Notice No. 01-118
April 6, 2001

TO:
All COMEX Division Members/Member Firms
All COMEX Division Clearing Members
All COMEX Division Floor Traders
All COMEX Division Operations Managers

FROM:
Michael Campanelli, Vice President
Floor Operations, COMEX Division

RE:
Options Expiration Operational Procedures for the Trading Floor and Clearing
Members
______________________________________________________________________________

The expiration date for the May 2001 options contract for Silver (SO K1) and
Gold (OG K1) is Thursday, April 12, 2001.

 GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized on-line
trade entry (&OLTE8) system trained representative available until released
by the Exchange staff.  All adjustments  and/or corrections, must be
accompanied by relevant supporting documentation prior to being incorporated
into expiration processing.  In essence, making the expiration processing an
extension of the afternoon trade resolution procedures.

Exchange Clearing (299-2110) and Trade Processing (299-2465 and 299-2044)
personnel will be available to assist with the processing of notices of
Exercise and Abandonment, position transfers, trade corrections and other
questions or problems you may have.

Failure by any Clearing Member or qualified Floor Trader to comply with
procedures as outlined herein may result in severe disciplinary action by the
Exchange and potential financial liability to customers or members for
failure to exercise diligence in the processing of information.

 TRADING FLOOR OPERATIONAL PROCEDURES

Trading in the May 2001 Silver and Gold Options Contracts will cease at 2:25
P.M. and 2:30 P.M. respectively on April 12, 2001.  All Brokers and Traders
must inform their Clearing Members of their intentions to exercise or abandon
such Options by 4:00 P.M.

On Thursday, April 12, 2001, all Brokers and Clearing Members must have a
duly authorized, On-Line Trade Entry (&OLTE8) system trained representative
available until such time as the Exchange deems necessary.

NOTE: After 4:30 P.M. all expiring option trade data must be inputted on
special &OLTE8 terminals located in the Trade Processing Room. Any other
means of submission will be rejected by the Exchange.  Members will be able
to submit all other trade data until 5:00 P.M.

After the UTR and the Preliminary Spot Month Matched Trade Reports are
displayed, Clearing Member representatives will be able to pick up their
Preliminary Clearing reports at the Clearing Department.

A final review of all submissions will be made, the Supervisor of the Trade
Processing Room will detain only those Clearing Members and/or Broker
representatives involved.  All final corrections will be made at this time
and upon determination of the Supervisor that all option processing is
complete, all representatives will be released.

Exchange Reports based on Thursday,s submissions and processing will be
available on Monday morning April 16, 2001.

In the event that you have any questions regarding the foregoing trading
floor procedures please contact Michael Campanelli at (212) 299-2072 or David
Sherman at (212) 299-2061.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

1. OPEN POSITION CONFIRMATION (&OPC8) - The OPC should reflect as accurately
as possible all futures and options gross positions as of close-of business
on the business day prior to expiration.  Review the estimated current gross
positions as shown and make appropriate adjustments.  The OPC must be
submitted not later than 9:00 AM.

2.   OPTIONS EXERCISE/ABANDONMENT REQUEST FORM (&E/A8) - An expiring option
with a strike price in-the-money by one tick or more will be subject to
automatic exercise unless an Option Abandonment Request form is submitted
advising that a Clearing Member (&CM8) elects to abandon some or all of its
position in that strike price (i.e., for the option series).  All other
options series in the expiring month will be subject to automatic abandonment
unless an Option Exercise Request form is submitted.  When submitting an E/A
form, please note the following:

(a) An E/A form must be submitted not later than 5:00 PM.
(b) Do not submit an Exercise form for positions in strike prices, which are
subject to automatic
Exercise nor submit an Abandonment form for positions in strike prices, which
are subject to automatic abandonment.
(c) If a CM wishes to submit an E/A form to abandon a position in a strike
price subject to automatic exercise or wishes to exercise a position in a
strike price which is out of the money, it is necessary to notify Clearing by
telephone of such anticipated action.  The CM must have an officer available
to confirm such intention.
(d) CMs may secure from Clearing a time-stamped receipt of the CM copy to
assure submission  of the CM,s E/A forms.

3. OPTION POSITION REDUCTION REQUEST FORM (&OPRR8) - As a general rule,
purchases and sales of option contracts are presumed to be new business.   If
some or all of your purchases and sales are in fact undertaken for position
liquidation purposes, OPRR forms may be submitted on the day of expiration
and will be used in conjunction with trade data to reduce your projected
position in an expiring contract.  OPRR requests in excess of actual traded
volume will be rejected.  Exception: Cabinet trades and cancel correction
trades will automatically liquidate existing positions, therefore do not
submit an OPRR form for cabinet or cancel correction trades.
The OPRR form must be submitted not later than 5:00 PM.

4. HOUSE/CUSTOMER POSITION TRANSFER REQUEST FORM (&H/C8) - H/C forms may be
used only to transfer previously cleared contracts between a CM,s house and
customer accounts. Problem trades (those which have not cleared prior to
expiration day), must be corrected using COMEX,s on-line trade entry system
under the direct supervision of the Trade Audits Department of COMEX (&Trade
Audits8).  The H/C form must be submitted not later than 3:30 PM.

5. EX-PIT POSITION TRANSFER REQUEST FORM (&Ex-Pit8) - Ex Pit forms may be
used only to transfer previously cleared contracts between CMs.  Problem
trades (those which have not cleared prior to expiration day), must be
corrected on the on-line trade entry system under the direct supervision of
Trade Audits.  The Ex-Pit form must be submitted not later than 3:30 PM.

 *****
A) At approximately 4:15 PM, two PRELIMINARY reports of the expiration
process will be available for distribution at the Nymex Clearing Department:

1. OPTION EXPIRATION REPORT AND CONFIRMATION - The purpose of this report is
to project the CM,s present position going into the expiration based upon the
transactions which have already been submitted to Clearing.  CMs should
review and modify their adjusted gross positions as of close-of-business on
the business day prior to expiration.  Further adjustments may be submitted
not later than 5:00 PM.  The projected ending gross positions will reflect
transactions accepted or rejected for clearance on expiration night,
inclusive of Ex-Pit, H/C and OPRR transactions which have been submitted to
Clearing prior to 3:30 PM, and trade information submitted to COMEX prior to
3:45 PM.  Normally, this report will also reflect manually submitted Exercise
and Abandonment instructions, the projected number of exercises and maximum
potential assignments for each strike price, the type of exercise (manual or
automatic), whether the strike is In, At or Out of the money, and the
exercise val!
ue!
 associated therewith based on settlement prices established by COMEX on the
day of expiration.

2. TRANSACTION LISTING - This listing will include in detail all expiring
option trades submitted to COMEX prior to 3:45 PM on expiration day, and all
H/C, ExPit, OPRR and E/A transactions submitted to Clearing Prior to 3:30 PM.

Please note: Trade information reflected on the option expiration report and
transaction listing are trades submitted only. To inquire whether trades have
matched, each CM must review the trade reports provided by COMEX,s On-Line
Trade Entry (&OLTE8) system.

B) At approximately 5:30 PM, FINAL reports of the expiration process,
including all submissions to Clearing and trade information submitted to
COMEX made by 5:00 PM, will be available for distribution at the Nymex
Clearing Department.

C) At 5:45 PM, Preliminary In The Money Abandonment and Out Of The Money
Exercise information will be announced on Fast Facts.

D) At Approximately 7:30 PM, a Final Notice of Exercise/Assignments will be
available in each CM,s lockbox located at the Nymex Clearing Department.
Each CM, which has exercised or been assigned one or more options will
receive a separate statement showing exercises and/or assignments for each
option series.  Please check this statement carefully.  Although long options
positions in-the-money by one tick or more will be automatically exercised,
not all short option positions will be assigned if there are any options
manually abandoned at such strike prices.  Please note that there also may be
some at or out-of-the money options being exercised.

E) At approximately 9:00 PM, the final set of clearing sheets will be
available in each CM,s lockbox located at the Nymex Clearing Department.

It is strongly recommended that each CM have a representative(s) that is
properly trained to handle the option expiration process available beginning
at 4:15 PM and who will receive the CM=s reports at the specific times.  It
is solely the responsibility of the CM to review these reports and to notify
the Clearing staff immediately of any discrepancies.

To obtain the exact time of the availability for each report, clearing
members should call (212) 513-7405, access code 702.  The announcement time
will occur
 hour prior to availability.

Attached please find a Clearing Member Procedure Summary for ease of
reference.  Please contact John Ramos at (212) 299-2142 (Members 001-500) or
Mel Garcia at (212) 299-2144 (members 501-999) if you have any questions.

OPTION EXPIRATION PROCESSING CLEARING MEMBER PROCEDURE SUMMARY

Time: 3:30 PM
Activity: Expits, H/C transfers, Option Position Reduction and
Exercise/Abandon notices
Event: Submission to Clearing cutoff time.
Notes: Final cutoff for Expits and H/C tranfers

Time: 3:45 PM
Activity: Call Fast Facts to obtain availability time of Preliminary Option
Expiration Reports.
Event: Fast Facts notice of Availability

Time: 4:15 PM
Activity: Preliminary option expiration reports available to clearing members
at NYMEX Clearing Department

Time: 5:00 PM
Activity: Options Position Reduction, Exercise/Abandon notices and Gross
Position Adjustments
Event: Submission to Clearing Cutoff Time
Notes: Final cutoff for Option Position Reduction, Exercise/Abandon notices
and Gross Position Adjustments

Time: 5:05 PM
Activity: Call Fast Facts to obtain availability time of Final Preliminary
Option expiration Reports
Event: Fast Facts notice of Availability

Time: 5:30 PM
Activity: Final Preliminary option expiration reports available to clearing
members at NYMEX Clearing Department.

Time: 5:45 PM
Activity: Call Fast Facts to obtain Preliminary In the Money Abandonment and
Out of the Money Exercise Information
Event Fast Facts notice of information
Notes: New Event

Time: 6:00 PM
Activity: Corrections to previously Submitted Adjustments or Notices
Event: Correction period cutoff time (30 minutes after final preliminary
report is distributed)
Notes: Final cutoff for corrections

Time: 7:00 PM
Activity: Call Fast Facts to obtain availability of final expiring option
position and Exercise/Assignment report
Event: Fast Facts notice of Availability

Time: 7:30 PM
Activity: Final expirating options position and Exercise/Assignment report
available in clearing member's lockbox at NYMEX Clearing Department

Time: 8:30 PM
Activity: Call Fast Facts to obtain availability of final clearing reports.
Event: Fast Facts notice of Availability

Time: 9:00 PM
Activity: Final clearing reports available in clearing member's lockbox at
NYMEX Clearing Department.

Please contact John Ramos at (212) 299-2142 (Members 001-500) or Mel Garcia
at (212) 299-2144 (members 501-999) if you have any questions.

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

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-118)"

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<<X26059.DOC>>

Here is a preliminary draft of the letter to Dunn.  I have NOT been able to
assimilate and insert the press materials I got from Jeff this morning.  I
will be back from a commissioner meeting at noon California time and can
assist in further editing at that time.  I do believe that some of the press
material can be helpful.  Please send comments back by email.  I can be
reached by cell phone for part of the time during the next 90 minutes.  Mike
Day

cell 415-279-0702

 - X26059.DOC


Michelle Lokay,

If you registered as a foursome, please review the following to obtain your
tee assignment for Monday's tournament on the TPC Course at the Woodlands.
You should report directly to the TPC anytime after 11:30 for lunch and
registration; Shotgun tee time of 1:30 p.m.

REMEMBER - the format is PAR AS YOUR FRIEND.  Also, these pairings were made
on a first come, first served basis of the teams who registered as members of
HEA or NESA with full payment.  If you don't see your name, you will be
playing the OAKS COURSE.

#1A - BILLY SHIELDS; ROB HENK; TOM MATHIASMEIER; LESTER LIPPERDT

#1B - CHARLES NEUBERGER, JOHN LEWIS, PERRY LEE JOHNSON, TOM BROWN

#2A - LEE HANSE, BUCK GUINN, JODY SUMRALL, BRUCE BOYD

#2B - MATT LINER, ROB BOND, JOHN WORTHAM, SAM ANSLEY

#3A - KEITH SAWYER, PAUL DREXELIUS, PAT BANKS, NEAL STOCKHAM

#3B - DAN JAMES, KEN BALLARD, MIKE COBB, POE REED

#4A - ED TROUTMAN, JEFF AMBROSE, KEN PERKINS, TRISTAN MATHEWS

#4B - STEVE MCADORY, TOM RINEHART, MIKE SMITH, PAT ANDERSON

#5A - DARCY PACH, LARRY SANDERSON, LEE BYASSEE, PIERCE RICE

#5B - TIM KINGSMILL, GREG HARPER, BILL WHALEY, KELLY ADAMS

#6A - MARK COOK, STEVE LICHTY, DAVE LOE, RUSSELL SCHNEIDER

#6B - LINDA ROBERTS, GARY BRYAN, DENNIS NOVOSAD, GREG HAMBRICK

#7A - COREY GRINDAL, MIKE MCGINNIS, PRESTON TROUTMAN, PHIL LANDERS

#7B - MARTY ZOLKOSKI, BILL HARPER, MICKEY SIMMONS, RON KAPAVIK

#8A - DARLENE CLARK, JACK BECKHAM, ROY CUTSINGER, TOM FRITTS

#8B - STEPHEN WOLFE, RANDY HAIRR, MARK HAWKINS, KIM NORMAN

#9A - BOB FOLEY, BOB DORCHEUS, JERRY PINTO, ALLAN KNOPP

#9B - DARIN AUCOIN, KEVIN THOMPSON, TOM VAN MATRE, JIM ANDRITSOS

#10A - ELIZABETH ROBERTS, LARRY CLAYTON, MARK DARNELL, LINDA WHATLEY

#10B - RONNIE SCEROLER, HENDERSON COSNAHAN, BOB WITHERS, ERSHEL REDD

#11A - BEAU GERVAIS, MATT ROSSER, KEVIN HOLDER, ALAN COOK

#11B - CHARLES STEEN, MARK STEEN, RANKIN SCHURMAN, JIM LINDSAY

#12A - JOHN POE, ANDY LEVINE, GEOFF BEIERMEISTER, DENNIS HENDERSON

#12B - BRETT FISHBURN, MARK PYBURN, GRAHAM MCCARROL, DAN BURNS

#13A - DOUG RAY, LAURIE RUTHERFORD, JERRY VITEK, VICKI TAORMINA

#13B - GARY BOENING, JEFF GILLESPIE, BOB ANKERSHEIL, SHANE RILEY

#14A - MATT FLEMING, PAUL TATE, BONNIE BRIGGS, BILL BRIGGS

#14B - MIKE WELLS, RANDY PARR, ERNIE MERKEL, CLIFF BRUNDRETT

#15A - PETE PETRACCO, MATT KWAK, CHRIS CATER, RICHARD KELMAN

#15B - CLINT STOCKMAN, JERRY BROWN, SAM CHARLTON, CALVIN JOHNSON

#16A - DAVID SMITH, DOUG DAVIS, DAVID GARZA, MIKE BUCHER

#16B - RALPH YOUNG, CURTIS HOLTMAN, LOU MARQUEZ, DAVID BOSSE

#17A - BOYD CHERRY, BILL EISER, GARY BOOKER, PATRICK BLACK

#17B - JAY DAVIS, ROBERT EPPS, DAVID LITTLE, SANDY HOBBS

#18A - BRAD PETRICK, ED FEDORCHAK, BERT BONASSIN, TIM DELAY

#18B - BOB BROXSON, JAKE WOODALL, GREG DODD, STEVE BECKER

-----------------------------------------------------------
This message was sent by:

Teresa Knight, Executive Director
Houston Energy Association (HEA)
Phone: (713) 651-0551
Fax for HEA: (713) 659-6424
tknight@houstonenergy.org

If you would like to have your email address removed from our mailing list,
please click the link below to the HEA Home page, where you will find a
mini-form to remove your name automatically.

http://www.houstonenergy.org/

If you did not receive the attached file or it was corrupted, you can find it
at: http://www.houstonenergy.org/public/


missing deals

for mike

buy williams
cal 03
sp15
25 mw
77.00

sell williams
cal 03
sp15
25 mw
75.25

555410 broker has Q402


NOTE:  If you have already registered for this event, please ignore the
following message!!

Welcome to Enron!  You have joined an exciting company at a critical time in
the growth of our organization.  As a part of the Enron team, you will be at
the forefront of the ongoing evolution of our business.

As a member of the New Hire Network, we invite you to attend the corporate
sponsored Enron At A Glance.  This program builds upon the orientation you
received your first day on the job.

Date:    Thursday, March 1, 2001
Time:    8:30 a.m. to 5:00 p.m. (Continental Breakfast at 8:00 a.m.)
Location:   Hyatt Regency - Downtown (Imperial Ballroom)
  1200 Louisiana Street (lunch provided)
  (713)654-1234

Please register by leaving a voice mail message at (713) 853-7181.  Deadline
to register is Tuesday, February 27th.
In the event you should have any questions, please call Angela Sprock at
(713) 853-6335.

You will learn about the various businesses, their products, services,
markets and strategies and how they fit together to make Enron unique in its
industry.  You will also learn about the regulated and unregulated
businesses, the domestic and international markets, the competitive position
and the organization structure.

Members of the senior management team of the corporation will be there to
review these areas.  We will also talk about our culture and values, what
sets Enron apart from other companies in this area, what we expect of
employees and what we offer in return.

Your input is not only paramount, but greatly appreciated.  As new employees,
we understand you have questions concerning the ongoing operations of the
business units of Enron.  We want your questions answered!  E-mail questions
concerning the various business units to angela.sprock@enron.com.  The
business unit leaders will address these questions during the presentation.

 We look forward to seeing you on the 1st!


---------------------- Forwarded by Kay Mann/Corp/Enron on 02/12/2001 01:58
PM ---------------------------

Kay Mann
02/12/2001 01:57 PM
To: Fred Mitro/HOU/ECT@ECT
cc: Rusty Stevens/Corp/Enron@ENRON, Scott Healy/SF/ECT@ECT, Ben
Jacoby/HOU/ECT@ECT, Carlos Sole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: PSEG Request

Fred,

Sounds "do able".  Please contemplate what would be acceptable as "outs" for
them and for us.  A,lso, will you be getting RAC involved soon since we are
contemplating a binding agreement in the near future?

My best guess is that the LOI will be prepared in house, but I will discuss
this with Carlos, and we will advise K & S of their role.

Thanks,

Kay

Fred Mitro@ECT
02/12/2001 01:48 PM
To: Kay Mann/Corp/Enron@Enron
cc: Rusty Stevens/Corp/Enron@ENRON, Scott Healy/SF/ECT@ECT, Ben
Jacoby/HOU/ECT@ECT

Subject: PSEG Request

Kay:

I talked with PSEG this morning.  PSEG would like to negotiate and sign a
binding LOI regarding the Kendall project site in Illinois prior to
negotiating and executing the Definitive SPA.  The specifics of this LOI are:

 PSEG would pay an up-front $300,000 payment to ENA
 This payment would be non-refundable unless PSEG discovered a "fatal flaw"
in the project (we will have to carefully define this concept)
 The binding LOI would establish a date by which the SPA would be executed or
PSEG would forfeit the up-front payment
 The $2.7 MM balance of the Purchase Price would be due upon closing (signing
the SPA and transferring the member interests).

I believe that PSEG is getting nervous that we may close on the Kendall LLC
with another Buyer before they get their act together.

Call me to discuss the timing of drafting such an LOI.  I would like to
strike on PSEG while they are anxious and motivated.  My goal is to send the
LOI to PSEG by Wednesday of this week.  I can work directly with Carolyn if
that is the most efficient approach.

Fred


We are done on the CNG volumes below.   EES buys NX+ .4875.

Thanks

---------------------- Forwarded by James R Barker/HOU/EES on 05/08/2001
03:34 PM ---------------------------

	Enron Energy Services

	From:  James R Barker                           05/08/2001 10:22 AM
	Phone No: 713 853-3437

To: Martin Cuilla/Enron@EnronXGate, Brad McKay/HOU/ECT@ECT
cc:
Subject: Offers

Looking for NX+ offers on the following monthly loads, deal should close
early today.


Colleen, thank you so much for your very prompt attention to this.  I
definitely had the wrong version of the agreement.
Jeff confirmed by voice mail this morning that even though we already
included the 5.4 language in the draft we sent him back in March, he does
find it objectionable and will want to modify it, so he will be very
interested in seeing your suggested language too.

Please send your attachment "CalpineO&M 10-18-00 edits to draft03-20-00".

Again, thank you so much for your help with this.  (Calpine has finally woken
up and realized they want this in place Nov. 1...)
I will let you know how negotiations are shaping up.

Colleen Raker
10/18/2000 07:35 PM
To: Susan Scott/ET&S/Enron@ENRON
cc:

Subject: Draft- Operating Agreement

Attached below is Jeff Fawsett's  3/22/00 note to Calpine with TW's 3/20/00
draft of the Operating Agreement .  What changes if any did Calpine require
to this draft?  Please note that Section 5.4 of the attached 3/20/00 draft is
substantively identical to my further-revised Section 5.4 (with subsections A
and B) that I forwarded to you a few days after Jeff's note to Calpine.

 From our meeting this morning I understand that Jeff appears adverse to
Transwestern's claiming zero financial responsibility for damages to
Calpine's Measurement and Control Facilities that result from TW's O&M
Services.  Consequently, I made some modifications to Articles 4 and 5 of the
3/20/00 draft for TW management's consideration.  These changes are noted in
the attached document marked "CalpineO&M 10-18-00 edits to draft03-20-00".
With my 10-18-00 revisions, TW places a limit on its liability to Calpine for
loss or damage incurred by Calpine due to TW's Services, including loss or
damage to the existing M&C Facilities,  if and to the extent damage is caused
by TW's negligent acts or omissions.  To complete my modification to Section
5.3, TW is to insert the maximum aggregate amount of financial liability it
is willing to assume in any contract year.  This amount could be the amount
of Calpine's deductible on its property insurance coverage or a lesser
amount.  Whatever the amount chosen, please remember that TW is self-insured
for the first $2M, each occurrence.  Therefore, what is the amount of risk
that TW is willing to pay out of its earnings if Calpine claims damage to its
existing Facility due to TW's negligent operations?  That is the amount to
insert in the blank space in Section 5.3.

FYI, the changes in Sections 3.1 and 4.1 (b) and (c), and the striking of
Section 4.1 (d) do not create any substantive changes to the 3/20/00 draft.
I  made the latter changes for stylistic reasons and to correct typos and
redundancies.  Please call me if you have any questions and to let me know
the status of this document.  I have lost track of my notes on the status of
TW Operations' review and approval of the list of Services included in
Exhibit B; this needs to be determined by Jeff (or his designee) before the
final definitive agreement is prepared for signing.

---------------------- Forwarded by Colleen Raker/ET&S/Enron on 10/18/2000
06:34 PM ---------------------------

Jeffery Fawcett
03/22/2000 12:26 PM
To: chadd@calpine.com
cc:  (bcc: Colleen Raker/ET&S/Enron)

Subject: Draft- Operating Agreement

Chad,
Sorry it took so long to get back with you, but we've had some folks out
(including me) on Spring Break with their kids.  Attached is a draft of the
Operating Agreement covering TW's operation of the metering station.  It's
pretty much a standard form agreement for TW, with the possible exception of
the exhibit defining the operating parameters of the South Point plant.  As I
mentioned to you in our meeting in Pleasanton, the operating parameters
exhibit is a useful tool for both companies to assist in identifing some of
the operating conditions the plant might encounter and the ability of TW to
load follow those conditions.  I made a number of assumptions regarding the
burn rates for your facilities, especially the base rate and minimum rates.
You'll likely have to fine tune those numbers.   Also, I've yet to ask our
engineers to secure the documentation necessary to complete Exhibit "A" from
your 3rd party engineers.  We'll include it in the final version.  Please
give me a call after you and your team has had a chance to review.  Thanks.


Kim,
 Please review the attached confirmation letter to see if it correctly
reflects your transaction.  Please call if you have any questions.


Dear Mr. Dillehay,

We are in receipt of the above referenced letter addressed to Mr. Jeff
Skilling.  At this time, Enron is not interested in utilizing the services
Epsilon provides.  We do, however, appreciate your interest in Enron and wish
you a very happy holiday.

Regards,
Sherri Sera
Assistant to Jeff Skilling
713.853.5984
713.646.8381 (fax)
sherri.sera@enron.com


John Suttle spoke with Jeffrey Pak.  All is fine.  Sara


---------------------- Forwarded by Kevin M Presto/HOU/ECT on 07/17/2000
09:35 AM ---------------------------

	From:  Mitch Robinson @ ENRON                           07/17/2000 09:40 AM

To: Kevin M Presto/HOU/ECT@ECT
cc:
Subject: Peaker Failures

Linoln Energy Center
- On 7/5/00, a 75 Mw turbine (GE 7EA GT) incurred a major generator fault
while operating at power, resulting in copper bus melting
- Probable cause is a manufacturing defect by supplier (GE/Brush)
- No indication of operator or Enron error
- Expected return to service is 8/1/00 (generator must be replaced)
- Estimated financial impact on Enron without insurance claim is $1.5 MM
($0.2MM lost capacity payment, $1.3MM energy sales lost opportunity)
- Financial impact on Enron with successful insurance claim is $0.5MM
(insurance deductible)
- Financial impact mitigation steps
 - Generator is being replaced by GE with a unit from the UK (warranty item -
- no cost to Enron)
 - Russian Antonov has been leased to expedite TransAtlantic transfer
 - Enron has contracted with a generation specialist to ensure proper action
by GE
 - Business Interruption insurers were brought in early to increase
probability of a successful claim
 - GE is conducting a Root Cause Analysis

Gleason Power
- On 7/12/00, compressor blade fragments were found in the turbine exhaust of
a 180 Mw gas turbine (Westinghouse 501FD GT)
- Subsequent compressor inspection revealed significant damage to blades and
diaphragms
- Probable cause is a manufacturing defect in one compressor blade
- No indication of operator or Enron error
- Expected return to service is 7/24/00
- Estimated financial impact on Enron without insurance claim is $2.5 MM due
to lost energy sales opportunity
- Financial impact on Enron with successful insurance claim is $0.5MM
(insurance deductible)
- Financial impact mitigation steps
 - Complete compressor inspection is being conducted by Siemens Westinghouse
 - Damaged blades and diaphragms are being replaced by Siemens Westinghouse
(warranty item - no cost to Enron)
 - Enron has contracted with a compressor specialist to ensure proper action
by Siemens Westinghouse
 - Business Interruption insurers have been informed to increase probability
of a successful claim
 - Siemens Westinghouse will conduct a Root Cause Analysis


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See client Help for more information.


for my schedule
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 03/28/2001
10:23 AM ---------------------------
From: Tracy Geaccone/ENRON@enronXgate on 03/28/2001 09:10 AM
To: Robert Hayes/FGT/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Dave
Neubauer/ET&S/Enron@ENRON, Phil Lowry/OTS/Enron@ENRON, Shelley
Corman/ENRON@enronXgate, Drew Fossum/ET&S/Enron@ENRON, Danny
McCarty/LON/ECT@Enron, Gary P Smith/OTS/Enron@ENRON, Bill
Cordes/ENRON@enronXgate, James Prentice/ENRON@enronXgate, Rod
Hayslett/ENRON@enronXgate, Steve Hotte/ENRON@enronXgate
cc: James Weitekamp/ENRON@enronXgate, Julie Armstrong/Corp/Enron@ENRON, Cindy
Stark/Corp/Enron@ENRON, Virginia O'Neill/ENRON@enronXgate, Michael P
Moran/ENRON@enronXgate, Morris Brassfield/OTS/Enron@ENRON, Elaine
Concklin/ET&S/Enron@ENRON, Jerry Peters/NPNG/Enron@ENRON, John
Keiser/FGT/Enron@ENRON, Caroline Barnes/ENRON@enronXgate, Thomas
Meers/GPGFIN/Enron@ENRON, Robert Guthrie/ENRON@enronXgate, James
Saunders/ENRON@enronXgate, Kathy Campos/ENRON@enronXgate, Amelia
Alder/OTS/Enron@ENRON, Janice Hogan/ENRON@enronXgate, Steve
Gilbert/ENRON@enronxgate, Greek Rice/ENRON@enronXgate

Subject: June Quarter Forecast Meeting and Commercial Business Review

Please note the following changes:

Commercial Business Review originally scheduled for Friday, June 22 at
1:30-3:30 has been moved to Wednesday,
June 20 from 1:30-3:00 in 49C2.  This meeting is for commercial and
commercial support people only.

Quarter Forecast Meeting originally scheduled for Wednesday, June 20 from
1:30-2:30 has been moved to 3:00 that same day in 49C2.

Thanks

Tracy


Marty:  Thanks for the information.

Getting Eric's contact information to Alpert's office is in motion.
Regarding attempt to follow-up with those who called Alpert's office to
complain, I wasn't clear on that action.  Likely makes sense for Eric to
coordinate with Sandi to make the contact with Alpert's office.
Letters are an attempt to influence Alpert to 1) fix the Direct Access
prohibition and 2) ensure that DA customers don't get saddled with the DWR
costs.

Let me know if this approach works.

Best,
Jeff

	Marty Sunde@EES
	03/19/2001 07:02 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc: Eric Letke/DUB/EES@EES, Heidi Messick/EFS/EES@EES, Sandra
McCubbin/NA/Enron@Enron
		 Subject: Re: Follow up with Alpert's Office

All I asked Eric to do was:
ensure that there was an Enron contact if another complaint came in.
find out from Alpert's office if we could call back a few of those who called
to complain to find out what they perceived, correct the misperception,
apologize.

From: Jeff Dasovich@ENRON on 03/19/2001 04:20 PM
Sent by: Jeff Dasovich@ENRON
To: Scott Govenar <sgovenar@govadv.com>, Eric Letke/DUB/EES@EES, Sandra
McCubbin/NA/Enron@Enron, hgovenar@govadv.com, Susan J Mara/NA/Enron@ENRON,
mpalmer@enron.com, Karen Denne/Corp/Enron@ENRON, Janel
Guerrero/Corp/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Harry
Kingerski/NA/Enron@Enron, MDay@GMSSR.com, ken@kdscommunications.com, Marty
Sunde/HOU/EES@EES
cc:
Subject: Follow up with Alpert's Office

Thanks, Scott.

Scott/Hedy/Sandi/Bev:  Erik Letke heads up the retail marketing effort
underway in San Diego.  Marty Sunde wants Alpert to have an EES commercial
contact that she can talk to in the event she has further questions, etc.,
He'd like Erki to be the contact person.  Erik could you copy your vitals
(title, contact info) to Scott and Hedy Govenar and Sandi McCubbin so they
can forward along to Alpert?

Erik, seems that it would be useful if the customer letters to Alpert could
make the following points (folks please weigh in and add/subtract/modify if
needed):

The customer's glad to have had the option to take Direct Access service from
Enron because having the opportunity to take advantage of the offer has made
the customer better off.
Direct Access is an extremely important option that customers need, want and
should have going forward.
Any "solution" that the Legislature comes up with must therefore include the
continuation of Direct Access for all customers.
As such, the Legislature should immediately fix AB 1X to make sure that
Direct Access remains a permanent fixture of California's energy strategy.
Direct Access customers should not be forced to pay for DWR's power purchase
costs, since Direct Access customers aren't benefitting from those purchases.

Best,
Jeff

	Scott Govenar <sgovenar@govadv.com>
	03/19/2001 04:01 PM

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

As discussed, customers should send letters to Dede as follows:

The Honrable Dede Alpert
California State Senate
State Capitol, Room 5050
Sacramento, CA 95814

Interested companies should copy:  "Honorable Members of the California
State Legislature" and fax or mail me a copy for further distribution.
My fax is (916) 448-0816 and my address is 1127 11th Street, Suite #400,
Sacramento, CA 95814.

Scott


As we approach the Thanksgiving Holiday, I want to take this opportunity to wish you and yours a safe and happy Holiday.
With the recent events in our nation, giving thanks this year has taken on a whole new meaning.  This Thanksgiving we honor the brave, enduring heroes who gave their lives as well as those who are abroad fighting for freedom. We can be thankful for our great nation and for the world coming together.
I recognize that here at Enron we are working through some challenging times and that everyone in the organization is working hard.  Thank you for your continued dedication.
Please take some time over the Holiday to enjoy your family and friends.
Happy Thanksgiving.
Stan


Please get available dates.  I need to be there for this.
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/07/2001
10:56 AM ---------------------------
From: Mark Palmer on 05/04/2001 10:40 AM
Sent by: Cindy Derecskey
To: John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Karen
Denne/Corp/Enron@ENRON, Christie Patrick/HOU/ECT@ECT, Dennis
Vegas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kelly Kimberly/Enron
Communications@Enron Communications, Peggy Mahoney/HOU/EES@EES, Eric
Thode/Corp/Enron@ENRON, Jackie Gentle/LON/ECT@ECT, Gina
Taylor/Enron@EnronXGate, Elyse Kalmans/Enron@EnronXGate, Steven J
Kean/NA/Enron@Enron
cc: Carla Galvan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Pat
Radford/HOU/ECT@ECT, Melinda McCarty/Corp/Enron@Enron, Mireya
Olsen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Stacy Walker/Enron
Communications@Enron Communications, Cindy Cicchetti/HOU/EES@EES, Renee
Anderson/NA/Enron@Enron, Alma Martinez/Enron@EnronXGate, Zulie
Flores/Enron@EnronXGate, Maureen McVicker/NA/Enron@Enron

Subject: HIGH PRIORITY - PR's PRC Meeting

It's that time again...

We would like to schedule PR's PRC meeting prior to Steve Kean's FINAL PRC
meeting which is scheduled for June 27th.  Please let me know your
availability during the FIRST HALF of June - excluding the following dates:
June 6,7, 11,12,13.  The meeting would begin at noon and last until all
topics are covered and resolved.

Please respond at your earliest convience.


thanks

From: Tana Jones@ECT on 12/12/2000 02:19 PM
To: Greg Whiting/Corp/Enron@ENRON, Sarah Wesner/Corp/Enron@Enron
cc: Mary Cook/HOU/ECT@ECT

Subject: (00-423) Natural Gas Margin Increase

----- Forwarded by Tana Jones/HOU/ECT on 12/12/2000 02:23 PM -----

	exchangeinfo@nymex.com
	12/12/2000 02:07 PM

		 To: tana.jones@enron.com
		 cc:
		 Subject: (00-423) Natural Gas Margin Increase

Notice No. 00-423
December 12, 2000

TO:
ALL NYMEX MEMBERS AND MEMBER FIRMS
ALL NYMEX CLEARING FIRMS
ALL NYMEX OPERATIONS MANAGERS

FROM: Neal Wolkoff, Executive Vice President

SUBJECT: MARGIN RATE CHANGE

Effective Date: Wednesday, December 13, 2000 (close of business)

Futures Contract: Henry Hub Natural Gas Futures

Contract Months: All Months

Rate Change:
NYMEX Division Margins on Henry Hub Natural Gas Futures Contracts

Effective Date:  Wednesday, December 13, 2000 (close of business)

Clearing Member (Maintenance Margin): Old:  $12,000  New:  $14,000

Member Customer (Initial Margin):            Old:  $13,200  New:  $15,400

Non-Member Customer (Initial Margin):   Old:  $16,200  New:  $18,900

Should you have any questions regarding these changes, please contact Arthur
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice
supersedes all previous notices regarding outright margins for the NYMEX
Henry Hub Natural Gas Futures Contract.

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

"
http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdoc
=(00-423)"

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


please print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/10/2001
08:28 AM ---------------------------

Habiba Bayi@ENRON_DEVELOPMENT
01/09/2001 06:31 PM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman@ECT, Louise Kitchen@ECT
cc: John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Envera Press Release For Your Approval

I am Director for International Public Relations, and I work with and report
to John Ambler.  Attached for your review and approval is a press release
that Envera wishes to issue immediately  announcing the participation of
Enron Global Markets as an equity partner and trading member.  Please let me
know your comments by 9:00 am tomorrow (Houston time) Wednesday, January
10.   We have sent it to John Nowlan and have secured his approval.
If you wish to speak to me, please do not hesitate to call me (713) 646-6503.

Thank you for your time and kind cooperation.
Habiba


-----Original Message-----
From: 	Jones, Tana
Sent:	Monday, October 29, 2001 4:09 PM
To:	Crawford, Sharon; Hodge, Jeffrey T.; Perlingiere, Debra; Heard, Marie
Cc:	Keohane, Peter
Subject:	FW: Hess relationship

Here's set of any master agreements I need ASAP.

I didn't mention it on the earlier ones, but for all of these, if any of the agreements have been amended, I will need any amendments, as well as any guarantees.  Much thanks!
 -----Original Message-----
From: 	Williams, Jason R (Credit)
Sent:	Monday, October 29, 2001 3:56 PM
To:	Jones, Tana
Subject:	Hess relationship

Tana -

We need to pull together all of the contracts with the following:

	Amerada Hess Corporation
	Hess Energy Services Company, LLC
	Hess Energy Trading Company (UK) Limited
	Hess Energy Trading Company LLC

We need to pull together a Master Netting agreement with them ASAP.  Please call me (53923) with any questions.

Thanks,

JRW


Tana,
Mark and I do not have a great backyard, but we do have a grill, a screened
patio and plenty of tables.  If you want, we can definitely host at our house.
Just a thought. Let me know what you think.
Peace,
Beth

Tana.Jones@enron.com wrote:

> I left a message for Judy Wells and will keep you posted.  Hopefully by the
> end of the weekend I should have an exact head count so I can tell people
> how much to make.  So far we've got 12.  The only recipe so far that is
> unclaimed is the Roasted Red Pepper Dip, you could either do that, or based
> on the number of people, you may do another of the meat recipe, since
> probably that will be the most expensive.  Why don't we chat (via email!)
> Monday and figure out the best way to go.
>
> I've got a call into Peter Shaddock to see if I can borrow his barbecue
> grill and if he can get it to my house.
>
> Another thing too, does the Church have folding tables and chairs to
> borrow?  My table will only sit 6 at the best.

 - lcm.vcf


It looks like we are playing a smaller role than the WSJ article indicates --
i.e. a role commensurate with our level of interest.  I have talked with John
several times about the relative importance of OPIC, ExIm and other funding
organizations in light of the change in emphasis in our business.  As a
result of those discussions we cut headcount and expenditures from the
proposed budget for "01 and John has joined Linda Robertson's organization in
the DC office (instead of being a stand alone effort).  Having said that, my
view (based on the work John has been doing) is that we continue to have a
considerable amount of work for him to do on the project finance front as a
result of existing projects, projects we continue to pursue, and transfer
issues associated with the asset sales.  Do you agree?
----- Forwarded by Steven J Kean/NA/Enron on 03/07/2001 11:27 AM -----

	John Hardy@ENRON_DEVELOPMENT
	03/07/2001 10:59 AM

		 To: Steven J Kean/NA/Enron@ENRON
		 cc:
		 Subject: Re: Enron Mentions

Steve
 This is not a battle to fight with OMB, but we have to show the agencies
that we are supportive of  their programs and their budgets.  We are not
going to lead the battle and in fact have not particpated in meetings on the
hill.  But we are in negotiations with both EXIM and OPIC on Electrobolt and
will need their support on our problem projects.  Also, Rebecca McDonald is
on EXIM's private sector advisory committee.  If you need more lets talk.
Thanks John

	Steven J Kean@ENRON
	03/07/2001 11:43 AM

		 To: John Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Linda Robertson/NA/Enron@ENRON
		 Subject: Enron Mentions

How important is this fight to us now (see attached article on ExIm)?
----- Forwarded by Steven J Kean/NA/Enron on 03/07/2001 10:41 AM -----

	Ann M Schmidt
	03/07/2001 08:19 AM

		 To: Ann M Schmidt/Corp/Enron@ENRON
		 cc: (bcc: Steven J Kean/NA/Enron)
		 Subject: Enron Mentions

Exporters Rush to Ex-Im Bank's Defense --- Lobby Campaign to Prevent Budget
Cuts Seeks Help Of 100,000 Small Firms
The Wall Street Journal, 03/07/01

Plots & Ploys
The Wall Street Journal, 03/07/01

Dutch Gas Competition Grows Despite Sluggish Reforms
Dow Jones Energy Service, 03/07/01

USA: Big U.S. exporters to fight Ex-Im Bank cuts - WSJ.
Reuters English News Service, 03/07/01

Major U.S. Exporters Rush to Export-Import Bank's Defense
Dow Jones Business News, 03/07/01

What's News
United States
The Globe and Mail, 03/07/01

Deal with state could take until 2002 to close
Associated Press Newswires, 03/06/01

Sierra Pacific CEO Doubts SEC OK Of Enron Unit Buy-Report
Dow Jones Energy Service, 03/06/01

Many Power Deals Announced by California Governor Still Not Final
Dow Jones Business News, 03/06/01

US Natural Gas Prices Fall As Demand Slips In Most Areas
Dow Jones Energy Service, 03/06/01

Economy
Exporters Rush to Ex-Im Bank's Defense --- Lobby Campaign to Prevent Budget
Cuts Seeks Help Of 100,000 Small Firms
By Michael M. Phillips and Laura Heinauer
Staff Reporters of The Wall Street Journal

03/07/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -- Angry and confused that a Republican administration has
targeted one of their favorite programs for big cuts, America's largest
exporters are appealing for help from lawmakers.
Boeing Co., Caterpillar Inc., Enron Corp., Halliburton Co. and others are
launching an aggressive lobbying campaign on Capitol Hill to protect the
Export-Import Bank from budget reductions; the White House labels the Ex-Im
Bank as corporate welfare.
"The administration has fired its shot, and now we're firing ours," said
Edmund B. Rice, president of the Coalition for Employment Through Exports, an
industry group that is leading the effort.
Since they got wind of the proposed cuts a few weeks ago, business lobbyists
have been trying to rally sympathetic lawmakers. And executives at Boeing,
Caterpillar and other big companies plan to contact some 100,000 smaller
suppliers that benefit indirectly from the $12.6 billion of export loans,
guarantees and insurance that Ex-Im Bank provided in the last fiscal year.
Those small companies, the executives hope, will create a groundswell of
support in Congress for the Ex-Im Bank.
"Companies large and small who have similar interests here are banding
together to provide an educational effort so people understand the impact of
this," said Chris Hansen, Boeing senior vice president for government
relations.
Corporate lobbyists also have dug up a speech that Vice President Dick
Cheney, while chief executive of Halliburton, gave in 1997 praising the bank
and scoffing at those who consider it a giveaway to big business. They plan
to pass Mr. Cheney's comments to influential members of Congress this week.
"We'll be circulating them very broadly," Mr. Rice said.
A spokeswoman for Mr. Cheney had no immediate comment.
Ex-Im Bank officials aren't talking publicly, avoiding the appearance that
they are battling the White House to overturn the proposed 25% cut in the
bank's $865 million operating budget for the current fiscal year, which ends
Sept. 30. But an Ex-Im official said the topic has come up in conversations
between key lawmakers and Ex-Im Bank Chairman James A. Harmon, who is soon to
be succeeded by Mel Sembler, a Bush campaign fund-raiser and a
shopping-center developer.
At first, business lobbyists assumed administration budgeteers were just
looking for savings anywhere they could find it. Before President Bush
released his spending plan last week, companies appealed to Mitchell Daniels,
head of the White House budget office, in an attempt to keep the Ex-Im Bank
cuts out of the final proposal.
The Ex-Im Bank's corporate clients include some of the country's largest
political contributors. Boeing, the bank's largest user, received $3.3
billion of financing last year. The Seattle aerospace company and its
employees contributed $1.8 million to politicians and parties during the 2000
election cycle, 61% to Republicans, according to federal election data
assembled by the Center for Responsive Politics. Caterpillar, a Peoria, Ill.,
maker of engines and heavy equipment that secured seven Ex-Im Bank deals last
year, and its employees contributed more than $500,000 -- 96% to Republicans.
Company officials deny they wanted to leverage donations to try to secure
political support for the Ex-Im Bank.
Many lobbyists have come to the conclusion that administration officials --
those of a libertarian persuasion -- oppose Ex-Im Bank as a form of welfare
for corporations. Indeed, the White House budget plan criticized the bank's
operations as unjustified public subsidies for companies. "That makes it a
much more serious issue," Mr. Rice said. "We're concerned that the
administration seems to be turning its attention in this direction."
Barring intervention from Mr. Cheney, business groups now have largely given
up hope of convincing the White House to back down, planning instead to use
their muscle to convince Congress to restore the Ex-Im Bank's funding. Bank
officials and U.S. companies argue that, far from being a subsidy, the bank
simply allows American companies to compete with European and Japanese firms
that receive assistance from their own governments.
"In many markets in Asia and Africa, the bank is absolutely critical to our
ability to sell American-made products," said Bill Lane, Caterpillar's
Washington director for governmental affairs.
--- Corporate Beneficiaries

Top 10 recipients of Ex-Im Bank loans, guarantees and insurance for
fiscal year 2000, as measured by amount of financing, in millions

Boeing $3,335
Bechtel Group $1,075
Distributed Processing Systems $388
Willbros Group $387
United Technologies $334
Raytheon $156
General Electric $150
Halliburton $136
Enron $135
LSI Logic $120

Source: Ex-Im Bank

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

The Property Report
Plots & Ploys
By Peter Grant

03/07/2001
The Wall Street Journal
B10
(Copyright (c) 2001, Dow Jones & Company, Inc.)

[What's Brewing in the Real Estate Market]
No Problem, Houston
CENTURY DEVELOPMENT is about to announce plans to break ground on downtown
Houston's third major office development in less than three years. In another
sign of the strength of the city's energy sector, Century is finalizing a
headquarters deal with Reliant Resources Inc. to take more than two-thirds of
the project's 850,000 square feet, says Edwin Murphy, a Century senior vice
president.
Two other towers also are underway. In 1999, Hines began building a 1.2
million square-foot tower for Enron Corp. and late last year Crescent Real
Estate Equities broke ground on a 27-story tower that will be anchored by
Ernst & Young. These three projects are the first major downtown office
projects to get underway since 1986.
The surge is part of a renaissance of downtown Houston, where new sports
facilities, hotels, apartment buildings and restaurants have been mushrooming
in recent years. "The new amenities have kept people from leaving and enticed
people to come back," says Michael Hassler, of CB Richard Ellis.

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

Dutch Gas Competition Grows Despite Sluggish Reforms
By Germana Canzi
Of DOW JONES NEWSWIRES

03/07/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- The Netherlands is emerging as an important testing
ground for E.U. gas liberalization, as new trading hubs for competitive,
short-term gas supplies from the U.K. and Norway emerge on the Belgian and
German borders.
However, much remains to be done. A group of large energy users and traders
is preparing to confront Gasunie Thursday in a hearing organized by the
regulator. The main issues of contention are the balancing system, which
Gasunie conducts on an hourly basis, the extent to which transport tariffs
are cost-focused and third-party access to storage facilities.
The emergence of competition in the Dutch gas sector is mostly due to the
initiative of new market entrants who, despite a difficult regulatory
environment, have managed to develop a market for short-term gas virtually
from scratch.
If liquidity improves in these emerging hubs, the Netherlands could become an
important transit country for freely tradeable gas supplies to other
countries in northwest Europe, as well as being an important market in its
own right. However, the difficulty of implementing transparent third-party
access systems in the Netherlands and in neighboring Germany casts a dark
cloud over recent progress in competition.
Since December, Enron Europe Ltd. (U.ENE), Duke Energy Corp. (DUK), E.On AG
(EON), RWE AG (G.RWE) and Electrabel SA (B.ELE) have been actively buying and
selling gas, sourced in the U.K., the Netherlands and Norway, in a number of
hubs between Emden in Germany and Emshaven and Oude Statenzijl in the
Netherlands.
David Gallagher, head of European gas trading at Enron in London, estimates
that at least one trade a day of around 100,000 therms for a quarterly
contract is done at the Oude Statenzijl hub, where the Gasunie pipeline
system connects to the network of Wingas GmbH.
An important element kick-starting short-term trading was the sale, in
December 2000, of a 2 billion cubic meter a year Norwegian gas supply
contract to five Dutch-based power generators.
Robert van der Hoeven, head of fuel procurement at Electrabel, the owner of
Dutch generator EPON, said his company uses most of the gas it imports from
Norway for its plants in the Netherlands and trades the rest on a short-term
basis in the Oude-Emden area. This pattern is common to the other Dutch-based
parties to that contract.
Trading in Dutch hubs received a further boost when Nederlandse Gasunie NV
(N.NEG) decided, after months of wrangling with regulator DTe, to lower its
transport tariffs by 6.5% from January 2001 and to unbundle its combined
commodity and service tariff, the so-called CSS system, from July 2001.
Gasunie now claims its pipeline system is fully open and transparent. To
prove this, it says it has lost 30% of its customers in the eligible market,
but that figure hasn't changed much since March 2000. Small wonder that
critics say the switching figure doesn't necessarily indicate an ideal system
of third-party access.
According to energy consultants The Brattle Group, around half of the gas
used by alternative suppliers goes through the 1 bcm/year Zebra pipeline from
Zelzate to Zeeland, which was built by Dutch utilities a few years ago
precisely because Gasunie refused to provide access on favorable terms.
Shippers have complained that the hourly system used by Gasunie to balance
the pipeline system raises the overall cost of shipping through its network
significantly. Gasunie imposes a balancing charge which effectively forces
shippers to pay for the extra gas brought into the system from storage sites,
in addition to the capacity and transmission price. Critics say Gasunie has
so far failed to unbundle these charges, although it agreed to do so in
January.
According to the Brattle Group, another controversial aspect of Gasunie's
tariff system is that it is based on theoretical costs of constructing new
pipelines rather than its actual costs.
The DTe is also considering ways of reforming the storage system to make it
competitive. BP PLC (U.BP) and Nederlandse Aardolie Maatschappij NV operate
storage facilities and lease capacity to Gasunie through long-term contracts.
The regulator is studying ways of allowing third parties access to storage
facilities. Gasunie has so far shown little sign of negotiating more
competitive tariffs with storage operators and passing on the benefits to
customers, critics say.
The growth of short-term trading in the Dutch gas market is also inevitably
linked to its potential as a transit country for gas coming from the
U.K.-Belgium gas interconnector and going towards the 82bcm-a-year German
market.
Market participants say liquidity at the Emden and Oude hubs has grown
considerably since E.On and RWE started trading there earlier this year.
However, the obstructive attitude of incumbents toward third-party access
there has meant that so far most gas traded in the Netherlands has remained
there.
-By Germana Canzi, Dow Jones Newswires; +44 20 7842 9283;
germana.canzi@dowjones.com

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

USA: Big U.S. exporters to fight Ex-Im Bank cuts - WSJ.

03/07/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, March 7 (Reuters) - America's largest exporters are launching an
aggressive lobbying campaign on Capitol Hill to protect the Export-Import
Bank from budget reductions, the Wall Street Journal reported in its online
edition on Wednesday.
The exporters, including Boeing Co. , Caterpillar Inc. , Enron Corp. ,
Halliburton Co. and others, are angry and confused that a Republican
administration has targeted one of their favourite programmes for big cuts,
the paper reported.
Ex-Im Bank officials were not talking publicly, avoiding the appearance that
they are battling the White House to overturn the proposed 25 percent cut in
the bank's $865 million operating budget for the current fiscal year, which
ends Sept 30, it said.
The White House labels the Ex-Im Bank as corporate welfare.
"The administration has fired its shot, and now we're firing ours," Edmund
Rice, president of the Coalition for Employment Through Exports, an industry
group that is leading the effort, was quoted as saying by the paper.
Executives at Boeing, Caterpillar and other big companies plan to contact
some 100,000 smaller suppliers who benefit indirectly from the $12.6 billion
of export loans, guarantees and insurance that Ex-Im Bank provided in the
last fiscal year, the paper said.
Those small companies, the executives hope, will create a groundswell of
support in Congress for the Ex-Im Bank, it said.
New York Newsroom (212) 859-1700.

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

Major U.S. Exporters Rush to Export-Import Bank's Defense

03/07/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -- Angry and confused that a Republican administration has
targeted one of their favorite programs for big cuts, America's largest
exporters are appealing for help from lawmakers, Wednesday's Wall Street
Journal reported.
Boeing Co. (BA), Caterpillar Inc. (CAT), Enron Corp. (ENE), Halliburton Co.
(HAL) and others are launching an aggressive lobbying campaign on Capitol
Hill to protect the Export-Import Bank from budget reductions; the White
House labels the Ex-Im Bank as corporate welfare.
"The administration has fired its shot, and now we're firing ours," said
Edmund B. Rice, president of the Coalition for Employment Through Exports, an
industry group that is leading the effort.
Since they got wind of the proposed cuts a few weeks ago, business lobbyists
have been trying to rally sympathetic lawmakers. And executives at Boeing,
Caterpillar and other big companies plan to contact some 100,000 smaller
suppliers that benefit indirectly from the $12.6 billion of export loans,
guarantees and insurance that Ex-Im Bank provided in the last fiscal year.
Those small companies, the executives hope, will create a groundswell of
support in Congress for the Ex-Im Bank.
Corporate lobbyists also have dug up a speech that Vice President Dick
Cheney, while chief executive of Halliburton, gave in 1997 praising the bank
and scoffing at those who consider it a giveaway to big business. They plan
to pass Mr. Cheney's comments to influential members of Congress this week.
A spokeswoman for Mr. Cheney had no immediate comment.
Ex-Im Bank officials aren't talking publicly, avoiding the appearance that
they are battling the White House to overturn the proposed 25% cut in the
bank's $865 million operating budget for the current fiscal year, which ends
Sept. 30. But an Ex-Im official said the topic has come up in conversations
between key lawmakers and Ex-Im Bank Chairman James A. Harmon, who is soon to
be succeeded by Mel Sembler, a Bush campaign fund-raiser and a
shopping-center developer.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Report on Business: The Wall Street Journal
What's News
United States
Wall Street Journal

03/07/2001
The Globe and Mail
Metro
B10
"All material Copyright (c) Bell Globemedia Publishing Inc. and its
licensors. All rights reserved."

Boeing Co., Caterpillar Inc. and Enron Corp. are among the big U.S. exporters
launching an aggressive lobbying campaign on Capitol Hill to protect the
Export-Import Bank from budget reductions. The White House labels the Ex-Im
Bank as corporate welfare. "The administration has fired its shot, and now
we're firing ours," said Edmund Rice, president of the Coalition for
Employment Through Exports, an industry group leading the campaign. Since
they got wind of the proposed cuts a few weeks ago, business lobbyists have
been trying to rally sympathetic U.S. law makers.

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

Deal with state could take until 2002 to close
By LESLIE GORNSTEIN
AP Business Writer

03/06/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

LOS ANGELES (AP) - A tentative deal aimed at rescuing Southern California
Edison from insolvency might not close in time to prevent the utility from
begging creditors for more patience, Edison officials said Tuesday.
The utility's tentative, $2.7 billion agreement to sell its power lines to
the state could take until 2002 to be consummated, thanks to complicated
legal issues and other paperwork, an Edison official told bondholders Tuesday.
Once the deal is signed, Edison will try to borrow against the promised cash,
but Edison International Chief Financial Officer Ted Craver admitted the
utility might have to ask creditors to simply wait for their money until it
has the $2.7 billion in hand.
Energy suppliers owed money by Edison did not immediately return calls for
comment Tuesday.
At least four groups of suppliers have sued Edison for millions in unpaid
bills going back months. Edison and fellow utility Pacific Gas & Electric
have said they have lost $13 billion on the open power market thanks to
soaring prices paired with state-imposed price caps.
PG&E's parent company was able to recently borrow $1 billion to pay its
stockholders and its debuts. It did not use any of that money to pay PG&E's
bills.
Edison's disclosure, meanwhile, shocked state officials.
Steve Maviglio, spokesman for Gov. Gray Davis, initially declined to comment
on the status of the Edison deal, but eventually said, regarding its closure,
"We're optimistic it will be sooner rather than later."
The pacing would have nothing to do with whether fellow utilities Sempra
Energy and PG&E also sell their transmission lines to California, Craver
said.
Among the things that could delay the deal's closing is Edison's need to find
landowners on whose property its lines were built to assure no legal
agreements are being violated by the sale. Edison would also have to pin down
exactly what it would be selling to the state - terms that might not be
decided until after a deal has been inked, Craver said.
"Trust me," Craver said in a phone call after the conference. "There are a
lot of legal-type documents - stuff that you and I ... would think of as a
bloody nightmare."
The disclosure comes at a time when an increasing number of power suppliers
are suing the utility for millions in unpaid bills.
Edison also disclosed Tuesday that two more lawsuits had landed in its lap -
one by a group of wind-powered generators including Enron Wind, the other by
two suppliers including New York-based Caithness Energy.
Both suits were filed during the past five days, Edison Assistant General
Counsel Barbara Reeves said. It was not immediately clear how much the
complainants were seeking; neither Enron nor Caithness returned calls for
comment.
The two filings bring the total number of suits by renewable-energy suppliers
against Edison to four, the utility said. The city of Long Beach and
CalEnergy Operating Group, a geothermal supplier, have also sued for back
payments.
CalEnergy alone has said it is owed $45 million in November and December
payments.
The line sale, part of a multifaceted, tentative deal with the state that
could save Edison from insolvency, could take anywhere from several months
into next year, Craver said.
The tentative deal, announced by Gov. Gray Davis Feb. 23, calls for the state
to pay more than twice the book value for Edison's lines.
It also would require Edison to sell cheap power to the state for a decade
and for Edison to end its lawsuit against state regulators. The suit asserts
that price caps imposed by the California Public Utilities Commission are
illegal under federal law.
Additionally, Edison's parent would have to return $420 million it collected
from the utility over the past several years. The money was used to pay debt,
buy back stock and pay dividends to investors.
SCE, PG&E and Sempra have complained they are near bankruptcy because of
soaring prices on the open market combined with the state-imposed price caps
for consumers.
Sempra and PG&E have yet to announce similar line-sale deals with the state,
though they and the governor have said negotiations are ongoing. The total
cost of the 26,000 miles of lines has been estimated at $4.5 billion to $7
billion.

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

Sierra Pacific CEO Doubts SEC OK Of Enron Unit Buy-Report

03/06/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- Sierra Pacific Resources (SRP) CEO Walter Higgins
said in an interview last week that he doubts the company's $3.1 billion
acquisition of Enron Corp.'s (ENE) utility Portland General Electric will be
approved by the federal Securities and Exchange Commission, the Las Vegas Sun
reported Tuesday.
The SEC must find that Sierra Pacific is in a strong financial position
before it will approve the deal, but the company is currently weakened by
having lost millions of dollars in fuel and purchased power costs, Higgins
said in the report.
A $311 million rate increase to cover those costs began March 1, but Higgins
said that money would only pay back those expenses and wouldn't improve the
company's stability to a level the SEC would find adequate, according to the
report.
The Public Utilities Commission can halt the rate hike and order refunds if
it decides the hike isn't necessary. The PUC is holding hearings to determine
the prudency of the hike, and members of the state's powerful casino and
mining industries have filed to intervene.
Sierra Pacific's plan to shore up its financial position through the sale of
its 10 power plants, worth nearly $2 billion, may also be in jeopardy. The
state Senate is considering a bill to block the sales, and Nevada Gov. Kenny
Guinn recently sent a letter to the PUC asking that it reconsider its order
allowing electric utilities to sell assets.
Financial analysts have said that not allowing Sierra Pacific's two utilities
to sell their assets would have a ripple effect on the company's financial
position. The asset sales are tied to low-priced power contracts, and if the
sales are canceled, the low-priced power will be gone as well.
"If the divestiture is stopped...the state may be dealing with a much bigger
rate increase," Steve Fleishman, Merrill Lynch utility analyst, told Dow
Jones Newswires recently.
Sierra Pacific is the parent company of electric utilities Sierra Pacific
Power Co. and Nevada Power, which serve customers in the state's North and
South, respectively.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872,
jessica.berthold@dowjones.com -0- 07/03/01 01-04G

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

Many Power Deals Announced by California Governor Still Not Final
By Jason Leopold

03/06/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Dow Jones Newswires
LOS ANGELES -- Many of the long-term power-supply contracts announced by
California Gov. Gray Davis this week remain under negotiation or are the
subject of ongoing lawsuits, power suppliers said Tuesday.
The lack of finality to the deals raises questions about the state's success
in covering its power needs, particularly going into what is expected to be
an unusually tight summer.
Generators said privately they were surprised the governor went ahead with
his announcement Monday, given that many of the contracts haven't been
signed.
David Freeman, general manager of the Los Angeles Department of Water and
Power, who negotiated the contracts on behalf of the state, conceded that
details remain to be worked out. "This is not a done deal," Mr. Freeman said,
adding that credit concerns are keeping generators from signing the deals.
Gov. Davis announced Monday that California has secured 40 long-term
contracts that will provide California with about 629 million megawatt hours
of electricity over 10 years, at a price of more than $40 billion. A megawatt
hour is roughly the amount of electricity needed to power 1,000 homes.
Several of those forward deals, however, involve contracts originally held by
Edison International (EIX) unit Southern California Edison and PG&E Corp.
(PCG) unit Pacific Gas & Electric at the California Power Exchange,
previously the state's main power market.
The governor seized those contracts earlier this year, just before the Power
Exchange liquidated them to cover hundreds of millions of dollars in power
bills the utilities had failed to pay.
The contracts, which total about 1.3 million megawatt hours of electricity
and have a market value of about $1 billion, according to market sources,
have yet to be paid for or signed over to the state. Duke Energy Corp. (DUK),
one of the suppliers that sold the contracts to Pacific Gas and SoCal Ed, has
sued Gov. Davis for unlawfully commandeering those contracts.
Although Duke has reached an interim settlement to continue providing power
to the state Department of Water Resources until April 30, the company and
the Davis administration still have to "develop a comprehensive long-term
settlement to pay for the power supply contracts," said Duke spokesman Tom
Williams.
The governor went ahead with the announcement, because the California
Department of Water Resources believes it will be able to finalize and sign
the contracts over the next several weeks, Davis spokesman Steve Maviglio
said.
Separately, several suppliers named in the governor's announcement Monday --
including Duke, Reliant Energy Inc. (REI), Mirant Corp. (MIR), Sempra Energy,
Enron Corp. (ENE) and Avista Corp. (AVA) -- said they have yet to sign final
agreements with the state, although negotiations were ongoing.
"We are working in good faith with the DWR toward a long-term contract," said
Art Larson, spokesman for Sempra Energy Resources, a unit of Sempra. Mr.
Larson said Sempra signed a terms of agreement with the water-resources
department and expects to reach a final agreement over the next several
weeks.
Reliant said it has only signed a short-term contract with the state that
expires in about two weeks. The company will only sign a long-term contract
once it's paid more than $400 million owed by Pacific Gas and SoCal Ed,
spokesman Richard Wheatley said.
Mirant said it also won't sign contracts with the state until it's paid.
Enron said it's reached agreement on terms with the state, but has some
credit-related details to hammer out. "Everything's been agreed to except for
some credit technicalities," Enron spokesman Mark Palmer said.
Meanwhile, small, independent power plants in California that are capable of
generating 1,800 megawatts of power are shut down because their owners
haven't been paid by the state's two main utilities, the California
Independent System Operator said Tuesday.
The decline in small-plant output has contributed to the state's power-supply
problems the past two months. Partnerships involving El Paso Corp. (EPG), for
example, shut down 350 megawatts of generation last weekend due to
nonpayment, the company said Tuesday.
SoCal Ed hasn't paid the owners of the smaller generators, known as
"qualifying facilities," since early December, which means the generators are
still owed for electric production in October, while PG&E has paid only a
small percentage of its qualifying facility bills since its last full payment
in early January.
The plants, one-third of which are powered by renewable sources like wind and
solar power, meet almost 30% of California's electricity needs. Almost all of
the closed generators are fueled by natural gas, and many haven't been able
to pay their gas suppliers and have been cut off from their gas supply.
The California Senate Energy Committee plans to vote on legislation to create
a new pricing system for all qualifying facilities this week. The proposed
bill would cut the prices to qualifying facilities from about 17 cents a
kilowatt-hour the past eight months to about eight cents, depending on the
price of five-year natural-gas contracts the generators can sign. The plants
that run on renewable resources would be paid 5.4 cents a kilowatt-hour.
-- Mark Golden contributed to this article.
Write to Jason Leopold at jason.leopold@dowjones.com
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved

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

US Natural Gas Prices Fall As Demand Slips In Most Areas

03/06/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- U.S. natural gas physical prices fell Tuesday as demand
eased, except in the Northeast and Southeast areas of the country, traders
said.
Heavy snowstorms in the upper Northeast supported some pricing, as did cooler
weather in Georgia, the Carolinas and the Florida panhandle.
Some storage buying occurred in Texas "if they could make it work," a trader
said.
"It was a pretty uneventful day," a Gulf Coast trader said late Tuesday.
Also, because of the snowstorm in the Northeast, traders had purchased gas
ahead of time to make up for needed load, he said.
A scheduled work outage on Enron's Transwestern San Juan lateral in New
Mexico was completed, and the return of a power plant in California
alleviated demand in the West, traders said.
At the Arizona-California border hub, buyers paid around $13-$33 a million
British thermal units, West Coast traders said, down as much as $15 from
Monday.
At PG&E Citygate, prices were mixed, with buyers paying $9.75-$10.65/MMBtu,
down 25 cents on the bid, up 15 cents on the offer.
In the Midwest, Chicago Citygate prices fell 7 cents-8 cents to a range of
$5.42-$5.53/MMBtu. Alliance Pipeline into Chicago traded around
$5.47-$5.52/MMBtu, down 4 cents to 9 cents from Monday.
The Nymex April natural gas futures contract settled at $5.315/MMBtu, down
2.1 cents in a tight, range-bound, uneventful session that started late due
to bad weather.
Physical gas prices at the benchmark Henry Hub in south Louisiana ended in a
range of $5.25-$5.30/MMBtu, down 2 cents-6 cents from Monday.
Transcontinental Gas Pipe Line at Station 65 deals were made in a similar
range of $5.26-$5.35/MMBtu, down 2 cents on the bid, unchanged on the offer.
At Katy in East Texas, buyers paid $5.21-$5.30/MMBtu, down 5 cents-6 cents.
At Waha, prices fell 9 cents-12 cents to a range of $5.15-$5.30/MMBtu.
-By John Edmiston, Dow Jones Newswires; 713-547-9209;
john.edmiston@dowjones.com

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


Louise,

Imbedded in these allocations are several functions for which EIM receives 100% dedicated resources (legal, HR, PR, etc.).  Every 100% dedicated resource should be presented in its own RC -- in that way it becomes "controllable" and measurable.  Today it is buried in an indirect allocation.  This approach will isolate the truly indirect allocations and allow us to better manage the amount and appropriateness of these expenses.  We plan to push this topic with respect to all allocations which hit EIM from Enron Americas, Enron Networks, or Enron Corp.  Kent Castleman (EIM CAO) is going to discuss this approach with Wes.

Regards,

Ray

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Thursday, September 13, 2001 10:59 AM
To:	Shankman, Jeffrey A.; Fallon, Jim; Bowen Jr., Raymond; Brown, Michael - COO London; Beck, Sally; Leff, Dan; Garland, Kevin; Dodson, Keith; Schiesser, Heath
Cc:	Colwell, Wes
Subject:	Budget allocations for COOa

As you know the budget planning cycle is upon us.  Several of the support functions role up under Enron Americas and then are billed out to the other Business Units.  I would encourage all of you to look at the initial allocations below you receive from each of these Support Functions in order to verify that you are satisfied with the planned charges to your accounts.

Wes's group can provide you with this information.

I will be meeting with the Support Groups over the next week and should you wish me to raise any issues on your behalf please let me know or please contact the group leaders directly.

As you can see from the Enron Americas allocation, I am hoping to make substantial changes to our numbers which reflect a substantially large increase from last year.

Regards

Louise

 << File: plan estimates.xls >>


Gary, I could open it perfectly!!


what does he trade


Vince,

We have many Associates that we have to place within business units.
Thereafter, if there are additional hiring needs, we will consider her
resume.

Regards,
Shannon

Vince J Kaminski
03/16/2000 05:32 PM
To: Shannon Rodgers/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Resume of Carla Di Castro

Shannon,

I realize that the program is full. If I find a group interested in her,
would you consider re-inviting her?

Vince

Shannon Rodgers
03/16/2000 01:52 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Resume of Carla Di Castro

Vince,

Thank you for forwarding the resume of Carla Di Castro.  Currently, our
Summer Associate Internship program is full.  I have responded to Carla to
inform her of the program's status.

Regards,
Shannon


NETWORK WORLD FUSION FOCUS: NEAL WEINBERG on PRODUCT REVIEW OF THE WEEK
Today's Focus: Videoconferencing picture clears up
03/14/00

Dear Wincenty Kaminski,

~~~~~~~~~~~~~~~This newsletter sponsored
by W. Quinn ~~~~~~~~~~~~~~~~~~

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FREE! Get a grip on spiraling disk consumption and regain 30% or more
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Copy and paste URLs that break in two lines and remove extra spaces.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Today's Focus: Videoconferencing picture clears up
---------------------------------------------------------------
By Neal Weinberg

If you,ve been turned off by the jumpy frames and poor audio quality
associated with real-time videoconferencing, the Reviewmeister has good
news for you.  There,s a new generation of videoconferencing end-point
devices that provide business-quality pictures and sound for under
$12,000.

We grabbed a box of popcorn and tested eight videoconferencing systems,
using 384K bit/sec ISDN and IP connections.

In the category of videoconferencing appliances  that is, standalone
systems that go in a conference room for group video sessions with
colleagues or business partners  Polycom,s ViewStation MP was the
clear winner.

The Polycom ViewStation provided outstanding video and audio quality.
In addition, it was easy to install, configure and use.

In the category of PC-based products, which are especially good for
virtual collaboration from your desktop, VCON,s MC800 was the hands-
down winner, based on its high-quality components.

The beauty of these products is they allow you to have a real-time
video image of the person you,re conferencing with in one corner of
the screen, with the rest of the space available for data collaboration.

If you,re in the market for a system, be sure to get one with a Sony
EVI D30/31 video camera; an unidirectional boundary microphone, like
the Audio Technica; and a quality sound mixer. And look for remote
administration and system management tools. For example, the
ViewStation allows you to upgrade software, change settings, or change
address book entries directly from the administrator,s system.

Most systems will allow you to transmit over ISDN or IP, but we found
performance over IP was dragged down by IP,s overhead requirements. For
the complete product review, go to:
http://www.nwfusion.com/reviews/2000/0313rev.html

Of course, there,s more to videoconferencing than end points, so we
whipped up an implementation guide that lays out the network topology,
bandwidth and quality-of-service issues.
http://www.nwfusion.com/reviews/2000/0313rev2.html

Based on our testing, the Reviewmeister says now is the time to start
pilot-testing a videoconferencing system. Your chief information
officer will love it when you tell him you can slash your company,s
airline and hotel bills because you,ve got people from all over the
company in virtual rather than face-to-face meetings.

Next week: We loaded Windows 2000 on a PC and a server and ran Gigabit
Ethernet to the desktop. Guess where the bottleneck was?

To contact Neal Weinberg:
----------------------
Neal Weinberg is features editor at Network World, in charge of product
reviews, Buyer's Guides, technology primers, how-tos, issue-oriented
feature stories and the Technology Insider series. You can reach him at
mailto:nweinber@nww.com.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FOR RELATED LINKS -- Click here for Network World's home page:
http://www.nwfusion.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Videoconferencing picture clears up, Network World, 03/13/00
http://www.nwfusion.com/reviews/2000/0313rev.html

But implementation is still fuzzy, Network World, 03/13/00
http://www.nwfusion.com/reviews/2000/0313rev2.html

How we did it, Network World, 03/13/00
http://www.nwfusion.com/reviews/2000/0313how.html

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Network World Fusion is part of IDG.net, the IDG Online Network.
IT All Starts Here:
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Copyright Network World, Inc., 2000


SENT ON BEHALF OF PETER KEOHANE:

Please see attached letter from outside counsel to the Alberta Power Pool
regarding recent proposed rule changes.

---------------------- Forwarded by Sharon Crawford/CAL/ECT on 11/14/2000
05:24 PM ---------------------------

"MICHELLE LOMBARDO" <michelle.lombardo@blakes.com> on 11/14/2000 05:11:07 PM
To: <robert.hemstock@enron.com>, <sharon.crawford@enron.com>
cc:

Subject: LT M. Parsons (Power Pool of Alberta).DOC

 - LTMParso.DOC


Please be advised that Sara has approved and Bill Bradford as signed, on behalf of ENA, the following documentation:

1.	Fourth Amendment to Master Energy Price Swap Agreement between ENA and Morgan Stanley Capital Group, Inc.;

2.	Amendment Agreement between ENA and The Chase Manhattan Bank; and

3.	Derivatives Novation Letter among Deutsche Bank AG, Bankers Trust Company and ENA.

Originals of the above documents have been forwarded to the respective counterparties for execution.


-----Original Message-----
From: Kelly Trout <kelly_trout@scotia-mcleod.com>
To: Lauchlan Currie <LCurrie@arcfinancial.com>; Elizabeth Stock
<lizstock@customized.ab.ca>; Michael Leahy <michael_leahy@scotia-mcleod.com>
Date: Friday, January 21, 2000 10:42 AM
Subject: OGC - Charity #

>FYI...
>
>I am getting a few requests for charity #'s  etc...
>
>I do have the charity # (this will same Jim some phone calls), but you
>can just have people forward any forms to me that need completed with
>this # - I would be more than happy to fill them out and return them to
>the companies directly.
>
>Thanks!
>
>Kelly
>
>
>
>
>


Attached are CES's latest volume reqs. for March 23 and beyond.

Doug Kinney
Ph:  703-561-6339
Fax:  703-561-7317

 - 03-23-00 daily volsAM.xls


Message Description:  High Inventory System Wide OFO

Message Date:  11/22/2001

Message Text:  High Inventory System Wide Operational Flow Order (SWOFO)

      OFO Stage :                        3
      Inventory Level :                 High
      Noncompliance Charge :    $5.00/Dth
      Tolerance Band :                0%

PG&E's CGT has called a High Inventory System Wide OFO for flow day 11/23/2001.

High Inventory:  Customer supply is required to be within the tolerance band percentage of daily
usage to avoid OFO noncompliance charges.  Supply lower than usage is not subject to OFO
 noncompliance charge.

Charges for Noncompliance:

-   Noncore customers with AMR and PG&E's Electric Generation charges are based on actual
    daily metered usage.
-   Noncore customers without AMR charges are based on ADQ
    or actual daily metered usage, whichever results in a lesser charge.
-  Core Procurement Group charges are based on the latest core load forecast.

Please call the CGT Helpline 1-800-343-4743 if you have any questions.

Gas Schedulers
PG&E - California Gas Transmission


Chris:

There is a March 26, 1993 Master Commodity Price Swap Agreement between ERMS
and Praxair, Inc.   However, it is limited to natural gas price swap
transactions.   This is an extremely old, outdated form of agreement.

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

	Chris H Foster
	01/11/2001 09:58 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Tracy Ngo/PDX/ECT@ECT
		 Subject: Praxair

S

Do we have a ISDA w/ Praxair that will allow me to do power swaps at Mid-C?

C


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/30/2001
06:11 PM ---------------------------

"RiskNews Update" <listadmin@riskwaters.com> on 03/30/2001 12:03:40 PM
To: List Member <vkamins@enron.com>
cc:
Subject: - latest RiskNews Update - 30/03/2001

RiskNews Update - http://www.RiskNews.net

RiskNews Update - http://www.risknews.net/
==================================================================
RiskNews Update ) week ending 30/03/2001
http://www.risknews.net
News for derivatives and risk management professionals
===================================================================

Dear Subscriber,

Welcome to RiskNews Update!

Top news this week included early findings by credit ratings agency
Standard & Poor,s that internationally active banks may find it is cheaper
to use the standardised risk management approach to capital management
rather than the internal ratings based (IRB) system. Early findings that
IRB, as laid out in the Basel Committee's new capital Accord proposals,
may cost banks more in terms of capital appears contrary to the +spirit,
of the de facto international banking regulator,s proposals. Next week,
RiskNews will print exclusive coverage of the International Swaps and
Derivatives Association,s (Isda,s) response to Basel as part of our
extensive coverage of Isda,s 16th Annual General Meeting in Washington.

With consolidation seeming imminent for the plethora of electronic trading
platform providers, electronic derivatives trading platform Blackbird,s
chief executive Andy Baxter admitted having difficulties encouraging
dealers to move away from phone broking. In a separate development, JP
Morgan Chase selected multi-bank FX trading portal Atriax as its
electronic portal ) a move seen by industry observers as a blow to rival
portal FXall, which was strongly backed by the pre-merger JP Morgan.

Meanwhile, Citigroup,s top FX salesman Martin Dyer pans to take +time-out,
from his post after 20 years, clearing the way for Lars Olesen to be
appointed global FX sales manager of Citibank Foreign Exchange in London.

Christopher Jeffery
Editor, RiskNews

Tel: 44 (0)20 7484 9880
E-mail:cjeffery@riskwaters.com

PS: RiskNews will send out an additional +special bulletin, next week to
alert subscribers to our coverage of Isda 16th Annual General Meeting in
Washington. We hope you enjoy this additional service.

------------------------------------------------------------------------------
----------------------------------
Risk 2001 Europe, Paris, April 10 & 11 2001
Risk Magazine,s 6th European Derivatives and Risk Management Congress
Only one week left to take advantage of our EXCLUSIVE offer for
subscribers to the RiskNews Update: 10% discount for booking through the
link below
https://secure.riskpublications.com/secure/conferences/risk2001europe/risk2001
europe_risknews.htm
------------------------------------------------------------------------------
----------------------------------

RiskNews Update - 30/03/01

Headlines/Technology and Exchanges/People/Events

===================================================================
Headlines ) 30/03/2001
===================================================================

30 March - The Bank for International Settlements plans to establish an
Americas representative office in Mexico City by the end of this year

30 March - Dresdner Kleinwort Wasserstein, the investment banking arm of
Dresdner Bank that is currently in takeover talks with German insurer
Allianz, has opened an office in Taiwan to extend its reach in Asia
brokerage business

29 March - Dominant US secondary mortgage-market institutions Fannie Mae
and Freddie Mac have issued their first quarterly credit risk sensitivity
reports, following last year's pledge to improve information disclosure

29 March - Internationally active banks may find it is cheaper to use the
standardised risk management approach to capital management as laid out in
the Basel Committee's new capital Accord proposals than to develop their
own sophisticated internal ratings based systems

27 March - ING Barings' equity derivatives service is open for "business
as normal" following the loss of six of its team to German rival Dresdner
Kleinwort Wasserstein, the investment banking arm of Germany's Dresdner
Bank, according to an ING Barings spokesperson

26 March - The London International Financial Futures and Options Exchange
and US electronic stock market Nasdaq are to form a joint venture to trade
single-stock futures

26 March - JP Morgan Chase has selected multi-bank FX trading portal
Atriax as its electronic portal, in a move described by industry observers
as a blow to rival portal FXall, which was strongly backed by the
pre-merger JP Morgan

To read more now, click http://www.risknews.net

*******************************************************************
Book NOW for the Energy & Power Risk Management 2001 event in Houston, 14
& 15 May 2001:
http://www.eprm-conferences.com/eprm2001us/?caller=Risknew_update

===================================================================
Technology and Exchanges ) 30/03/2001
===================================================================

30 March - Trading on the international derivatives exchange Eurex can now
take place via a number of access methods including the internet, the
Swiss-German exchange has unveiled

30 March - Singapore Exchange (SGX) has launched an open interface
technology called SGXAccess, which enables SGX Securities Trading member
firms to trade in Singapore's securities market outside the country, using
their own trading terminals

28 March - Ubitrade plans to link up with Fermat, the risk management
solution vendor, to help distribute and support its product range in
several European countries and Israel

28 March - Singapore Exchange IT Solutions, DBS Securities and OCBC
Securities have completed an agreement to form a joint venture company
that will provide outsourcing services to the securities industry

27 March - Electronic derivatives trading platform Blackbird has admitted
to having difficulties encouraging dealers to move away from phone broking

27 March - Icor Brokerage has joined the race for a share of the online
forex options broking market. The firm said it would launch an e-broking
system for forex options in the second quarter of the year

27 March - Electronic trading systems software provider patsystems has
formed a partnership with Pronet Analytics, the financial application
service provider

26 March - British financial group Halifax has selected SunGard's BancWare
asset and liability management system to manage group-wide interest rate
risk

26 March - New York-based derivatives service provider Cygnifi has
completed a collateral consulting project for the New York branch of
Bayerische Hypo-und Vereinsbank

26 March - New York-based software provider Fame has formed an alliance
with California's Financial Engineering Associates to create a new product
combining quantitative risk analytics with market data

To read more now, click http://www.risknews.net

*******************************************************************
You must act now to benefit from our LIMITED SUBSCRIPTION OFFER for
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===================================================================
People ) 30/03/2001
===================================================================

30 March - International rating agency Fitch has appointed former Mellon
and GE Capital employee Martin Donner as senior director of its loans
products group

29 March - Bear Stearns International has hired Emmanuel Pezier from HSBC,
to head its equity-linked origination and execution of convertible and
exchangeable bonds with institutional clients

29 March - Citigroup has appointed Lars Olesen as global FX sales manager
of Citibank Foreign Exchange in London. He will succeed Martin Dyer, who
is planning to take time-out to consider his options with the bank after a
Citibank career spanning more than 20 years in foreign exchange sales

29 March - Otto N,geli, deputy chief executive officer of Eurex, has left
the international derivatives exchange

28 March - Dresdner Kleinwort Wasserstein has hired Mehraj Mattoo as a
director in the alternative investments section of its equities group -
the fourth appointment of former BNP Paribas staff to the division in the
past three months

26 March - Abbey National, the UK mortgage bank currently the subject of a
takeover by Lloyds TSB, has appointed Steven Oon as director of market
risks at its Treasury Services unit

26 March - Barclays Capital, the investment banking arm of the UK's
Barclays Bank, has significantly increased its energy products team at the
New York Mercantile Exchange

26 March - David Puth, managing director and head of sales, trading and
research for JP Morgan Chase's rate markets business in North America, has
been named the new chairman of The Federal Reserve Bank of New York's
Foreign Exchange Committee

To read more now, click http://www.risknews.net

********************************************************************
The latest issue of Asia Risk magazine is dedicated to Japan, with a
special report, JapanRisk, published with Asia Risk and Risk. The complete
contents of JapanRisk are available online on the AsiaRisk website.

Subscribe to both Risk (12 issues) and AsiaRisk (6 bimonthly and 2 special
issues) and save US$95/o60 off the regular price. Visit
http://www.asiarisk.com.hk for more details.

==================================================================
Events - 30/03/2001
===================================================================

BEATING THE BASEL REFORM - find out how at Risk 2001 Europe, Paris, 10-11
April, Risk Magazine,s 6th annual European Risk Management congress.
http://www.risk-conferences.com/risk2001euro
Only a handful of the biggest banks are prepared for the full impact of
setting aside operational risk capital when the new Basel Capital Accord
comes into effect in the next few weeks. If you are not one of them, you
should attend Risk 2001 Europe.

Risk 2001 Europe offers:
o The best speaker line up - hear keynote addresses by Bob Litzenberger,
Goldman Sachs & Andrew W. Lo, Massachusetts Institute of Technology.

o Premier social & networking events - attend the risk awards ceremony
held at the congress dinner in the two Michelin star Le Pr, Catelan
Restaurant and network at the cocktail reception

o Latest products & services  - Visit the exhibition with over 20
exhibitors

o Leading event partners

o Flexible programme - choose the sessions or seminars of interest to you

o PLUS get a year,s complimentary subscription to Risk magazine (worth
o465).

Subscribers to this RiskNews Update will receive a 10% discount. To
register NOW click on the link below:
https://secure.riskpublications.com/secure/conferences/risk2001europe/risk2001
europe_risknews.html

Call for Papers
Risk 2001 Australia, AsiaRisk 2001 and Japan Risk 2001 are currently being
researched and produced. If you have a paper you would like to submit for
consideration for inclusion in the conference programme please contact
Frances Tully on +44 (0)20 7484 9731 or by email at ftully@riskwaters.com
For further information on these events visit www.risk-conferences.com

Other conferences and courses coming soon:

 Advanced Mathematics for Pricing and Hedging Credit Derivatives,
New York 23 & 24 April 2001 ) London 26 & 27 April 2001
 Interest Rate Modelling Calibration and Implementation
Techniques, London 24 & 25 May 2001 ) New York 31 May & 1 June 2001
 A/LM 2001 ) Risk Magazine,s 5th annual Conference ) New York 21 &
22 June 2001
 Risk 2001 USA ) Risk magazine,s 7th annual US derivatives and
risk management congress, Boston 12 & 13 June 2001.

For further information contact: www.risk-conferences.com  or
www.risktraining.com

______________________________________________________________________
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Here is Don Black's presentation he did in Florida at the Infocast Conference.
Ben