The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude15.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas15.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil15.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded15.pdf

Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Feb Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hug-hog.pdf
Dec/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/huz-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG15.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG15.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL15.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


Dave- we can act as a check on this. Be sure all underwriters are aware. Tx Rick

 -----Original Message-----
From: 	Maronge, Bridget
Sent:	Monday, June 18, 2001 10:13 AM
To:	Glisan, Ben; Dauterive, Inez; Donahue, Jeff; Dorsey, Joyce; Davidson, Sara
Cc:	Bibi, Philippe A.; Blachman, Jeremy; Bowen Jr., Raymond; Brown, Michael - COO London; Buy, Rick; Causey, Richard; Cline, Wade; Cox, David; Delainey, David; Derrick Jr., James; Dietrich, Janet; Fallon, James; Frevert, Mark; Glisan, Ben; Hayslett, Rod; Horton, Stanley; Hughes, James A.; Kean, Steven; Koenig, Mark; Lavorato, John; Lay, Kenneth; Leff, Dan; McCarty, Danny; McConnell, Mark; McDonald, Rebecca; McMahon, Jeffrey; Metts, Mark; Muller, Mark; Olson, Cindy; Pai, Lou; Scrimshaw, Matthew; Shankman, Jeffrey A.; Sherrick, Jeffrey; Sherriff, John; Skilling, Jeff; Sunde, Marty; Whalley, Greg; Elliott, Steven M.; Hannon, Kevin; Kitchen, Louise; Piper, Greg; Rice, Kenneth
Subject:	Mandates

To:  Legal, Finance, and Corporate Development Personnel
Cc:  Enron Executive Committee
From:  Andy Fastow

All mandates for mergers and acquisitions and finance work must be approved and executed by Jeff Donahue or Ben Glisan, respectively.  Please advise your business units, if appropriate, of this procedure.


I am currently reviewing their agreement.    I will let you know something
this afternoon or early tomorrow.

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


Amazing that they stayed afloat.  50 year history probably helped that
happen.  Kinda sad, though.  I liked those guys.


Brian,  Do you know how quick D&B would have data entered into this system?
We need to move this as fast as possible.

---------------------- Forwarded by Gerald Nemec/HOU/ECT on 06/18/99 03:15 PM
---------------------------
To: Gerald Nemec/HOU/ECT@ECT
cc:
Subject: Re: D&B Number

One of the contract administrators in my group was not able to find the DUNS
number you provided in the D&B database online.  I am not sure how quickly
updates are made to their database.  Are you aware when this number was
issued?  I will put in a request to inquire again at the beginning of next
week.  If you have any questions in the meantime, please feel free to give me
a call.  Thanks.

Gerald Nemec@ECT
06/18/99 10:54 AM

To: Elizabeth Brown/ET&S/Enron@Enron
cc:
Subject: D&B Number

Elizabeth,  The Duns number for Enron Compression Services Company is
072773547.   I will be completing the Agency Agreement this afternoon and
will forward to you.  Also I faxed the corporate data sheet for the company
to you yesterday.  Let me know if you need anything else.  Thanks for your
help.


I also don't need to see them.  Thanks.


I believe I was told Richmond.

"Nancy Wodka" <nwodka@bracepatt.com> on 07/05/2000 02:50:06 PM
To: <Kay.Mann@enron.com>
cc:

Subject: Re: VEPCO

Kay--I am available.  If the meeting goes forward, do you know what city it
will be in?


Dear PMA Reader:

We've arranged with the publisher of the weekly newsletter, The Desk, to
redistribute a copy of it's current Special Topic Issue, free to PMA
subscribers. This week, The Desk goes beyond the realm of weather-based or
other exotic derivatives and digs deep into the possibility of a market for
solar (or space) weather derivatives. And more specifically, how they might
be used in the power business. It's a fascinating topic and one that should
be on everybody's radar screen. Enjoy the free issue.

Regards,
The Staff of the PMA

Requires Acrobat Reader 3.1 or higher, available free at:
http://www.adobe.com/prodindex/acrobat/readstep.html#reader

(  ) PLEASE DO NOT SEND ME FREE SAMPLES IN THE FUTURE

 - PMAJan26.01desk2.pdf


In order to bring better legal coordination and standardization to Enron's Risk Assessment and Control (RAC) group, we have formed a new legal group, which will initially include Lisa Mellencamp (Finance), Marcus Nettelton (Power Trading), Carol St. Clair (Broadband/Power Trading), Mary Cook (Financial Swaps), Peter Keohane (Canada), Ed Essandoh (Retail), Paul Darmitzel (Retail) and Elizabeth Sager (Power Trading) (Team Leader).  This group will focus on, among other things, managing Enron's exposures with bankrupt counterparties, working out credit solutions with distressed counterparties and standardizing our overall credit practices.  The initial members in this group have been drawn from Enron's numerous legal groups in order to gain a broader perspective.   Each of these members will provide support to this new group in addition to their current responsibilities.

	Within RAC, Michael Tribolet will focus on distressed counterparties, in conjunction with Bill Bradford, who continues to manage the Credit Risk Management group.

	Please join us in supporting the efforts of this new group.


I am still looking for the right Caledonia project model,  I have a couple of
finance models but I don't think those are what you want.  I will send
something today.  Thanks
Ben
3-7998


Hi there,

I've made some suggested changes on the CO you sent.  In the interest of time
I'm sending this to David Marshall, since this largely deals with ROL and
insurance, and I couldn't tell if he has read this previously.

Thanks,

Kay


If these guys are manipulating the market they certainly aren't doing a
very good job of it.  Can't you send some folks over to give them a few
lessons????   MIKE

P.S.  The attachment didn't come through.

At 07:23 PM 9/21/2001 -0500, you wrote:
>FYI.
>Thought folks might be interested in the following story.
>In addition, I've attached at the end for those that are interested a
>CSFB report on PG&E's POR announced yesterday.
>Very much enjoyed working with this group on a solution for California.
>Perhaps, given were things stand, we'll have another shot at helping get
>the market, California energy policy, and Edison, back on their feet.
>Best,
>Jeff
>
>FERC To Examine Alleged Market Manipulation By Calif ISO
>Updated: Friday, September 21, 2001 04:53 PM ET By Jason Leopold Of DOW
>JONES NEWSWIRES
>LOS ANGELES (Dow Jones)--Federal energy regulators may investigate
>whether the operator of California's wholesale electricity market has
>been manipulating its power-purchasing practices to reduce the costs of
>power the state purchased under long-term contracts, according to
>documents obtained Friday by Dow Jones Newswires Friday.
>At issue is whether the California Independent System Operator has
>violated its own market rules by purchasing expensive power secured by
>the state under contracts rather than cheaper power available in the
>spot market. The state's need to sell off surplus power secured under
>those contracts has proven embarrassing for Gov. Gray Davis, who signed
>$43 billion in deals to head off a summer of spiking prices and
>blackouts that never materialized.
>The Federal Energy Regulatory Commission will hold a meeting in
>California Monday to address generators' complaints. The energy
>companies say that the California ISO's purchasing decisions are
>difficult to comprehend and out of line with the market, according to a
>letter sent by Andrea Wolfman, lead FERC counsel for market oversight
>and enforcement.
>The letter was sent to the ISO, the California Department of Water
>Resources - which has been buying power in lieu of the state's
>struggling utilities since mid-January - and several generators, all of
>which were to attend the meeting.
>"Recently we have become concerned that the scheduling and dispatch
>procedures of the California ISO, as they have had to change in the last
>nine months, are not well understood or are not well suited to the
>current market structure," Wolfman said in her letter. "The purpose of
>the meeting is to develop agreement between the ISO and those that
>participate in the scheduling and dispatch (generators, utilities, CDWR)
>on appropriate practices and procedures."
>ISO Procedures Need Explaining -FERC
>The ISO's main responsibility is keeping power supply and demand in
>balance on the state's electrical grid. As part of that job, the ISO
>determines which power plants to call into service and which suppliers
>to buy power from.
>If the ISO can't explain how it makes its decisions, FERC may conduct an
>audit of the organization and investigate the possibility it has
>manipulated the market, Wolfman's office said.
>"As discussed, FERC may schedule a technical conference and operational
>audit of CAISO," a second letter from FERC's market oversight and
>enforcement division states. "This unprecedented examination of CAISO
>operations could lead to the belief that complaints by generators of
>market manipulation and other practices by the ISO should be
>investigated."
>The ISO's operating rules generally call for it to purchase the cheapest
>power first.
>"The information that (generators) have provided all leads to a theory
>that the CAISO is manipulating the market in order to purchase surplus
>DWR power at high prices and protect Gov. Davis from political
>embarrassment," the second letter says.
>The ISO has said only that the market isn't operating as intended, and
>declined to answer other questions about the allegations or discuss
>Monday's meeting.
>Generators Confused
>Generators, including Mirant Corp. (MIR
><http://quicken.excite.com/investments/quotes/?symbol=MIR>, news
><http://quicken.excite.com/investments/news/?symbol=MIR>, msgs
><http://quicken.excite.com/investments/discuss/?symbol=MIR>), Reliant
>Energy Inc. (REI
><http://quicken.excite.com/investments/quotes/?symbol=REI>, news
><http://quicken.excite.com/investments/news/?symbol=REI>, msgs
><http://quicken.excite.com/investments/discuss/?symbol=REI>), Williams
>Cos. (WMB <http://quicken.excite.com/investments/quotes/?symbol=WMB>,
>news <http://quicken.excite.com/investments/news/?symbol=WMB>, msgs
><http://quicken.excite.com/investments/discuss/?symbol=WMB>), Duke
>Energy (DUK <http://quicken.excite.com/investments/quotes/?symbol=DUK>,
>news <http://quicken.excite.com/investments/news/?symbol=DUK>, msgs
><http://quicken.excite.com/investments/discuss/?symbol=DUK>) and Dynegy
>Inc. (DYN <http://quicken.excite.com/investments/quotes/?symbol=DYN>,
>news <http://quicken.excite.com/investments/news/?symbol=DYN>, msgs
><http://quicken.excite.com/investments/discuss/?symbol=DYN>), have
>bought apparently inexpensive power in the ISO's spot market only to
>find weeks later that the price was much higher. That's because,
>according to the allegations, the ISO is letting DWR supply expensive
>power into the market as "out-of-market" purchases that aren't averaged
>into the real-time prices that ISO market participants see.
>DWR continues to buy out-of-market power regularly at the ISO's request,
>DWR operations chief Pete Garris has said, but those purchases are being
>made in the spot market and are never being satisfied by power from
>DWR's long-term contracts.
>The out-of-market purchases appear to be expensive, however. According
>to the ISO's August market report, the average out-of-market price for
>peak hours was $55.90 a megawatt-hour, compared with $26.49/MWh on the
>ISO computerized market. Brokered prices of western electricity have
>been lower than the out-of-market prices for months.
>None of the companies mentioned was willing to comment on the record.
>The meeting is scheduled to be held at the ISO's headquarters in Folsom,
>Calif., and representatives from power producers, utilities and the
>state are expected to attend. FERC will serve as facilitator, Wolfman
>said. The meeting isn't open to the public.
>The meeting will begin with a presentation by the ISO on its practices
>and operational procedures, followed by adjustments that may be needed
>to improve the market.
>"The objective is to develop a written set of procedures that is agreed
>to by all the market participants and that is consistent with good
>utility practices," Wolfman said in the letter.
>-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
>jason.leopold@dowjones.com <mailto:jason.leopold@dowjones.com>
>
>
>
>**********************************************************************
>This e-mail is the property of Enron Corp. and/or its relevant affiliate
>and may contain confidential and privileged material for the sole use of
>the intended recipient (s). Any review, use, distribution or disclosure by
>others is strictly prohibited. If you are not the intended recipient (or
>authorized to receive for the recipient), please contact the sender or
>reply to Enron Corp. at enron.messaging.administration@enron.com and
>delete all copies of the message. This e-mail (and any attachments hereto)
>are not intended to be an offer (or an acceptance) and do not create or
>evidence a binding and enforceable contract between Enron Corp. (or any of
>its affiliates) and the intended recipient or any other party, and may not
>be relied on by anyone as the basis of a contract by estoppel or
>otherwise. Thank you.
>**********************************************************************


Attached is the storage schedule for CES.

Scott, according to Colleen, this will take up a significant amount of
someone's time to track.

---------------------- Forwarded by Chris Germany/HOU/ECT on 03/15/2000 01:49
PM ---------------------------

mflewellyn@columbiaenergygroup.com on 03/15/2000 01:35:06 PM
To: " - *chris.germany@enron.com" <chris.germany@enron.com>
cc:
Subject: storage schedules

Chris - I wasn't sure who to send the storage schedules to, so I figured if I
sent them to you and Colleen I'm covered.  Please give me a call if you have
an
questions.

Thanks,

Melissa
---------------------- Forwarded by Melissa Flewellyn/CES/ColumbiaGas on
03/15/2000 02:32 PM ---------------------------

Melissa Flewellyn
03/15/2000 02:10 PM

To: colleen.sullivan@enron.com@internet
cc:
Subject: storage schedules

Colleen,

Attached is an excel spreadsheet detailing our desired storage proxy schedules
for COH and AGL.  If you have any questions or wish to discuss these, please
give me a call.

 - storage proxies.xls


-----Original Message-----
From: Helme, Melinda M (Flo) [mailto:fhelme@avaya.com]
Sent: Monday, December 10, 2001 3:42 PM
To: Donoho, Lindy
Subject: Pictures of Sam

Lindy:

John just emailed me the pictures of Sam.  He is the cutest!  I can't get over how much he has grown since I saw him.  Your Dad is anxious to see these pictures so I have run copies on my color printer--they came out great.  Good job!

I've been thinking about you a lot and know these are stressful times.   Somehow I guess it all works out like it is supposed to.

Give Sam hugs and kisses from us and of course some for you and Tony too.

Love you,
Flo


My apologies, but as you can imagine, California's little crisis has me a bit
preoccupied.  Would love to know what comes out of the meeting, though.

Best,
Jeff


Alex,

This is Marek's resume. Look forward tot he dinner
on the 14th of May.

Vince


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/19/2000
08:32 PM ---------------------------

"John D. Martin" <J_Martin@baylor.edu> on 12/19/2000 03:25:19 PM
To: vkamins@enron.com
cc:
Subject: Latest

Vince,

I appologize for shipping another version of the paper so soon after the
last.  However, my wife picked me up for some last minute shopping at noon
and I wasn't sure I would get back to this before leaving tomorrow.  The
only changes in the two documents related to a sentence or two in the intro
plus the addition of "Unused information" at the end of the document.  The
unused stuff is made up of notes I made from Hamel, some news stories,
press releases, and random thoughts.  We probably won't use any of this
stuff but I wanted you to have it just in case it might prove useful.

The challenge we face at this stage (and where I can most use your help) is
in documenting Enron's risk management functions in a meaningful way.  This
may be best done through examples or in some other way.  I think that our
audience would appreciate our including some numerical and detailed
examples (even if they are to be placed in boxes or sidebars that don't
interrupt the flow of the article.  If you'll make a pass at what you feel
is appropriate I'll gladly polish on the words as i try to learn about what
you are doing myself.

Vince, I really am enjoying this learning experience.  You guys make a
wonderful "lab".

Sally and I are driving to Louisiana to pick up her mom tomorrow and then
driving to New Orleans and back to Waco by Saturday.  However, I will check
in my e-mail regularly.

Your friend,

John

 - Enron Transformation Paper12_19_00.doc

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


Hey, Jeff is this the correct email address to reach you?

Regards,

Jon

 -----Original Message-----
From: 	"Jeff Pearson" <tuckiejeff@hotmail.com>@ENRON [mailto:IMCEANOTES-+22Jeff+20Pearson+22+20+3Ctuckiejeff+40hotmail+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, August 20, 2001 2:09 PM
To:	Mckay, Jonathan
Subject:	Life in the US

Things are going awesome down here, I spent all of last week rowing around the ocean (not as much fun as it sounds!), and spent the weekend with a couple of buddies in Quebec City (also not quite as fun as it sounds!).

I can't believe the people that I have met down here, everyone is really friendly, and all have interesting stories/pasts!  You should seriously think about coming down here, I can't think of another place that I would rather be!

Anyway, I will let you guys know a little more when I finally get my computer, as I am using one in a common lounge area (right beside the pool table in my residence!).

Any new information on currency?  I am probably going to have to think about converting it over pretty soon.

Get your FREE download of MSN Explorer at http://explorer.msn.com << File: 'http://go.msn.com/bql/hmtag_itl_EN.asp' >>


This month EES successfully renewed its affinity relationship with the Maine
Electric Consumers Cooperative.  MECC, you will recall, is the C&I load
aggregation group put together by Tony Buxton and Rich Silkman.  With the
establishment of new market-based standard offer prices effective March 1,
2001 customers in the aggregation group responded very favorably to the
MECC/EES offers.  More than half of the load opted for five-year deals
bringing sales to over 3 million mWh.  I am told as of last Friday the
transactions booked a total aggregate margin of $21 million.

Phyllis Anzalone deserves most of the credit for bringing this one home.
While I was not always involved in the day-to-day negotiations, I am proud to
have strongly promoted the relationship with MECC and to have played a hand
in the Maine Restructuring Law that made this and the ENA transaction
possible.


Its  M & M  time.   Hope baby is better!!!

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


Deal that matches 505118 is in - #504970.

Thanks for waiting,
Kate

Kerri Thompson@ENRON
01/25/2001 02:12 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb checkout

505118
term should be 26-27

missing deal just like deal 505118

505223 price should be 300.00

misssing 2 deals for bob, will get details.

thanks


FYI...

I just wanted to let you know that I have been working with the settlements group in order to put approx. $800,000.00 into the Central and East desk books for Devon penalties that have been incurred over the last year.  Settlements should be talking with the Risk group in order to get this done soon.   We are also working to determine the Pipeline cash out as a result of Panaco's imbalance over the last year.  After talking with legal it appears that we do have remedy to recoup cash out from Panaco. I'll keep you informed when I have more information.  If you have any questions please let me know.

Mark


Greg:

Kevin Hannon and I were meeting yesterday to review various organizational
issues and one thing he asked me to do was extend a one time only offer to
take over the assets in Europe that don't really fit with their ongoing
business - i.e. Turkey, Poland and Sarlux.  An additional question I had is
whether you think that EWS continues to be the correct place for EEOS.

Your thoughts?

Jim Hughes


Based on meetings in Washington and New York through yesterday and updates early this morning, here is what we know on the stimulus bill debate.  The prominence of the is debate will increase and intensify throughout the month and is quickly shaping up to be a critical measure of post-9/11 bipartisanship and a prelude to the 2002 mid-term elections.  Contact Brendan Fitzsimmons at x5-4763 for follow-up.

Enron Global Markets
Competitive Analysis

HILL STIMULUS BILL UPDATE: 11/02/01

SUMMARY
Timing: Bush wants a stimulus bill by Thanksgiving, but that is looking highly unlikely without a major (and unlikely) capitulation on the Hill; even a bill by Christmas is less likely than it was just a few days ago, meaning any rebate checks wouldn't come until well into '02; and there remains a risk that nothing is done this year
Next Week - Fed and Senate: Sources report that pessimism concerning passage of fiscal stimulus increases the likelihood that Greenspan pushes for a 50bp cut on Tuesday.  Expect a partisan mark-up from Baucus' Senate Fin. Committee next Tuesday or Wednesday, setting the stage for stalemate and very public political recriminations.
Data Pressure: It is too early to tell whether the massive jump in unemployment rate to 5.4% will change the atmospherics surrounding this week's talks, but before the number it was clear that the extreme partisanship will delay passage and make the final cost of the package more expensive as all sides try to "buy-in" votes during final Conference Committee negotiations
Conference Outlook: If a compromise bill is reached, expect final numbers to run higher than $100B as more of each bill gets into the final conference bill

REPORT
Hill and White House
Bush's speech on Wednesday was the opening move in the White House's plan to pressure for a compromise stimulus bill; but WH message and the Republican chorus that followed have only provoked stronger resistance from Daschle and the Dems on core healthcare, unemployment provisions
Yesterday's White House discussions with Senators Baucus and Grassley went nowhere. The White House is now refusing to meet with them prior to Senate action. Senate Finance Committee leadership is planning for a "highly partisan" session on Tuesday or Wednesday next week in attempt to pass the bill that Senator Baucus drafted and released last week.
Bush must spend more political capital and give stimulus greater visibility, priority in order to get House and Senate compromise; expect Treasury to join the fray against Daschle warning of minimal stimulus and maximum danger for future budgets well into the future
Daschle is digging-in (and with Senate Finance chair Baucus still standing loyal), buoyed by focus groups and polling showing that standing up to the House Republicans' tax-cut weighted bill is a winning message
The Senate bill has several elements that are strongly rejected by the White House and the House Republicans including the extended health care facilities under COBRA. This was the key to administration attempts to find a compromise and that has now failed.
Although there may be legislation passed by the Senate Finance Committee during next week's mark-up, it will be passed on an exceptionally rigid party line vote and the entrenched positions on all sides will be further reinforced.

Macroeconomy
Fed Tuesday: Treasury's announced plans to end 30yr bonds and today's employment report will strengthen pricing of 50bp on Tuesday and a further 25bp December 11 and will continue to direct attention back to the back and forth between the Hill and WH.  After Fed meeting focus will be on O'Neill and Lindsey within the Administration
Waiting on Washington: Heightened sense of immediacy as US macro data continues to confirm recession: with a $100B stimulus bill already priced in to the market, delay or failure in passing a bill could have strong negative effects.  This week's raft of weak data, particularly today's confirmed weak employment report, will increase the pressure for movement on a stimulus bill


Glad to hear it.  On the down side, it appears that I won't get you that
email I promised until tomorrow.  If that's totally unacceptable, let me know.

Best,
Jeff

	Robert Hemstock@ECT
	11/16/2000 04:05 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc:
		 Subject: Re: Keynote Speaker: IPPSA 7th Annual Conference

He called me today and confirmed he will come.  Thanks for your help.

From: Jeff Dasovich@ENRON on 11/15/2000 07:33 PM CST
Sent by: Jeff Dasovich@ENRON
To: Robert Hemstock/CAL/ECT@ECT
cc:
Subject: Re: Keynote Speaker: IPPSA 7th Annual Conference

Left a message with the good doctor.  Will let you know just as soon as I
hear.

Best,
Jeff

	Robert Hemstock@ECT
	11/15/2000 04:23 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Keynote Speaker: IPPSA 7th Annual Conference

---------------------- Forwarded by Robert Hemstock/CAL/ECT on 11/15/2000
03:22 PM ---------------------------

	From:  Robert Hemstock                           11/09/2000 01:04 PM

To: rmichaels@fullerton.edu
cc:
Subject: Keynote Speaker: IPPSA 7th Annual Conference

Professor Michaels,

Further to the voicemail message I left for you today regarding speaking
early next year at the IPPSA Conference in Banff, Alberta the details are:

Topic: The California Experience - Lessons that Alberta Can Learn From (or
something like this title - although I was unable to open the presentation on
your website entitled" "California's Electrical Disaster and the Furture of
Competitive Power" I would expect based on this title that much of what is in
that presentation would be of interest to those attending the IPPSA
Conference.

Date: Monday March 19, 2001 13:00 - 13:30 (Conference is 2 full days - March
19-20, 2001)

Reimbursements: Travel (economy class) and one night at Rimrock Hotel.  Also
free conference registration (which includes meals during conference).

Deadline for presentation materials so they can be included in the conference
binder: February 28, 2001

Conference Information: the conference is held at the Rimrock Hotel in Banff,
Alberta and has been sold out the last three years.  It will attract about
400 delegates in 2001 from across Canada and the U.S. with the majority of
the delegates being generation developers, large consumers, marketers, and
policy makers from Western Canada. The speakers include a number of respected
academics/consultants from across North America, senior industry
representatives, senior government representatives, and senior
representatives from the Alberta Transmission Administrator and Power Pool of
Alberta.

I look forward to your reply.  My telephone number is (403) 974-6746.

Regards,

Rob Hemstock


you always confuse me with everything.  i think that you do that on purpose.  i'm going to kill you!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 26, 2001 10:26 AM
To:	Nelson, Michelle
Subject:	RE:

your getting confused again

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 26, 2001 10:25 AM
To:	Maggi, Mike
Subject:	RE:

i hate you!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 26, 2001 10:24 AM
To:	Nelson, Michelle
Subject:	RE:

anytime

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 26, 2001 10:24 AM
To:	Maggi, Mike
Subject:	RE:

well thanks for your help charlie brown

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 26, 2001 10:24 AM
To:	Nelson, Michelle
Subject:	RE:

nope and nope

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 26, 2001 10:20 AM
To:	Maggi, Mike
Subject:

did you go work out this morning?

do you know an orthodontist in houston?


Dear YPOer,

For 2001, the path to NFL greatness leads to Tampa, Florida.  YPO's Bel Air
Chapter,
along with the Los Angeles Sports & Entertainment Commission, is offering
an exclusive
weekend package to Super Bowl XXXV as part of the YPO Platinum Series.

To learn more about this and other Sports Fantasy Weekends for the NCAA
Men's Final Four and The Masters, visit
http://www.myypo.org/ypoplatinumseries


Tractebel has requested a Master Netting agmt.  Please forward a draft to Laura Kinner at

lkinner@tractebelusa.com
713-350-1763
713-548-5153 (fax)

Ed


This article has good quotes reponding to McCullough's claim that Enron manipluated forward markets.

Thanks to Dave Perrino, former Enron employee who is now a consultant, for bringing this to my attention.

GAC

-----Original Message-----
From: dave.perrino@rtoadvisors.com [mailto:dave.perrino@rtoadvisors.com]
Sent: Wednesday, January 30, 2002 8:15 AM
To: Comnes, Alan
Subject:

From: Dave Perrino
 Subject:

 Email a Friend brought to you by BayArea.com and SiliconValley.com
 **************************************************************************

 Wed Jan 30 11:15:18 2002
 Robert McCullough Strikes again!  The "Robinhood" of the PNW discovers the evil Enron's western price fixing scheme!
****************************************************************************

Address of original story:
http://www0.mercurycenter.com/premium/front/docs/enron30.htm

 **************************************************************************
 Promotion
 Be sure to visit the Bayarea's web site http://www.bayarea.com
 **************************************************************************


Note:  CERA gives a storage prediction for end of withdrawal season under a
normal winter.

**********************************************************************
CERA Alert: Sent Fri, November 10, 2000
**********************************************************************

Title: Taking up the Slack
Author: N. American Gas Team
E-Mail Category: Alert
Product Line: North American Gas ,
URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5526&m=1415 ,

Alternative URL:
http://www.cera.com/client/nag/alt/111000_11/nag_alt_111000_11_ab.html

Cold weather in the Midwest and reduced storage
injections have taken up much of the temporary slack
that developed in the gas market during the warm
October. As expected, prices have responded quickly to
the cold, with the December futures contract price
advancing by over $0.75 per million British thermal
units (MMBtu) in the past week. As cold weather
develops, late winter supply availability is still
uncertain in CERA's view. For that reason, dual-fuel
markets must remain off of gas, and market fundamentals
support the recent price rebound, which places gas
prices again at a premium to resid.

CERA estimates that US working storage inventories as of
the end of October were approximately 2,746 billion
cubic feet (Bcf), an all-time low for that date by 64
Bcf (see table below). Storage injections of 36 Bcf for
the week ending November 3 were higher than a normal
weather pattern would indicate, but more normal weather
for the remainder of the month would result in
withdrawals averaging 3.5 Bcf per day during November.
This withdrawal rate is moderate by historical standards
but 2.5 Bcf per day higher than occurred in the past two
years (see table below). This pace of withdrawals places
inventories on a path toward an end-of-March minimum of
771 Bcf under normal winter weather conditions, only 13
Bcf above the previous all-time low.

This market remains tight. Although added supplies will
begin to help by the end of the winter, for now some
demand must still be priced out of the market in order
to preserve storage inventories.

**end**

Follow URL for HTML version of this message only.

**********************************************************************
Account Changes
To edit your personal account information, including your e-mail
address, etc. go to: http://eprofile.cera.com/cfm/edit/account.cfm

This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
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distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.

Terms of Use: http://www.cera.com/tos.html
Questions/Comments: webmaster@cera.com
Copyright 2000. Cambridge Energy Research Associates


Per the request of Stewart Rosman, attached please find a credit worksheet
for a draft ISDA Master Swap Agreement between ENA and Western Area Power
Administration - Sierra Nevada Division.  Please let me know if you have any
questions to the attached terms.

Regards,
Tracy
503-464-8755


Mike,
Please provide a the Drift analysis for 2001 and the expected new deals'
impact on the PV of the Gross Book Balance over 2001.

This is  a reasonable request for a the Rate & Currency Group  and I do not
think I should have to provide you Objectives supporting this request.
Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 11/06/2000 09:23
AM ---------------------------

	From:  Sheila Glover                           11/01/2000 07:02 PM

To: Mike Jordan/LON/ECT@ECT, Beth Apollo/LON/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, Shane Dallmann/LON/ECT@ECT
Subject: UK Drift

Mike and Beth,
I would appreciate a copy of the drift number submitted for Budget 2001 and a
copy of the analysis for Enron Europe.

 I would also like a copy of the expected new deals for 2001 reflecting the
average increase/or decrease in the PV of the Gross Book Balance.  I need
this infomation in Dollar terms not percentages. I need to have the new deals
separately for GBP, NOK, and EUR.  We are reviewing Drift and our
anticipated  Interest rate position vs. expected 2001 economic climate.

Thanks. Sheila


Title: Hidden Risks: Microbasis in the Short-term Gas Markets
URL(s):

http://www.cera.com/eprofile?u=35&m=2826;

***********************************************************************

STRUCTURAL RISK AND LACK OF LIQUIDITY GROW IN INFLUENCE IN REGIONAL GAS
MARKETS.

The dramatic increase of participants in the daily market for natural gas over
the past several years has brought with it the demand for pricing indices that
are increasingly regional and selective in nature. These published indices
provide a valuable service to the market, but the high level of confidence that
the general trading community has bestowed upon them may be misplaced.

*  Current economic conditions are masking hidden volatility potential,
especially at local index points that have unrealized demand potential.

*  Large, volatile demand in the form of new gas-fired generation utilizes the
existing pipeline system in ways that were never envisioned in the original
system design.

*  Control of pipeline infrastructure has moved from the relatively benign
local distribution companies to economically driven traders and asset managers.

*  As demand grows, physical flexibility in the system and the number of buyers
and sellers decrease on the margin.

**end**

Follow above URL for complete report (14 printed pages).

E-mail Category: Private Report
CERA Knowledge Area(s): North American Gas

***********************************************************************
**************************************************************************************
CERAWeek February 11-15, 2002 - http://www.cera.com/ceraweek

SPECIAL OFFER: Register on-line before November 30th, and a 2-Day Pass
will be upgraded to a 4-Day Pass (maximum $1,800 value).
Day 1: Global Oil/Refined Products;
Day 2: Natural Gas/Global Energy;
Day 3 & 4: Electric Power
**************************************************************************************

To make changes to your cera.com profile go to:
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Forgot your username and password? Go to:
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This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates


PLEASE REACTIVATE ZACH MCCARROLL FOR NETWORK ACCESS IMMEDIATELY.

THANKS,
MIKE GRIGSBY
VICE PRESIDENT, WEST GAS TRADING


Start Date: 10/8/01; HourAhead hour: 15;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100815.txt

Error retrieving HourAhead price data - process continuing...
---- Generation Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/8/01
  UNIT_ID: MARTEL_2_AMFOR

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/8/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: CISO_EPMI_SRP
  ENGY_TYPE: NFRM


WRONG!!
---------------------- Forwarded by Susan Scott/ET&S/Enron on 06/16/2000
09:10 AM ---------------------------

"Norman A. Pedersen" <napedersen@JonesDay.com> on 06/16/2000 01:08:18 AM
To: "Cherry, Brian - TPBKC" <BCherry@sempra.com>
cc: "'Pocta, Robert M.'" <rmp@cpuc.ca.gov>, "Cherry, Brian - TPBKC"
<BCherry@sempra.com>, "'AlexanMS@sce.com'" <AlexanMS@sce.com>,
"'paulamirault@aec.ca'" <paulamirault@aec.ca>, "'david.bayless@utility.com'"
<david.bayless@utility.com>, "'Tomb@crossborderenergy.com'"
<Tomb@crossborderenergy.com>, "'Burkee@cts.com'" <Burkee@cts.com>,
"'Craigc@calpine.com'" <Craigc@calpine.com>,
"'Rick.Counihan@greenmountain.com'" <Rick.Counihan@greenmountain.com>,
"'Jdasovic@enron.com'" <Jdasovic@enron.com>, "'Mday@gmssr.com'"
<Mday@gmssr.com>, "'bdingwall@unitedgas.com'" <bdingwall@unitedgas.com>,
"'Douglass@arterhadden.com'" <Douglass@arterhadden.com>, "'eke@aelaw.com'"
<eke@aelaw.com>, "'Jfawcet@enron.com'" <Jfawcet@enron.com>,
"'rfoss@coral-energy.com'" <rfoss@coral-energy.com>, "'Gileau, Patrick L.'"
<plg@cpuc.ca.gov>, "'johnj@bcjlaw.com'" <johnj@bcjlaw.com>,
"'Johnson_Pamela@lacoe.edu'" <Johnson_Pamela@lacoe.edu>,
"'karpjos@sf.whitecase.com'" <karpjos@sf.whitecase.com>, "'jleslie@luce.com'"
<jleslie@luce.com>, "'kmccrea@sablaw.com'" <kmccrea@sablaw.com>,
"'jmpa@dynegy.com'" <jmpa@dynegy.com>, "'porterdk@sce.com'"
<porterdk@sce.com>, "'RochmanM@cubjpa.org'" <RochmanM@cubjpa.org>,
"'RochmanM@spurr.org'" <RochmanM@spurr.org>, "'susan.scott@enron.com'"
<susan.scott@enron.com>, "Betonte, Robert - TP2RSB" <RBetonte@socalgas.com>,
"Brill, Thomas R." <TBrill@sempra.com>, "Follett, B. David - TPDBF"
<DFollett@sempra.com>, "Harrigan, James P. - TP1JPH"
<JHarrigan@socalgas.com>, "Hay, James E." <JHay@sempra.com>, "Lorenz, Lad -
TPLPL" <LLorenz@socalgas.com>, "McVay, Nancy W - TPNWM"
<NMcVay@socalgas.com>, "Morrow, Rick - TP3RMM" <RMorrow@socalgas.com>,
"Purves, Ralph A." <RPurves@SDGE.com>, "Sakarias, Wayne P."
<WSakarias@SDGE.com>, "Schavrien, Lee" <LSchavrien@sempra.com>, "Sullivan,
Glen J." <GSullivan@sempra.com>, "Surak, Thomas M. - TP1TMS"
<TSurak@socalgas.com>, "Teeter, James S." <JTeeter@SDGE.com>, "Van Lierop,
Jan - TP2JXV" <tp2jxv@socalgas.com>, "Watson, Steven - TP2SAW"
<SWatson@socalgas.com>, "Wright, Gillian - TP1GXW" <GWright@sempra.com>,
"Barker, David - TPDTB" <DBarker@socalgas.com>, "'How-Downing, Lindsey'"
<lindseyhowdowning@dwt.com>, "'Jun, Christine'" <chj@aelaw.com>, "'Khoury,
Dexter'" <bsl@cpuc.ca.gov>, "'ack@aelaw.com'" <ack@aelaw.com>, "Nelson, Eric
B. - TPEBN" <ENelson@socalgas.com>, "Suwara, J.- TPJUS" <JSuwara@sempra.com>,
"Reed, William" <WReed@sempra.com>, "'Pedersen, Norman'"
<napedersen@jonesday.com>, "'Paul, Joe'" <jmpa@dynegy.com>, "'Hawiger,
Marcel'" <marcel@turn.org>, "'Fawcett, Jeff'" <jfawcet@enron.com>, "'O'Neill,
Ed'" <ewo@jmbm.com>, "'Power, Pat'" <pjpowerlaw@aol.com>, "'Ramirez, Jaime'"
<jaime.ramirez@swgas.com>, "'Black, Larry'" <larry.black@swgas.com>, "Fair,
Pam" <PFair@SDGE.com>, "'Hall, Rich'" <rch8@pge.com>, "'Eisenman, Eric'"
<EXE3@pge.com>, "'Stoner, Ron'" <rrs5@pge.com>, "'McConn, Kathy'"
<mcconnk@epenergy.com>

Subject: Re: Final Late Exhibit Draft

_______________________________________________________________

This message and any attachments are intended for the individual or entity
named above.  If you are not the intended recipient, please do not read,
copy, use or disclose this communication to others; also please notify the
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Thank you.
_______________________________________________________________

     Your proposed draft exhibit goes substantially beyond the ALJ's order.
ALJ Biren specifically stated that the the late-filed exhibit "should be
narrowly focused on the mismatch of capacity." Tr. 1021.Thus, you need to
eliminate the column entitled "Total Take-away Capacity."  Furthermore, the
column is both suspect (e.g., the representation that EOR is 770 MMcfd) and
misleading (e.g., the inclusion of SWG or PG&E in "S. Calif Take-away
Capacity").  Also, you need to eliminate the "Avg. Daily Market" box.  The
following is what should be submitted to ALJ Biren:
(See attached file: #1070989 v1 - FIRM PIPELINE CAPACITY DELIVERY (EX. TO
I.99-07-003).doc)
 - #1070989 v1 - FIRM PIPELINE CAPACITY DELIVERY (EX. TO I.99-07-003).doc


Great!

Single, handsome, funny, successful, heterosexual....you know, all the
important stuff.

My cell # is 303.888.9064; call if you need anything.

See you a Cabo's!

Dan

[P.S.  These guys are also both Longhorns, so they can't be too bad..]


Frank Qian's interview scheduled for Friday, February 9, 2001 has been
cancelled.  I'm sorry about the inconvience.  If you have any questions
please let me know.

Thanks
Sasha Divelbiss
58714


Ben:  since Don, Jinsung and Clement are out can you provide us any of the
referenced info needed for GENCO?
---------------------- Forwarded by Thomas M Suffield/Corp/Enron on
06/22/2000 03:35 PM ---------------------------

Thomas M Suffield
06/21/2000 12:36 PM
To: Eric LeDain/CAL/ECT@ECT, Kate Chaney/CAL/ECT@ECT, Miguel
Vasquez/HOU/ECT@ECT, Adam Thomas/NA/Enron@Enron
cc: Don Miller/HOU/ECT@ECT, Berney C Aucoin/HOU/ECT@ECT, James
Simpson/HOU/ECT@ECT, Jinsung Myung/Corp/Enron@Enron, Clement Lau/HOU/ECT@ECT,
Edith Cross/HOU/ECT@ECT, Joseph Deffner/HOU/ECT@ECT, Lisa
Bills/Corp/Enron@ENRON, Chip Schneider/NA/Enron@Enron, Andre
Cangucu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Dave Delainey's Additional Requests

As per the presentation with Dave yesterday and a follow up conversation with
him today, we need the following:

Kate:   Run the model based on the "break even cost #'s" in comparison to
GENCO's #'s assuming a 6 1/2% fixed interest
  rate. (As per Dave Don Miller's GENCO group should be able to supply us
with their comparable #'s).
 Also run the model based on MAIN and ECAR curves ( we have already run the
#'s on Cinergy and West NY).
 Produce a graph showing the different curves, including ICF-Kaiser.
 Also show a graph comparing Moore's tariff build up (based on the 30 yr
curve) for Fixed and Variable O&M,    principal, interest. etc.  (Jonathan
Hoff should be of great help here).

Miguel:  Get market comps from the Confidential-CSFB study that Don Miller
has giving Asset Pricing comps for Power   Plants (GENCO related).  Also look
to get any other market/asset sales info. we showed to Orion.
 Meet with the desk to get the MAIN and ECAR curves Dave has requested we
run. (for Kate's proforma).
 Since Miguel is out after Thursday, Adam  should coordinate and follow up in
Miguel's absence.

He also gave us go ahead for the DASH and RAROC. Kate was cleaning up the
DASH and the model to pass on to  Underwriting.

Joe D. and Lisa B. are following up on the Syn. Lease structure getting with
the banks.

Eric will of course address all the other issues including technical,
transmission interface, turbine purchase, permitting, etc.

As you know, Dave wanted this done in tandem with all the other development
projects, which means ASAP.

Thanks, Thomas.


Andrea,

These deals have been changed to NYMEX swaps.

Thanks,

Errol, X5-8274

	From:  Andrea R Guillen @ ECT                           05/08/2001 02:17 PM

Sent by: Andrea R Guillen@ECT
To: Errol McLaughlin/Corp/Enron@ENRON, Laura Vargas/Corp/Enron@ENRON
cc: Larry Joe Hunter/HOU/ECT@ECT

Subject: V28710.1-2 & V28732.1-2

Hi,
 I received a call from BNP Paribas on these two EOL deals.
The trader at BNP talked to Dutch about changing the deals from Gas Daily to
Nymex
 please let me know
 Thanks Angie


choose either: Temperature Outlooks, Climate Prediction or Western Region

Mark McConnell
Transwestern Pipeline Company
713-345-7896   office
713-822-4862   cell
713-646-2551   fax
mark.mcconnell@enron.com


i will give you all that until you are 50, then i will turn you in for a 20
year old hottie.  sorry i didn't call you back last night.


Start Date: 4/10/01; HourAhead hour: 13;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041013.txt

---- SC Trades Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/10/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


Can you get Enron online on Matthew's laptop?  You could bring it.  Or Bob
will be out of town and you could go over there and trade all you want.  Of
course I would tell him.  Just let me know.  I heard from Uncle Elmer, he
said he has not forgotten about the computer and when he gets back from
Thanksgiving he will somewhere find a box in which to ship it.  Thank you
for your offer to buy me one, but just save your money for now.  I got
tickets for the ballet!  Do you know if you are flying or driving Wed?  See
you soon.  Love you, your Mom


Attached is a draft of the Confidentiality Agreement for the potential strategic transaction.  Please feel free to contact me with your comments.

Travis C. McCullough
Enron North America Corp.
1400 Smith Street EB 824
Houston, Texas 77002
Phone:  (713) 853-1575
Fax:      (713) 646-8860


Tara and Matt,

Following is the list of error message for west pl 4/17/2001 - 4/18/2001 as of this morning ----

Pipeline Name		Msg_Received_DTM		Msg_Desc					Status
--------------------------	------------------------------------	--------------------------				-------------------------------------
Northwest - Cycle 7	04/17/2001 5:36:23 PM		Include not found in file: 7	\s*
 	Job failed
Northwest - Cycle 9	04/17/2001 5:05:23 PM		Include not found in file: 9	\s*
	Job failed

Eddie


Looks good to me.  Thanks.


Just a few of questions.

1. Will Kevin take MTM income on this position on "day one?"

2. Why just 5 years sold?

3. Does your 9% contemplate covering depreciation?

Wes

John J Lavorato@ENRON
12/11/2000 08:44 AM
To: Kevin M Presto/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT, Wes
Colwell/HOU/ECT@ECT, Don Miller/HOU/ECT@ECT, Greg Whalley/HOU/ECT@ECT
cc:
Subject:

The following points refer to the methodology that we are taking to rebook
the New Albany Plant.  Please send me a note immediately if you disagree.
Assume that NewAlb is a non mark to market entity and Enron is the mark to
market entity.  However, it is fully owned and operated by us for now.

*  The power mark to market book will pay NewAlb a capacity payment of $4.87
for 5 years.  We shaped this payment as follows:

2001 - $5.06
2002 - $4.96
2003 - $4.86
2004 - $4.75
2005 - $4.65

*  This payments allows Enron to supply gas to NewAlb and receive power.

*  Enron will pay NewAlb $1000 per unit start.

*  Enron will also pay NewAlb $1.05/MW hour for varialbe o&m.

*  This will create an entity "NewAlb" that will return 9% assuming a book
value of $336/kw on 12/31/2005 vs. 409 currently.

*  If NewAlb pays the 9% out that entity should be relatively flat each year
for the next five.


guz
on your ncaa picks you have stanford beating duke in the championship game
when they would actually play in the final four and then play the winner of
the mich state / arizona game.  so you need to redo the final four picks.
chris


I will be out of the office from 07/07/2000 until 10/07/2000.

I will respond to your message when I return.


While I, too, am frustrated at how things turned out, I'm glad your content
overall with the course.  Definitely one of the best--if not THE
best--classes I've taken.  I really think that we need to get together
tomorrow nite to finalize, but I don't feel like pushing it too much.  Your
thoughts?

Best,
Jeff

	"Vavrek, Carolyn (US - San Francisco)" <cvavrek@deloitte.com>
	04/23/2001 07:08 PM

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: RE: PowerPoint info

Apology not necessary!  However, you are very kind to consider my
perspective on the group and project.  I am certainly a bit frustrated with
how this project is turning out.  We should have "white boarded" our ideas
and reached consensus in the very beginning I think.  It would have saved
all of us time.  I'm counting on Mark to drive this home for us smoothly.

But, at the end of the day, I am pleased with how much I learned in Tasker's
class, which is the ultimate point anyway.

Carolyn M. Vavrek
Manager - Human Capital Advisory Services
Deloitte & Touche
50 Fremont Street
San Francisco, CA  94105

phone: 415-783-5137
fax: 415-783-8760
e-mail: cvavrek@deloitte.com

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Monday, April 23, 2001 10:05 AM
To: Vavrek, Carolyn (US - San Francisco)
Subject: Re: PowerPoint info

Carolyn:

I wanted to apologize for the way the group dynamic has shaped up.  It's
clear to me that you're a bit frustrated, and if I've contributed, I
apologize.

You've done the most work on this project, your contribution has been very
significant, and I personally am not satisfied about the way that the stuff
you've pulled together (and your views) have been included.  At some point,
though, it gets tough beating one's head against the wall.  Seems to me
that, in a group, everyone should have some of their views
included---that's what groups and compromises are all about.  After all,
it's school.  We've made a lot of sacrifices to do it, and the point is to
learn.

Anyway, I hope you'll still comment on the presentation, and I'm glad that
you've agreed to do part of it on Thursday.  For my part, I felt that I
pushed yesterday about as much as I'm prepared to push and at this point,
I'll put the ratios tables together, offer a few edits, buy don' t see much
use going to the mat.

Overall, I think it'll be an okay presentation, though getting there has
been, well, bumpy.

But thanks very much for all the work you did.  It was important, and the
presentation is better off for it.

Best,
Jeff

This message (including any attachments) contains confidential information
intended for a specific individual and purpose, and is protected by law.  If
you are not the intended recipient, you should delete this message and are
hereby notified that any disclosure, copying, or distribution of this
message, or the taking of any action based on it, is strictly prohibited.


Gentlemen:

Attached please find the "proposed" final invitees list for the Technical,
Research, and Operations Offsite Meeting to be held April 27-29, 2000 at the
Great Divide Lodge in Breckenridge, Colorado.   I am working with Shirley
Crenshaw to secure cost-efficient travel and meeting arrangements for the
entire group.  In order to secure a group rate, we must make sure we have a
"final headcount" in place.   Please let me know by Tuesday, March 28th at
12:00 noon if you have any additions or corrections to the attached list.
Many thanks in advance for your prompt attention!


Brian,  Thanks for the kind words in the phone mail message.  I enjoy working
with you and your group and look forward to continuing to do so.  Thanks
again.


<<0071988 RESO Enron.doc>>

Dan:

First, I've attached the proposed resolution which authorizes the City
Manager to execute the Enfolio agreement.

More importantly, I need to inform you that our senior management has
reviewed the referenced contract; I have been asked to present additional
changes to the agreement for Enron's consideration and to raise questions
about certain of its terms and conditions.

Let me start from page 1, top to bottom, and proceed to the end of the
exhibits.

1.  There is the word "DRAFT" above the title of the Enfolio agreement which
should be deleted.

2.  The introductory paragraph, line 5, should not contain the words "1st of
January, 2001."  It should be left blank, until the parties have signed the
contract.  Otherwise, the City will be in breach as of the date it signs the
contract, because Article 2, section 2.1 requires the City to proffer the
to-be-approved-by-Council resolution as of 1/1/01.

3.  Article 2, Section 2.4, line 2.  The City (Customer) wants Enron
(Company) to confirm every recorded telephonic Transaction, as defined.
Therefore, the City requests the word "may" should be changed to "shall."

4.  Article 3, Sections 3.1 and 3.2, first sentence:   Buyer's Requested
Quantity refers to the DCQ or MaxDQ.  Seller's failure to Schedule the
Buyer's Requested Quantity shall constitute a Seller's Deficiency Default.
How does a Maximum Daily Delivery Point Quantity fit into a Seller's
Deficiency Default if the Buyer's Requested Quantity does not include a
Maximum Daily Delivery Point Quantity?  What is the reason for the omission?

5.  Article 4, Section 4.1, lines 15 and 23:  Line 23 refers to "reasonable
attorneys' fees" yet line 15 refers to "attorneys' fees."  To be internally
consistent, line 15 should say "reasonable attorneys' fees."

6.  Section 4.1, right hand column, lines 3-4.  A statement showing the
determination of the Termination Payment will be prepared.  It's unclear
whether the City is entitled to review and challenge the determination
before a dispute is referred to arbitration.  The City should be entitled to
receive a copy of the determination and to question it before it is
obligated to pay the Termination Payment.  Please clarify, or permit the
City to exercise these rights.

7.  Section 4.2(iv) specifies that a Triggering Event will exist if a
bankruptcy petition is undismissed within 30 days.  Is this (under
bankruptcy laws) the minimum period of time within which one may seek
dismissal of a bankruptcy petition?  Please refer to the 11 USC section that
backs up this provision, or change to 60 days.

8.  Section 4.2(v) and (vi):  Please change "30 days" to "5 days."  The City
is concerned with the number of days that Enron may be permitted to fail to
Schedule before a Triggering Event is triggered by Enron.

9.  Section 4.2(ix):  this language discusses a default by Enron Corp.
(ENA's parent?), but no mention is made of ENA's default in this regard?
Please explain.

10. Section 4.5, line 4:  Is "a Company" supposed to refer to "the Company"
?

11. Article 5.  The City is uncomfortable with the force majeure provision
as drafted.  It states that the parties must perform even if a FM event
(earthquake) would prevent either or both parties from performing with the
60-day period stated therein.  There is no such limitation under California
law in the absence of a contract provision to the contrary.

12.  Article 7, Section 7.2:  Could Enron translate the last sentence?  We
don't understand it.

13.  Appendix "1":  Act:  Please explain why Section 3 is referred to?

14.  Appendix "1", Claims, line 4:  Please add "reasonable" before
"attorneys' fees.

 15.  Appendix "1", GAAP:  This should read: "GAAP means generally accepted
accounting principles, consistently applied, with respect to Company, and
governmental generally accepted accounting principles, consistently applied,
with respect to Customer."

16.  Appendix "1", Interest Rate:  Please delete "two percent over".  The
City has a AAA bond rating, therefore, the  City believes the 2% over prime
should not apply to it.

17.  Appendix "1", Material Adverse Change:  What does Enron believe the
City's Net Worth to be?  The $400 million threshold is mentioned.  Also,
what is ENA's bond rating?  Is "BBB-" an investment grade rating?

18.  Representations and Warranties:  Because we have agreed that the
opinion of counsel will not be required, the reps and warranties are being
deleted.  But the "Representations and Warranties" is nevertheless included
in the agreement.  Item (i) should be deleted, because the City has not
undertaken a court search as is our custom and practice whenever we issue an
opinion.  We would like to delete "and (vii) it is not ... Party."

19.  Operational Flow Orders, line 8:  Please add "reasonable" before
"attorneys' fees."

20.  Financial Matters, line 8:  What is meant by "to the extent it has a
legal right of access thereto and/or ...etc."

21.  Arbitration, Disputes to be Arbitrated.  We do not as a matter of legal
policy agree to arbitration, but we will mediate disputes.  Is Enron
amenable to mediation?  This process is less formal and less costly in my
opinion.

22.  Authority for Transactions.  Staff would like the Agreement to include
a list of employees for Company and Customer who are authorized to trade on
behalf of their employers.  Could a statement be added to this section to
this effect?  Then, we could attach the list(s) as an Exhibit C.

Thank you so much for considering these issues.  There are others which I
hope to receive from staff next week and which I will forward to you for
response.

Look forward to hearing from you soon.  I will be out of town after today
until Wednesday, March 7.

Sincerely,

Grant Kolling
  -----Original Message-----
  From: Dan.J.Hyvl@enron.com [mailto:Dan.J.Hyvl@enron.com]
  Sent: Tuesday, February 27, 2001 6:16 AM
  To: grant_kolling@city.palo-alto.ca.us
  Cc: Kim.Ward@enron.com
  Subject: Re:  Enfolio Master Firm Purchase/Sale
Agreement

   << File: 2001-002ctr.doc >>
  (See attached file: 2001-002ctr.doc)

  Grant,
       I have incorporated the language you provided to me in
the attached
  document.  I have been informed by the Corporate Secretary's
office that
  they will issue a Certificate of Incumbency showing that the
person
  executing the contract for ENA is authorized to execute
contracts for ENA.
  No other party signs as to form or terms, however, the
officer executing
  for ENA will require that the deal person and I initial on
the line next to
  his signature.  I have reviewed the proposed draft
resolution.  ENA will
  accept the enacted resolution and will not require that the
City Attorney
  issue an opinion.  If the attached contract is acceptable,
please print off
  2 originals, have them approved, signed and forward to me
for ENA's
  approval and signature.  Once the contract is fully
executed, I will return
  one fully executed original to you for the City's file.

 - 0071988 RESO Enron.doc


Per your request, listed below are the addresses for PG&E Energy Trading - Gas Corporation and PG&E Energy Trading - Power L.P.

Address:  	PG&E Energy Trading-Gas Corporation 1100 Louisiana, Suite 1000 Houston, Texas  77002 Attn: Vice President of Risk Management	Facsimile No.: (713) 371-6629 Telephone No.: (713) 370-6964

Address:    	PG&E Energy Trading - Power, L.P. 7500 Old Georgetown Road Bethesda, Maryland  20814 Attn.:  Senior Vice President	Facsimile No.:  301 280-6601 Telephone No.:  301 280-6600

Samantha M. Boyd
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803
Houston, Texas 77002
Ph:  (713) 853-9188
Fax:  (713) 646-3490

 -----Original Message-----
From: 	Jones, Tana
Sent:	Tuesday, November 06, 2001 1:34 PM
To:	Boyd, Samantha
Subject:	FW: PG&E Master

Can you please handle this for Chris.  Thanks.
 -----Original Message-----
From: 	Gaffney, Chris
Sent:	Tuesday, November 06, 2001 12:42 PM
To:	Jones, Tana
Subject:	FW: PG&E Master

Tana - Would you be able to help me out by looking in our ISDAs with PG&E Energy Trading - Gas Corporation and PG&E Energy Trading - Power L.P. and letting me know their notices addresses.  I need these as I am trying to get the requisite security registrations done in respect of the master netting agreement with PG&E.  If you are unable to assist me please let me know.

Thanks
CJG
 -----Original Message-----
From: 	Crawford, Sharon
Sent:	Tuesday, November 06, 2001 1:03 PM
To:	Gaffney, Chris
Subject:	RE: PG&E Master

PG&E Energy Trading - Canada Corporation
Suite 1740, 335 - 8th Avenue S.W.
Calgary, Alberta  T2P 1C9
Fax:  262-8867

CEG Energy Options, Inc.
Suite 101, 2366 Avenue C North
Saskatoon, Saskatchewan  S7L 5X5
Fax:  (306) 934-2440
[Note:  This is from an unexecuted Master]

PG&E Energy Trading - Gas Corporation
10375 Richmond, Suite 300
Houston, Texas  77042
Fax: (713) 917-1598
[Note:  Chris, the above address is from the Notice section in the Master Agreement; however, I noticed that an amendment to the Master Agreement dated February 19, 1999 has the following address:

	1100 Louisiana, Suite 1000
	Houston, Texas  77002

I also note that a confirm dated January 8, 1999 has an address of:  PO Box 4791, Houston, TX  77210-4791.  Confirms have been faxed to (713) 371-6309.]

We do not have anything with PG&E Energy Trading - Power L.P.

 -----Original Message-----
From: 	Gaffney, Chris
Sent:	Tuesday, November 06, 2001 9:57 AM
To:	Crawford, Sharon
Subject:	PG&E Master

Sharon - I need your assistance with respect to the registrations that we have to do in respect of the PG&E Master Netting Agreement.  In this regard would look up the address for PG&E Energy Trading, Canada Corporation as such address is set out in the notice provisions of our gas master with PG&E Energy Trading, Canada Corporation.

Also, could you do the same for CEG Energy Options Inc., PG&E Energy Trading - Power L.P. and PG&E Energy Trading - Gas Corporation.  If we do not have masters in place, look in other executed agreements, and if no agreements are executed please look in recent drafts of unexecuted agreements (and note that the address is from an unexecuted draft).

If you have any questions please call or email.

Thanks
CJG


NEWS
Technical woes to stall power swap
R.A. Dyer
Star-Telegram Austin Bureau

Jun. 1, 2001
Fort Worth Star-Telegram (Texas)
FINAL
Page 1
(Copyright 2001)

AUSTIN - Electric deregulation comes to Texas today, but Texans who signed up
to switch to a new power company face at least a month's delay because of
technical problems, government and utility officials said Thursday.

Computers at an organization overseeing the state's electric grid still
cannot process the tens of thousands of requests to transfer service from one
electric company to another, officials said. Such service transfers are the
backbone of the deregulation program, under which electric companies compete
for customers.

The state begins phasing in deregulation today with a pilot project allowing
customers to pick their provider. Full deregulation is scheduled to begin in
January. Deregulation has been branded a disaster in California, but Texas
officials say they are being careful not to make the same mistakes.

Regulators are calling for "virtual" switching that would allow billing from
new providers to start in July - about a month late - even if the new
computers still cannot handle the load, officials said. Both utility groups
and consumer advocates are critical of virtual switching.

Carol Biedrzycki, a consumer advocate who helps oversee the deregulation test
project, said: "I'd say we have serious problems. I didn't think there would
be as many technical problems as we're having. ... I'm not saying they're
doing a bad job - but it's just much more complicated than anybody thought it
would be."

The state's deregulation law opens Texas to full retail competition among
electric utilities next year. But a less ambitious test project kicks off
today in which companies can compete for up to 5 percent of the market, and
the grid operator can test its new computer systems.

As part of that kickoff today, the grid operator will christen its
45,000-square-foot, $12 million control center in Austin. It also plans to
open an 85,000-square-foot, $33 million facility next year.

Tom Noel, executive director of the Electric Reliability Council of Texas, or
Ercot, which operates the grid, expressed optimism Thursday and played down
any reported delays in the pilot project. He said the council can now manage
about 100 switches a day but should be able to process about 20,000 each day
next month.

"But there are aspects [ of the pilot] that will occur later than we
thought," said Noel.

"We have gone through various mock market drills and in my opinion, [the
system] does not work well enough yet to proceed. We're going through it in a
very deliberate way," he said.

The challenge of managing so many switches - over 57,000 residential
customers have requested a change under the pilot - has also earned Texas a
spot on a "monitoring list" for summertime electric problems.

According to a report last month by the North American Electric Reliability
Council, an industry organization of power grid operators, the reliability
council's conversion could lead to operational difficulties this summer.

But Noel played down the potential for difficulties and said the system
should be fully operational in time for full competition in January. "We
realize that we need to go through this at a walking pace," he said. "We'll
do a small number of switches, for each of the competitive retailers, just to
be sure that our system is working as it should."

The Electric Reliability Council of Texas, utilities and the state Public
Utility Commission have also begun discussing the implementation of the
so-called virtual switch process, which would bypass the fully automated
system now being used, say utility and regulatory officials.

The proposal has drawn criticism from both utility groups and consumer
advocates, who say it does nothing to prepare Texas for deregulation because
it does not test the system that would operate when the market fully opens
next year. But business groups and regulators - at the PUC's request -
continue discussing how to implement the virtual switch-over.

TXU spokesman Christopher K. Schein characterized the proposal as a sort of
"trophy switch" that allows officials to boast that they have been able to
switch customers from one company to another - even though the underlying
computer systems remain untested. "It's a system that's difficult to manage
and you're focusing companies to detour resources to create a short-term
fix," he said.

Janee Briesemeister, a senior policy analyst at Consumers Union, said
regulators would create "a pretend market" through virtual switching. "And
that's just adding additional costs onto an already very, very expensive
operating system," she said. "The pilot is called a pilot for a reason, and
that's because the purpose is to test the systems necessary to support the
new market structure."

Although electric competitors can serve up to 5 percent of the market under
the pilot project beginning today, far fewer customers have expressed
interest in changing service.

In the TXU service area, 19,533 residential customers have signed up for a
competitor's service. That represents about 22 percent of the customers
eligible for service under the pilot, and about 1 percent of all residential
customers in the TXU service area.


Grid Lock Our energy transport system is horrible. Just the way many
utilities like it.
Forbes, 05/11/01

US Sen. Feinstein Urges Hearings On FERC 'Improprieties'
Dow Jones Energy Service, 05/11/01

U.S. Physical Gas Cash Prices Fall; No Load Weekend
Dow Jones Energy Service, 05/25/01

FOCUS Brazil real to remain pressured due to energy crisis/political concerns
AFX News, 05/25/01

Vice Pres Cheney Sees Wood As New FERC Chairman - NYT
Dow Jones Energy Service, 05/25/01

INDIA: Enron's woes make Indian power firms anxious.
Reuters English News Service, 05/25/01

Enron Unit's Sales, Costs Rise With Power Prices, Paper Says
Bloomberg, 05/25/01

India Enron Panel Lacks Authority to Solve Dispute, Expert Says
Bloomberg, 05/25/01

Companies People Ideas
Grid Lock Our energy transport system is horrible. Just the way many
utilities like it.
BY Daniel Fisher and Lynn Cook

06/11/2001
Forbes
080
Copyright 2001 Forbes Inc.

Our energy transport system is balkanized and horribly inefficient.
Unfortunately, many of the incumbent utilities want to keep it that way.
The Bush energy plan hits hard on increasing production. That alone won't
solve the nation's power crunch. "Supply is not the only issue," says
Michelle Michot Soss, director of the Energy Institute at the University of
Houston. "The issue is bottlenecks."
Some of these bottlenecks are political. A lot of them are created by
incumbent utilities that do not welcome competition.
Florida, for example, whose demand for electricity is growing at about 3.7% a
year, is a net importer of energy. It generates around 24% of its power in
aging oil-fired plants that should be replaced with more efficient
combined-cycle generators. These burn natural gas in a turbine and use the
hot exhaust gases to create steam, which spins a second turbine; they spew
out less particulate and consume about a third less energy.
So why doesn't Florida get efficient power plants? First, the state has only
one main gas pipeline, though others are working their way through the
regulatory process. More vexing is a state law, zealously defended by Florida
utilities, that bans outside competitors from building combined-cycle plants
larger than 75 megawatts--enough to juice 75,000 households--on the dubious
theory that they waste water. Duke Energy tried to challenge the law with a
500-megawatt plant in New Smyrna Beach. FPL Corp. (parent of Florida Power &
Light) fought the plant all the way to the Florida Supreme Court and won.
Florida's screwy power-plant law is just one example of the byzantine
regulations that stymie efforts to make the nation's energy grid more
efficient and prices more competitive. From laws that protect utilities
against more efficient rivals to outdated state regulations that discourage
the construction of transmission lines, these choke points either waste
energy or make it impossible for energy to get where it should go.
A series of state laws in the 1920s laid down the monopolies on grids. They
were codified in the Public Utility Holding Company Act of 1935, a populist
law that identified bigness with badness in the electricity business: To
avoid federal scrutiny and regulation, most utilities decided not to operate
outside their own state boundaries; rate setting fell to the states. But even
as wholesale electricity markets have been deregulated, utilities can still
bat away outsiders by reserving their own transmission lines for "native
load." This allows them to keep an open lane on the energy highway, as it
were, to rush electricity to certain customers when their demand suddenly
spikes.
In such areas as the Southeast, the owner of a transmission line has a pretty
free hand in calculating what its native load is. So Southern Co., which owns
utilities in Georgia and four neighboring states, can determine how much
power to let into its territory.
Southern Co. defends the rule, saying its primary job is ensuring customers
get all the power they need. "The marketers would like to schedule another
10,000 megawatts of power to go across our lines tomorrow," says William
Newman, a senior vice president. "It's not going to happen. The system wasn't
designed for it."
Enron disagrees. Utilization of its natural gas pipeline system increased 50%
in the five years after the gas market was deregulated. Steven Kean, head of
government regulations at the Houston-based giant, thinks similar gains are
possible in electricity if companies like Southern are forced to hand over
control of the grid to independent regional boards that will determine how to
allocate power flows and where to build new lines. The utilities "don't want
to accept the economically pure solution," he says. "Once utilities have been
adequately compensated for their stranded costs, then it's time for them to
shut up, sit in the corner and let the economists and lawyers work out the
details."
Lawyers and economists making decisions for us? That doesn't sound like
deregulation. But there is a case to be made for separating control of power
lines from control of other utility assets. Phillip G. Harris is chief
executive of PJM (it stood for Pennsylvania-Jersey-Maryland), a regional
power line organization. Since this independent system operator was formed in
April 1997 and six local utilities ceded control over transmission lines,
reliability has gone up and prices down, he says. Where Southern Co. will
only add transmission capacity if it has a firm contract in hand, PJM can
order lines to be built. Its member companies are spending $311 million over
the next three years on new lines to increase the flow from power-rich to
energy-poor areas.
Last May temperatures hit the highest levels since 1930 at the same time as
15,000 megawatts of PJM's 59,000 megawatts were out of service for
maintenance. As the peak load rose to 51,000 megawatts--7,000 more than was
available within PJM--power streamed in over a dozen entry points. Prices
topped out at $432 a megawatt hour. That's about four times what you are
probably paying for residential service, but it stands in contrast to spikes
in the thousands of dollars in California and the Midwest during similar
crises.
Unfortunately, what works inside PJM doesn't transfer to Los Angeles, much
less to Manhattan. Different rules regarding electricity transactions and a
shortage of transmission lines make it difficult to export electricity across
the Hudson River. When Hydro-Quebec tried to build a power line across Long
Island Sound in 1999, Connecticut nixed the idea. Ostensible reason: the
possibility of harm to oyster beds. Real reason: Folks in New Haven asked,
what's in it for us--and didn't see any clear benefit to them. There is,
unfortunately, no mechanism for buying off losers in these deals, such as
property owners near, but not under, the power line. So they hire lawyers and
talk solemnly about oysters.
California's bottleneck is on Path 15, a 500,000-volt transmission line that
links the northern and southern halves of the state. Path 15 can't
accommodate the flows of power needed when the weather is cool in San
Francisco and hot in L.A. But the legal and financial chaos in California,
with the state on the verge of taking over much of the transmission system,
discourages investors from backing an increase in capacity. "If we put in
good rules on how to operate transmission systems, you would see investment,"
says Lawrence Makovich, an analyst with Cambridge Energy Research Associates.
"The problem is right now there is no such plan."
Enron is trying to force the Federal Energy Regulatory Commission to take
charge, so far to little avail. In a case pending before the U.S. Supreme
Court, Enron accuses FERC of abdicating its responsibility to do for
interstate trading of electricity what it did for trading of gas.
But forcing FERC down that path will be difficult. Natural gas producers
needed interstate pipelines to get to big markets in the North, which needed
the gas. But incumbent (and politically connected) electric companies have no
such incentive to stimulate a national market in electricity. "There's not a
single incentive in the entire U.S. to relieve congestion," states Jeanine
Hull, president of Strategic Energy Advisors and a former power-company
lawyer. "Ask yourself this question: If you had a chance today to retain your
monopoly or compete, which would you choose?"

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

US Sen. Feinstein Urges Hearings On FERC 'Improprieties'

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -(Dow Jones)- U.S. Sen. Dianne Feinstein, D-Calif., called Friday
for Senate hearings to investigate "possible improprieties" involving the
Federal Energy Regulatory Commission's relations with the industry it
regulates.
"Despite evidence of manipulation and price gouging in both the electricity
and natural gas markets in California and the West, and a finding by FERC
last November of 'unjust and unreasonable' (electricity) rates, the
commission has failed to take the actions necessary to bring reliability and
stability to the marketplace," Feinstein said in a letter to Sen. Joe
Lieberman, D-Conn., seeking hearings by the Senate Governmental Affairs
Committee.
Feinstein cited a report in The New York Times Friday in which FERC Chairman
Curt Hebert related a phone conversation with Ken Lay, chairman of Enron
Corp. (ENE). Hebert alleged that Lay offered to bring his influence to bear
with the Bush administration to maintain Hebert as chairman if the regulator
would adopt policy positions favored by Enron.
Hebert is quoted as saying he was "offended" by the conversation. Lay
disputed Hebert's account.
The Times article also quoted Vice President Dick Cheney as saying Texas
utility regulator Pat Wood has "got to be the next chairman of the FERC" to
address problems in electricity markets. Cheney's remark is slated for
broadcast by the public television program "Frontline."
"While Mr. Lay's account (of the conversation) differs, it is clear that the
citizens of the United States, especially the people of California, who are
suffering from FERC's failure to do its job, deserve an investigation and
full public hearing into what happened," Feinstein said in the letter to
Lieberman.
"FERC is a $175 million-a-year agency charged with regulating the energy
industry, and it would be unconscionable if any of the nation's electricity
traders or generators were in a position to be able to determine who chairs
or becomes a member of the commission," Feinstein wrote.
"Since FERC has refused to fulfill its legally mandated function under the
Federal Power Act to restore 'just and reasonable' electricity rates, we need
to ask whether undue influence by the companies that FERC regulates has
resulted in its failure to act," the letter said.
Feinstein seeks a broad investigation into FERC, and not just an airing of
the Lay-Hebert exchange, which Feinstein said she sees as an example of "a
definite problem," the senator's spokesman, Howard Gantman, said.
"There are very close relationships between FERC and the industry it
regulates. Some of those relationships could be improper," Gantman said.
Lieberman, who has requested that the General Accounting Office investigate
FERC's response to the California electricity crisis, will become chairman of
the Governmental Affairs Committee when Democrats assume the Senate majority
in about two weeks.
There was no immediate response from Lieberman's office regarding Feinstein's
letter.
-By Bryan Lee, Dow Jones Newswires, 202-862-6647, bryan.lee@dowjones.com

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

U.S. Physical Gas Cash Prices Fall; No Load Weekend

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- U.S. natural gas physical prices fell Friday ahead of a
no-load holiday weekend, widening considerably the differential to the New
York Mercantile Exchange futures board.
Traders saw storage buying providing the only hint of demand.
Also, several pipelines in Texas, along with El Paso's Tennessee Gas and PG&E
Citygate, held system-wide operational flow orders on the high inventory
resulting from storage. Those orders also sent prices downward, traders said.
Demand remains slight with only hints of sustained hot weather sighted in the
next two weeks,traders said.
With few demand fundamentals in place, traders saw few utilities in the
market.
The Nymex June futures contract settled at $3.973/MMBtu, down 8.1 cents, the
first time the front contract has fallen below $4/MMBtu in nearly 10 months.
Traders pointed to 17,000 option puts at $4/MMBtu supporting the June
contract. Options expired Friday; the June contract expires Tuesday after the
Memorial Day weekend. Traders expect a $3.80-$4/MMBtu range on Tuesday for
expiration.
Also, Enron Online will keep its trading boards open for the holiday.
Prices for the June contract are in the same range as they were a year ago,
when driving heat and competition for gas during May pushed prices upward.
At the benchmark Henry Hub in south Louisiana, prices were in a
$3.76-$3.90/MMBtu range, down 25 cents-35 cents.
Deals at Transcontinental Gas Pipe Line Station No. 65 were done at
$3.82-$3.94/MMBtu, down 25 cents-32 cents.
At the Arizona-California border, El Paso's prices fell $1.40-$2.55/MMBtu to
a $9.80-$11.50 closing range. Western electricity prices weakened again
Friday for the holiday, and traders said pipelines into California were
showing high inventories.
At the PG&E Citygate, prices fell $4.25-$5.50 to a $3.90-$4.40/MMBtu closing
range on the reported operational flow order.
Buyers paid $3.74-$3.90/MMBtu at the Katy hub in East Texas, down 23 cents-32
cents. At Waha in West Texas, buyers paid $3.59-$3.75, down 30 cents-39
cents.
-By John Edmiston, Dow Jones Newswires,713-547-9209;
john.edmiston@dowjones.com

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

FOCUS Brazil real to remain pressured due to energy crisis/political concerns

05/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

SAO PAULO (AFX) - The real is likely to remain under pressure in the
short-to-medium term due to concerns about the impact of the energy shortage
crisis on the economy and ongoing political worries, analysts said.
They said the energy shortage problems are scaring away direct foreign
investment, while political concerns ahead of the presidential elections next
year are expected to come much more to the forefront once the Argentine debt
swap operation is completed at the start of next month.
The real was at 2.3480 against the dollar in afternoon trade, down about 20
pct from the end of last year.
Analysts said the weakness of the real combined with a generally-accepted
slowdown in GDP growth as a result of the energy crisis has complicated the
task of the central bank's monetary policy committee Copom.
The Copom raised its base interbank Selic rate to 16.75 pct from 16.25 pct
earlier this week, in what was regarded by many analysts as a preventive move
against the inflationary impact of the real's depreciation.
In a recent report, Banco Santander Central Hispano SA said it has revised
its forecast for Brazil's 2001 GDP growth to 2.2 pct from 4.1 pct previously
due to the possible impact of the government's energy rationing plan.
BSCH said it is also cutting its 2002 GDP growth estimate to 3.0 pct from 4.5
pct previously.
BSCH also revised its forecast for the real's level against the dollar to
2.30 by end-2001 from 2.13.
"Argentina's problems and their effects on the flow of capital to Brazil...
added to energy rationing and stronger perceptions of political risk hinder a
significant appreciation of the real, although we consider a possible gradual
solution to the Argentine crisis," BSCH said.
Analysts said central bank intervention yesterday and today in the foreign
currency market in an effort to stem the real's depreciation is clear
evidence of the central bank's concerns about the local unit.
The central bank today sold 2.0 mln dollar linked-bonds maturing on March 14,
2002 after selling 1.0 mln dollar-linked bonds yesterday.
"We don't know how far the real will go. Everything points to a situation in
which the dollar will move to the 2.45 level against the real in the short
term and never return to the 2.0 level it was at at the start of the year,"
Brazilian Institute of the Economy (IBRE) director Renier Garcma said.
Direct foreign investment has slowed down this year as a result of the
concerns surrounding Brazil.
The government has already revised its estimate of direct foreign investment
in Brazil this year to 19 bln usd from 24 bln previously. Direct foreign
investment in the four months to April was 6.6 bln usd, about half the levels
posted a year earlier.
Enron Corp recently suspend investments of 600 mln usd in the Brazilian
energy sector, citing regulatory concerns, while the government decided to
postpone indefinitely the privatisation of Cia Energetica earlier this month
due to the energy crisis.
The minimum price for the sale of Cesp Parana was set at 1.7 bln reals, with
a number of foreign companies lined up to bid.
"Investors are shying away from carrying out operations in the country. The
energy crisis has had a disastrous impact on Brazil's image; the country risk
has risen and companies are opting for saver markets," IBRE's Garcma said.
Analysts said the energy crisis has strongly affected the image of President
Fernando Henrique Cardoso and has therefore strengthened the opposition's
position ahead of next year's presidential elections.
They said corruption allegations involving former and current senior
officials in the government and the alleged breach of vote secrecy rules at
the Senate resulting in proceedings for the dismissal of former Senate
chairman Antonio Carlos Magalhaes and senator Jose Roberto Arruda have
complicated the political scenario.
Yesterday, Senator Arruda resigned from the Senate, while a local TV news
channel reported Magalhaes will resign next week and attack Cardoso.
"The government seems to have lost direction," one analyst said.
Earlier this month, Congress rejected a petition presented by the left-wing
Workers Party (PT) to set up a joint Congress-Senate commission to
investigate corruption in the private and public sectors after 20
parliamentarians belonging to parties within the ruling coalition withdrew
their support for the motion.
Opposition deputy Aloizio Mercadante at the time said the PT was preparing
legal action against the government and the deputies who withdrew their
support for the petition, alleging they were offered financial incentives to
do so.
Analysts said fears remain that the opposition will attempt to revive the
corruption commission issue, further complicating the governability of the
country in an already delicate moment.
bl/cdo/lbc/as For more information and to contact AFX: www.afxnews.com and
www.afxpress.com

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

Vice Pres Cheney Sees Wood As New FERC Chairman - NYT

05/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -(Dow Jones)- Vice President Richard Cheney expects Texas Public
Utilities Commission Chairman Pat Wood to become chairman of the Federal
Energy Regulatory Commission, according to Friday's New York Times.
In an interview for an upcoming episode of the PBS series Frontline, Cheney
says, "Pat Wood's got to be the new chairman of the FERC, and he'll have to
address" various problems in electricity markets, according to the Times
article, part of a joint effort with the Frontline program.
The article says current Republican FERC Chairman Curtis Hebert received a
call from Enron Corp. (ENE) Chairman Kenneth Lay this year prodding him to
back a national push for retail electricity competition and faster access to
the power transmission grid in exchange for Enron's support of Hebert in his
new job.
It quotes Hebert as saying, "I was offended."
Lay, one of President George W. Bush's largest campaign contributors,
provided the White House with a list of preferred candidates for FERC posts
and had access to the White House energy policy task force chaired by Cheney,
the article says.
Wednesday the Senate Energy and Natural Resources Committee approved Wood and
Nora Brownwell of the Pennsylvania Public Utilities Commission, Bush's
nominees to fill two empty seats on FERC's five-member board. The full Senate
has yet to approve them.
It would be up to the president whether to replace Hebert as chairman. In the
Times article, Hebert said no one has told him he would be replaced.
-By Campion Walsh, Dow Jones Newswires; 1-202-862-9291;
campion.walsh@dowjones.com

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

INDIA: Enron's woes make Indian power firms anxious.
By Himangshu Watts

05/25/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, May 25 (Reuters) - India's private power producers demanded on
Friday that the federal government intervene in Enron Corp's bitter row with
a local utility and state clearly if it wants the U.S. energy giant to stay
in India or quit.
"The government needs to decide whether we want Enron or not. In case they
don't want Enron, they should spell out the reasons for it," Harry Dhaul,
director-general of the Independent Power Producers' Association of India,
told Reuters.
But Federal Power Secretary A.K. Basu said Enron and the Maharashtra State
Electricity Board (MSEB) had to resolve their differences over the $2.9
billion project themselves.
"Basically the Maharashtra government and Dabhol have to sort it out," Basu
told reporters after a meeting with Wade Cline, the chief executive officer
of Enron India.
Basu stuck to the federal government's stand that it would help implement any
proposal emerging from negotiations between the Dabhol Power Co, 65-percent
owned by Enron, and the MSEB.
Dhaul said the fate of Dabhol, India's largest direct foreign investment and
biggest power project, would determine the future of domestic and foreign
private investment in power and other infrastructure projects.
"It is an important issue. It is a benchmark for all future infrastructure
investments of $1 billion plus."
On Thursday, Enron said the MSEB cancelled a disputed power-buying contract
just five days after the Houston-based energy firm moved to pull out of the
project.
WANT PRO-ACTIVE APPROACH
Dhaul said the federal government should intervene in the dispute between
Enron and the utility. "We want a pro-active approach in supporting
independent power producers."
Basu said the government had advised Enron to thrash out the matter with the
negotiation committee set up by the Maharashtra government. The committee is
due to meet on May 29.
Cline refused to answer questions from reporters and only said the company
would not renegotiate the power-buying contract on the basis of a committee
set up by the state government.
"We won't renegotiate on the basis of the Godbole Committee report," he said.
The committee, chaired by a former bureaucrat Madhavrao Godbole, has
suggested that the tariff be re-negotiated to make it cheaper and to remove
the dollar linkage which resulted in a steep increase each time the rupee
fell against the dollar.
Dabhol has come under fire because of the relatively high cost of its power.
Critics object to it charging 7.1 rupees per kilowatt hour versus 1.5 rupees
charged by other suppliers.
Dabhol Power Co is building India's largest power plant with a total capacity
of 2,184 MW.
The first phase of the $2.9-billion project with a capacity of 740 MW began
operating in May 1999. The second phase that will add 1,444 MW of capacity,
is expected to be completed this year.

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

Enron Unit's Sales, Costs Rise With Power Prices, Paper Says
2001-05-25 13:00 (New York)

     Portland, Oregon, May 25 (Bloomberg) -- Enron Corp.'s
Portland General Electric reported first-quarter earnings rose
10 percent as high electricity prices pushed up both sales and
costs for the Oregon power producer, the Oregonian reported.
     The company earned $43 million, the paper said. Revenue from
wholesale power sales was $480 million, three times the year-
earlier period, even as costs to buy electricity almost doubled.
     PGE's power plants produce less than half the electricity
needed to supply its 728,000 Oregon customers, forcing the company
to buy power on the same markets into which it sells, the paper
said. Dry weather is cutting hydropower resources, and easing
wholesale prices could make it more difficult for the company to
profit from power sales outside the state, the paper said.
     Edison International's Southern California Edison, which has
filed for bankruptcy, and two California agencies, one of which is
now defunct, owe the company $128 million, the paper said. The
company is pursuing collection, the paper said, citing Chief
Financial Officer James Piro.

India Enron Panel Lacks Authority to Solve Dispute, Expert Says
2001-05-25 07:16 (New York)

India Enron Panel Lacks Authority to Solve Dispute, Expert Says

     Mumbai, May 25 (Bloomberg) -- Indian negotiators lack the
authority to solve a dispute that has shut down Enron Corp.'s $3
billion power plant, India's single biggest foreign investment,
said a former member of the negotiating committee.
     The negotiators will meet Enron officials on Tuesday next
week, though any proposals made will not be binding on either
Dabhol Power Co., 65 percent owned by Enron, and the Maharashtra
State Electricity Board, the official said. Maharashtra, Dabhol's
sole customer, has refused to pay some of its power bills.
     ``Where is the guarantee Enron and the government will accept
what the committee recommends,'' said R.K. Pachauri, director-
general at the Tata Energy Research Institute, a research
organization. Pachauri said he quit the committee because it was
being asked to renegotiate the project, when it was set up to
solve the payment dispute.
     Maharashtra yesterday served Dabhol notice canceling the
power purchase contract, six days after Dabhol gave the board
notice it was set to pull out of the project in six months.
     The board has refused to pay Dabhol 3 billion rupees for
power supplied in December and January, saying the bills should
reflect a 4 billion rupee penalty it imposed on the company Jan.
28 for failing to supply power at full capacity.

                            Meeting

     Other India officials said the two parties can't afford not
to negotiate as there is too much at stake.
     Mahrashtra and Dabhol serving each other notices is ``simply
legal maneuvering,'' said Kirit Parikh, an economist on the prime
minister's economic advisory council.
     ``It won't affect the process of finding a solution because
``the ground reality is neither Enron nor Maharashtra can afford
not to find a compromise'' to the dispute, Parikh said.
     The government needs a solution as it could be left footing
the bill.
     India's federal and state governments, which have guaranteed
the board's payments for power and some of the loans to help fund
the project, may have to pay Dabhol more than 170 billion rupees
($3.6 billion) if it terminates the 2,184 megawatt power project.
     ``We are going back to Maharashtra tomorrow to work on the
problem.'' Dabhol managing director Wade Cline said. Cline was in
New Delhi to meet A. K. Basu, secretary to the ministry of power.


This work request is limited to April 2002 data.  Please see the attached
amendment.

Hollis

---------------------- Forwarded by Hollis Kimbrough/EWC/Enron on 05/03/2002
10:16 AM ---------------------------

Hollis Kimbrough
05/03/2002 09:40 AM
To: Information Services@ENRON
cc: Mark Fisher/EWC/Enron@Enron, Kevin Cousineau/EWC/Enron@ENRON

Subject: Work Request

Please see the attached work request.

Thanks,
Hollis


Just a little heads up. It is going to be so cold in Omaha next week.  Will
probably hit around Tuesday.  Expect highs below zero.for about a week..
Better get your chores done this week because you are not going to want to go
outside next week..  Haven't seen it this cold since 1983.. Will encompass
the entire country.  Gas prices going through the roof.


Amy,  I revised a few things in the agreement.  Should be ready to go.


FYI
---------------------- Forwarded by Todd Peterson/ENRON_DEVELOPMENT on
03/06/2001 07:23 PM ---------------------------

Victor Vega
03/06/2001 01:33 PM
To: LshepherdEco@aol.com, Larry Snyder@EES, Todd Peterson@enron.com
cc:

Subject: Last report

Could any of you help me in answering these questions?

Victor
---------------------- Forwarded by Victor Vega/ENRON_DEVELOPMENT on
03/06/2001 02:29 PM ---------------------------

"Robert Arvedlund" <robert.arvedlund@ferc.fed.us> on 03/06/2001 12:05:00 PM
To: <Victor.Vega@enron.com>
cc: <gcurran@enron.com>

Subject: Last report

Item 5 under Significant Plant Modifications Proposed says you are  examining
design changes required to install a mooring line tension meter and  ship
approach velocity meter on the dock(???).
?
What is the rationale for why you feel these two items are needed and can
you tell me how they work and what happens if they measure beyond some set
point.? What are the set points you want to measure and why??  Thanks.