Post Date: November 09, 2000
Category: SHORT-TERM FIRM CAPACITY
Subcategory: NWP OFFERS
Subject: 01-15 Soliciting Electronic Bids

Notice Text:
All Shippers Notification: 01-155?????? ???????
Dated November 9, 2000

TO:???? ALL SHIPPERS

FROM:?? Candace C. Karpakis- (801) 584-6996 wk
??????????????????????????????????????????????????????????????????????????????
? (801) 971-5983 cellular??
???????????????????????
?????????????????????? Williams Gas Pipeline-West
?????????????????????? Northwest Pipeline Transportation

SUBJECT:??????? SOLICITING ELECTRONIC BIDS FOR AVAILABLE FIRM MAINLINE
??????? ??????? TRANSPORTATION CAPACITY ON NORTHWEST'S TRANSMISSION SYSTEM

Northwest has posted the following package of available firm TF-1 Large
Customer
transportation capacity to its Electronic Bulletin Board ("EBB") for
competitive bid pursuant
to the "Right-of-First-Refusal; Posting of Pipeline Capacity" provision of
Northwest's Tariff,
which requires availability of capacity to be posted to the EBB subject to
bid.? All prearranged
terms are indicated below, if applicable.? The prearranged shipper has the
right to match the
highest economic value at the end of the bid period.? If the prearranged
shipper does not
match the highest economic value, award of such capacity will be made
according to
Northwest's tariff.

NOTE:? BIDS FOR POSTED CAPACITY WILL BE CONDUCTED ELECTRONICALLY AS CLOSED
BIDS ON NORTHWEST PIPELINE'S EBB.? Please contact Candace Karpakis or your
Marketing
Services Representative if you encounter any problems with your EBB bid(s).?
DON'T WAIT
UNTIL THE LAST MINUTE TO POST YOUR BID.? Time deadlines are electronically
monitored
and implemented.

PACKAGE "AA"
From the October 31, 2000 Posting
EBB OFFER # ____

RECEIPT ??????? ??????? DELIVERY??????? ?? TOTAL??????? INITIAL PRIMARY
PREARRANGED
?POINT? ??????? ??????? POINT ? ?? DTH/D???????? CONTRACT TERM? ?? OFFER
??

Crossover?????????????????????????? Green River-??? 23,152???? 11/14/00 -
11/18/00????? ??? YES
??????? 16??????????????????????????????????????? CIG

Min. Acceptable Bid:???????? ?? $0.03 per Dth of daily Volumetric Reservation
Contract??????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????? Demand?
for Flexible Receipt/Delivery Point Rights

Min. Acceptable Bid Vol:??????? 1 Dth/d
Max. Acceptable Bid Vol:??????? 23,152 Dth/d
Bid Open Date:? ??????? 11/09/00 - (4:00 pm Central Time)
Bid Close Date: ??????? 11/10/00 - (4:00 pm Central Time)
Award Deadline: ??????? 11/10/00 - (5:00 pm Central Time)
Evergreen:????? ??????? ??????? Day to Day, One (1) Business Day Prior
Notification
Special Terms & Cond:?? ??????? See 1, 2 and 3 Below.

PACKAGE "Q"
From the October 31, 2000 Posting
EBB OFFER # ____

RECEIPT ??????? ??????? DELIVERY??????? ?? TOTAL??????? INITIAL PRIMARY
PREARRANGED
POINT ? ??????? POINT ? ??? DTH/D??????? CONTRACT TERM? ?? OFFER

Shute Creek??????????????????????? Ignacio??????????????? 10,000?????
11/14/00 - 11/30/00?????? ??? YES
????????????????????????????????????????????? Bondad-EPNG

Min. Acceptable Bid:???????? ?? $0.07 per Dth of daily Reservation Contract
Demand for Flexible
?????????????????????????????????????????????? Receipt/Delivery Point Rights
Min. Acceptable Bid Vol:??????? 1 Dth/d
Max. Acceptable Bid Vol:??????? 10,000 Dth/d
Bid Open Date:? ??????????????????????? 11/09/00 - (4:00 pm Central Time)
Bid Close Date: ??????? 11/10/00 - (4:00 pm Central Time)
Award Deadline: ??????? 11/10/00 - (5:00 pm Central Time)
Evergreen:????? ??????? ??????? Month to Month, Ten (10) Business Day Prior
Notification
Special Terms & Cond:?? ??????? See 1, 2 and 4 Below.

SPECIAL TERMS AND CONDITIONS

1. The discount rate shall apply to points utilized by the original shipper
entering into the
transportation agreement with Northwest.

2. A shipper will be allowed to release and/or segment and release the
capacity and
shipper and replacement shipper may utilize any available points on
Northwest's
?transmission system without impacting the discount for the original shipper.

3. This prearranged offer is a volumentric reservation contract demand.? A
monthly base
reservation charge per unit of transportation contract demand shall be the
awarded
rate/dth multiplied by the dth's delivered during the month, divided by the
total
monthly Transportation Contract Demand.? In addition to the Volumetric
Reservation
Charge Bid, shipper will pay the volumetric charge, the applicable surcharges
and
fuel.

4. This prearranged offer is for a reservation contract demand rate.? In
addition to the
Reservation Charge Bid, shipper will pay the volumetric charge, the
applicable
surcharges and fuel.
?

PROCEDURE FOR BIDDING FOR
AVAILABLE TRANSPORTATION CAPACITY

The following guidelines will be adhered to for all posted packages of
transportation capacity
for electronic bid ("package or packages"):

1. Shipper must submit a separate electronic bid for each package of
available transportation
capacity.? Multiple electronic bid(s) can be submitted for the total
available transportation
capacity under the specified package OR multiple rates can be submitted each
for a partial
amount of available transportation capacity under the specified package.? If
the same
Shipper submits multiple bids, the highest present value for such package of
available
transportation capacity shall be considered the valid bid. All other bids
from the same
Shipper for the same package of transportation capacity will be discarded.

2. Northwest awards bids based on a net present value calculation.? If bid
rate is less than
??????? minimum tariff rate, the following formula is utilized:? Bid Rate x
FERC Interest Rate x The
??????? Maximum Bid Quantity x 365 days/100/12; or if the maximum rate is
bid, the following
??????? formula is utilized:? Bid Rate x FERC Interest Rate x Maximum Bid
Quantity x days bid/100.
??????? In case of a tie, each tied shipper will have the right to improve
its bid by submitting an
??????? improved bid within 24 hours of the bid close time.? Such improved
bid shall be faxed to
??????? (801) 584-7076 to Candace Karpakis or Patrick Aman.? If a tie still
exists, such capacity
??????? shall be awarded on a prorata basis.

3. Northwest will not accept bids with a primary contract term (Term) longer
than indicated
??????? for the capacity unless maximum rate is bid.
?

INSTRUCTIONS FOR CREATING A BID FOR
NORTHWEST'S FIRM CAPACITY RELEASE OFFERS

1. Select "CAPACITY RELEASE" application in Northwest Passage.
2. Select "CREATE/SUB BID FOR NWP CAP" application.? All current offers will
appear.
3. Highlight the offer you are interested in by clicking the left mouse
button on the offer.
4. Select the "TERMS & COND" button at the top of the screen, which is now
active.? The
screen will allow you to review the conditions of the offer.? Close this
screen when you
have finished reviewing.
5. At this point you can review current bids posted for this offer by
selecting the "VIEW
BID" button.? Close this screen when you have finished viewing.
6. If you would like to create a bid for this offer, select "CREATE BID"
button.
7. If you want to bid the maximum rate for the capacity, select the "BID MAX
RATE"
button.
8. Highlight the "END DATE" if you want to modify the end date of the term of
your offer.
9. If you want to modify the receipt/delivery point maximum and minimum
volume,
highlight the receipt/delivery point section with the left mouse button and
modify
accordingly. Select "SAVE".? If an error appears at the button of the screen,
the error
will need to be corrected and the data will need to be saved again.? If
successful, a
message will appear indicating the bid information has saved and the bid rate
must
be entered.? Select "OK".
10. Select the "RATE" button.? Enter the bid rate.? Select "SAVE".

You have just "CREATED" your bid for the offer.? You now need to "SUBMIT"
your bid as follows:

11. Close out of all screens and return to the "CAPACITY RELEASE" menu
screens.

12. To Submit or Review your bid(s), select the "REV/SUB/WDRW NWP CAP BID"
button.

All of your bids will appear.? Highlight the "BID IN DRAFT STATUS" that you
would like
to submit.? Select the "SUBMIT" button at the top of the screen to post the
bid.

To Withdraw your bid(s), select the "REV/SUB/WDRW NWP CAP" button.? All of
your
bids will appear.? If the bid has not yet been submitted, highlight the "BID
IN DRAFT
STATUS" that you would like to withdraw.? Select the "WITHDRAW" button at the
top
of the screen to withdraw the bid.? After a bid has been withdrawn, you can
select the
"DELETE" button at the top of the screen to delete it from the screen.
NOTE:? After each selection, always "REFRESH" the screen to get the latest
status.

Word: F\Short Term/Capacity for Bid-All 2000 November 9 2000 01-155.doc


Went home and went to bed buddy!  So which of the lovely young ladies did you
spend time with?

Chad Gronvold
06/26/2000 07:11 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject:

So, what did you end up doing Saturday night?  Did Ingrid come over?  You
should have gone to the Black Swan!


461487
461488
jeff

broker has sp15 on these deals


i heard they might move the wedding to miami

 -----Original Message-----
From: 	"Ryan Lee" <ralee@rmi.net>@ENRON [mailto:IMCEANOTES-+22Ryan+20Lee+22+20+3Cralee+40rmi+2Enet+3E+40ENRON@ENRON.com]
Sent:	Tuesday, May 15, 2001 6:53 PM
To:	Lenhart, Matthew; Peder Kjeseth ; merlinm
Cc:	scott.morrill
Subject:	Re: Jen and Max!!!!

Did they just assume we can all afford this! I'm poor and  stupid, I don't know how I will do it!   Ryan
----- Original Message -----
From:  Lenhart, Matthew << File: mailto:Matthew.Lenhart@ENRON.com >>
To: Peder Kjeseth  << File: mailto:pederleifkjeseth@hotmail.com >> ; ralee << File: mailto:ralee@rmi.net >>  ; merlinm << File: mailto:merlinm@uswest.net >>  ; Lenhart, Matthew << File: mailto:Matthew.Lenhart@ENRON.com >>
Cc: scott.morrill << File: mailto:scott.morrill@grubb-ellis.com >>
Sent: Tuesday, May 15, 2001 3:35 PM
Subject: RE: Jen and Max!!!!
i just looked at the prices for flights to cayman and they run  around
$600.  this is going to cost over $1000.  start saving  now.
>  -----Original Message-----
> From: Peder  Kjeseth  [mailto:pederleifkjeseth@hotmail.com << File: mailto:pederleifkjeseth@hotmail.com >> ]
> Sent: Wednesday, May 09, 2001 6:14 PM
> To: ralee; merlinm;  Matthew.Lenhart
> Cc: scott.morrill
> Subject: Re: Jen and  Max!!!!
>
>
> I think we should dig up that slip that Matt  Hersh gave to Max saying
> that
> he might have been exposed to an  STD and then get the photo of his
> cock in a
> doughnut to  complete the circle.  Has anyone fwded that mail to Coco?
>  I'm
> sure she has a couple fond memories for the two of them to  savor
> throughout
> their marrige.
>
> -PLK
>
>
> >From: "Ryan Lee" <ralee@rmi.net << File: mailto:ralee@rmi.net >> >
> >To: <merlinm@uswest.net << File: mailto:merlinm@uswest.net >> >, <Matthew.Lenhart@enron.com << File: mailto:Matthew.Lenhart@enron.com >> >
>  >CC: <Matthew.Lenhart@enron.com << File: mailto:Matthew.Lenhart@enron.com >> >,  <pederleifkjeseth@hotmail.com << File: mailto:pederleifkjeseth@hotmail.com >> >,
>  ><scott.morrill@grubb-ellis.com << File: mailto:scott.morrill@grubb-ellis.com >> >
>  >Subject: Re: Jen and Max!!!!
> >Date: Wed, 9 May 2001 12:55:06  -0600
> >
> >What is this book thing. I will crack skulls!  I'll wipe a booger on
> the
> >first page. Then I'll sign it  "REMO"!
> >
> >----- Original Message -----
>  >From: <Matthew.Lenhart@enron.com << File: mailto:Matthew.Lenhart@enron.com >> >
>  >To: <merlinm@uswest.net << File: mailto:merlinm@uswest.net >> >
> >Cc:  <Matthew.Lenhart@enron.com << File: mailto:Matthew.Lenhart@enron.com >> >;  <pederleifkjeseth@hotmail.com << File: mailto:pederleifkjeseth@hotmail.com >> >;
>  ><ralee@rmi.net << File: mailto:ralee@rmi.net >> >; <scott.morrill@grubb-ellis.com << File: mailto:scott.morrill@grubb-ellis.com >> >
>  >Sent: Wednesday, May 09, 2001 11:27 AM
> >Subject: Re: Jen and  Max!!!!
> >
> >
> > >
> > > i think  she is one of jen's cougar friends.  that is such a chick
>  thing
> >to
> > > do.
> > >
>  >
>
>  _________________________________________________________________
> Get  your FREE download of MSN Explorer at http://explorer.msn.com << File: http://explorer.msn.com >>
>


I'm off my call

 -----Original Message-----
From: 	Wong, Michael
Sent:	Monday, November 19, 2001 3:36 PM
To:	Ward, Kim S (Houston)
Subject:	APEA
Importance:	High

Kim,

Roger Mock and one or two of his colleagues will be calling me momentarily to discuss the APEA contract.  Once he calls, I'll patch you in.

Michael Wong
Enron North America
(w) 415-782-7808
(c) 415-297-9664


Please open and read the attached "Mkt Aff Memo 20", effective July 13, 2000,
which gives you notice of a new Exempt Potential Marketing Affiliate:  East
Sour Lake, LLC.


Leslie, would you please put these numbers together for us?  Valerie said she
would work with you on it.  Thanks.

01/08/2001 02:05 PM
Bernadette Hawkins@ENRON
Bernadette Hawkins@ENRON
Bernadette Hawkins@ENRON
01/08/2001 02:05 PM
01/08/2001 02:05 PM
To: Mary Hain/HOU/ECT@ECT, Lysa Akin/PDX/ECT@ECT
cc: Joe Hartsoe/Corp/Enron@ENRON
Subject: 2000 USFMP Dues Data Request (THIRD REQUEST)

Per my voice mail, see the attached.

Thanx
----- Forwarded by Bernadette Hawkins/Corp/Enron on 01/08/2001 05:02 PM -----

	Joe Hartsoe
	01/08/2001 04:28 PM

		 To: Bernadette Hawkins/Corp/Enron@ENRON
		 cc:
		 Subject: 2000 USFMP Dues Data Request (THIRD REQUEST)

B-dette -- Please call Mary Hain and find out who to forward this to.
Perhaps Alan?  ThanksJOE
----- Forwarded by Joe Hartsoe/Corp/Enron on 01/08/2001 03:26 PM -----

	sharon@wscc.com
	Sent by: Maiser@wscc.com
	12/29/2000 12:49 PM

		 To: "Council Representatives" <cr@wscc.com>
		 cc:
		 Subject: 2000 USFMP Dues Data Request (THIRD REQUEST)

SELECT COUNCIL REPRESENTATIVES

Please respond to the USFMP 2000 Dues Allocation Data Request that
was previously sent out on October 18, 2000, and on December 8, 2000.
This is a THIRD REQUEST. We would appreciate if you could forward
this information as soon as possible.

Thanks

Steve Ashbaker
WSCC
801-582-0353

MERRY CHRISTMAS & A HAPPY NEW YEAR!
Sharon Larson, WSCC
sharon@wscc.com
801-582-0353 X102

 - UFAS00Ltr.doc
 - UFASReportInstruc.doc
 - UFASMitigDataReq.xls


I'm only coming if Molly comes as Martha.

-----Original Message-----
From: Sean Maloney
Sent: Mon 10/29/2001 7:22 PM
To: Press Curtiswork; Press Mary & Curtis; Anderluh Brian; Lee Zimmerman; marc sondheimer; Chris Erlin; Cameron Sellers; Prentice Sellers; Scott Laughlin; Jeff Dasovich; Blair Matt; Andy Morrison; Dave Barsotti; Dehm Mike; Brady Brook; Jennifer Peerless; Pete Woodring; Tracy_Brown
Cc:
Subject: Holiday Party - Early Warning System

Hey Guys,

Just wanted to let you know that the Holiday Party at my Parents house will
December 8th.  As always it will start at about 10:30am.

I will send out invites in a week or two.  Please do not mention the party
to anyone not on this list as my mom will only let me have a limited number
of friends over to play.

Sean

P.S.  One more thing.  It will be highly encouraged that people come in
holiday costumes.  Possible outfits include but are not limited to:

Santa, Chanukah Monkey, Reindeer, Winter Warlock, Elf, Rabbi, Jesus,
Kwanzameister Meister Kwanza, Hermy, Dradle, Christmas Tree, Tooth Fairy
Family Christmas, Yamika Man/Woman, Elvis, Grinch, Max, Heat Mizer, Freeze
Mizer, The Mailman played by Bing Crosby, Jimmy Stewart, Ebeneezer Scrooge,
Tiny Tim, Present, Candy Cane, Boxing Day, 12 Days of Christmas, Batteries
Not Included, Ghost of Christmas Past/Present/Future, World's Tallest Man,
Fat Twins on Mini-Bikes, Sugar Plumbs, Hava Nagila, Neil Diamond, Band-Aid,
Eat Papa, Frosty the Yellow Snowman


<<Contact with Former Employee of Adverse Party.WPD>> Richard, Robert
Rivera asked me to send this memo to you.  Please let me know if I can be of
further assistance.

Shawn Raymond

 - Contact with Former Employee of Adverse Party.WPD


Bob Brooks in Boston

Bob Brooks is in Boston for a couple of days working with Charles River
Associates on the NYSERDA study of the gas network of New York.  If you
need to reach him, his cell phone number is 323-821-9075.

Southwest Gas Data Fix

One of our users has correctly pointed out that there is a small bug in
the Location table of recent GPCMdat databases, which could cause some
confusion in some reports.

The bug was introduced when the Southwest Gas pipeline model was split
into two zones:  north and south.  In the location table Zone ZN194
became ZN194-N and ZN194-S.  Unfortunately, the Zone name "Southwest Gas
Corp." did not get the North and South appendages.

So, the fix is really easy:  from Case Definition click the Data button
then the Location button.  Select Type "Trans" and then browse down to
the Southwest Gas Corp. entries and change them to Southwest Gas North
and Southwest Gas South respectively.  Then your reports will also read
correctly.

Thanks for letting us know about this!

Bob Brooks

GPCM Natural Gas Market Forecasting System

http://gpcm.rbac.com <http://gpcm.rbac.com/>


Without Detroit Edison, the Moore Power Project involves development of the
project to supply merchant peak power to the Ontario market starting November
1, 2000.  Permitting and interconnect agreements would be completed to
interconnect to MECS as well as Ontario Hydro SERVCO, however, the execution
of the Detroit Edison interconnection agreement would be deferred
(optionality maintained).  Interconnection would be made to Ontario Hydro for
November 1, 2000.

There are three project scenarios going forward:
1. Develop the project and maintain 100% Enron interest
2. Develop the project and sell part or all of equity
3. Sell turbines, and possibly developed site (separate from turbines)

Here is the action being taken at this time:
1. Stop work order and request of all consultants to provide the following:
 -  Confirmation of costs to date on permitting and preliminary engineering
(just an update of our weekly cost tracking system)
 - Provide costs to completion (permit approval), and schedule
 - EPC schedule for a November 1, 2000 start date, and critical path
 - Costs for the further technical support we require with interconnects etc.
The above will be linked in with the payment/decommissioning schedule for the
turbines, and interconnect studies/agreement costs (including gas agreements)
to come up with a total activities, cost and schedule projection to
completion of permitting (at approval) and interconnection agreements,
linking that to the schedule for a November 1, 2000 start-up.
2. Compilation of all data on the Ontario market, to provide a picture of
generation type availabilites, hourly demand trends for each month of the
year, peak demands for 1998 and 1999 and growth pattern. historical
generation on the margin, imports/exports, reserve margins, purchased reserve
support, monthly supply guaranteed at $.038/kWhr and implications on OPGI
drive to push spot market up during certain months, etc.
3. Confirmation of ICF Kaiser timing and costs for an Ontario market analysis
and price curve projection preparation as support to a pitch document to
potential equity participants.
4. Structuring in Houston have been asked to make an assessment of an Ontario
"bid curve" based on NY West, and MECS/ECAR curves, winter peak dynamics, new
market opening volatility (using other market examples), Ontario import
capabilites etc.  We will also provide the appropriate supply/demand
information to them.  They will have to support curves into RAROC.

Summarizing the timing:
1. Define costs and schedule to "develop" project to point of sale; (Jan 26)

2. Confirm potential of Ontario market, and link to structuring's "curve"
projection (Jan 28)
During this time, seek commitment to re-initiate permit and technical support
work to complete the permitting phase.

3. Have ICF Kaiser prepare market price assessment (kick off Jan 28)

4. Prepare information memorandum in support of the project as potential core
to a pitch book to potential equity participants
(dash type data but with just general financials assumptions plus details on
market) (Feb 9 first draft)
During this time re-assess interest in developing the asset on our own, or in
seeking equity participants, or in selling the turbines on their own prior to
completing the information memorandum.


Hello Everyone-

Attached is the revised LNG Team List.

As a reminder, please submit any changes to me.

Thanks!

Mauricio
x-52701


Chris,

Can you reattach the file that Jeff sent. I believe it is the imbalance schedule I was looking for!

Also, looking for some historical info. Did Joe Parks leave any history with regards to transactions in December or January?? Specifically, did Ponderosa through Enron sell any gas to third parties in those months??

MM

 -----Original Message-----
From: 	Germany, Chris
Sent:	Thursday, April 04, 2002 9:57 AM
To:	'jeffsmirin@txu.com@ENRON'; Kelly, Katherine L.; Denetsosie, Troy; Mazowita, Mike; Dinari, Sabra L.
Subject:	RE: Ponderosa Pines Energy

Thanks Jeff,

This email shows the new TEAM members.  GO TEAM!

 -----Original Message-----
From: 	jeffsmirin@txu.com@ENRON
Sent:	Thursday, April 04, 2002 9:11 AM
To:	Germany, Chris
Subject:	Ponderosa Pines Energy

(See attached file: Tenaska IV Est Imbalance0302.xls)
 - Tenaska IV Est Imbalance0302.xls << File: Tenaska IV Est Imbalance0302.xls >>


yeah


Hola, Carolina. Un gran besito a vos.

I htink that Victor LaMadrid can help you and he speaks spanish, too.  Tell
everyone in BA  "hola".

Carolina Waingortin@ENRON
08/07/2000 08:23 AM
Sent by: Carolina Waingortin@ENRON
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Hi !

Do you remember me? If so, thanks ! !

I am sending you this mail since I will like to ask you something, I need to
contact someone who works on gas schedulling in order to ask for some help.

Can you help me with that?

Besos desde Argentina !

C.


Count me in...

Audrey Robertson
11/29/2000 10:08 AM
To: Steven Harris/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Lynn
Blair/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Kevin
Hyatt/ET&S/Enron@Enron, Ramona Betancourt/ET&S/Enron@ENRON, Bob
Burleson/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron, Lorraine
Lindberg/ET&S/Enron@ENRON, Lindy Donoho/ET&S/Enron@ENRON, Christine
Stokes/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, TK
Lohman/ET&S/Enron@ENRON, Terry Galassini/ET&S/Enron@ENRON, Ronald
Matthews/ET&S/Enron@ENRON, Jan Moore/ET&S/Enron@ENRON, Darrell
Schoolcraft/ET&S/Enron@ENRON, Audrey Robertson/ET&S/Enron@ENRON, Kimberly
Watson/ET&S/Enron@ENRON, Michelle Lokay/ET&S/Enron@Enron, Earl
Chanley/ET&S/Enron@ENRON, Perry Frazier/ET&S/Enron@ENRON, John
Buchanan/ET&S/Enron@ENRON, Albert Hernandez/ET&S/Enron@ENRON, Terry
Kowalke/ET&S/Enron@ENRON, Beverly Miller/ET&S/Enron@ENRON, Amy
Mulligan/ET&S/Enron@ENRON, Cynthia Rivers/ET&S/Enron@ENRON, Linda
Ward/ET&S/Enron@ENRON, Christine McEvoy/ET&S/Enron@Enron, Rick
Dietz/ET&S/Enron@ENRON, Linda Trevino/ET&S/Enron@ENRON, Elizabeth
Brown/ET&S/Enron@ENRON, Dale Eldridge/ET&S/Enron@ENRON, Dennis
Lee/ET&S/Enron@ENRON, Sheila Nacey/ET&S/Enron@ENRON, Toby
Kuehl/ET&S/Enron@ENRON, Chris Greaney/ET&S/Enron@ENRON
cc:

Subject: TW's Christmas Luncheon

Steve Harris and the Transwestern Commercial Team would like to extend an
invitation to our Christmas Luncheon on Wednesday, December 13, 11:30 a.m.
at the Rodizio Restaurant on Westheimer and Chimney Rock.

Please RSVP to me no later than Monday, December 4, 2000.

We look forward to having you join us in a great Holiday Celebration.

adr


How does Wednesday look for a conference call?

Kay


FYI---rob and I have been meeting with the Minister on this, and my
impression is that the rules are not nearly as far advanced as the article
below indicates.  We will be in Egypt again in the near future to talk again
with the Minister
---------------------- Forwarded by Rick Bergsieker/ENRON_DEVELOPMENT on
09/23/2000 10:14 AM ---------------------------

Daniel R Rogers
09/21/2000 02:22 PM
To: Rick Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Clay
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wayne
Perry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Doug Arnell@ENRON_DEVELOPMENT, V V
Rao@ECT
cc: Nancy Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ned E
Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: EGYPT LNG/Pipeline

I wasn't sure whether you folks had seen this so I thought I'd pass it
along.

Dan

EGYPT:
Egypt agrees to reduce natural gas price.

09/18/2000
Reuters English News Service
(C) Reuters Limited 2000.

CAIRO, Sept 18 (Reuters) - Egypt's Oil Minister Sameh Fahmy said on Monday the
ministry had agreed with international companies to reduce the price of
natural gas produced locally.

He told reporters after a cabinet meeting that approved the agreement that it
would be submitted to parliament, which opens a new session on December 13
after general elections.
Fahmy said the new gas pricing deal, which cuts the price Egypt pays to
foreign companies for their share of gas produced in the country, would save
the government $250 million a year.

He gave no details of the pricing structure, but said it would take effect
from July, 2000, apparently referring to the start of Egypt's fiscal year
(July-June).

The cabinet also approved plans to export natural gas and liquefied natural
gas (LNG) to Turkey and Europe, he said.

Information Minister Safwat el-Sherif said Egypt would earn an initial $265
million a year from exporting gas by pipeline and about $280 million a year
from LNG exports.

In July, Spanish electricity generator Union Fenosa signed a long-term gas
contract with the state Egyptian General Petroleum Corporation to buy 40
billion therms of gas a year.

Spain's third biggest power utility is to receive the gas by pipeline. It said
it had also agreed to invest $1 billion to build a liquefaction plant in Egypt
by 2004.

In June BP-Amoco announced plans to develop an LNG plant to process and ship
LNG to Mediterranean and other markets. BG International said in April it had
agreed with EGPC and Italy's Edison International to build an LNG plant for
export to unspecified buyers in the Mediterranean region.

East Mediterranean Gas, a joint venture of EGPC, Israel's Merhav Group, said
in May it had begun talks with the Israel Electric Corp for laying an
underwater pipeline to supply Egyptian gas to Israel.

It said it planned to build a 780-km (468-mile) pipeline able to carry up to
15 billion cubic metres of gas a year from Egypt to Turkey, with exits to
Israel.

Egypt puts its proven reserves of natural gas at 42.5 trillion cubic feet and
total reserves at around 120 trillion.


Lamentably, I worked all week--no vacation time.  Thanks.

	Joseph Alamo
	01/02/2001 01:41 PM

		 To: Sandra McCubbin/NA/Enron, Jeff Dasovich/NA/Enron
		 cc:
		 Subject: Timekeeping Question

Sandi & Jeff,

I need to check with you both for "correct" Timekeeping concerns that I had
input your hours correctly for last
week; that is, whether either of you ended up taking any time off last week.
[Before I left, I had put you both
down under "Work" hours for Wednesday through Friday (12/27 - 12/29).]

Please let me know today if I need to "adjust" any of your hours as
referenced above.

Thanks!

Joseph


thanks

Elizabeth Sager
713-853-6349

 -----Original Message-----
From: 	"WINNIE HOWARD" <HOWARD@wrightlaw.com>@ENRON [mailto:IMCEANOTES-+22WINNIE+20HOWARD+22+20+3CHOWARD+40wrightlaw+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, July 30, 2001 1:25 PM
To:	Sager, Elizabeth; jhartso@enron.com
Subject:	WSPP 8-10-01 Meeting Agenda and Materials

These documents will also be posted on the WSPP Website.

 - ATTACHMENT 9.doc
 - ATTACHMENT 10.doc
 - ATTACHMENT 11.doc
 - ATTACHMENT 12.doc
 - ATTACHMENT 2.doc
 - ATTACHMENT 3.doc
 - ATTACHMENT 4.doc
 - ATTACHMENT 5.doc
 - ATTACHMENT 6.doc
 - ATTACHMENT 7.doc
 - ATTACHMENT 8.doc
 - 8-10-01 MEETING MEMO.doc
 - ATTACHMENT 1.doc


---------------------- Forwarded by Chris Germany/HOU/ECT on 07/27/2000 07:31
AM ---------------------------

dkinney@columbiaenergygroup.com on 07/26/2000 03:49:22 PM
To: " - *Molly.Sumrow@enron.com" <Molly.Sumrow@enron.com>, " -
*Kevin.Ruscitti@enron.com" <Kevin.Ruscitti@enron.com>, " -
*chris.germany@enron.com" <chris.germany@enron.com>
cc: " - *Scott, David" <dscott1@columbiaenergygroup.com>, " -
*tray@enron.com" <tray@enron.com>, " - *Dalphon, Charles"
<cdalpho@columbiaenergygroup.com>, " - *Jones, Donna"
<djones1@columbiaenergygroup.com>, " - *Destephanis, Kara"
<kdestep@columbiaenergygroup.com>, " - *cfrankl2@enron.com"
<cfrankl2@enron.com>, " - *vversen@enron.com" <vversen@enron.com>, " -
*cindy.vachuska@enron.com" <cindy.vachuska@enron.com>, " -
*cora_pendergrass@enron.com" <cora_pendergrass@enron.com>, " -
*mmitche2@enron.com" <mmitche2@enron.com>, " - *scott.goodell@enron.com"
<scott.goodell@enron.com>, " - *steve.gillespie@enron.com"
<steve.gillespie@enron.com>, " - *cgarcia@enron.com" <cgarcia@enron.com>, " -
*despey@enron.com" <despey@enron.com>, " - *joann.collins@enron.com"
<joann.collins@enron.com>
Subject: Updated August FOM volumes for CES

The attached file contains updated August FOM volumes for CES.  This file is
an
update to the one sent on 7/24/00.   The changes are listed on the 'Comment'
worksheet.   Please call me if you have questions, problems, etc.

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

 - Aug00_FOM_Req02.xls


Ryan -

I should have your employee referral payment on 4/18.  Again, sorry for the delay.  We are all squared away on your other 2 - you should receive payment within 30 days of their 60 day mark.

If you have any other questions, please let me know.

Kind regards -
Amy


Did I miss anything?
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/12/2001 05:40
PM ---------------------------
From: Megan Angelos/ENRON@enronXgate on 02/12/2001 05:33 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: EECC/ENA meeting - Pre-Meeting

Kay,

This meeting was held today at 1:30 pm. You can speak to either Lisa or
Catherine for details.  Please note the meeting on 2/15/01 from 11:30am )1:00
pm.

Thanks!
Megan

 -----Original Message-----
From:  Mann, Kay
Sent: Monday, February 12, 2001 11:24 AM
To: Angelos, Megan
Subject: Re: EECC/ENA meeting - Pre-Meeting

Did anything get set up?  I'm booked at 200, but otherwise available.

Kay

From: Megan Angelos/ENRON@enronXgate on 02/08/2001 12:54 PM
Please respond to CN=Megan Angelos/O=ENRON@enronXgate
To: Ozzie Pagan/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Sheila
Tweed/HOU/ECT@ECT, Roseann Engeldorf/Corp/Enron@ENRON, Mike
Coleman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christopher F
Calger/PDX/ECT@ECT, Jake Thomas/HOU/ECT@ECT
cc:

Subject: EECC/ENA meeting - Pre-Meeting

Please let me know your availability for Monday, February 12, 2001 for an
hour to discuss both the attached document and new changes with EEC/NEPCO.

Also, please note on your calendars, a meeting on Thursday, February 15, 2001
from 11:00 a.m. to 1:30 p.m. in 3AC4C1. Lunch will be provided.

Please get back to me with your availability as soon as possible.

Thank you,

Megan Angelos
3-0420

 << File: DevProc2UnMarked.doc >>


so did i but im working on it now

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:23 PM
To:	Maggi, Mike
Subject:	RE:

yes and i got fat for christmas!!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:23 PM
To:	Nelson, Michelle
Subject:	RE:

did you get good stuff for christmas

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:22 PM
To:	Maggi, Mike
Subject:	RE:

i guess, but it gets old.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:19 PM
To:	Nelson, Michelle
Subject:	RE:

well a little is good

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:19 PM
To:	Maggi, Mike
Subject:	RE:

maybe a little.  we have some things to work out.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:18 PM
To:	Nelson, Michelle
Subject:	RE:

a little better, no i really dont think we are, it depends on what happens here, how about you guys?

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:16 PM
To:	Maggi, Mike
Subject:	RE:

so are you two getting along better?  you don't think you are...cute!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:15 PM
To:	Nelson, Michelle
Subject:	RE:

no but we did look, i dont think i am

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:14 PM
To:	Maggi, Mike
Subject:	RE:

so is that your way of telling me tha you are moving?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:12 PM
To:	Nelson, Michelle
Subject:	RE:

i told you i was a big jerk, im sorry, So houses are very expensive in the ny area

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:12 PM
To:	Maggi, Mike
Subject:	RE:

i don't know i thought that i did something.  i had no idea that you were just being a big jerk

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:11 PM
To:	Nelson, Michelle
Subject:	RE:

how could i be mad at you

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:10 PM
To:	Maggi, Mike
Subject:	RE:

i don't know.  i thought that you were mad at me.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:09 PM
To:	Nelson, Michelle
Subject:	RE:

not really how about you

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:07 PM
To:	Maggi, Mike
Subject:	RE:

you think that you will get off that easy huh?  did it do you any good?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:06 PM
To:	Nelson, Michelle
Subject:	RE:

sorry charlie, so how are things

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:06 PM
To:	Maggi, Mike
Subject:	RE:

do you think that you could have let me in on that little detail?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:05 PM
To:	Nelson, Michelle
Subject:	RE:

i justr thought it might be better for both of us if we didnt talk for a while

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 1:01 PM
To:	Maggi, Mike
Subject:	RE:

maryland, virginia...wherever.  so why didn't you talk to me?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 1:00 PM
To:	Nelson, Michelle
Subject:	RE:

ny was good, you are ready to move where? i didnt not want to talk to you

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 12:58 PM
To:	Maggi, Mike
Subject:	RE:

it was fun.  i am ready to move up there.  how was ny?  why did you not want to talk to me?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 12:57 PM
To:	Nelson, Michelle
Subject:	RE:

ok, so did you have a good trip

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 12:56 PM
To:	Maggi, Mike
Subject:	RE:

no why?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 12:56 PM
To:	Nelson, Michelle
Subject:	RE:

are you being mean

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 12:55 PM
To:	Maggi, Mike
Subject:	RE:

whatever.  good.  how about you?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 12:55 PM
To:	Nelson, Michelle
Subject:	RE:

i just thought that it might be better no not talk for a while, sorry, how were your holidays

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 12:54 PM
To:	Maggi, Mike
Subject:	RE:

oh so you are talking to me now?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 12:54 PM
To:	Nelson, Michelle
Subject:	RE:

so, how are you

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Thursday, January 03, 2002 12:52 PM
To:	Maggi, Mike
Subject:	RE:

yes

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 03, 2002 12:22 PM
To:	Nelson, Michelle
Subject:

are you here


Gary,

Attached please find the internal memo regarding the CA PX margining
situation as well as a spreadsheet detailing the current collateral that EPMI
has outstanding with the CA PX for both the CORE and CTS markets.

Regards,
Tracy


Lynn:  I would like to standardize procedures for Argentina as much as
possible (this week while fresh in my mind).  Attached is Julian's message to
Houston.  Is this OK to put into email?  Let me know when you have time to
breathe.  Also, in terms of an updated memo on Argentina issues, should I add
to what you write or vice-versa?  My thought is to essentially update/modify
the legal memo written in Dec., 1997 that Brent gave to us.  Let me know.
Thanks.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 03/06/2000
10:17 AM ---------------------------

Sheetal Patel
03/03/2000 03:52 PM
To: Larry Joe Hunter/HOU/ECT@ECT, Julian
Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Rod Nelson/HOU/ECT@ECT, Michael
Guerriero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton@ECT, Susan
Bailey/HOU/ECT@ECT, Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Swap

Julian,

I spoke to Susan Bailey and Rod Nelson, and I have made a few minor changes;
i.e. Enron North America, ISDA Master Agreement Date, Party A , Party B.

The header/footer inclute draft language.  This confirm is ready to go as
long as the economics match up.

Please call with any other questions or requests.

Have a great day!

Sheetal :)

Julian Poole@ENRON_DEVELOPMENT
03/03/2000 01:48 PM
To: Sheetal Patel@ECT, Rod Nelson@ECT
cc: Michael Guerriero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara
Shackleton@ECT, Susan Bailey/HOU/ECT@ECT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Swap

Sheetal,
As per our prior conversation, I would need you to put this confirm I've
attached into a proper draft format. I've based the confirm on a prior draft
that Joe Hunter sent me. Make sure to include the language "For discussion
purposes only". You can contact Susan Bailey for any questions on the current
ISDA in place with Duke.
The potential transaction will be executed between Enron North America and
Duke Energy International LLC.
As soon as you have it ready, pls. send it back to me for review.

Rod, I'll need you to sign off on the credit side, although I believe it will
not be a problem. Pls. let us know asap.

The status of this deal is urgent. We are aiming at closing it on Monday.
Thanks for your support and give me a call if you have any question.

Regards, Julian


I'm attaching 2 book request forms for Netco East Power.  One form is for 6 TAGG gas books and the other form is for approximately 25 Enpower power books.

Bill and Torrey - A list will be following immediately of old book names and associated new Netco book names for each power trader.

Let me know if you have any questions.

Thanks!
Casey
3-4361


---------------------- Forwarded by Mark Guzman/PDX/ECT on 12/12/2000 02:36
PM ---------------------------

Carla Hoffman
12/12/2000 12:18 PM
To: Tim Belden/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Jeff
Richter/HOU/ECT@ECT, Phillip Platter/HOU/ECT@ECT, Mike Swerzbin/HOU/ECT@ECT,
Diana Scholtes/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT, Matt
Motley/PDX/ECT@ECT, Mark Guzman/PDX/ECT@ECT, Tom Alonso/PDX/ECT@ECT, Mark
Fischer/PDX/ECT@ECT
cc:
Subject: DJ US Energy Secretary Warns Pwr Producers In West On Prices

---------------------- Forwarded by Carla Hoffman/PDX/ECT on 12/12/2000 12:27
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>
     12/12/2000 11:14 AM

To: undisclosed-recipients:;
cc:
Subject: DJ US Energy Secretary Warns Pwr Producers In West On Prices

18:59 GMT 12 December 2000 DJ US Energy Secretary Warns Pwr Producers In
West On Prices
WASHINGTON (Dow Jones)--As California's electricity system teeters on the
brink of collapse, U.S. Energy Secretary Bill Richardson warned power
producers not to attempt to take advantage of the power-supply crisis.
"I am very concerned about the condition of power markets in the West.
Electricity supplies in parts of the region are tight and prices charged for
wholesale power in the region continue to spiral out of control," Richardson
said in a press release late Monday.
Richardson urged power providers not to attempt to take advantage of the
crisis by price gouging.
"While I have no specific knowledge of any such activities, it is important
that generators located throughout the region and in Canada and Mexico
understand that the administration won't tolerate any actions designed to
take advantage of the situation," Richardson said.
The energy secretary criticized a decision by Kaiser Aluminum Corp. (KLU) to
shut down an aluminum smelter in the Pacific Northwest that receives
low-cost power from the Bonneville Power Administration and resell that
power in open markets for a profit of $52 million.
"I have instructed Bonneville to explore all necessary actions to prevent
Kaiser from remarketing this power," Richardson said.

   -By Bryan Lee, Dow Jones Newswires; 202-862-6647; bryan.lee@dowjones.com

(END) Dow Jones Newswires 12-12-00
1859GMT Copyright (c) 2000, Dow Jones & Company Inc

G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel.  609.520.7067
Fax. 609.452.3531

The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material.  Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you received
this in error, please contact the sender and delete the material from any
computer.


Jordan,
I assume the memo I asked for is in hard copy on my desk.
Thanks
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/20/2000
12:25 PM ---------------------------

Jordan Mintz
07/19/2000 12:46 PM
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: DQE -- Impact of Operating at Reduced Capacity: PRIVILEGED AND
CONFIDENTIAL

Dave: A supplement to our memo to you regarding the Synfuel transaction......

Jordan
---------------------- Forwarded by Jordan Mintz/HOU/ECT on 07/19/2000 01:46
PM ---------------------------

Kevin Liss@ENRON
07/19/2000 12:42 PM
To: George McClellan/HOU/ECT@ECT, Wayne Gresham/HOU/ECT@ECT, Daniel
Reck/HOU/ECT@ECT, Raymond Bowen/HOU/ECT@ECT
cc: Brian Otis/NA/Enron@Enron, Jesus Melendrez/Corp/Enron@Enron, Tim
Proffitt/HOU/ECT@ECT, Jordan Mintz/HOU/ECT@ECT
Subject: DQE -- Impact of Operating at Reduced Capacity: PRIVILEGED AND
CONFIDENTIAL

Our memorandum of today's date on the DQE facilities estimates a 65% to 70%
likelihood of the facilities qualifying for section 29 tax credits, based on
projected volumes of 225 tons per hour.

As we discussed a week ago, if we operate the facilities at a volume of 118
per hour, (i.e., half-capacity), we believe we would alleviate the tax risk
associated with the increase in capacity.  The question is, does that
improvement in the odds with respect to that one issue improve the
bottom-line odds on qualification at least with respect to the base volume of
118 per hour from the 65% to 70% estimate that we specified in our memorandum?

We think it does, but we are not sure that there will be a material
improvement.  We have passed that question on to our outside tax counsel, and
will let you know his view.

As we noted last week, there are several legal issues for which, while we
think we have the better argument, there is no definitive legal precedent.
Even pulling the capacity issue out of the equation --which is what we would
be doing if we are only considering the 118 tons -- there are still several
other balls in the air, and we would have to catch each and every one in
order to have a tax-creditworthy facility.  When you look at each issue,
separately, it seems possible to get comfortable as to each one, but when you
consider that there are several such issues, and that we have to be "right"
each and every time, you have to lower your overall odds.  Statistically
speaking, if you are 80% comfortable as to each of 5 separate issues, then
you would expect to hit on 4 out of 5, not on 5 out of 5, but we can't lose
on any one issue and still qualify for credits.

Obtaining a private letter ruling from the IRS as to these issues, which is
our ultimate goal, would take these issues out of the air, so to speak, but
that's not going to happen pre-close, and no matter what assurances we might
get at a pre-ruling conference with the IRS, unless and until you actually
get the ruling, there is an element of risk that you have to assume.  For
that reason, the 90% probability number that I threw out at last week's
meeting in response to a question about what our comfort level would be if we
had a private letter ruling is really a red herring, because at decision
time, there's not going to be a ruling in hand.

As noted above, I will let you know what Bruce Lemons' view is, since he is
the one who will be called upon to give an opinion. Hopefully, that will be
later today.

Kevin Liss
x58601


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/05/2000
08:20 AM ---------------------------

Vince J Kaminski
06/03/2000 02:19 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject:

http://www.science-finance.fr/publications.html


Some things to consider --

A. Enron Response to Alliance Compliance Filing (pre-MISO/ARTO discussions)

1. Stakeholder Process
 a. Getting better, more meetings post EPSA letter
2. Day One Congestion Management (not much to discuss, already approved by
FERC)
3. Key Issue - Many details left uncertain until ARTO filing 120 days prior
to 12/15/01

RECOMMENDATION - Don't file right now.  Talk with FERC staff about our Wish
List for RTOs. Work through RTO process to implement.

B. National Grid Operation of ARTO (Comments June 14/01)

1. Should Enron Oppose NG?

Yes a. Unclear about how much control NG has in the process (complete tariff
control?).
 b. There are issues about NG independence from market (NE and NY assets).

No a. NG wants to be a Transco in the ultimate state.
 b. This is a mid-term solution that could work.
 c. If done right, better opportunity to deal with transmission issues than
current structure.

RECOMMENDATION - Enron should file comments on key open policy issues with
for-profit Gridco model.

We don't oppose, but we are concerned that controls must be in place to
ensure well functioning markets.
The Transco model is the best model for transmission operation.  If this
action by NG leads ultimately to a Transco, it is a good outcome.
The operator of RTO tariff must be independent of all market players (NG owns
generation and has distribution in New England).  Transelect wrote "I believe
quite strongly that FERC should deny this petition because the Grid is a
significant owner of both distribution and generation assets in the Northeast
(New England Electric and Niagara Mohawk).  It is a very small step from this
decision to one that would allow Southern to operate GridSouth, or one that
would allow Entergy to operate the Florida RTO in exchange for FP&L operating
the Entergy RTO.  As a matter of National policy, transmission operators
should be independent of either the wholesale or retail electric markets.  As
a business issue, many transmission owners are reluctant to divest of
transmission because they retain hope that their transmission can be used to
protect above market native generation.  How would you like to try shipping
power into the Northeast with the Grid, a major retail supplier and a
significant generator, controlling access to the market?"  We  should make
this argument very strongly.  NG must have a plan to divest itself of the
generation and distribution side of the business because NE and NY are
economically viable markets impacted by the Alliance RTO.
The Operator of RTO must have full authority to modify the tariff and
operations of the RTO.  The Transmission Providers should not be able to
restrict or limit in any fashion the for-profit Gridco Operator beyond
ensuring (1) technical proficency, (2) assets returned in reasonable manner,
and (3) recovery of FERC approved revenue requirement.


"Roy J. Shanker" <royjshanker@worldnet.att.net> writes to the
NYISO_TECH_EXCHANGE Discussion List:

Not to be argumentative, but we all pay for studies done by the ISO for
various purposes such as interconnect etc. The rules as I understand them is
that things get posted and provided to everyone at the same time for all of
these studies. If there is a policy or process that is outside of this
structure that's fine, but I would like to know about it, and ask the ISO to
explain how that works so others can avail themselves of the same
opportunities for ISO studies that can be provided on an "advance" basis.

Roy J. Shanker
9009 Burning Tree Road
Bethesda, MD 20817
301-365-3654
301-365-3657 FAX
royjshanker@worldnet.att.net

-----Original Message-----
From: owner-nyiso_tech_exchange@lists.thebiz.net
[mailto:owner-nyiso_tech_exchange@lists.thebiz.net]On Behalf Of Palazzo,
William
Sent: Wednesday, April 25, 2001 7:17 AM
To: 'market_relations@nyiso.com'; nyiso_tech_exchange@global2000.net
Subject: RE: NYPA study-Winter Locational ICAP requirements

"Palazzo, William" <William.Palazzo@nypa.gov> writes to the
NYISO_TECH_EXCHANGE Discussion List:

In response to Roy's comments.  NYPA is paying for all the work conducted by
the ISO staff.  NYPA defined the study objective and all the ISO staff did
was conduct the MARS studies and document the results in the write-up we
provided to the tech exchange.

-----Original Message-----
From: Roy J. Shanker [mailto:royjshanker@worldnet.att.net]
Sent: Tuesday, April 24, 2001 7:35 PM
To: market_relations@nyiso.com; nyiso_tech_exchange@global2000.net
Subject: RE: NYPA study-Winter Locational ICAP requirements

"Roy J. Shanker" <royjshanker@worldnet.att.net> writes to the
NYISO_TECH_EXCHANGE Discussion List:

As a separate item to the concerns I had about the technical content, I was
a little confused on what was done here administratively. The last paragraph
says something about NYPA sharing the study. I didn't think they had
anything at all to say about it in the first place if it is an ISO work
product. If they do, could you explain why this is the case? If the ISO did
this, why wasn't this all posted on the OASIS at the same time NYPA got
this? The date on this shows a March 26 release.  Ignore these comments if
this was done, but I wasn't aware of this.

I am more than a little uncomfortable with a single market participant
having a month's lead time on ISO studies that can have significant
commercial impact. Think about the implications of this in the context of
people negotiating long term bi lateral ICAP agreements over the last month.
Depending on your take on the type of market changes that this type of
analysis might support, there could be enormous changes to the economics of
seasonal versus annual agreements, choice of equipment etc. This simply
isn't fair. Even if posted, this type of work by the ISO that can have large
potential commercial impacts should go out on all of the distributions at
the same time as release to anyone and OASIS posting.

Roy J. Shanker
9009 Burning Tree Road
Bethesda, MD 20817
301-365-3654
301-365-3657 FAX
royjshanker@worldnet.att.net

-----Original Message-----
From: owner-nyiso_tech_exchange@lists.thebiz.net
[mailto:owner-nyiso_tech_exchange@lists.thebiz.net]On Behalf Of Palazzo,
William
Sent: Monday, April 23, 2001 3:42 PM
To: 'nyiso_tech_exchange@global2000.net'
Subject: NYPA study-Winter Locational ICAP requirements

At NYPA's request ISO staff conducted a limited analysis of
the winter locational ICAP requirements for Long Island and New York City
areas.  While such ICAP requirements have historically been set as a single
number for the entire year, it is NYPA's belief that this holdover from the
old way of doing business must be re-examined.  It is NYPA's belief that
most if not all of the contribution to loss of load risk occurs in the
summer months.  As such, some reduction in winter ICAP requirements should
be possible with no impact on the Loss of Load criterion of one day in ten
years.

NYPA requested that the ISO start with the database that
resulted in the locational requirements of 80% and 98% for New York City and
Long Island, respectively.   At NYPA's request the ISO modeled winter
ratings on the transmission interfaces into NYC and LI and determined how
much the 80% and 98% could be reduced in the winter before any impact on the
statewide Loss Of Load  occurred.  The report indicates that winter
requirements of 75% and 92% of the summer peak load resulted for NYC and LI,
respectively.

While this in no way reflects an exhaustive analysis of winter
locational requirements, the results from this study suggest that some
reduction in the winter         requirement may be warranted and a
consideration of seasonal requirements should be incorporated in future ICAP
requirement studies.   NYPA believes that       having an ICAP requirement
for summer and winter seasons based on the LSE's peak load for the
respective season would send the proper ICAP price signal.

NYPA is sharing the study results in the attached report in
an effort to begin a dialog which we hope will lead to a broader examination
of locational requirements when the issue is revisited again next year.  We
would appreciate hearing the views of other market participants.

<<NYPA_LR_wint.PDF>>  <<TRAN_SYS_001129.PDF>>


I checked both of these deals, and they each show no broker fee. Mark Fischer
might have just changed this, but let me know if it's still not showing up in
your system.

Thanks,
kate

Evelyn Metoyer@ENRON
12/13/2000 11:55 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Fee discrepancies

Mark Fischer- traded 12-12-00
deals 478539 and 478546
Amerex shows no fee on these deals and we show $.0075

Thanks!!


As a reminder, the mandatory Annual Compliance Meeting was rescheduled to Thursday, November 8, 2001 from 8:30 - 10:00 am at the Doubletree Hotel, LaSalle Room B.  The agenda is as follows:

		Robert George			Board Seats
		Richard Lauer			ECT Securities LP
		Cassandra Schultz		Risk Management Policy
		Bob Bruce			Chinese Wall Policy
		Chip Schneider			Transaction Approval Process
		Rick Carson			RAC Reporting Tools

Please confirm your attendance at this year's meeting either by responding to this email message or contacting Donna Wackerle at ext. 39755.  If you have already RSVP'd, thank you and we will see you Thursday.   If you have any questions, please contact me directly at ext. 31939.  I look forward to seeing you this year.

PLEASE FORWARD THIS MESSAGE TO YOUR ADMINISTRATIVE ASSISTANT TO ENSURE IT IS SCHEDULED ON YOUR CALENDAR.

Donna Lowry
Sr. Director
RAC Compliance
(713) 853-1939
(713) 646-4039 fax


Hi everyone,

?

The new address, etc., for my marvelous new home overlooking the Bosphorus is:

?

Munirertegun Sok. 44/5

Fisitk Agaci

Uskudar

81200 Istanbul

Turkey

?

90 (216) 314-7421 (or )7404)

?

Hope you will be using the above well and often.

Mark

Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.


This is an automatically-generated response from the AOL Instant Messenger(SM)
service.  The information you requested is "elgato64".

::: Did you know that you can use your AIM(SM) service screen name to sign
onto
other great AOL Web Products? :::


Hey man, check this out.  I have planned the same trip.  We are actually
going in on Wednesday night - the 14th.  We are staying at NY,NY.  We will
have to hook up.  Rachel Bonilla and her husband are going to be there as
well that weekend.  Should be fun.
PL


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as far as I know the exchange is closed next Thursday and Friday and we are not calcing books.
PL

 -----Original Message-----
From: 	Sweitzer, Tara
Sent:	Wednesday, November 14, 2001 11:28 AM
To:	Gossett, Jeffrey C.; Swinney, John; White, Stacey W.; Prejean, Frank; Mao, Shari; Wilder, Wesley; Keiser, Kam; Love, Phillip M.; Reeves, Kathy; Seib, Dianne; Perun, Mike
Cc:	Puthigai, Savita; Denny, Jennifer; Engel, Thomas; Moorer, Torrey; Lozano, Melba
Subject:	EOL Holiday Trading Activity

Hello Everyone!

Please let us know if your traders are planning on trading on EOL Thursday the 22nd, and Friday the 23rd.  Thanksgiving, of course, is an Enron holiday and Exchange holiday, however we know that the traders sometimes still trade on holidays!

Let us know the level of trading so we can prepare for coverage on our end.

Thanks,
TARA


Kay -- Just some housekeeping questions:

Do you want hand-written or e-mail comments going forward?

Do you want more comments from Origination and Services now, or do you want
us to wait until you turn the doc?  As I said yesterday, I am in the process
of sorting out the "Costs" definition so that it works better with the other
parts of the doc.

MDEA is willing to extend the ILA two weeks if we want to.  Their next Board
meeting (after tonight's Board meeting) is June 12 , and they desperately
need to have our contract finished in time to get signing approval at that
meeting.  We probably need something to bridge us from the end of May until
their Board votes on the full agreement.  The other option is to get done
this week and have them call a special Board meeting.  They have done this in
the past, but we have not asked them if it's logistically possible to do this
by May 31.

Thanks -- David


-----Original Message-----
From: 	Suarez, John
Sent:	Tuesday, November 13, 2001 10:45 AM
To:	CARSON, BILL
Subject:	FW: EOL_All_Swaps.xls

 -----Original Message-----
From: 	Broderick, Paul J.
Sent:	Friday, November 09, 2001 10:08 AM
To:	Suarez, John
Subject:	FW: EOL_All_Swaps.xls

 -----Original Message-----
From: 	Misra, Narsimha
Sent:	Friday, October 26, 2001 7:00 AM
To:	Broderick, Paul J.
Subject:	EOL_All_Swaps.xls

here is an interesting file that shows some information from around the company on what is being traded on enrononline as a SWAP.
-narsimha


Kristin,

The presentation went quite well.
Kevin and I would like to brief you about CMU in general. Let's go out to
lunch when
you come back.

Vince

Kristin Gandy@ENRON
11/03/2000 03:55 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Carnegie Mellon

Vince,

I wanted to email you and let you know how sorry I am that I was not able to
make your presentation at Carnegie Mellon.  I really was looking forward to
the trip and the presentation but unfortunately since I have been on the road
a lot lately things started backing up in the office.  After my meeting on
Thursday there was no way I would make the 6pm flight and my original flight
would have put me in Pittsburgh to late for the presentation.

Anyway, I hope you understand and I am looking forward to working with you in
December for the interviews on campus.  Maybe once you return you can give me
a recap of the days events.  In the meantime if you need any assistance
please do not hesitate to call.

Thank you,

Kristin Gandy
713-345-3214


Gerald,

Sorry I made a mistake, the ground lease will end January 31, 2009 (not 2008
as in my previous e-mail).

 -----Original Message-----
From:  Nemec, Gerald
Sent: Tuesday, May 22, 2001 8:42 PM
To: Kroll, Heather
Cc: Marshall, David
Subject: Revised Coal and Ash Agreements

Heather,  Attached are the clean and redlined drafts of the revised Coal and
Ash Agreements per your notes and phone mail.  Please review.   By copy of
this email I am asking David to review the insurance section in both
agreements for adequacy.

David - The attached are the forms of Coal Hauling and Ash Handling agreement
that we would use to contract with Reuse Technology for both the Lumberton
Power LLC and Elizabethtown Power LLC.  Please provide comments.

 << File: Coal Hauling2.DOC >>  << File: Coal Hauling2(red).DOC >>  << File:
Ash Hauling3.DOC >>  << File: Ash Hauling3(red).DOC >>


Enron Troubles Only the Tip of the Iceberg?
TheStreet.com, 10/26/2001

Under the Radar: Enron's Flickering Bulb
TheStreet.com, 10/26/2001

DJ Enron Unit,New England Market Downplay Report Of Default
Dow Jones, 10/26/2001

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
Bloomberg, 10/26/01

Enron Executives Sent Requests for Details of Affiliate Profits
Bloomberg, 10/26/01

Enron Still Target in California Amid Other Problems (Update1)
Bloomberg, 10/26/01

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
Bloomberg, 10/26/01

Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees
Business Wire, 10/26/01

Enron Troubles Only the Tip of the Iceberg?
By Peter Eavis <mailto:peavis@thestreet.com>
Senior Columnist
TheStreet.com
10/26/2001 05:23 PM EDT
URL: <http://www.thestreet.com/markets/detox/10003083.html>

Dealings with a related party have tarnished Enron's (ENE:NYSE - news - commentary) reputation and crushed its stock, but it looks like that case is far from unique.
The battered energy trader has done business with at least 15 other related entities, according to documents supplied by lawyers for people suing Enron. Moreover, Enron's new CFO, who has been portrayed by bulls as opposing the related-party dealings of his predecessor, serves on 12 of these entities. And Enron board members are listed as having directorships and other roles at a Houston-based related entity called ES Power 3.
The extent of Enron's dealings with these companies, or the value of its holdings in them, couldn't be immediately determined. But the existence of these partnerships could feed investors' fears that Enron has billions of dollars of liabilities that don't show up on its balance sheet. If that's so, the company's financial strength and growth prospects could be much less than has generally been assumed on Wall Street, where the company was long treated with kid gloves.
Enron didn't immediately respond to questions seeking details about ES Power or about the role of the chief financial officer, Jeff McMahon, in the various entities. Enron's board members couldn't immediately be reached for comment.
Ten Long Days
Enron's previous CFO, Andrew Fastow, was replaced by McMahon Wednesday after investors criticized Fastow's role in a partnership called LJM, which had done complex hedging transactions with Enron. As details of this deal and two others emerged, Enron stock cratered.
The turmoil that resulted in Fastow's departure began two weeks ago, when Enron reported third-quarter earnings that met estimates. However, the company failed to disclose in its earnings press release a $1.2 billion charge to equity related to unwinding the LJM transactions. Since then, investors and analysts have been calling with increasing vehemence for the company to divulge full details of its business dealings with other related entities. Enron stock sank 6% Friday, meaning it has lost 56% of its value in just two weeks.
Enron's End Run?
New financial chief's involvement in Enron business partners
Enron-Related Entity	Creation DateMcMahon Involved?

ECT Strategic Value Corp.4/18/1985	Yes
JILP-LP Inc.	9/27/1995	Yes
ECT Investments Inc.	3/1/1996	Yes
Kenobe Inc.	11/8/1996	Yes
Enserco LLC	1/7/1997	Yes
Obi-1 Holdings LLC	1/7/1997	Yes
Oilfield Business Investments1/7/1997	Yes
HGK Enterprises LP Inc.	7/29/1997	Yes
ECT Eocene Enterprises III Inc.2/20/1998Yes
Jedi Capital II LLC	9/4/1998	Yes
E.C.T. Coal Company No. 12/31/1998	Yes
ES Power 3 LLC	1/7/1999	Yes
Enserco Inc.	3/25/1999	No
LJM Management LLC	7/2/1999	No
Blue Heron I LLC	9/17/1999	No
Whitewing Management LLC2/28/2000	No
Jedi Capital II LLC	4/16/2001	No
Source: Detox
However, Enron has yet to break out a full list of related entities. The company has said nothing publicly about McMahon's participation in related entities, nor has it mentioned that its board members were directors or senior officers in ES Power 3. (Nor has it explained the extensive use of Star Wars-related names by the related-party companies.) It's not immediately clear what ES Power 3 is or does. So far, subpoenas issued by lawyers suing Enron have determined the names of senior officers of ES Power 3 and its formation date, January 1999.
Among ES Power 3's senior executives are Enron CEO Ken Lay, listed as a director, and McMahon and Fastow, listed as executive vice presidents. A raft of external directors are named as ES Power 3 directors, including Comdisco CEO Norman Blake and Ronnie Chan, chairman of the Hong Kong-based Hang Lung Group. A Comdisco spokeswoman says Blake isn't commenting on matters concerning Enron and a call to the Hang Lung group wasn't immediately returned.
Demands, Demands
Rating agencies Moody's, Fitch and S&P recently put Enron's credit rating on review for a possible downgrade after an LJM deal that led to the $1.2 billion hit to equity. Enron still has a rating three notches above investment grade. But its bonds trade with a yield generally seen on subinvestment grade, or junk, bonds, suggesting the market believes downgrades are likely.
If Enron's rating drops below investment grade, it must find cash or issue stock to pay off at least $3.4 billion in off-balance sheet obligations. In addition, many of its swap agreements contain provisions that demand immediate cash settlement if its rating goes below investment grade.
Friday, the company drew down $3 billion from credit lines to pay off commercial paper obligations. Raising cash in the CP market could be tough when investors are jittery about Enron's condition.
This week, a number of energy market players reduced exposure to Enron. However, in a Friday press release, CEO Lay said that Enron was the "market-maker of choice in wholesale gas and power markets." He added: "It is evident that our customers view Enron as the major liquidity source of the global energy markets."
McMahon reportedly objected to Fastow's role in LJM, allegedly believing it posed Fastow with a conflict of interests. But he will need to convince investors that the 12 entities he's connected to don't do the same. Enron has said that its board fully approved of the LJM deals that Fastow was involved in. Now, board members will have to comment on their own roles in a related entity.

Under The Radar: Enron's Flickering Bulb
By Christopher Edmonds <mailto:cedmonds@thestreet.com>
Special to TheStreet.com
10/26/2001 05:08 PM EDT
URL: <http://www.thestreet.com/comment/chrisedmonds/10003075.html>

While the bulb at Enron (ENE:NYSE - news - commentary) may not have burnt out, it's clearly flickering. To date, investors aren't sure whether Chairman and CEO Ken Lay is up to the task of re-energizing the company he once built to greatness.
What's happened at the Houston energy giant-turned-dwarf could've been imagined with any number of ne'er-do-well companies during the well-chronicled bubble. But this is Enron. As one longtime Enron bull and shareholder said, "I never had to worry about Enron's ability to survive until this week. I still find it hard to believe."
Peter Eavis has done an exceptional job of chronicling Enron's adventures for some time. If you'd listened to him earlier this year, you'd have profited from his knowledge. His reporting on Enron's partnership shenanigans to the departure of Chief Financial Officer Andrew Fastow has been outstanding.
The rumors -- from a pending bankruptcy to a Justice Department investigation -- are, for now, just that. And, Enron did not single-handedly cause the California power crisis, nor is Royal Dutch/Shell (RD:NYSE - news - commentary) about to make a bid to buy the company. Sources do tell me that head-count reductions are likely through employee buyout offers and the company is set to refocus on its core energy business. And, while former CEO Jeff Skilling shares culpability for the current mess, his departure appears only indirectly related to Enron's current woes.
Now, Enron faces the daunting challenge of rebuilding both its business and, more importantly, its reputation.
The Company's Challenge
But what does Enron do now? It's very simple. Come clean, clean up the mess and refocus on its core business: wholesale energy markets, risk management and retail energy services. They support each other and create a platform that can be plenty profitable without a lot of gimmicks.
"Our gut feel is that Enron can pull it off, and long-term investors should hold firm, as eventually the stock gets valued on earnings, with upside potential to $25 per share over the next 12-18 months," says Jeff Dietert, power analyst at Simmons & Co. and a member of the TSC Energy Roundtable. "We believe new money with high risk tolerance should wait until Enron announces its intentions for communicating a clear path to recovery."
Dietert outlines four challenges for Enron. One, management must regain the Street's confidence and persuade investors that it can resolve balance-sheet strength and generate the expected earnings and cash flow. Two, Enron must maintain its investment-grade credit rating. Three, Enron must successfully execute its divestiture plans. Four, Enron must control the timing of the recognition of the write-down in the value of any assets where market value is less than book.
Straightforward? Yes. Easy to accomplish? No.
Although Enron says additional write-downs are unlikely -- except a $200 million charge early next year as the result of an accounting change -- analysts aren't so sure. They're focused on the company's Global Assets portfolio, sporting $6 billion in book value but generating an EBIT (earnings before interest and taxes) loss of $18 million over the past 12 months.
The divestitures include $390 million in exploration and production assets in India, $250 million in a Puerto Rico power plant and $250 million in a Brazilian power plant in the fourth quarter as well as the pending sale of Portland General, which is set to close in 2002. There will likely be others. However, Enron has to execute here, and given the current state of its affairs, the seller will feel the pressure.
The credit-rating issue is a fine line. The current ratings, BBB+ from Standard & Poor's and Baa1 from Moody's, are three levels above non-investment grade. However, both rating agencies now have Enron on their radar screens for possible downgrades. Dietert estimates that Enron's debt-to-market cap will be about 48% by year-end, and the company has interest coverage (EBITDA/ interest expense) of about 3.5 times. By comparison, the average S&P BBB-rated company has a debt-to-cap of 47.4% and interest coverage of about 6.1 times. The average BB company has debt-to-cap of 61.3% and interest expense of 3.8 times.
Frankly, everything falls on Enron's management team and its ability to reassure investors. "If Enron's management does not step up to calm investor fears, these fears could become a self-fulfilling prophecy," Dietert says. "In the potentially vicious cycle, investor fears could drive stocks down; the lower stock prices force the rating agencies to consider downgrades; potentially lower credit ratings force counter-parties to reduce exposure to Enron, limiting Enron's ability to generate earnings and cash flow."
It's time for Enron to grow up. Despite a lot of uncertainties and risk, I think it will. Investors with risk capital should do their homework on the stock and think about strategy. It's a tough call that requires strict, individual discipline.
There's an irony to this whole story, especially in Enron's lack of candor in reporting its financial results. In a much-lauded advertising campaign, Enron, looking to challenge conventional wisdom, asks the simple question, "Why? Ask why."
Investors are now asking. It's time for Ken Lay to answer.
First Things First
Many readers have asked about my relative quietness this week. Thank you for your concern. My father has fallen ill after fighting the effects of a brain tumor for more than a decade.
The choice was easy. I'm with him and my family.
Enjoy your weekend with family and friends.

DJ Enron Unit,New England Market Downplay Report Of Default
2001-10-26 17:14 (New York)

   By Kristen McNamara
   Of DOW JONES NEWSWIRES

  NEW YORK (Dow Jones)--Enron Corp.'s (ENE) retail sales unit defaulted on its
credit requirement in New England's wholesale power market this month, but the
event was neither unique nor newsworthy, the energy company and the
organization that developed the market's rules said Friday.

  The operator of the region's wholesale power market informed Enron Energy
Services last week that, for the third time in 12 months, it had traded a
greater volume of electricity than allowed by the bond it had posted and was at
risk for expulsion from New England's market.

  But it was administrative mixups, rather than financial problems, that
triggered the warning, which a few other companies have also received in the
past, the market's rulemaker said.

  "I can state with considerable confidence that there have been other
participants" that have defaulted on their credit agreements, "and it's never
been in the news," said David Doot, secretary and general counsel for the New
England Power Pool, which developed the policies governing the region's
electricity market. "My instinct is that this is blown way the hell out of
proportion."

  News of the Enron unit's default appeared in a trade publication and a major
metropolitan newspaper this week, as Enron's dealings with partnerships headed
by its former chief financial officer contributed to a plunge in the company's
stock and bond prices.

  Enron Energy Services never received word that it had defaulted on its
bonding requirement twice before, because both times it corrected the problem
within a day, spokeswoman Peggy Mahoney said.

  The letter sent by ISO New England, which operates the region's power market,
to notify the Enron unit of its third violation was addressed to the wrong
person, delaying the company's response, Mahoney said.

  "Clearly, it was an administrative error that we immediately took care of to
ensure that we would never exceed the volume limit," Mahoney said.

  The company resolved the problem by Oct. 19, Mahoney said. ISO New England
spokeswoman Ellen Foley confirmed Friday that the company had cured its
default.

  It's rare for a company to default three times, but it has happened on
occasion, Foley and Doot said.

  "I won't say it's commonplace, but I won't say it's unusual for a participant
to find itself out of compliance," Doot said. "Those things have in fact
happened from time to time."

  -By Kristen McNamara, Dow Jones Newswires; 201-938-2061;

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
2001-10-26 16:47 (New York)

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN

     Houston, Oct. 26 (Bloomberg) -- Enron Corp.'s lawsuit
alleging Microsoft breached a contract for broadband services
could temporarily block the largest software company's high-speed
Internet service in some U.S. regions.

     Microsoft said the dispute temporarily blocks the company
from providing the high-speed service in areas where Enron
provides broadband access, leaving MSN fully operational only in
the 14 states where Qwest Communications International Inc.
operates, said Bob Visse, director of marketing for MSN.

     Enron's lawsuit was filed yesterday. Microsoft had planned to
offer fast Internet access in 45 cities beginning yesterday to
give the largest software company access to potential customers in
29 million homes. Microsoft, the No. 2 U.S. Internet provider, is
making a push to win customers from AOL Time Warner Inc.

     ``We are trying to resolve the issues with Enron as quickly
as possible and at the same time we are evaluating other
providers,'' Visse said.

     Officials at Houston-based Enron, the largest energy trader,
did not immediately return calls for comment.

                         The Agreement

     Enron in June signed an agreement with Microsoft to provide
bandwidth for MSN Internet service. Under the agreement, Enron
isn't required to deliver operational broadband services if
Microsoft hasn't first provided a billing and ordering system, Dow
Jones newswire reported.

     Enron claims in its lawsuit that Microsoft failed to deliver
the ordering and billing system required in the initial phase of
the deal, Dow reported.

     Enron's lawsuit comes after Microsoft said in an Oct. 23
letter that Enron will have breached the contract if it hasn't
provided an operational bandwidth system by Oct. 25, allowing
Microsoft to recover damages.

     Shares of Redmond, Washington-based Microsoft fell 36 cents
to $62.20, while Enron shares fell 95 cents to $15.40.

--Joyzelle Davis in Los Angeles (213) 617-0582, or

Enron Executives Sent Requests for Details of Affiliate Profits
2001-10-26 15:36 (New York)

Enron Executives Sent Requests for Details of Affiliate Profits

     Houston, Oct. 26 (Bloomberg) -- Lawyers for a shareholder
suing Enron Corp. are asking executives of the largest energy
trader to disclose any income they made from their involvement
with affiliated companies that bought and sold Enron assets.

     Lawyers have made the requests to President Greg Whalley,
Vice Chairman Mark Frevert and Chief Financial Officer Jeff
McMahon and 83 other employees arrived at Enron's Houston offices
this week, said Paul Paradis, a partner in the New York law firm
Abbey Gardy. Requests also were sent to 17 Enron partnerships such
as Whitewing Management and Marlin Water.

     Paradis represents Fred Greenberg, an Enron shareholder who
is suing the company's board for allowing former Chief Financial
Officer Andrew Fastow to run partnerships that cost the company at
least $35 million in cash and $1.2 billion in lost shareholder
equity.

     The requests are aimed at determining if Enron executives
benefited financially from roles as officers and directors of
partnerships that bought and sold company assets. Enron formed at
least 18 such affiliated companies, listing executives and
employees as officers and directors of the partnerships, according
to Texas secretary of state records.

     Under Texas law, failure to respond to the document requests
will result in subpoenas being issued. Subpoenas could go out next
week if responses don't arrive by then, Paradis said. Enron
spokeswoman Karen Denne didn't respond to requests for comment
about the document requests.

     The executives earned no income from the partnerships, Enron
spokesman Mark Palmer has said. ``There are no financial interests
in the structures themselves for any Enron employee,'' Palmer
said. He said it's common for a company to name its executives to
the boards of affiliates.

                       Affiliates Have Debts

     Texas records show Chief Executive Officer Kenneth Lay,
Frevert, Whalley, McMahon and dozens of other people who list
their address as Enron's corporate headquarters serving as
officers and directors of limited liability companies and foreign
business corporations.

     The document requests ask Enron executives for information on
any form of compensation or benefit received from any of the
affiliates, including stock grants and options. They also ask the
executives to disclose any equity or partnership interests in the
affiliates.

     Enron formed many of the affiliates to buy company assets
such as power plants and natural-gas pipelines. That allowed Enron
to move debt associated with those projects off its books.

     The affiliates bought the assets with borrowed money. They
plan to repay the debt by eventually selling the assets. Enron
might be liable for any shortfall between the sales proceeds and
the debt. That could amount to at least $3.3 billion if the assets
don't generate any money, a remote possibility, the company has
said.

                            Few Answers

     Investors and analysts pressed Enron Chief Executive Officer
Kenneth Lay for details on the finances of the partnerships in a
conference call Tuesday.

     Today, Enron spokeswoman Karen Denne didn't respond to
questions about one of them, ES Power 3 LLC.

     Texas records list 78 Enron executives and employees as
officers, directors and managers of ES Power 3 LLC. The entire
Enron board is also listed.

     Shares of Enron $1.15 to $15.20 in late trading.

--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at

Enron Still Target in California Amid Other Problems (Update1)
2001-10-26 16:15 (New York)

Enron Still Target in California Amid Other Problems (Update1)

     (Updates with closing share price in last paragraph.)

     Sacramento, California, Oct. 26 (Bloomberg) -- Enron Corp.,
facing an inquiry by federal securities regulators into
partnerships run by the former chief financial officer, remains a
target of investigations and lawsuits in California.

     California lawmakers and regulators have accused power
providers of manipulating the state's energy market to raise
prices. Enron, the biggest energy trader, and other power sellers
have denied the charges repeatedly.

     Next month, a California Senate committee investigating the
power market plans to hold a hearing to determine if Enron and
other generators are complying with subpoenas for trading
documents. Enron has been filing documents in Sacramento,
California.

     ``They are still putting documents in their depository, and I
don't think they've completed that process,'' said Alexandra
Montgomery, a consultant to the committee. It ``remains to be
seen'' whether Enron is complying with its subpoena, she said.

     The suits and inquiries came after wholesale power prices in
California soared, leaving the state's two largest utilities
insolvent. Under California's plan to open its electricity market
to competition, the utilities of PG&E Corp. and Edison
International weren't allowed to pass rising costs to customers.

     ``I know that we're doing our best to comply with what the
committee is asking for,'' Enron spokesman Mark Palmer. ``We are
putting documents in the depository, and we're looking forward to
a speedy resolution.''

     Shares of Houston-based Enron have fallen by more than half
since Oct. 16. The company ousted Andrew Fastow as the chief
financial officer Wednesday amid a U.S. Securities and Exchange
Commission inquiry into a partnership he ran that cost Enron $35
million.

                            Grand Jury

     Enron also is one of the companies being investigated for
civil and criminal violations by California Attorney General Bill
Lockyer, who convened a grand jury in June.

     Lockyer has been criticized by Enron officials for telling
the Wall Street Journal in May that he would like to put Enron
Chairman Kenneth Lay in ``an 8 x 10 cell that he could share with
a tattooed dude who says `Hi my name is Spike, honey.' '' Lockyer
later apologized for the remark.

     The attorney general's investigation is proceeding, Lockyer
spokeswoman Sandra Michioku said. Michioku said she didn't know
when civil or criminal charges against Enron or other power
providers might be filed.

     ``Our investigation is still being pursued,'' she said. ``We
had to go to court to get Enron to turn over documents, so that
slowed things down a bit.''

     Enron's Palmer said he didn't know the status of the attorney
general's investigation.

     ``I think the attorney general demonstrated his willingness
to take a fair and impartial look a long time ago when he made his
vulgar and unfounded remarks about our chairman,'' Palmer said.

                           More Lawsuits

     Enron, along with other major power providers such as Duke
Energy Corp. and Dynegy Inc., face at least five lawsuits alleging
they manipulated California energy prices in violation of
antitrust laws.

     The cases, which include separate complaints filed by the
City of San Francisco, California Lieutenant Governor Cruz
Bustamante and various consumers, currently are in state courts
awaiting a coordination proceeding, said Michael Aguirre, a lawyer
representing Bustamante. The lawsuits should be assigned to a
judge by the end of next month, he said.

     If the complaints succeed, the companies might be ordered to
repay profits from any illegal activities and pay fines, including
triple damages.

     Enron's stock fell 95 cents, or 5.8 percent, to $15.40,
declining for the eighth day in a row. The shares have fallen 80
percent in the past 12 months.

--Daniel Taub in Los Angeles, (323) 801-1261 or

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
2001-10-26 16:18 (New York)

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)

     (Adds investor comment in fourth paragraph.)

     Houston, Oct. 26 (Bloomberg) -- Enron Corp. bonds and shares
fell after the largest energy trader tapped a $3 billion credit
line because it has been shut out of the leading market for low-
interest, short-term loans.

     The company's stock has fallen 54 percent in the past 14 days
after investors questioned its transactions with affiliates run by
Enron's former chief financial officer. The shares fell 95 cents,
or 5.8 percent, to $15.40 today.

     Chief Executive Officer Kenneth Lay has failed to reassure
investors that the company's credit rating won't be cut, investors
said. Enron can no longer borrow in commercial paper markets,
where short-term loans carry lower rates than banks offer.

     ``Do they have the financial flexibility they once had? No,''
said John Cassady, who helps manage $3 billion in bonds at Fifth
Third Bancorp. ``People are questioning the credibility of
management.''

      The company will use its credit line to pay off $2.2 billion
in commercial paper it has outstanding, Enron spokesman Mark
Palmer said.

                            Bonds Drop

     Enron's 6 3/4 percent bonds, which mature in 2009, declined 1
1/2 points to a bid of 84 cents on the dollar and an offer of 86
cents. At that price, the bonds, which carry a rating of ``BBB+,''
yield 9.53 percent.

     Investors have grown concerned that the company's credit
rating will be cut after $1.01 billion in third-quarter losses
from failed investments. Enron needs good credit to raise cash
daily to keep trading partners from demanding collateral and to
settle transactions.

     Enron's decision to tap its credit line was ``a smart
financial move,'' said Stephen Moore, a vice president at Moody's
Investors Service who follows the company. ``It took away the
hassle and time-consuming nature of rolling commercial paper and
insured access to capital.''

     Though Enron's bonds have investment-grade ratings, their
yield at current prices is higher than those of industrial bonds
that carry junk ratings. According to Bloomberg data, companies
with ``BB'' ratings pay on average 9.16 percent to borrow for
seven years.

     A lower credit rating may also force Enron to buy back
holdings in other partnerships with its stock, diluting the value
of Enron investors' stock.

     Partnerships called Whitewing, Marlin and Yosemite own Enron
assets they bought with borrowed money. Enron sold the assets to
the partnerships to keep related debt off its books. The
partnerships plan to repay the borrowed money by selling the
assets.

                         Other Liabilities

     If Enron loses investment-grade rating, the borrowed money
comes due earlier, leaving less time for the partnerships to find
the best price for the power plants and other assets. Enron would
have to make up any shortfall between what the assets would sell
for and the amount of the debt.

     One way would be issuing common shares to exchange for Enron
preferred convertible shares held by the partnerships. That would
thin out the holdings of every other investor.

     Of the two main bond-rating companies, Moody's and Fitch have
Enron on watch for possible downgrade, and Standard & Poor's
lowered Enron's long-term credit outlook to negative. Egan-Jones
Rating Co. today lowered its rating on Enron's debt to ``BB+,''
one notch below investment grade, from ``BBB-.''

     Enron's liabilities associated with the partnerships amount
to at least $3.3 billion, the company has said.

     Enron ousted Chief Financial Officer Andrew Fastow on
Wednesday amid a Securities and Exchange Commission inquiry into a
partnership he ran that cost the company $35 million in direct
losses. Enron also bought back 62 million shares from the
partnership, reducing shareholder equity by $1.2 billion.

     ``It looks like the guy who was supposed to do everything for
the benefit of shareholders was running partnerships for the
benefit of himself,'' Fifth Third's Cassady said.

     Jeff McMahon, head of Enron's industrial markets group, was
named CFO in a bid to restore investor confidence, Lay said in a
statement.

--Russell Hubbard in the Princeton newsroom at 609-750-4651, or at

Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees

10/26/2001
Business Wire
(Copyright (c) 2001, Business Wire)

SEATTLE--(BUSINESS WIRE)--Oct. 26, 2001--Seattle's Keller Rohrback L.L.P. is currently investigating potential ERISA claims on behalf of participants and beneficiaries of Enron's retirement and 401(k) plans.
The investigation period covers January 2000 through October 2001. The investigation focuses on concerns that, under the law interpreting ERISA, Enron and its plan administrators may have breached their fiduciary duties of loyalty and prudence by failing to disclose and inform the Plan participants and beneficiaries with respect to the use of employer stock as a Plan investment. Rather than providing complete and accurate information to the Plans' participants, it may be alleged that Enron and the plan administrators may have withheld and concealed material information, thereby encouraging participants and beneficiaries to continue to make and to maintain substantial investments in company stock and the Plans. This investigation is being conducted in light of recent events.
On Oct. 16, 2001, Enron surprised the market when it announced that the Company was taking "non-recurring charges totaling $1.01 billion after-tax, or ($1.11) loss per diluted share," in the third quarter of 2001. Enron later revealed that a material portion of the charge related to the unwinding of investments with certain limited partnerships, controlled by Enron's CFO, and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. As this news began to be assimilated by the market, the price of Enron common stock dropped significantly. In addition, several recently filed securities suits allege that Enron executives engaged in extensive insider trading, gaining millions of dollars in personal proceeds. Enron retirees have lost a substantial portion of their retirement earnings due to the drop in value of their retirement assets.
If you are a member of an Enron retirement plan, wish to discuss this announcement, or have information relevant to the investigation, you may contact paralegal Liza Catabay, or any member of our team (Britt Tinglum, Liza Catabay, or Lynn Sarko) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Seattle's Keller Rohrback L.L.P. has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.

CONTACT: Keller Rohrback L.L.P. Liza Catabay, 800/776-6044 investor@kellerrohrback.com www.SeattleClassAction.com
15:16 EDT OCTOBER 26, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


Richard:

I suggest you get in on the evening of Wednesday, Nov. 7 and depart in the afternoon (probably 3pm or after) on Nov. 9.

As for travel, I guess it depends on your budget and schedule - those flights with stops aren't necessarily very convenient.  You should call the Travel Agency in the Park, but my quick search on-line found that the only direct flights, on Continental, are running just over $1,000.  America West tickets with a stop in Phoenix are about $450.  I found a flight on Southwest departing from Hobby (via Phoenix) for $385 (see below).

Air Itinerary
 Trip 	  Date 	  Day 	  Stops 	  Flight  	 Routing
  Depart  	 Nov 7	 Wed	 1	 1364	 Depart Houston Hobby (HOU) at 4:35 PM and arrive in Phoenix (PHX) at 6:20 PM
2048	 Change planes in Phoenix (PHX) departing at 7:20 PM and arrive in Portland (PDX) at 9:10 PM
  Return  	 Nov 9	 Fri	 1	 642	 Depart Portland (PDX) at 3:25 PM and arrive in Phoenix (PHX) at 6:55 PM
1383	 Change planes in Phoenix (PHX) departing at 7:45 PM and arrive in Houston Hobby (HOU) at 11:05 PM

On Frontier, via Denver, I found the following for $252:

Your Itinerary
Departing Flight
 	 Wednesday, November 07, 2001
323	 Depart Houston, TX (IAH)	 2:45 PM
 	 Arrive Denver, CO (DEN)	 4:10 PM
connecting 797	 Depart Denver, CO (DEN)	 8:40 PM
 	 Arrive Portland, OR (PDX)	 10:15 PM
Total Travel Time	 9 hrs. 30 mins.
  <https://ww5.vibef9.com/booknow/images/icons/pixel.gif>
Returning Flight
 	 Friday, November 09, 2001
794	 Depart Portland, OR (PDX)	 3:25 PM
 	 Arrive Denver, CO (DEN)	 6:50 PM
connecting 328	 Depart Denver, CO (DEN)	 7:35 PM
 	 Arrive Houston, TX (IAH)	 10:45 PM
Total Travel Time	 5 hrs. 20 mins.
  <https://ww5.vibef9.com/booknow/images/icons/pixel.gif>
1 Adult	 $212.09
Subtotal	 $212.09
Taxes and Charges	 $40.41
Total (USD)	 $252.50


Justin:

I apologize for bombarding you with e-mails on this matter.  There is
actually quite a bit of activity around this project this week, and I want to
be sure I keep you up to date on what is going on (and give you an
opportunity to smack me down if I'm headed off in the wrong direction).  I
have spoken to Mark Taylor about this, but I wanted to consult you as well.

The Clickpaper site does not currently have the functionality to display a
Password Application or Electronic Trading Agreement (actually, it is an
"Electronic Transactions Agreement" in Clickpaper) for any jurisdiction other
than US/Canada.  Customers in those jurisdictions will be able to print out a
Password Application and sign and return it, and then "click" through the
Electronic Transactions Agreement, just as they currently do on EnronOnline.

The Pulp and Paper Group has identified several potential customers in non-US
jurisdictions that they would like to "enroll" on Clickpaper as soon as
possible.  Since we will not be able to display jurisdiction-specific
Password Applications or ETAs on the site, we will send to those customers a
jurisdiction-specific Password Application and ETA by courier, both of which
will provide for agreement by manual signatures (the ETA will be revised to
add signature lines and take out references to agreement by "clicking").

Since Clickpaper's North America ETA and Password Application are virtually
identical to those of EOL; It appears that Clickpaper should also be able to
adopt EnronOnline's versions of those agreements for the other jurisdictions
(that is, Clickpaper's "UK" version of these agreements will be similar to
EOL's "UK" Version of those agreements.   Based on that assumption, we are
preparing those documents for delivery to our customers next week, and will
issue passwords upon receipt of executed PWAs and ETAs.  .

Clickpaper should be able to display jurisdiction-specific documents on-line
in the near future, but this will get them started.  Let me know if you have
any thoughts.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490
----- Forwarded by Travis McCullough/HOU/ECT on 07/20/2000 08:03 PM -----

	John Cummings
	07/20/2000 04:55 PM

		 To: Travis McCullough/HOU/ECT@ECT
		 cc: Brandon Wax/HOU/ECT@ECT, Tom Bruce-Jones/LON/ECT@ECT, Martin
Holmes/LON/ECT@ECT, Steve Kim/LON/ECT@ECT, Fraser Allen/LON/ECT@ECT, Greg
Piper/Corp/Enron@Enron
		 Subject: European Counterparties

Travis

As discussed on the phone, attached is the latest spreadsheet of the European
counterparties and the North American letter that needs to be revised.  We
know one revision needs to be that they are directed to the Pulp & Paper
Group in London instead of a 1-800 number.  I will take a crack at rewriting
the letter, but I understand that it may need to be rewritten to reflect the
trading laws regarding solicitation etc.   As discussed the plan should be to
send the counterparties the revised letter, a country-specific password
application, a country-specific ETA.  What remains is what to do with the
counterparties that do not have executed ISDA's.  You are going to check if
the existing Trade GTC will be valid based on New York Law.  The countries we
need ETA and PA for are:

Austria
Belgium
Finland
France
Germany
Ireland
Italy
Netherlands
Portugal
Singapore
South Africa
Spain
Sweden
Switzerland
United Kingdom

Let me know timing as soon as you can.  The European guys need to check the
spreadsheet and adjust the columns and information accordingly.  We need the
Ekman contact from Steve K.  Let me know if you have any questions.

JC


We plan to deliver 5 cargoes on the Heogh Galleon Vessel into Lake Charles
from the beginning of June 2001 to January 2002.  We will work with CMS and
the Lake Charles facility to ensure that we can deliver firm daily gas to our
ENA gas desk from June 1, 2001 to January 31, 2002.  Based on these
assumptions the daily volume of firm gas delivered to the gas desk by EGM
will be as follows:

Heogh Galleon Loaded Cargo Capacity  2,027,824 mmbtu  (202.78 contracts)
HG Cargo Unloaded at Lake Charles  1,780,052 mmbtu
HG Cargo Sold @ tailgate of Lake Charles   1,753,351 mmbtu
                                  x5  CARGOES
Total Volume over life of deal   8,766,755 mmbtu               A

Delivery Start Date    06/01/2001
Delivery End Date
01/31/2002
Total Days           244 days                        B

Daily Quantity of Gas Delivered to ENA @ 35,929.3 mmbtu/day (A/B)        or
approximately  3.6 contracts per day
Tailgate of Lake Charles Plant