Blowback
Forbes, 11-12-01

Enron Shares Rise, Rebounding From Nine-Year Low (Update1)
2001-10-31 11:56 (New York)

Enron Shares Rise as Analysts Cite Bargain-Hunting, Financing Speculation
Dow Jones Business News, 10/31/01

Enron trades higher after heavy losses
CBS.MarketWatch.com, 10/31/01

USA: U.S. tech stocks up, blue chips shed gains.
Reuters English News Service, 10/31/01
US West Pwr Lower On New-Month Positions Despite Gas Rise
Dow Jones Energy Service, 10/31/01
UK: Enron close to exiting Indian LNG shipping deal.
Reuters English News Service, 10/31/01
Mariner Energy to Sell Stake in Aconcagua Field for $51 Million
Bloomberg, 10/31/01

Blowback
Daniel Fisher, Forbes Magazine </forbes>, 11.12.01

Did Enron use partnerships to artificially boost earnings? Lawyers are rubbing their hands.
If the truth sets you free, the top echelon at Enron Corp., present and past, should be feeling positively footloose these days. Just in time to get shackled by a slew of shareholder suits.

Private securities lawyers and the Securities & Exchange Commission are looking into the Houston energy trading firm's complex relationships with outside partnerships it used to hedge against fluctuations in the value of its investments. Where Enron sees 21st-century financial engineering, lawyers see possible earnings inflation. (Chairman Kenneth Lay says Enron is cooperating with the SEC inquiry.)

One partnership, run by Enron Chief Financial Officer Andrew Fastow, added $236 million in revenue in the first quarter of 2001, boosting Enron's $425 million in net income in that period. The partnership's contribution plunged to $5 million in the second quarter ended June 30, but investors only found out Aug. 14--when Enron filed its quarterly 10-Q with the SEC. Oddly enough, that was the day Chief Executive Jeffrey Skilling unexpectedly resigned.

Expect class-action lawyers to go after the profits Skilling and other insiders made by selling $660 million in stock when shares were flying high. (They're down 78% from August 2000.) Since Skilling left, Enron has taken a $1.2 billion hit to shareholders' equity to unwind partnerships.

"They certainly misled the market as to the size of [partnership losses]," says Thomas Shapiro, one of several lawyers filing shareholder suits against Enron. Who knows what will emerge from some of the other partnerships?

Enron Shares Rise, Rebounding From Nine-Year Low (Update1)
2001-10-31 11:56 (New York)

Enron Shares Rise, Rebounding From Nine-Year Low (Update1)

     (Adds analyst comment in sixth paragraph.)

     Houston, Oct. 31 (Bloomberg) -- Enron Corp. shares rose as
much as 19 percent, one day after falling to their lowest level in
more than nine years, amid speculation the company may be a
takeover target.

     Shares of the top energy trader rose $1.58, or 14 percent, to
$12.74 in midday trading of 19.9 million shares, compared with the
three-month daily average of 10.4 million shares. Earlier, the
shares hit $13.25.

     Shares of Houston-based Enron have fallen 84 percent this
year. They have lost more than half their value this month amid a
U.S. Securities and Exchange Commission inquiry into partnerships
headed by Andrew Fastow, Enron's former chief financial officer.
Fastow was ousted last week in an attempt to restore confidence in
the stock.

     ``There are rumors out there that they are a potential
takeover target, but I think it's very unlikely that anyone will
buy them out at this point,'' said Zach Wagner, an analyst at
Edward Jones & Co. ``There are too many uncertainties.''

     Enron is more likely to get a large cash infusion from an
investor, Wagner said. He has a ``reduce'' rating on Enron shares.
He doesn't own the stock.

     The Wall Street Journal today said General Electric Co.'s GE
Capital, Warren Buffett's Berkshire Hathaway Inc. and Royal Dutch
Petroleum Co. are ``among the names bandied about'' as potential
buyers for all or part of Enron.

--Margot Habiby in the Dallas newsroom (214) 954-9452

Enron Shares Rise as Analysts Cite Bargain-Hunting, Financing Speculation
By Christina Cheddar

10/31/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Dow Jones Newswires
NEW YORK -- After losing nearly two-thirds of their value over the past two weeks, Enron Corp. shares regained some lost ground Wednesday.
Bargain-hunting and speculation were said to be behind the buying, with some suggesting that Enron is nearing a deal for additional financing, while others are said to be mulling the possibility the company may be acquired.
In afternoon trading on New York Stock Exchange, Enron shares (ENE) were up $1.49, or 13%, to $12.65 on volume of 24.9 million shares. Earlier, the stock traded as high as $13.25.
Enron, which typically trades an average of 10 million shares a day, was again one of the most actively traded stocks on the Big Board. On Tuesday, Enron shares set a 52-week low of $10.90, which was the stock's lowest level in a decade.
Commerzbank Securities analyst Andre Meade attributed the jump in Enron's stock to investors attracted by its low price. Those buyers, he said, are hoping not to be hit by the "double swords" hanging over the Houston energy trader -- a Securities and Exchange Commission investigation of the financial dealings of its former Chief Financial Officer Andrew Fastow, with an off-balance sheet financing vehicle and the possibility of another credit-rating downgrade by Moody's, which could trigger the need to issue additional stock and thereby dilute the holdings of existing investors.
In addition, there is speculation "through the Houston circuit" that Enron may be close to securing additional financing, said Prudential Securities analyst Carol Coale. If the speculation proves true, the financing would help Enron to shore up its financial condition and improve confidence among investors as well as its business partners.
Investors also may be placing their bets on the belief that Enron shares have eroded enough in value to make the company a takeover candidate.
A report in The Wall Street Journal Wednesday said several companies including General Electric Co.'s (GE) GE Capital unit, Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) and Royal Dutch/Shell Group (RD) have been named as potential buyers for Enron.
Ms. Coale said the takeover speculation was "unwarranted" and has surfaced each time Enron shares faltered.
"It would be very unusual ... for a company to be interested in a takeover (of Enron) given the uncertainty of the SEC inquiry. Why add that uncertainty to your portfolio?" she said.
Furthermore, Ms. Coale said, it might be difficult for a company such as Shell to clear regulatory hurdles because it already operates a substantial energy trading business.
Commerzbank's Mr. Meade also discounted the takeover speculation. He likened such a deal to the acquisition of a financial-service company.
"You are buying a human-capital-based business. You have to make sure you're not going to loose all your people," he said. "It's a trickier acquisition."
But not everyone thinks the takeover speculation is implausible. Roger Hamilton, an analyst at John Hancock Value Funds, said Shell and Enron are "neighbors", and Shell has looked at Enron "on and off."
Still, he said that if there is a buyer for Enron, the company would want to do it sooner rather than later in order not to risk damaging Enron's leading market position.
Some marketwatchers said at least some of the pressure on Enron shares in recent trading sessions has come from mutual funds liquidating their positions to avoid having the company's name appear among their holdings in their annual reports.
Despite the rise in Enron shares Wednesday, there remains a significant amount of uncertainty about the stock.
In addition to the pending SEC inquiry and the lingering credit concerns, attention also is being paid to their effect on Enron's trading business. While several trading counterparties have said that they are watching the situation closely, at least one, Entergy Corp. (ETR), is said to be trimming its exposure to Enron.
The New York Mercantile Exchange also plans to use Enron's weakness to recapture part of the over-the-counter energy derivative market by offering its own clearing services and trading tools for the natural gas market.
Write to Christina Cheddar at christina.cheddar@dowjones.com
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Enron trades higher after heavy losses
By Lisa Sanders, CBS.MarketWatch.com
Last Update: 1:27 PM ET Oct. 31, 2001

HOUSTON (CBS.MW) -- Shares of Enron, which had lost about 66 percent of their value over the past 10 sessions, spiked in Wednesday trading after a report that pegged the beleaguered company as a takeover target.

Enron (ENE: news, chart, profile) added 13 percent, or $1.46, to $12.62 in recent dealings. Volume was heavy at 25 million shares.
John Olson, an analyst at Sanders Morris Harris in Houston, pointed out that the heavy losses Enron sustained over the last 10 sessions partly reflects the end of the tax year for mutual funds. The calendar year for funds ends at the close of business Wednesday.

"Mutual funds who own Enron stock have been trying to offset other gains by selling off Enron," he said. "Mutual funds have to register all their gains or losses and offset them by selling or buying stock by the close today."

A Wall Street Journal report Wednesday speculated on Enron's potential as an acquisition for a more stable company. Enron has been under pressure for more than two weeks, beginning when the energy merchant reported a $1 billion charge in its third-quarter earnings. A Securities and Exchange Commission probe into two of the company's limited partnerships and a rating downgrade by Moody's Investors Service haven't helped.

Olson said he thought an Enron takeover unlikely at this point.

"However, if the stock were to keep coming down, and their financial difficulties were extended, the odds would increase," he said.
Art Smith, chairman and chief executive of the research firm John S. Herold, said he'd be surprised if Enron was not entertaining offers. "It's one of the ways that Enron gets the genie back in the bottle."

On the other hand, Smith said, it would take a potential acquirer time to become comfortable with the valuation of the business.
"It's doubtful that a potential acquirer can resolve all the valuation issues quickly," Smith said. He said it's likely that any sort of purchase agreement would contain what he called a "look-back provision," which would protect the acquirer from being strapped to a fixed value.
Smith said he could see either General Electric's (GE: news, chart, profile) GE Capital or Royal Dutch Shell (RD: news, chart, profile) making a bid. Both were mentioned in the Journal report.

"GE Capital is big enough that if it didn't work out it won't cripple GE, and they've been opportunistic on things like this," Smith said. "And Shell always keeps us guessing."
Olson also included AIG (AIG: news, chart, profile) and Citigroup (C: news, chart, profile) as potential acquirers.

"Enron has certainly had some appeal to people that are used to an aggressive trading culture," he said.
Smith said that even without Enron, the energy marketing and trading business would continue to thrive.

"Even if Enron went away, it would not change what has developed into a healthy market for commodity forward markets and hedging," he said.

Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com.

USA: U.S. tech stocks up, blue chips shed gains.
By Haitham Haddadin

10/31/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 31 (Reuters) - Technology stocks held gains in early afternoon trading on Wednesday after the U.S. economy shrank less than Wall Street feared in the third quarter, but blue chips dipped as an early rally faded on worries the worst is yet to come.
"You will need a lot of fortitude to see the mountaintop when we are in the depths of the valley," said Jay Mueller, economist and portfolio manager at Strong Capital Management Inc., which oversees $42 billion.
The economy suffered its worst contraction since the first quarter of 1991, the government said in its "advance" or early estimate of gross domestic product. GDP, the broadest measure of U.S. economic health, shrank 0.4 percent in the third quarter. The number still managed to beat economists' projected 1 percent drop and helped spark an early rally.
Wall Street still faces a heavy economic calendar this week and is girding for readings on the manufacturing sector and job market. Some economists expect the U.S. economy will give an even worse performance in the fourth quarter as the Sept. 11 attacks haunt the nation.
The technology-laced Nasdaq Composite Index advanced 28.65 points, or 1.72 percent, to 1,696.06, after snagging a gain of more than 3 percent earlier in the day. Sun Microsystems Inc. jumped 77 cents to $10.31, or 8 percent, after the network computer maker said orders were tracking higher this quarter than they were this time last quarter.
The Dow Jones industrial average was off 6.23 points, or 0.07 percent, at 9,115.75, after climbing more than 1 percent. Eastman Kodak Co., down $2.69 to $25.11, or 9.7 percent, pressured the blue-chip gauge after Moody's cut its debt rating and warned it may lower the long-term rating again amid falling profits.
The broader Standard & Poor's 500 Index rose 4.03 points, or 0.38 percent, at 1,063.82. The stock market had sold off in the last two days after rallying last week.
Wall Street widely expects the economy to slip into a recession. But investors are hoping more tax cuts and lower interest rates will lift the economy by 2002. President George W. Bush urged Congress to pass a stimulus package by the end of November in a speech at the White House.
Most economists expect the economic contraction to last at least to the end of the year and if it does, the third quarter would mark the start of the first U.S. recession in 10 years. A recession is loosely defined as at least two straight quarters of falling GDP.
In other economic news, the National Association of Purchasing Management-Chicago said its October index slipped to 46.2 from 46.6 in September, but this beat economists' estimates of a drop to 43.0.
The October index that showed less weakness than expected suggests regional manufacturing could bottom fairly soon, but does not necessarily mean Thursday's national survey by NAPM will follow suit, analysts said.
"What it's showing is that the economy, although it's slowing now, is slowing at a gradual pace as opposed to rapidly plunging off a cliff," said John Herrmann, chief economist at IDEAglobal. "We think the NAPM index falls a little bit more than this because NAPM will capture corporations in New York and outside the region of Chicago."
The October National Association of Purchasing Management (NAPM) index, due shortly after the open on Thursday, is forecast on average slipping to 44.3 from 47.0 in September.
Intel Corp., a Dow member and Nasdaq heavyweight, added 63 cents to $24.17, or 2.6 percent. The world's largest chip maker sounded a bullish note for long-term growth, saying the billions it's spending this year will yield profits and market share gains once the high-tech recession abates and growth resumes.
Motorola Inc. rose 51 cents to $16.65, or more than 3 percent, after the wireless giant said its global market share rose in the July-September quarter from the second quarter, boosted by sales of new products.
Adobe Systems Inc. fell $3.41 to $25.34, or nearly 12 percent. The publishing software vendor said it would cut 150 jobs, or 5 percent of its work force, and lowered its revenue and earnings guidance, citing weakening business after the Sept. 11 attacks.
Enron Corp. rose $1.47 to $12.63, bouncing back from 10 consecutive days of losses. The Wall Street Journal said on Wednesday in its influential "Heard On The Street" column that with Enron trading at book value, some Wall Streeters see the beleaguered energy trader as a takeover target. Enron shares on Tuesday dropped 19 percent to hit 1992 levels amid fears of a credit crunch and concerns over management reluctance to discuss its finances.

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

US West Pwr Lower On New-Month Positions Despite Gas Rise

10/31/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Prescheduled power prices in the western U.S. fell somewhat despite higher spot natural gas prices in the region, traders said, attributing lower power prices to new market positions in the new month.
"I think a lot of people came into November long," one trader said.
Western spot gas prices were down about 20 cents. Other power fundamentals were unchanged, with electric space heating demand remaining well below normal for this time of year due to mild weather.
One trader said Enron had been aggressively selling down day-ahead power at Palo Verde as it covered a short position in the rest of the month. Later it bought day-ahead Palo Verde power, which drove the daily market back up.
The short position at Palo Verde became a concern after rumors spread of a five-day delay in restarting a Palo Verde nuclear power plant unit that has been out for refueling since Sept. 28.
The plant operator, Arizona Public Service, said the unit's restart had been delayed a day or two, not five days.
On-Peak/MWh One Day Earlier
Palo Verde, AZ $37.00-$39.50 $38.50-$41.50
South Path 15, CA 37.00- 39.00 37.00- 40.00
North Path 15, CA 37.00- 39.00 36.00- 39.00
Mid-Columbia, WA 37.50- 39.40 36.00- 39.00

Looking ahead, somewhat warmer temperatures forecast for Friday could cut heating demand in Thursday's prescheduled power market. Western U.S. electric space heating loads Friday are forecast to be 71% of normal for this time of year, compared with 76% of normal Wednesday, according to forecaster Weather Derivatives Inc.

-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

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

UK: Enron close to exiting Indian LNG shipping deal.

10/31/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 31 (Reuters) - U.S. Energy major Enron Corp is close to exiting a joint shipping venture linked to its troubled Dabhol power plant in India, shipping sources said.
"Enron has pulled out of the Lakshmi (the ship) and has dumped it on its partners in the deal, Mitsui OSK Lines and the Shipping Corporation of India," said one shipping executive.
"Essentially it's linked to the collapse of the Dabhol deal," he added.
Enron has a 65 percent stake, valued at $1 billion, in the Dabhol power plant, which has been stalled by a long-running payment dispute with its only customer, a local utility.
"We have been in discussions about Greenfield Shipping (the ship owning company), but at the moment it is not appropriate to comment on future plans," said a spokesman for Enron in Houston.
The shipping source said the ship had been contracted at the above-market price of $223 million from MHI yard in Japan, and would need the high charter rate of $92,000 per day to cover its costs. This would be difficult to acheive.
Enron said the ship had been financed through 70 percent debt and 30 percent equity, in which it had a 20 percent stake.

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

Mariner Energy to Sell Stake in Aconcagua Field for $51 Million
2001-10-31 11:47 (New York)

Mariner Energy to Sell Stake in Aconcagua Field for $51 Million

     Houston, Oct. 31 (Bloomberg) -- Mariner Energy Inc., an oil
and gas exploration company, expects to tomorrow complete the sale
of its stake in the Aconcagua Field and Canyon Express Pipeline
System for $51 million to Nippon Oil Exploration Ltd. and Pioneer
Natural Resources Co.

     The Aconcagua field, about 150 miles southeast of New
Orleans, is one of three deepwater natural gas fields being
developed as part of the Canyon Express Pipeline.

     Houston-based Mariner is majority owned by an affiliate of
Enron Corp.

     Nippon Oil Exploration is a unit of Nippon Mitsubishi Oil
Corp., Japan's largest oil refiner.

     Shares of Irving, Texas-based Pioneer Natural Resources rose
4 cents to $17.10 in midday trading.

--Amy Hellickson in Princeton (609) 750-4549 or at


Ernie,  Thanks for taking care of that.   I will probably be getting into
Austin earlier than you.  I'll have my cell phone with me.  (281) 772-9250.
If you get into town earlier, give me a call.  Otherwise why don't you just
call me at the room when you get to the hotel.   Sounds great, we'll ride
over together.  I might bring this girl I have kinda been seeing with me.  My
latest victim.  We'll see.    I believe that's correct.  The wedding is at 7.

Thanks for the Dilliards tip.  I was going to ask about that.

G

	Ernie.J.Zavaleta@fritolay.com
	02/26/2001 12:09 PM

		 To: gerald.nemec@enron.com
		 cc:
		 Subject: 2nd Hotel Room Confirmation

Gerald,

Good news - we were able to get the second room at the same $129 rate.  Below
you'll see two separate confirmation numbers - I don't think it matters which
one you or I use.  When you check in, just claim one of them.  They're both on
my card so you can transfer to yours at check-in.

I'm not sure what time we'll get there since we'll be coming from SA.  I
estimate we'll get there at about 5:00 (the wedding is at 7:00 right?)  We'll
actually be traveling to SA on Friday since some of Jill's family from the
Valley will be there as well.

If we're not in contact before then, let's just plan on meeting at the hotel
sometime between 6:00 and 6:30.  We can drive over to the wedding together
from
there.

In case you didn't know, they're registered at Dillard's - we got him a gift
yesterday, still plenty of items on the list.

E
---------------------- Forwarded by Ernie J Zavaleta/Frito-Lay/US on
02/26/2001
12:03 PM ---------------------------

Suzanne Mercer <suzannemercer@tramex.com>
02/26/2001 11:58 AM

To:   Ernie J Zavaleta/Frito-Lay/US@Frito-Lay
cc:
Subject:  2nd Hotel Room Confirmation

 TO: FRITO LAY / PEPSI
            ERNIE ZAVALETA
            100 GLENBOROUGH DT
            SUITE 1200
            HOUSTON TX 77067

 FOR: ZAVALETA/ERNIE          REF: FRIT-0046000

 HOTEL
 03MAR   AUSTIN            MARRIOTT HOTELS
  SAT                      MARRIOTT AUSTIN CAPITAL
                           701 EAST 11TH STREET
                           AUSTIN TX 78701
                           FONE 512-478-1111
                           FAX  512-478-3700
                           1 NIGHT       1 ROOM       OUT-04MAR
                           LEISURE RATE
                           RATE-129.00USD PER NIGHT
                           CANCEL BY 06P DAY OF ARRIVAL
                           GUARANTEED LATE ARRIVAL
                           CONFIRMATION 82747164
                           RQST KING BED NON SMOKING
 HOTEL
         AUSTIN            MARRIOTT HOTELS
                           MARRIOTT AUSTIN CAPITAL
                           701 EAST 11TH STREET
                           AUSTIN TX 78701
                           FONE 512-478-1111
                           FAX  512-478-3700
                           1 NIGHT       1 ROOM       OUT-04MAR
                           LEISURE RATE
                           RATE-129.00USD PER NIGHT
                           CANCEL BY 06P DAY OF ARRIVAL
                           GUARANTEED LATE ARRIVAL
                           CONFIRMATION 82413250
                           RQT NONSMOKING

 .
 ---------------------  IMPORTANT ----------------------
   AIRLINE SECURITY REQUEST A 60 MINUTES FOR CHECK-IN.
   GOVERNMENT ISSUED PHOTO ID IS REQUIRED BY AIRLINE.
 -------------------------------------------------------
 ----------------- ITINERARY COMMENTS ------------------
 AIRFARES ARE PER PERSON AND SUBJ. TO CHANGE UNTIL TKT/D
    PLEASE REVIEW ITINERARY IMMEDIATELY UPON RECEIPT
 IF YOU HAVE QUESTIONS, CONTACT THE LEISURE TRAVEL
 DEPARTMENT BY EMAIL OR PHONE --
 972-334-5055 OR 800-776-8009, MON-FRI 8A-5P CST, OR
 CONTACT YOUR AIRLINE DIRECT FOR EMERGENCY ASSISTANCE.
 -------------------------------------------------------


We agree with  35.000 for April 1, 2001

"Eileen Ponton" <kponton@duke-energy.com> on 04/04/2001 09:37:36 AM

To:   David Avila/LSP/ENSERCH/US@TU, Charlie Stone/Texas Utilities@TU, Melissa
      Jones/Texas Utilities@TU, HPL.SCHEDULING@ENRON.COM,
LIZ.BELLAMY@ENRON.COM
cc:
Subject:  noms/actual flow for 4/01/01

I will agree with the nom of 35,000 for the 1st.  We are experiencing
difficulties in downloading actual flow volumes from El Paso thus my gas
control has advised to use a flow rate of 35,000 for the 1st at this point
in time.  When we receive a more accurate measurement volume I will forward
to you.......


FYI:  Set up a meeting with Kari Dohn for next Wednesday.

	Steven J Kean
	11/27/2000 09:22 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@Enron, Karen Denne/Corp/Enron@Enron, Mary
Hain/HOU/ECT@ECT, Mona L Petrochko/NA/Enron@Enron, mpalmer@enron.com, Paul
Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Sarah Novosel/Corp/Enron@Enron, skean@enron.com,
Susan J Mara/NA/Enron@Enron, Tim Belden/HOU/ECT@ECT, David Parquet/SF/ECT@ECT
		 Subject: Re: Options the Governor's Considering

Jeff Dasovich and I, along with several IEP members, met with Gov Davis'
staff today, including his Chief of Staff, his Staff Director and two policy
advisors on energy issues.  They made the following points:

The Governor is personally spending a great deal of time on electricity
issues (and is forcing them to spend their time on it as well).
The Governor recognizes that part of the problem is a supply shortage, but
they put special emphasis on the view that in addition to supply shortfalls,
a big part of the problem is a "dysfunctional market" -- a thinly veiled
reference to price manipulation by people sitting in the room.
The Governor's view is that all participants (regulators, utilities,
customers and generators) must "behave responsibly".
Everyone must "share the pain".
The legislative battles are likely to start as soon as the legislature
returns next week, and the Governor will be putting forth several legislative
proposals in the next couple of weeks.
While staff went out of its way to say that the list of proposals (in the
attached e-mail) were unofficial and for discussion purposes only, it was
fairly clear that they defined much of what the governor plans to propose.

The meeting was not very encouraging nor did it provide much in the way of
new information.  The IEP group was on message, making the usual arguments
about the need for forward contracting, expedited generation and transmission
siting, a real retail market to promote demand side responses, etc.  The
staff is clearly focussed on forward contracting as part of the solution but
remains committed to the idea that generators have to cough up some money and
remain subject to rate caps, possible restrictions on sales outside the state
(at least at peak times), etc.  One approach they appear to be toying with is
a "share the pain" proposal which would have utilities absorbing some of the
deferred costs and consumers absorbing some of the deferred costs in the form
of higher rates.  That leaves generators ... who they might want to either
agree to some refunds or provide power at lower going-forward prices.

The staff says that they remain open to proposed solutions, but the Davis
administration appears unwilling to spend any political capital to fix the
problem.

I think we are in for a lengthy legislative and PUC fight.  We should, as
always, provide consistent and reasonable solutions.  I think we should
prepare a document for distribution to staff, legislators (and anyone else)
that takes the factual background and proposed solutions we have put forward
(eg in Belden's presentation and the Seabron Adamson whitepaper) and wraps
them in a more political context.  In other words, we have already
articulated the right answers; we now need to put a political rationale
around our proposals -- a set of arguments which responds directly to the
political opposition those answers are likely to encounter.  Jeff will follow
up with one of the staff members in particular (Kari Dohn) and I would
suggest that Jeff and Sandi work together on putting the necessary political
rhetoric around the solutions we have proposed.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	11/22/2000 04:00 PM

		 To: skean@enron.com, Richard Shapiro/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Sandra McCubbin/NA/Enron@Enron, Mona L
Petrochko/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Sarah
Novosel/Corp/Enron@ENRON, mpalmer@enron.com, Karen Denne/Corp/Enron@ENRON,
Alan Comnes/PDX/ECT@ECT
		 cc:
		 Subject: Options the Governor's Considering

Steve:  FYI.  Don't worry about the conference call, but thought it might be
useful to review the proposals prior to Monday's meeting.

See you Monday.

Happy Thanksgiving to all.

Best,
Jeff

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

Several IEP companies have been invited to a meeting with the Governor,s
staff next Monday, November 27th.
The following are some options, which the Governor,s office is considering.
IEP is doing some preliminary research on some of these topics.  IEP would
like to arrange a teleconference call around noon on Monday, November 27th to
discuss the Governor,s meeting.  Please advise us as to whether your have
been invited, and who you are sending.
California,s electricity supply situation has two inter-related problems )
(1) high wholesale electricity costs, and (2) marginally adequate supply of
generation ) both have combined to create a dysfunctional wholesale
electricity market.  The goals should be:
 To assure reliable electricity to California consumers for the lowest
reasonable cost.
o Consider requiring that all in-state generation be sold in state.
o Consider re-asserting state authority over the operation, maintenance and
safety practices of all in-state generating facilities, for public health and
safety purposes.
o Consider developing a state power authority to build generation and
own/operate transmission.
o Consider requiring utilities both to retain existing and to build new
generation.
o Consider providing utilities with authority to stabilize retail prices to
be paid by consumers through development of an energy portfolio that reduces
exposure to spot markets, including contracting forward for much more of
their unmet power needs.
o Consider extending consumer rate freeze.
o Consider centralizing power plant dispatch like the other ISOs in the rest
of the country.
o Consider eliminating the ISO and assigning its functions to either a state
or private entity that can acquire the transmission facilities, and control
the electricity transmission grid (MUNIs have proposed this).
o Consider sponsoring/supporting legislation to change the ISO and PX boards
to increase accountability.
o Expand energy conservation programs focused both on immediate peak demand
reduction and on longer term, broader-based programs.
o Aggressively work to site new generation and transmission facilities, to
streamline permitting, and to develop renewable resources.
o Call for/sponsor federal FERC reform legislation that would:
o Impose a regional price cap that varies by time of day and year;
o Set requirements for FERC to use its retroactive refund authority;
o Improve FERC enforcement over price gouging practices;
o Affirm the role of states to protect their customers from unjust prices.
o Pressure the FERC to do its job to (1) bring about responsible seller
behavior in wholesale electric markets through price controls and other
market interventions as necessary, and (2) provide refunds to affected
consumers.
----- Forwarded by Jeff Dasovich/NA/Enron on 11/22/2000 03:44 PM -----

	Susan J Mara
	11/22/2000 03:05 PM

		 To: "CHUDSON" <carol@iepa.com>
		 cc: "Andy Brown \(E-mail\)" <abb@eslawfirm.com>, chudson@iepa.com, "Curtis
Kebler \(E-mail\)" <curtis_l_kebler@reliantenergy.com>, "Delaney Hunter
\(E-mail\)" <dhunter@smithandkempton.com>, "Greg Blue \(E-mail\)"
<gtbl@dynegy.com>, "Jack Pigott \(E-mail\)" <jackp@calpine.com>, "Jeff
Dasovich \(E-mail\)" <jdasovic@enron.com>, "Joe Ronan \(E-mail\)"
<joer@calpine.com>, "John Stout \(E-mail\)" <John_H_Stout@reliantenergy.com>,
jparker@HMOT.com, "Katie Kaplan \(E-mail\)" <kaplan@iepa.com>,
kelly@hnks.com, "Kelly Norton \(E-mail\)" <knorton@mcnallytemple.com>, "Lynn
Lednicky \(E-mail\)" <lale@dynegy.com>, marie_moretti@msn.com,
mrmonagan@aol.com, "Bob Weisenmiller \(E-mail\)" <rbw@mrwassoc.com>, "Bob
Escalante \(E-mail\)" <rescalante@riobravo-gm.com>, "Rob Lamkin \(E-mail\)"
<rllamkin@seiworldwide.com>, "Jan Smutny-Jones \(E-mail\)" <smutny@iepa.com>,
"Steven Kelly \(E-mail\)" <steven@iepa.com>, "Susan J Mara \(E-mail\)"
<Susan_J_Mara@enron.com>, "McNally Temple Assn. Inc. \(Business
Fax\)"@mail.cwo.com
		 Subject: Re:

Jeff Dasovich and Steve Kean are attending.  Someone can be on a call -- me
if no one else -- if Jeff and Steve are travelling at the time. Hey, does the
Governor have to fly coach?

	"CHUDSON" <carol@iepa.com>
	11/22/2000 12:47 PM

		 To: "Katie Kaplan \(E-mail\)" <kaplan@iepa.com>, "Jeff Dasovich \(E-mail\)"
<jdasovic@enron.com>, "Kelly Norton \(E-mail\)" <knorton@mcnallytemple.com>,
"John Stout \(E-mail\)" <John_H_Stout@reliantenergy.com>, "Curtis Kebler
\(E-mail\)" <curtis_l_kebler@reliantenergy.com>, "Rob Lamkin \(E-mail\)"
<rllamkin@seiworldwide.com>, "Bob Weisenmiller \(E-mail\)"
<rbw@mrwassoc.com>, "Susan J Mara \(E-mail\)" <Susan_J_Mara@enron.com>, "Andy
Brown \(E-mail\)" <abb@eslawfirm.com>, "Bob Escalante \(E-mail\)"
<rescalante@riobravo-gm.com>, "Greg Blue \(E-mail\)" <gtbl@dynegy.com>, "Jack
Pigott \(E-mail\)" <jackp@calpine.com>, "Jan Smutny-Jones \(E-mail\)"
<smutny@iepa.com>, "Joe Ronan \(E-mail\)" <joer@calpine.com>, "Lynn Lednicky
\(E-mail\)" <lale@dynegy.com>, "McNally Temple Assn. Inc. \(Business
Fax\)"@mail.cwo.com, "Steven Kelly \(E-mail\)" <steven@iepa.com>, "Susan J
Mara \(E-mail\)" <Susan_J_Mara@enron.com>, <mrmonagan@aol.com>,
<marie_moretti@msn.com>, "Delaney Hunter \(E-mail\)"
<dhunter@smithandkempton.com>, <kelly@hnks.com>, <jparker@HMOT.com>,
<chudson@iepa.com>
		 cc:
		 Subject:

Jan Smutny-Jones, Exec Dir
Independent Energy Producers Assn.
1112 I Street, Suite 380
Sacramento, CA 95814
PH: 916-448-9499
FX: 916-448-0182
iepa@iepa.com

 - Govs meeting Conf Call.doc


Please send me any proposed form changes to  any of our forms, but
particularly, the ISDA and CSA Schedules and our omnibus forms so that I can
circulate a mark-up for everyone's review.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Christi will be holding a conference call tomorrow, Wednesday, November 28 regarding the above subject.  Details are listed below.  Also, please confirm your participation via e:mail to me.

Date:		Wednesday, November 28

Time:		2:00 PM (CST)

Number:	1-800-745-1000
		8533407 (passcode)

Thanks and please call if you have any questions.

Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160


You are invited to an Info Lunch:
Speaker: Cindy Olson, Executive Vice President, Human Resources and Community Relations

Where: DoubleTree, LaSalle A

When: September 25, 2001

Time: 11:30-1pm

Lunch will be provided.

Due to limited space only 100 are able to attend.  Please RSVP to Jackie Coleman at x54070 or jacqueline.coleman@enron.com

jc
x54070
EB3520a


Per your request, I have attached all transmission purchased in the Northwest
for calendar year 1999 and 2000.  I have broken it out per customer and
year.  I also have detail of your request if you have any additional
questions.

Diana Schotles


Jeff / Michelle / Ken,

Attached please find the IGS Daily Update report for the 22nd.

Suzanne

 - IGSUpdate.xls


Andy, that's very helpful.  I hope that as technology improves and the notion of "web services" becomes more widely accepted as a substitute for "behind the firewall" applications, the opportunity exists for Kiodex to serve the broader universe of customers.  But I agree that there should be lots of low-hanging fruit among the many users of derivatives for whom trading is not a core activity.
-----Original Message-----
From: Andy.Zipper@enron.com [mailto:Andy.Zipper@enron.com ]
Sent: Friday, June 08, 2001 10:26 AM
To: sgross@warburgpincus.com
Subject: RE: Conagra is our newest beta customer!
Stewart,
I base my opinion on 15 years trading and marketing risk management
products to corporations. When I was at Bankers Trust, every corporation we
dealt with would ask after completing a deal "can you tell us where we can
get a cheap off-the-shelf system that we can use to manage these things ? "
The problem KioDex has is exactly what you describe: with companies that
where trading of derivative products is core to their mission, the third
party ASP model is an extremely difficult one to sell. There are all the
obvious reasons: security, reliability, continuity etc... What Kiodex needs
to focus on, in my opinion, is the intersection of customers who need the
product but don't view the function as critical to their operation.
For what it is worth.
Andy


Guys, I spoke with Mark this morning.  He is very supportive of the structure
and idea.  I had indicated that he would continue to run the producer
services business in the West but would also be part of the overall team as
we plot out strategy in the West.  He wants to stay in Denver which I think
we should be able to accomodate as long as his group stays integrated into
the overall team.  I had indicated that we would consolidate market making
into Houston and Paul Lucci could decide if he wants to continue trading or
not - if so he needs to move to Houston.

 Phillip/Barry, go ahead and start working with Mark as you develop your
plans going forward.  I will be speaking to Stephanie Miller this week and
will give the green light with her shortly.

Regards
Delainey


Dabhol lenders to vote today on PPA PPPPA termination
Business Standard, 05/16/01

Enron to suspend investments of 600 mln usd in Brazil energy sector
AFX News, 05/15/01

USA: Sempra unit to boost natgas delivery to California.
Reuters English News Service, 05/15/01

Enron Urges Reforms In Japan Electricity Market-Nikkei
Dow Jones International News, 05/15/01

Enron Agrees to Provide Market Data to NGX
PR Newswire, 05/15/01

UAE To Seek New Partners If Enron Exits Dolphin Gas Proj
Dow Jones International News, 05/15/01

Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
Bloomberg, 05/15/01

Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
Bloomberg, 05/15/01

Dabhol lenders to vote today on PPA PPPPA termination
Our Banking Bureau Mumbai

05/16/2001
Business Standard
1
Copyright (c) Business Standard

The 25-odd lenders to the Dabhol power project will vote today on whether the
Enron-promoted Dabhol Power Company (DPC) should be allowed to to serve a
preliminary PPA termination notice to the Maharashtra State Electricity Board
(MSEB). The voting will take place through conference calls criss-crossing
the globe at 6.30 pm, Indian Standard Time. Even though the three Indian
lenders_ the Industrial Development Bank of India (IDBI), the State Bank of
India (SBI) and ICICI_ have decided to vote against the proposition, they
will not be able to block the move.
Technically, the proposal can be passed if four per cent of lenders are in
favour of the termination notice. In effect, it will be passed if one of the
25 lenders casts its vote in favour of it. So, it's almost a foregone
conclusion that DPC will be asked to issue its termination notice.
Multilateral agency J-Exim, which has provided guarantees, will not
participate in the exercise. Barring J-Exim, other financial intermediaries
including global arrangers ABN Amro, Citi, ANZIB, CSFB and other banks and
OPIC will cast their votes tomorrow. "In the first round, Indian lenders put
their foot down and refused to give clearance to the termination notice.
Thistime around they will not be able to block the move any more. The Indian
lenders alone cannot save the controversial $3 billion as some of the foreign
lenders are in favour of issuing the termination notice," said a source. The
Indian lenders are in favour of completing the project without any time and
cost over-run. They have disbursed about 80 per cent of their Rs 1,500 crore
worth of loan commitments to phase II of the project, 93 per cent of which is
complete. The trial run is expected to commence in June. The board of the
Dabhol Power Company has already authorised Enron India managing director, K
Wade Cline, to serve a termination notice as and when he deems fit. At a
meeting of the lenders last month in London, the foreign lenders were keen
that the termination notice be served in the face of defaults by the
Maharashtra State Electricity Board (MSEB) and the Union government's refusal
to honour the counter-guarantee of Rs 102 crore for the December bill. The
domestic lenders are not covered by the counter-guarantee if the contract is
terminated. The foreign lenders are covered by the counter-guarantee.

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

Enron to suspend investments of 600 mln usd in Brazil energy sector

05/15/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

SAO PAULO (AFX) - Enron Corp will suspend investments of 600 mln usd in the
Brazilian energy sector, news agency JB Online quoted Enron vice-president
and Eletricidade e Servicos SA Elektro chairman Orlando Gonzales as saying.
Of the total investment, 500 mln usd was to be assigned to the expansion of
the thermoelectric plant Cuiaba II in the state of Mato Grosso, and in the
construction of Rogen in the state of Rio de Janeiro, with the remainder to
be invested in unit Elektro, it said.
"There are no clear regulations for the sector. Regulatory issues are holding
back investments," JB Online quoted Gonzales as saying.
Gonzales said the decision to suspend the investments may be reconsidered if
the energy sector regulator Aneel establishes clearer regulations.
mg/as
For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

USA: Sempra unit to boost natgas delivery to California.

05/15/2001
Reuters English News Service
(C) Reuters Limited 2001.

SAN FRANCISCO, May 15 (Reuters) - Southern California Gas Co. (SCG) said in a
statement on Tuesday it will add around 200 million cubic feet a day, or
about six percent, to its pipeline system by the end of the year in order to
meet the surge in demand for gas-fired power generation.
Today's announcement comes two months after SCG, a unit of Sempra Energy ,
proposed to increase capacity on its system by 175 mmcfd, or five percent.
Both projects will add around 11 percent of new gas capacity to its
transmission system this year, the company said in a statement.
In its latest proposal, called the Kramer Junction Interconnect, SCG said it
would build a 32-mile pipeline link to the Kern-Mojave pipeline system that
will allow it to deliver around 200 mmcfd into its system.
The new capacity would be enough to drive three 500-megawatt power plants or
enough gas to serve 1.4 million residential customers a day, the statement
said.
SCG, the nation's largest gas utility with more 18 million consumers in
central and Southern California, said utilization of its intrastate
transmission system in the past nine months had jumped from 75 percent to
over 95 percent, due largely to the rise in gas-fired power generation.
The company's announcement is the latest in several proposals to expand gas
pipeline capacity to California, where demand for gas is expected to jump
because of the number of gas-fired power plants being built or scheduled for
construction.
Gas is already used to generate about a third of California's electricity.
And since April 1999, the state has approved 13 major gas-fired power plant
projects with a combined generation capacity of more than 8,900 megawatts.
Nine gas-fired power plants, with a total generation capacity of more than
6,000 megawatts, are under construction.
Over the past two months plans to build or expand gas lines serving
California have been announced by Enron unit Transwestern, Williams Cos' Kern
River Transmission, El Paso Corp. units El Paso Natural Gas Co. and Mohave
Pipeline Co., Pacific Gas & Electric Corp. unit National Energy Group,
Questar Corp. , Calpine Corp. , and Kinder Morgan .

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

Enron Urges Reforms In Japan Electricity Market-Nikkei

05/15/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

TOKYO (Nikkei)--Asserting that cuts in electricity prices will help Japanese
companies save as much as Y4 trillion, major U.S. energy firm Enron Corp.
(ENE) on Tuesday urged Japanese power firms to revamp the electricity market
by separating operations such as power generation, transmission and
distribution, The Nihon Keizai Shimbun reported.
Enron's 10-point proposal also calls for the construction of more power
plants and full-scale deregulation of retail electricity, including sales to
households. If such measures are carried out and electricity prices fall to
match the levels of other industrialized nations, Japan's industrial sector
could trim its costs by Y4 trillion, Enron said.
At a seminar on power industry deregulation hosted by Enron, the company
asserted that Japan's deregulation in such areas as wholesale electricity
auctions in 1996 and bulk retail sales last year has not brought significant
benefits to end-users.
New suppliers entering the market only account for a combined 0.4% of the
entire electricity sector, Enron said, criticizing the fact that power plant
facilities are mainly concentrated among electric power companies.
Regarding prices, an official representing operators of power generation
facilities asserted that "industrial-use electricity prices in Japan are
stuck at a high level at around Y13 per kilowatt, compared with Y5 in the
U.S., Y3 in Canada, Y9 in Germany and Y4-Y8 in Southeast Asia."
In fact, department store operator Takashimaya Co. (8233 or J.TKA), which
last November switched to new market entrants for part of its electricity
supply, was able to cut costs by Y450 million in the first year, said a
company official.
Enron hopes to generate competition by urging Japanese electric utilities to
spin off different operations, analysts say. If the number of power
generation facility operators increases, this will help bolster Japan's
electricity trading market, an area in which Enron has a strong business
interest.
Splitting electricity operations into generation, transmission and
distribution is expected to open the electric utility network to new
entrants. This will boost transparency in the fees that electric power
companies charge for transmitting power on behalf of the operators of power
generation facilities, Enron says.
Citing the power shortage in California, however, Japan's electricity sector
has strongly opposed such spin-offs, stating that generation and distribution
must be part of a single continuum to ensure a stable supply.

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

Enron Agrees to Provide Market Data to NGX

05/15/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

CALGARY, May 15 /PRNewswire/ - NGX Canada Inc. (NGX), a wholly owned
subsidiary of OM AB (OM), today announced that an arrangement has been made
with Enron Canada Corp., a wholly owned subsidiary of Enron Corp. (Enron),
whereby trading data from certain contracts listed on Enron's online trading
system, EnronOnline will be included in the computation of three Alberta Gas
Price Indices.
NGX acquired the AECO "C" & NIT Daily Spot, One-Month Spot, and Bid-Week Spot
gas price indices (Alberta Gas Price Indices) from Canadian Enerdata Ltd.
last September. Subsequent to the acquisition of the Alberta Gas Price
Indices, NGX has provided real-time information to its customers on the
establishment of the weighted average price indices based on transactions
conducted through NGX's trading system. Canadian Enerdata Limited continues
to publish the Alberta Gas Price Indices in the Canadian Gas Price Reporter.
Peter Krenkel, President of NGX, stated, "We believe that inclusion of data
from EnronOnline will serve to make our price indices among the best in North
America. The industry has been very supportive of the visibility and
integrity we are able to bring to the Alberta Gas Price Indices, which
removes the guesswork around gas price index methodology. However, after
reviewing the matter with Enron and other industry participants, we
recognized that Enron had legitimate concerns and the industry felt that
"more is better". The inclusion of data from the highly liquid EnronOnline
system should improve the quality of our price indices even further."
Rob Milnthorp, President and CEO of Enron Canada commented, "We are very
pleased to have EnronOnline transactions included in the Alberta Gas Price
Indices. This will provide industry participants with a more comprehensive
source of data and a better opportunity to manage risk around these price
indices as they are now assured that all their transactions on EnronOnline
will be included in the computation of the Alberta Price Indices."
The inclusion of EnronOnline data satisfies the principal claims made by
Enron in their legal action against NGX, Canadian Enerdata Ltd., OM and
Richard Zarzeczny and Enron has agreed to discontinue the legal action
against those parties with the conclusion of this arrangement.
NGX and Enron are planning to implement the necessary system changes by
August 1, 2001 but in any event will provide at least thirty days notice to
the industry. Once in operation, data from transactions in the relevant
contracts listed on EnronOnline will be fed to NGX in real-time. The
methodology for computing the Alberta Gas Price Indices will continue to be
on a weighted-average basis.
NGX will engage independent auditors to insure full compliance with the Index
Methodology Guide. This guide is available on NGX's website at www.ngx.com.
NGX located in Calgary, Canada provides electronic trading and clearing
services to natural gas buyers and sellers at seven markets in Canada. Over
the past six years, NGX has grown to serve over 120 customers with trading
activity averaging 225,000 TJ's per month. NGX is owned 100% by OM
(www.om.com).
OM is a leader in providing products and services in the field of transaction
technology. The company, with assets exceeding CDN $700 million, operates
exchanges in Calgary, London and Stockholm and develops technology that
increases the efficiency of financial and energy markets throughout the
world. OM is listed on Stockholmsborsen (ticker symbol "OM").
Enron Corp. is one of the world's leading electricity, natural gas and
communications companies. The company, with revenues of U.S. $101 billion in
2000, markets electricity and natural gas, delivers physical commodities and
financial risk management services to customers around the world, and has
developed an intelligent network platform to facilitate online business.
Fortune magazine has named Enron "America's Most Innovative Company" for six
consecutive years. Enron's Internet address is www.enron.com. The stock is
traded under the ticker symbol "ENE".
Canadian Enerdata Ltd. (www.enerdata.com) located in Markham Ontario has been
providing information services to the North American energy industry for over
17 years. Enerdata publishes the Canadian Gas Price Reporter, PriceLine
Daily, Natural Gas Market Report and Canadian Energy Trends. Enerdata also
sponsors GasFair & Power, Canada's largest natural gas and electricity market
conference and trade show, now in its 11th year. SOURCE NGX Canada Inc.

/CONTACT: Enron Corp. - Mr. Eric Thode, Director of Public Relations,
713-853-9053; NGX Canada Inc.- Mr. Peter Krenkel, President, 403-974-1705; OM
- Ms. Anna Eriksson - Vice President Corporate Communications, +46 (8) 405 66
12; Canadian Enerdata Ltd. - Mr. Richard Zarzeczny, President, 905-479-9697/
11:17 EDT

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

UAE To Seek New Partners If Enron Exits Dolphin Gas Proj

05/15/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

DUBAI -(Dow Jones)- If U.S.-based Enron Corp. (ENE) pulls out of the $3.5
billion Dolphin gas project, in which the company holds a 24.5% stake, the
U.A.E. Offsets Group, or UOG, will consider other companies to replace it, a
United Arab Emirates industry source close to the project said Tuesday.
Industry sources Monday said Enron is considering withdrawing from the
project because it doesn't believe it will be profitable.
Dolphin, an agreement signed two years ago by UOG and Qatar Petroleum, plans
to bring 2 billion cubic feet a day of natural gas from Qatar's offshore
North Field to Abu Dhabi and onward to Dubai.
Enron and TotalFinaElf (TOT) each hold a 24.5% stake in the project, while
UOG owns the remaining 51%.
Enron is set to focus on the midstream part of the project - gas
transportation - which requires building a 350-kilometer pipeline from a
processing plant in Ras Laffan, Qatar, to the Taweelah terminal in Abu Dhabi
and the Jebel Ali terminal in Dubai.
The U.A.E. source said originally, it was thought that the U.A.E. government
would fund the pipeline, which is estimated to cost around $1 billion.
However, more recently, the source said the U.A.E. suggested that Enron put
up the money itself.
Other industry sources said Enron and TotalFinaElf also had to pay
significant fees to join the project. TotalFinaElf will
operate the upstream part of the project, which includes developing
natural gas reserves in two blocks of the North Field. First wells are
scheduled to be drilled in the second half of 2001 and come onstream in
2005.

Last week, the Middle East Economic Survey reported that the foreign partners
haven't yet agreed on the precise details of their working relationship or on
the price of the pipeline.
Qatar Petroleum and Dolphin Energy Ltd., a subsidiary of UOG, signed an
initial agreement in March for the upstream section of the project. A full
agreement is expected to be concluded in September, the source said.
-By Dyala Sabbagh, Dow Jones Newswires; 9714 331 4260;
dyala.sabbagh@dowjones.com

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

Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)
2001-05-15 16:35 (New York)

Enron Should Sell Utility to Oregon, Lawmaker Argues (Update2)

     (Updates with closing share prices.)

     Washington, May 15 (Bloomberg) -- Enron Corp. should sell
Portland General Electric Co. to Oregon so state consumers can be
insulated from soaring electricity prices, a congressman said.
     ``Purchasing PGE would give Oregon ratepayers more control by
keeping its assets in Oregon, accountable solely to Oregonians,''
U.S. Representative Peter DeFazio, a Democrat from Springfield,
Oregon, said in a letter to Governor John Kitzhaber.
     The governor is considering DeFazio's proposal, said
Kitzhaber spokesman Kevin Smith.
     Last month, Houston-based Enron, the biggest energy trader,
agreed to cancel the $3.1 billion sale of Portland General, a
utility with more than 700,000 Oregon customers, to Sierra Pacific
Resources of Reno, Nevada.
     Enron and Sierra Pacific blamed laws spawned by high power
prices and electricity shortages in the West for the sale's
collapse.
     ``We are pleased to keep Portland General in our asset
portfolio because it's a solid earnings performer,'' Enron
spokeswoman Karen Denne said. ``If approached by a buyer who
recognizes its value, we'd consider selling it.'' She declined to
comment on a potential bid by Oregon.
     The state should act swiftly, DeFazio said, citing press
reports that the U.K.'s Scottish Power Plc, owner of PacifiCorp,
the largest utility in the U.S Northwest, may bid for Portland
General.
     Scottish Power, based in Glasgow, Scotland, would have more
than 70 percent of Oregon electricity customers if it added
Portland General, raising ``serious regulatory concerns about
market power,'' he said.

                            Bond Issue

     Oregon could issue bonds to purchase Portland General, using
the utility's profits to pay the debt, DeFazio said. The state
might run it as a public utility or a cooperative, he said.
     Enron and Sierra Pacific called off the Portland General sale
because of laws passed by Nevada and California legislators that
slow the deregulation of their wholesale power markets.
     California and Nevada have blocked sales of power plants by
utilities. Sierra Pacific had to sell a stake in a Nevada power
plant that sells power to California to win regulatory approval of
the Portland General purchase.
     Average power prices on the California-Oregon border this
year have soared ninefold to $296.34 a megawatt hour over the year-
earlier period. A megawatt hour can light 750 average California
homes for an hour.
     Shares of Enron fell $1.76 to $$56.99. They've fallen 31
percent this year.
     Sierra Pacific rose 9 cents to $16.09. Scottish Power rose 9
pence to 492 ($7) in London.

Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)
2001-05-15 16:26 (New York)

Enron to Provide Gas Prices to NGX, Drops Lawsuit (Update1)

     (Adds closing share price.)

     Houston, May 15 (Bloomberg) -- Enron Corp., the world's
biggest energy trader, agreed to provide natural-gas pricing
information to NGX Canada Inc. and drop a C$100 million
($64.7 million) suit against the Canadian gas exchange.
     Enron sued NGX in November after the Internet exchange, a
unit of the company that owns the Stockholm Stock Exchange,
changed providers of its gas-pricing data and didn't include
trades on EnronOnline, Enron's Internet exchange, when calculating
gas-price indexes.
     Calgary-based NGX agreed to include EnronOnline trades in
calculating its Alberta Gas Price Indices by August, Enron
spokesman Eric Thode said.
     NGX, owned by Stockholm's OM Gruppen AB, is used by about 90
percent of Canadian gas traders, and many traders use EnronOnline
to sell gas from western Canada, the biggest supplier of the
cleaner-burning fuel to the U.S.
     Houston-based Enron fell $1.76 to $56.99.


Please join Lexis-Nexis trainings specific tailored for legal.  Learn to
conduct Lexis-Nexis search from Enron Lexis-Nexis web page on our portal. The
training schedule now is posted on our portal Enron Legal Edge
http://legaledge.corp.enron.com/  under Lexis Day Announcement banner and in
the Legal Calendar.  Lexis-Nexis link is in Research category.

Join Lexis-Nexis Day at Enron Legal Houston to
 discover LEXIS-NEXIS and it,s vast
 collection of information on
All areas of Law and Business
Watch as LEXIS-NEXIS SEARCH ADVISOR practically does all of your research for
you.

Tuesday, May 15, 2001
Conference Room EB48C2

9:00 am - 10:00 am- Lexis.com Basic
10:30 am-11:30 am- e-Commerce & Cyberlaw
Noon - 1:00 pm  - Area of Laws/Practice Pages
1:30 pm- 2:30 pm- Public Records
3:00 pm-4:00 pm - International Research

Presenting by Ed Chang, Lexis Consulting Attorney
Training sessions are free to Enron Legal Personnel
Lunch will be provided by Lexis
R.S.V.P. to Sylvia Hu ext. 36775 sylvia.hu@enron.com
<mailto:sylvia.hu@enron.com> by Monday Noon


Can't make it.  Thanks.  DF

Virginia O'Neill

02/03/2000 02:29 PM

To: John Dushinske/ET&S/Enron@ENRON, George Fastuca/ET&S/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Mike
McGowan/ET&S/Enron@ENRON, Kent Miller/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@Enron, Rockey Storie/ET&S/Enron@ENRON, Julia
White/ET&S/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Michel
Nelson/ET&S/Enron@ENRON, Sheila Knudsen/OTS/Enron@ENRON
cc: Martha Benner/ET&S/Enron@ENRON, Lisa Costello/ET&S/Enron@ENRON, Rosemary
Gracey/ET&S/Enron@ENRON, Judy Kudym/ET&S/Enron@ENRON, Audrey
Robertson/ET&S/Enron@ENRON, Sharon Solon/ET&S/Enron@ENRON, Linda
Wehring/ET&S/Enron@ENRON, Ricki Winters/ET&S/Enron@Enron, Deb
Cappiello/ET&S/Enron@ENRON, Julie McCoy/ET&S/Enron@ENRON, Marilyn
Lee/HR/Corp/Enron@ENRON

Subject: Market Affiliate Presentation

Did you attend the Market Affiliate presentation?   If you didn't have the
opportunity to make it to one of the sessions held in Houston or Omaha, Dari
Dornan is planning to hold a make-up session for the officers.  The video
conference room has been reserved for February 10 beginning at 2:00 PM.  Tthe
meeting will last approximatel 35 - 40 minutes.

Please let me know if you plan to attend.   If there only a few of you who
have't attended, I'll schedule the meeting accordingly.  Thanks,

Virginia


Attached you will find the summary on the Dec. 2 Task Force meeting,
Sub-Committe Re-Assignments, Meeting Schedule for 2000 and a Member Contact
List from Beth Tilney.


I am trying to get a call together with Fimat, Jason Fischer, Errol and myself this afternoon.  Will upaate you.

 -----Original Message-----
From: Quigley, Dutch
Sent: Thursday, November 01, 2001 11:14 AM
To: Wesner-Soong, Sarah
Subject: RE: EDF Man

Sarah
anymore fall out with fimat ??
talking to edf now

-----Original Message-----
From: Wesner-Soong, Sarah
Sent: Thursday, November 01, 2001 10:58 AM
To: Quigley, Dutch
Cc: Hodges, Georganne; Deffner, Joseph
Subject: FW: EDF Man
Importance: High

Dutch - please let us know what you find out in your discussions with Man today.  Thanks, Sarah
-----Original Message-----
From: Hodges, Georganne
Sent: Thursday, November 01, 2001 10:26 AM
To: Wesner-Soong, Sarah
Cc: Deffner, Joseph; Reeves, Leslie
Subject: FW: EDF Man
Importance: High

Sarah,

Are you involved in this??
-----Original Message-----
From: Gosnell, Gerri
Sent: Thursday, November 01, 2001 9:21 AM
To: Hodges, Georganne; Whiting, Greg
Cc: Reeves, Leslie
Subject: EDF Man

Hi Greg and Georganne,

Per our statement from EDF Man today, it appears that we have excess on our account of $9,535,870.00.  Upon speaking to Paul at EDF Man, he told me that no money would be transfered.  He said that someone in their office was speaking to Marty Timmins in our office..???  Have either of you heard anything regarding the wire for today?

I thank you for your help in this matter.

gg


John -

I have seen the EPMI agreement and it looks very similar to the one we
forwarded for Net Works.  I will be talking to our internal personnel a bit
further to fully understand Green Mountain's concerns and will get back to
you in the next day or so to see if we can put this matter to bed.

Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com

	"Gray, John" <John.Gray@GreenMountain.com>
	05/18/2001 09:51 AM

		 To: "'Mark.Greenberg@enron.com'" <Mark.Greenberg@enron.com>
		 cc:
		 Subject: RE: Confidentiality Agreement

There is a confidentiality agreement in place with Enron Power Marketing,
Inc., along with several transaction documents.

-----Original Message-----
From: Mark.Greenberg@enron.com [mailto:Mark.Greenberg@enron.com]
Sent: Thursday, May 17, 2001 11:19 PM
To: john.gray@greenmountain.com
Cc: Adriane.Schultea@enron.com; Tana.Jones@enron.com
Subject: RE: Confidentiality Agreement

John -

Unfortunately, I am out of the office and will not return until Monday,
5/21.  I will have our staff check where these other agreements may be, but
I am not confident that Net Works has an existing NDA with your company.
To make this search a bit easier, could you please advise me of the "other
dealings" you are referring to.

Thanks and thanks for your patience.

Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com
----- Forwarded by Mark Greenberg/NA/Enron on 05/17/2001 11:16 PM -----

                    Adriane

                    Schultea/ENRON@        To:     ""Gray, John"
<John.Gray@GreenMountain.com>@ENRON"

                    enronXgate
<IMCEANOTES-+22Gray+2C+20John+22+20+3CJohn+2EGray+40GreenMountain+2Ecom+3E+4
0ENRON@ENRON.com>
                                           @SMTP@enronXgate

                    05/17/2001             cc:     Tana Jones/HOU/ECT@ECT,
Mark Greenberg/NA/Enron@ENRON, smithtm6@bp.com@SMTP@enronXgate
                    12:54 PM               Subject:     RE: Confidentiality
Agreement

John,

This will be no problem.  I will have Mark Greenberg contact you when he
returns to the office tomorrow.  Hope we can resolve these issues in the
near future.

Again, please feel free to contact me with any questions or concerns.

Thanks,
Adri

    -----Original Message-----
   From:   "Gray, John" <John.Gray@GreenMountain.com>@ENRON

[mailto:IMCEANOTES-+22Gray+2C+20John+22+20+3CJohn+2EGray+40GreenMountain+2Ec
om+3E+40ENRON@ENRON.com]

   Sent:   Thursday, May 17, 2001 11:08 AM
   To:     Schultea, Adriane
   Subject:  Confidentiality Agreement

   Tim Smith said you  had a form of confidentiality agreement you had sent
   to him.  We have  taken the time to prepare and provide you a
   confidentiality agreement which  contains substantive provisions that
   have already been reviewed by your counsel  in our other dealings.  Many
   of the provisions are very similar both  agreements.  Therefore, please
   have your counsel review that document as  soon as possible.

   John K. Gray
   Assistant General Counsel
   Green Mountain Energy Company
   3815 Capital of Texas Highway South -- Suite  100
   Austin, Texas 78704
   Direct: 512-691-6127
   512-691-6100
   Fax: 512-691-6151


JUNE CAPACITY
     The anticipated capacity for secondary and interupptible receipts and
deliveries on our system for June,  2000 has been posted in E-Script.  Notice
that the amount of receipt capacity at our Oakford (Tetco) and Lysander
(Empire)
interconnects has been decreased.  Oakford has been cut to 150,000 DT and
Lydsander has been cut to 60,000 Dt.

                               STORAGE INJECTIONS

     Customers are urged to review their current storage injections.  To
insure
you are able to get your storage accounts full by November 1,  it is important
that you maintain uniform injections throughout the injection season.
     Dominion Transmission

?s Rate Schedule GSS,  GSSII or GSSTE  Section 7.4
provides that if Storage Gas Balance is less than or equal to 50% then the
maximum storage injection is limited to 1/180 of storage capacity.   When
inventory is greater than 50%,  then the maximum injection is limited to 1/214
of storage capacity.  In addition, our Tariff allows that customers may over
inject during the summer months as follows:

                      April thru July                 115%
                          August                      107%
                         Sept. thru Oct.          102%


Chris,

Do you have the RRC historical production data?

-Eric
x3-0977


I have reviewed the Entex actuals and adjusted Gas Control's Entex factor for
the month of May.  I have found that Entex estimates have been overstated by
approximately 10.0 Mmcf/Day.

Romeo:

Will you make sure the estimates that are in POPs are corrected to reflect
the new volumes.  This should help reduce some of the UA4 that Daren and Pat
are trying to locate.

The attached file has the changes that need to be made.  Please let everyone
on this mailing list know once the changes have been made.

If you have any questions please call me at 36449.

Thanks
Gary H


FYI, Kim.

 -----Original Message-----
From: 	Pavlou, Maria
Sent:	Friday, November 02, 2001 3:57 PM
To:	Donoho, Lindy; Brown, William E.; Centilli, James; Dietz, Rick
Cc:	McEvoy, Christine; Huber, Lee; Watson, Kimberly; Harris, Steven
Subject:	RE: TW Contracts        FYI

thanks so much.  Maria

 -----Original Message-----
From: 	Donoho, Lindy
Sent:	Friday, November 02, 2001 3:41 PM
To:	Brown, William E.; Centilli, James; Dietz, Rick
Cc:	McEvoy, Christine; Pavlou, Maria; Huber, Lee; Watson, Kimberly; Harris, Steven
Subject:	RE: TW Contracts        FYI

Lee Huber has located copies of the Bloomfield O&M & Compression Services Agreements and a copy of the Bisti O&M Agreement.  She is giving these copies to Bill Brown.

 -----Original Message-----
From: 	Donoho, Lindy
Sent:	Friday, November 02, 2001 3:04 PM
To:	Brown, William E.; Centilli, James
Cc:	McEvoy, Christine; Pavlou, Maria; Huber, Lee; Watson, Kimberly; Harris, Steven
Subject:	FW: TW Contracts        FYI

I have provided to TW's Gas Logistics Group copies of the following facility related agreements:

	La Plata Facilities Ownership & Operating Agreement between TWPL & Northwest Pipeline dated November 3, 1995.
	WT-1 Compressor Station Electric Agreements between TWPL & Southwestern Public Service:
		Electric Service Agreement dated March 8, 1996
			Amendment effective June 1, 2000
		Agreement dated October 27, 1999
	Bisti Compressor Station Electric Agreements between TWPL & Enron Compression Services:
		Compression Services Agreement dated March 31, 1999
			Amendment effective June 18, 1999
			Letter Agreement dated June 18, 1999
			Letter Agreement dated June 30, 1999
		Operations & Maintenance Agreement dated September 9, 1996 (I don't have a copy of this.  I just have a copy of the Amendment.)
			Amendment dated June 18, 1999
	Gallup Compressor Station Electric Agreements between TWPL & Enron Compression Services:
		Compression Services Agreement dated October 18, 1999
		Gas Conversion Agreement October 18, 1999
			Letter Agreement dated February 23, 2000
			Amendment dated March 24, 2000
		Operations & Maintenance Agreement dated October 18, 1999
		Operational Control Agreement dated February 11, 2000
	Gas Logistics (Christine McEvoy) already had copies of the Blanco Hub Agreements.

I don't have copies of the March 31, 1999 Bloomfield Compression Services Agreement or the September 9, 1996 Bloomfield Operations & Maintenance Agreement  (referenced in the Bisti Agreements).  James, do you have copies?  Who else would have a copies?

 -----Original Message-----
From: 	Pavlou, Maria
Sent:	Friday, November 02, 2001 1:50 PM
To:	Huber, Lee; Porter, Gregory J.; Donoho, Lindy
Subject:	RE: TW Contracts        FYI

Lindy pls. identify what you send, i.e. the name of the agreement, date and party who its with,  with a copy to Bill E. Brown on 47.  thank you.  Maria

 -----Original Message-----
From: 	Huber, Lee
Sent:	Friday, November 02, 2001 1:48 PM
To:	Pavlou, Maria; Porter, Gregory J.
Subject:	TW Contracts        FYI

Lindy Donoho is providing copies of the joint operating agreements for the La Plata facilities and the Blanco Hub. She is also providing copies of the contracts for the electric compression at Bisti, Bloomfield, WT1 and Gallup.  She is sending the copies to Christine McElr


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Shirley,

Please, request Exceed for all the members of the group.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/27/2000
04:46 PM ---------------------------

	Clayton Vernon @ ENRON
	07/27/2000 03:08 PM

To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni
Krishnarao/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Mike A
Roberts/HOU/ECT@ECT, Joseph Hrgovcic/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT,
Tanya Tamarchenko/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT, Alexios
Kollaros/HOU/EES@EES, Martin Lin/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT,
Osman Sezgen/HOU/EES@EES, Paulo Issler/HOU/ECT@ECT, Patricia
Tlapek/HOU/ECT@ECT, Farouk Lalji/HOU/ECT@ECT, Amitava Dhar/Corp/Enron@ENRON,
Alex Huang/Corp/Enron@ENRON, Kevin Kindall/Corp/Enron@ENRON, Kevin G
Moore/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, William
Smith/Corp/Enron@ENRON, Yanna Crystal/Corp/Enron@ENRON, Jose
Marquez/Corp/Enron@ENRON, Samer Takriti/Corp/Enron@Enron, Chonawee
Supatgiat/Corp/Enron@Enron, Shalesh Ganjoo/HOU/ECT@ECT, Tom
Halliburton/Corp/Enron@Enron, Elena Chilkina/Corp/Enron@Enron, Cantekin
Dincerler/HOU/ECT@ECT, Brad Aimone/NA/Enron@Enron, Datren
Williams/NA/Enron@Enron, Sevil Yaman/Corp/Enron@Enron, Sofya
Tamarchenko/NA/Enron@Enron, Bob Lee/NA/Enron@Enron, Ainsley
Gaddis/NA/Enron@Enron, Gwyn Koepke/NA/Enron@Enron, Guiseppe
Paleologo/NA/Enron@Enron, Hector Campos/HOU/ECT@ECT, Anita
DuPont/NA/Enron@ENRON, Youyi Feng/NA/Enron@Enron, V Charles
Weldon/HOU/ECT@ECT
cc:
Subject: SAS

to the group:

if you wish to use SAS, there are a few simple things you need to do:

1) you need to get a Unix password if you don't already have one (your user
id will be the same as on the NT network, but a different password is issued)
2) you need a program called "Exceed" on your PC.  request it from IT (you
already have this if you are already a user of LIM on the Unix platform)
3) you need an "ftp" program on your PC. you can go to www.download.com and
download one (i like wsftp)
4) Exceed is funny in the way it runs. When you invoke Exceed (or LIM
Advanced User (under Infobases) if you already have this) it will install
itself the first time, and will then "disappear" to the Taskbar. you need to
*right* click on the taskbar on Exceed, and then choose "Tools" and "Client
Startup" and then "New."

You will enter a box which should already be set for REXEC and an XWindow
emulation. You need to specify the Host Type as Sun, enter your User Name and
Password, set the Host Name to:

capers.ect.enron.com

and then, on the Command Line, type the following (carefully):

/usr/openwin/bin/xterm -display @D

Then, use the file menu to Save this as capers.xs and then click on the Run!
menu. within a second or two, a window will open up with you logged into the
serve capers. You are now on a Unix server, and the directory is your home
directory. From here, if you simply type "sas" the 3 windows for an
interactive session with SAS should open on your desktop. You are in business.

5) you also need to install your ftp. follow the procedures with the
software, and then create a new session called "enron" where you choose as
the server simply "earth" (do not add any further descriptors such as
.enron.com). supply your user name and *unix* password, check the "remember
password" box, and the default communication setups should be correct (eg,
host type as "automatic detect").

when you invoke ftp and connect to enron, it will put you in your home
directory on the Unix system, the same directory your xwindow comes up in
under Exceed.

if you have any problems, i'll be happy to help

Clayton

PS i have a complete set of new SAS manuals i am happy to loan out if you'll
just write your name down when you take them.


Hi there,

I think a good next step while the counterparties are reviewing the docs is
the creation of a closing checklist, since we have a good starting point with
the Intergen closing list.  We can get organized on putting together a
package of the next traunche of docs, such as the parent guaranty, escrow
agreement, etc.

Thanks,

Kay

PS.  You might want to check the docs I sent out to Jake to make sure I
didn't put a Panda in a Delta doc.  I checked, but I need to be double
checked.  Another good reason to use XYZ's until the finalist is selected.


Marty:  Thanks for the information.

Getting Eric's contact information to Alpert's office is in motion.
Regarding attempt to follow-up with those who called Alpert's office to
complain, I wasn't clear on that action.  Likely makes sense for Eric to
coordinate with Sandi to make the contact with Alpert's office.
Letters are an attempt to influence Alpert to 1) fix the Direct Access
prohibition and 2) ensure that DA customers don't get saddled with the DWR
costs.

Let me know if this approach works.

Best,
Jeff

	Marty Sunde@EES
	03/19/2001 07:02 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc: Eric Letke/DUB/EES@EES, Heidi Messick/EFS/EES@EES, Sandra
McCubbin/NA/Enron@Enron
		 Subject: Re: Follow up with Alpert's Office

All I asked Eric to do was:
ensure that there was an Enron contact if another complaint came in.
find out from Alpert's office if we could call back a few of those who called
to complain to find out what they perceived, correct the misperception,
apologize.

From: Jeff Dasovich@ENRON on 03/19/2001 04:20 PM
Sent by: Jeff Dasovich@ENRON
To: Scott Govenar <sgovenar@govadv.com>, Eric Letke/DUB/EES@EES, Sandra
McCubbin/NA/Enron@Enron, hgovenar@govadv.com, Susan J Mara/NA/Enron@ENRON,
mpalmer@enron.com, Karen Denne/Corp/Enron@ENRON, Janel
Guerrero/Corp/Enron@Enron, Paul Kaufman/PDX/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Harry
Kingerski/NA/Enron@Enron, MDay@GMSSR.com, ken@kdscommunications.com, Marty
Sunde/HOU/EES@EES
cc:
Subject: Follow up with Alpert's Office

Thanks, Scott.

Scott/Hedy/Sandi/Bev:  Erik Letke heads up the retail marketing effort
underway in San Diego.  Marty Sunde wants Alpert to have an EES commercial
contact that she can talk to in the event she has further questions, etc.,
He'd like Erki to be the contact person.  Erik could you copy your vitals
(title, contact info) to Scott and Hedy Govenar and Sandi McCubbin so they
can forward along to Alpert?

Erik, seems that it would be useful if the customer letters to Alpert could
make the following points (folks please weigh in and add/subtract/modify if
needed):

The customer's glad to have had the option to take Direct Access service from
Enron because having the opportunity to take advantage of the offer has made
the customer better off.
Direct Access is an extremely important option that customers need, want and
should have going forward.
Any "solution" that the Legislature comes up with must therefore include the
continuation of Direct Access for all customers.
As such, the Legislature should immediately fix AB 1X to make sure that
Direct Access remains a permanent fixture of California's energy strategy.
Direct Access customers should not be forced to pay for DWR's power purchase
costs, since Direct Access customers aren't benefitting from those purchases.

Best,
Jeff

	Scott Govenar <sgovenar@govadv.com>
	03/19/2001 04:01 PM

		 To: Jeff Dasovich <jdasovic@enron.com>
		 cc:
		 Subject: Dede

As discussed, customers should send letters to Dede as follows:

The Honrable Dede Alpert
California State Senate
State Capitol, Room 5050
Sacramento, CA 95814

Interested companies should copy:  "Honorable Members of the California
State Legislature" and fax or mail me a copy for further distribution.
My fax is (916) 448-0816 and my address is 1127 11th Street, Suite #400,
Sacramento, CA 95814.

Scott


-----Original Message-----
From: 	Espinoza, Veronica
Sent:	Friday, October 26, 2001 10:41 AM
To:	Anderson, Diane; Bailey, Derek; Baumbach, David; Bell, Jean; Boulanger, Patricia; Brown, Angela Y.; Cisneros, Celeste; Crawford, Sharon; Deming, Richard; Dickson, Melia; Giron, Darron C.; Gossett, Jeffrey C.; Hoang, Charlie; Hunter, Larry Joe; Keiser, Kam; Love, Phillip M.; McLaughlin Jr., Errol; Mendoza, Nidia; Moran, Tom; Moscoso, Mirna; Mulvany, Patrick; Negrete, Flavia; Ornelas, Bianca; Otto, Randy; Pernul, Sarah; Reeves, Leslie; Rohauer, Tanya; Seib, Dianne; Sietzema, Linda; Theriot, Kim S.; Wallumrod, Ellen; Wilder, Wesley
Subject:	Credit Report--10/26/01


John,

Thank you for noticing the sucess that both Chris Hilgert and Mike Bilberry had in negotiating and closing the many complex contract arrangements between numerous parties in order to get the Formosa deal executed.  I am also happy that Clean Fuels is pleased with their new long term storage arrangement with Formosa and am sure it will create much value for your organization.  As such, I am assuming that you plan to grant origination to Chris and Mike to compensate them for their time and negotiations with Formosa on ECF's behalf.  Please contact me regarding the number you would like to propose.

Chris has worked on a presentation for ECF on this transaction and I will be reviewing it today.

Regards, Jean Mrha

 -----Original Message-----
From: 	Goodpasture, John
Sent:	Wednesday, May 02, 2001 9:46 AM
To:	Bilberry, Michael; Hilgert, Chris
Cc:	Mrha, Jean
Subject:	Recent deal

Congratulations on closing the deal with Formosa, TEPPCO, et al.  It sounds like it was a very complex negotiation with a number of different players.

Clean Fuels is certainly pleased with the new long term storage arrangement with Formosa.  We will begin working with them to better define the operating parameters (timing, pressures, volumes, etc) so we can develop the specific facility plans and cost estimates as necessary.

You had also mentioned that you might be willing to share the management presentation that was put together for this deal?  That would be very interesting reading and I would appreciate a copy if possible.

Thanks again,  John Goodpasture


It sounds like I need to clafify my plans for trading and risk management of
power in Ontario.

1.  Garrett is in Toronto and should be doing everything possible to try to
understand all the ins and outs of the Ontario Power Market including
building forward curves.  He has dual reporting to Paul Devries (head of the
Enron's Toronto operation) and Dana Davies (head of ENA power trading for the
Northeast U.S.).  Dana has ultimate risk management responsibility for
Ontario.

2.  My current opinion is that we should trade Ontario out of the Toronto
office with risk management responsibilities rolling into Dana.  This could
always change in the future if it doesn't make sense.

3.  John Mckay, although he has been helping Bill out, will ultimately have
no power trading responsibilities.

4.  Tom May is the cash trader in N.Y. reporting to Dana.  I expect us to use
Tom's expertise with respect to Ontario to build up our competency there,
however, Toms' main role will be N.Y.

5.  Garrett should spend some time (probably soon) in Houston getting to know
the people and the technical resources available to him.

If anyone has any questions concerns please give me a call.

John


I reserved a one-way ticket on Continental last night for 6:45am Tuesday,
19th.  It cost $263.00 and its completly refundable.  Sounds good to me.   I
told the reservation lady that I was thinking about buying 2 tickets and just
get my money back for the one I don't use.  I would buy one leaving Monday
evening and the one for Tuesday morning

COOL, don't you think?

"Veselack, Joni" <joni.veselack@neg.pge.com> on 09/01/2000 06:15:24 AM
To: "'Germany, Chris'" <chris.germany@enron.com>
cc:
Subject: Phone Call

Sorry... I didn't call last night.

I was working on my September spreadsheet for TCO at home. I was going to
take a break and call you and my parents... but I had to get the spreadsheet
done for the long weekend. I finished it at 1:30 am. Thought this would be
too late to call.

Hopefully the weekend scheduling goes smooth, so I can work on August
Accounting this afternoon. I'm just extemely slow at everything right now.

Let's talk this afternoon.

PG&E National Energy Group and any other
company referenced herein that uses the PG&E name or
logo are not the same company as Pacific Gas and
Electric Company, the regulated California utility.  Neither
PG&E National Energy Group nor these other
referenced companies are regulated by the California Public
Utilities Commission.  Customers of Pacific Gas and Electric Company
do not have to buy products from these companies in order
to continue to receive quality regulated services from the utility.