
commented, "One of the terrible things that happens in our business is that
end users demand long-term pricing, beyond what anybody can foresee. When
they anticipate the market is going up, or that it has hit a low point, they
push harder for it--as any one would. But historically, they don't honor the
deals."
		In a down market, he explained, customers demand lower prices. Noncompliance
can result in orders, but no releases, and a "don't call us, we'll call you"
attitude from customers. The consequence for service centers, he said, are
price reductions on the way down and on the way up. "If Enron brings
integrity to both sides of this market," he concluded, "that would be a very
big plus for the steel industry."
		But integrity, another Midwest service center exec countered, has got nothing
to do with it. In his estimation, Enron is like a profiteering carpetbagger,
"trying to make a buck in between the producer and the user. That's all we
need right now," he declared, "somebody trying to squeeze out a few more
dollars." But, he recognized, "we're all going to have to deal with it."
		Don McNeeley, president and CEO of Chicago Tube & Iron, indicated that some
good could come of a heavy-hitter like Enron introducing new ideas into the
industry, but acknowledged that people might be offended by somebody picking
the so-called "low-hanging fruit" of the steel market in the current economy.
"What do you think the mills are going to do when you come to them for just
the peripheral items?" he queried. "My concern would be that the price would
go up on [those items]."
		McNeeley also questioned the wisdom of distributors relinquishing control of
their inventories. "In distribution, 60 percent of our net worth is
inventory, 30 percent is accounts receivable, and 10 percent is plant
property and equipment," he related. "Our single largest asset is our
inventory. If a distribution company surrenders control of its inventory to a
third party, does not that distributor, in effect, surrender its own
sovereignty?"
		Only just begun
Questions abound regarding Enron's role as a physical supplier of steel as
well. As one Minnesota-based service center exec put it, "are they ready to
deal with problems?"
		Although Enron has expressed interest in being a physical supplier, Dave
Lerman explained, "I think that's going to be a lot more difficult to
implement." Enron would have to consider specific qualities, coil sizes,
nuances of chemistry, surface quality, and formability. "Most customers
require better than standard tolerances," he pointed out. "These are all
issues that might complicate commodity sales."
		Delivery is another issue. As a physical supplier, Enron has virtually
guaranteed just-in-time delivery, but as one service center source said, "the
guarantee is good when the material shows up at my door. What happens if it
doesn't show up? I disappoint a customer. What good does it do to sue [Enron]
if I've lost a customer?"
		Mill executives have questioned whether Enron is a potential competitor.
"They see Enron as someone likely to buy foreign steel in order to deliver it
to a U.S. customer," said Chuck Bradford, principal of Bradford Research and
a long-time industry observer. He cautioned against seeing Enron as too much
of a physical supplier, speculating that the future of Enron, similar to the
LME, will be in hedging. "You may see some [physical transactions] to start
with," Bradford predicted, "just to get the ball rolling. But I don't see
that as the way the market will develop."
		McMahon has been consistent in saying that Enron has little interest in
becoming a steel manufacturer. The real value, he said, is in a transparent,
liquid market. "We know the products work, we know the market wants them. Can
any one particular mill or mills prevent that? We don't think so," he said.
"It's not an 'if', it's a 'when'."
		The jury is still out on just how soon that "when" will come, and what those
effects will be for the steel industry. And for all of the debate surrounding
the issue, it seems a bit soon to be hitting the panic button. As Don
McNeeley recounted, "I can recall similar controversy over a speech a guy
gave about 15-17 years ago. That guy's name was Ken Iverson, and he had this
concept called a mini-mill. Look at it now."


Congratulations Sally on your promotion, and good luck on your new
responsibilities.
Regards,
Erwin
---------------------- Forwarded by Erwin Landivar/SA/Enron on 02/21/2001
04:57 PM ---------------------------
From: Rick Causey on 02/21/2001 05:02 AM
Sent by: Enron Announcements
To: All Enron Worldwide
cc:

Subject: Global Accounting Promotions

Please join me and the Global Accounting leadership team in congratulating
the following individuals on their promotions to:

To Managing Director
 Sally Beck (EWN)
 Fernley Dyson (EEL)

To Vice President
 Beth Apollo (ENW)
 Janine Juggins (EEL Tax)
 Phillip Lord (EBS)
 Laura Scott (ENA)
 Chris Sherman (ENA)
 Wade Stubblefield (EES)

To Senior Director
 Buddy Aiken (EEL)
 Jim Coffey (ENA)
 Donette Dewar (Intl. Tax)
 Patricia Dunn (NEPCO)
 Mark Frank (ENA)
 William Gehle (EECC)
 Joseph Grajewski (EECC)
 Jan Johnson (Corp)
 Scott Mills (ENW)
 James New (EEL)
 Mary L. Ruffer (ENA)
 Richard Sage (EEL)
 Elaine Schield (Corp)
 Kevin Sweeney (ENW)
 Beth Wapner (EBS Tax)

Director
 Thresa Allen (ENW)
 Ron Baker (Corp)
 Misty Barrett (EES)
 Jeff Blumenthal (EWS)
 Trey Cash (Corp Tax)
 Karen Choyce (Corp)
 Cheryl Dawes (ENA)
 Lanette Earnest (EWS Tax)
 Jeffrey Gossett (ENW)
 Robert Guthrie (ETS Tax)
 Susan Helton (ENA)
 Ralph Jaeger (EEL)
 Andrea Kerch (EEL)
 Faith Killen (ENA)
 Johnna Kokenge (Corp)
 Matt Landy (EEL)
 Andy Lawrence (ISC)
 Connie Lee (EBS)
 Caroline Lothian (EEL)
 Meg Malone (Corp Tax)
 Gary Peng (Corp)
 Stephen Schwarzbach (Corp)
 Sally Seelig (EES Tax)
 Don Shackley (EES/London Tax)
 Patricia Shannon (Corp)
 Eddie Sikes (Intl. Tax)
 Jeffrey Smith ( EGM)
 Ron Smith (GSS)
 Kim Theriot (ENW)
 Hope Vargas (ENA)
 Tina Ward (EEL)
 Stephen Whitaker (EEL)
 Stacey White (ENW)
 Rob Wilcott (Corp)

To Manager
 Christopher Abel (ENW)
 Stacey Aune (ENA)
 David Baumbach (ENW)
 Maya Beyhum (ENW London)
 Patricia Bloom (ENA)
 Matthew Brown (ENW)
 Vince Cacaro (ISC)
 Clara Carrington (ENW)
 Carol Carter (ENA)
 Carolyn Centilli (ISC)
 Erin Copeland (EECC)
 Richard Cross (ENW)
 Rachel Davis (Corp)
 Michael Desbiens (ISC)
 David Dupre (ISC)
 Eileen Flanagan (EEL)
 Regina Figueroa (ISC)
 Rebecca Ford (ENW)
 Darron Giron (ENW)
 Julie Goodfriend (International Tax)
 Karen Gruesen (ENA)
 Kevin Hall (EEL)
 Kristen Hanson (ENW)
 David Horne (ISC)
 Larry Hunter (ENW)
 Todd Hunter (EES)
 Jim Ischy (GSS)
 Chris Jones (ISC)
 William Kasmervisz (ENW)
 Kam Kaiser (ENW)
 Kedar Kulkarni (ISC)
 Monica Lande (ENW Portland)
 Suzanne Lane (EEL)
 Vince Mack (ISC)
 David Maxwell (ENW)
 Emitra Nelson (ISC
 Caroline Nugent (EWS Tax)
 Mark Pope (ISC)
 Yiannis Poulopoulos (London Tax)
 Melissa Ratnala (ENW)
 Jason Sharp (Corp Tax)
 Stephanie Smith (Corp)
 Patricia Spence (ENW)
 Amy Spode (ENW)
 Patricia Sullivan (ENW)
 Lisa Sutton (ETS)
 John Swinney (ENW)
 Deana Taylor (Corp)
 Dimitri Taylor (ENW)
 Wayne Tencer (EES)
 Bernella Tholen (ENA)
 Theresa Vos (ENA)
 Blake Walker (EECC)
 Bob Ward (International Tax)
 David Williams (EEL)

To Senior Specialist
 Amelia Alland (ENW)
 James Armstrong (ENA)
 Carmen Ayala (GSS
 Cynthia Balfour-Flanagan (ENW)
 Gilda Bartz (Corp)
 Stacey Brewer (ENW)
 Marian Briscoe (Corp Tax)
 Aneela Charania (ENW)
 Patricia Clark (Corp)
 Chris Crixell (EES Tax)
 Diane Ellstrom (ENW)
 Heidi Griffith (EES)
 Marla Hernandez (ISC)
 Marlene Hilliard (ENW)
 Dave Hollick (London Tax)
 Rachel Jones (EEL)
 Dawn Kenne (ENW)
 Harry Kent (EWS Tax)
 Blanca Lopez (ENA)
 Brian Hunter Lindsay (EEL)
 Rachel Lyon (EEL)
 Stacy Hardy (ENA)
 Sally McAdams (ISC)
 Kelly McCain (Corp Tax)
 Errol McLaughlin, Jr. (ENW)
 Sylvia Martinez (ISC)
 Kevin Meredith (ENW)
 Meredith Mitchell (ENW)
 Winnie Ngai (Corp Tax)
 Thien-Huong Ngo (ENW)
 Brian Palmer (ENW)
 Bich Ann T Pham (ENA)
 Shelly Pierson (Corp)
 Lillie Pittman (ISC)
 David Rae (ENW)
 Dixie Riddle (ETS Tax)
 Salvador Dominguez (Corp)
 Mark Schrab (ENW)
 Stephanie Sever (ENW)
 Danielle Shafer (ISC)
 Shifali Sharma (ENW)
 Keith Simper (ENA)
 Christopher Spears (ENW)
 Caron Stark (ISC)
 Tara Sweitzer (ENW)
 David Vandor (ENA)
 Mary Womack (ISC)
 David Yang (International Tax)
 Sabrae Zajac (ENW)

To Specialist
 Kim Chick (EES Tax)
 Justin East (EEL)
 Joey Esperance (International Tax)
 Randi Howard (ISC)
 Melanie Hutchinson (EWS Tax)
 Mary Joseph (Corp Tax)
 Sherri Kathol (International Tax)
 Lex Lacaze (International Tax)
 Michelle LeBlanc (Corp Tax)
 Ling Li (EWS Tax)
 Kori Loibl (ENW)
 Alan Marsh (Corp Tax)
 Bruce Mills (ENW)
 Erika Moore (EEL)
 Matthew Motsinger (ENW)
 Sherry Meyers (ISC)
 Andrea Price (Corp Tax)
 Bernice Rodriguez (ENW)
 Tina Salinas (EES Tax)
 Brent Vasconcellos (Corp Tax)
 Brandi Wachtendorf (ENW)
 Patryk Wlodarski      (ENW London)

To Entry Specialist
 Stuart Sheldrick (EEL)

To Accountant I
 Becky Klussman (Corp)

To Accountant II
 Silvia Shelby (Accounts Payable)

To Staff
 Mary Behn (EES)
 Guy Freshwater (ENW London)
 Geralynn Gosnell (ENW)
 Richard Miley (ENW)
 Brent Storey (ENW London)
 Stuart Thom (ENW London)
 Judith Walters (ENW)
 Jonathan White (ENW London)
 Joan Winfrey (ENW)

To Senior Tax Analyst
 Emily Allwardt (International Tax)
 Leon Branom (EBS Tax)
 Shanna Husser (EES Tax)
 Shilpa Mane (Corporate/London Tax)
 Todd Richards (Corp Tax)
 Michelle Thompson (Corp Tax)

To Sr. Administrative Assistant
 Norma Chavez (International Tax)
 Sarah Knott (ENW London)

To Sr. Travel Administrator
 Cheryl Slone (GSS )

To Administrative Coordinator
 Heather Choate (ENW)
 Kayla Heitmeyer (GSS)

To Senior Clerk
 Angela Barnett (ENW)
 Matthew Davies (ENW London)
 Daniela De Lisi (ENW London)
 Rufino Dorteo (ENA)
 Mark Pilkington (ENW London)
 Narjinder Sandhu (EEL)
 Howard Sweasey (EEL)
 Laura Vargas (ENW)
 Jo Ann Woods (Corp Tax)

To Intermediate Clerk
 Maria Maldonado (Accounts Payable)
 Araceli Mondragon (Accounts Payable)
 Irma Rodriguez (Accounts Payable)
 Bernita Sowell (Accounts Payable)


We will be celebrating the July and August birthdays.


request_number:  IN-BPA:  031
firstname:  Lincoln
lastname:  Wolverton
e-mail:  lwolv@worldaccessnet.com
directed_to:  Peter Burger
Bonneville Power Administration
exhibit_wp-02-e-:  WP-02-E-BPA-76
page_numbers:  3-6
request_text:  Please provide an electronic copy of the program and files
sufficient to produce the net revenues portrayed in case:
RM_Merged_$210_S2000_LR1500.xls and
RevSim Input Database:
V:\RateCase0206__Supplemental\0209\Fy02$210\S2000_LR1500\RiskData_Supplemental
FY02$210.mdb, ... Date/Time of Report: 2/10/01 8:06:00 AM.

Please ensure that the program will run on a standalone, non-Bonneville
computer-that is, a computer that does not require access to files available
only on a BPA computer.

contact_name:  Linc Wolverton
contact_address:  East Fork Economics
P.O. Box 620
35011 North Fork Rd.
La Center, WA  98629

contact_phone:  360-263-3675
contact_email:  lwolv@worldaccessnet.com
contact_fax:  360-263-3675
delivery_instructions:  Data Responses will be picked up by courier:  call
Linda Vitale of Davison Van Cleve, P.C. at 503-241-7242.

The following information is from the web server:
1.  Logon: PSP-TEN
2.  Remote Host:  63.230.164.97
3.  Remote IP Address:  63.230.164.97
4.  Form URL:
https://secure.bpa.gov/power/secure/psp/ratecase/discovery/wp_02_request.html
5.  Browser Client:  Mozilla/4.73 [en]C-DIAL  (Win98; U)


Seemed to want to trade equities.

 -----Original Message-----
From: 	Melodick, Kim
Sent:	Wednesday, May 02, 2001 4:39 PM
To:	Lavorato, John
Subject:	David McKeon

John, I spoke with Doug Gilbert-Smith the other day to get a status update on your interview with David McKeon. He stated that it was abit uncertain on what the final status was.  Can you please advise?


apologies.  i don't know what those bills are....

Best,
Jeff


I was denied access to the "nyiso price information version 2", and therefore was unable to add the NY prices to the shiftnote.

I received an error message stating, "Cannot access read-only document 'NYISO Price Information version 2.xls'.

Perhaps each individual on the 24-hour desk will require clearance from IT.


This is fine.  --Sally

Information Risk Management
09/26/2000 03:43 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Your approval please

Below you will find a copy of a request that is awaiting your approval.
Please advise us as to your approval or rejection of this request by way of
email.

I thank you in advance for your cooperation in this matter.

Leola Barnett
IRM
x3-7965
---------------------- Forwarded by Information Risk Management/HOU/ECT on
09/26/2000 03:43 PM ---------------------------

	 Security Resource Request System				Pending VP Approval
 Resource Request					How to find the status of this request...
	General Information		Initials:

Requestor:	Sandra R McNichols/HOU/ECT	Phone:
Requested For:		Angela Barnett/HOU/ECT
Request Type:	Update Access
RC #:	105590	WO #:
Company #:	0413	Priority:	Normal
Manager:	Carolyn Gilley	VP:	Sally Beck
Location:			Houston
					In the Request Processing section, see the status column for each requested
resource.
					Look at the overall status of the request in the title bar above. The status
will display Closed when your request is complete.
					Click the "Status" button below.
Comments:
			Please set up same as for Mark Thorne		Request #: SRMN-4P5CQ5
					Submitted: 09/13/2000 04:18:30 AM

	Name	Cost	Status	Implementation Comments
	Application/Database
	Terminal Server 1-800 Number
Terminal Server Printer Setup
	Not Started
Not Started

	Request Processing Path
Processed By	Status	When	Comments

	Manager	Approved	09/14 10:01 AM

	VP

	Security

	Implementation

		Editing History (Only the last five (5) are shown)

Edit #	Past Authors	Edit Dates
1
2
3
4	Sandra R McNichols
Sandra R McNichols
Sandra R McNichols
Carolyn Gilley 	09/13/2000 04:18:02 AM
09/13/2000 04:18:28 AM
09/13/2000 04:18:30 AM
09/14/2000 10:01:09 AM


Please see the attached REVISED Contracts/PLE On-Call Schedule.

The only change is that Esther's pager number (888) 378-6258 has been added.

Dennis P. Lee
ETS
Gas Logistics
(713) 853-1715
dennis.lee@enron.com


what?  no.  are you being serious.  you can get some in the store in the other building.  did you forget to brush your teeth this morning?

-----Original Message-----
From: Maggi, Mike
Sent: Monday, November 26, 2001 8:33 AM
To: Nelson, Michelle
Subject: RE:

no i havent heard anything, do you have any toothpaste

-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 26, 2001 8:31 AM
To: Maggi, Mike
Subject: RE:

it was good. i guess.  i didn't want to come back.  and what am i late for?  it's not like i have a whole lot to do.  have you heard anything about today or tomorrow?  i love coming to work.....more and more rumors to greet you.

-----Original Message-----
From: Maggi, Mike
Sent: Monday, November 26, 2001 8:30 AM
To: Nelson, Michelle
Subject: RE:

dont hush me, how was youre trip back

-----Original Message-----
From: Nelson, Michelle
Sent: Monday, November 26, 2001 8:29 AM
To: Maggi, Mike
Subject: RE:

Hush
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Thanks for the quick response!  So how do we get from today to being able to
capture desk to desk deals with all schedule changes?

Diana

From: Kroum Kroumov/ENRON@enronXgate on 04/04/2001 01:34 PM CDT
To: Diana Scholtes/HOU/ECT@ECT, Kate Symes/PDX/ECT@ECT
cc: Brett Pate/ENRON@enronXgate
Subject: RE: Forward Obligation Report

    Hi Diana & Kate,

    You are not wasting our time, you make our time valuable. You should be
able to see ver 3.0.0.36 in production and ver 3.0.0.38 in stage,
    if not phone David Poston for support. Ver 3.0.0.38 is newer and includes
insignifficant changes on the form for selection desks, which
    Corry Bentley requested here. They don't allow us to promote now things
like that to production the last five days and the first day of the month.

   Now the report is able to show both the term and schedule (liquidation)
data. The term data are the way the deal was entered with
   Deal Entry, Deal Blotter or EOL bridge, signed and confirmed. The schedule
data should be very much the same with all the changes
   in Deal Scheduling. There is no difference between schedule and
liquidation data, schedule data is a subset of liquidation one in time and
   it is about 2-3 weeks. At the moment the schedule strips for WEST contain
data from 3/22/2001 to 4/5/2001, and the liquidation
   the same data from 4/2/1996.

   Because we don't schedule normally desk-to-desk deals (I think we schedule
between EAST and WEST only) we don't have schedule
   (liquidation) data for desk-to-desk. I hided the check box to avoid
confusions. The option Show Desk is very simple, changes the format
   of the header for Region, nothing else.

   Kroum

 -----Original Message-----
From:  Scholtes, Diana
Sent: Wednesday, April 04, 2001 12:34 PM
To: Kroumov, Kroum
Subject: Forward Obligation Report

Kroum,

I was running the new version of the Obligation Report.  I was not included
in the testing phase of the new version and apparently the report is still
not doing what the "fix" was initiated for.  Originally, my discussions with
Doung Luu was for the Obligation report to capture: 1. All deals with any
changes made in Deal Scheduling and  2.  All Desk to Desk deals.  Number
(2),   I believe was the difficult one.  When selecting the option on "Show
Deals"  in order to capture schedule changes you must select "Liquidate".
This does work, but it does not give you the option to select "Show Desk to
Desk", which like I said before, was the intent of the changes.  Please
contact me for further discussion.  I apologize for not participating and
wasting your time.

Sincerely,

Diana Scholtes
(503) 464-3807

 -----Original Message-----
From:  Symes, Kate
Sent: Wednesday, April 04, 2001 12:06 PM
To: Pate, Brett; Kroumov, Kroum
Cc: Duong Luu/HOU/ECT@ENRON
Subject: Forward Obligation Report Question

Good afternoon, IT Wizards -

I'm curious about a feature on the new Forward Obligation Report. It is now
possible to run the report showing term, scheduled, or liquidated deals. In
the past I've always run the report showing term deals, then entered my
desk-to-desk deals from those numbers. Now I believe the report is designed
to pull data from our scheduling database, so I'm wondering what the
difference is between the term deal report and the scheduled deal report.
Each produce completely different numbers! Please let me know when you get a
chance.

Thanks,
Kate Symes
Trading Support
503-464-7486


I'll have to check.  I haven't heard of any problems.

Kay

"Curreri, Joe" <JCurreri@ensr.com> on 11/03/2000 04:50:57 PM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc:

Subject: Contract Renewal

Hi Kay,

Could you please tell me the status of the October 24 letter requesting
renewal of the consulting services agreement?  The agreement expired this
week and we have been requested to submit additional work orders.

Thanks

Joe

**********************************************************************
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privileged proprietary information intended only for the individual
or entity to whom it is addressed.  Any unauthorized use, distribution,
copying or disclosure of this communication is prohibited.
If you have received this communication in error, please contact the
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It is our policy that e-mails are intended for and should be used for
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This footnote also confirms that this email message has been swept by
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Jennie Hendrickson
Travel On
9000 Virginia Manor Rd Suite 201
Beltsville MD 20705
240-387-4033-phone
877-657-4772-toll free
240-387-4101-fax
jennieh@tvlon.com <mailto:jennieh@tvlon.com>


Since Steve Kean is planning to accompany Ken on his meetings next week in
CA, please be sure to cc Maureen McVicker on all meetings that are scheduled
so she can manage Steve's calendar.

Thanks.


I was not hung over yesterday. I had 3 beers and went home. How about that
for self control? I watched women's gymnastics olympic trials on saturday
night and did some laundry. What a loser I am. I am going to Sylvan this
weekend. My friend Meghan is moving to Sydney Australia and Saturday is her
going away party. Meg's cabin parties are  generally epic gong shows. I need
to rest up this week. I bought in-line pants at the Gap yesterday. Now if I
get some rollerblades I'll have the official pants. I don't think you need to
take your rollerblades in to get the wheels rotated every week. Can't you do
it yourself? I could probably even do it and I'm the most mechanically inept
person in the world.

Chris


> Reactions
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> or +44 (0) 20 7779 8006.  The September Issue of Reactions is packed full
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> danger
>   http://www.reactionsnet.com/viewStory.asp?id=799
> * Cover report:  Are ratings agencies responsible for excess capital?
>   http://www.reactionsnet.com/viewStory.asp?id=800
> * Cover report:  Why not give the capital back?
>   http://www.reactionsnet.com/viewStory.asp?id=801
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>   http://www.reactionsnet.com/viewStory.asp?id=802
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> face of risk transfer
>   http://www.reactionsnet.com/viewStory.asp?id=803
>
>
>  LES RENDEZ-VOUS DE SEPTEMBRE ~ MONTE CARLO 2000
>  The 44th International Meeting of Insurers, Reinsurers, Brokers and
> Reinsurance Consultants starts on September 3rd, and you will be able to
> keep right up to date with all the news by logging-on to the official
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> Simon Challis went to Munich to hear about it.
> http://www.reactionsnet.com/viewStory.asp?id=804
>
> * Financial risks: The path to new risks
>   Insurance companies and banks were once two separate and
> distinct marketplaces. But now the dividing lines between the two are more
> blurred than ever. This is creating new opportunities for both, but also a
> fresh set of problems and challenges to be overcome.
> http://www.reactionsnet.com/viewStory.asp?id=805
> * Tax havens: Financial paradise under threat
>   Offshore domiciles and tax havens have created important
> niches within insurance and finance and have become centres of excellence
> for many industries. But the sun may soon disappear for these
> jurisdictions as they come under pressure to change.
> http://www.reactionsnet.com/viewStory.asp?id=806
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> fund management, Global Investor Magazine, please go to
> http://www.globalinvestormagazine.com/admin/registernow.asp, to see the
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>   In a rapidly changing world, one thing at least has become
> abundantly clear. Insurers and reinsurers who fail to rise to the
> challenges of internet technology will fall by the wayside.
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>   The EU's non-life insurance markets are undergoing rapid
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> this new and expanding market.
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> circular please contact Andreas Silberman
>   tel: + 44 (0)20 7779 8186 or e-mail
> mailto:asilberman@euromoneyplc.com
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>   If you have any problems logging onto or using
> www.reactionsnet.com please call our dedicated help desk
>   +44 (0) 20 7779 8006 or email
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the most recent rejection from murphy!!
______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com

 - married.bmp


Daren,

Maynard Oil at meter # 6674 revised their nom from 4,920 to 5,595 for July.

Bob


I have to go to the management meeting in San Antonio on the afternoon of the 14th.  Would it be possible to meet in Denver on the morning of the 14th?

 -----Original Message-----
From: 	Walton, Steve
Sent:	Monday, October 22, 2001 10:24 AM
To:	Whitt, Mark; Kaufman, Paul; Calger, Christopher F.
Cc:	Tycholiz, Barry; Bump, Dan J.
Subject:	RE: Buffalo Power Company LLC - Gas Turbine Power Plant Project

Mark,

	I am committed to a meeting in Seattle with the Western Governors and the FERC on November 1 and 2 respectively.  The next meeting of the Wyoming Energy Commission is on November 12-13 in Evanston and a meeting in Spokane on the 15th, leaving the 14th open.  I know that is beyond your two week window, but it would be the best time for me.

Steve

 -----Original Message-----
From: 	Whitt, Mark
Sent:	Friday, October 19, 2001 3:51 PM
To:	Walton, Steve; Kaufman, Paul; Calger, Christopher F.
Cc:	Tycholiz, Barry; Bump, Dan J.
Subject:	Buffalo Power Company LLC - Gas Turbine Power Plant Project

ENA and Crestone (Northern Border's non-regulated affiliate) met with a group of developers and Joe Meyer, Secretary of State in Wyoming, who have proposed to build a 200 MW power plant (expandable to 500 MW) in the Powder River basin of Wyoming.  Their "angle" is that the existing utility, Powder River Electric Coop, cannot meet the demand for electricity and the necessary distribution infrastructure to maintain the pace of development in the Coal Bed Methane BOOM that is happening in the basin.

As you may or may not know, Enron has been very involved in this Coal Bed Methane play since 1998.  ENA is the largest purchaser of 3rd party gas in the basin and Crestone is the largest non-producer gathering company in the basin.  Crestone has a gathering trunkline located near their proposed site.  The developers will be filing a petition to remove this area from the COOP's certificated territory in the next couple of weeks.

There are obviously regulatory issues revolving around their ability to gain access to this "retail" market and the project would not be economically feasible as a merchant plant in the wholesale market.  However, they seem to have some political backing.

These developers recognize that they need Enron's assistance in developing this project on three main fronts:

1.  Power Marketing and Project development
2.  Gas Supplies and Pipeline access
3.  Regulatory and Transmission expertise

Given the fact that Joe Meyer is the early favorite to be the next Wyoming Governor and we are trying to work well with the State of Wyoming, and we have a natural competitive advantage in this market from a gas supply and pipeline perspective, I would like to pursue this opportunity a little further.

Therefore, I am wondering if I could get a Sr. Commercial Power Representative and a Regulatory Representative (Steve Walton would be good since he will be on the Wyoming Energy Commission), to attend a meeting in Denver with myself and the Crestone representatives sometime in the next 2 weeks.

Please give me a call and I can elaborate on the opportunity or answer your questions.  I don't want to make this email a novel!

Thanks a lot.

303-575-6473


Outstanding!!!  Still colder than shit up here--what are you guys even
thinking on moving up here????  I'll call you to check out the details later
this week.  Thanks. DF

"Hooker, David" <dhooker@caes.net> on 11/22/2000 09:47:43 AM
To: Drew.Fossum@enron.com
cc: merrileech@aol.com

Subject: RE: Houston

Absolutely!  We fire up the heater on the pool so bring the girls suits.

-----Original Message-----
From: Drew.Fossum@enron.com [mailto:Drew.Fossum@enron.com]
Sent: Tuesday, November 21, 2000 10:02 AM
To: dhooker@caes.net
Subject: Houston

Hey, got my facts together on our Houston gig--we'll be down Sat. Dec. 2
through mon the 4th.  Any chance we could swing by on Sunday and see  you
guys?  DF


We don't necessarily have to use these, just FYI.

 -----Original Message-----
From: 	Gilbert, Steve
Sent:	Thursday, September 27, 2001 3:01 PM
To:	Geaccone, Tracy; Keiser, John
Cc:	Cohrs, Allen; Fiscus, John; Jones, Dana; Joyce, Jane; Korbelik, Stephanie
Subject:	Definitions for 2001 Plan

Attached are the definitions NNG has been using for the 2002 Plan  (Contracted, Uncontracted, Identified Stretch, Unidentified Stretch)

Let me know if you need to discuss.


A meeting has been scheduled for tomorrow, 1/12, for Chris Hilgert, Mark
Knippa,  and Gerald Nemec to discuss the Gulf Power Agreement in EB 3583 from
3:30 to 4:30.  If you have any questions or conflicts, please contact Lacye
Trevino @ X 34887.

Thank you,
Lacye


Let's talk.  Can we shift some more of the cost to ETS???

----- Forwarded by Andrew Edison/NA/Enron on 06/07/2001 02:47 PM -----

	Drew Fossum/ENRON@enronXgate
	06/07/2001 01:51 PM

		 To: Andrew Edison/NA/Enron@Enron, Staci Holtzman/ENRON@enronXgate
		 cc: Dorothy McCoppin/ENRON@enronXgate
		 Subject: RE: Quinque

Great!  Now, what have you done for me lately?  The ETS entities are
apparently still in this case and I'm feeling lonely already now that ENA is
bugging out.  Where is our deal with Boies to get Quinn in and us out?
Thanks for the help on this Andy.  DF

 -----Original Message-----
From:  Edison, Andrew
Sent: Thursday, June 07, 2001 12:35 PM
To: Fossum, Drew; Holtzman, Staci
Subject: Quinque

I am glad to report that we have received word from Rex Sharp, the
plaintiffs' lawyer in the Quinque litigation, that he intends to dismiss
Enron North America Corp. from this litigation.  We provided Rex with an
affidavit explaining that ENA is not a first measurer of gas, and he let us
know this morning that as a result, he does not intend to pursue ENA.  I will
believe it when I see the amended petition, which should be filed by the
close of business tomorrow.

I will keep you updated.

Andy


-----Original Message-----
From: Storey Geof [mailto:gstorey_71@yahoo.com]
Sent: Monday, January 21, 2002 9:51 AM
To: gstorey@enron.com; vickistorey@yahoo.com; gstorey_71@yahoo.com
Subject: Margie Harris

Margie Harris

Heights Blvd, 11am
1007 Height Blvd
uturn 11th street 4th bldg on right, lavander house

__________________________________________________
Do You Yahoo!?
Send FREE video emails in Yahoo! Mail!
http://promo.yahoo.com/videomail/


---------------------- Forwarded by Susan Scott/ET&S/Enron on 03/21/2000
04:28 PM ---------------------------

Lorraine Lindberg
03/21/2000 04:22 PM
To: Susan Scott/ET&S/Enron@ENRON
cc: Lindy Donoho/ET&S/Enron@ENRON, Darrell Schoolcraft/ET&S/Enron@ENRON,
Richard Hanagriff/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Kevin
Hyatt/ET&S/Enron@Enron, TK Lohman/ET&S/Enron@ENRON, Christine
Stokes/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@Enron, Bob
Burleson/ET&S/Enron@ENRON, Audrey Robertson/ET&S/Enron@ENRON

Subject: Re: Meeting - Order 637 issues related to imbalances

I cannot attend due to a previously scheduled lunch meeting with Conoco.

SUSAN SCOTT
03/21/2000 10:43 AM
Sent by: Janet Cones
To: Lindy Donoho/ET&S/Enron@ENRON, Darrell Schoolcraft/ET&S/Enron@ENRON,
Richard Hanagriff/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON,
Lorraine Lindberg/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, TK
Lohman/ET&S/Enron@ENRON, Christine Stokes/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@Enron, Bob Burleson/ET&S/Enron@ENRON
cc: Audrey Robertson/ET&S/Enron@ENRON

Subject: Meeting - Order 637 issues related to imbalances

We have a meeting scheduled Thursday, March 23 from 11:00 a.m. until 1:00
p.m. in 4194 regarding Order 637 issues related to imbalances.  It is not
mandatory for everyone in TW Commercial to attend, but let me know ASAP if
you will be attending so I can order lunch.

Thanks,

Janet - ext. 31540


See below regarding PJM West market trials.

 -----Original Message-----
From: 	owner-pjm-emc@pjm.com@ENRON <mailto:owner-pjm-emc@pjm.com@ENRON>   On Behalf Of kenney@pjm.com <mailto:kenney@pjm.com>
Sent:	Friday, November 16, 2001 4:31 PM
To:	pjm-emc@risc1.pjm.com <mailto:pjm-emc@risc1.pjm.com>
Subject:	pjm-emc FW: PJM West Day Ahead Market Trials

The following message has been posted to the PJM Energy Market Committee
Mailing List (pjm-emc):

> ATTENTION:
>
> To participate in the PJM Day Ahead Market Trials, please login and submit bid
> and offer information to the following Market Trials web site
> <https://emrkt2.pjm.com>.  Bid and offer data from November 1, 2001 has been
> copied for the November 21st market trial.  Participants are encouraged to
> change the data as they wish, and will be able to view the results the
> following day.  Please remember the timeline for the market trials:
>
> *	At 8:00 a.m. on November 20th PJM will open the day-ahead market. During
> this time PJM Market Participants will submit generation offers, demand bids,
> increment offers, and decrement bids. The day-ahead market will remain open
> until 1200 on Tuesday, November 20th.
> *	At 1200 p.m. on Tuesday, November 20th the day-ahead market will close.
> *	By 1200 p.m. on Wednesday, November 21st PJM will post the results for
> the day-ahead market for November 21st.   The results will be posted at
> <https://emrkt2.pjm.com>, and historical hourly values will be available in .csv
> file format.
> Another market trial will take place on November 27th.
>
> You can find further information on PJM West and the PJM Market Trials at
> <http://www.pjm.com/custinfo/west/pjm_west.htm>.  If you have any questions
> please contact PJM at (610) 666-8980.
>
>
>
> Lynn Marie Horning
> Market Development Dept
> PJM Interconnection, L.L.C.
> horning@pjm.com <mailto:horning@pjm.com>
> Direct:	610-666-4714
> Fax:	610-666-4282
>

Opinions expressed in this e-mail are those of the originating sender, not
those of the PJM Interconnection, L.L.C.

To unsubscribe from this list, send an e-mail to majordomo@majordomo.pjm.com <mailto:majordomo@majordomo.pjm.com>
containing only the following line in the body of the e-mail:

     unsubscribe pjm-emc


1. Legislation Passes- Short-Term Measures, Very Long-Term Measures

As we said yesterday, SB-7X passed the California State Senate easily.  The
bill gives the state the immediate authority to purchase power via the
Department of Water and Resources until February 2nd.  The Department will
have $400 million available to finance power purchases, but there
expectations that these costs could easily rise to $1 billion by next week.

AB-1X has evolved into a longer-term solution and in its current form, would
authorize the Department of Water and Resources to enter into long-term
contracts (as opposed to the 15 day contracts in SB-7X) to buy power at a
price cap of 5.5 cents per kw/h.  This legislation is not expected to pass
today and will likely be changed considerably during the upcoming two week
period covered by SB-7X, when negotiations between generators, the utilities,
and the state are likely to resume.

A second piece of legislation under --SB 6X--has created uncertainty in the
markets.  This legislation will create a California Public Power Authority
with bond issuance authority.  The uncertainty concerns whether the new
authority will address the problem of the $12 billion in outstanding debt
owed by the utilities.  The current text of the legislation focuses only on
longer term measures such as expanding generation capacity and improving
efficiency. Yet the legislation also says "the authority may issue bonds,
exercise power of eminent domain, and enter into joint power agreements and
buy, own, and sell land and facilities necessary for the financing of a
project."  The general nature of this language leaves open the possibility of
either issuing bonds to finance past debts, or using eminent domain or the
bond authority to finance the utilities as they enter into a Ch.11 proceeding.

2. Default Update

3. Bush

As we reported on Wednesday, the Bush Administration continues to demonstrate
little interest in getting involved


Chris,  Attached is the revised Work Offer.  Please forward to Hanover for
execution.


Jennifer B. please print, Jen F. please get this on the fundy's page....Jeff
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/12/2001 07:50 AM -----

	Chris Connelly
	02/11/2001 02:44 PM

		 To: George McClellan/HOU/ECT@ECT, Stuart Staley/LON/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Kevin
McGowan/Corp/Enron@ENRON, Tom Mcquade/HOU/ECT@ECT
		 cc: Peter Bradley/LON/ECT@ECT, Jez Peters/LON/ECT@ECT, Candace
Parker/LON/ECT@ECT, Kenny Nicoll/LON/ECT@ECT, Dimitri Taylor/LON/ECT@ECT,
Andy James/EU/Enron@Enron, Cornelia Luptowitsch/LON/ECT@ECT, Dorte
Kjaergaard/LON/ECT@ECT, Fiona Ryan/LON/ECT@ECT, Jennifer Burns/HOU/ECT@ECT,
Jeff Andrews/NA/Enron@Enron
		 Subject: Freight weekly report

Enron Shipping Services Weekly report 06/2001

Highlight

Cape market is bouncing back after having fallen for the best part of two
months.  The bounce is expected to be gentle and not long lasting.  Owners
are raising their rates for March cargoes as there appears to be a few more
cargoes around mostly attributed to the fact that Japanese steel mills expect
coal and Iron Ore prices for this year to increase and are therefore
maximising their current contracts.  Furthermore, Bunkers have risen sharply
over the last 10 days to over $130 in Rotterdam which was not expected by the
market.  Of interest, Bocimar is redelivering ships it had taken on short
period last year back to the head owner earlier than their contract allows
for which has a few owners thinking about suing Bocimar for damages.

The panamax atlantic market has been falling hard over the last week with
little grain movement from the US gulf and fresh Japanese concerns of GM
crops imports from the US.  However, the Plate season is expected to start in
March and market anticipates a return to healthy rates then.   The pacific is
also falling from incredibly strong rates seen three weeks ago before the
Chinese new year.

On the long term time charter with Mitsui, Mitsui has officially lifted their
board of approval subjects and we are working through the internal
documentation/proper sign off at this stage.

We have offered some competitive freight rates to the US steel group to
import steel slabs from Turkey to US in the hope of providing the freight for
this business when it happens.  Pierre is meeting with the pulp and paper
guys while in Houston at the end of Feb and also going through NYC to meet up
with the Enron metals shipping guy to discuss joint efforts in shipping to
maximise synergy's and cost savings.  Furthermore, we are currently
discussing with the US weather group the possibility of offering protection
to ship owners for days lost at seas due to severe weather.

Market
	Short term	Medium term	Long Term
Handy Max	Down	Down	Down
Panamax	Down	Flat	Down
Cape Size	Up	Flat	Down

Cape  (  Since last report 2 weeks ago )
Average time charter rate: $ 17,063 ( -1514 )
Spot RBCT/Rotterdam: $ 8.25 ( -.54)
Spot Tubaro/China: $9.95 (-1.10)
Spot Bolivar/Rotterdam: $ 6.30 ( -.41)

Panamax

Average time charter rate: $ 11,500 ( -807 )
Spot US Gulf/Japan: $21.60 ( - 0.57 )

Deals Done
Physical Freight
ECS freight
Fixed RBCT/Rotterdam with CC at $8.35
Third parties freight deals
In discusions with several charterers for cargo contracts
OTC
FFA s
Numerous swaps on both the Cape and Panamax routes.
EOL
Traded 150,000 tons with EDF

Travels
All three of us should be in

Chris


Susan:
Please give me a copy of the Transfer Agreement and I will respond.
Carol

----- Forwarded by Carol St Clair/HOU/ECT on 05/16/2000 03:42 PM -----

	"Martinson, Russell" <RMartins@UtiliCorp.com>
	05/16/2000 02:05 PM

		 To: "'Carol St Clair'" <Carol.St.Clair@enron.com>
		 cc:
		 Subject: RE: Utilicorp

Carol, I wasn't able to open the images you attached to your email, but both
the ISDA and the Transfer and Termination Agreement are dated May 3, 2000.
The only possible concern would be those transactions that we are entering
into between May 3 and the day that the UtiliCorp ISDA is executed, at which
time we will actually enter into trades as UtiliCorp.  However, I believe
that we have worded the Transfer and Termination Agreement in such a manner
that, once such document is executed, all trades done as ARM will fall under
the UtiliCorp ISDA, so there shouldn't be any concerns.

I anticipate having the ISDA Transfer and Termination Agreement executed
within the week.  Feel free to let me know if you you have further
questions/concerns.

> ----------
> From:  Carol St Clair[SMTP:Carol.St.Clair@enron.com]
> Sent:  Friday, May 12, 2000 5:05 PM
> To:  RMartins@utilicorp.com
> Subject:  Re: Utilicorp
>
> <<File: pic07880.pcx>><<File: pic20420.pcx>>
>
>
> Russell:
> Please see the e-mails that Susan and I have exchanged.  Since we are
> still
> confirming deals under ARMS, does the effective date on the Transfer and
> Termination Agreement work?  I want to make sure that it covers all trades
> that
> have been confirmed with ARMS until we start confirming with Utilicorp.
> Please
> advise.
> Carol
>
> Carol St. Clair
> EB 3892
> 713-853-3989 (Phone)
> 713-646-3393 (Fax)
> ----- Forwarded by Carol St Clair/HOU/ECT on 05/12/2000 05:03 PM -----
> |--------+------------------------>
> |        |          Susan Bailey  |
> |        |                        |
> |        |          05/12/2000    |
> |        |          05:00 PM      |
> |        |                        |
> |--------+------------------------>
>
> >-------------------------------------------------------------------------
> ---|
>   |
> |
>   |      To:     Carol St Clair/HOU/ECT@ECT
> |
>   |      cc:
> |
>   |      Subject:     Re: Utilicorp(Document link: Carol St Clair)
> |
>
> >-------------------------------------------------------------------------
> ---|
>
>
>
> Carol,
>
> Not yet.  The master agreement documents were sent out by FED EX on
> Monday, May
> 8th.
>
> As for the effective date of the (a) Master Agreement and (b) Transfer and
> Termination Agreement, both documents were given an effective date of May
> 3,
> 2000.
>
>
>
>
> |--------+----------------------->
> |        |          Carol St     |
> |        |          Clair        |
> |        |                       |
> |        |          05/12/2000   |
> |        |          03:46 PM     |
> |        |                       |
> |--------+----------------------->
>
> >-------------------------------------------------------------------------
> ---|
>   |
> |
>   |       To:     Susan Bailey/HOU/ECT@ECT
> |
>   |       cc:     Sara Shackleton/HOU/ECT@ECT
> |
>   |       Subject:     Utilicorp
> |
>
> >-------------------------------------------------------------------------
> ---|
>
>
>
>  (Embedded
>  image moved   (Embedded image moved to file: pic20420.pcx)
>  to file:
>  pic07880.pcx)
>
>
>
>
>
>
> Susan:
> Has this Master been executed?  I forgot what we specified as the
> effective date
> of the Transfer and Assignment Agreement with ARMS but we need to make
> absolutely sure that the effective date covers all trades that are done by
> ARMS
> and that there is no gap between that effective date and the effective
> date of
> our Master.  Also, please make sure that Tana knows when the Utilicorp
> Master
> becomes effective so she can notify the online folks.  Thanks.
> Carol
>
>
>


Hi Everyone,

Happy Friday! We have done the cohort assignments for spring. And I think
we accommodated all of your requests. We will do up something pretty and
put them in your mailboxes next week; but I know you are all anxious to get
your assignments, so I am attaching a list with your cohort assignment.
Please let me know if this is different that your request. If you did not
make a request, I cannot guarantee that we can make changes at this point.

Good luck studying for your finals!

Shawn

_________________________________________
Shawn Allison, Associate Director
Evening MBA Program, Haas School of Business
University of California, Berkeley
Tel (510) 643-0435 Fax (510) 643-5902

 - s00 cohorts.xls