Hi Shona,

Thanks for the update - I was out late last week for the RAC Conference.

Although the urgency of the situation was stressed when requesting this
information, we followed up with an email on October 10 to Dan Houston
(attached below) when it appeared that they would not be able to provide us
with the information - the email gives an overview of the project and
stresses the urgency that we obtain the documentation.

As you note that the information was there, have you already completed this
portion of the deal test?  If not, and you would like for us to complete it,
would you have the documentation sent to me at 3AC1904?

I have not heard anything from Pam regarding a meeting, but today looks
good.  Tomorrow and Wednesday I will be in L.A.

Thanks, Shona,
Ken
---------------------- Forwarded by Kenneth Horton/ENRON_DEVELOPMENT on
10/23/2000 07:19 AM ---------------------------

Kenneth Horton
10/12/2000 02:22 PM
To: dan.houston@enron.com
cc:

Subject: Doorstep - Settlements

Dan,

The RAC group is currently involved in project Doorstep, which includes a
review of Enron's trading activities worldwide.  Part of the review includes
a deal test for each office,  in which we follow a transaction from inception
through the settlements process.

Kyle Gibson has helped us with the settlements by providing some invoices and
G/L entries for selected transactions.  In fact, given the deadline Kyle
indicated to us regarding his own group's close, we reduced the deal
population in half with the hope of concluding our testing by today.  We
understand that the monthly close will prevent Kyle from helping us any
further until tomorrow at noon at the earliest, and that he will be absent
this afternoon.

Given the large number of trading offices worldwide, each "Doorstep" is of
very short duration.  In fact, part of the testing evaluates the ability of a
group to pull together all of the supporting documentation for a selection of
deals within a short time frame.  Given the "short fuse," we must finalize
our report tomorrow at the latest, and present it on Monday to Sally Beck,
Ted Murphy, Rick Buy, and Rick Carson among others.

It is important that we be able to mention in this report that the
settlements group is able to gather this information quickly for a small
number of transactions (10 overall - although some information has already
been provided by Kyle).  Are there any other resources in your group who
would be able to help us meet this deadline?

Thanks, Dan,
Ken
---------------------- Forwarded by Kenneth Horton/ENRON_DEVELOPMENT on
10/23/2000 07:19 AM ---------------------------

	From:  Shona Wilson @ ENRON                           10/19/2000 12:46 PM

To: Kenneth Horton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Leslie
Reeves/HOU/ECT@ECT
cc: Cassandra Schultz/NA/Enron@Enron, Lynn
Bellinghausen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Pamela
Sonnier/HOU/ECT@ECT, Rebecca Phillips/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT

Subject: Portland doorstep report - finding followed up on

Dear Ken, Leslie,

It looks like we have gotten to the bottom of the missing documentation (it
was there, it was quickly available, Ken did talk to the right people but
they did not see the urgency of getting the information to Ken).  As a
result, I think we have to rewrite the information related to this issue in
the Portland report.  Let's get together for 15 minutes today/tomorrow to
draft a rewrite of these areas.

Just as a side note, we need to wait until the report has been changed before
we share the information with Portland.

Pam - could you organize Ken, Leslie and I getting together?

Thanks

Shona


---------------------- Forwarded by Kayne Coulter/HOU/ECT on 09/05/2000 01:24
PM ---------------------------

	From:  Mitch Robinson @ ENRON                           09/05/2000 01:04 PM

To: Kayne Coulter/HOU/ECT@ECT
cc:
Subject: FE's NEW trans subsidiary

fyi.
---------------------- Forwarded by Mitch Robinson/Corp/Enron on 09/05/2000
01:06 PM ---------------------------

Patrick Hanse@ECT
09/05/2000 12:58 PM
To: Oscar Dalton/HOU/ECT@ECT, Mitch Robinson/Corp/Enron@Enron, Corry
Bentley/HOU/ECT@ECT, James E Terrell/HOU/ECT@ECT, Alonzo
Williams/HOU/ECT@ECT, Larry Valderrama/HOU/ECT@ECT, Robert
Benson/Corp/Enron@ENRON
cc: Edward D Baughman/HOU/ECT@ECT, John Zufferli/HOU/ECT@ECT, Kevin M
Presto/HOU/ECT@ECT

Subject: FE's NEW trans subsidiary

FE transmission has  changed it's name to American Transmission Systems, Inc.
(ATSI) as a Transmission Provider.  See details in the letter below.  FE will
continue to be a Control Area. FOR TAG purposes beginning Nov. 1st, the TP
for all FE OASIS references will need to be ATSI.
---------------------- Forwarded by Patrick Hanse/HOU/ECT on 09/05/2000 12:31
PM ---------------------------

JohnO@ecar.org@ecar.org on 09/05/2000 08:25:51 AM
Sent by: CarolC@ecar.org
To: tahern@buckeyepower.com, andreej@dteenergy.com, drbarker@cinergy.com,
ssbayer@nipsco.com, rbednarz@spp.org, cbedwell@vectren.com,
cbradley@bigrivers.com, bob.crosier@lgeenergy.com, mike.falvo@iemo.com,
dgoodson@hepn.com, rgursky@spp.org, phanse@enron.com, fredh@soc-dlco.lm.com,
dbidzior@cmsenergy.com, pbjohnson@aep.com, ljk@maininc.org,
rmkovacs@firstenergycorp.com, fredk@wvpa.com, JeffM@ecar.org,
jnickel@mpower.org, Robert.O'Connell@Williams.com, JohnO@ecar.org,
screadinger@pplweb.com, kevin.sherd@dplinc.com, bsquibb@ovec.com,
mtaylor@ipalco.com, juhrin@alleghenypower.com, jason@ekpc.com
cc:
Subject: More about ATSI

TO THE ECAR ATC PANEL AND LIAISONS:

I am sending this to you for your information.

Carol J. Cooper
E C A R
Direct Line: 330/580-8000
Phone:  330-456-2488
Fax:  330-456-3648
e-mail: carolc@ecar.org

-----Original Message-----
From: rmkovacs@firstenergycorp.com [mailto:rmkovacs@firstenergycorp.com]
Sent: Friday, September 01, 2000 10:52 AM
To: johno@ecar.org
Subject: More about ATSI

John,

At the ATC Panel meeting in South Bend, I provided some information about
FirstEnergy's new  transmission subsidiary, American Transmission Systems,
Inc. (ATSI).  I have some updated information.

ATSI went commercial today, September 1. ATSI is a wholly owned subsidiary
of FirstEnergy Corp. and owns and operates all of FirstEnergy's transmission
facilities at voltages of 69 kV and above. ATSI is the transmission provider
and performs the control area operator function for the FE control area. You
may want to visit ATSI's OASIS home page, which can be accessed the same way
as its predecessor FE OASIS home page. The organization charts, tariff,
provider information, etc., have been updated to ATSI. ATSI's public web
site is located at "http://www.atsi-transmission.com."

A change has been made in the timing for the recognition of "ATSI" as the
transmission provider mnemonic . NERC has informed us that upon reflection
it would be easier for them to accommodate the mnemonic change from "FE" to
"ATSI" at midnight on November 1 rather than 8:00 a.m. EST. So currently the
changeover is set for 0001 hours, EST (midnight) on November 1.

The control area designation remains "FE."  As you know, path POR/PODs are
based on the control areas. Thus, beginning November 1, the path name for
transfers to AEP, for example, will change from "E/FE/FE-AEP//" to
"E/ATSI/FE-AEP//." Note that the abbreviated path names, as used in the ECAR
ATC Coordination System, will not change (e.g., "FE-AEP"). Beginning
November 1, the Transmission Provider (TP) column on E-tags must show "ATSI"
not "FE" or they will be refused by ATSI's automatic tagging validation
software.

I hope this clarifies, rather than confuses. Please share this information
with the ATC Panel contacts.

Thank you,
Dick


It may, or may not, be as obvious to you as it is to me, but it seems like
the issue of standy rates/charges for current and new self-generators has
been brought back "on the table", as one of many effects of AB970.? The first
attachment is a copy of ORAs comments (filed yesterday) that focuses on AB970
effects on DG/EE public purpose programs; the other attachments are media
accounts of the effects of summer 2000 interruptions on participants and
non-participants in various ISO/UDC "load management/demand respoisnivesness"
programs, incluidng SCE's intended use of "windfalls" from "penalties" paid
by those customers who were expected to cut loads but didn't.

Basic question--does Enron have a position on standby rates/charges (e.g.,
should these rates/charges be lowered---now?)

? <<ORA Comments on ESRA for 2001 plans_Final.doc>>  <<interrupt policy and
practice_SCE windfall DJN 9_00.doc>>  <<Interrupt_SCE participant drop outs
DJN 8_00.doc>>  <<Interup_Oil refinery drop outs DJN 8_00.doc>>

 <<Interupt_SCE_Inglewood dropout LAT 9_00.doc>>  <<Interrup_Air Quality
conflicts SJMN 8_00.doc>>

 - ORA Comments on ESRA for 2001 plans_Final.doc
 - interrupt policy and practice_SCE windfall DJN 9_00.doc
 - Interrupt_SCE participant drop outs DJN 8_00.doc
 - Interup_Oil refinery drop outs DJN 8_00.doc
 - Interupt_SCE_Inglewood dropout LAT 9_00.doc
 - Interrup_Air Quality conflicts SJMN 8_00.doc


David,

Further to your earlier email I am pleased to attach the following documents
for you to draw up blacklined versions of the US versions of the PA and ETA
you distributed earlier:

PA- version 9 that was sent to Enron on 20 July 1999, version 10
incorporating comments from the meeting between Clifford Chance and Justin
Boyd and myself, and a mark up showing
the changes between the two.

ETA- version 7 that was sent to Enron on 20 July 1999, version 8
incorporating comments from the meeting between Clifford Chance and Justin
Boyd and myself, and a mark up showing
the changes between the two.

Please use version 10 of the PA and version 8 of the ETA for your blackline
for us.

Please let me know if you need an alternate format of document for your
computer systems.

I look forward to hearing from you.

Kind regards, Edmund.

 - 7sgl10!.DOC
 - 7sgl09!.DOC
 - 7sglRED.DOC
 - 83#207!.DOC
 - 83#206!.DOC
 - 83#2RED.DOC


The original message was received at Wed, 23 May 2001 10:32:01 -0400 (EDT)
from [198.138.100.100]

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550 <dederusso_@imcingular.com>... User unknown

   ----- Original message follows -----

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Subject: meeting
To: dederusso_@imcingular.com
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Message-ID: <OF3D5834D0.AD6557C8-ON86256A55.004F3A2A@enron.com>
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Hi

Kriste can hit so we are going to try to meet at 12:15.  Can you join us
late?


Thanks for the update, I will be in town and at the Wed. meeting.

						Chris

-----Original Message-----
From: Kregg Hale [mailto:khale@pritchettnet.com]
Sent: Tuesday, September 25, 2001 2:17 PM
To: Stokley, Chris
Subject: FW: process maps

Attached are copies of the most recent drafts for the various change
notification processes.  I have a hard copy available as well if you are in
town and you let me know where I can find you.  These maps will be covered
in our meeting on Wednesday.  Please let me know if you have any questions.
I can be reached at ext. 56446.

 -----Original Message-----
From: 	Juan Herrera
Sent:	Tuesday, September 25, 2001 11:37 AM
To:	'khale@enron.com'; Kregg Hale; Juan Herrera
Subject:	process maps

 <<Visio-Site Add 092401 Rev6.pdf>>  <<Visio-Site Delete 092501 Rev6.pdf>>
<<Visio-Potential Baseline Change-No Price Change 092401 Rev2.pdf>>
<<Visio-Potential Baseline & Price Change 092401 Rev2.pdf>>
<<Visio-Contract Interpretation 092401 Rev5.pdf>>  <<Visio-Billing and
Invoicing 092501 Rev5.pdf>>  <<Visio-Upsell & Restructuring (Risk Mgmt)
091901 Rev5.pdf>>

Juan Herrera
Pritchett, LLC.
VM    972-731-1307
e-fax  509-691-4441


Good response, Bob.  Thanks for leading the way on the format for that meeting.  --Sally

Robert Superty
03/30/2001 10:59 AM
To:	Greg Piper/ENRON@enronXgate @ ENRON
cc:	Carrie Slagle/ENRON@enronXgate@ENRON, Thomas D Gros/ENRON@enronXgate@ENRON, Sally Beck/HOU/ECT@ECT, Philippe A Bibi/ENRON@enronXgate@ENRON, Mark Taylor/HOU/ECT@ECT, Bob M Hall/NA/Enron@Enron
Subject:	Re: CommodityLogic

Greg, the communication and interaction between the Logistics and NomLogic teams during the product development phase has gone extremely well. Both Carrie and I are committed to making sure this continues through the internal testing and beta release with the customers. I have a strong group of experienced Logistics schedulers working closely with the NomLogic team and expect that their involvement will help us identify as many issues as possible before the customers get to see the product.

Please feel free to call if you have any additional questions or concerns, thanks - Bob Superty (x30957)

From:	Greg Piper/ENRON@enronXgate on 03/30/2001 10:04 AM
To:	Carrie Slagle/ENRON@enronXgate, Robert Superty/HOU/ECT@ECT
cc:	Thomas D Gros/ENRON@enronXgate, Sally Beck/HOU/ECT@ECT, Philippe A Bibi/ENRON@enronXgate, Mark Taylor/HOU/ECT@ECT
Subject:	CommodityLogic

Thanks for the input in yesterday's meeting.

As a follow-up, I wanted to confirm that Carrie and Bob (as module manager and mid/back office representative) will be working closely together over the next month or so to have NomLogic technology, business rules, legal structure and a system test complete before the outside customers arrive for the beta tests.

Thanks.

GP

<Embedded StdOleLink>


Can you please print the attached and next message with the correct margins
and then label a manila file as "Accounting:  Issue Nos 96-13, 00-19 and
00-7".
----- Forwarded by Sara Shackleton/HOU/ECT on 07/27/2000 08:19 AM -----

	Ryan Siurek@ENRON
	07/26/2000 12:21 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: re: EITF 96-13

EITF - Emerging Issues Task Force
1996\Issue 96-13: Accounting for Derivative Financial Instruments Indexed to,
and Potentially Settled in, a Company's Own Stock
Abstract

                                                   EITF ABSTRACTS

                            Issue No. 96-13

 Title:
                        Accounting for Derivative Financial Instruments
Indexed to, and Potentially Settled in, a Company's Own Stock

 Dates Discussed

                        November 12-13, 1987; January 19, 1995; March 23,
1995; May 18-19, 1995; July 20-21, 1995; September 20-21, 1995;
                        January 18, 1996; July 18, 1996; September 18-19,
1996; November 14, 1996; January 23, 1997

 References

                        FASB Statement No. 80, Accounting for Futures
Contracts
                        FASB Statement No. 123, Accounting for Stock-Based
Compensation
                        FASB Statement No. 128, Earnings per Share
                        FASB Discussion Memorandum, Recognition and
Measurement of Financial Instruments, November 18, 1991
                        APB Opinion No. 9, Reporting the Results of
Operations
                        APB Opinion No. 14, Accounting for Convertible Debt
and Debt Issued with Stock Purchase Warrants
                        APB Opinion No. 15, Earnings per Share
                        APB Opinion No. 21, Interest on Receivables and
Payables
                        SEC Accounting Series Release No. 268, Presentation
in Financial Statements of "Redeemable Preferred Stocks"

ISSUE

For a number of business reasons, a company may enter into contracts that are
indexed to, and sometimes settled in, its own stock. Examples of these
contracts include written put options, written call options (and warrants),
purchased put options, purchased call options, forward sale contracts, and
forward
purchase contracts. These contracts may be settled using a variety of
settlement methods, or the issuing company or counterparty may have a choice
of
settlement methods. The settlement methods are:

     Physical settlement - the party designated in the contract as the buyer
delivers the full stated amount of cash to the seller, and the seller
delivers the full
     stated number of shares to the buyer.

     Net share settlement - the party with a loss delivers to the party with
a gain shares with a current fair value equal to the gain.

     Net cash settlement - the party with a loss delivers to the party with a
gain a cash payment equal to the gain, and no shares are exchanged.

The contracts described above may be either freestanding or embedded in
another financial instrument. A freestanding contract is entered into
separate and
apart from any of the company's other financial instruments or equity
transactions, or it is entered into in conjunction with some other
transaction and is legally
detachable and separately exercisable.

This Issue applies only to freestanding derivative financial instruments (for
example, forward contracts, options, and warrants). This Issue does not apply
to
security price guarantees or other financial instruments indexed to, or
otherwise based on, the price of the issuer's stock that are issued in
connection with a
purchase business combination [Note See STATUS section.], nor does it address
the accounting for either the derivative component or the financial instrument
when the derivative component is embedded in and not detachable from the
financial instrument. This Issue does not address the accounting for
contracts that
are issued to compensation employees or to acquire goods or services from
nonemployees.

The issue is how freestanding contracts that are indexed to, and potentially
settled in, a company's own stock should be classified and measured.

EITF DISCUSSION

A. Framework for Accounting

The Task Force discussed the accounting for freestanding contracts that are
indexed to, and potentially settled in, a company's own stock and reached
several
consensuses, as described below. The consensuses in this Issue are to be
applied to all freestanding derivative financial instruments that are indexed
to, and
potentially settled in, a company's own stock; however, nonpublic companies
may continue to apply the consensus in Issue No. 88-9, "Put Warrants ," to the
instruments covered by that Issue. Hereinafter, the framework for accounting
that is established in this Issue is referred to as the "Model."

(1) Initial balance sheet classification

The initial balance sheet classification generally is based on the concept
that contracts that require net cash settlement are assets or liabilities and
contracts that
require settlement in shares are equity instruments. If the contract provides
the company with a choice of net cash settlement or settlement in shares, the
Model
assumes settlement in shares; if the contract provides the counterparty with
a choice of net cash settlement or settlement in shares, the Model assumes
net cash
settlement. However, this Model is not applicable when settlement
alternatives do not have the same economic value attached to them or when one
of the
settlement alternatives is fixed or contains caps or floors. In those
situations, the accounting for the instrument (or combination of instruments)
should be based
on the economic substance of the transaction.1

          1 For example, if a freestanding contract, issued together with
another instrument, requires that the issuer provide to the holder a fixed or
          guaranteed return such that the instruments are, insubstance, debt,
the issuer should account for both instruments as liabilities, regardless of
the
          settlement terms of the freestanding contract.

Accordingly, unless the economic substance indicates otherwise, contracts
would be initially classified as equity, or as assets or liabilities, in the
following
situations:

Equity instruments

     Contracts that require physical settlement or net share settlement

     Contracts that give the company a choice of net cash settlement or
settlement in its own shares (physical settlement or net share settlement).

Assets or liabilities

     Contracts that require net cash settlement

     Contracts that give the counterparty a choice of net cash settlement or
settlement in shares (physical settlement or net share settlement).

(2) Initial measurement, and subsequent balance sheet classification and
measurement

The Model requires that all instruments be initially measured at fair value
and subsequently accounted for based on the initial classification and the
assumed or
required settlement method in (1) above.2 Contracts that are initially
classified as equity are accounted for in permanent equity. If physical
settlement was
assumed or required and the company is obligated to deliver cash as part of
the physical settlement,3 then public companies should refer to ASR 268, which
provides guidance by analogy for those transactions, and account for the
transactions as provided below under "Equity instruments - temporary equity."

          2 For contracts that are classified as equity instruments that
provide the company with a choice between either net share settlement or
physical
          settlement that may require that the company deliver cash, net
share settlement should be assumed. For contracts that are classified as
equity
          instruments that provide the counterparty with a choice of either
net share settlement or physical settlement that may require that the company
          deliver cash, physical settlement should be assumed.

          3 For example, if the company sells put options indexed to its own
stock that enable the holder to sell shares back to the company at the strike
          price.

Equity instruments - permanent equity

     Contracts that require that the company deliver shares as part of a
physical settlement or a net share settlement should be initially measured at
fair value
     and reported in permanent equity. Subsequent changes in fair value
should not be recognized.

     Contracts that give the company a choice of (a) net cash settlement or
settlement in shares (including net share settlement, or physical settlement
that
     requires that the company deliver shares) or (b) either net share
settlement or physical settlement that requires that the company deliver cash
should be
     initially measured at fair value and reported in permanent equity.
Subsequent changes in fair value should not be recognized. If such contracts
are
     ultimately settled in a manner that requires that the company deliver
cash, the amount of cash paid or received should be reported as a reduction
of, or
     an addition to, contributed capital.

Equity instruments - temporary equity4

          4 Classification and measurement in temporary equity is required
for public companies. ASR 268 provides guidance by analogy for transactions
          classified as temporary equity.

     Contracts that (a) require that the company deliver cash as part of a
physical settlement, (b) give the company a choice of either net cash
settlement or
     physical settlement that requires that the company deliver cash, or (c)
give the counterparty a choice of either net share settlement or physical
settlement
     that requires that the company deliver cash should be initially measured
at fair value and reported in permanent equity, and an amount equal to the
cash
     redemption amount under the physical settlement should be transferred to
temporary equity.

Assets or liabilities

     Contracts that are initially classified as assets or liabilities should
be measured at fair value, with changes in fair value reported in earnings
and disclosed
     in the financial statements. If contracts initially classified as assets
or liabilities are ultimately settled in shares, any gains or losses on those
contracts
     should continue to be included in earnings.

B. Hedging

The SEC Observer stated that the SEC staff has consistently held the position
that hedge accounting is not permitted for transactions involving the
contracts
within the scope of this Issue because those transactions have not met all
the criteria of Statement 80. The SEC staff also believes that hedge
accounting for
transactions involving those contracts is inconsistent with paragraph 28 of
Opinion 9.

Because of the SEC staff's position, the Task Force decided to end its
discussion of whether the contracts described above can qualify for hedge
accounting.

C. Application of the Model to Specific Instruments

The following reflects several Task Force consensuses with respect to the
application of the Model, described in Section A of this Issue, to certain
freestanding
derivative financial instruments that are indexed to, and potentially settled
in, a company's own stock.

(1) Written put options5 and forward purchase contracts

          5 Includes shareholder rights (SHARP rights) issued by the company
to shareholders that give the shareholders the right to put a specified number
          of common shares to the company for cash.

Description

The company (the buyer) agrees to buy from the seller shares at a specified
price at some future date. The contract may be settled by physical
settlement, net
share settlement, or net cash settlement, or the issuing company or the
counterparty may have a choice of settlement methods.6

          6 Application of the Model to purchased call options is discussed
in C(3).

Consensus

The Model would be applied as follows:
                                                One Settlement Method

                                                                 Physical (a)

        Net Share

                            Net Cash

 (1) Initial Classification:

 Equity

                                                                      x

            x

 Asset Liability

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

            x

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                      x

 Fair value, asset/liability - adjusted for changes in fair value (c)

                               x

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

                                                   Company Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification:

 Equity

                                                                      x

            x

                               x

 Asset Liability

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                     x(e)

           x(e)

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                      x

                               x(f)

 Fair value, asset/liability - adjusted for changes in fair value (c)

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

                                                  Counterparty Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification:

 Equity

                                                                      x

 Asset Liability

            x

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

            x

 Fair value, transfer to temporary equity an amount equal to cash redemption
 amount (b)

                                                                     x(f)

 Fair value, asset/liability - adjusted for changes in fair value (c)

           x(d)

                              x(d)

(a) Physical settlement of the contract requires that the company deliver
cash to the holder in exchange for the shares.

(b) Classification and measurement guidance within temporary equity applies
only to public companies.

(c) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(e) If the contracts are ultimately physically settled by the company,
requiring that the company deliver cash, or are ultimately settled in net
cash, the amount of
cash paid or received should be reported as a reduction of, or as an addition
to, contributed capital.

(f) If the contracts are ultimately settled in net cash or net shares, the
amount reported in temporary equity should be transferred and reported as an
addition to
permanent equity.

(2) Forward sale contracts, written call options or warrants, and purchased
put options

Description

The issuing company (the seller) agrees to sell shares of its stock to the
buyer of the contract at a specified price at some future date. The contract
may be
settled by physical settlement, net share settlement, or net cash settlement,
or the issuing company or counterparty may have a choice of settlement
methods.

Consensus

The Model would be applied as follows:
                                                One Settlement Method

                                                                 Physical (a)

        Net Share

                            Net Cash

 (1) Initial Classification

 Equity

                                                                      x

            x

 Asset/Liability

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

            x

 Fair value, asset/liability - adjusted changes in fair value (b)

                               x

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.
                                                   Company Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

 (1) Initial Classification

 Equity

                                                                      x

            x

                               x

 Asset/Liability

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

           x(c)

                              x(c)

 Fair value, asset/liability - adjusted changes in fair value (b)

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.
                                                  Counterparty Choice

                                                             Net Share or
Physical
                                                                     (a)

   Net Share or Net Cash

                       Net Cash or Physical

                               (a)

 (1) Initial Classification

 Equity

                                                                      x

 Asset/Liability

            x

                               x

 (2) Initial Measurement, Subsequent Classification and Measurement:

 Fair value, permanent equity - no changes in fair value

                                                                      x

 Fair value, asset/liability - adjusted changes in fair value (b)

           x(d)

                              x(d)

(a) Physical settlement of the contract requires that the company deliver
shares to the holder in exchange for cash.

(b) Subsequent changes in fair value should be reported in earnings and
disclosed in the financial statements.

(c) If the contracts are ultimately settled in net cash, the amount of cash
paid or received should be reported as a reduction of, or an addition to,
contributed
capital.

(d) If the contracts are ultimately settled in shares, any gains or losses on
those contracts should continue to be included in earnings.

(3) Purchased call options

Description

The company (the buyer) purchases call options that provide it with the
right, but not the obligation, to buy from the seller, shares of the
company's stock at a
specified price. If the options are exercised, the contract may be settled by
physical settlement, net share settlement, or net cash settlement, or the
issuing
company or the counterparty may have a choice of settlement methods.

Consensus

The company should follow the table included in (2) above in accounting for
the call options.

(4) Detachable stock purchase warrants

Description

An enterprise issues senior subordinated notes with a detachable warrant that
gives the holder both the right to purchase 6,250 shares of the enterprise's
stock
for $75 per share and the right (that is, a put) to require that the
enterprise repurchase all or any portion of the warrant for at least $2,010
per share at a date
several months after the maturity of the notes in about 7 years.

Consensus

The proceeds should be allocated between the debt liability and the warrant
and the resulting discount should be amortized in accordance with Opinion 21.
The warrants should be considered, in substance, debt and accounted for as a
liability because the settlement alternatives for the warrants do not have the
same economic value attached to them and they provide the holder with a
guaranteed return in cash that is significantly in excess of the value of the
share
settlement alternative on the issuance date.

(5) Put warrants

Description

Put warrants are instruments with characteristics of both warrants and put
options. The holder of the instrument is entitled to exercise (a) the warrant
feature to
acquire the common stock of the issuer at a specified price, (b) the put
option feature to put the instrument back to the issuer for a cash payment,
or in some
cases, (c) both the warrant feature to acquire the common stock and the put
option feature to put that stock back to the issuer for a cash payment. Put
warrants are frequently issued concurrently with debt securities of the
issuer, are detachable from the debt, and may be exercisable only under
specified
conditions. The put feature of the instrument may expire under varying
circumstances, for example, with the passage of time or if the issuer has a
public stock
offering. Under Opinion 14, a portion of the proceeds from the issuance of
debt with detachable warrants must be allocated to those warrants.

Consensus

Because the contract gives the counterparty the choice of cash settlement or
settlement in shares, public companies should report the proceeds from the
issuance of put warrants as liabilities and subsequently measure the put
warrants at fair value with changes in fair value reported in earnings.
Nonpublic
companies may continue to classify and measure the put warrants in accordance
with the consensus in Issue 88-9.

D. Earnings per Share

The Task Force reached the following consensus on how written put options
affect the earnings-per-share calculation:

If the written put options are "in the money" during the period being
reported on, the potential dilutive effect on earnings per share should be
computed using
the reverse treasury stock method. Under that method, the incremental number
of shares is computed as (a) the number of shares that would need to be issued
for cash at the then current market price to obtain cash to satisfy the put
obligation less (b) the number of shares received from satisfying the puts.

The Task Force discussed whether it should comprehensively address issues
relating to earnings per share in this Issue. The Task Force agreed that the
FASB
should address the issues relating to earnings per share as part of its
project on earnings per share. [Note: See STATUS section.]

STATUS

In February 1997, the FASB issued Statement 128, which supersedes Opinion 15.
Statement 128 is effective for financial statements for both interim and
annual periods ending after December 15, 1997, and earlier application is not
permitted.

Statement 128 affirms the consensus reached by the Task Force on how written
put options affect the earnings per share calculation. That is, in computing
diluted EPS, Statement 128 requires use of the reverse treasury stock method
to account for the dilutive effect of written put options and similar
contracts that
are "in the money" during the reporting period. Statement 128 states that
purchased options should not be reflected in the computation of diluted EPS
because
to do so would be antidilutive. At the July 23 and November 18-19, 1998
meetings, an FASB staff representative made an announcement (Topic No. D-72,
"Effects of Contracts That May Be Settled in Stock or Cash on the Computation
of Diluted Earnings per Share ") that for those contracts that provide the
company with a choice of settlement methods, the company shall assume that
the contract will be settled in shares. That presumption may be overcome if
past
experience or a stated policy provides a reasonable basis to believe that it
is probable that the contract will be paid partially or wholly in cash. For
contracts in
which the counterparty controls the means of settlement, past experience or a
stated policy is not determinative. Accordingly, in those situations, the more
dilutive of cash or share settlement should be used.

At the July 23-24, 1997 meeting, the Task Force addressed the accounting for
contingent consideration issued to effect a purchase business combination in
Issue No. 97-8. "Accounting for Contingent Consideration Issued in a Purchase
Business Combination ." The Task force observed that Issue 96-13 should
be applied to freestanding contracts that are indexed to, and potentially
settled in, a company's own stock if those instruments meet the criteria in
Issue 97-8
for recording as part of the cost of the business acquired in a purchase
business combination.

A related issue has been discussed in Issue No. 98-12, "The Application of
Issue No. 96-13 to Forward Equity Sales Transactions ." That Issue deals with
the accounting and earnings per share treatment of situations in which a
freestanding derivative instrument (a forward contract) that is indexed to,
and
potentially settled in, a company's own stock is issued concurrent with the
issuance of shares of the company's stock. This Issue is limited to
situations in which
the party to whom the common stock was sold is also the counterparty to the
forward contract.

Another related issue has been discussed in Issue No. 99-1, "Accounting for
Debt Convertible into the Stock of a Consolidated Subsidiary ." That Issue
deals with the accounting in the consolidated financial statements for debt
issued by a consolidated subsidiary or a parent company that is convertible
into the
stock of a consolidated subsidiary. As part of the discussion of Issue 99-1,
Task Force members agreed to consider further whether to clarify this Issue by
indicating that equity shares of any entity under the control of the
consolidated entity are considered "a company's own stock."

A related issue was discussed at the May 19-20, 1999 meeting in Issue No.
99-3, "Application of Issue No. 96-13 to Derivative Instruments with Multiple
Settlement Alternatives ." That Issue deals with how certain derivative
contracts indexed to, and potentially settled in, a company's own stock that
contain
multiple settlement alternatives should be accounted for.

The Task Force discussed another related issue in Issue No. 99-7, "Accounting
for an Accelerated Share Repurchase Program ." That Issue addressed the
accounting for, and pooling-of-interests implications of, purchasing treasury
stock and simultaneously entering into a forward contract indexed to the
company's own shares.

At the March 16, 2000 meeting, the Task Force discussed a related issue in
Issue No. 00-6, "Accounting for Freestanding Derivative Financial Instruments
Indexed to, and Potentially Settled in, the Stock of a Consolidated
Subsidiary ." That Issue addresses how freestanding derivative instruments
entered into
by a parent company that are indexed to, and potentially settled in, the
stock of a consolidated subsidiary should be classified and measured in the
consolidated financial statements.

Another related issue was discussed at the March 16, 2000 meeting in Issue
No. 00-7, "Application of Issue No. 96-13 to Equity Derivative Instruments
That
Contain Certain Provisions That Require Net Cash Settlement If Certain Events
outside the Control of the Issuer Occur ." That Issue deals with how certain
derivative contracts indexed to, and potentially settled in, a company's own
stock that require a cash payment by the issuer upon the occurrence of future
events outside the control of the issuer should be accounted for.

No further EITF discussion is planned.


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FYI


---------------------- Forwarded by Chris Germany/HOU/ECT on 02/19/2000 01:21
PM ---------------------------

Clayton Vernon@ENRON
02/17/2000 09:36 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Natasha-

Chris-

Natasha's email address is:

textile@warlock.kharkov.ua

Send her a digital picture, and introduce yourself to her. Her sister speaks
fluent English, and will translate any difficult parts.

Clay


I will work on this for you - and will be in touch.

Thanks!

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, October 08, 2001 9:39 AM
To:	Ward, Kim S (Houston)
Subject:	RE: City of Glendale

We are going to do this at our own expense.  But we would like to hire Glendale's bond counsel.  I don't know the name of Glendale's bond counsel or how to get in touch with them.

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Monday, October 08, 2001 9:04 AM
To:	Shackleton, Sara
Subject:	RE: City of Glendale

Is this to obtain outside opinion?  I thought we were going to do that at our own expense.

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, October 08, 2001 8:27 AM
To:	Ward, Kim S (Houston)
Subject:	RE: City of Glendale

I need the city's bond counsel (outside counsel).

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Monday, October 08, 2001 8:27 AM
To:	Shackleton, Sara
Subject:	RE: City of Glendale

Glendale's City Attorney is Steve Lins.  His phone number is 818-548-2080 and his email is slins@ci.glendale.ca.us.  Please let me know if you need anything else.  I will be in their offices on Wednesday.

Thanks,  Kim

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, October 08, 2001 8:03 AM
To:	Ward, Kim S (Houston)
Cc:	Heard, Marie
Subject:	RE: City of Glendale

Kim:  Can you obtain the name of Glendale's bond counsel (lawyer's name, phone number, email, etc.)?  Thanks.  SS

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Friday, October 05, 2001 1:59 PM
To:	Shackleton, Sara
Subject:	City of Glendale

Sara,

Believe it or not, we are very close getting our signed ISDA from the City of Glendale.  Steve Lins, the City attorney had a couple of questions which I will attempt to relay without having a copy of the documents.

1)  I am assuming that he obtained a for legal opinion letter or document of some sort.  This document references a confirmation and we are not sure what this references.  Typically, it references a transaction, which in this case, there are no transactions yet.  He feels this reference should be deleted.  What is your opinion regarding this? [Shackleton, Sara]    If we have no transaction on the books, then he can delete the reference.  Marie:  Have we received an opinion from Glendale?

2)  We sent him a couple of form documents to facilitate the documents required under the ISDA.  One form ws a form resolution.  They have already received City Council approval to enter into financial tranactions and to enter into an ISDA with us.  Steve is going to get a certified copy of this Resolution.  Will this suffice? [Shackleton, Sara]    I'll review their resolution again.  If it references our ISDA and all transactions, it should be fine.  (This is part of the reason why we need a legal opinion)

When you return, I may try to do one last conference call to alleviate any unanswered questions.  I think we will have an executed ISDA with the City of Glendale by the end of next week.  I am going to be out there meeting with them on Wednesday.

Thanks for your help,

Kim


Prebon sent over a confirm for a deal where:
Enron (Mike Swerzbin) buys from PPL Montana Cal'04-Cal'06 25 mw of Mid-C at
$45.00 off-peak hours.

They did not tell me about this deal during checkout.  Can you please check
with Mike.

Thanks!!


Dear fellows,
Please remember to fill out your pledge card for United Way (even if you
don't plan on contributing)  if you haven't done so thus far.
Thanks,
John


Jeff:

E-mail is down, so AOL is what I am using.  If I understood your question,
the retained gen and QF is about double the residential load.   I attached a
spreadsheet.   There is an anomoly I can not explain.  The PGE eneregy
delivred was 81,923 MWH in 2000 and the governor's slide show 90,210 in 2001??

Michael

 - M010503.xls


Dear TSC Task Force Members,

Attached please find the Agenda and meeting materials for the TSC Task
Force meeting on August 16, 2001 to be held at the NYISO office, 290
Washington Avenue, Albany, NY.

Regards,
Monica Ryan-Taber
518-356-6222

(See attached file: TSC Agenda.pdf)(See attached file: TSC Screenshot
Ex.pdf)(See attached file: TSCissue.pdf)
 - TSC Agenda.pdf
 - TSC Screenshot Ex.pdf
 - TSCissue.pdf


Rick --

Attached are my top 3 objectives underway / accomplishments for EGM and Enron
Networks.    I've included only one accomplishment since the group is just
getting up and running.   Please let me know if you have any questions /
comments.

Ginger -- please put these into slide format.    Rick wants two slides -- one
for objectives and one for accomplishments.    Thanks for your help.

Thanks.

Lisa


another reason to be proud

-----Original Message-----
From: McConnell, Sarah [mailto:Sarah.McConnell@COMPAQ.com]
Sent: Monday, October 08, 2001 10:12 AM
To: McConnell, Mark; J. & J. McConnell
Subject: FW: A&M Recognition in the Senate

We may not win many football games, but.....

During World War II, 54,000 Aggies served as officers, which is more
than any other school, including the service academies.

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

-----Original Message-----
From: Launikitis, Mike
Sent: Monday, October 08, 2001 8:54 AM
To: HOU Aggies
Subject: FW: A&M Recognition in the Senate

> Subject: A&M Recognition in the Senate
>
>
>  Howdy!
>
> The 125th Corps Anniversary meant so much to the Corps ~ It meant
> something to Senator Hutchison as well!
>
> October 3, 2001 (4:27PM)
>
> Senator Kay Bailey Hutchison
> Floor Speech/Congressional Record
>
> TEXAS A&M/CORPS OF CADETS 125TH ANNIVERSARY
>
> Mr. President, I rise today to recognize with pleasure Texas A&M
> University
> on its 125th Anniversary. Texas A&M was the states first public
> institution of higher education, opening on October 4, 1876, as the
> Agriculture and Mechanical College of Texas. From its roots of
agriculture
>
> and engineering, A&M has grown into a world class university that is a

> leader in university research and development, as well as offering
degrees
>
> in numerous fields of study. Although the university is justifiably
proud
> of its academic reputation, A&M is especially proud of its famous
Corps of
>
> Cadets.
>
> For 125 years, A&Ms Corps of Cadets have provided our state and
country
> with leaders in the military, government and business. Texas A&M has
the
> largest cadet corps outside the military academies and commissions
more
> officers in all four branches of service than any other university
> military
> program in the U.S. Former cadets have served in every military
conflict
> from the Indian Wars to Desert Storm. During World War II, 54,000
Aggies
> served as officers, which is more than any other school, including the

> service academies. They have always answered our nations call, and
they
> have always met the challenge. Although only a small percentage of
Texas
> A&Ms student population, they are the keepers of the many famous
> traditions at A&M, including Aggie Muster, silver taps, twelfth man
and
> numerous
> others. Today, they serve in leadership and front-line forces
throughout
> our military services and help lead our nation to success in this 21st

> century war.
>
> Although the military has seen technology move from horse and rifle to

> spacecraft and lasers, the foundations of our military leadership and
> teamwork remain the same. These traits are the bedrock of the Corps
and
> explain the success of the Corps and its graduates. As America
undertakes
> a war on terrorism, we are all learning the value and strength of A&Ms

> Corps of Cadets motto, Per Unitatem Vis   Through Unity, Strength.
>
> On behalf of my colleagues in the United States Senate, and with just
and
> lasting pride, I offer heartfelt appreciation and respect to all the
> current and former members of the illustrious Texas A&M University
Corps
> of
> Cadets. I also wish all Aggies a Happy 125th Anniversary. WHOOP!
>
> Remember: The Corps Experience... It Lasts a Lifetime!
>
>


Mieco is ok to Execute with signature page only.

Thanks,
Joe Hunter


Please review the GTC's for the Canadian FX product.

Stuart:  Please call about your form of confirmation.

Carlos:  We may want to amend the descriptions to match the "ISDA language"
contained in the GTC's.

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


to be sent to

Jeff Rawls
Director, Fuels Management
Calpine Fuels Texas Corporation
700 Louisiana Street, Suite 2700
Houston, Texas 77002

cc: Ricky A. Archer - Calpine


Hi Ken,

	I just wanted to take a moment to thank you for everything you're trying to do for us during this horrible situation.  It would have been easy to stay at home (many people would have) and watch events unfold but you had the guts and the heart to come back and take this thing head on. Being a 21+ year Enron/NNG employee, this situation has been heartbreaking... I know you're there too.  Many employees are sitting around in a daze over everything we've lost; I've lost everything too, BUT there are SO many things I have in my life that I would never have achieved had it not been for you and your leadership.  I am eternally grateful for everything you've done for Enron and for me personally. Hang in there, we still believe in you and this company.

God Bless You,

Craig Buehler


Well the way things are going around here lately I may want to cut my losses with the Big E and take my skills elsewhere.  Know any good headhunters?  :-)

Kristin Gandy
Freight Markets
Enron Global Markets
1400 Smith Street ECS 3657
Houston, Texas  77002
713-853-7263
kristin.gandy@enron.com

>  -----Original Message-----
> From: 	Arnold, John
> Sent:	Wednesday, November 21, 2001 8:40 AM
> To:	Gandy, Kristin
> Subject:	RE:
>
> The reason I asked is, this sounds bad, but right now the
> cheaper you are the easier time I'll have finding you a job.
>
>  -----Original Message-----
> From: 	Gandy, Kristin
> Sent:	Wednesday, November 21, 2001 8:30 AM
> To:	Arnold, John
> Subject:	RE:
>
> John,
>
> Thanks for the note back.  My title is Specialist so I am the
> little man on the trading floor, but since I have been here I
> have been kicking ass.  I enjoy trading and really didn't get
> the chance to dig into it deep.  Anyway, take care and have a
> Happy Holiday.
>
> Kristin Gandy
> Freight Markets
> Enron Global Markets
> 1400 Smith Street ECS 3657
> Houston, Texas  77002
> 713-853-7263
> kristin.gandy@enron.com
>
> >  -----Original Message-----
> > From: 	Arnold, John
> > Sent:	Wednesday, November 21, 2001 7:25 AM
> > To:	Gandy, Kristin
> > Subject:	RE:
> >
> > Kristin:
> > Sorry for the delay.  Unfotunately I don't have any openings
> > in my group right now.  If I hear of any positions open I'll
> > give you a shout.  Can you remind me what title you have now.
> > John
> >
> >  -----Original Message-----
> > From: 	Gandy, Kristin
> > Sent:	Monday, November 19, 2001 9:00 AM
> > To:	Arnold, John
> > Subject:
> >
> > John,
> >
> > Hello and good Monday morning to you.  I briefly meet you
> > while talking to Paul Racicot on Friday at Front Porch Pub.
> > With Matt working here in Freight you probably already know
> > we are not well off these days.  Next on the chopping block
> > is never a good place to be.
> >
> > This is a forward question but what the hell.  I was
> > wondering if you knew of any positions available in your
> > area.  If you can believe it I am not ready to leave Enron
> > behind yet.  Thanks for your help.
> >
> > Regards,
> >
> > Kristin Gandy
> > Freight Markets
> > Enron Global Markets
> > 1400 Smith Street ECS 3657
> > Houston, Texas  77002
> > 713-853-7263
> > kristin.gandy@enron.com
> >


Issue is headcount approval. In the next 6 months I'm not sure we can commit to any increase, although if we get a flying start in Canada it is possible. While I think we can explore whether UBS are interested elsewhere, my feeling is that we can't commit to anything at this stage. If things are different in July them maybe we can reconsider if they haven't found something elsewhere.

David
 -----Original Message-----
From: 	Milnthorp, Rob
Sent:	Tuesday, February 05, 2002 10:07 AM
To:	Oxley, David
Cc:	Kitchen, Louise
Subject:	ECC New Grads

David, we made offers to 4 new grads a few months ago to work for Enron Canada Corp. ECC is obviously going to renege on these offers. Is there any opportunity to have these offers assigned to UBS Warburg Energy. All four of these new grads are outstanding and the timing should be aligned with business ramping up (ie June - Sept timeframe). The estate would be cooperative with assigning the offers and the students are looking for clarity/comfort.


Please contact Chip Schneider at x3-1789 or Kevin Jolly at x5-7147 if you have any questions.


Tom Hoatson, et al -

What would PJM say in response?  What is their current thinking?  Also, given
that the FTR process may leave some FTRs "unfunded", this would seem to move
people away from cash flow devices?  How would PJM need to change so this
doesn't happen?

Jim

	Steve Walton@ECT
	02/09/2001 09:30 AM

		 To: James D Steffes/NA/Enron@ENRON
		 cc: Tom Hoatson/NA/Enron@Enron;, Dan Staines/HOU/ECT@ECT
		 Subject: Re: PJM doesn't pay EPMI on FTRs

Jim,
 The PJM rules give monthly overcollection of congestion charges to those who
pay the access fees (mostly the incumbent utilities) but simply short the FTR
holder if there is an undercollection of congestion charges.  In addition all
the auction revenues go to reduce access fees.  As a result, an FTR holder is
at risk in any month when they congestion charge collections are smaller than
payments due FTRs.  The accounting is done on an hourly basis with any excess
credited at the end of the month.  I have attached the PJM FTR manual.  The
details of the settlement procedure are covered in Section 5.

 This procedure benefits the incumbents, since their transmission cost is
reduced by both auction revenues and monthly excess collections but never at
risk for undercollection.  You have a gate that lets in benefits but keeps
out risk.  In New York, for all its other flaws, the under/over collection
reconciliation works in both directions.  This is fairer, but there could
still be an annual shortfall.  Contrary to advertisement, the simultaneous
feasibility test used in the FTR auction does not guarantee the ability to
fund the FTRs issued.

 To address this potential annual shortfall, we proposed for the e-trans
tariff, that the auction revenues be held in escrow between auctions.  If
over the year, there was a net shortfall, it should be taken from the auction
revenues before the credit is made to reduce the access fees.  This means
that the buyers get what they paid for.  The payers of the access fees still
get credit for the net gain (auction revenues + monthly collections - FTR
payments), without shorting buyers of FTRs.

Steve

	James D Steffes@ENRON
	02/09/2001 08:04 AM

		 To: Tom Hoatson/NA/Enron@Enron, Steve Walton/HOU/ECT@ECT
		 cc:
		 Subject: PJM doesn't pay EPMI on FTRs

Isn't the problem that PJM is only obligated to pay for these "negative" FTRs
as much as there is congestion revenues?  What section of the PJM Manuals is
involved.

Jim

----- Forwarded by James D Steffes/NA/Enron on 02/09/2001 08:07 AM -----

	Christi L Nicolay@ECT
	02/08/2001 04:07 PM

		 To: Tom Hoatson/NA/Enron@Enron
		 cc: James D Steffes/NA/Enron@Enron
		 Subject: PJM doesn't pay EPMI on FTRs

EPMI bought some FTRs in PJM.  PJM did not pay EPMI appr. $105,000 in Sept
and $194,000 in Oct.  PJM told Rebecca Grace at Enron that PJM is revenue
deficient and, therefore, not required to pay.

In Dec., EPMI was negative $177,000 and they charged us $191,000.
Apparently, PJM charged us all the negatives, but did not pay us some of our
positives because of the revenue deficiency issue.

Tom--Do you know what the rules are about this?  It seems unfair that we can
be charges all the negatives, but not get our money on the upside.  Let me
know and you or I can call Andy Ott about this.  (Tom Dutta is the commercial
trader on this for EPMI.)


im just trying to be nice

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 20, 2001 11:42 AM
To:	Maggi, Mike
Subject:	RE:

why would i want it if it's crap?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 20, 2001 11:42 AM
To:	Nelson, Michelle
Subject:	RE:

ill bring you mine

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 20, 2001 11:40 AM
To:	Maggi, Mike
Subject:	RE:

no.  they told us yesterday was the last day and that only the eol traders would be getting lunch.  i tell you that we are peons down here.  not a big wig like yourself.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 20, 2001 11:39 AM
To:	Nelson, Michelle
Subject:	RE:

actually i hate it, are you guys still getting lunch up here

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 20, 2001 11:38 AM
To:	Maggi, Mike
Subject:	RE:

i take it that you don't like it?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 20, 2001 11:37 AM
To:	Nelson, Michelle
Subject:	RE:

some crap from pappadeaux

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 20, 2001 11:37 AM
To:	Maggi, Mike
Subject:	RE:

oh ya probably.  i will continue to freak out myself.  :)  what are you eating piglet?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 20, 2001 11:36 AM
To:	Nelson, Michelle
Subject:	RE:

sorry i went to get lunch, i think people are freaking out because of ken lays email this morning

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 20, 2001 11:34 AM
To:	Maggi, Mike
Subject:

why are you ignoring me?


Rika,
This is fine.   However, the Genco related info should be screened.

 -----Original Message-----
From: 	Herndon, Rogers
Sent:	Tuesday, June 12, 2001 1:23 PM
To:	Imai, Rika
Cc:	Will, Lloyd; Presto, Kevin M.
Subject:	RE: East Power Website

Rika -

The following people should be granted access to the full fundamentals

Preston Ochsner
Jubran Whalan
Joe Wagner
Narsimha Misra
Guy Sharfman
Jeffrey Wilson
Ress Young
Anna Santucci

These are members of the commodity team and as such report to me (and Kevin).  These people definitely need to be informed.  This list may expand (or contract) as we refine our resource requirements.

In addition,  I am working with Anna to identify non-sensitive data that I would like to offer to some of the EES marketing team members (sub-portal in the EES intranet site).  We should have something to present to you, Lloyd and Kevin by Thursday.

Thanks for your help,
Rogers

 -----Original Message-----
From: 	Imai, Rika
Sent:	Tuesday, June 12, 2001 1:10 PM
To:	Herndon, Rogers
Subject:	East Power Website

Rogers,

Please let me know if I should be giving Oschsner Preston full access to the East Power Fundamental site including Metastock.  This would include the forward curve information.  If there are others in your group who need access, please let me know.

Rika


Regan,

I know I provided the physical and financial contracts, but I did not tell you which ones were sut up to fail.  Here they are:

Counterparty Legal Name	 K #	 Contract Type	 Error, if any
Duke Energy Trading and Marketing, L.L.C.	 20000552	 Master Purchase Sale Spot	 Status=Trade Suspended-Default
Reliant Energy Services, Inc.	 20000547	 92 ISDA - Multicurrency/Cross Border	 Activity Type=Physical, Service Type=N/A
Williams Energy Marketing & Trading Company	 20000551	 Master Purchase Spot	 Purchase only
Williams Energy Marketing & Trading Company	 20000004	 GISB Base Contract 6.3.1	 Status=Deleted

Thanks,
Susan

 -----Original Message-----
From: Smith, Regan M.
Sent: Monday, February 04, 2002 11:00 AM
To: Allen, Thresa A.; Amador, Susan; Anastas, Sherry; Anderson, Bridgette; Anderson, Diane; Aucoin, Evelyn; Baker, Natalie; Baxter, Bryce; Bentley, Corry; Bosse, Kevin; Bowen, Bob; Brackett, Debbie R.; Campos, Anthony; Campos, Sylvia A.; Cason, Sharen; Dahlke, Andrea; Denny, Jennifer; Denton, Rhonda L.; Dupuy, Mark; Elledge, Susan; Engel, Tom; Evans, Casey; Garcia, Clarissa; George, Fraisy; Gillis, Brian; Hare, Bill D.; Hayden, Frank; Heal, Kevin; Heaney, Gordon; Hedstrom, Peggy; Hibbert, Greg; Hunter, Larry Joe; Huntley, Kelley; Jaquet, Tammy; Kenne, Dawn C.; Koulikov, Pavel; Lozano, Melba; Luc, Albert; Marryott, Michael; Mcginnis, Stephanie; McLaughlin Jr., Errol; Mendoza, Genaro; Meredith, Kevin; Moore, Kathy M.; Murphy, Melissa; Myers, Donnie; Reeves, Kathy; Richey, Cooper; Schield, Elaine; Schrab, Mark L.; Scott, Laura; Seib, Dianne; Severson, Russ; Steiner, David; Stevens, Mechelle; Sullivan, Patti; Sweitzer, Tara; Theriot, Kim S.; Vander velde, Nikole; Wallumrod, Ellen; Wiebe, Chris; Winfree, O'Neal D.; Sheidun, Donna; Stokley, Chris; Bharathi, Jaikishore; Boudreaux, Lori; Brewer, Charles; Chitradurga, Sundar; Clark, Cynthia; Deleon, Roberto; Dietrich, Dan; Fortney, Bill; Franks, Shawn; Greig, Iain; Henry, Jane Hilburn; Hunter, Wade; Johnson, Jeff; Krishnaswamy, Jayant; Lim, Francis S.; McKeel, Richard; Nolte, Ron; Pena, Matt; Poston, David; Powell, John D.; Ramesh, Ganapathy; Rao, Ramesh; Ray, Edward; Schmidt, Mark; Schomer, Chris
Subject: Updates... PLEASE READ - Netco testing schedule for Monday, Feb 4th & Tuesday, Feb 5th

Updates for Today's NetCo regression test at 1:00pm:

NT User Id's
For testing, if you are NT user id that participated in the 'PILOT' group, please use your PILOT id.
Otherwise, use the nc_t_xxxx accounts as previous testing.  The NT conversion for all remaining NetCo is expected to take place tonight 02/04.

Global Data
Below is my current understanding of the counterparties used for testing.  Contract setup is near complete and we will have the updates when deal entry starts.

1305 UBS Warburg Energy LLC acting as agent for UBS AG, London Branch
11266 UBS Canada Branch (name TBD)

54979 Duke Energy Trading and Marketing, L.L.C.
64245 Williams Energy Marketing & Trading Company
65268 Reliant Energy Services, Inc.
3015 Tennessee Gas Pipeline Co.
    Storage Service Contract 20000059  (Agency Contract 20000062)
    Transportation Contract 20000057

The goals of the test are:
1) regression test a subset of scenarios (ie Physical Gas Sale, Physical Power Supply, Financial Swap, Intercomapny) now that the Global Data is more stable (UBS internal counterparties, profit centers, desks/ books)
2) Identify any reference to internal/ external screens that still have 'ENRON' reference, or 'EOL' reference
3) Ensure we have the latest price curve data from updates (ie TAGG/ERMS)
4) process new EOL data created for Monday.  To verify mid/ back office, including SAP processing.   EOL will also push data from a mock trading session for on 2/7 (see below)
5) provide the test data scenarios for SAP testing (scheduled Tuesday 1pm).  SAP is completing their setup with the new controlling area for NetCo.
6) Continue with NT Logins involved with PILOT untill remaining are ported.

Regan

 -----Original Message-----
From: Smith, Regan M.
Sent: Friday, February 01, 2002 1:50 PM
To: Anastas, Sherry; Anderson, Bridgette; Aucoin, Evelyn; Baxter, Bryce; Bentley, Corry; Campos, Sylvia A.; Cason, Sharen; Dahlke, Andrea; Denton, Rhonda L.; Elledge, Susan; Garcia, Clarissa; Hare, Bill D.; Heaney, Gordon; Huntley, Kelley; McLaughlin Jr., Errol; Murphy, Melissa; Myers, Donnie; Severson, Russ; Stevens, Mechelle; Winfree, O'Neal D.
Subject: Updates... PLEASE READ - Netco testing schedule for Monday, Feb 4th & Tuesday, Feb 5th
Importance: High

Updates...

User Test Schedule
Please review the attached user test schedule; I've updated for the name swaps as needed.
The timeframe for SAP confirmation Tuesday 1pm, and I've moved Gas Settlements to Tuesday am.  If time permits, we may be able to settle gas on Monday pm.

Test Cases & Global Data
The attached spreadsheet has the current global data and on tab page 2, the test cases.  We will still use the detailed test scenarios for entry.
The global staff is updating the counterparties now/ and contracts to redistribute.

I'm requesting for the deal entry users to please comment/ revise as to what specific test cases are needed, and can be omitted.
Unlike previous testing, we will be using real (active) counterparties, and need to test intercompany scenarios (UBS London to UBS Canada).
We would like a subset for Power (ie 4), and a subset for Gas (6-8) that we can perform during this time.

Can the respective Deal Entry groups discuss and send me your feedback today?  I'm hoping to save calling a meeting.

Thanks,

Regan Smith
Energy Operations Systems
Enron Net Works
713-853-9291 (wk); 281-850-7551 (cell)

-----Original Message-----
From: Smith, Regan M.
Sent: Thursday, January 31, 2002 12:02 PM
To: Allen, Thresa A.; Amador, Susan; Anastas, Sherry; Anderson, Bridgette; Anderson, Diane; Aucoin, Evelyn; Baker, Natalie; Baxter, Bryce; Bentley, Corry; Bowen, Bob; Brackett, Debbie R.; Campos, Anthony; Campos, Sylvia A.; Dahlke, Andrea; Denny, Jennifer; Denton, Rhonda L.; Dupuy, Mark; Elledge, Susan; Engel, Tom; Evans, Casey; Garcia, Clarissa; George, Fraisy; Gillis, Brian; Hare, Bill D.; Hayden, Frank; Heal, Kevin; Heaney, Gordon; Hedstrom, Peggy; Hibbert, Greg; Hunter, Larry Joe; Huntley, Kelley; Jaquet, Tammy; Kenne, Dawn C.; Koulikov, Pavel; Lozano, Melba; Marryott, Michael; Mcginnis, Stephanie; McLaughlin Jr., Errol; Meredith, Kevin; Murphy, Melissa; Reeves, Kathy; Schield, Elaine; Schrab, Mark L.; Scott, Laura; Seib, Dianne; Severson, Russ; Steiner, David; Stevens, Mechelle; Sullivan, Patti; Sweitzer, Tara; Theriot, Kim S.; Vander velde, Nikole; Wallumrod, Ellen; Wiebe, Chris; Winfree, O'Neal D.; Bharathi, Jaikishore; Boudreaux, Lori; Brewer, Charles; Chitradurga, Sundar; Clark, Cynthia; Deleon, Roberto; Dietrich, Dan; Fortney, Bill; Franks, Shawn; Greig, Iain; Henry, Jane Hilburn; Hunter, Wade; Johnson, Jeff; Krishnaswamy, Jayant; Lim, Francis S.; McKeel, Richard; Nolte, Ron; Pena, Matt; Poston, David; Powell, John D.; Ramesh, Ganapathy; Rao, Ramesh; Ray, Edward; Schmidt, Mark; Schomer, Chris; Smith, Regan M.; Stevens, Wilford; Stock, Steve
Subject: PLEASE READ - Netco testing schedule for Monday, Feb 4th & Tuesday, Feb 5th
Importance: High

Everyone,

The attached document outlines the Netco testing schedule for Monday, Feb 4th & Tuesday, Feb 5th.  There have been many decisions/ setup changes from the last test, and the majority of global data is now known.  This is the last week to test and validate before go-live.

The goals of the test are:
1) regression test a subset of scenarios (ie Physical Gas Sale, Physical Power Supply, Financial Swap, Intercomapny) now that the Global Data is more stable (UBS internal counterparties, profit centers, desks/ books)
2) process new EOL data created for Monday.  To verify mid/ back office, including SAP processing.   EOL will also push data from a mock trading session for on 2/7 (see below)
3) provide the test data scenarios for SAP testing (scheduled Tuesday 1pm).  SAP is completing their setup with the new controlling area for NetCo.
4) pilot the (real) NetCo logins, and no longer the nc_t_xxxx logins.  As you recall, there can be start up menu issues with porting user ids.

Canada/ Portland/ Toronto
The NetCo terminal server ( <http://remoteservices.netco.enron.com>) will be available during this timeframe for your testing.
We have test scripts for Houston scenarios, but need your participation to develop scenarios for your area (ie CAD dollar scenarios).

Your input is needed by Friday noon (ASAP):
1) To confirm/ update the test participants on the attached schedule .  Please reply with others that will be testing.
        Attachment Doc ' 0204 User_Test_ Schedule Netco.doc' -

 2) Assist/ provide feedback with what global data setup is required.  Downtime from previous testing was largely due global data missing that was needed for processing.
       Attachment Doc ' 0204 Global Data Setup requirements.doc' - development in progress, update to be provided later today.

The Bridgeline (800-711-8000 Code 3454709) will be open during the testing times. We request that all application owners be dialed into the bridgeline to expedite the resolution of any issues that might come up.

Thanks again for all your support.

FYI - The EOL business is planning a mock trading session tentatively scheduled for 2/7 (Thursday). The plan is to use the UBS production systems. The traders will be using the EOL Stack Manager and their own real products. The originators will be hitting the web site using valid counterparty accounts. It should last about 2 hours (probably 9am-11am).


per Blanca Carrizales


I received a phone call today from David Hale, City Attorney, with the City
of Fresno.  The following items below are issues that David brought up
regarding the CSU Fresno Project.  They are centered around the CEQA document
that was provided to them.

? David can not make recommendations and/or comments to the City's Team with
the scope of the 115kV line from the PG&E Herndon/Bullard Sub. to the CSU
Fresno Sub. not being fully defined.  i.e. overhead or under ground, PG&E or
CSU Fresno owning the line.
? David has numerous issues either way should PG&E owns the line or CSU
Fresno.
? David is investigating whether or not there is a public utility easement
located at Bullard.  He indicated that the likelihood is high that there is.
? If PG&E installs and owns the line then there are set of rules that the
City has in place for this work to be conducted by a public utility governed
by the CPUC.  The easement issues are broad under this scenario.
? David indicated that should PG&E install and own the 115kV line, that an
encroachment permit will not suffice.  He indicated that a Conditional Use
Permit would need to be utilized.
? David stated that should CSU Fresno want to install and own the 115kV line
that this is an area that is "convoluted and complex".  There would be a
tremendous amount of legal issues around this.  i.e. can the City grant this
easement to the University?  With the line being dedicated to the University
what does that mean?  Does CSUF have a legal right to this easement?
? It sounds like the City has never dealt with this type of issue and does
not have set of rules and/or regulations dealing with this.
? David stated that he might be in the next meeting with the University, EES,
and Fresno.

I will advise everyone should there be any other developments in this area
prior to the upcoming meeting with the City.  Let me know if you have any
comments or questions.

Rob Cone

Project Manager
Enron Energy Services
12647 Alcosta Blvd., Suite 500
San Ramon, CA 94583
Ph:925.543.3701, Fax:925.543.3550
Pager:888.397.5826


Lynn and I arrived safely in Houston and the weather seems much like
Argentina last week.  That steak dinner was delicious and it will take me
awhile to return to Pappa's or The Palm.  Thanks again.  Sara


Attached are a revised org chart and a revised org memo.  Work form these
drafts to incororate the handwritten changes I have given you.


The word Suzanne heard is that they are moving everyone to the Enron Corp
book in the somewhat near future.  They moved me there from EI when I
transferred last March.

Kay

From: Barbara N Gray@ECT on 11/02/2000 10:01 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: E-MAIL ADDRESS

Kay, could you please have your assistant get your name and E-Mail address
moved into the "ECT Adress Book" rather than the ENRON Corp Address book.  If
there is a specific need for you to remain in the Enron Corp address
directory, please let me know.     Thanks bng


Contact Mike Terraso (who heads the environmental function) and Mike Hicks
(who oversees corporate security).

	Jason Sokolov@ECT
	10/11/2000 08:46 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Crisis Management at Enron

Steven,
I have not spoken to you in a while!
How are things going?

I have a question for you.
I am enrolled in a Corporate Crisis MGMT class at Rice, and my assignment
for the up-coming Tuesday is to evaluate the crisis system (if there is one)
at Enron.
Do you happen to know anything about Crisis Management in our company?

Let me know at your earliest convenience..

Jason Sokolov


-----Original Message-----
From: 	Tamarchenko, Tanya
Sent:	Friday, May 25, 2001 3:20 PM
To:	Kaminski, Vince J
Subject:	FW: "Convolution VAR"

Vince, I contacted Albanese and you can see here the reply I got from him.

The experiment I could suggest to test the "Convolution VAR" for non-normal variables
would be: to generate prices with non-normal log returns and compare VAR based on simulations
versus "convolution VAR" for chosen non-normal distributions.

The spreadsheet Dr.Albanese attached compares different techniques (Monte-Carlo, Historical, Convolution)
on real data. The results are different. It is hard to come up to any conclusion after such experiment.

Tanya

 -----Original Message-----
From: 	"Claudio Albanese" <albanese@mathpoint.ca>@ENRON [mailto:IMCEANOTES-+22Claudio+20Albanese+22+20+3Calbanese+40mathpoint+2Eca+3E+40ENRON@ENRON.com]
Sent:	Friday, May 25, 2001 10:45 AM
To:	ttamarc@ect.enron.com
Subject:	Re: (no subject)

Hello Tanya,

our method is meant to be used for non-normal distributions. The assumption
of independence works out very nicely in my experience. The key point is
that the kind of principal component analysis we developed is portfolio
dependent, so we rank directions in risk factor space according to their
impact to portfolio returns. The agreement with empirical VaR or backtesting
performance is excellent. I am attaching a test Excel spreadsheet for our
VaR software library, which includes our fast convolution method together
with a variety of variance-reduced Montecarlo implementation.

If I can be of further help, don't hesitate to contact me.

best regards, Claudio

----- Original Message -----
From: "tanya tamarchenko" <ttamarc@ect.enron.com>
To: <albanese@math.toronto.edu>
Sent: Friday, May 25, 2001 10:02 AM
Subject: (no subject)

> Dear Dr. Albanese,
> my name is Tanya Tamarchenko. I work at Enron's Corp Research department
>
> in Houston. I have a question related to your paper "Fast convolution
> method for VAR
> and VAR gradients". I am wondering if you (or anyone else) have applied
> the "Convolution"
> or "Analytical" VAR method to non-normal distributions.
> We can estimate distributions of the marginals using historical time
> series as you suggest on
> page 3 of the paper, then we would have to assume independence of
> marginals and calculate
> VAR. How different that VAR would be compared to historical VAR based on
> the same time
> series of xi?
>
> Have you heard of any such experiments?
>
> Best regards,
>
> Tanya.
>
>
>

 - mpvartst.zip