Dear Vince and Grant,

Please find attached our butchering of your work (only joking...). We've
tied the chapter in with what has gone before and changed some of your
notation so that it is consistent with ours.

Vince; could you please send thru the footnotes referred to in the chapter
at your convenience. Could you also please supply a full reference for
Routledge, Seppi, Spatt (1999).

Grant; I hope you don't mind we've called PDJD just JD (to fit in more with
our work). Please also can you supply the last figure before you disappear!

Do you want us to write the summary?

Many thanks again for all your efforts. It's all looking good.

Best regards.

Chris.

----- Original Message -----
From: Grant Masson <Grant.Masson.ECT@enron.com>
To: Chris Strickland <chris_strickland@compuserve.com>
Sent: Tuesday, June 27, 2000 8:54 AM
Subject: Re: chapter 3 revisions

>
>
>
> Chris:
>
> I can't decide if I should take your silence over the past several weeks
to mean
> that you are getting stuck into finishing up the book or you are just so
> thoroughly disgusted with our work that you would like to wash your hands
of us.
>
> I've been stuck on trying to get the last figure mentioned in the chapter
into a
> format that I like.  The problem is the volatility found in the
regressions is
> on the order of several hundred percent, and so when I plot the historical
data
> next to a simulated curve over the course of the year, the simulated curve
tends
> to drift up or down stupidly both in the Jump diffusion and Garch+Jump
diffusion
> model.  Any suggestions would be accepted with pleasure. I wonder if I
should
> skip the figure.  It seems a pity to do so however, because otherwise the
last
> section comes off as a bit of an afterthought, and I would like to present
a
> practical example.  Again any guidance would be appreciated.
>
> Anyway, I am sending you a somewhat improved draft now (minus only the
last
> figure), rather than sit on the whole thing while I stew on this bit,   I
hope
> this will be useful to you.  Because I am leaving for holidays at the end
of the
> week, I can guarantee you that you will have a final draft before then.
>
> Regards,
> Grant.
> (See attached file: cs260600.doc)
>

 - ED_c03_volatility.zip


?	Socal and PG&E have both made payments to the state of California (DWR) for power purchases per the PUC order on Tuesday.  Socal made a payment on Wednesday of  $43.5M for purchases between January 19 - February 11 and PG&E paid $61M.
?	Attorney General, Bill Lockyer, has ruled that the media does not have the right to view the long-term power contracts being negotiated.
?	Senator Burton stated on the Senate Floor this morning that legislators need to set their regular session bill unrelated to energy quickly because there would be no rule waivers.  He also noted that there would probably not be a lot of money for anything besides energy, and therefore a lot of bills would probably die in policy committee.
?	In a conference call on Tuesday, SoCal stated to a group of commercial paper holders that it would pay back interest on its commercial paper, which is approximately $30M.  One commercial holder said that since there is no default rate specified in the paper, the default rate should automatically be 10% under California  law.  The SoCal representative replied "we don't think that applies to us."  In other words, SoCal does not plan on paying an added default rate on top of the interest payments.
?	At this time, the Legislature announced they would probably not be taking their Easter break, scheduled for the week of April 9th.  According to a source, Burton is not allowing any passes for any travel or absences.  Hertzberg has gone a step farther and said that any travel has to approved by his office and the member themselves has to come to his office to pick up the tickets.  Some believe this maybe an attempt to push the Republicans into breaking the stalemate on AB 8X (voted down last Friday)currently being debated in the Assembly.


Last week you received the email announcing Enron's executive solicitation.
The process for donating is very easy by simply clicking on the United Way
link.  I did it myself!  Please make your donation this week and thank you to
those that have already pledged.

The Enron kick-off is next Wed and I ask you to encourage your groups to give
to this worthy cause.

Thanks.

Reminder - United Way Breakfast

Please RSVP if you have not already done so.

Date:  Thursday, August 3, 2000 (hosted by Joe Sutton)
   or
  Friday, August 4, 2000 (hosted by Jeff Skilling)
Time:  7:45-9:00 a.m.
Location: DePelchin Children,s Center
  100 Sandman (near Memorial and Shepherd intersection)
RSVP:  Reply directly to this email or call Jessica Nunez, 853-1918 by
Monday, July 31

Transportation:    Bus will depart from the Enron Building (Andrews Street
side) promptly at 7:30 a.m.  Bus transportation is encouraged, due to limited
onsite parking. However, if you should need to drive, directions to DePelchin
are below.

EXECUTIVE SOLICITATION

Executive Solicitation kicked-off on July 24 and is well underway. As you
know, participation by Enron,s executive team is vital to the success of the
campaign.  To make your contribution, please click on the United Way link,
http://unitedway.enron.com or go directly to Internet Explorer or Netscape
and type in http://unitedway.enron.com in the address field.  Either option
should take you to Enron,s United Way 2000 Campaign site where you should be
able to make your pledge within minutes.  Please call Kathy Mayfield, Enron,s
Campaign Coordinator at 713/853-3264 if you have difficulties at all
accessing the site.

We look forward to seeing you next week!

Directions to DePelchin Children,s Center ) 100 Sandman (713-861-8136)

From Downtown Houston
? Take Prairie (which turns into Memorial) or Allen Parkway WEST to Shepherd.
? Turn RIGHT on Shepherd.
? Turn LEFT on Feagan (which is the first light after Memorial.)
? Turn LEFT on Sandman and drive down a couple of blocks.

From the Galleria Area
? Take 610 North to the Woodway/Memorial Exit. Exit and turn RIGHT on Woodway.
? Woodway will turn into Memorial and stay on Memorial until you see the
Shepherd exit.
? Exit Shepherd and turn LEFT on Shepherd.
? Turn LEFT on Feagan (which is the first light after Memorial.)
? Turn LEFT on Sandman and drive down a couple of blocks.

From North of Downtown
? Take 45 or 59 SOUTH to I-10.  Go WEST on I-10.
? Take the Shepherd/Durham exit and go through the Shepherd intersection to
Durham.  Go SOUTH or LEFT under the freeway on Durham.
? Turn RIGHT on Feagan (which will be a light.)
? Turn LEFT on Sandman and drive down a couple of blocks.


(See attached file: fxdta.pdf)

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com
 - fxdta.pdf


Stacey,

Can you help me with the attached?  Laurie' phone number is 281-589-4613.

Thanks!

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

----- Forwarded by Debra Perlingiere/HOU/ECT on 03/19/2001 12:12 PM -----

	Laurie Clarkson <Laurie.Clarkson@cabotog.com>
	03/15/2001 11:03 AM

		 To: "'Debra Perlinger'" <DPerlin@enron.com>
		 cc:
		 Subject: Master Firm Purchase/Sale Agreement - effective 7/1/99

Debra,

As requested  here is a bit of history regarding the initial request for the
above referenced Agreement.

On July 1, 1999 through October 31, 1999 Cabot began purchasing supply from
Enron at Sumas.  When we received the Transaction Agreement dated June 10,
1999, I began calling regarding the Master Firm Purchase/Sale Agreement
dated November 1, 1993, stated therein.   I could find no such agreement in
our files.

On July 28, 1999, Karen Lambert faxed this Agreement. I then realized that
Enron was utilizing an Agreement which had not been assigned to Cabot in its
merger with Washington Energy Resources Company in May 1994.  I tried on
several occasions to explain the situation.  Finally on October 24, 2000 we
received the above referenced Agreement originally effective October 1,
2000.  We then requested the effective date to be July 1, 1999 to encompass
the original transaction along with the three (3) additional transactions.

See the attached sheet for specific deal information.
 <<GC115.xls>>
Hope this helps.  I have submitted the master agreement for execution and
will let you know when it is on its way.  Thanks.

Laurie

 - GC115.xls


_________________________
Gay Mayeux
Vice President, Investor Relations
Enron Corp.
1400 Smith Street, EB 4931a
Houston, Texas 77002

Phone:  713-853-9905
Cell:      713-416-8821
Fax:      713-646-3002
email:    gay.mayeux@enron.com


Per our phone call, here's one of the E-mails.
---------------------- Forwarded by Mary Hain/HOU/ECT on 10/05/2000 01:25 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Michelle Veloso" <michelle.veloso@ferc.fed.us>
   09/20/2000 06:08 AM

To: <mhain@enron.com>
cc:
Subject: Follow-up Data Request for Bulk Power Investigation

Attached is a follow-up data request for FERC's Bulk Power  Investigation.
Please direct your response, as soon as possible, in care of  Brian
Harrington via e-mail, if possible at the following address.

E-mail: Brian.Harrington@FERC.FED.US

FAX: 202-208-0193

Mail:?? Federal Energy Regulatory  Commission
????????? C/O Brian  Harrington
????????? 888 First  St. N.E.
??????????Washington,  D.C. 20426

If you have any questions, please feel free to contact  Brian Harrington
(202/208-2493) or me. Thank you for your prompt response.

?

Michelle Veloso
Office of Markets, Tariffs and Rates
Energy Markets Division
202/208-2008


Opps.  I hear I should have sent this to you.

This is one of Jake's deals.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/18/2001 10:41
AM ---------------------------

Kay Mann
04/18/2001 09:16 AM
To: Stephen Thome/HOU/ECT@ECT, Matt Maxwell/Corp/Enron@ENRON
cc: Jake Thomas/HOU/ECT@ECT

Subject: Salmon Closing Checklist

FYI. I'm reviewing.
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/18/2001 09:13
AM ---------------------------

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 04/18/2001 08:41:56 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: Salmon Closing Checklist

 <<2XNK01!.DOC>>

Kay:

Per your request, enclosed is a current draft of the closing checklist for
the Salmon transaction.  Please advise of any comments.  Thanks.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)

Enclosure:  136928v1

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - 2XNK01!.DOC


Jim,
Thank you for the update.  The 2002 Capital Slide/Budget for PGE (excluding subsidiaries) is now consistent with the disclosure schedule, except for the decommissioning increase mentioned below.  I believe as the SPA is written, that we still need to obtain approval by NWN as the total amount of the capex is increased (eventhough the funds will come from the decommissioning trust).  Kristina, am I reading this correctly?

Additionally, I have not seen a summary for the PGH II capex or Other numbers that are included in the 5.8 disclosure schedule.  Please confirm that the budget is also consistent for these items as well.

Thank you.

Jessica

-----Original Message-----
From: Jim Barnes [ <mailto:Jim_Barnes@pgn.com>]
Sent: Tuesday, October 23, 2001 11:51 AM
To: Geaccone, Tracy; Uhl, Jessica; Rod Hayslett
Subject: PGE 2002 Capital Costs and IT Detail

Hello, following up our PGE Budget presentation I am forwarding you the following information.

Jessica - the 2002 Capital Slide has been revised to be consistent with the NNG disclosure schedule.  The decommissioning forecast is up by $1.6 MM, however since this is funded by the decommissioning trust it should not be an issue.

Tracy - Do you have a time and agenda set for the Nov. 1 dry run of the budget presentation?  I may be sitting in for Piro so please keep me posted as to what the plan is.

Rod - you asked for some detail on our IT capital expenditures.  The file IT_Teresa includes the requested detail.  Note that in our UE-115 ratecase we were authorized to expend up to $96.8 MM for the  2000-2002 budget years. This is a balancing account, such that if we don't expend the money we have to refund it to customers.  As an fyi - I've pasted in below the language from our UE-115 Stipulation on IT costs.

Q.  What is the basis for the stipulation relating to issue S-45, CIS / IT Disallowance?

A.  After a Staff review of new IT systems and their associated capital costs, Staff has determined PGE's capital costs for new IT systems to be prudent.  As a result, the Parties agreed to full recovery of PGE's IT investments, subject to a Staff audit.  PGE will place into base rates 100% of the 2002 revenue requirement related to the 2000, 2001, and 2002 capital additions for the CIS/IT capital items listed below.  The 2002 revenue requirement included in base rates will be trued-up to the actual revenue requirement for the CIS/IT capital costs.  OPUC Staff will audit PGE's actual capital expenditures for the CIS/IT capital items listed below.

1. Customer information system.
2. Enterprise resources planning (ERP) system.
3. Network meter reading (NMR) backbone and data store (excluding the meters).
4. Miscellaneous capitalized information technology costs.

Some of the forecasted 2000-2002 capital additions may be delayed until 2003.  Delayed costs can also be recovered, subject to the same Staff audit procedures and standards.  Only those costs that are reasonable and prudent will be authorized for inclusion in the "actual" revenue requirement calculation.  Accordingly, customers will receive a refund for any costs PGE does not expend or costs the OPUC finds imprudent.

Let me know if you have any questions.
Jim B. 503-464-8931


just got word that my prof's sick, so i don't have class tonite.


Could you kindly give me a call at your earliest convenience.
Thank you.

Regards,

Audrey Cullen Davis
FIRST CALL ASSOCIATES, INC.

(860) 693-4122 (New telephone number)
(860) 693-4118 Fax
(860) 670-1387 Cell

ACullen@FirstCallAssociates.com


yo bro.  this is my new email address.  save it.
Aggie_chic02@hotmail.com.
Love you, lacy
______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com


Group,
Virginia is exactly correct on this point.  MAKE IT A HABIT!  The majority of
inadvertancy that we have contributed to (and there hasn't been that much)
has been a result of confusion on times and duration of trades.
Thanks,
Bill

---------------------- Forwarded by Bill Williams III/PDX/ECT on 04/09/2001
05:42 PM ---------------------------

Virginia Thompson
04/09/2001 05:32 PM
To: Portland Shift
cc:

Subject: Purchases and Sales

Dear Real Timers,

As I have been having to pull tapes lately, I cannot stress enough the
importance of stating the hour for which you are trading when you make
deals.  It is imperative that you state (as often as possible) the hours that
you are trading for, and it is extremely helpful when you re-cap the sale at
the end of your trade!! :) please...

There may be deals that we are going to loose the dispute for because neither
trader (on either side) stated clearly what hour we were trading for. I'm
relying on you guys to help me collect 100% on all our trades.

Please see or e-mail me with any questions.

Thanks.

Virginia


Please go ahead and do a letter--Lou is considering talking with her but
isn't sure yet.  Thanks DF

Martha Benner
05/31/2000 02:52 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Re: emma

Will do it right now.  Do you want to wait on the letter?  Did you mention it
in the meeting today?


Judy,

Attached is a very simple report I pulled together on those ENA Upstream counterparties you are trying to get masters in place with.  I ran a Sitara report to check those names against two GTC types that weren't already reported under my regular report:  Committed Reserves GTC and Wellhead Pooling Point GTC.  I'll email you my regular report and I can run something like that in the future once you decide on the threshold levels you'd like to see.

 -----Original Message-----
From: 	Richardson, Stacey
Sent:	Friday, September 14, 2001 4:21 PM
To:	Thorne, Judy
Cc:	Bryan, Linda S.; Wallumrod, Ellen
Subject:	RE: GTC clearing report

Judy,

For ENA, we have set thresholds of reporting any counterparty with 100 or more total transactions clearing on online GTCs, 100 or more deals on spot GTCs, and 30 or more deals on Firm GTCs.  While some of these obviously don't apply to ENA Upstream now (online deals), others do.  Do you want to keep the same thresholds or lower yours?  I can create a separate spreadsheet for Gerald to review if you want to have separate, and lower, deal counts.  Please let me know.  I'm getting ready to send out the August report (this is usually done the first week of the month following production).

Thanks,
SBR x30569

 -----Original Message-----
From: 	Thorne, Judy
Sent:	Wednesday, September 12, 2001 11:57 AM
To:	Richardson, Stacey
Cc:	Bryan, Linda S.; Wallumrod, Ellen
Subject:	RE: GTC clearing report

Stacey,

I think that is a good idea. I have attached a list of the counterparties that reflect those suppliers that are our highest priority because of the number of transactions as well as other provisions that are negotiated each month. Please let me know if there is anything else that you may need from me.

Thanks,
Judy

 << File: Pursue Masters.xls >>
 -----Original Message-----
From: 	Richardson, Stacey
Sent:	Wednesday, September 12, 2001 10:56 AM
To:	Thorne, Judy
Cc:	Bryan, Linda S.; Wallumrod, Ellen
Subject:	GTC clearing report

Judy, we currently run a monthly report that we give to Legal showing all counterparties with excess GTCs (both telephonic and online).  We also include credit information and comments regarding the status of any masters we may already have in place with the CP (if applicable).  Since Legal uses this as a tool to see where we really need to focus our negotiating efforts, would you like the report changed to include the ENA Upstream GTCs?  We can then include Gerald Nemec (and any other Legal folks you'd like to add) on the distribution.

Please let me know what you think.  If you'd like the ENA Upstream GTCs included, I will need to work with our IT guy to have the report format changed.  I'll also be happy to send you the August report once I'm done (hopefully today) so that you can see what I'm talking about.

Thanks!

Stacey Barclay Richardson
Enron Net Works, LLC - Global Contracts
Stacey.Richardson@enron.com
(713) 853-0569 Office
(713) 646-2495 Fax
(713) 710-6084 Pager
 << File: Contraact list.xls >>


deal 597086
can you please ch the time to 2:00 p.m. not 2:00 a.m. for the exercise time.

Thanks


Thanks so much to each of you for your pledge to help find a cure for breast
cancer.  Your contributions together with Enron's matching gift total almost
$2500.  As a breast cancer survivor, as the daughter, granddaughter and niece
of breast cancer patients, and especially as a mother, I deeply appreciate
your generosity.

If you have not already given me your contribution, please send me your check
made payable to Komen Houston Race for the Cure by Thursday, October 12.

Thanks again.

Teresa

Teresa G. Bushman
Enron North America Corp.
1400 Smith Street, EB 3835A
Houston, TX  77002
(713) 853-7895
fax (713) 646-3393
teresa.g.bushman@enron.com


Jeremy,
I can calc postids for FT-NW but cannot print.  Please help.  Thanks.
DG    3-9573


Hi,

Just wanted to get an update from you on the Citizens info I asked you about last week.  I am wondering about the payment to John Cogan for Aug production and the EAMR payment due.  Did you talk to Sarabeth about that?

Thanks
Darla


Start Date: 4/11/01; HourAhead hour: 9;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041109.txt

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

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/11/01
  TIE_POINT: SLVRPK_7_SPP
  INTERCHG_ID: CISO_EPMI_CISO
  ENGY_TYPE: WHEEL


Great job!!!!  Thanks for getting that done so quickly.

Anne C. Koehler
Sr. Counsel, ENA
EB 3832
713-853-3448

	Dan J Hyvl
	09/06/2000 05:49 PM

		 To: Barbara N Gray/HOU/ECT@ECT, Anne C Koehler/HOU/ECT@ECT, Patrick
Wade/HOU/ECT@ECT
		 cc:
		 Subject: Entex Contracts.  FYI

Through the efforts of Jim Ducote, Bruce Coogler and George Hepburn at
Reliant Energy Entex have agreed to waive the confidentiality provisions of
the 3 major purchase/sale contracts that Enron North America Corp has with
Reliant Energy Entex and Unit Gas Transmission Company and thereby permit
such contracts to be included in the data room without redacting.  George
Hepburn indicated that he would sign the waiver tonight and get the signature
of another officer and fax the waiver back to us tomorrow morning.  I will
let you know when we receive the fax.


Start Date: 2/5/02; HourAhead hour: 19;  HourAhead schedule download failed. Manual intervention required.


what do you want for your 4th round pick

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 08/16/2000 12:21:46 PM
To: "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject: RE: trade

ok

Jason Bass
TSE
Compaq Computer Corporation

 -----Original Message-----
From:  Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent: Wednesday, August 16, 2000 11:53 AM
To: Bass, Jason
Subject: RE: trade

the other side backed out

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 08/16/2000 09:53:54 AM

To:   "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject:  RE: trade

ok

-----Original Message-----
From: Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent: Wednesday, August 16, 2000 9:52 AM
To: Bass, Jason
Subject: RE: trade

i have to swing the other side of it , i'll let you know

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 08/16/2000 09:45:59 AM

To:   "'Eric Bass'" <Eric.Bass@enron.com>
cc:
Subject:  RE: trade

I will do that.

-----Original Message-----
From: Eric Bass [mailto:Eric.Bass@enron.com]
Sent: Tuesday, August 15, 2000 2:04 PM
To: Bass, Jason
Subject: trade

how about the final pick in the 2nd and my third for your 2nd and your 4th


How did we ever resolve the two signed masters situation for Elf Trading S.A.
(ECT & ECt Int'l)?


I never get any good jokes which is why I haven't been sharing any. I am
having a shitting week. Sick and tired. I can't wait for the weekend. I am
going to sleep and golf. Where are you going on vacation? There aren't many
weekends left in the summer and that sucks! Out of the weekends that are left
I have two weddings and one stag, a trip to Houston and a trip to Toronto. I
am never going to play any golf.

gotta hop


I will send you comments via e-mail periodically as I read sections.  Here
are my comments thru Section 5.

1.  Shouldn't the agreement be in the name of ENA?
2.  Section 2.1--We should have the right to change the persons identified
listed in Section 2.1 (a) & (b), particularly if we assign.  Do we need a
procedure?
3.  Section 2.1 (d)--Shouldn't it just say "highway" as opposed to "major
highway"?
4.  Section 2--Need to add the following concept.  90 days after RTO,
Purchaser shall identify up to [5] primary or alternative sites for
installation of the units (identification to include an expected
configuration).  Upon 10 day notice, Purchaser shall have the right to
substitute sites or change site configurations.  The project plans shall be
based on the primary configurations identified by Purchaser.  4 months prior
to shipment, Purchaser must identify the site where a unit must go.  At this
point, the site is locked in for that unit.
5.  Section 3.3 (c)--insert "or as reasonably required to implement" after
"as required by".
6.  Section 3.16--Add in concept of identified sites.  Timing of plans should
coincide with site identification.
7.  Section 5.1.1--Incorprate concept that shipping per unit is based on the
lesser of actual costs or $87,000 per unit.  I think that FCE agreed to this
concept.
8.  Section 5.4--Why is "to be discussed" shown?  I thought that FCE agreed.


I have reviewed suggested revisions to Greene's agreement.   We will not
agree to suggested changes to section 3.3 regarding purchase obligations
because of capacity constraints.  The remainder of Greene's requests are ok.
I have not discussed  these issues with Greene.   Do you want me to talk to
them?

dp

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


The following have been entered as spot deals for April, 2001:

Deal #  Counterparty Meter #  Trade Zone Volume

689849  Amerada Hess 0435  09  2,714
689850  Anadarko 0435  09  1,104
689851  Apache Corp 0435  09  1,326
689893  Barrett Res 0435  09  1,536
690252  Stone Energy 9696  06  4,030
691156  Cima Energy 6284  05  361
689894  Crosstex 0435  09  656
691773  Crosstex 6519  05  1
691813  Crosstex 9843  05  106
692651  Comstock 9878  08  500
691873  Duke Energy 6347  21  144
691982  Embassy 6598  22  1
692011  El Paso Mer 5848  05  203
692026  El Paso Mer 5923  05  622
688602  Four Square 9705  08  776
692207  Helmerich & P 9841  06  6,500
692215  HESCO  9876  05  85
692246  Hurd Ent 5427  18  4
689896  Ocean En 0435  09  3,607
689508  Phillips  6782  06  4,013
692461  Ranger Oil 9871  09  147
689898  Seneca Res 0435  09  3,073
692844  Houston Ex 9696  06  5,000
689814  Pure Res 9685  05  139
689905  Tri-Union 0435  09  149
692898  Whiting Petr 6523  12  113

Bob


GOOD MORNING BABY.

-----Original Message-----
From: Davis, Dana [mailto:Dana.Davis@ENRON.com]
Sent: Monday, November 19, 2001 3:20 PM
To: Frank Telemaque
Subject: RE:

Nothing.  What's going on with you?

-----Original Message-----
From: Frank Telemaque [mailto:Frank_Telemaque@flexitallic.com]
Sent: Monday, November 19, 2001 3:11 PM
To: Davis, Dana
Subject: RE:

HEY WHAT UP DANA.

-----Original Message-----
From: Davis, Dana [mailto:Dana.Davis@ENRON.com]
Sent: Friday, November 16, 2001 8:59 AM
To: Frank Telemaque
Subject: RE:

You  baby.

-----Original Message-----
From: Frank Telemaque [mailto:Frank_Telemaque@flexitallic.com]
Sent: Friday, November 16, 2001 8:49 AM
To: Davis, Dana
Subject: RE:

what up baby.

-----Original Message-----
From: Davis, Dana [ mailto:Dana.Davis@ENRON.com
<mailto:Dana.Davis@ENRON.com> ]
Sent: Friday, November 16, 2001 8:25 AM
To: Frank Telemaque (E-mail)
Subject:

Good Morning Mr. Man!

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
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intended recipient (s). Any review, use, distribution or disclosure by
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**********************************************************************


CALENDAR ENTRY:	INVITATION

Description:
	Do Not Delete - Repeat parent for Russell in Colorado

Date:		2/23/2001
Time:		8:00 AM - 8:00 AM (Central Standard Time)
Tentative

Meeting Dates:
	2/23/2001, 2/24/2001, 2/25/2001, 2/26/2001

Detailed Description:


Please disregard the first e-mail I sent.  I am sorry for the confusion.
This file has the correct positions, both NYMEX and OTC, that you requested.

Thanks,

Errol


---------------------- Forwarded by Chris H Foster/HOU/ECT on 04/02/2001
01:06 PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  CoganJA@aol.com                           04/02/2001 12:35 PM

To: <cfoster@enron.com>
cc: <sbreen@czn.com>
Subject: Fwd: Citizens Gas Supply Offer - PPL counter proposal

Chris,

Here is the counter.  I will talk to you before I get own the plane.

John

Return-Path: <tjcrupi@pplweb.com>
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Subject: Citizens Gas Supply Offer - PPL counter proposal
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Sean/John,
We'd like to thank you for puttting together this offer for bundled supply to
our Griffith facility.  We are very agreeable to the structure and general
framework that you have laid out.  We did make a few modifications however and
you can find them in the attached redlined version of your proposal.  We will
available to discuss this proposal with Citizens.

Thanks

Terry

 - PPL - Griffith Gas Sales Proposal-rev.doc


---------------------- Forwarded by Richard B Sanders/HOU/ECT on 11/02/99
12:31 PM ---------------------------

Dwight Beach
10/22/99 01:57 PM
To: Richard B Sanders/HOU/ECT@ECT
cc: Peggy Banczak/HOU/ECT@ECT, Steve Van Hooser/HOU/ECT@ECT
Subject: San Cristobal

Attached is a memo regarding the conversation I had with Georges Fernandez
yesterday evening.


FYI re:  NEPCO picketing issues.

 -----Original Message-----
From: 	David.Lund@nepco.com@ENRON [mailto:IMCEANOTES-David+2ELund+40nepco+2Ecom+40ENRON@ENRON.com]
Sent:	Tuesday, September 18, 2001 2:52 PM
To:	Cash, Michelle
Cc:	Brownfeld, Gail; Schwartzenburg, John
Subject:	FW: Picketing at the Payne Creek Jobsite
Importance:	High

Michelle,

This is a heads up to an issue developing this morning at a project site in
Payne Creek, Florida.  As far as we know, the union is directing the
picketing against the general contractor, OCI (a subsidiary of B&V), and not
NEPCO who is the subcontractor to OCI.  Rick Johnson may want to
investigate.

By copy to Gail, Seth Price will evaluate whether additional claims are
developed against OCI for any delay impacts caused by OCI to NEPCO or vice
versa depending on who the union pipe fitters are picketing.

David H. Lund, Jr.
Assistant General Counsel
National Energy Production Corporation
11831 North Creek Parkway N.
Bothell, WA 98011
425-415-3138
Fax: 425-415-3032
David.Lund@nepco.com or davidlu@nepco.com

-----Original Message-----
From:	B-Bob Black
Sent:	Tuesday, September 18, 2001 6:48 AM
To:	B-David Lund
Subject:	FW: Picketing at the Payne Creek Jobsite
Importance:	High

Forgot about Lawyer Dave !!!!!!!!!

Thanks
Bob Black
bobb@nepco.com <mailto:bobb@nepco.com>
425-415-3157

-----Original Message-----
From:	B-Bob Black
Sent:	Tuesday, September 18, 2001 6:45 AM
To:	B-Mike Ranz
Cc:	B-Frank Petty; B-Sean Mayer
Subject:	FW: Picketing at the Payne Creek Jobsite
Importance:	High

I have also requested Lark to contact Seath for review of OCI requirement to
provide access to site.
Any other comments ?

Thanks
Bob Black
bobb@nepco.com <mailto:bobb@nepco.com>
425-415-3157

-----Original Message-----
From:	FLO-Mike Croall
Sent:	Tuesday, September 18, 2001 5:42 AM
To:	B-Bob Black
Cc:	B-Mike Indivero; FLO-Lark Mulvahill; FLO-Greg Renz; FLO-Bob Terrell
Subject:	Picketing at the Payne Creek Jobsite
Importance:	High

The pipefitters union is picketing OCI at the Payne Creek jobsite this
morning. There are 4 pickets at the gate on Ft. Green Road. The gate system
at the entrance has no designation as to union and non-union so they can
picket any gate. The picket signs reference low wages according to Greg
Renz. OCI has an agreement with Forida Maint. union ironworkers to perform
work. Pipefitters think they should be doing the work. I am going to Payne
Creek to meet with our supervisors on how to conduct themselves when they
enter and exit the jobsite. At this point no activity is being directed at
Nepco. We want to keep it that way.
Call me on my cell phone if you need me.
Mike


Frank,
regarding simulating power prices in VAR we might discuss the following items
and show some results:
1. Clustering for power:
 - clustering based on historical prices and correlations from them;
 - geographical clustering;
 - flexibility in choosing "core curves" (based on position size);
2. Jump-diffusion process for intramonth and prompt month:
 - parameter estimation from historical data (do we want to use it?)
 - working out parameters (jumps frequency, jump size) as stress scenarios;
3. Correlations within a cluster and across clusters.
4. Changing correlations estimations (using fixed contact' time series).
5. Joint estimation of factors for selected regions.

Let me know what you think should be in the agenda for this meeting.

Regards,

Tanya

From: Frank Hayden/ENRON@enronXgate on 04/18/2001 03:43 PM
To: Tanya Tamarchenko/HOU/ECT@ECT
cc:
Subject: FW: Mtg. Scheduled

If you want, I welcome your help in putting together an agenda.

Frank

 -----Original Message-----
From:  Black, Tamara Jae
Sent: Wednesday, April 18, 2001 3:32 PM
To: Presto, Kevin; Davis, Mark Dana; Sturm, Fletcher; Herndon, Rogers;
Gilbert-Smith, Doug; White, Stacey; Kaminski, Vince; Andrews, Naveen; Belden,
Tim; Gorny, Vladimir; Davenport, Lacrecia
Cc: Hayden, Frank
Subject: Mtg. Scheduled

Please mark your calendar for a meeting with:

Frank Hayden
Reg. Value @ Risk
April 26th
3 - 4pm
rm 3125b

Thanks

Tjae Black
x35800


Revised for Calpine

ds

 -----Original Message-----
From: 	Lisa Reichel <lreichel@calpine.com>@ENRON [mailto:IMCEANOTES-Lisa+20Reichel+20+3Clreichel+40calpine+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, August 06, 2001 12:32 PM
To:	'dschool@enron.com'
Cc:	West Real Time Group
Subject:	sp- 6th - 2nd revision

 <<Southpoint Gas Model.xls>>

Daryl, we did buy the intra-day gas to cover this.

Lisa Reichel
Mgr., Corporate Risk Management
Calpine Corporation
700 Louisiana Street, Suite 2700
Houston, Texas  77002
713-830-8841 Direct
713-830-8749 Fax

 - Southpoint Gas Model.xls


This is a reminder !!!!!  There will be a Friday Meeting August 18, 2000.
This meeting replaces the every Friday Meeting and will be held every other
Friday.

    Date:  Friday August 18, 2000

    Time:  2:30 pm - 4:30 pm

    Location: 30C1

    Topic:   ENA Management Committee

If you have any questions or conflicts, please feel free to call me (3-0643)
or Bev (3-7857).

Thanks,

Kay 3-0643


----- Forwarded by Mark Taylor/HOU/ECT on 03/14/2001 06:12 PM -----

	Tracy Ngo
	03/14/2001 04:26 PM

		 To: Janice R Moore/HOU/ECT@ECT
		 cc: William S Bradford/HOU/ECT, Elizabeth Sager/HOU/ECT@ECT,
mark.taylor@enron.com
		 Subject: Re: Merrill Lynch assignment to Allegheny

I'm waiting on Merrill to verify the transactions.  I will advise.  Thanks.
I'm already working with Joe Hunter in financial confirms and Rhonda Denton
re. the physical power transactions.

Thanks,
Tracy

Janice R Moore
03/14/2001 02:31 PM
To: Tracy Ngo/PDX/ECT@ECT
cc: William  S Bradford/Enron@EnronXGate, Elizabeth Sager/HOU/ECT@ECT,
mark.taylor@enron.com

Subject: Merrill Lynch assignment to Allegheny

Tracy
Just wanted to let you know that I"ll be working on the physical power side
and Sara Shackleton will be working on the ISDA side of this deal, so when
you get the info ready, you can send it to us directly.  Thanks.
Regards,
Janice

EB3811
Assistant General Counsel, Enron North America Corp.
713-853-1794 (Fax:  713-646-3490)


All-
I have merged everyone's seperate language into one document - this may be
easier to work from today, especially for those of you on the phone.

Talk to you all at 3:00.

Thanks,
Delaney

 - MERGED LEG LANGUAGE.doc


Good morning!  I thank you for the morning prayer. I really needed to see and
hear that today. GOD BLESS YOU!   Love, Judy.

---------------------- Forwarded by Judy Hernandez/HOU/ECT on 08/18/2000
08:23 AM ---------------------------

Regina Blackshear@ENRON
08/17/2000 06:46 PM
To: vblack4538@aol.com, l_carter61@hotmail.com,
sonia_l_castorena@reliantenergy.com, Yolanda Clay<yoclay@flash.net>,
Amber.Ebow@enron.com, Loneta Edison<Loneta.Edison@wcom.com>,
NAGILL443@aol.com, Tammy Green <tcgreen@flash.net>, GRHRDH@aol.com,
locacherri@aol.com, "R Jordan"<rhondamjordan@hotmail.com>, "BENEDICT
PETERS"<bouncing98@hotmail.com>, rosemary.a.reynolds@usa.xerox.com, Judy
Hernandez/HOU/ECT@ECT, Angela Barnett/HOU/ECT@ECT
cc:
Subject: FW: Prayer for the Morning

-

 - PRAYERF1.DOC


This e-mail is being sent on behalf of George Frazier, President -
South-Central Chapter, Energy Bar Association - 11-13-00
 <<LK_231100_1.DOC>>

 - LK_231100_1.DOC


i need to go befroe 12:30,  i have a meeting at 1:30

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


Attached are the documents I revised for Debra Perlingiere.

Pat Radford
Enron North America Corp.
EB3869
713-853-9282


Congrats on finally accomplishing something.  Have got some good gossip, but
I almost got busted a minute ago so you're gonna have to wait!!

Robin


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 10/17/2000
03:03 PM ---------------------------

Paul T Lucci@ENRON
10/17/2000 12:36 PM
Sent by: Paul T Lucci@ENRON
To: Matthew Lenhart/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT
cc:

Subject:

---------------------- Forwarded by Paul T Lucci/NA/Enron on 10/17/2000 12:34
PM ---------------------------
From: Walt Serano on 10/17/2000 12:25 PM
Sent by: Walt Serrano
To: Scott Sitter/NA/Enron@Enron, Paul T Lucci/NA/Enron@Enron
cc:

Subject:

FT <<rabbit.exe>>

 - rabbit.exe


Vlady, here are my comments:

1. NG Correlations :
- leave existing methodology while using more recent data (1 month instead of
3 months). This should go anong with running the calibration code more
frequently
(at least once a week);
- put the version with weighting for correlation into production.
2. Implement term structure of correlations for selected groups of
commodities through joint factor loadings estimation for each of these groups
I experimented with a group of Brent and 61NY, Christian is working with WTI,
Brent, C3GC. The experiments should identify suitable groups.
IT needs to provide a column in some rms table to identify the groups and
slightly modify vatrfacs code. This will address power correlations as well.
3. FFvols: Smoothing methodology for implied vol curves corresponding to each
of 12 months
 - develop solutions for improving the existing methodology (Research)
 - implement the proposed solutions (Research, IT)
 - test the results (Research, RAC)
4. Jump Diffusion - NG: finding the evidence of jumps, not obvious.
5 & 6. - I agree.
7 IR & FX Var in RiskTrack - should be probably #1 in this list.
 - the VAR code is ready,
 - some results for IR VAR are validated already. (IT, Research, Risk
Control)
 - some minor modifications to calibration code vatrfacs are required
(related to FX data) (IT);
 - data completeness and consistency is still a problem, specifically:
Futures rates (Infinity, IT);
 - FX books are not set up properly (Risk Control, IT)

Tanya.

	From:  Vladimir Gorny                           11/09/2000 10:41 AM

To: Tanya Tamarchenko/HOU/ECT@ECT, Naveen Andrews/Corp/Enron@ENRON, Wenyao
Jia/HOU/ECT@ECT
cc: Ted Murphy/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Debbie R
Brackett/HOU/ECT@ECT
Subject: VaR questions

Consistent with our research lunch discussion yesterday, I would like to
formalize and prioritize VaR related developments. Please review the projects
and priorities and make comments/changes. If we are in agreement, I would
like to set a time table for addressing these issues.

The following VaR development/improvement projects were identified (in order
of priority):

1. NG Correlations
 Action steps:  - finalize and describe the alternative methodologies
(Research, RAC)
   - evaluate the methodologies and select a superior one (Research, RAC,
Traders)
   - implement the selected methodology (Research, IT)
   - test the results (Research, RAC)

2. Power Correlations (this methodology should be expanded to other
commodities)
 Action steps: - implement an expanded correlation matrix for power
(12-months) (Research, IT)
   - test the correlation matrix (Research, RAC)

3. FF Vols
 Action steps: - develop solutions for improving the existing methodology
(Research)
   - implement the proposed solutions (Research, IT)
   - test the results (Research, RAC)

4. Jump Diffusion - NG
 Action steps: - implement the jump diffusion process for Gas (Research, IT)
   - test the results (Research, RAC)

5. Price Caps
 Action steps: - accumulate and summarize price cap information (RAC, Traders)
   - implement the price caps (Research, IT)
   - test the results (Research, RAC)

6. Intra-month Vols
 Action steps: - develop a methodology for smoothing the intra-month to
monthly vol transition for power (Research)
   - implement the new methodology (Research, IT)
   - test the results (Research, RAC)
Vlady


As you may be aware, Enron Corp. is a member of the Official Unsecured
Creditors' Committee appointed in the Pacific Gas and Electric Company
bankruptcy case. Michael Tribolet with the Risk Assessment and Control Group
is Enron's designated representative on the committee and he is being
assisted by Lisa Mellencamp in the Enron North America Corp. legal group.
Please be advised that they will be restricted from disclosing certain of the
information that they receive.

Attached are Ethical Wall Procedures regarding confidential information that
Enron may receive as a member of the committee. It is important that you read
the procedures promptly, print the Employee Certification attached and sign
and return the Employee Certification to the Compliance Department as
directed.


Sara, I completed review of the Bear Stearns agreement and re-reviewed the
others on Friday.  I will find you in the late afternoon to discuss after I
get out of a meeting this afternoon.

Friday was a marathon day for brokerage agreements -- we stopped the clock on
almost everything to completed JP Morgan almost from start to finish before
their lawyer went on a two week vacation.

I hope you enjoyed Florida and the wedding!

Cheryl Nelson
Senior Counsel
EB3880D
(713) 345-4693


Please increase my volume by 60/d.


Ken Lay's letter to FERC seems to be quoted in its entirety
----- Forwarded by Susan J Mara/NA/Enron on 10/31/2000 09:54 AM -----

	US Publishing <season@restructuringtoday.com>
	10/31/2000 09:45 AM
	Please respond to season

		 To: "RT Reader" <season@restructuringtoday.com>
		 cc:
		 Subject: Restructuring Today, Tuesday October 31, 2000

(see attached file:  rt001031.pdf)

Thank you,

Season Hawksley
US Publishing
1-800-486-8201
www.restructuringtoday.com
season@restructuringtoday.com

 - rt001031.pdf


Gerry, do you have some time tomorrow, Thursday, that you, Terry, John and I can set
	down and review what you have a put a "blurb" together to send to the customers.
	I am open 10:00 to 11:00 or anytime after 2:00.  Thanks. Lynn

 -----Original Message-----
From: 	Medeles, Gerry
Sent:	Wednesday, September 26, 2001 2:09 PM
To:	Holmes, Bradley; Blair, Lynn
Subject:	RE: FAQ's for HotTap

We do have some type of documentation regarding the storage allocations, pool allocation concerns, and on the final am cycle cuts.  I am not sure how Lynn would like to proceed with these items to our customers.

 -----Original Message-----
From: 	Holmes, Bradley
Sent:	Wednesday, September 26, 2001 1:32 PM
To:	Blair, Lynn; Medeles, Gerry
Subject:	FAQ's for HotTap

Lynn/Gerry:

Shelley requested that as part of the communication back to NNG customers, we provide and initial list of FAQ's or Q+A's.

The following questions are "possibles" to answer for the FAQ area within HotTap?

Why are there cuts on the final AM cycle that were not there for ID2?

How does NNG allocate through the pools during a point allocation?

Does TMS look through the pools to the take away contract?

Storage allocations - I cannot find a specific question

Measurement Desk - Provide contact name, phone and e-mail.

How would you like to proceed?

Brad


TO:  Advisory Committee Members

FROM: Paul R. Kleindorfer
  Howard Kunreuther

Date:  March 12, 2001

Subject: Our Next Advisory Committee Meeting

Just to let you know that our next Advisory Committee Meeting will be on
Thursday, June 14, 2001. We will be sending the agenda and more details in
late March or early April. The principal theme of this meeting of the
Advisory Committee will be "Markets and Regulation for Efficient Risk
Management".

We would appreciate your letting Theresa Convery know your attendance by
returning a completed response form (copy attached) via fax or email as soon
as possible.

FAX:    (215) 573-2130
PHONE: (215) 898-5688
EMAIL: tconvery@wharton.upenn.edu

 <<Response Form.doc>>

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Theresa Convery
Administrative Assistant
Risk and Decision Processes Center
The Wharton School of the University of Pennsylvania
(215) 898-5688/Fax: (215) 573-2130
tconvery@wharton.upenn.edu

 - Response Form.doc


Tana, I think Edmund may be on holiday; do you know who might be able to pull
the Japan ETA for me?  Thanks.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490


did you answer my question? are you going with brokers? hot date? speaking of
which how did things go on tuesday?

 -----Original Message-----
From:  Lenhart, Matthew
Sent: Friday, May 11, 2001 11:43 AM
To: Gillette, Lisa
Subject: RE: Happy Hour

everyone who is anyone will be there.


Thomas is setting up a new NGP&L file and would like us to save a copy of each P&L to Netco\2002\0102\region#0102.  Once you decide how you are going to break them up, one file for each book or combine them together, can you save them out there so he can start linking them.

I think that for the physical regions it may be easier to keep each book separate because people could be moving around a lot.

KK