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MsgId:
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Message-Recipient: benjamin.rogers@enron.com


---------------------- Forwarded by Mary Poorman/NA/Enron on 07/24/2000 12:47
PM ---------------------------

Mary Poorman
07/24/2000 12:46 PM
To: Pat Clynes/Corp/Enron@ENRON
cc:

Subject: Re: Deal # 339693 EOL Waha

Aquila split the volume between two points, that is why the deal changed.
The total volume was still correct.  I just found out today, from Stacie,
that a buy on EOL needs to be on the header and come from a PGEV Hub or Title
Tracking Agreement.   I had previously been under the impression that
whatever pipeline the customer wanted, buy or sell, was fine with us.
However, keeping the purchases on Hub Agmts. will save Enron
$.0025/transaction and push all imbalances and fees to the supplier.

Mary


I'm swamped.  SS

Shari Stack
07/14/99 12:24 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: ETOL ISDA

Sara:

Would you mind to handle this one?  It appears that ETOL is the entity
involved in the Watershed deal you worked on back in December.

I have been sent a copy of a proposed  ECT-ETOL ISDA Schedule and it is very
specialized and unlike (despite what Mark Evans wrote) the Riverside 6
transaction I am working on.   Maybe it is the Schedule used in the Watershed
deal?? Anyway, I will bring it to you.

Many thanks,

Shari
---------------------- Forwarded by Shari Stack/HOU/ECT on 07/14/99 12:14 PM
---------------------------

Mark Evans
07/13/99 07:19 PM
To: Shari Stack/HOU/ECT@ECT
cc: Mark - ECT Legal Taylor/HOU/ECT@ECT
Subject: Re: ETOL ISDA

Shari,

this has been sent to you because of the similarities with the Teesside
Riverside 6 swap which you are dealing with. Perhaps you or Mark could let us
know whether you or someone else will be taking this forward.

The deal is that Enron is providing swap support to the deal which is an
Enron structured financing to get ETOL off balance sheet. ETOL (Enron
Teesside Operations Limited) owns the power station at Wilton which we bought
from ICI at the end of December 1998.

The main factor to bear in mind is that (as in Riverside 6) the swap has to
be seen in the context of the deal  as a whole and thus there may be
non-standard provisions in the documentation  which  are deal specific and
which Enron has to accept in the context of the deal.

Let's speak about this as soon as we know that you will be the person to take
this forward.

Thanks

     Mark

---------------------- Forwarded by Mark Evans/LON/ECT on 14/07/99 01:09
---------------------------

Robina Barker-Bennett
13/07/99 18:33
To: Shari Stack/HOU/ECT@ECT
cc: Trena McFarland/LON/ECT@ECT, Mark Evans/LON/ECT@ECT, Jurgen
Hess/LON/ECT@ECT
Subject: Re: ETOL ISDA

Shari

ETOL is Enron Teesside Operations Holdings Limited, a company we bought in
December last year.   We are currently arranging the sale of subordinated
debt and equity in this company to a group of US institutional investors.
Since the underlying cash flows are sterling but the investors want US$, we
have entered into a currency swap with Trena and Harry.   The ISDA that
Jurgen has sent to you has been drafted by Milbank Tweed, counsel to the
Investors.  Mark Evans is the Enron legal person on the transaction, and our
outside counsel are Slaughter & May.

The underlying transaction is, I believe, similar to the Teesside deal, in
that it is subordinated to the investors investment.   The underlying swap is
for 10 years, but in certain circumstances, largely relating to default by
ETOL, the swap might be accelerated.

My understanding from Slaughters is that the ISDA is standard for the first
10 pages and thereafter is specific to the current transaction.

I would suggest that if you feed your comments back via either Mark or
myself.  My number is +44 171 970 7438.

If you have any further questions, please call.

Regards, Robina

Shari Stack
13/07/99 18:19
To: Robina Barker-Bennett/LON/ECT@ECT
cc: Jurgen Hess/LON/ECT@ECT
Subject: ETOL ISDA

Dear Robina-

I have received the belowmentioned document from Jurgen.  Can you pls explain
what or who ETOL is? Do you know who drafted this ISDA Schedule? ECT
(Houston) Legal? ECTRI (London) Legal? Who am I supposed to neogiate with at
ETOL?
What are the underlying transactions that this document governs?

I am the attorney working on the Teesside ISDA and it does not resemble this.

Any information you can give would be appreciated.

Many thanks,

Shari Stack

---------------------- Forwarded by Shari Stack/HOU/ECT on 07/13/99 12:14 PM
---------------------------

Jurgen Hess
07/08/99 06:26 AM
To: Shari Stack/HOU/ECT@ECT
cc:
Subject: ETOL ISDA

Shari,
Robina Barker-Bennett from our London treasury group asked me to forward to
you an ISDA Master agreement from ETOL Trust.  I am going to send you this
document by air mail.
It seems you have recieved already similair agreements from us. Robina
mentioned the Teeside ISDA in this context.
Please give either Robina or me a call if you have questions.Thanks
Jurgen.

P.S.: I talked to Gunnar from SEB lately about the ISDA and they really seem
to be very slow in their legal department. Thanks for your up-dates.


Ian,

Sorry for a delay in responding to you.
I am currently in London, flying back to Houston tomorrow.

The problem is not  with the lawyers. We worked on our presentation
materials together with a professor from another university
and we agreed to use these materials only internally.

We have to honor our commitment to him. I am sure
that this is exactly what you would have expected from us if we had
made a similar commitment to you.

Vince

"MacMillan, Ian" <macmilli@wharton.upenn.edu> on 03/21/2001 04:31:27 PM
To: "'Vince.J.Kaminski@enron.com '" <Vince.J.Kaminski@enron.com>
cc:
Subject: RE: Lawyer

 What do I need to do to move this thing forward?
I suspect that the problem is basically with the lawyers.  They only know how
to stop things, but in a way they play a role in global society.  If it were
not for the handicaps they lay on us the rest of the world would never have a
chance.

-----Original Message-----
From: Vince.J.Kaminski@enron.com
To: macmilli@wharton.upenn.edu
Cc: Vince.J.Kaminski@enron.com
Sent: 3/8/01 12:12 PM
Subject: Re: Lawyer

Ian,

Sorry for a delay in getting back to you.
I have one challenge I did not anticipate
when I talked to you  the first time about our Real Options
internal seminar.

The materials were prepared in collaboration with a professor
from another school, and there is some  sensitivity regarding
the intellectual property rights and the ability to distribute the
materials
outside Enron.

Please, give me some time to find out if I can work
around this issue.

Vince

"MacMillan, Ian" <macmilli@wharton.upenn.edu> on 03/07/2001 06:46:28 AM

To:   "'Vince.J.Kaminski@enron.com'" <Vince.J.Kaminski@enron.com>
cc:
Subject:  Lawyer

I still have not heard from your lawyer.  I would like to see whar
materials you are using and assess how we could work on the topic of
real
options with Enron


please look.

 -----Original Message-----
From: 	iPayit<ipayit@Enron.com>@ENRON
Sent:	Wednesday, October 24, 2001 12:07 AM
To:	Shankman, Jeffrey A.
Subject:	Action Requested:  Past Due Invoice for User: JEFFREY SHANKMAN

Alert!
You are receiving this message because you have an unresolved invoice in your iPayit in-box that is past due.  It is critical that you login to iPayit and take immediate action to resolve this invoice.

Remember, you play an important role in ensuring that we pay our vendors on time.

Tip!:  You must login to the system to forward this invoice to another user.

To launch iPayit, click on the link below:
http://iPayit.enron.com
Note:  Your iPayit User ID and Password are your eHRonline/SAP Personnel ID and Password.

First time iPayit user?  For training materials, click on the link below:
http://sap.enron.com/sap_doclib/user/file_list.asp?cabinet_id=265

Need help?
North America: ISC Call Center at (713) 345-4727.
Europe: European Accounts Payable at +44-20-7783-7520.
Asia-Pacific: Sydney Accounts Payable at +61-2-9229-2336


Hello,

Could someone please prepare credit language per terms of the worksheet
provided and forward such language to Souad or Joe, as Sheetal is out for the
holidays.

Thanks
brant

I will be out of the office from 06/30/2000 until 07/10/2000.

Please contact Souad (x37580) or Joe (33316).
Have a great week!


Elizabeth Brown will forward the capacity release data shortly
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


In response to your email:

1.  The NYMEX did not have Dana Davis down as a user because he just
completed and signed his application Wednesday evening and the NYMEX received
the application by Fedex Thursday.  It will take several days for them to
process his application.  Further, he still needs to attend their training
session in NY (I hope this coming Wednesday) before he will be able to trade
online.

2.  As far as the problem with only one user being able to get in NYMEX
ACCESS at a time.  I have a call into the NYMEX about this.  We get a
terminal per seat, so since we have two seats, we get two terminals at no
cost.  The 3 additional terminals have to be leased from other NYMEX members
and the NYMEX is arranging the initial lease for us and will pay the lease,
cost free for the first 6 months.  After 6 months any cost associated with
the 3 additonal terminals will have to be borne by ENA.  I have a call into
the NYMEX to find out what the status of our 3 leases is.

3.  Bruce, per your voicemail about you or a member of your group having the
ability to change operator access to these terminals, changes in the terminal
operator approvals can only be done by the two seatholders, who are currently
Mark Haedicke and Kevin Hannon.  Any changes with respect to operators will
have to be done by full application to the NYMEX, therefore, such process
should continue to be done through the Legal Department.


Amerex shows this deal once and Mike Swerzbin shows it twice ref 477089 and
477088.  Can you check with Mike and see if this is a duplicate of not.

trade date 12-8-00
Sell  Bonneville Power Administration  $700
MID COLUMBIA  1/1/01 - 1/31/01  25mw   onpeak  .0075 fee


We just got in a 2001 Toyota Landcruiser.   8k miles, sunroof, leather, cd
and navigation.   You can buy this vehicle for $47,500.  Original list was
$62,171. DT


Great summary.  I think the two main issues you raise are the right ones, but
I have one other thought we should discuss internally.  Do we want to create
a set of incentives for the management of PJM that would entitle management
to incentive compensation to the extent they meet certain goals -- eg
relieving congestion on the grid, increasing throughput across the
transmission system, expediting interconnection (measured in terms of actual
interconnections not just applications approved), etc.  This way we could
create an organization that would have the incentive to make a workable and
open transmission system.

From: Sarah Novosel on 07/13/2001 07:57 AM

To: Kevin M Presto/Enron@EnronXGate, Mark Dana Davis/HOU/ECT@ECT, Jeff
Ader/HOU/EES@EES, Edward D Baughman/Enron@EnronXGate, Joe
Gordon/Enron@EnronXGate, Janelle Scheuer/Enron@EnronXGate, mbrown9@enron.com,
Mark Bernstein/HOU/EES@EES, John Llodra/Enron@EnronXGate, W David
Duran/Enron@EnronXGate, George Wood/Enron@EnronXGate, Dave
Perrino/SF/ECT@ECT, Paul J Broderick/Enron@EnronXGate, Jason
Thompkins/Enron@EnronXGate, Mason Hamlin/Enron@EnronXGate, Robert
Stalford/Enron@EnronXGate, Tom May/Enron@EnronXGate, Gautam
Gupta/Enron@EnronXGate, Narsimha Misra/Enron@EnronXGate, Steve
Montovano/NA/Enron@Enron, Garrett Tripp/Enron@EnronXGate, Berney C
Aucoin/Enron@EnronXGate, Jason Thompkins/Enron@EnronXGate, Rob
Wheeler/Enron@EnronXGate, Rogers Herndon/Enron@EnronXGate, Jim
Meyn/Enron@EnronXGate, Aleck Dadson/Enron@EnronXGate, Daniel
Allegretti/Enron@EnronXGate, Pearce W Hammond/HOU/EES@EES, Donna
Fulton/Corp/Enron@ENRON, Howard Fromer/NA/Enron@Enron, Kathleen
Sullivan/NA/Enron@ENRON, Tom Hoatson/Enron@EnronXGate, Thane
Twiggs/Enron@EnronXGate, Sarah Novosel/Corp/Enron@ENRON, Christi L
Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Steven J
Kean/NA/Enron@Enron, Charles Decker/HOU/EES@EES, Nick
Politis/Enron@EnronXGate, sscott3@enron.com, Aleck Dadson/Enron@EnronXGate,
Lloyd Will/Enron@EnronXGate, Ray Alvarez/NA/Enron@ENRON, Susan M
Landwehr/NA/Enron@Enron, Charles Yeung/HOU/ECT@ECT, Andy
Rodriquez/Enron@EnronXGate, John J Lavorato/Enron@EnronXGate, Louise
Kitchen/Enron@EnronXGate, Greg Whalley/Enron@EnronXGate,
susan.j.mara@enron.com, Jeff Dasovich/NA/Enron@Enron, Karen
Denne/Enron@EnronXGate, mpalmer@enron.com, Alan Comnes/Enron@EnronXGate, Tom
Briggs/NA/Enron@Enron, John Shelk/NA/Enron@Enron, Pat
Shortridge/Corp/Enron@Enron, Chris Long/Corp/Enron@ENRON, Mike
Roan/ENRON@enronXgate, Kerry Stroup/NA/Enron@Enron, Janine
Migden/Enron@EnronXGate, Dave Mangskau/Corp/Enron@ENRON

cc:

Subject: PJM RTO Order

Attached is a summary of the PJM RTO order.  While it is somewhat lengthy,
the order has a lot of good information in it that I wanted to share with the
group, particularly the Commission's statements regarding the existing
configuration of the northeast and the need to expand it.

We are working on summaries of the New York and New England RTO orders and
will have those out shortly.  If you would like copies of the orders, just
let us know.

We expect the mediation proceeding to begin within the next week.  We will
keep you updated.

Sarah


HOW TO HANDLE STRESS

1- JAM 39 TINY MARSHMALLOWS UP YOUR NOSE AND TRY TO SNEEZE THEM   OUT.

2-USE YOUR MASTERCARD TO PAY OFF YOUR VISA

3.POP SOME POPCORN WITHOUT THE LID ON.

4-WHEN SOMEONE SAYS "HAVE A NICE DAY", TELL THEM YOU HAVE OTHER PLANS.

5-FIND OUT WHAT A FROG IN THE BLENDER REALLY LOOKS LIKE.

6-FORGET THE DIET AND SEND YOURSELF A CANDYGRAM.

7-MAKE A LIST OF THINGS YOU'VE ALREADY DONE.

8-DANCE NAKED IN FRONT OF YOUR PETS.

9-PUT YOUR TODDLERS CLOTHES ON BACKWARDS AND SEND HER OFF TO PRE-SCHOOL

    AS IF NOTHING WERE WRONG.

10-RETALIATE FOR TAX WOES BY FILLING OUT YOUR TAX FORM IN ROMAN NUMERALS.

11-TATTOO "OUT TO LUNCH" ON YOUR FOREHEAD.

12-TAPE PICTURES OF YOUR BOSS ON A WATERMELON AND LAUNCH IT FROM A HIGH
PLACE.

13-LEAF THROUGH NATIONAL GEOGRAPHIC MAGS. AND DRAW UNDERWEAR ON THE NATIVES.

14-GO SHOPPING, BUY EVERYTHING, SWEAT PROFUSELY IN IT,THEN RETURN IT THE
NEXT DAY.

15-BUY A SUBSCRIPTION TO "SLEEZIOD WEEKLY"AND SEND IT TO YOUR BOSS'S WIFE.

16-PAY YOUR ELECTRIC BILL IN PENNIES.

17-DRIVE TO WORK IN REVERSE.

18-RELAX BY MENTALLY REFLECTING ON YOUR FAVORITE EPISODE OF "THE
FLINTSTONES"

     DURING THAT ALL IMPORTANT STAFF MEETING.

19-SIT NAKED ON A SHELLED HARD BOILED EGG.

20-REFRESH YOURSELF, PUT YOUR TONGUE ON A COLD STEEL GUARDRAIL.

21-TELL YOUR BOSS TO BLOW IT OUT HER MULE, AND LET HER FIGURE IT OUT.

22-POLISH YOUR CAR WITH EAR WAX.

23-READ THE DICTIONARY UPSIDE DOWN AND LOOK FOR HIDDEN MESSAGES.

24-START A NASTY RUMOR AND SEE IF YOU RECOGNIZE IT WHEN IT GETS BACK TO YOU.

25-BILL YOUR DOCTOR FOR THE TIME YOU SPENT IN THE WAITING ROOM.

26-BRAID YOUR NOSTRIL HAIRS.

27-WRITE A SHORT STORY USING ALPHABET SOUP.

28-LIE ON YOUR BACK EATING CELERY... USING YOUR NAVEL AS A SALT DIPPER.

29-STARE AT PEOPLE THROUGH THE TINES OF A FORK AND PRETEND THEY'RE IN JAIL.

30-MAKE UP A LANGUAGE AND ASK PEOPLE FOR DIRECTIONS.

return

_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx


USA: Enron shares in stay in doldrums after downgrade.
Reuters English News Service, 10/29/01
USA: US companies' credit quality to worsen-Moody's.
Reuters English News Service, 10/29/01

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
Bloomberg, 10/29/01

USA: Enron shares drop despite further triage attempts.
Reuters English News Service, 10/29/01

USA: Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
USA: UPDATE 1-Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
POWER POINTS:Enron May Have To Rethink Asset-Light Focus
Dow Jones Energy Service, 10/29/01
OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's
AFX News, 10/29/01
USA: Moody's cuts Enron to 2 notches above "junk".
Reuters English News Service, 10/29/01
UK: Europe energy firms wary of Enron on credit worries.
Reuters English News Service, 10/29/01
BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
Dow Jones Energy Service, 10/29/01

USA: Enron shares in stay in doldrums after downgrade.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron Corp.'s share price hovered above seven-year lows touched in earlier trade Monday after Moody's Investor Service cut the credit status of its senior unsecured debt of North America's largest energy trader to two ratings above junk status.
Enron, the largest electricity and natural gas trader in North America, also on Monday said it was in talks with banks to expand its credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron shares were down $1.40, or 9.03 percent, to $14.10 on the New York Stock Exchange, after earlier in the session trading below $14 for the first time since December 1994.
Moody's also warned that it could cut the debt rating again, now downgraded to Baa2, as well as its rating for the Enron's commercial paper.
Enron's credit-worthiness will have a direct affect on its day-to-day trading operations and its trading partners' perception of making good on trades. With a credit rating hovering above junk status, the cost of doing business will soar as trading partners look for increased collateral to back trades.
Last week Enron shares lost almost $14 billion in market value as a series of piecemeal disclosures about the company's involvement in complex partnerships began to trickle out.
Investors have fled Enron's stock in droves following disclosures that the company did off-the-balance sheet transactions with two limited partnerships run by former chief financial officer Andrew Fastow in deals the U.S. Securities and Exchange Commission is now looking into for possible conflict of interest.
Enron compensated its partners in this off-balance sheet structure with the promise of Enron shares, if the value of private investments in several of its units fell below a certain level.
Many industry observers see Enron's request for additional credit, after the company tapped its banks for $3.3 billion last week, as a sign a weakness.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carol Levenson, an analyst with independent research firm gimmecredit.com.

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

USA: US companies' credit quality to worsen-Moody's.
By Jonathan Stempel

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - U.S. corporate credit quality is likely to grow much worse before it gets better, a leading credit rating agency said in a report issued on Monday.
Moody's Investors Service said that in the third quarter, it put on review for downgrade its credit ratings for 122 U.S. companies. At the same time, it put on review for upgrade its ratings for just 22 companies.
That 5.5-to-1 ratio is far greater than the 1.3-to-1 ratio in the second quarter.
In dollar terms, the situation looks more dire. Moody's warned it may downgrade $543 billion of debt, dwarfing the $66 billion Moody's said it may upgrade by 8.2-to-1.
"Particularly in light of September 11, the fourth quarter will be particularly weak for credit rating changes," said John Puchalla, Moody's senior economist. "A wide excess of rating reviews for downgrade over upgrades in the third quarter suggests credit deterioration will persist at least into early next year."
Rating reviews are significant because, unlike actual rating changes, they are not a "lagging" indicator, and suggest the future direction of corporate credit. Moody's normally wraps up its reviews within three months.
U.S. corporate credit quality is falling for many reasons. These include the weakening U.S. economy, an inability of marginal companies to raise cash, debt-financed merger activity and fallout from the Sept. 11 attacks on such industries as airlines, insurance, and travel.
For example, Moody's in July warned it may cut Comcast Corp.'s ratings after the Philadelphia-based company bid $44.5 billion for AT&T Corp.'s cable TV operations.
Then last month, Moody's warned it may cut Chicago-based Boeing Co.'s ratings because of the attacks' potential impact on demand for commercial airplanes.
In the third quarter, Moody's warned it may cut its ratings of 54 speculative-grade, or "junk"-rated, companies, and raise the ratings of just 11. For investment-grade companies, the gap was even more yawning: 68-to-11.
And in the fourth quarter? Through Friday, Moody's warned it may downgrade 47 companies and raise a mere four. On Monday, it downgraded embattled energy trading giant Enron Corp., and put all of its ratings on review for another downgrade.
Puchalla, however, said the decline could slow next year, in part because interest rates are low and companies are managing their balance sheets more conservatively.
"Lower borrowing costs and slowing debt growth should reduce debt servicing costs, and fiscal stimulus from the federal government should boost business revenues," he said. "That is a positive for credit quality."
The third quarter was the 14th in a row when corporate rating downgrades outpaced upgrades. The record is 19 quarters, set between 1988 and 1993.

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

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
2001-10-29 12:16 (New York)

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)

     (Updates with analyst comment in fifth paragraph.)

     Houston, Oct. 29 (Bloomberg) -- Enron Corp., which can't get
low-interest, short-term loans, faces skeptical lenders who will
demand increasingly harsher terms as the largest energy trader
tries to get cash in the bank, credit analysts said.

     ``Anyone providing new funding is going to be nervous,'' said
Sean Egan, managing director at Egan-Jones Ratings Co. ``It's
likely that lenders are going to demand collateral.''

     Enron is trying to get $1 billion to $2 billion in loans from
Citigroup Inc., J.P. Morgan Chase & Co. and other banks to calm
investors after a 52 percent drop in the company's stock since
Oct. 17, the Wall Street Journal reported. The company needs cash
every day to settle commodities transactions and to keep trading
partners.

     The company on Thursday tapped $3.3 billion in bank credit
lines last week to pay off about $2 billion in commercial paper,
or short-term corporate loans. A week ago, the Enron said the U.S.
Securities and Exchange Commission had began an inquiry into
related-party transactions. They cost the company $35 million and
$1.2 billion in lost shareholder equity.

     ``Banks are in the driver's seat, and Enron is a little
desperate,'' said Peter Petas, a debt analyst at CreditSights Inc.
``I think their interest rates for loans would go up.''

                       Sells Assets for Cash

     Companies in Enron's situation often agree to other bank
terms in order to secure loans, Petas said. Those can include
agreeing to use proceeds from selling assets to pay debt and
putting up assets as collateral.

     Enron is attempting to sell assets to raise cash. Two related
partnerships, Osprey and Marlin, depend on selling power plants
and similar assets to repay $3.3 billion borrowed to buy the
plants. Enron may have to pay any difference between the debt and
sales proceeds.

     The company plans to complete the $2.9 billion sale of
Portland General Electric, an Oregon utility, to Northwest Natural
Gas Co. next year.

     Shares of Houston-based Enron fell $1.30, or 8.4 percent, to
$14.10 in midday trading. Earlier, they touched $13.55, down 12
percent. The company's credit rating was cut by Moody's Investors
Service after it wrote down the value of its assets.

     The stock had tumbled 80 percent in the past 12 months.

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

USA: Enron shares drop despite further triage attempts.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron shares slipped to a new six-year low in early trade as North America's largest natural gas and electricity trader said it was talking to banks about tapping additional credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron's shares were trading down 90 cents, or 5.8 percent, to $14.60 in early morning trade on the New York Stock Exchange. Shares crashed through $15, a low not seen since February 1995.
Last week, Enron shed almost $14 billion in market value as its stock price tumbled more than half since last week, when a series of piecemeal disclosures about its involvement in complex partnerships began to trickle out.
However, many industry observers see Enron's request for an additional credit after tapping its banks for $3.3 billion last week after as a sign a weakness not of strength.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carole Levenson, research analyst with independent research firm gimmecredit.com.

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

USA: Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a move to shore up investor confidence.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on a new credit line.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
Enron shares sank 50 cents, or 3.2 percent, to $15 in early morning trade on the New York Stock Exchange. ((David Howard Sinkman, New York Newsdesk 646-223-6094)).

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

USA: UPDATE 1-Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a new move to shore up investor confidence after it tapped about $3 billion in credit last week, and to stop a plunge in the company's stock that set new six-year lows.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on the new credit line.
Enron shares crashed through a psychological barrier of $15 a share, shedding $1.66, or 10.65 percent, to $13.85 in early morning trade on the New York Stock Exchange. The stock has lost more than half of its value in the past two weeks, losing more than $14 billion in market capitalization.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer in Houston.
Enron shares have tumbled since the company reported its first-quarterly loss in more than four years on Oct. 16. The company also wrote down $1.2 billion in equity, including transactions with partnerships formerly run by its chief financial officer who was forced to step down from Enron last week.
The sell-off was sparked by investor concern about the transparency of the transactions, which the Securities and Exchange Commission is examining. Enron last week replaced CFO Andrew Fastow as part of efforts to restore investor confidence.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
"Clearly, both the stock and bond market view Enron as being in dire straits," said independent research firm Gimme Credit analyst Carol Levenson.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead it's an act of desperation."

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

POWER POINTS:Enron May Have To Rethink Asset-Light Focus
By Mark Golden

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- On the face of things, it's hard to understand the stock market's headspinning reaction to Enron Corp.'s (ENE) revelation of some bad news in recent weeks.
Why the talk of a "death spiral" for North America's premier energy trading company? The stock price of Cisco Systems Inc. (CSCO), for example, saw an almost identical drop over a similar 12-month period. Nobody questioned the viability of Cisco.
The difference is that over the past few years, Enron has redefined itself as a company that runs on financial and intellectual muscle - not hard assets - and that focus is getting the company into trouble now that its credibility is in question.
If you're buying network components, you can probably stand some ambiguity in the finances of your supplier. After all, you're buying something you can touch. But if you're buying power or gas, what you're really buying is a commitment to deliver. If your supplier doesn't come through when the market gets tough, you're left totally exposed. In Enron's energy trading business, then, credibility at every level is critical.
For now, Enron looks to be more than viable. But the company's asset-light strategy might not be. Gross profits from trading have shrunk to 1.65% in the third quarter from 5.26% in the first quarter of 1998. Meanwhile, asset-heavy energy companies like Mirant Corp. (MIR) and Calpine Corp. (CPN) successfully use trading to optimize the performance of power plants and other infrastructure.
Two weeks ago, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. That didn't send investors running, however. In fact, its stock price rose a bit on the news.
What hurt was the disclosure that Enron had reduced its net assets, or "shareholders' equity," by $1.2 billion as a consequence of unwinding positions in partnerships headed by former Chief Financial Officer Andrew Fastow. That, along with warnings of possible downgrades by credit ratings agencies and an inquiry by the Securities & Exchange Commission produced a $15.6 billion drop in Enron's market value.
On Monday, Moody's Investors Service followed through by downgrading its rating on Enron's senior, unsecured long-term debt to Baa2 from Baa1, leaving it two steps above junk-bond levels. The agency kept Enron's ratings on watch for further downgrade.
Long-Running Concerns

A 50% hit to shareholder value still seems like an overreaction to a 10% reduction in shareholders' equity. The stock price reflects the expectation of additional losses to be reported and Enron's loss of credibility. Enron executives in a conference call Tuesday insisted that the worst was behind them, but few on the call believed that.
For some analysts, Enron's revelations only fed long-running concerns about the company's lack of financial disclosure.
Cary Wasden, managing partner of Reed Wasden Research, has had a "sell" recommendation on Enron since March. Unlike the analysts at big Wall Street firms, Wasden isn't in the business of selling stock. His firm isn't involved in brokerage and isn't a hedge fund. Wasden gets paid for his research, and the company doesn't invest in the securities it covers.
A main Wasden concern with Enron is that the company has regularly included the proceeds from one-time sale of physical assets in operating income. His belief is that Enron has dramatically inflated its earnings for the past couple of years - a concern to which an Enron spokeswoman couldn't immediately respond.
"Don't believe by any means this is the end of the story," Wasden said.
Wall Street sell-side analysts have largely kept Enron as a "buy" or "strong buy" as the stock fell from $90 to $20. But even they are expressing concerns about the quality of Enron's reporting.
For now, the plunge in the price of Enron's shares and bonds, which last week started trading like junk-rated debt, hasn't hurt its credit standing with energy trading partners.
"We haven't changed our thinking regarding Enron or our policies and practices. We're watching it, and so is everybody else, but they are a solid company," Reliant Energy Inc. (REI) spokesman Richard Wheatley said in a typical reaction. "This is unfortunately a feeding frenzy regarding some dealings that I'm sure Enron will be able to come out of at some point."
Keeping Talent A Challenge

Enron is a big company - far too big to ignore. But continued deterioration in the price of its shares and bonds could lead counterparties to restrict their traders' transactions with Enron. If the company's investment-grade bonds continue to trade near levels traditionally considered distressed, risk managers won't be able to ignore it, whatever else Moody's does.
Assuming that doesn't happen, Enron still faces a tough road ahead. Like all companies, Enron is the combination of capital and talent. For financial companies, talent is the more important ingredient, and Enron has been suffering damage to its talent for some time.
New Chief Executive Jeff Skilling left in August, and a handful of his key lieutenants left earlier in the year. The losses can be expected to continue. Much of the top management cashed out when the company's stock price was high and moved on. Now middle management on down is angry and anxious to move on, if they haven't already.
Over the years, Enron has compensated its very talented labor with stock options to make up for base pay considered low by the industry. Those options are now nearly worthless. If Enron's debt-service costs rise, the company could struggle to attract the talent needed to generate income in its core business of trading energy in North America.
Some analysts would like to see more turnover at the very top. When Skilling left, nobody believed Skilling or Chairman Kenneth Lay's assurances that it was for "personal reasons." When CFO Fastow was forced out of his position last week, Lay said, "In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO."
That's putting words in Wall Street analysts' mouths. Who thought scapegoating Fastow was really the answer?
"I don't know anybody who said that," Wasden said. "What did the CFO do, what did Skilling do, that Ken Lay wasn't part of?"
Real change will have to come from without, Wasden said.
"Enron has been a cult, more than a company," he said. "Recruiting from within does nothing to change the company, it just changes the disciples. Enron needs to pull some top talent from outside."
Nevertheless, Wasden thinks Enron's stock has reached its natural floor and, if the company starts disclosing how it really makes money, it can recover over time.
"There are a lot of earnings that can be wrung out of really strong operating assets, like pipelines and power plants," he said.
That means paying more attention to the assets that Enron has spent the past few years denigrating. Given the bind Enron is in, Lay won't have much choice. Enron will survive, but it won't be the same company at all.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

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

OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's

10/29/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

(Moody's corrected its stance on Enron ratings to a downgrade)
NEW YORK (AFX) - Moody's Investors Service said it has lowered the senior unsecured long-term debt ratings of Enron Corp from Baa1 to Baa2 following a deterioration in Enron's financial flexibility since the company announced significant writedowns as well as equity charges in previously undisclosed partnership investments.
The long-term debt ratings remain on review for further downgrade, Moody's said.
Moody's also placed the company's Prime-2 rating for commercial paper on review for downgrade.
Moody's initially placed Enron's long-term debt ratings on review on Oct 16. The write-downs and equity charges led to a substantial loss in investor confidence that has led to a more than halving of Enron's share price and difficulties in rolling over commercial paper, according to Moody's.
In response to these events, Moody's said Enron has shored up its near-term liquidity position by drawing down on all of its committed revolving credit facilities and buying back its outstanding commercial paper, leaving the company with a net cash position of approximately 1.2 bln usd.
Moody's said it plans to focus on management's success in lining up further liquidity support and on their ability to retain credit availability from their major counterparties.
aw/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

USA: Moody's cuts Enron to 2 notches above "junk".

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Moody's Investors Service on Monday cut embattled energy trading giant Enron Corp.'s senior unsecured debt rating to two notches above junk status, and warned it may cut that rating again, as well as its rating for Enron's commercial paper.
The rating agency cut Houston-based Enron's senior unsecured debt to "Baa2" from "Baa1," and said it may cut Enron's "Prime-2" commercial paper rating, which affects short-term debt. Its rating actions affect $13 billion.
Moody's said Enron is suffering from deteriorating financial flexibility since it announced big write-downs and equity charges from previously undisclosed partnership investments this month. This triggered "difficulties in rolling over commercial paper," Moody's said.
Enron, which has about $63.4 billion in energy assets, said on Monday it is talking with banks to get more credit, after last week drawing down $3 billion from a bank credit line to buy back its outstanding commercial paper.
Its shares traded Monday on the New York Stock Exchange at $13.75, down $1.75, or 11.3 percent. They have fallen 62 percent since Oct. 12, from $35.81.
Rating agency, Standard & Poor's, on Thursday revised its outlook for Enron's ratings to "negative" from "stable."

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

UK: Europe energy firms wary of Enron on credit worries.
By Stuart Penson

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 29 (Reuters) - Energy companies in Europe are shying away from trading with troubled U.S. energy group Enron amid concerns about the company's credit status, industry sources said on Monday.
Several large energy groups have frozen their dealings with Enron - one of Europe's biggest gas and power traders - as they hold urgent talks with the U.S. group about setting up new credit arrangements, the sources said.
"I think Enron's approach is to get the major counterparties back on board as quickly as possible and then hope the smaller ones will follow," said the head of risk management at one UK utility that halted its trade with Enron last week.
"They are talking with us about bank letters of credit," he said. "The people that are still trading with them are doing so on a very restrictive basis."
A spokesman for Enron's European headquarters in London headquarters declined to comment.
Reluctance to trade with Enron in Europe comes as the company tries to rebuild investor confidence after its stock hit five-year lows.
Triggering the slide was news last week the U.S. Securities and Exchange Commission is investigating huge losses relating to a private equity operation run by its former chief financial officer.
Houston-based Enron trades a large amount of its volume in the U.S. and Europe through its Internet EnronOnline system.
Last Friday the company said trade on EnronOnline was above average levels with more than 8,400 transactions at a notional value of approximately $4 billion.
Traders said Enron's plight could hit liquidity in European gas and power markets, where liberalisation has unleashed rapid growth in energy trading in the last couple of years.
One industry source cited a brokers list showing eight companies in the UK electricity market had put on hold their trading Enron, which is among the biggest five traders in the market.
In mainland Europe, where Enron has been a major driver of liquidity, potential counterparties are treading with care.
"We are avoiding them as counterparties - either by not trading with them or by using a 'sleeve' (a third party trader)," said a senior trader at one of Germany's big utilities, who declined to be named.
French traders said wariness about dealing with Enron had dampened liquidity although Enron was still in the market on Monday morning.
"Enron is a major player so counter parties are looking to see if there is a problem," said one French trader.

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

BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
By Michael Rieke

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Thanks to Enron Corp. (ENE), the broadband sector again looks like a place to make money.
But it won't be traders who will cash in on this new potential. It will be class-action attorneys. They're already lining up to sue Enron in at least five shareholder suits.
As of Oct. 25, two of lawsuits had been filed against Enron in federal court and three more in Texas state court. Most of them name as defendants Ken Lay, Enron's longtime chairman, former Chief Executive Jeff Skilling and Andrew Fastow, Enron's chief financial officer until he was put on leave of absence Oct. 25.
Still another suit, which isn't a class action suit, was filed naming as defendants members of Enron's board of directors.
All the lawsuits concentrate on private investment partnerships Enron set up, many of them managed by Fastow. Most of the suits contend that it was a conflict of interest to have the Fastow partnerships doing complicated hedging transactions with Enron.
The transactions named in the lawsuits involved billions of dollars of underperforming assets in broadband, water and other Enron investments.
Fastow operated on both sides of some of those transactions. As Enron's chief financial officer, he was being paid to manage the corporation's finances. As general partner of two LJM partnerships, he managed the counterparties to billions of dollars of trades with Enron. He shared in profits of those partnerships.
When investors began demanding information about the transactions, Enron's share price began to slide. With the heat on, Enron recently unwound the trades with the partnerships and booked $544 million related to losses from early termination of the deals, among other things.
That's when the class action attorneys went to work. So far, at least 14 law firms are representing the plaintiffs. Enron didn't respond to calls asking about the lawsuits.
Among the law firms representing plaintiffs is Milberg Weiss Bershad Hynes & Lerach, which put out a news release announcing its lawsuit. The release points out that the firm has been responsible for recovering more than $30 billion from class action lawsuits.
The lawsuits bring up questions about the bandwidth trading market. Some of the deals with the LJM partnerships run by Fastow "purportedly involved hedging transactions in the broadband market," according to Abrams and Franks v. Enron et al.
That could tie into questions that have lingered in the bandwidth market for months. Market skeptics have said Enron and other energy companies are the only ones trading bandwidth.
Enron has reported that it has been trading with a growing number of counterparties, a total of 120 in the second quarter of this year, according to Enron.
Now market watchers will want to know if any of Enron's trades were done with the LJM partnerships managed by Fastow.
They will also want to know how many bandwidth trades were done with Chewco Investments. That Houston company, according to a report in The Wall Street Journal, was managed by Michael Kopper and was set up in 1997 when Kopper was a managing director with Enron's Global Equity Markets Group. He left Enron earlier this year to work for partnerships run by Fastow.
Do the plaintiffs' attorneys know whether Enron was trading bandwidth with any of those investment partnerships?
"I think if is too early to tell," Thomas Bilek of Hoeffner & Bilek told Bandwidth Beat. "As you know, (information) is coming out in drabs and dribbles from Enron."
It could be several months before plaintiffs' attorneys get a chance to ask Enron officials those questions, Bilek said.
It's also too early to tell what potential damages plaintiffs could win, said Steven Schulman, an attorney with Milberg Weiss. "At this point, you can only talk about it in terms of (shareholder) losses, and the losses are in the billions."
Total losses will depend on the price each shareholder plaintiff paid for the stock and the price at which each shareholder later sold the stock.
Enron's share price topped out between $90 and $91 in the summer of last year. It set a 52-week low Oct. 26 at $15.04. That spread leaves plenty of room for losses.
Schulman told Bandwidth Beat that the record for losses in shareholder cases is $11 billion in a case involving Cendant Corp. (CD). Damages are usually a substantial portion of losses, Schulman said.
"Whether (the Enron case) is bigger or less, I couldn't opine," he said. "This is a big case, by any means."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

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


-----Original Message-----
From: 	Lisa Reichel <lreichel@calpine.com>@ENRON [mailto:IMCEANOTES-Lisa+20Reichel+20+3Clreichel+40calpine+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, August 09, 2001 7:18 AM
To:	'dschool@enron.com'
Subject:	SP - 9TH

 <<Southpoint Gas Model.xls>>

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


Richard, I have obtained a copy of the complaints in all of the NSM
litigation around the country.? Attached is an updated chart identifying all
of the plaintiffs.? I will review the complaints and the applicable statutes
of limitation.

On a related matter, this morning Judge Berle granted defendants leave to
file cross complaints against Schultes and the individual fund managers for
Oaktree and Farallon.? Plaintiffs' counsel argued that the complaints did not
state a cause of action against the fund managers and were duplicative of the
affirmative defenses already stated.? Judge Berle invited Plaintiffs to
pursue any such challenge by demurrer (motion to dismiss).

 <<3_BQD01!.DOC>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - 3_BQD01!.DOC


Meeting:

Date: August 24th
Day: Thursday
Time: 3:00 p.m.
Place: EB 2868
RE: Lost Creek Project


Attached are summaries of three recent SDG&E advice letters.? Two  ought to
be looked at, but may not rise to the level of protests.
?
Dan
 - 10-9-00 SDG&E AL Summary Chart.doc


When do we want to get together to call Seabron w/  feedback?
---------------------- Forwarded by Richard Shapiro/NA/Enron on 05/01/2001
08:34 AM ---------------------------

"Seabron Adamson" <seabron.adamson@frontier-economics.com> on 04/23/2001
09:30:56 PM
To: <James.D.Steffes@enron.com>, <Steven.J.Kean@enron.com>,
<Richard.Shapiro@enron.com>
cc:

Subject: Polciy paper draft

Jim/Rick/Steve:

Please see the attached draft. I think I have everything in there we
discussed. Sorry I this has been slower than planned -as I mentioned before
I have been facing a family medical problem.

I will be out of the office for much of the next two days. I can be reached
at (617) 513-5904 (cellphone) or via email. I should be back in the office
full-time from Thursday a.m.

Cheers

Seabron

This e-mail, and any attachments thereto, is intended only for use by the
addressee(s) named herein and may contain legally privileged and/or
confidential information.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution or
copying of this e-mail, and any attachments thereto, is strictly prohibited.
If you have received this e-mail in error, please immediately notify me at
(617) 354-0060 and permanently delete the original and any copy of any
e-mail and any printout thereof.

Seabron Adamson
Frontier Economics Inc
Two Brattle Square
Cambridge, MA 02138 USA
Ph:  (617) 354-0060
Fax: (617) 354-0640
seabron.adamson@frontier-economics.com

 - 01-04-23 SA Draft policy paper for review.doc


Hello, Everyone -

This Notice (sent to you by blind copy to save trees) confirms our Regional
Representatives Group (RRG) meeting for this coming Friday, May 4, at the
Sheraton Portland Airport Hotel in Mt. Hood Room C.  Unfortunately, we
weren't able to reserve two Mt. Hood rooms, so it may be a little cramped.
The meeting will start at 8:30 a.m. and end by 12:00 p.m.

As most of you know by now, FERC issued its order on RTO West last Thursday,
October 26.  In case you have not located the order, you can find it by
clicking on the following RTO West website address that will take you to the
order. At the RTO West web page, click on "Link to Documents Submitted to
FERC..." and at the next page click on "FERC Order issued April 26, 2001 in
RTO West...."

www.rtowest.org

The first part of the meeting will be devoted to a discussion of the order
and answering questions.  Mike Coleman from FERC will attend the meeting and
will be pleased to provide his understanding of the meaning of various parts
of the order.

Our working agenda is:

1. Discussion of FERC Order on RTO West

2. Congestion Management Model - Description of Alternatives

3. Stage 2 FERC filing schedule

4. Interregional Coordination

We look forward to seeing you all this Friday.

Warm regards,

- Bud


Background information.  I'd like to talk to Ken about making the call. . .
I'll see him at Exec comm today.
---------------------- Forwarded by Steven J Kean/HOU/EES on 08/14/2000 08:54
AM ---------------------------

Richard Shapiro
08/10/2000 06:11 PM
To: Steven J Kean/HOU/EES@EES
cc: Chris Long/Corp/Enron@ENRON
Subject: CFTC Reauthorization

I agree w/ chris's recommendation- you too?
---------------------- Forwarded by Richard Shapiro/HOU/EES on 08/10/2000
06:10 PM ---------------------------

Chris Long@ENRON
08/10/2000 05:12 PM

To: Mark E Haedicke/HOU/ECT@ECT, Steven J Kean/HOU/EES@EES, Richard
Shapiro/HOU/EES@EES, Mark Taylor/HOU/ECT@ECT, Joe Hillings/Corp/Enron@ENRON,
Cynthia Sandherr/Corp/Enron@ENRON, Tom Briggs/NA/Enron@Enron
cc: raislerk@sullcrom.com, Allison Navin/Corp/Enron@ENRON
Subject: CFTC Reauthorization

At his request, I met Lee Sachs, Assistant Treasury Secretary, who had
requested the meeting after a brief conversation recently.  Lee said that
senior-level negotiations led by Secretary Summers were initiated last week
between the CFTC and SEC and that progress was being made on the single stock
futures issue (the major issue postponing movement of the legislation).

As you know, the House completed committee work on HR 4541 before it
recessed.  The bill will now is pending before the Rules Committee where
differences will be worked out between the three different Committee versions
(Agriculture, Commerce, and Banking).  The Senate Agriculture Committee
passed out the Senate version in July.  However, the bill is not moving
quickly in the Senate due to Senator Phil Gramm's desire to see significant
changes made to the legislation (not directly related to our energy
language). Last week at the Republican Convention, I asked the Senator about
the bill and he said they were working on it, but much needs to be changed
for his support.  More telling perhaps, were Wendy Gramm's comments that she
would rather the current bill die if a better bill can be passed next year.
What this means is that we must, at the least, remove Senator Gramm's
opposition to the bill to move the process and more importantly seek to gain
his support of the legislation.

Lee Sachs message was just that.  I told Lee that we shared his desire to
move the legislation as long as it contains a full exclusion for all
non-agriculture commodities (including metals).  He said that we would have a
difficult time defending the metals provision politically. But, Lee said  "we
would not find Treasury opposition to the House Commerce Committee language"
(which includes favourable language on energy and metals).   This is a
positive development, because it isolates the CFTC from its key defenders and
I hope ensures no veto threat on our issues.  However, I do not expect
Treasury to be vocal in support of our position.  It is clear that
Congressional leaders and the Administration want to get this bill done this
year and there remains a good opportunity for enactment.

However, with less than 20 or so legislative days left, we need Senator Gramm
to engage.  A call from Ken Lay in the next two weeks to Senator Gramm could
be an impetus for Gramm to move his staff to resolve the differences.  Gramm
needs to fully understand how helpful the bill is to Enron.  Let me know your
thoughts on this approach.   I am prepared to assist in coordinating the call
and drafting the talking points for a Ken Lay/Sen. Gramm call.


I will be out of the office on vacation Monday and Tuesday of next week 3/27
& 3/28.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 09/26/2000
09:36 AM ---------------------------

"hollyw" <hollyw@email.msn.com> on 09/26/2000 08:09:42 AM
To: "Stacy Warren" <swarre02@coair.com>, "Sheri Thomas"
<Sheri.Thomas@enron.com>, "Rochelle Smith" <rochelle@waterengineers.com>,
"Raymond Paterson" <ray_paterson@hotmail.com>, "Nicol, Gary" <nicolg@bp.com>,
"Matt Frazier" <fraz2girls@ev1.net>, "Lori Horrocks" <loroks@yahoo.com>,
"Len" <bigusdickus70@hotmail.com>, "KRISTI GIRON" <KRISTI.GIRON@cfisd.net>,
"John Schmitz" <jschm@telxon.com>, "Jim Miller" <jraggie1@pdq.net>, "Jim
Henness \(E-mail\)" <jhennes@c2i2.com>, "Jill Barnett"
<barnett.grp@gateway.net>, "Debbie Hall" <gmind@icsi.net>, "Darron C Giron"
<Darron.C.Giron@enron.com>
cc:
Subject: Fw: Nike

----- Original Message -----
From: "Gregor, Lynn C" <GregorLC@bp.com>
To: "'AH' (E-mail)" <alexhaw@yahoo.com>; "'Ahmed' (E-mail)" <AHMED@WT.net>;
"AlB (E-mail)" <abelanger@PSP.com>; "'AndrewWilliamson@aec. ca' (E-mail)"
<AndrewWilliamson@aec.ca>; "'Bernie' (E-mail)" <BERNARD.GUTNICK@ASPECT.COM>;
"'Couth' (E-mail)" <CH729005@MSXSEPC.SHELL.COM>; "Haverkamp, David S"
<HaverkDS@bp.com>; "Mills, David E" <millsde@bp.com>; "'Holly' (E-mail)"
<hollyw@email.msn.com>; "Greg Jeffrey (E-mail)" <gjeffrey@csc.com>; "'Jim.
Sledzik@waii. com' (E-mail)" <Jim.Sledzik@waii.com>; "OLIVER, JOHN J"
<john_j_oliver@amoco.com>; "'phil_toy@atkearney. com' (E-mail)"
<phil_toy@atkearney.com>; "Pedro. Elio@transredes. com (E-mail)"
<Pedro.Elio@transredes.com>; "'Pinko' (E-mail)" <belliott@texas.net>;
"raymond. paterson@dfait-maeci. gc. ca (E-mail)"
<raymond.paterson@dfait-maeci.gc.ca>; "TJ (E-mail)"
<jens_thomassen@hotmail.com>; "Steech (E-mail)" <bcanada11@aol.com>
Sent: Tuesday, September 26, 2000 3:37 AM
Subject: Nike

>
>
>
>
>
>

 - cj_1758.jpg


"Mark Younger" <mdy@slater-consulting.com> writes to the NYISO_TECH_EXCHANGE
Discussion List:

If only 150 MW can be called on when the NYISO needs them then no more than
150 MW should be allowed to qualify as ICAP providers.  The purpose of ICAP
is to assure that the NYISO has capacity when it needs it.  "Having" the
capacity and then not being allowed to use it makes the capacity worthless.
Resources that cannot be called upon are do not add to system security.

-----Original Message-----
From: owner-nyiso_dltf@lists.nyiso.com
[mailto:owner-nyiso_dltf@lists.nyiso.com] On Behalf Of jdprunkl
Sent: Friday, May 11, 2001 3:55 PM
To: 'Larry DeWitt: PACE'; PRLWG
Subject: RE: 150 mW DEC Cap for "Emergency Exempt" for EDRP

Larry:

A couple of comments:

1. I recommend that the 150 MW limit be managed by NYISO Operations.  They
are going to understand the problems in real time and should have complete
authority of which generators get run based on the situation. Trying to
fairly rotate which units get called at this late date, given the hours of
operation are completely unknown would be a waste of time, in my opinion.

2. We all should be very grateful that the DEC has taken the action they
have on expanding the exempt generator definition.  If people are not happy
with the 150MW cap then they should get a registration or state facility
permit and notify the ISO that the their site is not to be counted in the
150 MW cap calculation.

3. Not paying full ICAP for these resources would be a disaster.  If we want
to kill the emergency program, this is the best way to do it.  Again,
calling of generators should be based on the NYISO Operations assessment of
the emergency situation.  A special case resource generator standing ready
to serve, even if DEC has placed some limits on the number of MW running at
one time, should not be penalized by this cap.  We may find situations where
some of the SCR "exempt" generators called can not start or limit their
generation hours for some reason.  In this case we need as many SCR
resources ready to fill the void as possible. Limit payments really hurts
the credibility and effectiveness of the programs we have all worked so hard
to develop.

4. I do not think the EDRP manuals need to say anything on this subject.
This should strictly be an internal NYISO operation matter on which
generators get called in each zone.  If the Operations manual needs to be
updated to reflect the 150 MW exempt generator class of EDRP generators lets
do it here not in the EDRP manual.

Looking forward to Monday's discussion. Have a great weekend.

Best Regards,
John D. Prunkl
MetroGen LLC
205-343-1977 w
217-454-0295 cell
509-356-9367 fax
jdprunkl@metrogen.com
www.metrogen.com

-----Original Message-----
From: Larry DeWitt: PACE [SMTP:dewitt@nycap.rr.com]
Sent: Friday, May 11, 2001 1:43 PM
To: PRLWG
Subject: 150 mW DEC Cap for "Emergency Exempt" for EDRP

Colleagues,
This is a "heads up" that there are several issues we will need to look at
on Monday with respect to the new NYS DEC expanded definition of "emergency
exempt" when participating in the EDRP.  The problems needing solving that I
am aware of so far concern the 150 mW cap that DEC placed on the ISO's call
for emergency customer generation.  Our understanding is that more than that
amount can be signed up for the program--but only 150 mWs can be called at
any one time.

Some have suggested that the DEC does not have the right or power to
regulate the NYISO.  I don't know.  But I do know that DEC would revoke this
in heart-beat if they thought we were going to ignore it--especially after
all these different parties, including the ISO and the self-generation
developers, bargained with NYS DEC to do what they have done.  Also, the
individual participating customers would be more than some upset if they
found out that DEC was revoking their emergency exempt status because they
were deemed to have been the ones who were over the 150 mW limit in an
emergency call.

There are two problems that I have seen, both related to enrolling more than
150 mWs of emergency exempt EDRP participants.  First, if there is more than
150 mWs in the region being called, we need to determine a method for who
gets called--it could rotate in an equitable fashion.  But our manual should
probably speak to this.

The other problem is that we probably shouldn't be paying full ICAP to 300
mWs of emergency exempt EDRP participants if we know that no more than half
of them can respond to any ICAP call.  We might derate them in percentage to
the subscription over the 150 mWs.  Or some other system.

My purpose here is to alert you to the issue and suggest that we want to
come up with a solution on Monday.  I spoke with Mollie Lampi about it and
hope the ISO has a chance to work on it today.  We want all EDRP and DADRP
manual matters to go before the BIC on May 24th.

Have a great weekend and thanks for all of the creative thinking and
constructive participation on getting these programs as right as we can as
quickly as we can!

Larry
<< File: ATT00000.htm >>


Enron has confirmed that you have all settlement/cooperation agreements
between Enron, or affiliates, and any NSM plaintiffs other than routine
accommodations among counsel.

Steve Howard
phone: 310-407-7613
fax: 310-552-6077
cell:  213-716-0536
e-mail:  showard@agsk.com

................................................

ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com

2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077

This transmission is intended only for the use
of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
the intended recipient, or the employee or agent
responsible for delivering the message to the
intended recipient, you are hereby notified that
any dissemination, distribution or copying of
this communication is strictly prohibited.

If you have received this communication
in error, please notify us immediately
via e-mail at postmaster@agsk.com or
by telephone at 310-277-1226. Thank you.

...............................................


Hello all

Some of Enron Confirmation Letters are able to fit on one page, example: Duke
Energy Marketing and Trading LLC are often able to fit on one page (not all
the time).  In the past Duke one page Confirmation Letters we coming over
with a number 1 on the bottom, but both signatures (Enron and Counterparty)
were included.  We have taken the page number out of the template and
hopefully all is corrected.  If you see an Enron Confirmation Letter with
both signatures included although it might have a Page 1 on the bottom, and
no other changes, it is okay to Execute the Confirmation Letter.  If you have
any questions, please let me know!

Thanks
Stephanie
39210


Got a message from PG&E.  Open season will be for 2003 and beyond and they'll
be accepting bids up to 30 years.  Will talk to PG&E and get back with more
information.  If you having any questions give a holler at 415.782.7822.

Best,
JEff


CSU transfer
I zeroed out Dec '01 strip in LTSW # 573463 and added Dec '01 strips in STWR # 576470

Annuity LTSW to STWR for the position transferred:
Deal #883812
Amount: - $79,254

UAMPS transfer
I zeroed out Dec '01 strip in LTSW # 804470 and added Dec '01 strips in STWR # 807382

Annuity LTSW to STWR for the position transferred:
Deal # 883813
Amount: + $6,571


You have been subscribed to enl-dailyupdate-txt with the email address
"vkamins@enron.com"

To unsubscribe, send a blank email to
leave-enl-dailyupdate-txt-13662E@estutenws11.energy.williams.com


Randy, what did this mean to shippers nominating on NNG's pipe?  Do they
have to change their location or POI number for nomination purposes?  If so,
how did we communicate to the shippers.  How does this effect OBA's?
Thanks for the update.  Lynn

	  From:  Randy Janzen                           06/22/2001 04:13 PM

To:	Jean Adams/ET&S/Enron@Enron, Robert Benningfield/ET&S/Enron, Tangie Dykes/ET&S/Enron, Sherry Forbish/ET&S/Enron@ENRON, Chris Greaney/ET&S/Enron@Enron, Randy.Janzen/ET&S/Enron@Enron, Joe Linhart/ET&S/Enron@ENRON, Janet McDaniel/ET&S/Enron@Enron, Debra Scurlock/ET&S/Enron, Kathy Sturr/ET&S/Enron@ENRON, Harry Woodson/ET&S/Enron, John Buchanan/ET&S/Enron@Enron, Terry Kowalke/ET&S/Enron@ENRON, Darrell Schoolcraft/ET&S/Enron@Enron, Gary Spraggins/ET&S/Enron@Enron
cc:	Shelley.Corman/ET&S/Enron@Enron, Steven January/ET&S/Enron@Enron, Lynn Blair/ET&S/Enron@Enron

Subject:	Western Gas Resources

Just an FYI about the sell of assets to Western Gas Resources.  With the exception of clearing up a few loose ends involving some accounting issues the sell of the Gomez Plant and related gathering system, the Mitchell CO2 plant and related gathering system, and the pipe between Mitchell Plant and Gomez is complete effective June 1st.

Randy


Jim:
Here is a Draft copy of our contact list for ENA's projects.  Please let me
or Don Miller know of your comments.  Thanks for your time.
Ben


Per the email below, please note that if you haven't been sending your
original guarantees to Credit, it appears this should be done so in the
future.  Please forward this email on to other members of your group that
might be responsible for filing original guarantees.
----- Forwarded by Tana Jones/HOU/ECT on 06/21/2000 10:03 AM -----

	Lesli Campbell
	06/21/2000 09:58 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Original Guarantees

Tana,

 I have talked with everyone involved, Anthony Campos, Mark Thorne, etc., and
everyone is in agreement that original guarantees should now come to credit.
If you could please, just make sure that they come to my attention so that
they can be briefed and entered into our Credit Agg System.  If you have any
questions please give me a call.

Thanks

Lesli
3/5983
---------------------- Forwarded by Lesli Campbell/HOU/ECT on 06/21/2000
09:57 AM ---------------------------

From:  Tanya Rohauer
   06/21/2000 08:38 AM

To: Lesli Campbell/HOU/ECT@ECT
cc:
Subject: Original Guarantees

This is what we discussed a few weeks ago
---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 06/21/2000 08:36
AM ---------------------------
From: Tana Jones on 06/21/2000 08:33 AM
To: William S Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT
cc:
Subject: Original Guarantees

Just a followup note:

We are still unclear as to whether we should continue to send original
incoming and outgoing guarantees to Global Contracts (which is what we have
been doing for about 4 years, since the Corp. Secretary kicked us out of
using their vault on 48 for originals because we had too many documents).  I
think it would be  good practice if Legal and Credit sent the originals to
the same place, so we will be able to find them when we want them.  So my
question to y'all is, do you think we should send them to Global Contracts,
to you, or directly the the 48th floor vault (if they let us!).


Notice Number:  01-121
April 5, 2001

TO:
ALL COMEX DIVISION MEMBERS

FROM:
M. Dawn Lowe
Vice President and Assistant Corporate Secretary

SUBJECT:
Proposed Amendment to COMEX Gold Supplement No. 3 &Approved Assayers for
Gold8 and COMEX Silver Supplement No. 4 &Approved Assayers for Silver.

Attached please find a proposed amendment to Supplement No. 3, &Approved
Assayers for Gold8 of the Gold Futures Contract and Supplement No. 4,
&Approved Assayers for Silver8 of the Silver Futures Contract which add Alex
Stewart (Assayers) Ltd. as an Approved Assayer for the COMEX Division,s Gold
and Silver Futures Contracts.

The proposed amendment to Supplement No. 3, &Approved Assayers for Gold8 of
the Gold Futures Contract and Supplement No. 4, &Approved Assayers for
Silver8 of the Silver Futures Contract affects a &Special Matter8 under the
terms of the COMEX By-Laws.  Accordingly, COMEX Division Members have ten
(10) days to submit a petition signed by owners of at least 155 COMEX
Division Memberships requesting a vote of the COMEX Division Members to
disapprove the amendments, pursuant to the procedures set forth under COMEX
By-Law 205(D).  If a petition is not received, or if the amendment is not
disapproved, it will be submitted to the Commodity Futures Trading Commission
(CFTC).

If you have any questions, please contact Dawn Lowe at 212-299-2370 or Albert
J. Getz at 212-299-2608.

Proposed Amendment. Underlining indicates additions and bracketing indicates
deletions.
Gold Supplement
No. 3
COMMODITY EXCHANGE, INC.

APPROVED ASSAYERS FOR GOLD

Ledoux & Company
359 Alfred Avenue
Teaneck, NJ 07666
(Orders:  NJ (201) 837-7160)

Alex Stewart (Assayers) Ltd.
Caddick Road
Knowsley Industrial Estate
Knowsley
Merseyside L34 9ER
England
( Orders: 0151 548 7777 )

US LOCATION:
Alex Stewart (Assayers) Inc.
472 Westfield Avenue
Clark, NJ 07066
(Orders: (908) 827-0656)

A H Knight
Eccleston Grange
Prescot Road
St Helens
Merseyside
WA10 3BQ
England
(Orders: (01744) 733757)

US LOCATION:
A H Knight North America, Ltd.
PO Box 3504
130 Tradd Street
Spartanburg, SC 29304-3504
(Orders: (864) 595-1627)

Proposed Amendment. Underlining indicates additions and bracketing indicates
deletions.
Silver Supplement
No. 4
COMMODITY EXCHANGE, INC.

APPROVED ASSAYERS FOR SILVER

Ledoux & Company
359 Alfred Avenue
Teaneck, NJ 07666
(Orders:  NJ (201) 837-7160)

Alex Stewart (Assayers) Ltd.
Caddick Road
Knowsley Industrial Estate
Knowsley
Merseyside L34 9ER
England
( Orders: 0151 548 7777 )

US LOCATION:
Alex Stewart (Assayers) Inc.
472 Westfield Avenue
Clark, NJ 07066
(Orders: (908) 827-0656)

A H Knight
Eccleston Grange
Prescot Road
St Helens
Merseyside
WA10 3BQ
England
(Orders: (01744) 733757)

US LOCATION:
A H Knight North America, Ltd.
PO Box 3504
130 Tradd Street
Spartanburg, SC 29304-3504
(Orders: (864) 595-1627)

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-121)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


I am free next Tuesday?

 -----Original Message-----
From: 	pgraff@reliant.com@ENRON [mailto:IMCEANOTES-pgraff+40reliant+2Ecom+40ENRON@ENRON.com]
Sent:	Thursday, July 12, 2001 11:33 AM
To:	Perlingiere, Debra
Subject:	RE: Master Agreement

Just let me know.

PG

                    Debra.Perlingiere
                    @enron.com               To:     IMCEANOTES-pgraff+40reliant+2Ecom+40ENRON@enron.com
                                             cc:
                    07/12/01 11:30 AM        Subject:     RE: Master Agreement

  I hope to be out from under the pile by early next week say Monday or
Tuesday?

    -----Original Message-----
   From:   pgraff@reliant.com@ENRON
             [mailto:IMCEANOTES-pgraff+40reliant+2Ecom+40ENRON@ENRON.com]
   Sent:   Thursday, July 12, 2001 10:46 AM
   To:     Perlingiere, Debra
   Subject:  RE: Master Agreement

   Thanks for the update.  When are you coming to visit me?

   Paramy

                       Debra.Perlingiere
                       @enron.com               To:
   IMCEANOTES-pgraff+40reliant+2Ecom+40ENRON@enron.com
                                                cc:
                       07/12/01 10:38 AM        Subject:     RE: Master
   Agreement

    Hello Paramy,  I have sent vis messenger just now the executed
   agreement.
   Thanks for all your help with this agreement.   I would like to visit
   with
   you next week.

       -----Original Message-----
      From:   pgraff@reliant.com@ENRON

   [mailto:IMCEANOTES-pgraff+40reliant+2Ecom+40ENRON@ENRON.com]
      Sent:   Thursday, July 12, 2001 10:22 AM
      To:     Perlingiere, Debra
      Subject:  Master Agreement

      Debra,

      Hope you vacation was a good one.  Are you caught up with your work
      while
      you were out? (Of course, not).  Just wanted to drop you a quick note
      and
      check the status of our partially executed Master Agreement.

      Thanks
      Paramy


---------------------- Forwarded by Susan M Scott/HOU/ECT on 12/07/2000 01:50
PM ---------------------------

Zimin Lu
12/07/2000 01:25 PM
To: Susan M Scott/HOU/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT
Subject: Option on collar - explaination

Susan,

I tried to explain the pricing formula in non-technical format.
Take a look the doc attached below, to see if this is good
enough for the lawyers.

Zimin

Resent:


Actually sugar what I need is a copy of my resume.  Mike Heffner wants it.  If you log into my computer at home and go to the email you can send me an email from there and attach my resume.  It is in the C:\drive under Documents and Settings under Resume and I think it is called Resume1.  If you get a chance.  I love you.

The Pigs


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/04/2000 08:34
AM ---------------------------

"Duncan, Allyson" <aduncan@kilstock.com> on 08/03/2000 02:06:00 PM
To: "'Keenan Jeffrey'" <Jeffrey.M.Keenan@enron.com>, "'Mann Kay'"
<Kay.Mann@enron.com>, "'Kroll Heather'" <Heather.Kroll@enron.com>, "'Chapman
Tom'" <tom.chapman@enron.com>, "'Mellencamp Lisa'" <lisa.mellencamp@enron.com>
cc: "Fine, Jonathan" <JFine@kilstock.com>, "Grigg, Mary"
<mgrigg@kilstock.com>

Subject: ENA CPCN

The Commission issued its procedural order, as expected, on August 2.  It
reads just like the draft, except that the Commission did not include the
date for proposed orders that we requested.  We can still make that request
at the evidentiary hearing.

      The public and evidentiary hearing is scheduled to begin
Monday, October 2, 2000 at 2:00 pm
      Petitions to intervene are due by September 8;
      intervenor testimony by September 15;
      ENA rebuttal by September 27.

CP & L vigorously opposed the interventions in its merger and holding
company documents;  we are going through those filings and roughing out an
opposition to its intervention here should it decide to do so.  I am
checking with the Public Staff on the status of their discovery requests.


Craig,

Brent has reviewed the Assignment and suggests that we use the ENA form of Assignment.  Reason being -- the last B of A deal (when using their document), which involved a similar scenario was abit confusing.

Brent said our form will be with PCS as assignor rather than ENA.
However, before we can finalize -- Credit must approve.

Jay,

Please advise if assignment of PCS deals are OK with Credit.

Susan

-----Original Message-----
From: Breslau, Craig
Sent: Monday, November 26, 2001 2:27 PM
To: Bailey, Susan; Williams, Jason R (Credit); Taylor, Mark E (Legal)
Subject: FW: assignment

PCS Nitrogen would like to assign their positions with Enron over to Bank of America.  The structure of the deal would be for B of A to step in between Enron and PCS.  Currently, PCS is out of the money to Enron.  This trade would lower B of A's exposure to Enron.    I would like to give an answer to PCS today.  Could you please review and let me know how we proceed o n this assignment.

Thanks,
Craig
-----Original Message-----
From: ASHill@potashcorp.com [mailto:ASHill@potashcorp.com]
Sent: Tuesday, November 20, 2001 4:06 PM
To: Breslau, Craig
Subject: assignment

Craig,
Attached is a sample assignment agreement sent to us by Bank of America.
It was one they had used with another deal, and has not been customized for
our particular situation.  As I understand Bank of America's verbal intent
is to have Bank of America step in between the obligations of our two
companies.
(See attached file: Assignment-sample doc.doc)
Glad to discuss...Audrea

Audrea S. Hill
Director, Natural Gas Risk Management
847-849-4222 phone
847-849-4694 fax
ashill@worldnet.att.net
(See attached file: Assignment-sample doc.doc)


COLUMBIA GAS TRANSMISSION CORPORATION
                        NOTICE TO ALL INTERESTED PARTIES
                                NOVEMBER 19, 2001

Notice ID: 3278
5 - NO RESPONSE REQUIRED

SUBJECT:  CAPACITY UPDATE EFFECTIVE FOR TUESDAY,NOVEMBER 20, 2001

                 CHANGES ARE INDICATED WITH AN *

Effective Tuesday, November 20, 2001, capacities will be as follows:

Excess MDWQ              Available +
ISS Withdrawals          Available
SIT Withdrawals          Available
Imbalance Drawdowns      Available

Excess MDIQ              NOT Available +
ISS Injections           NOT Available
SIT Injections           NOT Available
Imbalance Paybacks       NOT Available

PAL Lends/Unparks        Available
PAL Parks/Loan Paybacks  NOT Available

+ Call Gas Control 24 hours in advance at (304) 357-2606 to request approval.

Non-firm receipt capacity will be as follows:

TENNESSEE:

Brinker (B12)            20,000
Broad Run (B9)          450,000
Cambridge (B10)               0
Dungannon (B11)          20,000
Highland (B17)                0
Milford (B18)            20,000
North Greenwood (B22)         0
Unionville (B15)         50,000

TEXAS EASTERN:

Delmont (C16)            10,000
Eagle (C22)              20,000
Hooker (C9)              20,000
Pennsburg (C23)          20,000
Windridge (C12)          20,000

NATIONAL FUEL:

Independence (M1)             0
Ellwood City (L1)        15,000

TRANSCO:

Downingtown (E3)          2,500
Emporia I (E13)          60,000
Rockville (E2)           60,000
Dranesville (E1)         50,000

EQUITABLE GAS:

Hi Hat (F3)                   0

KENTUCKY WEST VIRGINIA (KYWV):

Beaver Creek (H1)             0

CNR PIPELINE:

Boldman (CNR02)               0
Conoway (CNR03)               0
Johns Creek (CNR08)           0
Canada (CNR09)                0
Canada (CNR10)                0
Stafford (CNR11)              0
Thacker/Majestic (CNR12)      0
Briar Mtn. (CNR13)            0
Huff Creek (CNR14)            0
Wiser (827280)                0

CONOCO:                       0

Delta Natural Gas (819288)    0
Grant (P1)                    0

NOTE:  ANY APPALACHIAN PRODUCTION FLOWING DIRECTLY INTO COLUMBIA'S LINE KA
BETWEEN COLUMBIA'S BOLDMAN COMPRESSOR STATION AND COLUMBIA'S HUFF CREEK
COMPRESSOR STATION AS WELL AS PRODUCTION FLOWING INTO COLUMBIA'S LINES SM-116,
KA-15, PM-3, AND PM-17 IS 0 NON-FIRM.

ALGONQUIN:

Ramapo (R1)              25,000

ANR:

Paulding/Cecil           30,000
(F1, A2)

LEBANON AGGREGATE       100,000
(A4, F2, C4, D3)

TOLEDO AGGREGATE        100,000
(A3, F4, 734462)

COLUMBIA GULF:
(801)

TCO-Leach               700,000

Internal point non-firm capacity will be as follows:

Lanham                        0

Delivery capacity (non-firm) will be as follows:

TRANSCO:

Martins Creek            10,000
  (MLI E5)
Young Woman's Creek      10,000
  (MLI E9)

ALGONQUIN:

Hanover                       0
  (MLI R2)

EQUITRANS:

Fallen Timber            31,000
  (MLI K1)

Waynesburg-Rhinehart     20,000
  (MLI K2)

OPT-30 will be available in all market areas.
OPT-60 will be available in all market areas.

Market Area delivery capacity (non-firm) will be as follows:

Operating Area 1
     Market Area 33      30,000 *
     Market Area 34      20,000 *

Operating Area 2
     Market Area 20       No Restrictions

Operating Area 3
     Market Area 15       No Restrictions
     Market Area 16       No Restrictions
     Market Area 17       No Restrictions
     Market Area 18       No Restrictions
     Market Area 19       No Restrictions

Operating Area 4
     Market Area 21      10,000 *
     Market Area 22      10,000 *
     Market Area 23      20,000 *
     Market Area 24      10,000 *
     Market Area 25       No Restrictions
     Market Area 29       No Restrictions

Operating Area 5
     Market Area 02       No Restrictions
     Market Area 07       No Restrictions

Operating Area 6
     Market Area 10       No Restrictions
     Market Area 11       No Restrictions
     Market Area 12       No Restrictions
     Market Area 13       No Restrictions
     Market Area 14       No Restrictions

Operating Area 7
     Market Area 01       No Restrictions
     Market Area 03       No Restrictions
     Market Area 04       No Restrictions
     Market Area 05       No Restrictions
     Market Area 06       No Restrictions
     Market Area 08       No Restrictions
     Market Area 09       No Restrictions

Operating Area 8
     Market Area 26       No Restrictions
     Market Area 27       No Restrictions
     Market Area 32       No Restrictions
     Market Area 35       No Restrictions
     Market Area 36       No restrictions for southern part of Market Area 36.
                          Primary receipts/deliveries only for gas delivered
                          in the northern portion of Market Area 36.
     Market Area 38       No Restrictions
     Market Area 39       No Restrictions
     Market Area 40       No Restrictions

NOTE:  GAS DELIVERED IN THE NORTHERN PORTION OF MARKET AREA 38 OR THE NORTHERN
PORTION OF MARKET AREA 36 MUST BE RECEIVED FROM TENNESSEE GAS PIPELINE AT
HIGHLAND.

Operating Area 10
     Market Area 28       No Restrictions
     Market Area 30       No Restrictions
     Market Area 31       No Restrictions

If you have any questions, please contact your Account
Representative.


Cargill-Alliant will participate.

Phil

-----Original Message-----
From: rcarroll@bracepatt.com [mailto:rcarroll@bracepatt.com]
Sent: Friday, March 16, 2001 10:29 AM
To: nolan.steiner@avistacorp.com; dvermillion@avistaenergy.com;
asettanni@bracepatt.com; dwatkiss@bracepatt.com; kcurry@bracepatt.com;
GFergus@brobeck.com; kabarowski, andrzej /hdqt; fantle, phillip m.
/mtkl; psteel@coral-energy.com; psteele@coral-energy.com;
rreilley@coral-energy.com; elizabeth.sager@enron.com;
mary.hain@enron.com; richard.b.sanders@enron.com; smara@enron.com;
snovose@enron.com; sstack@enron.com; jfrizzell@gibbs-bruns.com;
sbishop@gibbs-bruns.com; jklauber@llgm.com; jlhuemoe@llgm.com;
gerspamer@mofo.com; kirvin@mofo.com; kzeitlin@mofo.com;
rloeffler@mofo.com; jmcgrane@morganlewis.com; mgriffen@morganlewis.com;
bcurrey@omm.com; jstamper@omm.com; mawilliams@omm.com;
john.fryer@pacificorp.com; hydeefeldstein@paulhastings.com;
nancy.loftin@pinnaclewest.com; Timothy.Bolden@pinnaclewest.com;
dmperlman@powersrc.com; rosteen@powersrc.com; hao@quinnemanuel.com;
dgarber@sempra.com; wdsmith@sempra.com; rbeitler@sempratrading.com;
PARAMFJORD@STOEL.COM; rcjosephson@STOEL.COM; SJKAPLAN@STOEL.COM;
mbrosterman@stroock.com; mgoldstein@stroock.com; pjazayeri@stroock.com;
theftler@stroock.com; ayudkowsky@strook.com; cfr@vnf.com; gdb@vnf.com;
hes@vnf.com; jrr@vnf.com
Cc: Andrew.Haller@pacificorp.com
Subject: CONFERENCE CALL MONDAY AT 3:00

PRIVILEGED AND CONFIDENTIAL

I was asked to set up a conference call for Monday (3/19) at 3:00
Eastern with regulatory and bankruptcy counsel for the nine Complainants
to discuss the interrelation between the FERC Chargeback complaint
proceeding (and the Amendment 22 matter), the District Court case before
Judge Moreno, and the Bankruptcy proceeding, and to discuss strategy.
Dial-in #: 1-800-403-2008
Participants #: 143570
The following issues have been identified as issues for discussion:

1.  Likelihood that Bankruptcy Court will grant PX motion to modify
stay; including feasibility and effort by parties to file answer in
support of motion, including whether it would be realistic to request
that the PX's motion be considered on a more expedited basis (PX asked
for 3/30 hearing date) in light of the FERC Complaint proceeding;

2.  Status and approach for possible settlement with PX for release of
collateral assuming Bankruptcy Court modifies stay.

3.  Feasibility of asking Bankruptcy Court to immediately release all
collateral in excess of amount needed to satisfy (1) vendors, (2)
existing and anticipated future defaults of SCE and PG&E, and (3)
reasonable costs.  In this regard, does anyone have a handle on whether
the collateral exceeds the total of the foregoing matters?

4.  Any comments on (1) answer to PX answer to Complaint, and (2) answer
to PX request for clarification in Amendment No. 22 proceeding;
including the timing of such filings with FERC.

This email does not address bankruptcy counsel for all parties.  If you
wish to have your client's bankruptcy counsel on the call, please inform
them of the time and relevant information for the call.
This call will likely be extremely unwieldy, so I would request the
parties to consolidate their participants where possible.  Also, please
do not forward this information as it addresses confidential litigation
matters.  Thanks.  See you Monday.  Ron


---------------------- Forwarded by John Arnold/HOU/ECT on 04/11/2000 04:57
PM ---------------------------

From:  Rudi Zipter
 04/08/2000 09:03 AM

To: John Arnold/HOU/ECT@ECT
cc: Vladimir Gorny/HOU/ECT@ECT, Minal Dalia/HOU/ECT@ECT, Sunil
Dalal/Corp/Enron@ENRON
Subject: Option Analysis on NG Price Book

John,

Several months ago we talked about the development of an option analysis tool
that could be used to stress test positions under various scenarios as a
supplement to our V@R analysis.  We have recently completed the project and
would like to solicit your feedback on the report results.

We have selected your NG price position for April 4, 2000 (POST-ID  753650)
for the initial analysis.  Attached in the excel file below you will find:

Analysis across the various forward months in your position

Underlying vs. Greeks, theoretical P&L
Volatility vs. Greeks, theoretical P&L
Time change vs. Greeks, theoretical P&L

Summary of your Overall Position analysis

Underlying vs. Greeks, theoretical P&L
Volatility vs. Greeks, theoretical P&L
Time change vs. Greeks, theoretical P&L

Multiple Stress Analysis

The attached Word document demonstrates the multiple stress choices.  I have
included a tab in the excel file that demonstrates the theoretical P/L
resulting from shifts in both volatility and underlying price.

Please note that the percentage changes across the column headers are not in
absolute terms (for example, if the ATM volatility in a given month is 40%
and the stress is -10% then the analysis is performed under a volatility
scenario of 36%)

Thanks,

Rudi


FYI
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 02/25/2000
05:09 PM ---------------------------

Marcelo Rassekh@ENRON_DEVELOPMENT
02/25/2000 03:25 PM
To: Sami Arap/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton@ECT
cc:
Subject: Deal update

Sami and Sara,
As i've promised, here is a draft of the report we present every week during
the Origination staff meeting. I will send you a more updated version as soon
as i get all the updates. Any doubts, fell free to contact me. Sincerely,
Marcelo Rassekh


Hello, Charlie

I enjoyed talking with you re. your plans to use the DSSAT models in your
work doing crop forecasting related to commodities trading.  I have copied
in Gordon Tsuji, Univ. of Hawaii, who may also be able to help you by
referring you to people who have done similar activities.  Gordon has been
involved with the IBSNAT/DSSAT/ICASA work for a long time and was part of
the managing entity of the DSSAT project.

{---------}

Gerrit Hoogenboom
Professor
Department of Biological and Agricultural Engineering
The University of Georgia
Griffin, Georgia 30223-1797, USA

Phone: 770-229-3438
Fax:     770-228-7218
mailto:gerrit@griffin.peachnet.edu
www.georgiaweather.net
www.gerrithoogenboom.com

{---------}

James W. Jones
Distinguished Professor
Agricultural and Biological Engineering Department
University of Florida
Gainesville, FL  32611

Tele:           352-392-8694
Fax:            352-392-4092
E-mail: jjones@agen.ufl.edu

{--------}

Joe T. Ritchie, Professor            (517) 353-4702 (voice)
Homer Nowlin Chair                   (517) 355-0270 (FAX)
MSU Crop and Soil Sciences
A570 Plant and Soil Sciences Bldg.
East Lansing, MI 48824-1325
E-mail: ritchie@pilot.msu.edu

{---------}

Holiday wishes,

Paul

Paul Wilkens
International Fertilizer Development Center
P.O. Box 2040
Muscle Shoals, Alabama  35662

(256) 381-6600 (Tel)
(256) 381-7408 (Fax)

pwilkens@IFDC.org
http://www.ifdc.org/

-----Original Message-----
From: V.Charles.Weldon@enron.com [mailto:V.Charles.Weldon@enron.com]
Sent: Wednesday, December 13, 2000 10:47 AM
To: pwilkens@IFDC.org
Subject: DSSAT

Dr. Wilkens,

Thank you for your time and advice.  I would appreciate if you would be
able to provide me with contact information for Dr. Jim Jones at the
University of Florida as well as Dr. Joe Ritchie, per your offer to do so.

Thanks again,

Charlie Weldon


The matrix with the implications of arbitration will be done this afternoon.
We received Tozzini's input over the weekend

Peter E Weidler
01/20/2001 09:50 AM
To: Laine A Powell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Felipe
Ospina/NA/Enron@ENRON, Mariella Mahan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Rafael Rangel/NA/Enron@Enron, Rob G Gay/NA/Enron@Enron, Jose
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John Novak/SA/Enron@Enron,
Richard A Lammers/SA/Enron@Enron, Christiaan
Huizer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eddy Daniels@Enron, Federico
Cerisoli/SA/Enron@Enron
cc:

Subject: Decision on Furnas Jan 22

Rob - I reviewed this matrix - I added some of my thoughts into the attached
matrix below.

Our goal is to get as much of Enron's money out as soon as we can.  How we do
that is the difficult part and complex decision tree.  We don't have any idea
at this point in time which course of action is likely to be successful - so
we can not base our next step with Furnas (assuming tuesday's meeting with
Furnas is unproductive) on which of those paths we take.   I was hopeful we
could pursue an arbitration course or some other course with Furnas, to
increase the pressue - possible get a favorable outcome, and provide
political ramifications - and retain our other course of actions by being
able to stop the arbitration when it is opportune time to begin our final
push (after gas arrives).

We need to be close to final decision on what we do next with Furnas on
wednesday.  John and Rob - please make sure we know if and what we can
arbitrate on Wednesday, and lets also make sure we have assessed  all other
possible/feasible next steps with Furnas ahead of Wednesday.

Thanks

Pete


Michael:
If you can let me know when you have talked with Dave, that would be great.
I am trying to talk with Don Miller and wanted to make sure that you had
already talked with Dave.  Enron's PRC is going on and I am trying to get
promoted to manager and this deal should enable me to do just that.  Thanks
again for your comments to Dave.
Ben


are you free at 3:00 today to go over the aga model?


Please see the attached e:mail below from Nancy Hetrick and respond directly
to her.

thanks

gngr
---------------------- Forwarded by Ginger Dernehl/HOU/EES on 08/14/2000
11:40 AM ---------------------------

Nancy Hetrick
08/14/2000 11:15 AM

To: Ginger Dernehl/HOU/EES@EES
cc: Jeff Brown/HOU/EES@EES
Subject: Request for Comments

Ginger, would you please forward the following request to the State Goverment
Affairs group for me.  Thanks.

Attached for your review and comments is the second group of recommended
practices worked on by the UBP group.  The Suppliers that have participated
in the UBP plan to submit joint comments to this report and I would like to
be able to incorporate any comments that individuals in Enron's State
Government Affairs Group may have into the overall Supplier comments.  In
order to meet the deadline for comments, I need to receive your comments no
later than noon, August 28th.  The best way to submit these comments is by
red-lining the actual document.

You can also review and download the entire UBP report, including the
finalized chapters and the chapters "out for comments", on
http://www.ubpnet.org/workshop/download.htm.

Please feel free to contact me (712-366-3399 or pager 888-912-1426) if you
have any questions.  Thanks for your time and consideration.


thx

 -----Original Message-----
From: 	Ryder, Patrick
Sent:	Monday, April 15, 2002 10:35 AM
To:	Germany, Chris
Subject:	RE:

Chris,

The mids are for last Friday and not for the month in question. We have not set physical curves for the summer as of yet. Let me know if you need anything else.

Pat

 -----Original Message-----
From: 	Hopkins, Stephanie
Sent:	Monday, April 15, 2002 10:31 AM
To:	Germany, Chris
Cc:	Ryder, Patrick
Subject:

Here are the forwards details on all the physical deals for May and June.  Let me know if there's anything else I can do.

Thanks,

Stephanie

 << File: phys - may and june.xls >>

Stephanie Hopkins
Enron Net Works
Risk Management
(713) 853-5211