Enron Cycling Club Meeting
Tuesday,  April 4
11:30 - 12:30
EB 49C1
We're having lunch

Please RSVP  to Cynthia Gonter at 345-7404 by Monday at 10:00 AM

You can join the Bike Club, sign up for the MS150, get all your questions
answered about our signature ride, and pick up your jersey.  Please try to be
there, and let Cynthia know so she can plan lunch.  This is for Cycling Club
members only, and if you have friends riding with us in the MS150, they are
invited to our Team Meeting on April 5, 5-7pm.


Bryan --

FYI.  Not sure if you are going.

Jim

 -----Original Message-----
From: 	Geraldo, Emy
Sent:	Thursday, August 09, 2001 5:34 PM
To:	Buy, Rick; Port, David; Lauer, Richard; Lowry, Donna; Savala, Lea; Mcginnis, Stephanie; Carson, Rick L.; Bradford, William S.; Harris, Molly; Perkins, Mary; Kelly, Fred; Cangucu, Andre; Soo, Jeffrey A.; Bonney, Mark; Kaminski, Vince J; Reasoner, Monica; Horn, Brad; Reed, Andrea V.; Hudler, Shirley A.; Steffes, James D.; Shankle, Monique; Schultz, Cassandra; Barbour, Karen L.; Geraldo, Emy; Gorte, David; Hachen, James; Larson, Bradford; Ledlow, James; Metoyer, Pam; Petersen, Randy; Schlemmer, Jack; Schneider, Chip; Rohauer, Tanya; Vonderheide, Scott; Nordstrom, Mary; Murphy, Ted; Herbelot, Olivier; Tribolet, Michael; Brackett, Debbie R.
Cc:	Heathman, Karen K.; Geraldo, Emy; Romero, Araceli; Hennessy, Rita; Gil, Mercy; Greenlee, Terri; Wackerle, Donna; Naiser, Denise; Valdez, Veronica; Campbell, Bobbie
Subject:	Underwriting Mtg. Time Change
Importance:	High

Please Note:

The Underwriting Meeting generally held each Friday @ 10:30 am in EB2831 has been rescheduled to 10:00 am for tomorrow, Friday, August 10, 2001.  Thanks.


Sara:

Here are the updated floating price language paragraphs for the
indices which you requested, with the negative price sentence removed.

David


Laura:
Good talking to you.  Per our conversation, here's the package.  Thanks very
much for passing it along.  If you have any questions, etc., don't hesitate.
415.782.7822

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 04/02/2001 06:45 PM -----


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/21/2001
03:30 PM ---------------------------

"George Richards" <cbpres@austin.rr.com> on 02/21/2001 06:32:15 AM
Please respond to <cbpres@austin.rr.com>
To: "Phillip Allen" <pallen@enron.com>
cc: "Larry Lewter" <LLEWTER@austin.rr.com>
Subject: SM134 Proforma2.xls

There have been some updates to the cost.  The principal change is in the
addition of masonry on the front of the buildings, which I estimate will
costs at least $84,000 additional.  Also, the trim material and labor costs
have been increased.  I still believe that the total cost is more than
sufficient, but there will be additional updates.

The manager's unit is columns J-L, but the total is not included in the B&N
total of rentable units.  Rather, the total cost for the manager's unit and
office is included as a lump sum under amenities.  I may add this back in as
a rentable unit and delete is as an amenity.

The financing cost has been changed in that the cost of the permanent
mortgage has been deleted because we will not need to obtain this for the
construction loan approval, therefore, its cost will be absorbed when this
loan is obtained.

Based on either a loan equal to 75% of value or 80% of cost, the
construction profit should cover any equity required beyond the land.

George W. Richards
Creekside Builders, LLC

 - SM134 Proforma2.xls


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/08/2000 11:55
AM ---------------------------

Ben F Jacoby@ECT
12/08/2000 08:32 AM
Sent by: Ben Jacoby@ECT
To: "George Kutzschbach" <gkutzschbach@fulbright.com> @ ENRON
cc: Kay.Mann@enron.com@ENRON, CCampbell@KSLAW.com@ENRON,
JKeffer@KSLAW.com@ENRON, areynaud@coral-energy.com@ENRON,
dwhaley@coral-energy.com@ENRON, TSeigler@coral-energy.com@ENRON

Subject: Re: DeltaView Document Distribution

Because of schedules, we would like to cancel the 10 AM call, and proceed
with the noon call. I apologize for the inconvenience. Please let me know if
this does not work for you all.

Thanks,

Ben

"George Kutzschbach" <gkutzschbach@fulbright.com> on 12/07/2000 05:07:09 PM
To: Ben.F.Jacoby@enron.com, Kay.Mann@enron.com, CCampbell@KSLAW.com,
JKeffer@KSLAW.com
cc: areynaud@coral-energy.com, dwhaley@coral-energy.com,
TSeigler@coral-energy.com
Subject: DeltaView Document Distribution

Attached is a revised draft of the Letter Agreement which has been
redlined to show the changes from ENA's last draft.  I am also attaching
an insert which such be substituted for Section 6.2(e) of the LLC
Agreement.

 - Redline.rtf
 - 5wn6w01_.DOC


EPG:  Strong 3Q Results; Energy Merchant Business Leads the Way; Raise
Estimates

*	EPG reported strong 3Q operating EPS of $0.78 vs. $0.55, ahead of
our and consensus estimates of $0.73 and $0.74, respectively.
*	Key Driver: Merchant Energy EBIT results remained strong, up 26%
year/year to $316 million.  Power and natural gas volumes were up 4% and
48%, respectively, consistent with the others who have reported. These
strong results demonstrate El Paso's ability to grow in all commodity price
environments.
*	Production business also showed strong results, up 106% to $307
million, demonstrating the near-term success of El Paso's aggressive hedging
program. We remain somewhat cautious of El Paso's Production earnings in
2002, given SSB's reduced outlook for natural gas prices. We increase our
2002 EPS estimate to $3.60 to reflect the stronger hedging, but remain below
consensus due to SSB's view on future prices.
*	We raise our 2001 EPS estimate to $3.35 and maintain 1H rating / $65
target.

 <<EPG 3Q 10-24-01.pdf>>  <<EPG 3Q 10-24-01.doc>>

Raymond C. Niles
Power/Natural Gas Research
Salomon Smith Barney
(212) 816-2807
ray.niles@ssmb.com

s
ADDITIONAL INFORMATION AVAILABLE UPON REQUEST
Salomon Smith Barney ("SSB"), including its parent, subsidiaries and/or
affiliates ("the Firm"), usually makes a market in the U.S.-traded over the
counter securities recommended in this report and may sell to or buy from
customers, as principal, securities recommended in this report. The Firm or
employees preparing this report may have a position in securities or options
of any company recommended in this report. An employee of the Firm may be a
director of a company recommended in this report. The Firm may perform or
solicit investment banking or other services from any company recommended in
this report.
Securities recommended, offered, or sold by SSB: (i) are not insured by the
Federal Deposit Insurance Corporation; (ii) are not deposits or other
obligations of any insured depository institution (including Citibank); and
(iii) are subject to investment risks, including the possible loss of the
principal amount invested. Although information has been obtained from and
is based upon sources SSB believes to be reliable, we do not guarantee its
accuracy and it may be incomplete or condensed. All opinions and estimates
constitute SSB's judgment as of the date of the report and are subject to
change without notice. This report is for informational purposes only and is
not intended as an offer or solicitation for the purchase or sale of a
security. Investing in non-U.S. securities, including ADRs, by U.S. persons
may entail certain risks. Investors who have received this report may be
prohibited in certain U.S. states from purchasing securities mentioned in
this report from SSB. Please ask your financial consultant for additional
details. This report has been approved for distribution in the United
Kingdom by Salomon Brothers International Limited, which is regulated by the
Securities and Futures Authority. The investments and services contained
herein are not available to private customers in the UK and South Africa.
This report was prepared by SSB and, if distributed in Japan by Nikko
Salomon Smith Barney Limited, is being so distributed under license. This
report is made available in Australia through Salomon Smith Barney Australia
Securities Pty Ltd. (ABN 64 003 114 832), a Licensed Securities Dealer, and
in New Zealand through Salomon Smith Barney New Zealand Limited, a member
firm of the New Zealand Stock Exchange. This report does not take into
account the investment objectives or financial situation of any particular
person. Investors should obtain advice based on their own individual
circumstances before making an investment decision. Salomon Smith Barney
Securities (Proprietary) Limited is incorporated in the Republic of South
Africa (company registration number 2000/025866/07) and its registered
office is at Grosvenor Corner, 195 Jan Smuts Avenue, Rosebank, 2198,
Republic of South Africa. Salomon Smith Barney is a service mark of Salomon
Smith Barney Inc.
? Salomon Smith Barney Inc., 2001. All rights reserved. Any unauthorized
use, duplication or disclosure is prohibited by law and may result in
prosecution.


Pup,

Howdy.   Back from the UK and Norway and am off for vacation to Boston and
area for a wedding in Chris' family at lunch today.  There will be 65 Flynns
there.  Hopefully it will be cooler.

Update for Dallas.  Golf - tee time for 4 (I didn't know if anyone else would
join us) at 1:28.  Spa - Brenda and Chris both have 1 1/2 hours massages at
1:50 pm.  If Brenda wants anything else she can call the Four Seasons but at
least they both have a spot.  I look forward to the weekend.

This is the most prepared we will have ever been for the weekend.

Mike

"Jonny Jones" <jjones@jonesenergy.com> on 08/18/2000 03:39:29 PM
To: <Mike.McConnell@enron.com>
cc:
Subject: RE: Way to go!

We have a reservation and made one for you as a backup which I will cancel.
Golf & massages sounds great.   1 pm on Friday for golf would be great.  I
have the tickets covered.

Content-Transfer-Encoding: 7bit
From: <Mike.McConnell@enron.com>
To: <jjones@jonesenergy.com>
Subject: RE: Way to go!
Date: Thu, 17 Aug 2000 15:58:14 -0500
Message-ID: <OF3055D4C1.A140DF20-ON8625693E.0072D483@enron.com>
MIME-Version: 1.0
Content-Type: text/plain; charset="us-ascii"
X-Priority: 3 (Normal)
X-MSMail-Priority: Normal
X-Mailer: Microsoft Outlook CWS, Build 9.0.2416 (9.0.2910.0)
X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2314.1300
Importance: Normal
X-MIMETrack: Serialize by Router on ENE-MTA01/Enron(Release 5.0.3 (Intl)|21
March 2000) at08/17/2000 03:56:44 PM

Pelt,

We have made reservations for Fri. and Sat,  I didn't make yours but i
would move quickly.  Would you like me to set up a tee time and massages
for the girls?  I figured a 1 pm tee time?  Also what about tickets for the
game itself.  Will you have access as years gone by or does the search need
to begin?

Mike

"Jonny Jones" <jjones@jonesenergy.com> on 08/10/2000 03:24:24 PM

To:   <Mike.McConnell@enron.com>
cc:
Subject:  RE: Way to go!

You are the first to be invited and there are no plans yet other than
showing up.  Will you handle your own reservations?

Content-Transfer-Encoding: 7bit
From: <Mike.McConnell@enron.com>
To: <jjones@jonesenergy.com>
Subject: RE: Way to go!
Date: Tue, 8 Aug 2000 11:15:57 -0500
Message-ID: <OF1DEFF401.53763C48-ON86256935.00592009@enron.com>
MIME-Version: 1.0
Content-Type: text/plain;     charset="US-ASCII"
X-Priority: 3 (Normal)
X-MSMail-Priority: Normal
X-Mailer: Microsoft Outlook CWS, Build 9.0.2416 (9.0.2910.0)
X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2314.1300
Importance: Normal
X-MIMETrack: Serialize by Router on ENE-MTA01/Enron(Release 5.0.3 (Intl)|21
March 2000) at08/08/2000 11:14:46 AM

Pup,

That sounds great to us.  I take it you are not bringing the kids.  Have
you already made reservations and a tee time?  Who else is included in
this?  Also, am i interfering by inviting ourselves in your plans!

Mike

"Jonny Jones" <jjones@jonesenergy.com> on 08/07/2000 03:27:44 PM

To:   <Mike.McConnell@enron.com>
cc:
Subject:  RE: Way to go!

We definitely are planning to go to Texas - O.U.  We are considering
staying
at the Four Seasons at Los Colinas.  Possibly a little golf and R & R mixed
in with the game.  It would be a bit out of the way.  We might go up as
early as Friday morning to play golf that afternoon.  Let me know what you
think.

Content-Transfer-Encoding: 7bit
From: <Mike.McConnell@enron.com>
To: <jjones@jonesenergy.com>
Subject: Re: Way to go!
Date: Mon, 7 Aug 2000 14:51:12 -0500
Message-ID: <OF685B92C1.DEA0D3D1-ON86256934.0040B016@enron.com>
MIME-Version: 1.0
Content-Type: text/plain;     charset="us-ascii"
X-Priority: 3 (Normal)
X-MSMail-Priority: Normal
X-Mailer: Microsoft Outlook CWS, Build 9.0.2416 (9.0.2910.0)
Importance: Normal
X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2314.1300
X-MIMETrack: Serialize by Router on ENE-MTA01/Enron(Release 5.0.3 (Intl)|21
March 2000) at08/07/2000 02:50:00 PM

Jonny,

Thank you so much for the email and kind words.  I was very moved by it and
you know I feel the same way.  I have become very reflective with the more
"success" that I have been fortunate enough to receive.  I am so thankful
and appreciative and although I have always been religious and spiritual,
it has grown more deeply.  I see so many people that have lost their
perspective and I pray that I will remain grounded and truly appreciate the
blessings that our family has received.  Chris and I often discuss how we
can help others and what can we do to really make a difference.

The Jones and the McConnells are truly very lucky.   Thanks, and give my
love to your family.

Mike

PS:  What about OU - Texas, do you have any ideas or plans already in the
works?

"Jonny Jones" <jjones@jonesenergy.com> on 08/02/2000 03:55:19 PM

To:   "Mike McConnell (E-mail)" <mike.mcconnell@enron.com>
cc:
Subject:  Way to go!

Sometimes we fail to stop and reflect on events which are of significance
because we are so busy with our heads down accomplishing the things we
strive for.  I hope you are taking a moment to reflect and enjoy the
incredible accomplishments which you have achieved at such a young age.
You
and I are two of the luckiest people in the world and must always remember
to give back what we have been so fortunate to receive.

Congratulations and keep up the good work.  I am proud to call you my
friend.

Jonny


Gerald,

Attached are my thoughts on the Bridgeline / Texaco issues. We'll meet at 9 am 8-14-01 in EB 3583

gdw


Vicki,

As mentioned in my voice mail on Friday, we have received a lawsuit filed by Michael Lindert against Enron Corp., EESO, and EES, Inc., in which he basically claims that he is due unpaid commissions.  He seeks damages of $1 million.

Jim Derrick passed this lawsuit to me, but let me know if you want me to manage it on behalf of EES.

I have contacted Chicago counsel (for information, not retention, purposes) to determine the answer date, which is 30 days.  I do not believe that we have been properly served, however, so we appear to have additional time.  The suit was filed 11/1, and we received it sometime last week, via cover letter to Ken Lay from Lindert (rather bizzarre, if you ask me).

The law firm representing the plaintiff is not some hack plaintiff's firm; it actually is a blue chip family law firm with a good reputation in Cook County.

The case probably should be removed to federal court due to diversity of citizenship.  According to the Seyfarth, Shaw lawyers I contacted on Friday, the Circuit Court of Cook County, Law Division is not a place where we would want to be, and federal court is preferable.  We have 30 days to remove to federal court.

Let me know how you want me to proceed.

Michelle


Just a note to say Good Morning.  See you this afternoon at EOTT.
Stan


Dave,

I left you a voice mail that I am available to assist in this process at your
convenience.  Let me know how you want to proceed.

Michelle

	Enron Capital Management

	From:  David Baumbach                           10/27/2000 10:57 AM

To: Michelle Cash/HOU/ECT@ECT
cc:
Subject:

Michelle, I appreciate your help in finding the services agreement for
Bridgeline.  However, Trevor Mihalik and I would like to get an agreement set
up for the outsourcing of Enron's Risk employees.  Do you know who could help
me get this agreement set up?

Dave


Suzanne:
Could you please order 2 of these for me?
Thanks.
Carol
---------------------- Forwarded by Carol St Clair/HOU/ECT on 04/10/2000
09:26 AM ---------------------------

	Enron North America Corp.

	From:  General Announcement @ ENRON                           04/06/2000
06:58 AM

Sent by: General Announcement@ENRON
To: All Enron Worldwide
cc:
Subject: New 1999 Annual Reports Have Arrived

The new 1999 Annual Reports are now available for distribution.  If you
haven't already requested books, you may order these through Forms
Management.  You can either use Moore Source or complete a Forms
Requisition.  The Item # on the new books is #42990.  Please keep in mind
that the quantity on these is "per book", not by the box.

If you have questions about how to order, you may contact Micael Shea on
713/853-5418 or Ruby Kinsfather at 713/853-3869.


FYI

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/18/2000
08:55 AM ---------------------------

Osman Sezgen@EES
02/18/2000 08:50 AM
To: Vince J Kaminski/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT
cc:
Subject: Steven Roeder (Chemical Engineer)

Vince,

I do not think that there is match with our group but I forwarded Steve's
resume
to Ford Cooper and Joe Phalen of the Water Group.

Regards,
Osman


Here are additional ring trades where EPMI sells to AEP, AEP sells to Allegheny, Allegheny to EPMI.  Please let me or Tracy know if you have any questions.

Thanks,

Chris Mumm

Enron North America
West Power Desk
121 SW Salmon Street 3WTC0306
Portland, Oregon 97204

503.464.8862
503.464.3740 (fax)


Mona -

Pursuant to your request and our phone conversation, attached is a quantification report organized by quarter, business unit, project, and time allocation

As we discussed, it would be hard to place a dollar value on projects I've done for Govt. Affairs as a whole and projects which require the review and analysis of information; the analysis and review of information is provided to individuals who could base a decision to do or not do something that one could assign a dollar value to (dollars saved by not doing something or dollars added by taking some action)

Because the work I've done for the past year included projects for Rick Shapiro and Lisa Yoho I am copying them on this email

Hope this information helps; please advise of any questions, comments or concerns

Eric


This is to nominate 32,000 MMBtu/d from HPL into Eastrans for 2/8/00.

We will continue to redeliver 25,000 MMBtu into PG & E;
we will redeliver 7,000 MMBtu into HPL at the Busby Comp. Station.

In addition, please continue our daily sale of 1,000 MMBtu/d for 2/8/00..


Angela:
We plan to send the draft ISDA to Carissa.  In the mean time, is there
anything that needs to be discussed with respect to the Annex A letter?
CArol


Whoops!!!

the dates are 6/19 & 6/20.

Brenda,

An additional note,  the phones have been extremely busy, lately.   Please be
sure the assignment is familiar with the phone system.

----- Forwarded by Taffy Milligan/HOU/ECT on 06/15/2000 11:16 AM -----

	Taffy Milligan
	06/15/2000 11:06 AM

		 To: Susan Bailey/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT,
Mark Taylor/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT
		 cc: Janette Elbertson/HOU/ECT@ECT, Suzanne Adams/HOU/ECT@ECT, Erica
Braden/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT, Becky
Tlucek/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT
		 Subject: Taffy Milligan - out of office

Good morning.

FYI, I will be out of the office Monday and Tuesday, 6/12 & 13.

Brenda,
Please make arrangements for coverage of my desk for these two days.

Thank you for your assistance.

Taffy Milligan


An event of Force Majeure occurred on Northern Border (NBPL) on July 13 at Station 8 resulting in curtailment of deliveries through Ventura from July13-18.  As a result, ENA was not able to take full delivery of firm volumes from EC at the Monchy upstream interconnect.

EC and ENA hold divergent views on how to implement the curtailment.  We need to reach a common understanding.

The view of EC is that a force majeure event, as defined by Article 5 of our master agreement with ENA (see Attachment) or superceded by amendments contained in individual confirmation letters, implies that all firm transactions must be curtailed "by the same percentage that the applicable transporter interrupts or curtails firm delivery service..." (language in parentheses was directly lifted from a Monchy confirmation letter dated November 1, 1997 signed by Julie Gomez).

The view of ENA, as articulated by Martin and Lisa, is that Northern Border sends scheduled volumes back to Unify via EDI with a service agreeement pathed to a firm supply deal.  The pipeline scheduled volume for the path drives how much each individual  deal is curtailed  even if some supply deals are cut by a different percentage than others. My apologies if I have not expressed this properly.

In other words, we agree on the magnitude of the curtailment but not how to allocate cuts to individual deals.

Because we have desk to desk deals (since earlier this year), ENA and EC must agree on scheduled volumes.  In the past our deals were Physical Forward and if our volumes did not agree it was not discovered until invoicing, at which time the accountants would duke it out.  Now, Logistics quite properly has to deal with it within the month.  This has implications at all points where ENA transacts with EC such as Kingsgate, Empress, Eastern Canada.

EC  has reluctantly agreed to accept ENA's non-proportional scheduled volumes for this event so that the schedulers can move on but I would appreciate a policy resolution to this issue prior to the next downstream curtailment.

Kevin Heal
Enron Canada Corp.
403 974-6727

Attachment

Legal Opinion dated July 20, 2001

Kevin, further to your voice-mail, as indicated to you yesterday, our physical gas master agreement with ENA is in their form of Enfolio master agreement and not our form of master.  What that means is that, although the mechanics of declaring force majeure, etc. are the same, the definition of force majeure under our Enfolio master with ENA is not restricted to delivery point force majeure as it is in ECC's standard form, but is rather a broader based force majeure.  However, it must be kept in mind that, depending on the transaction, the definition of "force majeure" may be amended in the terms of the particular confirmation letter.  The application section (which is basically the same as in our form) is as follows:

This Article 5 is the sole and exclusive excuse of performance permitted under this Agreement, and all other excuses at law or in equity are waived to the extent permitted by law.  Except with regard to payment obligations, in the event either Party is rendered unable, wholly or in part, by Force Majeure to carry out its obligations hereunder, it is agreed that upon such Party's giving notice and full particulars of such Force Majeure to the other Party as soon as reasonably possible (such notice to be confirmed in writing), the obligations of the Party giving such notice, to the extent that they are affected by such event, shall be suspended from the inception and during the continuance of the Force Majeure for a period of up to 60 Days in the aggregate during any 12 Month period, but for no longer period.  The Party receiving notice of Force Majeure may immediately take such action as it deems necessary at its expense for the entire 60 Day period or any part thereof.  The Parties expressly agree that upon the expiration of the 60 Day period Force Majeure shall no longer apply to the obligations hereunder and both Buyer and Seller shall be obligated to perform...

I will send a copy of the agreement over to you which also contains the definition of Force Majeure, but again it must be remembered that such definition may be amended in the particular confirm.

Greg Johnston
Senior Counsel
Enron Canada Corp.
phone: 403-974-6745
greg.johnston@enron.com


Please carry your cell phone with you (with the power on) while you are at
work during normal business hours.  It is important that I can reach you when
it becomes necessary.  Thank you for your cooperation.


IntercontinentalExchange
                                                                                Firm Power Price Bulletin
                                                                                For Power Delivered on Monday, October   08, 2001
                                                                                (Trade Date of Friday, October   05, 2001)
Click here to access index history .
                                                                                * volume represents sell-side only *

Hub	High	Low	Wtd Avg Index	Change ($)	Vol (Mwh)
Cinergy	         $24.50	         $22.00	         $23.96	+   2.52	          86,400
Comed	         $22.50	         $19.75	         $20.78	+    .75	           8,000
Entergy	         $23.00	         $18.00	         $19.64	+   1.00	          34,400
Nepool	         $36.25	         $35.25	         $35.71	-   1.50	          16,800
PJM-West	         $29.80	         $28.65	         $29.06	+    .05	          36,000
SP-15	         $25.00	         $24.00	         $24.63	+    .55	           2,400
TVA	         $22.50	         $20.75	         $22.02	+    .13	           8,800

                                                                                Includes all trades done from 6 AM to 11 AM Central Prevailing Time on the trade date specified for financially firm power delivered during the on-peak hours (6 AM - 10 PM CPT for Eastern hubs / 6 AM - 10 PM Pacific Prevailing Time for Western hubs) on the delivery date(s) specified.
                                                                                IntercontinentalExchange is the world's most liquid trading platform for over-the-counter energy and metals.  Active markets include North American power and natural gas, global crude and refined oil products, and precious metals.  Traded instruments include forwards, swaps, and options.
To become an Exchange Participant or inquire about the indices, please contact sales@intcx.com .
This information is sent to you free of charge and may be redistributed in its entirety.  Republishing in any other form is prohibited.
If this was forwarded by a friend and you would like to receive your own daily bulletin, click here to subscribe .
To unsubscribe from this service, click here unsubscribe .
                                                                                ?Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved.


?

Hi Folks,

?

Matchups to Avoid  and Exploit.?

Passing Game  Matchups.?? Here's how I see the matchups this  week.? Please
note, see the  cheatsheet online?http://www.cheatsheets.net/week15sheet.htm?
for exactly where I rank playersand to  determine who to start.? Just because
one matchup may be more  favorable than another, that doesn't necessarily
mean I'd start the player with  the best matchup.? The matchup info  is meant
to be just one more tool in your box when it comes to deciding between
players.??

Note:? I,ve used the player stats sorted by  performance over the last four
weeks extensively in developing these write-ups.  Stats are provided by Mike
Hall,s excellent FLM League Management Software.? http://www.fflm.com/for
more info.?

Here we go:

Locks:? These games heavily favor the Offense

Seattle Passing  Game vs Bronco Defense??  If we,ve seen one  trend recently
in defenses it,s to start your QB / WR / TEs against the Broncos  and worry
about your RBs.? They,re  tough on the running game but easy against the
pass.? I won,t get into whether that,s a  &chicken or the egg8 situation but
the bottom line is go with your passing guys  against Denver.? They rank # 31
in  passing yards allowed per game over the last four weeks.? QB Jon Kitna
gets another start  and while I have a hard time putting too much faith in
him, he,s been ok.? Derrick  Mayesand  Sean  Dawkinsshould see lots  of
action and rookie Darrell  Jacksonis working his  way back into the mix.? If
you,ve  been sitting on RB Shaun  Alexander, coach Mike  Holmgren did say he
wanted to see more of Alexander in passing downs but I,m  still not too
excited about him yet.

Tennessee Passing  Game vs Bengal Defense?? Once again, keep an eye on  QB
Steve  McNair,shealth this  week.? It,s early, but he,s already  being called
a game time decision as he tries to recover from knee and ankle  injuries.?
Keep your fingers crossed  as it,s a tasty matchup vs the weak Bengal pass
defense.? They rank # 30 in passing yards allowed  per game over the last
month and are just playing out the season.? Cornerback Rodney Heath is lost
for the  year with a bad shoulder and that should make things even easier.?
Derrick  Masonis the clear cut  # 1 WR with Chris  Sanders# 2.? The best
receiver on the team (or at  least most utilized) is TE Frank  Wycheckwho,s
starting to  get back to his normal high level of  production.

Denver Passing  Game vs Seahawk Defense??? By now you know the  drill:? Start
any player vs  Seattle.? Just do it.? The Seahawks are anemic.? QB Brian
Griese did start to throw some  but he,s still at least a couple weeks away,
maybe more.? Gus  Frerottegets another  start and if you,re looking for him
to regain that 400+ yard form he showed  early on, this is his best chance to
do it.? Rod Smithand  Ed  McCaffreyare the usual  must starts at WR.?  Dwayne
 Carswelland  Desmond  Clarkare excellent  plays at TE.? I,d start either
one  and feel pretty good about it, especially  Carswell.

Baltimore Passing  Game vs Charger Defense?? San Diego made a run back at
respectability on defense but I,m thinking they,ve fallen back down to well
below average.? Over the last four  weeks, they rank # 27 in passing yards
allowed per game.? For the year, they rank # 28 in Fantasy  Points allowed to
the opposing QB.?  The Ravens come back after a bye week off and should be
ready to  roll.? QB Trent  Dilferis playing  exceptionally well and WRs
Qadry  Ismailand  Patrick  Johnsoncould do  well.? The most enticing matchup
may  be Shannon  Sharpeas San Diego  ranks just 24th in Fantasy Points
allowed to the opposing TE for the  year.

St. Louis Passing  Game vs Viking Defense?? I don,t think you keep  QB Kurt
Warnerdown for  long.? Sure, he had an awful game  last week but some of that
can be blamed on the WRs who I bet you don,t see drop  half of what Warner
throws this time.?  The Vikings still give up lots of passing yards ranking #
26 in passing  yards allowed per game over the last month.? For the year,
they rank # 24 in Fantasy  Points allowed to the opposing QB.?  Isaac Bruce
is the best WR  while Torry Holthas been  surprisingly disappointing lately.?
 He,s still worth a start though.?  Az-Zahir  Hakimalways has a  chance too.?
The Vikings just don,t  have the secondary to keep up with these  guys.

?

Prime Matchups:? These games favor the  Offense?

Buffalo  Passing Game vs Colt Defense?? I probably get more mail from my
ripping Rob Johnson than I do for any other player.? I make no apologies as I
really just  don,t like the guy.? He simply has  major troubles finishing a
game.?  Although he draws a great matchup this week against Indy, one of the
weaker defenses in the league.?  Safety Chad Cota has a concussion and is
questionable so they might be  even less effective.? On the other  hand, the
Colts definitely seem to up the intensity at home.? As you can see from my
rankings, I,m not  thinking too much of Johnson again this week, but he does
have a good  matchup.? Eric Moulds is the  primary WR as always with Peerless
Price and Jeremy McDonald  picking up the scraps.? TE Jay  Reimersma is a
favorite target and gets plenty of looks.?

Pittsburgh  Passing Game vs Giants Defense?? The Kordell Stewart  Bandwagon
is getting awfully crowded lately, but for good reason.? He,s playing very
solid football.? More importantly, he cleared a huge  hurdle Sunday showing
some leadership and toughness coming back in the game  after injuring his
leg.? The Giants  defense is very beatable but do understand coach Jim
Fassell,s media games where  he says &ok8 more than Joe Pesci in Lethal
Weapon are apparently working as his  playoff guarantee seems to have
inspired the team.?? The pass defense still ranks # 25  in passing yards
allowed  per game over the last month though.? For the year, they rank # 23
in Fantasy Points  allowed to the opposing QB.? Hines Ward is the WR of
choice on  this team and I,d feel fine starting him. He,s not even the true #
2 guy, but  you could do worse then taking a reach on Bobby Shaw.? For some
reason, I like him over starter  Courtney Hawkins. Even TE Mark Bruener is a
solid choice as he,s  done more in the last two weeks than he,s done in two
years.???

Kansas City  Passing Game vs Panthers Defense? I,m  dreading the Gunther
Cunningham firing as he may make Dick Vermiel look like  Iron Mike.? A solid
game here could  help him keep his job (which may have Chief fans pulling for
Carolina()? From a FF perspective, I like Elvis  Grbac here.? He showed
Monday  night he was clearly back from the finger troubles.? As usual, the
running game is a mess but  that,s good news for Elvis owners as he,s forced
to go with what,s been working  for them ) throwing the ball.? TE  Tony
Gonzalez is having the incredible season we all predicted for him and  he,s
certainly the best receiver on the team.? Derrick Alexander is a sure
starter too.? Sylvester  Morris continues to regress which is troubling.?
Carolina ranks just # 24 in passing yards allowed per  game over the last
four games although for the year, they,ve  fared better ranking # 9 in
Fantasy Points allowed to the  opposing QB.? Part  of that is they seem to
give up a lot of yards without yielding the TD so be  leery in TD only
leagues.?

Carolina  Passing Game vs Chief Defense?? If you,ve been fence sitting with
Steve Beuerlein, this may be a week to take a close look at him.? The Chiefs
rank # 21 in passing yards allowed per  game over the last four weeks and
they may be missing CB James  Hasty who,s questionable with a knee.?  WR
Muhsin Muhammad is playing like a man possessed lately and he,s  a sure
starter.? Donald Hayes  got through last week,s game without reinjuring his
groin and he,s a solid  option as well.? TE Kris  Mangum is no Wesley Walls
but he,s a pretty good player.? The Chiefs do get back home where  they,re
tougher but I like this matchup.?

San  Francisco Passing Game vs Saints Defense??  The 49er pass defense is
better than people think and the Saints defense  is worse than many assume.?
Over the  last four games New Orleans ranks # 20 in passing yards allowed
per  game.? (the 49ers  rank # 16)? In reality, both  defenses are pretty
suspect.? And  both teams feature QBs who will be winging the ball.? Jeff
Garcia picked up right where  he left off last week against a tough San Diego
defense.? It was great news for Terrell  Owens fans as he looks on his way
back.? In the meantime, Jerry Rice  showed he still has a few tricks in the
bag.? I wouldn,t be surprised to see Tai  Streets and J.J. Stokes see
increased time at Rice,s expense though  as many feel the Hall of Famer isn,t
in the 49er,s plans for 2001.? RB Charlie Garner is always a threat  catching
the ball.? TE Greg  Clark is suddenly a producer so he,s worth a shot too.
This could be a  shootout.?

Jacksonville  Passing Game vs Cardinal Defense??  Two teams heading for the
couch in the post season but that,s about all  they have in common.?
Jacksonville  just ran out of time as they,re playing well now.? Arizona is
heading downhill from an  already low position.? Arizona ranks  # 19 over the
last four weeks in passing yards allowed per  game.? QB Mark  Brunell had an
injury to his non throwing shoulder but appears to be  fine.? He could be a
decent play  along with WRs Jimmy Smith and Keenan McCardell.? Arizona CB
Aneaes Williams is a player  but he can,t do it all.? The biggest  problem
for the Jaguar passing game is talking coach Tom Coughlin into calling
something besides a Fred Taylor run which will likely result in a 7 yard
gain  each time(?

Minnesota  Passing Game vs Ram Defense?? You don,t need any analysis from  me
to know you,d better start Daunte Culpepper, Cris Carter and Randy  Moss.?
The Rams are much  improved on pass defense where over the last four weeks,
they rank # 17  in passing yards allowed  per game.? Still  though, the
Minnesota &Big 38 (&Big 48 counting RB Robert Smith) are no  brainers.??

New Orleans  Passing Game vs 49er Defense?? QB Aaron Brooks  continues to be
one of the better stories of this season.? He,s facing a 49er time that,ll be
chock  full of youngsters although they,re playing better of late ranking #
16  in passing yards allowed  per game over the last four weeks.? But that
was before losing Safety Lance  Shulters to a torn ACL last week.?  Brooks
will have Joe Horn catching the ball and Horn should  continue to shine.?
Willie  Jackson is a solid # 2 WR and TE Andrew Glover has come alive
lately.?

??

Even Matchups:? These games  feature no real advantage either way?

Detroit  Passing Game vs Packer Defense?? Of course, all this hinges on the
ribs of one Charlie Batch.?  If he can,t go, all bets are off.?  In fact,
even if he can go, you should hedge your bets a bit as we,ve  already seen
one good shot to the chest can mean taking a seat for Batch.? It,s not a bad
matchup though against a  Green Bay defense that,s ranked # 22 in passing
yards allowed per  game.? Johnnie  Morton is likely the top choice at WR with
Herman Moore in the mix  too.? Germane Crowell may be  able to make his
return this week as he,s been practicing this week.? I wouldn,t start him yet
but keep an eye  out as might pay dividends for astute owners who scoop him
up.? I can see plenty of James Stewart in  this one though as the weather
could be really nasty for this  one.?

Chicago  Passing Game vs Patriot Defense?? This one,s full of story lines as
a healthy Cade McNown remains on the bench this week in favor of Shane
Matthews.? The juicy rumor here  is that according to a story in the Sun
Times, McNown would receive a $8.25  million escalator clause if he plays in
55% of the offensive snaps this year and  next.? He,s currently at 54%(?
Conspiracies aside, Matthews will be  without WR Marcus Robinson who,s out
for the year with a bulging disk in  his back.? New England ranks # 23  over
the last four weeks in passing yards allowed per  game but the turmoil could
take it,s toll on the Bears.? The Bears will also be without Offensive
Coordinator Gary Crowton who took the BYU job.? Some think that will be a
positive.?? I honestly have a hard time  getting too excited about Eddie
Kennison and Marty  Booker.?

Dallas  Passing Game vs Redskin Defense? I,m really interested to see how
the  team responds to new coach Terry Robiskie.?  I,ll be surprised if they
don,t kick things up several notches.? Although I do find it odd that the
guy  in charge of the worst performing part of the team (passing game) is the
guy  they decided to elevate to head coach.?  Who knows?? QB Troy  Aikman
will try to get through another game without being maimed.? He,ll have James
McKnight and  Wayne McGarity to throw to but neither guy looks too promising
against a  pretty tough defense.? Dallas showed  last week the complete lack
of faith they have in Aikman when they kept feeding  Emmitt Smith the ball as
they trailed Tampa by a mile.? David LaFluer and Jackie  Harris both are
dropping along with Aikman.?

Philadelphia  Passing Game vs Brown Defense?? Two teams used to bringing up
the  rear lately meet with one soaring and the other limping.? QB Donovan
McNabb finds himself  in a strange spot here.? The Browns  are so pitiful
against the rush that most teams choose to rush the ball on them  at the
expense of throwing it.? But  with McNabb the team,s best rusher, he,ll have
to decide which way he,s going to  beat the Browns.? Charles Johnson  and
Torrance Small aren,t much.?  TE Chad Lewis is the best receiver and he could
make some  noise.? I'm interested to see how quickly they work in newly
signed  RB Chris Warren.

Miami  Passing Game vs Buccaneer Defense??  Another good case of
misconceptions.? Miami is better throwing the ball than  people give them
credit for and the Bucs aren,t as dominant stopping the pass  like many
think.? Over the last four  weeks, Tampa ranks # 14 in passing yards allowed
per  game.? Very solid  for sure, but not dominating.?  Jay Fiedler continues
to astound his critics as he threw for 3 TDs  Sunday.? I don,t think you,ll
see  the same production here but he,s still a decent play.? Leslie Shepherd
had been my  favorite WR here but with his surgery, it looks like Tony Martin
will  finally get a start.? Oronde  Gadsden continues to make sick catches.?

?

Downside Matchups:? These games favor the  Defense

Cleveland Passing  Game vs Eagle Defense ??This is where Doug Pederson,s at:?
He gets the start this week because  rookie Spergon Wynn can,t go due to
injury(?? WR Kevin Johnson is running the  scout team in practice.? Against
the  tough Eagles secondary, he likely will have trouble no matter where he
lines  up.? I don,t look for much here from  any of these guys.

Cincinnati Passing  Game vs Titan Defense?? The Bengals just won,t die
quietly.? Corey Dillon keeps running  the ball like a mad bull and QB Scott
Mitchellseems intent on  proving to folks he really can play at this level.?
He may be able to but he draws a tough  matchup Sunday in a Titan team that,s
solid.? They rank # 11 over the last four week  in passing yards allowed per
game.?  Although they may catch break as CB Samari Rolle is nursing a bad
wrist  and will likely have to play with a brace.?  WR  Peter Warrickwill
reportedly  have his contact lenses Thursday and that could make a
difference.? He,s often worth a roll of the dice for  the start as he has the
big play  potential.

New York Giant  Passing Game vs Steeler Defense?? The Steelers seemed to
enjoy the  spoiler role last week against Oakland and they get another shot
this week  against the Giants.? Pittsburgh,s  playing tough pass defense now
as they rank # 10 in passing yards allowed per  game over the last four
games.?  Kerry  Collinsis steady but not  exciting.? He,ll be throwing to
WRs Amani  Toomerand  Joe  Jureviciusas it looks like  Ike Hilliard may not
be fully ready yet this week.? Keep an eye on that one though.? TE Pete
Mitchellhasn,t been  nearly the factor we,d thought he,d be.

Oakland Passing  Game vs Jets Defense?? The Raiders look to bounce back  this
week and you can bet they do a better job keeping up with the down and
distance.? The Jets are playing  tough defense of late ranking # 9 in passing
yards allowed per game over the  last four weeks.? Still though,  QB Rich
Gannonis a pretty much  sure starter unless you,re loaded at QB.?  Same thing
with WR Tim  Brown.? You might roll the dice on  Andre  Risonor  James
Jettbut Brown is the  man.? TE Ricky Dudley  is likely worth a  start just on
potential but he,s incredibly frustrating. (like I needed to tell  the Dudley
owners THAT()?

Green Bay Passing  Game vs Lion Defense?? Not only must the Lions defense
hit the field without star CB Bryant Westbrook, they also have to face  Brett
 Favrein the cold  weather where he,s invincible.?  Check the weather
conditions for this one as it could be more than just  cold.? He,s good when
it,s freezing  outside but trying to throw the ball in a driving snowstorm is
an entirely  different matter.? Favre will be  throwing to WR Bill Schroeder
who I think is the  better WR choice over mega bucks Antonio  Freeman.? TE
Bubba  Franksis always worth a  look.? RB Ahman  Greenis a nice  surprise and
he,s catching the ball well.

New York Jets Passing  Game vs Raider Defense??  Two teams that,ll see  what
they,re made of square off in a Sunday Night matchup.? The Raiders are tough
against the pass  ranking # 7 in passing yards allowed per game over the last
four weeks.? QB Vinny  Testeverdeseems to have  finally gotten himself
untracked.?  WR Wayne Chrebetmay be handled by Charles Woodson but that
leaves  Dedric Wardand  Windrell Hayesfor  WRs.? They,ll be fine.? FB Richie
Andersonquietly racks up receiving totals and he could have  a good day again
this week.?  TE Anthony Becht continues to play well and is really coming
along.

New England  Passing Game vs Chicago Defense?? Star QBs on the bench(
Coaches  leaving( What,s a player to think??  If you,re a defensive player
for the Bears, you,re thinking you,d better  go out and prove some people
wrong that think you,re finished.? Chicago plays tough pass defense ranking
# 6 in passing yards allowed per game over the last four week.? QB Drew
Bledsoe  will look for  WR Terry  Glennand the suddenly  red hot Troy Brown.?
TEs Rod  Rutledgeand  Jermaine  Wigginshold down the TE  spot.? I hope
Shockmain Davis gets a  TD as I love to write his name(?

Indianapolis  Passing Game vs Bills Defense?? QB Peyton  Manningis still a
starter in most leagues but you should know he,s facing a tough matchup this
week. He struggled a bit last time these teams met with a season low 187
yards  passing (although he did have 2 TDs)?  Marvin  Harrisonis of course
the  clear cut # 1 Guy.? It looks like  Terrence  Wilkinsis finally  breaking
out of his slump and could be a contributor again.? Both TEs Ken Dilgerand
Marcus  Pollardhaven,t played up  to their potential of late.? Even  with the
bad game last week against Miami, the Bills still rank # 5 over the  last
four week in passing yards allowed per game.?

??

Defensive Slam Dunks:? These games heavily favor the  Defense

Tampa Bay Passing  Game vs Miami Defense??  Don,t start your  passing game
guys against the Dolphins.?  CBs Sam Madison and Patrick Surtain just shut
people down.? Especially a QB like Shaun King who,s  not 100% healthy in
addition to being just an adequate QB.? Keyshawn Johnson is almost always
worth  a start just for the showmanship but I,m not excited about Tampa
throwing the  ball here.

Washington Passing  Game vs Cowboy Defense?? Brad  Johnson,sprobably taken
his last snap as a Redskin, especially after he suggested he,d done so.? That
means big armed  Jeff  Georgetakes the  helm.?? He,ll likely face a  Cowboy
defense that,s tough against the pass for one simple reason:? they,re awful
defending the run and  teams just choose to run all over them.?  Look for
Stephen Davis  to wear it  out.? When George does throw, I  think James
Thrashis the best  option.?  Albert  Connellwill likely start  but Thrash
makes plenty of plays.?  TE  Stephen Alexanderis probably worth  a shot as is
pass catching FB Larry  Centers.

San Diego Passing  Game vs Raven Defense?? Ryan Leafand company get  the
&honor8 of facing the # 3 ranked defense over the past 4 weeks in passing
yards allowed per game.? It should  be interesting.? Leaf will be  throwing
to TE Freddie  Jonesand  WR Curtis  Conway.? Jeff Graham  suffered a mouth
injury last week and may need dental surgery.? It,s probably just as well as
this  matchup is looking very sketchy for  Leaf.
Arizona  Passing Game vs Jaguar Defense??? This could get ugly all  around.?
Jacksonville ranks # 4 over  the last four weeks in passing yards allowed per
game.? And Arizona,s Jake  Plummeris nursing bad ribs.? We saw with  Charlie
Batch last week that it,s hard for a team to keep a QB in the game if  he,s
got injured ribs.? David  Bostonis playing well lately and Frank  Sanders has
 been awful.? I,m not excited about  any of them for this week.

 To unsubscribe from this group, send an email to:
cheatsheets-unsubscribe@egroups.com


Make sure we attend these sessions.
---------------------- Forwarded by Kevin M Presto/HOU/ECT on 12/11/2000
05:11 PM ---------------------------

Felicia Doan
12/11/2000 05:07 PM
To: Rudy Acevedo/HOU/ECT@ECT, Diana Allen/Corp/Enron@ENRON, Russell
Ballato/NA/Enron@Enron, Ted Ballinger/NA/Enron@Enron, Don
Baughman/HOU/ECT@ECT, Edward D Baughman/HOU/ECT@ECT, Corry
Bentley/HOU/ECT@ECT, Robert Benson/Corp/Enron@ENRON, Tamara Jae
Black/HOU/ECT@ECT, Lisa Burnett/Corp/Enron@Enron, Paul J
Broderick/HOU/ECT@ECT, Richard Broussard/Corp/Enron@Enron, Larry
Campbell/ET&S/Enron@ENRON, Mike Carson/Corp/Enron@Enron, Jason
Choate/Corp/Enron@ENRON, Lawrence Clayton/Corp/Enron@Enron, Kevin
Cline/Corp/Enron@Enron, Terri Clynes/HOU/ECT@ECT, Keith
Comeaux/Corp/Enron@Enron, Karla Compean/HOU/ECT@ECT, Kayne
Coulter/HOU/ECT@ECT, Jason Crawford/Corp/Enron@Enron, Mike Curry/HOU/ECT@ECT,
Oscar Dalton/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Clint
Dean/Corp/Enron@Enron, Todd DeCook/Corp/Enron@Enron, George
Diaz/Corp/Enron@ENRON, Felicia Doan/HOU/ECT@ECT, Chris Dorland/HOU/ECT@ECT,
Tom Dutta/HOU/ECT@ECT, Joe Errigo/Corp/Enron@Enron, David
Fairley/HOU/ECT@ECT, Miguel L Garcia/NA/Enron@ENRON, Gerald
Gilbert/HOU/ECT@ECT, Doug Gilbert-Smith/Corp/Enron@ENRON, Joe
Gordon/Corp/Enron@Enron, Gautam Gupta/HOU/ECT@ECT, Patrick Hanse/HOU/ECT@ECT,
Brent Hebert/HOU/ECT@ect, Juan Hernandez/Corp/Enron@ENRON, Rogers
Herndon/HOU/ECT@ect, Wayne Herndon/Corp/Enron@ENRON, George
Hopley/HOU/ECT@ect, Jim Homco/HOU/ECT@ECT, Richard Hrabal/HOU/ECT@ect, Rika
Imai/NA/Enron@Enron, Alton Jackson/Corp/Enron@Enron, Larry
Jester/Corp/Enron@ENRON, Gary Justice/NA/Enron@Enron, Mike E
Kelly/NA/Enron@Enron, Grace Kim/NA/Enron@Enron, Jeff King/Corp/Enron@Enron,
John Kinser/HOU/ECT@ECT, Madhup Kumar/Corp/Enron@ENRON, Dean
Laurent/HOU/ECT@ECT, Justin Laverell/Corp/Enron@ENRON, Chris
Lenartowicz/Corp/Enron@ENRON, John Llodra/Corp/Enron@ENRON, Matt
Lorenz/HOU/ECT@ECT, Gretchen Lotz/HOU/ECT@ECT, Peter Makkai/NA/Enron@Enron,
Dave Mangskau/Corp/Enron@ENRON, Posey Martinez/HOU/ECT@ECT, Tom
May/Corp/Enron@Enron, Keller Mayeaux/Corp/Enron@Enron, Doug
Miller/Corp/Enron@Enron, Jeffrey Miller/NA/Enron@Enron, Narsimha
Misra/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Steve
Olinde/Corp/Enron@Enron, Andy Pace/NA/Enron@Enron, Juan
Padron/NA/Enron@Enron, Ricardo Perez/NA/Enron@Enron, Joseph
Piotrowski/NA/Enron@Enron, Laura Podurgiel/HOU/ECT@ECT, Kevin M
Presto/HOU/ECT@ECT, Cyril Price/HOU/ECT@ECT, Joe Quenet/NA/Enron@Enron, Mitch
Robinson/Corp/Enron@Enron, Bill Rust/HOU/ECT@ECT, David
Ryan/Corp/Enron@ENRON, Eric Saibi/Corp/Enron@ENRON, Zachary
Sampson/NA/Enron@ENRON, Anna Santucci/NA/Enron@Enron, Janelle
Scheuer/HOU/ECT@ECT, Kyle Schultz/HOU/ECT@ECT, Erik Serio/Corp/Enron@Enron,
Doug Sewell/HOU/ECT@ECT, Robert Stalford/NA/Enron@Enron, Chad
Starnes/Corp/Enron@Enron, Joe Stepenovitch/Corp/Enron@Enron, Mark
Symms/Corp/Enron@ENRON, Ramanarao Tamma/NA/Enron@Enron, James E
Terrell/HOU/ECT@ECT, Garrett Tripp/TOR/ECT@ECT, Greg Trefz/Corp/Enron@ENRON,
Larry Valderrama/HOU/ECT@ECT, Maria Valdes/Corp/Enron@Enron, Jewell
Wade/NA/Enron@Enron, Joseph Wagner/NA/Enron@Enron, Christopher
Watts/NA/Enron@Enron, Lloyd Will/HOU/ECT@ECT, Jay Wills/Corp/Enron@ENRON,
George Wood/Corp/Enron@Enron, Richard Broussard/Corp/Enron@Enron, Keith
Comeaux/Corp/Enron@Enron, Jason Crawford/Corp/Enron@Enron, George
Diaz/Corp/Enron@ENRON, Brent Hebert/HOU/ECT@ect, Jim Homco/HOU/ECT@ECT, Alton
Jackson/Corp/Enron@Enron, Justin Laverell/Corp/Enron@ENRON, Chris
Lenartowicz/Corp/Enron@ENRON, Steve Olinde/Corp/Enron@Enron, Mitch
Robinson/Corp/Enron@Enron, Erik Serio/Corp/Enron@Enron, Felicia
Doan/HOU/ECT@ECT, Paul D Thomas/NA/Enron@Enron, Alan Chen/Corp/Enron@Enron
cc:
Subject: Vendor Demos for ERCOT ISO

There will be Vendor Demos for ERCOT ISO on the following days:

Day/Date  Time   Vendor Name    Location

Tuesday, 12/12  9AM - 11:30AM  Altra/Majors Caldwell   EB3125B
Tuesday, 12/12  3PM - 5PM  Structure Consulting/Loen Winstead EB3125B
Wednesday, 12/13 9AM - 11:30AM  Alston ESCA/Lawrence Ferry  EB3125B
Thursday, 12/14  9AM - 11:30AM  ABB/David L'Anson   EB3125B

If you need additional information, please contact Madhup Kumar at ext.
3-0608.

Many Thanks,

Felicia
for Madhup Kumar

---------------------- Forwarded by Felicia Doan/HOU/ECT on 12/11/2000 04:51
PM ---------------------------

Madhup Kumar@ENRON
12/08/2000 12:32 PM
To: Lloyd Will/HOU/ECT@ECT, Thresa A Allen@ECT, Corry Bentley/HOU/ECT@ECT,
Smith L Day/HOU/ECT@ECT, Steve Olinde/Corp/Enron@Enron, Doug
Gilbert-Smith/Corp/Enron@ENRON, Mike Curry/HOU/ECT@ECT, Felicia
Doan/HOU/ECT@ECT
cc:
Subject: Vendor Demos for ERCOT ISO

Following is the schedule for vendor demos for ERCOT ISO:

12/12/00  9 am to 12pm   Tue day Altra   Majors Caldwell 713-419-3461
12/12/00  3 pm to 5 pm Tue day Structure Consulting Loen Winstead
919-349-3997
12/13/00  9  am to 12 pm  Wed day Alstom ESCA  Lawrence Ferry 206-465-3358
12/14/00  9 am to 12 pm  Thurs day ABB   David I'Anson    919-621-5742

Felicia will let us know the conf room.

Felicia,
Please schedule the rooms at least 1 hr earlier so that vendors can setup the
equipment.

Thanks.
Madhup


Just spent about 90 minutes with Rebecca.  She left with a very good
understanding of our view of the problem and the solutions.  She also spent
time asking me how I thought other players would respond to the IOU request
for a big check to cover the undercollections.

She expects to have a "big picture" story--covering AB 1890s past, present &
future--completed in the next couple of weeks.  In Rebecca's words, she wants
the story to "shake things up."  She's very upset with how the utilities are
handling it.  I told her we were less concerned with "he said/she said" and
more concerned with finding real short and long term solutions that are fair
to everyone.

Mark and Karen:  In my long history with Rebecca, it has always been
understood that our conversations are off the record and background.
Invariably, at the end of the conversation, Rebecca tells me that she intends
to call later and cajole the daylights out of me in an attempt to use some of
my more colorful quotes.  It was no different this time.

If anyone wants more details, just let me know.

Best,
Jeff


---------------------- Forwarded by Eric Bass/HOU/ECT on 03/30/2001 10:50 AM
---------------------------

tickets-email@onsale.ticketmaster.com on 03/30/2001 08:11:10 AM
To: Eric Bass <ebass@enron.com>
cc:
Subject: Your Order with Ticketmaster.com (6-22069/DAL)

______________________________________________________________
 T   I   C   K   E   T   M   A   S   T   E   R   .   C   O   M
______________________________________________________________
O  R  D  E  R      C  O  N  F  I  R  M  A  T  I  O  N
______________________________________________________________
Hello, Eric:

Thanks for purchasing your tickets with ticketmaster.com.
We have received your order for 2 tickets to:

DAVE CHAPPELLE
AERIAL THEATER AT BAYOU PLACE
Friday, Mar 30 2001  8:00PM

Seat Location (SECTION 205, ROW    G, SEATS   19 TO   20)
Total Charge  $63.85

Your confirmation number for this purchase is 6-22069/DAL.
You might want to print or save this email for future reference.

To check the status of your order, please go to:
https://ticketing.ticketmaster.com/order/accountSearch.html

Remember, all purchases are subject to credit card approval and billing
address verification.

________________________________________________________________

C  U  S  T  O  M  E  R    S  E  R  V  I  C  E
________________________________________________________________

Got any other questions about your ticketmaster.com purchase?
We,re here to help!  Please contact us at 713-629-3700 or
email us at:

http://www.ticketmaster.com/h/emailform.htm

________________________________________________________________

 M  O  R  E     A  B  O  U  T     L  I  V  E     E  V  E  N  T  S
________________________________________________________________

Swear you,d never miss a great event again?  Register for My Account today!
Sign up for ticketmaster.com News and learn about the latest in touring
arts, sports, family and music events.  Get ticketmaster.com,s Event Notifier
to learn what events are going on sale this weekend.

https://ticketing.ticketmaster.com/cgi/myaccount.asp
________________________________________________________________

This email confirms the above ticket information. We make every effort to
be accurate. However, we cannot be responsible for changes, cancellations
or postponements announced after this email goes out. You will receive an
email from us when your tickets are printed and about to be shipped.


hello everyone!

here's our new address and telephone number:
30 Newport Parkway, Apt. 3110
Jersey City, NJ 07310

Tel.: 201 798 6389 (residence)

bye,
rajneesh

__________________________________________________
Do You Yahoo!?
Make international calls for as low as $.04/minute with Yahoo! Messenger
http://phonecard.yahoo.com/


ISDA PRESS REPORT - OCTOBER 24, 2001

CREDIT DERIVATIVES
	*	Documentation Into The Future - FOW
	*	The Direction for Derivatives - FOW

Documentation Into The Future
FOW - October 2001
By Alessandro Cocco and Joe Kohler

Credit derivatives are instruments used for buying or selling the risk that
an obligor defaults on one or more specific obligations. In this article, we
will examine the foundation stone that underpins the vast majority of credit
derivative documentation, the 1999 ISDA Credit Derivatives Definitions,
pointing out some of the documentation's key features and where they have
already been refined.

The definitions are a set of contractual provisions that can be incorporated
by reference into confirmations relating to credit derivatives that take the
form of single name default swaps. This allows parties to a transaction to
use a short form of confirmation containing only the economic and
deal-specific terms relating to that transaction.  The objective of this
structure is to provide market participants with a tool for producing
documentation that is sufficiently sophisticated to deal with the majority
of issues arising from such transactions, simple enough to facilitate rapid
processing, and cost effective. The definitions achieve this by codifying
market practices, but more importantly, the prospect of their generation
helped to focus minds on establishing some of these practices in the first
place.

As with all ISDA documentation, the definitions allow for numerous elections
to be made by the parties, and the parties are also free to make whatever
amendments or additions they agree by inclusion in the confirmation of
appropriate language. The definitions also provide for a number of fallbacks
to apply in case the parties do not specify otherwise.

Market participants recognise the particularly important role of
documentation in the credit derivatives market. As a consequence of the
Russian and Asian financial crises, it became clear that in the case of
credit derivatives, more than for other derivative transactions, the payment
of large sums of money may depend on the interpretation of the wording of a
specific clause.

The 1999 ISDA Credit Derivatives Definitions

Scope
The definitions apply to credit default swaps relating to obligations for
the payment of money by a reference entity.With appropriate modifications,
the definitions can also be used to document credit derivative transactions
that refer to baskets of reference entities, or to form the basis of
documents relating to funded products. In a transaction, the party buying
credit risk protection, or buyer, undertakes to pay the seller of protection
a predetermined amount. In return the seller undertakes to make a payment in
favour of the buyer in case the defined credit events occur. Credit events
serve as indicators of the deterioration of the creditworthiness of the
reference entity.

One of the main characteristics of a credit derivative is that the buyer
does not have to suffer a loss as a result of a credit event in order to
qualify for the payment from the seller. For example, A buys from B the
right to receive from B a payment of $10m in case company X is subject to
bankruptcy proceedings or does not repay loan Y If company X undergoes
bankruptcy proceedings or loan Y is not repaid, a credit event occurs. The
occurrence of one of these events, in circumstances involving the
satisfaction of any other condition to payment that the parties may have
specified in the transaction, would give A the right to receive from B the
agreed payment, irrespective of whether A had any credit exposure to company
X or loan Y.
This feature is of crucial importance to the determination of the regulatory
environment applicable to credit derivatives. In the UK if entering into
credit derivatives transactions constituted the carrying on of insurance
business, there would be a requirement for authorisation under the Insurance
Companies Act 1982. The fact that a buyer of a credit derivative does not
have to hold the obligations in question in order to obtain a payment from
the seller means that the credit derivative does not fall within the scope
of this legislation. This analysis was set out in full in a legal opinion
obtained by ISDA in 1997.

Reference entity
It is essential that the reference entity is identified with sufficient
precision. For example, to what extent are successors or affiliates of an
entity to be included? This point is particularly important when dealing
with a sovereign.What, if any, governmental agencies or authorities should
be included within this definition?

The demerger of National Power last year led to further debate surrounding
the definition of successor. National Power shifted a large number of
obligations to a new company called Innogy. Following the demerger, Innogy
became a stronger credit than National Power had been beforehand, and
National Power, in its new guise, became weaker. As a consequence, buyers
and sellers of credit protection in relation to National Power had opposing
views, from a commercial perspective at least, as to which was the
successor. ISDA is now looking into further refinements to the concept of
successor.

Credit events
The buyer and seller may buy and sell credit risk defined by reference to
different types of credit events. It is appropriate that both select
carefully the type of event on which they wish to trade. The definitions
offer a menu that comprises (1) failure to pay, (2) acceleration or default,
(3) repudiation/moratorium, (4) restructuring (in each case in respect of
one of the obligations identified in the confirmation) and (5) the
bankruptcy of the reference entity. In the case of all but the last of these
the parties can choose to implement a type of materiality threshold by
agreeing a payment requirement or default requirement that has to be crossed
before the credit event is deemed to have occurred.

The parties may consider the definitions' menu to be in need of amendment or
supplement in order to deal with the specific credit risk they wish to
trade. For example, the bankruptcy credit event focuses on events that
corporate obligors could experience and would require tailoring if the
Reference Entity were to take some other legal form.  The definition of
restructuring was one of the most controversial provisions in the drafting
process that led to the definitions. In the forerunner of the definitions,
ISDA's 1998 long form of confirmation, restructuring was defined by
reference to events that had the effect of making the terms of the relevant
obligation materially less favourable from an economic, credit or risk
perspective. This definition was generally considered to be too subjective,
and had given rise to a number of disputes.  The new definition now refers
to more objective criteria, such as a -reduction in the amount of principal
or premium.  A degree of subjectivity is, however, retained in that events
that would otherwise fall within the definition of restructuring do not
constitute a restructuring if they do not result directly or indirectly from
deterioration in the creditworthiness or financial condition of the
reference entity.

However, the market's disquiet regarding restructuring was not quelled by
these changes, and this recently gave rise to ISDA publishing a
Restructuring Supplement. The supplement restricts the types of obligation
to which restructuring can apply. It clarifies issues that the definitions
were not clear on and places certain additional parameters on the ways in
which a transaction can settle following a restructuring credit event.

Obligations
Apart from the bankruptcy of the reference entity, the question of whether a
credit event has occurred is determined by reference to obligations
identified in the confirmation. The definitions introduce a matrix system
based on the choice of one obligation category, and, if appropriate, one or
more obligation characteristics. The aim of this structure is to introduce
flexibility into the documentation process. The obligation categories are:

payment, borrowed money, reference obligations only, bond, loan, or bond or
loan. It is possible to give a very wide definition of obligations by
selecting payment (any obligation for the payment or repayment of money). On
the other hand it is possible to specify that credit events are only
relevant if they occur with reference to only one obligation, the reference
obligation. Choosing one or more obligation characteristics has the effect
of restricting the field of obligations in relation to which a credit event
may occur, because an event will be relevant only if it occurs in relation
to obligations of the chosen category, and which have the chosen
characteristics. Examples of obligation characteristics are: specified
currency, not domestic currency, not domestic law

Conditions to payment
The fact that a credit event has occurred is not sufficient to trigger the
payment of credit protection. Before that can occur, certain conditions to
payment must be satisfied. The definitions set out three conditions
involving the service of notice. A credit event notice must be served in any
transaction before the credit protection will become payable. The parties
may choose that a notice of publicly available information must be served to
cite news sources that confirm the occurrence of a credit event. Finally, if
the transaction is to settle physically, a notice of intended physical
settlement must be served by the buyer.

Term of a transaction
A credit event notice must refer to a credit event that occurs during the
term of the transaction. The term
begins on the effective date and ends on the scheduled termination date,
both of which are agreed by the parties in the confirmation. However, where
the credit event is a failure to pay, the credit event must be continuing at
the end of any applicable grace period or three days, whichever is the
longer. This requirement is intended to avoid a credit event being triggered
by a technical default, but it means that a default could have occurred on
or before the scheduled termination date, even though the grace period is
still pending at that time. The definitions provide that the parties have
two options in these circumstances. They may either postpone the end of the
term of the transaction beyond the scheduled termination date to the end of
the grace period, at which point, if the failure to pay is continuing, a
credit event notice may be served. Alternatively, they may agree that the
grace period must have expired before the scheduled termination date or no
credit event notice may be served. The latter is the fallback provision,
which applies unless the parties agree otherwise.

Physical and cash settlement
The parties agree at the outset whether cash settlement or physical
settlement applies to the relevant credit derivative transaction. These are
different means of realising the protection bought by the buyer where a
credit event actually occurs. If cash settlement applies, the payment to be
made by the seller to the buyer may be an amount fixed in advance or, more
usually, an amount to reflect the drop in value of the reference obligation
as determined by way of a dealers' poll. In the case of a physical
settlement, the buyer will deliver to the seller certain types of
obligations - deliverable obligations - against payment of a fixed amount,
usually the face value of those obligations.

The buyer realises its protection because it delivers to the seller assets
that are worth less than their face value, but obtains payment of full face
value from the seller. Physical settlement is widely used in the market,
because it avoids having to determine the exact market value of the relevant
obligation, and in circumstances where a credit event has occurred it may be
difficult to assess the drop in value of the reference obligation for the
purpose of cash settlement. On the other hand, some buyers may prefer cash
settlement because if the buyer has selected physical settlement and is
unable to obtain suitable deliverable obligations to deliver due to, for
instance, a squeeze of liquidity in the market, the buyer may lose some or
all of the protection it had under the credit derivative.

Deliverable obligations
Deliverable obligations are defined, as is the case for obligations, by
choosing one deliverable obligation category and any relevant deliverable
obligation characteristic. Although they are defined in the same way,
obligations and deliverable obligations play different roles. Whereas
obligations are what the parties refer to in order to assess whether a
credit event has occurred (other than in the case of bankruptcy),
deliverable obligations come into play only as a settlement tool and if the
parties have specified that physical settlement applies. The two do not need
to be the same.

Future developments
ISDA is working on producing dispute resolution guidelines. It is also
preparing a user's guide to the definitions. A goal in the future is to
expand the definitions to govern more types of credit derivatives.
Assembling market consensus support for such developments has proved tricky.
As a result, ISDA has recently introduced a new approach to the compilation
of standard documents involving the inauguration of a small working party to
make recommendations to the rest of the market. This working party,
nicknamed the G6, is formed of institutions representing constituencies on
both sides of the Atlantic and different parts of the market. The agenda it
has set itself includes review of other parts of the definitions including
the bankruptcy, repudiation/moratorium, acceleration and default credit
events, language for zero coupon bonds and convertible bonds, and a
clarification of the successor definition, with a view to producing further
supplements or guidance as to what constitutes market standard on various
issues. Developments expected to be implemented in the coming months will
show whether the C 6 approach is more efficient than the previous collegiate
approach.The credit derivatives market will continue to mature and expand.
These developments will mean that refining the definitions is a continuing
process that will inspire fierce debate.

The Direction for Derivatives
FOW - October 2001

There are several ongoing have hindered the development of credit
derivatives. Lack of a single body to oversee disputes, and concerns about
risk exposure transparency have all added to a reluctance by some financial
services organisations to use them. As a result, the development of
underlying technology supporting credit derivatives has progressed more
slowly than in other banking industry areas. But this looks likely to
change.

One of the major reasons for this is that the use of credit derivatives is
--beginning to climb. According to the Bank of England, the notional
principal outstanding exceeds $1 trillion globally. And the British Bankers'
Association says the credit derivatives market has grown from an estimated
$40 billion outstanding notional value in 1996 to an estimated $740bn at the
end of 2000.

This increase is being driven by various developments in the banking
industry, not least the push for transparency. Other key factors include the
need for banks to:
*	Diversify their risk portfolio, which is particularly important in a
recession or slowdown to limit exposure to individual market sectors
*	Achieve straight through-processing (STP) to improve efficiency and
cost savings
*	Demonstrate to regulators that they meet capital adequacy
requirements
*	Ensure an integrated, single view of investment and risk

As our current economic situation worsens, exposure to credit risk grows and
the use of financial instruments such as credit derivatives is increasing
This has coincided with growing pressure in recent years for financial
institutions to automate and integrate all their applications and processes
to meet regulatory requirements, minimise risk and keep pace with
technological innovation.

Recent market developments
Although not widely used, the advent of online credit derivatives trading
exchanges such as Creditex.com, CreditTrade.com and CreditDimensions.com is
a significant indication that the market is growing.

The exchanges are backed by major players. Creditex, founded in April 1999,
for example, has equity
investment and support from Deutsche Bank, JP Morgan Chase and Bank of
America among others, while CreditDimensions' eclectic mix includes
Algorithmics, Bureau van Dijk Electronic Publishing and Standard and Poor's.
Prebon Yamane and Internet Capital Group are among -the supporters of
CreditTrade.com, And a new entrant, Eprimus.com, is expected to join the
fray later this year, intending to act as a creator and investor by selling
credit protection in the form of default swaps on more than 1,500
investment-grade names.

These online exchanges also highlight the need for integrated systems,
particularly as banks are notorious for the number and diversity of
platforms and applications used.

Integration interlude
In the past, financial organisations have relied on spreadsheets to record
-credit derivatives transactions. And for most this is still the case. Yet
as STP and risk management become even higher on the agenda, so too does the
push for technologies that can effectively automate and manage transactions.
Banks must ensure that all processes are fully integrated and that back and
middle offices can keep pace with front offices. However, given the plethora
of proprietary trading platforms used by banks, offerings must be easily
designed, built and integrated into core systems to be a worthwhile
investment. Electronic initiation, execution and settlement is essential. It
is therefore crucial that any credit derivatives solution is:
	*	Open
	*	Scalable
	*	Stable
	*	Flexible
	*	Easy to integrate
	*	Future-proof

Software today
So what's on the market so far? Some vendors are pushing end-to-end
solutions while others are focusing on packaged, component-based solutions,
which can be 'bolted on' to core systems. And other vendors say their
solutions can be bought as a standalone module or as part of a suite.

Leading players so far include Front Capital, Murex, Summit, SunGard and
Savvysoft. The US companies appear to be benefiting from first mover
advantage in the UK marketplace at this stage. Current suppliers tend to be
global organisations with an HQ in New York. One exception is Front Capital
Systems, which has an office in London as well as in New York, Stockholm,
Frankfurt, Zurich and Johannesburg.

Many of the vendors are pushing front-to-back-office solutions covering cash
and derivatives trading as well as foreign exchange, energy and commodities,
equities and interest rates. Front Arena, from Front Capital Systems, for
example, combines fixed income, asset swap and interest rate derivative
capabilities with credit derivative functionality. With high yielding
securities and credit derivatives in the same system, monitoring all
positions simultaneously becomes easier.

Some vendors, such as Murex, offer a suite of integrated front and back
office systems sharing the same middle and back office platform. The
solution offers integrated, front-to-back office software solutions for cash
and derivatives trading and processing in fx, energy and commodities,
equities and interest rates. This includes listed, over-the- counter (OTC)
and exotics derivatives on securities and fx.

Summit's credit derivatives module can be run as a standalone application or
as part of a product suite and supported instruments include credit swaps,
credit- linked bonds, risky bonds (theoretical valuation) and forward bonds
purchase (binding and non-binding). Features include default probabilities
and recovery rates.

Vendors including SunGard and Savvysoft have created component-based
offerings. SunGard's Credit Derivatives Components module provides a
'building-block' asset, allowing any possible credit derivative product to
be structured and managed in a portfolio.

The module aims to offer staff the ability to structure, price, analyse,
trade and risk manage a variety of credit derivative instruments. It
supports several credit derivative instruments, including credit default
swaps, credit spread options and total rate of return swaps. The
functionality includes the ability to:
	*	Touch - Pay/receive par amount at the time a credit event
occurs
	*	End - Pay/receive par amount at the end of the contract's
life if a credit event occurs
	*	Annuity - Pay/receive a fee from the time a credit event
occurs until the maturity of the contract
	*	Fee Pay/receive a fee from the start of the contract until
the first of either a credit event occurring or contract maturity

And risk management is not forgotten. The solution emphasises the importance
of analytical integrity and the ability to support enterprise-wide risk
management. It includes risk measures for credit derivatives commensurate
with other interest-rate sensitive instruments such as bonds, caps and
swaps. This means that risk can therefore be aggregated across asset classes
and/or on a portfolio or enterprise-wide level. There is also an option to
produce specific credit derivatives reports.

Savvysoft's TOPS suite of products comprises nearly 70 OTC and
exchange-traded derivatives models. Savvysoft's newest product, TOPS Credit,
is geared to handling many types of credit derivatives, including total rate
of return swaps, credit default swaps, credit linked notes, credit spread
options and others. Like Summit, Savvysoft takes default probabilities into
account. In addition to letting the user specify the probability of an
issuer default, TOPS Credit can also base its calculations on the
probability of counterparty default and the correlation between these two
probabilities. The probabilities include functions of time, interest rate
levels and stock price levels to give users control over credit derivatives
valuations

Huge opportunity
The credit risk transfer market has the potential to increase the overall
robustness of the global financial system over time. But to do this, it is
essential that financial institutions can rely on a stable, scalable,
flexible solution that can be easily managed and integrated into core
systems.

The growing popularity of credit derivatives will offer IT vendors an
opportunity to extend their reach within financial institutions. But we are
currently at the early stages. The credit derivatives instrument is still in
development and the market is wide open for technology vendors particularly
UK based suppliers  to enter. This is an emerging market and we have a long
way to go before we know who will be the leader in this space and how it
will develop.

**End of ISDA Press Report for October 24, 2001**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA ONLY.  THIS PRESS
REPORT IS NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION),
AND ISDA IS NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.

Scott Marra
Administrator for Policy and Media Relations
International Swaps and Derivatives Association
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org


I'm not sure how or if you're planning on distributing to the business unit
controllers or other ops people the updated Risk Management Policy, but I'm
attaching a version without the limit amounts as this is what we use to
distribute to people outside our group (of course we tell traders their own
specific limits, and the top guys can see the consolidated DPR, but for
everyone else we provide it without limits).  I did send it to Wanda Curry
and Barry Pearce, but I'm not sending it to anyone in your org chart unless
you'd like me to.  I'd like to get this out on the RAC website, but since
it's a work in progress, I think it might be a while.

Regards,
Cassandra.


17:41:02 Synchronizing Mailbox 'Perlingiere, Debra'
17:41:02 Synchronizing Hierarchy
17:41:03 	   2 folder(s) updated in offline store
17:41:03 Synchronizing Favorites
17:41:03 Synchronizing Folder 'Inbox'
17:41:10 	   4 item(s) added to offline folder
17:41:10 	   2 item(s) changed read-state in offline folder
17:41:10 Synchronizing Folder 'Outbox'
17:41:10 Synchronizing Folder 'Sent Items'
17:41:11 	   3 item(s) added to offline folder
17:41:11 Synchronizing Folder 'Calendar'
17:41:13 	   1 item(s) added to offline folder
17:41:13 	   2 item(s) deleted in offline folder
17:41:13 	   1 view(s)/form(s) added to offline folder
17:41:13 	   1 view(s)/form(s) deleted in offline folder
17:41:13 Synchronizing Folder 'Contacts'
17:41:13 Synchronizing Folder 'Drafts'
17:41:13 Synchronizing Folder 'Journal'
17:41:13 Synchronizing Folder 'Notes'
17:41:13 Synchronizing Folder 'Tasks'
17:41:13 Synchronizing Folder 'Deleted Items'
17:41:49 	   33 item(s) added to offline folder
17:41:49 	   544 item(s) deleted in offline folder
17:41:49 Synchronizing Views
17:41:49 	   1 view(s)/form(s) updated in offline folder
17:41:49 Synchronizing Forms
17:41:49 Done


Christy/Shona
Please find attached the latest version of the NA Gas report.  The target dates are still outstanding as well as final feedback from Georganne Hodges and Steve Stock.

Regards
Rob

 -----Original Message-----
From: 	Lobusch, Christy
Sent:	09 July 2001 22:23
To:	New, James; Yeo, Robert; Wellings, Mike
Cc:	Wilson, Shona; Gossett, Jeffrey C.; White, Stacey W.
Subject:	Americas Gas and Power East doorstep reports

I don't know if you all received comments back by Friday, but could I please get the latest draft of the doorstep reports ASAP?  Shona and I would like it to discuss with Jeff and Stacey, respectively, and we are meeting with Jeff at 10 am Tuesday.  Please advise.  Thanks,

Christy
---------------------- Forwarded by Christy Lobusch/NA/Enron on 07/09/2001 04:19 PM ---------------------------

 	  From:  Christy Lobusch                           07/05/2001 10:21 AM

To:	James New/Enron@EUEnronXGate
cc:

Subject:	RE: Latest doorstep reports   << OLE Object: StdOleLink >>

Thanks for the update.  I will be looking for the reports on Monday then.  Thanks,

Christy

From:	James New/Enron@EUEnronXGate on 07/05/2001 04:05 PM GDT
To:	Christy Lobusch/NA/Enron@Enron, Rob Yeo/Enron@EUEnronXGate, Mike Wellings/Enron@EUEnronXGate
cc:	Shona Wilson/NA/Enron@Enron, Jeffrey C Gossett/ENRON@enronXgate, Stacey W White/ENRON@enronXgate, Rob Yeo/Enron@EUEnronXGate, Mike Wellings/Enron@EUEnronXGate

Subject:	RE: Latest doorstep reports

We are still awaiting replies from Steve Stock, Georgeanne Hodges and Andrew Parsons and have given them until Friday to reply.

I would therefore expect to be able to send this over on Monday.

James

 -----Original Message-----
From: 	Lobusch, Christy
Sent:	05 July 2001 14:53
To:	New, James; Yeo, Robert; Wellings, Mike
Cc:	Wilson, Shona; Gossett, Jeffrey C.; White, Stacey W.
Subject:	Latest doorstep reports

Dear all-

I was wondering if we could please get the latest/most updated doorstep reports for NA Gas and Power East?  Please advise.  Thanks,

Christy

<Embedded Picture (Device Independent Bitmap)>


-----Original Message-----
From: 	Parks, Joe
Sent:	Thursday, March 14, 2002 3:19 PM
To:	Bowler, Tim
Subject:	you have a minute


Sorry, I'm busy...work.


On behalf of EOTT,  I would like to express our appreciation for all of the
help and support which was received from ENRON during the Pacific acquisition
attempt. Without this type of support, any attempt at a meaningful bid would
not have been possible. Dwight deserves a lions share of the credit for
tending to all of the details and coordinating all of the many aspects to
this effort.

Again, thank all of you very much.

Joe


Sally: Just a short note to congratulate you on your well-deserved promotion.
I always thought you had the toughest job in the Company; I guess everybody
else finally caught on!

Jordan


Attached please find the "bank counsel's" comments to the World
Hunger Reps and Warranties that I received from Rose (first document
below), as well as the revised language resulting therefrom (second
document below).  Rose has not seen this revised language.
 <<Bank Counsel's Comments to World Hunger Reps and Warranties.DOC>>
<<Section 28.12 of E_Next Generation Agremeent.DOC>>
 - Bank Counsel's Comments to World Hunger Reps and Warranties.DOC
 - Section 28.12 of E_Next Generation Agremeent.DOC


LA TECH  #4
Maryland   #3
Hawaii       #2
Eastern Michigan   #1


Tony, I agree it look s fine.  I've talked briefly with Glen and emailed my
thoughts to them, but haven't had a chance to walk Glen and MKM through what
we discussed yesterday.  DF

Teb Lokey
08/16/2000 03:18 PM
To: Frazier King/FGT/Enron@ENRON
cc: Tony Pryor/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Julia
White/ET&S/Enron@ENRON, Steve Hotte/Corp/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Glen
Hass/ET&S/Enron@ENRON

Subject: Re: EOL Transactions

Looks good to me ,too.

Frazier King
08/16/2000 03:14 PM
To: Tony Pryor/ET&S/Enron@ENRON
cc: Drew Fossum/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON, Maria
Pavlou/ET&S/Enron@ENRON, Teb Lokey/FGT/Enron@ENRON, Glen
Hass/ET&S/Enron@ENRON

Subject: Re: EOL Transactions

Looks good.

08/15/2000 06:42 PM
Tony Pryor
Tony Pryor
Tony Pryor
08/15/2000 06:42 PM
08/15/2000 06:42 PM
To: Drew Fossum/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Frazier King/FGT/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Teb
Lokey/FGT/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON
cc:

Subject: EOL Transactions

Attached is a revised draft of the text appearing with the long product
description on EOL, as discussed today. The purpose of the additional
paragraph is to eliminate the need for a separate submission of a request for
service. Please give me your feedback/comments.


We are continuing work to ensure our new online trading system, UBSWenergy, is ready for launch on the week of Feb. 11, which is the week following the anticipated Enron/UBS Closing Date of Friday, Feb. 8.

To assist in this process, we are planning an online trading simulation for Thursday, February 7 from  0900 to 1100 (CST). It is planned to include all  traders, originators, mid/back-office staff and IT teams who would normally be involved with electronic trading.

Purpose of the simulation - The simulation will test our "live" trading environment (restricted to internal access only) and will:

Test the integrity and functionality of the system and related processes (including credit, risk, legal, operations, etc.)
Provide an opportunity for traders to verify their products and product setup
Demonstrate how the trading system and processes work to UBS staff visiting next week

Nature of the simulation - The simulation will include testing of all processes related to trading and mid/back-office functions:

Credit, Legal, Risk, Operations, and other groups:
Profile tests for "external" customers (role-played by Originators)
Profile tests for internal users (traders, back-office, etc.)
Data and Process checking as completed transactions flow through Mid/back-Office systems

Traders and Originators:
Traders will be managing their individual books and associated products. Although we may be restricted to certain financial products on launch day, both physical and financial will be available during the simulation. Each trader will be asked to manage their individual position and profitability goals for the simulation.
Originators and others will be asked to play the roles of counterparties. Credit limits, etc. will be tested during the simulation.

Information Technology:
Will assist in preparing data on the system for the simulation.
After the simulation is over, will work with the relevant groups to test the trade-data in various systems and risk books
Will ensure all simulation data is removed from the system after the simulation is complete.

Next steps

Traders and Originators will be contacted prior to simulation day to ensure they have appropriate access to the system.
Originators will be assigned specific roles. You should expect to receive an email and/or handout on or before Wednesday, Feb. 6.
UBSWenergy personnel will be meeting with back office personnel over the next several days to ensure everything is in place for the simulation.

Summary

This simulation is an important step towards re-launching our trading business. We appreciate the participation of everyone involved as we prepare for the public launch of UBS Warburg Energy and the UBSWenergy trading platform.

If you have any questions, comments, suggestions, or ideas regarding this simulation, please feel free to contact Bob Shults (30397) or myself (31861).

Regards,
Dave Forster
713.853.1861
E-Mail:	David.Forster@enron.com


Yeah, we also need to provide copies of the signed resolutions to Ted Murphy,
so he knows what's approved, so he then knows who does a trade outside of the
approval.

We also then need to update the index to our corporate resolutions binders
and substitute the revised resolution in our binders so the binders always
contain the most current resolution.


FYI  - Europe spends an average of $4-9 per person on
the arts compared with the US at .64 and declining.

>
> On NPR's Morning Edition, Nina Totenberg reported
> that
> if the
>
> > Supreme Court supports Congress to cut the budget
> of
> the National
>
> > Endowment of the Arts, it is in effect the end of
> NEA. This situation
>
> > creates
>
> > great concerns about Congressional funding for
> creative arts in
> America,
>
> > since
>
> > NEA provides major support for NPR (National
> Public
> Radio), PBS
> (Public
>
> > Broadcasting System), and numerous other creative
> and performing
> arts.
>
> If
>
> > NEA is lost or weakened, our lives will be
> similarly
> diminished.
>
> >
>
> > In spite of the efforts of each station to reduce
> spending costs and
>
> > streamline their services, some government
> officials
> believe that
>
> > the funding currently going to these programs is
> too
> large a portion
> of
>
> > funding for something which is seen as not
> worthwhile.
>
> >
>
> > Currently, taxes from the general public for PBS
> equal $1.12 per
> person
>
> > per year, and the National Endowment for the Arts
> equals $.64 a year.
>
> > A January 1995 CNN/USA Today/Gallup poll indicated
> that 76% of
>
> > Americans wish to keep funding for PBS, third only
> to national
> defense
>
> and
>
> > law enforcement as the most valuable programs for
> federal funding.
>
> >
>
> > Each year, the Senate and House Appropriations
> Committees each have
> 13
>
> > subcommittees with jurisdiction over many programs
> and agencies.
>
> > Each subcommittee passes its own appropriation
> bill.
>  The goal each
> year
>
> is
>
> > to have each bill signed by the beginning of the
> fiscal year, which
> is
>
> > October 1.
>
> >
>
> > The only way that our representatives can be aware
> of the base of
> support
>
> > for PBS and funding for these types of programs is
> by our making our
>
> > voices heard.
>
> >
>
> > Please add your name to this list and forward it
> to
> friends who
>
> > believe in favor of what this stands for.
>
> >
>
> > The full list will be forwarded to the President
> of
> the United
> States,
>
> > the Vice President, and the Speaker of the House,
> whose office has in
>
> > the past been the instigator of the action to cut
> funding to these
>
> > worthwhile programs.
>
> >
>
> > This petition is being passed around the Internet.
>
> Please add your
> name
>
> > to it so that funding can be maintained for the
> NEA,
> NPR, and PBS.
>
> >
>
> > THIS IS OUR CHANCE TO MAKE INTERNET TECHNOLOGY
> WORK
> AS A VOICE IN OUR
>
> > DEMOCRATIC SYSTEM.  IT'S EASIER THAN EVER TO MAKE
> OUR VOICES HEARD.
>
> >
>
> > Please keep the petition rolling.  Do not reply to
> me.
>
> >
>
> > Sign your name and locale to the list and forward
> it
> to others to
> sign.
>
> > If you prefer not to sign, please send the list to
> the email address
>
> > given below.  This is being forwarded to numerous
> people at once to
> add
>
> > their names to the petition. It won't matter if
> many
> people receive
>
> > the same list, as the names are being managed.
> This
> is for anyone
> who
>
> > thinks NPR and PBS deserve $1.12/year of their
> taxes.
>
> >
>
> > If you sign, please forward the list to others.
> If
> not, please don't
>
> kill
>
> > it.
>
> >
>
> > **** If you happen to be the 150th, 200th, 250th,
> etc., signer of
> this
>
> > petition, please forward a copy to:
> wein2688@blue.univnorthco.edu
> This
>
> > way we can keep track of the lists and organize
> them.  Forward this
> to
>
> > everyone you know, and help us to keep these
> programs alive.
>
> >
>
> > Thank you !!!
>
> > NOTE: It is preferable that you SELECT the
> entirety
> of this letter
> and
>
> > then COPY it into a NEW outgoing message, rather
> than simply
> forwarding
>
> > it.  In your new outgoing message, add your name
> to
> the bottom of the
>
> > list, then send it on.  Or, if the option is
> available, do a SEND
> AGAIN.
>
> >
>
> > 1.  David Liberman, Sylva, NC
>
> > 2.  Marie Harrison, Sylva, NC
>
> > 3.  Randi Beckmann, Ithaca, NY
>
> > 4.  Bill Wertheim, Mt.  Vernon, NY
>
> > 5.  Marlene Wertheim, Mt.  Vernon, NY
>
> > 6.  George Wertheim, San Francisco, CA.
>
> > 7.  Linda Wertheim, San Francisco, CA
>
> > 8.  Linda R.  Semi, Walnut Creek, CA
>
> > 9.  Margaret C.  Forness, Pleasant Hill, CA
>
> > 10.  Phillip D.  Rubenstein, Syracuse, NY
>
> > 11.  Timothy J.  Connell, Madison, WI
>
> > 12.  Stacia E.  Jesner, Mt.  Kisco, NY
>
> > 13.  Jenna Schnuer, NYC, NY
>
> > 14.  Julia Kohn, NY, NY
>
> > 15.  Maria Sarro, NY, NY
>
> > 16.  Evan Schwartz, Cliffside Park, NJ
>
> > 17.  Pat Waters, Lakewood, CO
>
> > 19.  Karen Tilton, Maquoketa, IA
>
> > 20.  Kent Crawford
>
> > 21.  Terry Dillon
>
> > 22.  Gene Bechen, Coralville, IA
>
> > 23.  Neal Schnoor, Kearney, NE
>
> > 24.  Sam Zitek, Crete, NE
>
> > 25.  Jay Kloecker
>
> > 26.  Marilyn Godby, Papillion, NE
>
> > 27.  Lucina Johnson
>
> > 28.  Alfred Tom Johnson
>
> > 29.  Tyler Corey Johnson
>
> > 30.  A.  Corey Limbach
>
> > 31.  Paula Smith, Berkeley, CA
>
> > 32.  Pat Quinn, Alameda, CA
>
> > 33.  Andrea Quinn, Alameda, CA
>
> > 34.  Jerry Hackett, Berkeley, CA
>
> > 35.  Richard Hackett, NY
>
> > 36.  Jeffrey Green, CA
>
> > 37.  Phil Chernin, CA
>
> > 38.  Sandra S.  Bauer, CA
>
> > 39.  Gregory LeVasseur, San Francisco, CA
>
> > 40.  Keiko LeVasseur, San Francisco, CA
>
> > 41.  Diego Gonzalez, San Francisco, CA
>
> > 42.  David D.  Berkowitz, Washington, DC
>
> > 43.  Peter Glass, Bellevue, WA
>
> > 44.  Mary Frances Rimpini, Kent, WA
>
> > 45.  Mary Frances Stevens, Kirkland, WA
>
> > 46.  Linda Grebmeier, Benicia, CA
>
> > 47.  Lee Altman, Benicia, CA
>
> > 48.  Jeffrey Gray, South Orange, NJ
>
> > 49.  Ed Jones, Orange, NJ
>
> > 50.  Daniel P.  Jones, Glenside, PA
>
> > 51.  Jenifer Goetz, State College, PA
>
> > 52.  Arnold R.  Post, Carrboro, NC
>
> > 53.  Anna E.  Post, Carrboro, NC
>
> > 54.  Robert A.  Post, Cape May, NJ
>
> > 55.  Evelyn M.  Post, Cape May, NJ
>
> > 56.  Jay A.  Sklaroff, Philadelphia, PA
>
> > 57.  Harry M.  Sklaroff, Washington, DC
>
> > 58.  Susan E.  Salmons, Washington, DC
>
> > 59.  Dori Langevin, Silver Spring, MD
>
> > 60.  Ted Langevin, Silver Spring, MD
>
> > 61.  David Mercier, Easton, MD
>
> > 62.  Phoebe Harding, Baltimore, MD
>
> > 63.  Molly Rath, Baltimore, MD
>
> > 64.  Terry O'Hara, Baltimore, MD
>
> > 65.  Nina Wendt, Baltimore, MD
>
> > 66.  Marilyn Clark, Baltimore, MD
>
> > 67.  Cathy McKinney, Boone, NC
>
> > 68.  Harold McKinney, Boone, NC
>
> > 69.  Milena Garcia, Columbia, MD
>
> > 70.  Timothy Morrison, Devore, CA
>
> > 71.  Virginia S.  Kallay Cleveland, OH
>
> > 72.  Nancy Cleaveland, Atlanta, GA
>
> > 73.  Cindy Lutenbacher, Decatur, GA
>
> > 74.  Kaye Norton, Columbus, OH
>
> > 75.  Elaine Haidt, Chapel Hill, NC
>
> > 76.  Harold Haidt, Chapel Hill, NC
>
> > 76.  Frank Church, Chapel Hill, NC
>
> > 77.  Astrid R.  Jarzembowski, Garrison, NY
>
> > 78.  Ted Wischhusen, Mesa, AZ
>
> > 79.  Hugh Wischhusen, Tucson, AZ
>
> > 80.  Theo Wischhusen, North Brunswick, NJ
>
> > 81.  Ian Swanson, Bakersfield, CA
>
> > 82.  Beigher Taylor, Bakersfield, CA
>
> > 83.  Donald McClure, San Diego, CA
>
> > 84.  Kimberly Ver Steeg, New York, NY
>
> > 85.  Lynda Akerman, Long Island City, NY
>
> > 86.Theresa
>
> > 87 Donnell Moseley
>
> > 88. Louise Sanchione, Scottsdale, AZ
>
> > 89.  Ryan Krch, Phoenix, AZ
>
> > 90. Dayna Kowata Robinson, Mesa, AZ
>
> > 91. Nancy Lust
>
> > 92. Holly Thorsen
>
> > 93  (Rtrd St Senator) Donn Charnley, Shoreline, WA
>
> > 94. Mary F. Fox, Shoreline, WA
>
> > 95. Brenda Devereux-Graminski, Shoreline, WA
>
> > 96. Jerry Graminski, Shoreline, WA
>
> > 97. Karen Johnson, Redmond, WA
>
> > 98. Francine Staczek, Seattle, WA
>
> > 99. David Staczek, Seattle, WA
>
> > 100. Maya Lucchitta, Seattle, WA
>
> > 101. Markus Doerry,  Anchorage, AK
>
> > 102.  Janae Wallace, Salt Lake City, UT
>
> > 103. Karen De Rose Salt Lake City, UT.
>
> > 104.  Hilary Garrett  Vancouver, WA
>
> > 105.  Mike Rivera, Taos, NM
>
> > 106. Jaquelin LoydTaos,NM
>
> > 107.  Allegra Huston, Taos NM
> > 108. Trey Speegle, Brooklyn, NY
> > 109. Roswell Hamrick, New York City, NY
> 110. Peter Frank, New York City
> 111. Stephen Magner, Washington DC
> 112. Ilse Lemke, Corte Madera, CA
> 113. Anna Kauffman, San Francisco, CA
> 114. Kelly Irby
115. Amelia Stephan, San Francisco, CA
>116. Nicholas Stephan, Houston, TX

>117.       Susan Scott, Houston, TX