ISDA PRESS REPORT - MONDAY, NOVEMBER 27, 2000

* New Derivative Squeezes Power Out Of Bottlenecks
* Derivatives Trade Darts Up In November
* A Treasury Management ASP for FASB and Beyond
* The Slow Death Of The FX Salesman

New Derivative Squeezes Power Out Of Bottlenecks
Dow Jones International News - November 27, 2000
By Michael Young

As the deregulated Nordic power market plugs into new regions, an electrical
short-circuit has set off trading in a new derivative.

Price differences that arise from bottlenecks in the Nordic region's power
grid capacity has led the local electricity bourse, Nordpool, to launch a
new category of derivative - Contracts for Difference - with hedgers and
speculators keen to give it a go.

"I think they could easily make some headway into the market, and we intend
to trade them, that's for certain," said Allan Toft Hansen, power trader at
Elsam, one of the largest Danish power producers.  A large proportion of
electricity in the Nordic area is traded on the Nordpool exchange, the
world's first international
commodity exchange for electrical power. The bourse matches power producers
and power wholesalers, setting Nordic-wide prices for each hour of the
following 24-hour day. Also, power derivatives such as futures and options
are traded, and with the contracts for difference, a new, third type of
financial                   instrument is to be bought and sold.

Demand for this new type of derivative contract came from price anomalies
between the Nordic electricity regions, price differences that are the
result of bottlenecks in the power grid's capacity.

Nordpool started the new contracts on Nov. 17, and in the first week a total
of 374 gigawatts hours were traded.

"This was bigger turnover than we expected," said Hartvig Munthe Kaas, head
of corporate communications at Nordpool. He added that he was optimistic
about turnover developing in coming months, although he declined to put a
figure on it.

"It is a tool for alleviating a situation where you have different area
prices for the same product," Kaas added.

Capacity limits on the power lines may cause, for example, a predominantly
coal-powered western Denmark region to be priced higher than a region in
Norway, where full reservoirs for hydroelectric plants allow super-cheap
electricity to stream out of the turbines. As a result, producers and
distributors face uncertainty as to whether their region will be served with
the lowest price.

The contracts for difference allow market players to hedge against, or take
on, the risk of these regional price differences.

Paradoxically, the need for a market in contracts for difference increased
with the success of the Nordpool pricing system, which was originally
designed to ensure more homogeneous pricing for different regions: As
electricity markets integrate through advanced market systems, the grid
capacity is overloaded between coal-powered producers with one set of
prices, and hydro-powered producers with another.

"The contracts will become more and more usual, the more that
hydro-generated power integrates with coal-generated power," says Flemming
Loekke, who heads power trading at Danish company Elektra Energihandel.

And with moves to integrate Nordic and German electricity planned, more
exchange trading in contracts for difference will plug the price gaps
between coal and hydro-power, he says. With the Scandinavian power trading
exchanges being increasingly integrated with other exchanges in northern
Europe, demand for an instrument to avoid, or take on, the risk of price
anomalies through the bourse may increase.

"If spot prices differ on the same market, then indeed there is room for
more use of this instrument," said Nordpool's Kaas.

But some market dealers are doubtful about the prospects for a derivative
that allows some producers with inside information on grid capacity to make
gains, while those less fortunate bear the risk.

"I am skeptical. Some producers have access to privileged information, and
this could give them market power," said Jon Ove Heen, a trader at the
Norwegian power company, Interkraft.

Derivatives Trade Darts Up In November
Our Markets Bureau - November 25, 2000

Total volumes in the derivatives segment of the Bombay Stock Exchange (BSE)
witnessed an increase of 30.67 per cent till November 23 to Rs 170.99 crore
from 6,875 contracts, compared with Rs 130.85 crore from 5,554 contracts in
October.

The National Stock Exchange (NSE) also saw a jump in the trading volume in
its derivatives segment at Rs 161.99 crore from 6,507 contracts till
November 23 against Rs 152.85 crore from 6,388 contracts in October. Manoj
Vaish, deputy executive director, BSE, said, "We expect the derivatives
segment to witness a daily trading volume of Rs 100 crore by March 2001."

Derivatives trading started in June with a modest volume of Rs 35.22 crore
from 1,190 contracts on the BSE and Rs 35.25 crore from 1,191 contracts on
the NSE. In July, on the BSE the volume moved up to Rs 88.08 crore (3,109
contracts).

On the NSE, the volume increased to Rs 108.40 crore (3,583 contracts). Since
then, the trading volume in the segment has been gradually improving,
despite the fact that most institutional players are not much active in the
segment.

Analysts point out that another major hurdle in the derivatives sector is
the lack of a pricing mechanism for
contracts. Normally, pricing of derivatives is dependent on the interest
rates in the country and there are arbitrage opportunities across the debt,
derivatives and equity markets.  In the absence of a debt market, no proper
pricing mechanism has been established yet in the country.

"Arbitrage opportunities are essential for the healthy development of the
capital market and today we only have speculators in this segment as hedging
is virtually absent owing to the absence of index funds. Also, arbitrage
cannot be done because there is no debt market in the country. So, only
speculation can be done and no market can be developed with mere
speculators. Hence, institutional presence in the derivatives market will
take time," analysts said.

Meanwhile, the BSE has received 10 new applications for limited trading
membership in the derivatives segment. This is in addition to the 150
regular members.

A Treasury Management ASP for FASB and Beyond
Derivatives Strategy - October 2000
By Robert Hunter

The implementation date for Financial Accounting Standard 133 was pushed
back so many times that
corporate treasurers and accountants alike began hoping the elephant in the
living room would just go
away. But now that it's finally a reality, they're scrambling to apply the
complex rules to flesh and blood accounting reports.

In spite of the long delays, a surprisingly small number of vendors offer
products that can even charitably be
considered FAS 133 compliant.

All of which is good news for Reval.com, an application service provider
trying to bridge the chasm
in FAS 133compliant treasury management systems. Reval bills itself as the
only Internet-based
treasury management system that addresses FAS 133 in any kind of
comprehensive way.

"I think it's a misnomer for any software company, including Reval, to say
that it's FAS 133 compliant," says
Jiro Okochi, CEO and co-founder of Reval.  "The company, not the vendor,
needs to be compliant and it's our job to simplify and clarify this task.
Some vendors may be misleading the end user into thinking that purchasing
their software automatically solves all of the company's FAS 133/138 issues-
and that is wrong."

The company's ultimate goal is to help corporate treasurers at Fortune 1000
and middle-market companies centralize their disparate patchwork of treasury
management systems, and avoid the manually intensive processing associated
with these trades by warehousing financial data on the Internet. At the
moment, high-functionality treasury systems are quite pricey, while cheaper
systems cover only the generic vanilla structures. Reval hopes to fill this
gap by offering an affordable web-based solution that covers a broad
range of asset classes including derivatives.

Of course, product coverage isn't the only problem facing treasury systems
trying to deal with 133. Even if a
package accommodated every financial product known to man, the Big Five
accounting firms each have their own interpretation of the standard and
these views may contradict each other.  Moreover, since the Financial
Accounting Standards Board is still dealing with Derivatives Implementation
Group issues, FAS 133 accounting remains a moving target. By offering an
Internet-based solution instead of a standalone
system, Reval can adapt to evolutionary changes as decisions are made.

Simple web-based systems, with their common interfaces and unlimited
scalability, are dearly the wave of
the future, if not the present. But true derivatives functionality is still
rare in treasury ASPs, and therein lies Reval's opportunity. "For- the
bigger companies," says Okochi, "we're not going to be immediately accepted
as a stand alone systems alternative. We're going to have to prove ourselves
to them.  We'll do this by starting with a derivatives and FAS 133/138
specialization.  As people gain awareness and comfort
with Reval's accomplishments in delivering these sophisticated tasks via an
ASP model, they'll subscribe to more of our treasury functions across the
board."

Under the new standards, all derivatives are marked-to-market on the balance
sheet. The main challenge for
treasurers is to find an underlying hedged item that can also be
marked-to-market into earnings to offset the
derivative's change in market value.  Any changes in value that don't match
are deemed ineffective, and are reflected in a company's earnings. As a rule
of thumb, no one wants variability in derivatives positions to affect
earnings.  As an alternative, however, a company can try to prove that a
derivative hedges a variable cash flow, in which case it can be recorded as
other comprehensive income ("OCI") directly on the balance sheet, with no
earnings impact.

What does this mean for treasury systems?  In the good old days, a company
that issued debt could rely on a simple system that monitored the debt
portfolio with an entirely separate derivatives accounting function handling
the accompanying swap.  Some bigger companies, of course, boasted systems
that could monitor price and risk-manage the derivative portfolio, but such
functionality was rare.  Now, because hedges must be priced and tied to the
underlying hedged items at an inception, integrated derivatives accounting
is more critical than ever.

To address this, Reval plans to provide full mark-to-market services,
including pricing models and independent third-party market data.  "You can
have the best and brightest stars write all the C++ algorithms you want,"
says Okochi, "but unless you have good market data going into the models,
you won't generate a very good price."  Reval will also match hedges with
underlying hedged items and track them throughout their lives, as FAS 133
requires.

The Slow Death Of The FX Salesman
Derivatives Strategy - October 2000
By Barclay T. Leib.

When new technology first started eating up jobs at foreign exchange voice
brokers like Garban Intercapital, and Cantor Fitzgerald, it didn't take long
for foreign exchange salespeople at dealer firms to figure out that they
were next on the menu. The foreign exchange world - a huge, geographically
disperse but ultimately simple two-way market that depends mostly on the
speed of  execution-was a natural to go electronic.

And today, electronic systems - most notably the Electronic Broking Services
platform - dominate the
interbank foreign exchange markets. EBS itself now captures more than 90
percent of the daily inter
bank trading volume. Traditional voice brokers in cash are all but dead.

Add the Internet age, and the pressure only gets worse. A dizzying array of
new foreign exchange trading
platforms, such as FXall.com, Atriax.com, Currenex and CFOWeb.com, promise
that they'll soon
allow clients to do everything from research to execution on the web,
leaving little room for the humans to work.  Meanwhile, bid/offer spreads
are shrinking quicker than a waif model for Calvin Klein.

The official line from the banks, even as they go electronic, is that
there's still an important role for salespeople to play. Good salespeople
are still essential to cement client dealing relationships, they say. What
salespeople might lose in spread revenue, moreover, can be made up by
revenue from greater volume and sales of structured products. Banks even say
that electronic trading is a good thing for the salesfolks. The more sales
and trades done electronically, the more time salespeople have to analyze
markets and cook up profitable, sophisticated hedging strategies. It also
means they have more time to
prospect for new clients, which should be great news for the salespeople.
Who wants to be stuck in the office with five telephones on two ears when
you could be out wining and dining?

But does anyone really believe that? Do the banks have a truly cogent game
plan to sort all this out? At the very least, what new qualities must
salespeople now possess to hold down a job?

Given that foreign exchange is ahead of other capital markets in its use of
electronic price delivery, the answer to these questions could set the tone
for the future of all Wall Street salespeople. So listen carefully.

I CAN SEE CLEARLY NOW

First, it is important to put things in perspective. What exactly are the
facts for foreign sales staffs?

Fact one: The recent spate of bank mega-mergers means that fewer banks are
trading foreign exchange. Moreover, big banks seem to be getting bigger and
more powerful in this area, while the small ones are slowly falling by the
wayside. Banks like KBC Deutscheland, Daiwa and Nikko have all dosed their
spot foreign exchange trading in London; SGCowen New York has laid off part
of its corporate sales force; and DG Bank recently shut down foreign
exchange trading in New York. At the same time, after aggressively re::
cruising new salespeople in 1999, Deutsche Bank has stolen market share even
from the likes of UBS Warburg and JP Morgan.  The latter institutions
reported lower foreign ex: change volumes and profitability during the year,
and specifically cited foreign exchange as an overall drag on their
corporate profitability. JPMorgan will soon be folded into Chase; and a
nascent foreign exchange effort at Donaldson Lufkin & Jenrette will soon be
absorbed into Credit Suisse First Boston. According to head-hunters, resumes
from both Morgan and DLJ have already hit the street. In short, the number
of bank players is down, and bank foreign exchange volumes have been static
to slightly lower in the year 2000.

Fact two: Since the introduction of the euro last year, there are fewer
currencies to trade. In the words of Adam Sorab, a former London-based
foreign exchange salesman at CSFB, "The Rubix cube of currency risk
management has been reduced to a much simpler match-the-shape type puzzle.
With no more lira, peseta or other fringe-European currencies to worry
about, risk management has generally become simpler." Without fringe
currencies to worry about and trade, many previously spreadable
opportunities for the banks have also flown out the window.

Fact three: There are fewer customers. Large macro hedge fund managers and
commercial speculators have, for a variety of reasons, stopped trading the
way they used to. This may have more to do with losses in other macro bets
gone awry - in equity markets and elsewhere - as opposed to problems within
the foreign
exchange market itself.  But for whatever reason, it is making the business
a tougher one for salespeople.

According to one London-based salesperson, "The foreign exchange market used
to have three prongs to it: the hedge funds, the commercial speculative
community and the commercial hedging community. Now, with the demise of
Tiger Management and the downsizing of George Soros' Quantum Fund, some of
the biggest clients have simply disappeared. Speculative commercial accounts
such as French corporates Batif, Aerospatiale and Thompson have also largely
stopped trading in the aggressive style of yesteryear." This
still leaves the commercial hedgers with simple trade-flow repatriation, but
foreign exchange in general is now a much lonelier and thinner market.

"The only recent players with any step-up in activity are the banks doing
one-off hedging for large M&A activities and global equity managers
rebalancing their portfolios and currency exposures," says this salesman.
"If you don't see those flows, you're dead. Almost everyone else is gone."
He's particularly
incensed because the year 2000 has brought some good-sized moves in the
market. "We've gone from 117 to 85 in l the euro. Deutsche mark-yen for us
old-timers has fallen off the charts to 46.70!  But nobody cares. The hedge
fund community is not around. It's mind-boggling."

Fact four: Salary and bonus levels are stagnant. "Gone are the days of the
mega-deal with big guaranteed bonuses," says Elaine de Flores, president of
the recruiting firm de Flores International in Stamford, Conn. "Some
guarantees are still given, but it's not like the old days. You really have
to produce - put your money where your mouth is - to get paid."

De Flores' thoughts are echoed by foreign exchange recruiting specialist
Kenny Blonder, senior vice president of Integrated Management Resources in
Tempe, Ariz. "Salary levels have been flat," he says. "The highest paid
salesperson might make $150,000 tops as a base salary these days."

COUNT YOUR BLESSINGS

So what's the good news? Well, salespeople may be surviving better than some
traders are. Blonder says that in the last two years, he's placed
strategists, economists, quantitative people and a few salespeople, but he
hasn't been able to place a single currency trader during that time.
"E-commerce and the EBS may be even tougher on the traders than the
salespeople," says Blonder. "No one calls out to do spot business
anymore. Volume is just done on the machine. With the new platforms, one guy
can watch more currencies at the same time. You don't need hoards of trading
staff."

Having said that, there are still two factors keeping demand for salespeople
firm for now. First, according to de Flores, banks still want a few
"rainmakers" who bring a book of clients with them when changing firms. "All
recruiters are looking for the same person," she says. "He or she must have
a loyal customer base that is transferable and must be well-versed in
derivatives and other markets as well as foreign exchange. The interview
process has also grown lengthier and fussier. Banks want to see more people.
So while there's still
a demand, it's not easy to dose a deal."

The second factor is, ironically, excessive and premature pessimism over the
future of the business. A New York foreign exchange salesperson notes that
"Because the death bells of this business were rung so loudly and so early,
no fresh new blood has come into foreign exchange for three or four years,
maybe longer."

Unfortunately, he does not think this will help over the long term. "I don't
think we're all going to die, but I think we will be in a reduced-salary,
advisory role," he says. "I certainly can't promise to bring anyone a given
amount of turnover and profitability anymore. The business no longer works
that way."

LOOKING FOR THE PATH OUT

Given all of the above, what is the average foreign exchange salesperson or
trader supposed to do?

The threadbare spreads are prompting a lot of people to contemplate
switching careers. "Up to two years ago, I could make $6 million in spread
revenue for my institution in a good year," says one salesman at a
U.K.-based bank. "This year, I'll be lucky to make $2 million. That's still
enough to keep my job, but I'm working harder now to take home far less
money. If something better came along, I'd take it."

De Flores confirms that this is the overall attitude. "I can't tell you how
often I get a phone call from some foreign exchange person asking, 'What do
I do? Where do I go? How do I reinvent myself?"' she says. "Women in
particular are getting out of the business in droves - taking the attitude
that it is not worth it to come in day after day chasing the same small
group of customers. I don't mean to sound sexist at all, but they are
leaving the industry either to go home and take care of the kids or do
something completely different - sometimes in business-to-business commerce.
There's really a dearth of women in the industry now. Men, unfortunately,
don't quite have that luxury of just packing it in. More often, they are
forced to at least try sticking it out."

De Flores specifically says that many traders, quart-types and structurers
inquire about the buy- or equity-side of the business. "They'd be there in a
heartbeat if I had more of these positions," says de Flores.

But while business may be getting more difficult at the margin, people are
still holding onto their jobs for now, mainly because no* may be the worst
time to jump ship to another firm. "As always, it's easier to fill a
position going up the chain than down," says Blonder. "People are always
happy to step up to a Chase, Citi or Goldman, as opposed to moving down to a
smaller bank. But those making the step up know that if they don't perform
once they get there, they risk not having a seat anywhere at all."

WHERE TO GO?

To survive within the industry itself, a foreign exchange salesperson today
needs to know more than how to
spread spot and forward foreign exchange trades. What's required is a
strategic ability to transact orders in a variety of markets, and to solve
problems for clients using derivatives.  "Three-way option deals are still
going to require the human touch for quite awhile to come," says one
recruiter who is still bullish on the prospects for quality people within
foreign currency sales.

Salespeople not capable of reinventing themselves also might find a niche
selling the very technology that threatens them. "We may end up with two
distinct groups of sales people," muses Craig Puffenberger, managing
director in charge of foreign exchange trading at CSFB. "One handling
complex trades and advisory functions, while the other just services the
portal."

In the meantime, to those thinking of leaving the business altogether, Ian
Dow, president of Dow Consultants in New York, advises, "You're going to
have to reinvent yourself a bit, re-train, maybe take a pay cut."

According to Blonder, "There are jobs in e-commerce, tech companies and
foreign exchange trading software vendors, and I have made a few placements
there. The only problem is that while many of these companies pay a
competitive salary, they usually don't come dose on a bonus basis."

Notwithstanding that caveat, electronic trading platform Currenex has
recently lured several first class veteran sales people to its offices,
hiring both Keith Hill from JP Morgan's London office and Kendra Wisler,
formerly of UBS Warburg. Perhaps stock options did the trick.

Others have found positions on the buy-side. Laura Munisteri, a veteran
foreign exchange trader, options specialist and salesperson, formerly of
Deutsche Bank's Frankfurt office, joined the United Nations Common Fund in
1997 before moving in 1998 to join the global corporate treasury area at
Philips AG.

Others have headed into consulting. One individual with a strong foreign
exchange and treasury background decided in 1997 that the time had come to
hang up his sell-side boots. He started out as a senior consultant at a Big
Five accounting firm and says he's never regretted the switch. "To make any
real money as a consultant, you have to become a partner," he says. "And
even though I did not have the credentials to come in at that level back
then, I'm much closer to that objective now. I've taken my capital-markets
expertise and been able to apply it to a whole slew of new businesses -
these days largely in the dot-coin world."

Others have gone into the regulatory agencies. Ernest Eckersdorf, who spent
most of a seven-year career at
Citibank running corporate foreign exchange sales, and then played a similar
role at Societe Generale for
eight years, now acts as a supervising risk management specialist for the
New York State Banking Department. "I get to see a wide cross-section of
institutions from the top down," he says. "It is actually quite
enlightening, and professionally it's extremely satisfying. There is simply
no comparison between what I do now and the single low-margin product that
foreign exchange has become."

Meanwhile, Sorab, formerly of Credit Suisse foreign exchange sales, leapt at
an opportunity in 1996 (when Credit Suisse and CS First Boston merged their
foreign exchange efforts) to shift his focus. He moved into the hedge fund
marketing and investor relations group of CSFB's leveraged funds group. Four
years later, he is happy he did that. Sorab is soon to become a director of
European sales at Deutsche Asset Management's absolute returns group in
London. "I still have a great many friends in foreign exchange, and many of
them are looking to get out - if they can," he says.

Lastly, we find Christina Engelchor, formerly a 10-year ABN Amro foreign
exchange salesperson, now happily at home in Nagele, The Netherlands, with
her four-year old son, Cees. "I enjoyed what I was doing for a long time,"
says Engelchor. "But then the technology started getting better and the
clients more astute.  Foreign exchange became too competitive. Money-making
opportunities were declining, just as my personal priorities
were changing. Being a woman working in Europe within a male-oriented
business also wasn't always particularly easy.  Sometimes I felt like I was
the only female member of a European football team."

So there you have it. The impending death of the foreign exchange salesman
was predicted by some as early as 1996, and has been acknowledged by more
and more since then. Some banking models are less threatening (see "Wells
Fargo Takes a Novel Approach," Page 7), and a good salesperson who can also
act as a strategist and derivatives expert will likely survive. But the very
nature of e-commerce puts the pressure on the bottom line - and as that
pressure builds, look for the sales community to change almost as much as
the voice braking community has. While banks are loathe to admit it,
shedding expensive foreign exchange sales staff and excess traders may be
the only way they can survive and profit as e-trading truly begins to
burgeon.

"Everyone has access to EBS now, even if they are not supposed to," says a
European salesman. "The banks are themselves a major disservice by providing
such transparency. If this continues, within two years all flow transaction
will go from a company's corporate headquarters directly into an electronic
system, bypassing salesman. The only exception will be very large-sized
trades and structured options-oriented trading."

"It's obvious - we're not necessary anymore," agrees a Chicago-based
salesperson as cheerily as she can.

End of ISDA Press Report for Monday, November 27, 2000.

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


no problem


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/06/2001
09:52 AM ---------------------------

Tanya Tamarchenko
02/28/2001 01:17 PM
To: Wenyao Jia/HOU/ECT, Debbie R Brackett/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: "analytical" var implementation in RisktRAC

Debbie,
I am forwarding to you a 2 page document describing implementation of
"analytical" VAR in RisktRAC.

Here is why this effort is very important:
1. We need to calculate VAR for other percentile but 5 (1% or even 0.2% as
mentioned by Rick Buy)
and our simulation model can not handle required number of simulations;
2. We need to present additional risk measures (such as Mean Tail Loss) to
the Board.

The analytical approach is implemented in a spreadsheet and fully tested
already so there will be no problems
with the algorithm itself.

We need to get together and discuss IT implementation.

What do you think?

Tanya


Sami -

I will be in the office all week - how about 10:00 a.m. Houston time on
Thursday?

Mark

	Sami Arap@ENRON
	10/18/2000 03:43 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Re: Colombian deals

Mark;

As per Randy Young's request, I need to discuss the trading deals in Brazil,
Colombia and Venezuela asap.  Please let me know if you will be available
tomorrow or Friday.

Tks,

Sami

---------------------- Forwarded by Sami Arap/SA/Enron on 10/18/2000 05:43 PM
---------------------------

Pedro Fernando Manrique@ENRON_DEVELOPMENT
10/18/2000 11:38 AM
To: Sami Arap/SA/Enron@ENRON
cc: Ignacio Taveras/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Colombian deals

Sami,

Estoy preparando un paquete completo, una vez lo tenga listo te lo envio. Sin
embargo los deals que tenemos son:

Exportaci?n a Cadafe (Venezuela) con un back-to-back con EBSA (Empresa de
Energ?a de Boyaca)
Emcali-Enron-Chivor, intermediaci?n de credito con una opci?n adicional de 10
GWh-mes
Compra a ISAGEN de 15 GWh-mes 50% Take or Pay and 50% Take and Pay.
Alianza con Chivor para el mercado no regulado.

Los m?s urgentes son la Venta a Emcali y la Compra a ISAGEN, sin embargo los
terminos de las ofertas de EBSA para la venta a Cadafe se vencen el 28 de
Octubre y tenemos que definir algo al respecto. En el curso del d?a te
estamos enviado copia de todas las ofertas y documentos preparados. Ayer
estuvimos reunidos con Clara Ines Guarin, socia de Figueroa Sierra Asociados
revisando el contrato borrador de Emcali-Chivor.

Cualquier duda o pregunta por favor no dudes en dejarmelo saber.

Gracias,

PFM

Sami Arap@ENRON
10/17/2000 04:04 PM
To: Pedro Fernando Manrique/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Susana Camacho/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Colombian deals

Pedro;

Me pod,s mandar copia de los e-mails y materiales/documentos con respecto a
las transacciones que Uds estan buscando negociar en Colombia ?!

Gracias y un abrazo,

Sami


-----Original Message-----
From: 	Blair, Lynn
Sent:	Wednesday, January 02, 2002 2:50 PM
To:	January, Steve; Herber, Stephen; Buchanan, John; Kowalke, Terry; Stage, Michael G.; McCarran, Penny
Subject:	Gas Quality

	FYI.  Thought you guys might be interested in this.  Thanks. Lynn

 -----Original Message-----
From: 	Miller, Mary Kay
Sent:	Wednesday, January 02, 2002 7:35 AM
To:	Lowry, Phil; Corman, Shelley; Neubauer, Dave; Porter, J. Gregory; Dornan, Dari; Darveaux, Mary; Blair, Lynn; Kilmer III, Robert
Subject:	FW:

For your information-   Mary Kay

 -----Original Message-----
From: 	Joan Dreskin <jdreskin@INGAA.org>@ENRON
Sent:	Friday, December 21, 2001 2:49 PM
To:	Albert Cindy (E-mail); Anna V. Cochrane (E-mail); Anne Bomar (E-mail); Brian White (E-mail); Bruce Pydee (E-mail); Carl Levander (E-mail); Catharine Davis (E-mail); Chris Kaitson (E-mail); Claire A. Burum (E-mail); Cyril Zebot (E-mail); Daniel Collins (E-mail); David Hendrickson (E-mail); David Reitz (E-mail); James Peterson (E-mail); Janet Butler (E-mail); Place, Janet; Janice Alperin (E-mail); Jeffrey Bruner (E-mail); Joan Dreskin; Hartsoe, Joe; Judy Neason (E-mail); Keith A. Tiggelaar (E-mail); Kristine Delkus (E-mail); Larry Thomas; Lenard G. Wright (E-mail); Marc A. Halbritter (E-mail 2); Mary Kay Miller (E-mail); Michael E. McMahon (E-mail); Paul Diehl (E-mail); Peggy A. Heeg (E-mail); Penny Ludwig; Randall Crawford (E-mail); Richard J. Kruse (E-mail); Richard Smead (E-mail); Robert Kilmer (E-mail); Rodney E. Gerik (E-mail); Scott Turkington (E-mail); Stephen R. Melton (E-mail); Steven E. Tillman (E-mail); Todd Rushton (E-mail); William Grygar (E-mail); Claire Burum (E-mail); Curtis Moffatt Esq. (E-mail); Deborah Lawrence (E-mail); Denise Simpson (E-mail); Donna Fulton (E-mail); Gregory J. Rizzo (E-mail); Mark G. Cook; Marsha Palazzi (E-mail); Marshia M. Younglund (E-mail); Michael D. Moore (E-mail); Bagot, Nancy; Norman J. Saari (E-mail); Sharon J. Royka (E-mail)
Subject:

 - Response to NGSA.doc


Enclosed is a revised draft of the MG ISDA and CSA Schedules.  The only blnak
that needs to be filled in is the MAC language for MG.  Are they rated?  I
will be in the office until noon tomorrow and then out the rest of the week
at the Enron legal conference.
Carol


Based on a series of meetings and discussions with many you, below is an
outline of the proposed strategy for Com Ed.  I will be meeting with
Commissioner Harvill and also the Commissioners' assistants on Wednesday to
deliver our message, so if you have any comments on this, please get back to
me as soon as possible.  (Com Ed is scheduled to meet with the Commissioners
on Thursday).

The Facts - Customers currently have three rates to choose from: the fixed
price bundled rate, the PPO which is a discount off the Fixed price bundled
rate, or an alternative rate provided by a marketer (ARES).  Most of Enron's
customers are on the PPO although some are on the bundled rate.  Com Ed sent
a letter to the ICC in which they propose to replace the PPO with a spot
market price plus  adder to be effective at the end of 2004.  Com Ed also
acknowledges that with rising market prices, some of the industrial customers
are or soon will no longer be paying a CTC.  With the relinquishment of the
CTC obligation comes Com Ed's obligation to provide the PPO rate.  In
conversations, Com Ed indicated that they would like to replace the fixed
bundled price with a performance based rate at the end of 2004.  An internal
analysis prepared by Mark Ulrich sets forth the negative impact of removing
the PPO on our current book of business.

Issues of Concern:

 * Protection of our current book of business
 * Ability to physically deliver into Com Ed on a competitive basis
 * Potential for Default Service deal
 * Potential to market individual customers on a one-on-one basis

The Plan:

Our public position will be that without the capability to physically deliver
power into the Com Ed market on a competitive basis, the PPO rate should not
be lifted since customers are left without reasonable options or protection.

Our negotiated position in order of priority is as follows:

1.  Protect our current book of business.  We should negotiate a rate with
Com Ed that leaves us whole.  This could include the provision by Com Ed of
ancilliary services.  There is an FRP tariff rate that has expired but that
we believe offered ancilliary services at a rate that allowed other marketers
to physically deliver.  We are in the process of obtaining the tariff to see
if that would work for us to negotiate from, even though it has expired.  In
essence we want to negotiate a new PPO rate under which Com Ed continues to
supply our existing customers or preferably that enables us to physically
deliver to our customers at the same price as the PPO.  Mark Ulrich and Guy
Sharfman are going to develop a rate that we can take to Com Ed for our
entire book of business.

2.  Leverage new business opportunities for EES.  These opportunites include
acquisition of all or a portion of Com Ed's industrial default customers as
well as individual customer accounts.  (We believe that Com Ed wants to free
itself from its obligation to serve industrial customers, so there may be an
opportunity).   The concept is to fold these new customer acquisitions into
the same deal negotiated for our current customers, allowing EES to expand
its customer base and potentially its physical delivery capabilities.  From
the standpoint of acquiring individual customers, we should advocate a real
time price plus adder starting in 2003 for customers who roll off the CTC.

3.  Push for Com Ed support of Enron's positions at the ARTO working level.
Nothing in our agreements, however, with Com Ed should be contingent on the
RTO functioning, such that Com Ed can have an out for its obligations to
Enron under the deal.

Janine.


Alison,

I appreciate it. I really need your help on this one. His father is very
helpful in my recruiting
efforts at Berkeley.

Vince

	Enron North America Corp.

	From:  Mary Alison Bailey                           10/25/2000 09:38 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Yaron's Resume

CORRECTION - I was going too fast last night ( You said Cornell not Carneige
Mellon). Cornell interviews are Monday, October 30 & Tuesday, October 31.  We
are faxing Shmuel Oren's resume to Kristin and checking to see if  there is
any time on the closed schedule, or if the interviewers will stay longer to
include him.  I will let you know today if we can make it work.

Sorry my first e-mail was incorrect.

Vince J Kaminski
10/24/2000 04:37 PM
To: Charlene Jackson/Corp/Enron@ENRON
cc: Mary Alison Bailey/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
Subject: Yaron's Resume

Charlene,

Please, help. This is a son of a professor at Berkeley who helps me a lot in
the recruiting process.
His son goes to Cornell. Can we invite him (the son, not the professor) to a
Super Saturday? I really want
to repay the debt to his father who is very instrumental in  my recruiting
efforts.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/24/2000
04:40 PM ---------------------------

"Shmuel Oren" <oren@ieor.berkeley.edu> on 10/23/2000 04:37:25 PM
To: <vkamins@enron.com>
cc:
Subject: Yaron's Resume

?
 - Yaron-RESUME3.doc


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Hi Everyone,
Mark your calendars for Tasters next Thursday (Nov 16th)!!!! Julianna and I
thought it would be fun for us to meet at Downing Street around 9:45 or 10,
for drinks instead of going to dinner!  How does that sound to everyone?
Love, Ashlea


im ready


I'm working on your request buddy.  I should have it today or tomorrow
morning.


REMINDER:

Tuesday, March 7th there will be an ENA Gas Assets Meeting with Cliff Baxter
and Greg Whalley from 2:00 - 3:00 pm in Conference Room EB5C2.

Everyone who supports the ENA Gas Assets business is encouraged to attend,
this includes each Manager and your groups.  Understanably, you may need some
people covering desks and phones who won't get to attend.  For those who will
be able to make it, keep in mind we would like to leave everyone with a
professional image of our groups.  Please encourage your groups to be there
on time if not slightly early and modeling the Enron dress code.

If you have any questions please call.

Thank You!
Yvette
x3.5953


Additional Information for Security Resource Request  EMLN-4RWMRM has been
provided by Security.

To view the request, double click your left mouse button on the Notes
document link below.


----- Forwarded by Taffy Milligan/HOU/ECT on 05/02/2001 12:21 PM -----

	From:  Greg Krause @ ENRON                           04/08/2001 12:21 PM

To: Ann Elizabeth White/HOU/ECT@ECT
cc:
Subject: Re: Enron/Dunn lease

Ann Elizabeth

Attached is the turn of the draft that Balog did on the Dunn / Our Security
Corp V contract.

Greg

	Enron North America Corp.

	From:  Greg Krause                           03/05/2001 11:03 AM

To: Ann Elizabeth White/HOU/ECT@ECT
cc:

Subject: Enron/Dunn lease

---------------------- Forwarded by Greg Krause/Corp/Enron on 03/05/2001
11:02 AM ---------------------------
From: Roger Balog@ECT on 02/27/2001 01:55 PM
To: shoffman@hklaw.com
cc: Greg Krause/Corp/Enron@Enron

Subject: Enron/Dunn lease

Stuart
Attached is a revised draft of the lease agreement both as a clean copy and
red line comparison to the draft that you sent.  I would be glad to explain
the reasons behind the changes included.  The changes in the insurance
section are taken from the input of our insurance department.
To answer your other question Andrew Balog at Greenberg is not a relative but
we are both Hungarian.  I don't run across many with that name especially
outside of the northeast and midwest.
Roger


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/15/2000 01:14
PM ---------------------------

michael.storm@ss.ps.ge.com on 12/11/2000 03:17:27 PM
To: Kay.Mann@enron.com, Ed.Dannhaus@enron.com, mtezyk@enron.com
cc: lee.johnson@ss.ps.ge.com

Subject: CO#6 for Fountain Valley

All,

Attachment contains latest revision reflecting order for two additional
stacks, six power stabilizers and moving cost for the Fountain Valley
Project.  Please review and let me know if additional changes are required
or recommended.

 <<changeorder#6rev2.doc>>
Please note new contact information below:

Mike Storm

  g   GE Aero Energy Products
  ___________________________________
    A GE Power Systems Business
  Michael E. Storm
  Projects
  Phone: (281) 864-2601  Dial Com 8*326-2601
  Fax:  (281) 864-2116, Pager 888 487 5741

 - changeorder#6rev2.doc


Frank,

Does this help?  Please, let me know.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/14/2000
09:44 AM ---------------------------

"Andreas Simou" <andreas.simou@garp.com> on 12/13/2000 04:51:51 AM
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: GARP 2001 Convention

Dear Vince

Thank you for your recent enquiry concerning a complimentary pass to the
two-day GARP Convention. Unfortunately, it is not GARP's policy to allow
this for a number of reasons: GARP is a not-for-profit organisation, will
much lower delegate fees (and still the same overheads) than other
conference organizers. GARP's mission is to allow an educational forum for
furtherance of financial risk management and an opportunity to allow
networking and contact time between financial risk professionals. However,
in an attempt to remain at ease with my speakers, I would like to offer a
50% discount off the delegate fee for one of you colleagues in Enron. This
will be for the two-day Convention and will include the Gala Awards Evening
on 13th February, which had over three financial and risk professionals at
GARP 2000.

I trust that this is satisfactory. If you would like to take advantage of
this, please fax a completed registration form, along with a brief covering
note referring to this e-mail, and I will ensure that our administration
depart handle the relevant paper work. If you have any questions please do
not hesitate to contact me.

I look forward to your response and to meeting you in New York in February
(and receiving a copy of your presentation in a few days).

Kind regards

Andreas

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <andreas.simou@garp.com>
Cc: <Vince.J.Kaminski@enron.com>
Sent: Tuesday, December 12, 2000 8:50 PM
Subject: Re: GARP 2001 Convention

Andreas,

Am I entitled to bringing one delegate as a guest, free of charge?
Some conferences offer such privileges.

Vince

"Andreas Simou" <andreas.simou@garp.com> on 12/04/2000 06:31:37 AM

To:   <Undisclosed-Recipient:@mailman.enron.com;>
cc:
Subject:  GARP 2001 Convention

Dear GARP 2001 Speaker

This is just a quick note to keep you up-to-date  with developments at the
GARP 2001 Convention, which will be  held in New York between 12th and 15th
February, 2001.

Thus far, GARP 2001 looks set to far exceed our  expectations and GARP
2000. There has been a great deal of interest in the 2001  Convention.
Delegate bookings have been much higher than this time last year. As  a
result, we are set to far exceed the number of delegates that attention
earlier this year. The three workshops and the one-day Asset Management
Forum  are also very well received and will probably reach full capacity. I
will of  course provide you with much fuller details closer to the time of
the  event.

Regarding the event itself, I would like a few  outstanding issues:

1. Presentations: can you please  e-mail your presentation to me by 15th
December, so that I have  enough time to reproduce them and place them in a
delegate pack for the  Convention. (Given the break of the Christmas and
New York period, and that the  event is being held in New York, I am sure
you can appreciate that there are  certain logistical factors that need to
be taken into account, hence the reason  why the presentations are required
as soon as possible). This is purely for  reproduction, we also request you
bring your presentation to the Convention  on the day in either a floppy
disc or a laptop.

2. Audio-Visual Requirements: can  you please inform me of what
audio-visual requirements you may have (35mm  slides; OHP; LCD projection -
notably PowerPoint).

3. Check list: I have attached a  check list for your information. If you
have not returned this already, can you  please read and fax it to my
colleague, Claire as soon as possible.

If you have any questions or queries, please do not  hesitate to contact
me, otherwise I eagerly await your response in due  course.

I look forward to seeing you in New York in  February.

Kind regards

Andreas

_____________________________
Andreas  Simou
GARP 2001 - Conference Producer
Tel +44 (0) 20 7626  9301
Fax +44 (0) 20 7626 9900

Don't miss the GARP 2001 Convention,
program  details via our web site
www.garp.com
(See attached file: speaker checklist.doc)


---------------------- Forwarded by Sandra F Brawner/HOU/ECT on 01/08/2001
01:44 PM ---------------------------

"Pamela Anderson" <pama9@flash.net> on 01/07/2001 09:23:07 PM
To: "Lisa Barnwell" <lisab@discusdental.com>, "Terri Bailey" <tlbkk@aol.com>,
"Susan Schnitzer" <S.Schnitzer@worldnet.att.net>, "Sue Caldwell"
<sue@mbainsurance.net>, "Strphanie Friedhoff"
<Stephanie.g.Friedhoff@pfizer.com>, "Stafford, John"
<John.Stafford@commerceone.com>, "Sandra Brawner"
<Sandra.F.Brawner@enron.com>, "Pedersen, Julie" <julie.pedersen@neg.pge.com>,
"Patricia DeMamiel" <princess3456@dellnet.com>, "Pat Whitty"
<dpwhitty@duke-energy.com>, "Nancy Gilbertson" <ngilbertson@earthlink.net>,
"Virginia Taylor" <vtaylor@taylormkting.com>, "Morris, Lamar (SUGARCREEK XGH
317)" <LMorris1@pclient.ML.com>, "Lee McKinzie" <lmckinzie@stlukes-hou.org>,
"Lamar Morris" <lamar_morris@ml.com>, "Kody Newland"
<kodynewland@hotmail.com>, "Kathy Bennett" <kathy.m.bennett@usa.conoco.com>,
"Kathleen Kennedy" <kmk1@compassbnk.com>, "Kandy Daniel" <Kandydan@aol.com>,
"Jerry Anderson" <jeabudman@webtv.net>, "Hough, Lisa"
<lisa.hough@neg.pge.com>, "Hadnott, Wanna H." <Wanna.Hadnott@lyondell.com>,
"Gregg Anderson" <TEJASGREGG@aol.com>, "Dillard, Kari K" <dillarkk@bp.com>,
"Diana Ayers" <ayersdg@swbell.net>, "Denise Mosely" <denisem@houston.rr.com>,
"Dayna Erck" <derck@pdq.net>, "Dayna Erck" <derck@medicalprofiles.com>, "Dawn
Doga" <dawndoga@aol.com>, "David Dutch" <dutchd@kochind.com>, "Chris
Papousek" <cpapousek@aol.com>, "Carol Buckley" <gbuckley@houston.rr.com>,
<Camille.Gerard@enron.com>, "Brian Spack" <ashleynix@prodigy.net>, "angie
schniers" <angie.schniers@williams.com>, "Amanda C. Herzer"
<acherzer@aol.com>, "Ted Erck" <terck@medicalprofiles.com>
cc:
Subject: Fw: Time & Friends

----- Original Message -----
From: Kevin Cokinos <kcokinos@compuserve.com>
To: Pamela Anderson <pama9@flash.net>
Sent: Sunday, January 07, 2001 6:18 PM
Subject: Fw: Time & Friends

>
>
> -------------Forwarded Message-----------------
>
> From: "Rocky Stevens", INTERNET:rstevens@amelangpartners.com
> To:
> Date: 1/6/2001 11:44 AM
>
> RE: Fw: Time & Friends
>
>
>
> ----- Original Message -----
> From: "Rocky Stevens" <rstevens@amelangpartners.com>
> To: "Rocky Stevens" <rstevens@amelangpartners.com>
> Sent: Saturday, January 06, 2001 11:52 AM
> Subject: Fw: Time & Friends
>
>
> >
> >
> >
> >
> > >          TIME AND FRIENDS
> > >  > > > > >
> > >  > > > > >
> > >  > > > > >
> > >  > > > > >Imagine there is a bank that
> > >  > > > > >credits your account each morning
> > >  > > > > >with  $86,400. It carries over no
> > >  > > > > >balance from day to day. Every
> > >  > > > > >evening deletes whatever part of
> > >  > > > > >the balance you failed to use
> > >  > > > > >during the day. What would you
> > >  > > > > >do? Draw out ALL OF IT, of
> > >  > > > > >course!!!!
> > >  > > > > >
> > >  > > > > >Each of us has such a bank. Its
> > >  > > > > >name is TIME. Every morning, it
> > >  > > > > >credits you with 86,400
> > >  > > > > >seconds.
> > >  > > > > >
> > >  > > > > >Every night it writes off, as
> > >  > > > > >lost, whatever of this you have
> > >  > > > > >failed to invest to good purpose.
> > >  > > > > >It carries over no balance. It
> > >  > > > > >allows no overdraft.
> > >  > > > > >
> > >  > > > > >Each day it opens a new account
> > >  > > > > >for you. Each night it burns the
> > >  > > > > >remains of the day. If you fail
> > >  > > > > >to use the day's deposits, the loss is yours.
> > >  > > > > >
> > >  > > > > >There is no going back.
> > >  > > > > >There is no drawing against the "tomorrow."
> > >  > > > > >You must live in the present on today's deposits.
> > >  > > > > >Invest it so as to get from it
> > >  > > > > >the utmost in health, happiness,
> > >  > > > > >and success! The clock is running.
> > >  > > > > >Make the most of today.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE YEAR,
> > >  > > > > >ask a student who failed a grade.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE MONTH,
> > >  > > > > >ask a mother who gave birth to a premature baby.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE WEEK,
> > >  > > > > >ask the editor of a weekly newspaper.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE HOUR,
> > >  > > > > >ask the lovers who are waiting to meet.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE MINUTE,
> > >  > > > > >ask a person who just missed the train.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE-SECOND,
> > >  > > > > >ask a person who just avoided an accident.
> > >  > > > > >
> > >  > > > > >To realize the value of ONE MILLISECOND,
> > >  > > > > >ask the person who won a silver medal in the
> > >  > > > > >Olympics.
> > >  > > > > >
> > >  > > > > >Treasure every moment that you have!
> > >  > > > > >And treasure it more because you shared it with
> > >  > > > > >someone special, special enough to spend your
> > >  > > > > >time.
> > >  > > > > >
> > >  > > > > >And remember that time waits for no one.
> > >  > > > > >Yesterday is history.
> > >  > > > > >Tomorrow is a mystery.
> > >  > > > > >Today is a gift.
> > >  > > > > >That's why it's called the present!!!
> > >  > > > > >
> > >  > > > > >It's National Friendship Week.
> > >  > > > > >Friends are a very rare jewel,
> > >  > > > > >indeed. They make you smile and
> > >  > > > > >encourage you to succeed.
> > >  > > > > >They lend an ear, they share a word of
> > >  > > > > >praise, and they always want to
> > >  > > > > >open their heart to us.
> > >  > > > > >
> > >  > > > > >Send this to everyone you
> > >  > > > > >consider a FRIEND.
> > >  > > > > >If it comes back to you
> > >  > > > > >know you have a circle of friends
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> > >
> >
> >
>
>
>
>
>
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Jeff , thanks.  I am using this stuff on Monday and Tuesday when we see
people in Finance and Energy here.  Here is my own contribution to the
discussion - something I wrote a few months ago and recently revised.


Ken:

I have invited the following individuals to join us at the 3 pm Thursday
meeting to review the draft of your Columbus speech on the natural gas
situation.

Hamd Alhkayat--Hamd has replaced Andrew Miles in the rotation and will be
helping me with your presentations as well as being the lead with Jeff's
speeches.

Shelley Corman--Shelley has been developing messages for the current and
anticipated gas situation and pipeline safety for the gas pipeline group.
(The safety issue could come up in your Q&A.)

Stinson Gibner--Stinson is with the research group that has generated some of
the more complex slides in your draft dealing with volatility and historic
futures pricing.

Gil Muhl--Gil markets gas products to customers and is speaking at an AGA
conference on the gas supply and price situation the day before your talk.
His group is focusing on new products to help end-users with winter
volatility.  I have asked Gil to send you his presentation as well for the
meeting.

Back to your presentation (the draft slides of which I am delivering to you
today), Dan Yergin thought it would be appropriate for you to give an
overview of the situation as the "teacher" or "professor."  Some questions
that you could address would include:

Where has the industry come from, and what lessons have we learned?

How is the business different today?

What public policy conclusions are implicit in this history?

I think our comparative advantage over the specialists who will be presenting
before and after your keynote is that you have "been there" in the evolution
of the natural gas market, and Enron is at the forefront of helping customers
deal with price and supply uncertainty.  There is also a good opportunity to
stress the need for new industry "best practices" (more hedging) and the
right public policies to deal with this issue (from "do no harm" to expanding
incentives in the market).

- Rob


meeting in Skilllings office re aviation


Hi Kate,
Just wanted to get a status on this deal.  I sent the final confirm to John
Malowney to review on Friday and have not heard back from him yet.  Can you
find out whether this is okay to send out please.
---------------------- Forwarded by Kimberly Hundl/Corp/Enron on 12/12/2000
09:29 AM ---------------------------

Kimberly Hundl
12/08/2000 10:04 AM
To: John Malowney/HOU/ECT@ECT
cc:

Subject: Deal #476578.3 Montana Power Co.

This is a completed confirm letter for this deal.  All 3 legs are confirmed
together with Index language for both on-peak and off-peak indexes.  Please
let me know whether this is ready to fax out.

Thank you,
Kimberly Hundl
Power Documentation


I need to come to the office to meet a guy for lunch (he is in from San Francisco, so I want to make the effort to see him) -- so can we coordinate Cameron coverage for that day (I am not sure if you are planning to take vacation or not).

Trey


When you have a moment, please e-mail me a copy of the Confidentiality Agreement with Sungard.  Thanks
-----Original Message-----
From: 	Shelby, Rex
Sent:	Wednesday, October  31, 2001 1:54 PM
To:	Koehler, Anne C.
Cc:	Wax, Brandon
Subject:	RE: SunGard Enron

Hello Anne-
Yes, we have an NDA in place from our earlier Offline discussions.
-- Rex

-----Original Message-----
From:	Koehler, Anne C.
Sent:	Wednesday, October 31, 2001 1:49 PM
To:	Shelby, Rex
Subject:	RE: SunGard Enron

I will try to get you my comments as soon as possible.  As a preliminary matter, do we have NDA in place with Sungard?
-----Original Message-----
From:	Shelby, Rex
Sent:	Wednesday, October  31, 2001 11:39 AM
To:	Wax, Brandon
Cc:	Koehler, Anne C.
Subject:	FW: SunGard Enron

-----Original Message-----
From:	Henry.Bonner@risk.sungard.com
[mailto:Henry.Bonner@risk.sungard.com]
Sent:	Wednesday, October 31, 2001 10:00 AM
To:	Shelby, Rex
Subject:	RE: SunGard Enron

Hi Rex,
Please would you fax the signed agreement to 212 371 1148.
Look forward to seeing you next week.
With best regards,
Henry.
Henry Bonner,
Managing Director, Business Development,
SunGard Energy Systems,
560 Lexington,
New York,
NY 10022

212 745 9479 (Office)
917 373 5844 (Cell)

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If you are looking to feed and challenge your faith, visit
Crosswalk.com's Spiritual Life Channel at:
http://spiritual.crosswalk.com
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T O D A Y    G O D    I S    F I R S T
                  Marketplace Meditations
                       by Os Hillman

Fruitful Suffering

..."It is because God has made me fruitful in the land of my
suffering."
- (Genesis 41:52)

Joseph named his second son Ephraim. Ephraim was given to him
after he had been delivered from his suffering of 13 years.
Joseph said that he named him this because God had made him
fruitful in the land of his suffering. Ephraim means "twice
fruitful."

Joseph was fruitful in two instances. He was fruitful during his
time of adversity and in his prosperity. When God brings us into
a time of suffering, it can be a fruitful time. It's rare for us
to see the fruit during the suffering period. But know that the
roots are going deep into the spiritual soil of our soul because
of our pressing in to God during our time of suffering. This is
producing a work in our character that cannot be seen until it
finishes the process. Such was the case for Joseph.

It was not until several years after such a time of suffering
that I began to see the fruit of the trials that the Lord allowed
me to experience. How grateful I am to understand some of the
"why" that has led to a new life in Him that I would never have
had without this period.

Samson had great anointing but lacked character. We see many
today who have great anointing yet lack character. But God is
raising up Josephs who not only have great anointing for these
days but also great character. Suffering produces character.

If you find yourself in a time of suffering, now is the time to
press into God. Let your roots grow deeper. Whenever there is a
famine, tree roots are forced to drive deeper into the soil to
find water. These times are designed to create such a deep-rooted
faith that our natures will be changed forever.

* * * * * * * * * * * * Author's Note * * * * * * * * * * *

Want some practical ways to integrate your faith and work?
Read the free article Christians At Work.
Send email to christiansatwork@quicktell.com.
We will forward it to you.

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Published and distributed by Crosswalk.com, this daily devotional is
written by Os Hillman (os@marketplaceleaders.org).  Os is president of
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---------------------- Forwarded by Phillip M Love/HOU/ECT on 04/24/2001
10:12 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 04/24/2001 09:47 AM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Patricia Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Julie
Brewer/NA/Enron@Enron, Lesli Campbell/ENRON@enronXgate, Celeste
Cisneros/NA/Enron@Enron, Sharon Crawford/CAL/ECT@ECT, Richard
Deming/NA/Enron@Enron, Russell Diamond/ENRON@enronXgate, Cindy
Feldman/CAL/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Veronica
Gonzalez/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report--4/24/01


Jared, Ruth and I are going to go over all the Florida activity tomorrow morning.  If no one objects, I will be the lead coordinator on Florida starting tomorrow.


Please delete Kenneth.Lay@enron.com from this communication.

communications@brook.edu@www.brook.edu on 02/25/2001 03:47:26 PM
Please respond to communications@brook.edu
Sent by: bounce-brookings_alert-25465@www.brook.edu
To: "Brookings Alert" <brookings_alert@www.brook.edu>
cc:
Subject: THE BROOKINGS ALERT, 2/26/01

THE BROOKINGS ALERT
week of Monday, February 26, 2001
http://www.brookings.edu

E V E N T S
***********************************
  KIM DAE-JUNG'S VISIT TO THE U.S.
  A Brookings press briefing on the visit of South Korea's president
  Thursday, March 1, 2001, 2:00pm at the National Press Club
  http://www.brookings.edu/comm/events/20010301.htm

  A PRESCRIPTION FOR WORKER ANXIETY:
  Wage and Health Insurance For Displaced Workers
  A luncheon featuring Robert Litan of Brookings and Lori Kletzer of the
  Institute for International Economics discussing a program to help
  workers displaced by trade, technology and other causes. Ambassador and
  former U.S. Trade Representative Carla Hills will comment on the
  proposal. March 6, 2001, 325 Russell Senate Office Building
  RSVP: Alicia Jones, ajones@brook.edu, or call 202/797-6131

  Video and text transcripts of Debating Welfare Reform and Iraq
  and America: Ten Years After Desert Storm, now available:
  http://www.brookings.edu/comm/events/archive.htm

P U B L I C A T I O N S
***********************************
  Growth at the Ballot Box: Electing the Shape of Communities
  in November 2000. A complete report of the outcome of growth-related
  ballot measures before voters in November, with state-by-state maps.
  Phyllis Meyers and Robert Puentes
  http://www.brook.edu/es/urban/ballotbox/abstract.htm

  Bush v. Gore: The Court Cases and the Commentary
  E.J. Dionne, Jr., and William Kristol, eds.
  http://www.brookings.edu/press/books/bush_v_gore.htm
  Use the web companion to the book to access complete text
  of all the legal proceedings in the 2000 presidential election
  dispute: http://www.brookings.edu/bushvgore/

  Brookings books can be ordered on-line or by calling the Brookings
  Institution Press: 800-275-1447 (U.S.); 44-1235-766662 (U.K./Europe);
  202-797-6258 (all other countries). See complete catalog:
  http://www.brookings.edu/press/inprint.htm

P O L I C Y  B R I E F S,
 P A P E R S,  A R T I C L E S
***********************************
  "Prudent or Paranoid? The Pentagon's Two-War Plans,"
  article by Michael O'Hanlon; Survival (Feb. 2001)
  http://www.brookings.edu/views/articles/OHanlon/2001survival.htm

  "Iraq: Time for a Modified Approach,"
  Policy Brief no. 71, by Meghan O'Sullivan (Feb. 2001)
  http://www.brookings.edu/comm/policybriefs/pb071/pb71.htm

  "Defending America: A Plan for a Limited National Missile Defense,"
  Policy Brief no. 70, by James Lindsay and Michael O'Hanlon (Feb. 2001)
  http://www.brookings.edu/comm/policybriefs/pb070/pb70.htm

  Complete policy brief and conference report index:
  http://www.brookings.edu/comm/policybriefs/archive.htm

T E S T I M O N Y
***********************************
  Religious Freedom, Regime Control, and U.S. Policy in Vietnam
  testimony by Catharin Dalpino before the United States Commission
  on International Religious Freedom (2/13/01)
  http://www.brookings.edu/views/testimony/Dalpino/20010213.htm

I N  T H E  P R E S S
***********************************
  "Transition: Less Seems to be More," opinion by Stephen Hess
  on the first month of the Bush presidency; Los Angeles Times (2/25/01)
  http://www.brookings.edu/views/op-ed/Hess/20010225.htm
  (note: available on the Brookings website on Monday by 10am Eastern)

  "How Operational and Visible an NSC?," opinion by Ivo Daalder and
  I.M. Destler; The Brookings Institution (2/23/01)
  http://www.brookings.edu/views/op-ed/Daalder/20010223.htm

  Israel Still Seeks Peace," opinion by Philip Gordon and
  Alan Makovsky; Financial Times (2/22/01)
  http://www.brookings.edu/views/op-ed/Gordon/20010222.htm

  "Bush's $1.6 Trillion Plan isn't a Tax Cut-it's a Budget Buster,"
  opinion by E.J. Dionne, Jr.; Pittsburgh Post-Gazette (2/20/01)
  http://www.brookings.edu/views/op-ed/Dionne/20010220.htm

  "For Star Wars, Small Is Beautiful," opinion by James Lindsay and
  Michael O'Hanlon; The Baltimore Sun (2/19/01)
  http://www.brookings.edu/views/op-ed/Lindsay/20010219.htm

B R O O K I N G S  N E W S
***********************************
  Richard N. Haass, vice president and director of Foreign Policy
  Studies at the Brookings Institution, has accepted an appointment
  from President George W. Bush to become director of policy planning
  at the State Department, with the rank of ambassador.
  http://www.brookings.edu/comm/news/0226Haass.htm

M U L T I M E D I A
 &  C H A T S
***********************************
  Transcript of live chat with James Lindsay on missile defense is
  now available: http://www.brookings.edu/comm/chat/Lindsay010222.htm

  Complete chat transcripts are located at:
  http://www.brookings.edu/comm/chat/chat.htm

  Complete catalog of scholar videos on the website at:
  http://www.brookings.edu/comm/clips/archive.htm

E X E C U T I V E
 E D U C A T I O N
*******************************
  "Governing in the 21st Century," March 12-16
  This week-long program for rising mid-level managers will address
  key issues such as privatization, performance measurement, budget
  policy, procurement, and human resource management.
  http://www.brookings.edu/execed/open/governing_in.htm

  "Executive Leadership in a Changing Environment," March 26-30
  Charlottesville, Virginia
  Brookings hallmark program for senior government executives focuses
  on broad issues of governance and major trends affecting the future
  policy environment.
  http://www.brookings.edu/execed/open/exec_leadership.htm

  For more information see http://www.brookings.edu/ExecEd or call
  1-800-925-5730 to register.
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The Reliability Rules Subcommittee of the New York State Reliability Council
("NYSRC") is posting this message to inform all interested parties of the
ability to participate, on a "listen-only" basis, in the NYSRC Reliability
Rules Subcommittee's Open Meeting No. 32 scheduled for Thursday, January 3,
2002, starting at 10:00 A.M. The agenda which includes the meeting location
and dial-in number for this open meeting is attached.  The meeting will be
conducted per the guidelines of NYSRC Openness Policy No. 2-3
"http://www.nysrc.org/tcweb/pdf/Policy%202-3%20Final.pdf". It is requested
that those who plan on attending or listening shall send an email to
"larry.hochberg@nypa.gov" with the names of the individuals & organizations
participating.  Please visit "http:\\www.nysrc.org" for more NYSRC
information.

Lawrence T. Hochberg
Secretary, NYSRC Reliability Rules Subcommittee

 <<rrs_agenda32.doc>>

 - rrs_agenda32.doc


-----Original Message-----
From: 	Bruce.Lundstrom@enron.com@ENRON
Sent:	Tuesday, October 23, 2001 11:07 AM
To:	Harris, Stephanie J; Rob.Walls.enronXgate@enron.com
Subject:	Dabhol -- Judicial Probe

Jim/Rob -

As Paul Kraske suggested in this e-mail today, I'm going to get Bill Lawler
from V&E involved in the India judicial probe analysis.  As you will
recall, Bill has helped us with the China problems and issues that came up
in India earlier this year (particularly charitable contributions) and more
recently with the criminal charges against Sanjeev relating to certain
quarry leases.

Let me know if you have any comments or objections to our involving Bill on
this issue.

Thanks,
Bruce


guz
on your ncaa picks you have stanford beating duke in the championship game
when they would actually play in the final four and then play the winner of
the mich state / arizona game.  so you need to redo the final four picks.
chris


Start Date: 1/7/02; HourAhead hour: 15;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010715.txt


-----Original Message-----
From: 	"Raul Rizo-Patron" <raul_rizopatron@hotmail.com>@ENRON
Sent:	Thursday, December 06, 2001 10:37 AM
To:	Rogers, Benjamin
Subject:	Raul Rizo-Patron resume

Ben,

As per our conversation, attached is my resume.  As you know, I'm interested
in Corporate Development / M&A, structured finance, and venture capital.

Many thanks,
Raul

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp

 - RaulRizo-Patron.doc


Just to update you on this project's status:

Based on a new report that Scott Mills ran for me from Sitara, I have come up
with the following counterparties as the ones to which ENA is selling gas off
of HPL's pipe.

Altrade Transaction, L.L.C.   Gulf Gas Utilities Company
Brazoria, City of     Panther Pipeline, Inc.
Central Illinois Light Company   Praxair, Inc.
Central Power and Light Company  Reliant Energy - Entex
CES - Equistar Chemicals, LP   Reliant Energy - HL&P
Corpus Christi  Gas Marketing, LP  Southern Union Company
D & H Gas Company, Inc.   Texas Utilities Fuel Company
Duke Energy Field Services, Inc.  TXU Gas Distribution
Entex Gas Marketing Company   Union Carbide Corporation
Equistar Chemicals, LP    Unit Gas Transmission Company Inc.

Since I'm not sure exactly what gets entered into Sitara, Pat Clynes
suggested that I check with Daren Farmer to make sure that I'm not missing
something (which I did below).  While I am waiting for a response from him
and/or Mary Smith, I will begin gathering the contractual volumes under the
above contracts.

---------------------- Forwarded by Cheryl Dudley/HOU/ECT on 05/10/2000 07:56
AM ---------------------------

	Cheryl D King
	05/08/2000 04:11 PM

Sent by: Cheryl Dudley
To: Daren J Farmer/HOU/ECT@ECT, Mary M Smith/HOU/ECT@ECT
cc:
Subject: ENA Sales on HPL

I am working on a project for Brenda Herod & was wondering if one of you
could tell me if I'm on the right track & if this will get everything for
which she is looking.

She is trying to draft a long-term transport/storage agreement between ENA &
HPLC which will allow ENA to move the gas to their markets.  In order to
accomplish this, she needs to know all of the Sales to customers that ENA is
doing off of HPL's pipe.

I had Scott Mills run a report from Sitara showing all ENA Buy/Sell Activity
on HPL since 7/99.  If I eliminate the Buys & the desk-to-desk deals, will
this give me everything that I need?

Are there buy/sell deals done with ENA on HPL's pipe that wouldn't show up in
Sitara?  Someone mentioned something about deals where HPL transports the gas
on it's own behalf then ENA sells it to a customer at that same spot  --
?????  Do deals like that happen? Would they show up in Sitara?

Is there anything else that I'm missing?  I'm not real familiar with how some
of these deals happen nowadays so am very receptive to any
ideas/suggestions/help that you can offer !!!

Thanks in advance.


Oops, I sent you the wrong nom...  Here is the correct HPL Nom for August 11,
2000..  Sorry....

(See attached file: hpl0811.xls)

 - hpl0811.xls


Could I get the following people added as contacts for The New Power Company

Tim Ray
Jeffery Porter
David Scott
 Mike Garred

You are wonderfull.


Counterparty name change:

From:		Laurentino Rodriguez Martin
To:		Guzmanges S.L.
CPID:		95239

From:	Chris Sloan/Enron@EUEnronXGate on 04/06/2001 11:40
To:	Enron Europe Global CounterParty/LON/ECT@ECT, Nick Stacey/Enron@EUEnronXGate
cc:

Subject:	FW: New counter party name

Please amend counterparty as per below mail.

Thanks

Chris

 -----Original Message-----
From: 	Stacey, Nick
Sent:	31 May 2001 10:41
To:	Sloan, Chris
Subject:	New counter party name

Please note our customer Laurentino Rodriguez has been purchased by Guzmanges S.L. and this is therefore our new c/p.

Any other details please let me know.

Cheers

Nick


don't we have a gisb sontract with them that this would fall under


His last day is tomorrow, not Wednesday.

"Neil Mann" <nmann@erac.com> on 11/20/2000 04:36:33 PM
Please respond to <nmann@erac.com>
To: <Kay.Mann@enron.com>
cc:

Subject: RE: Did you see this one from Enron board?

I am picking up Michael. I hope she can make it too. I thought she was
coming home on Tuesday not Wednesday? His last day is Wednesday, right?
Let's eat out of the frig. Love, NM

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Monday, November 20, 2000 4:01 PM
To: nmann@erac.com
Subject: RE: Did you see this one from Enron board?

Allow yourself a day to pack!  I've had to stop and start, but I just now
finished, and I've only been in the office for a couple of months.

Michael says when Paige gets home he's going to grab her leg and hold on to
her.  She thought it was so cute.  He wants her to visit at the school, but
she hasn't told me whether she can make it.  I suspect getting here by 230
or so would be very difficult.

I've hot.  This packing is hard work!

I had lunch with Carlos - and ate too much.  I need to get focused on my
diet again.  At least I'm walking a lot.

You are picking Michael up, today (only), right?

Love,

Kay

"Neil Mann" <nmann@erac.com> on 11/20/2000 04:08:48 PM

Please respond to <nmann@erac.com>

To:   <Kay.Mann@enron.com>
cc:

Subject:  RE: Did you see this one from Enron board?

Sounds good but I thought you wanted a pickup? Ask where it's located and
if
we can have it checked out if your interested. He doesn't say but I'm
guessing it's an automatic.

I did the walk through with John and Maria this morning. Our folks are
going
to be very please with the new office. NM

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Monday, November 20, 2000 3:03 PM
To: nmann@erac.com
Subject: Did you see this one from Enron board?

86 Jeep Cherokee Laredo 4X4, four door with rear lift gate, clean tan cloth
interior, buckets, tilt wheel, good dark blue paint, body has one minor
ding, fairly new M/S tires on aluminum wheels, 2.8L V-6, engine clean,
mechanically maintained. Looks good, runs OK, solid build.

Wife's car since new, she got a new one, I got a toy, driveway overloaded
so this one has to go (I wanted to keep it and let my 16 yr old son drive
it but.... management has determined that 4 vehicles is too many).  His
loss, your gain!

$2600/bo


Attorney Client Privilege

I suspect that the SCE Hydro proceeding should take a turn similar to PG&E's
hydro.  Can you stay on top of it?  We estimate that Californian's would be
better off if the rate freeze is maintained and a future value of the
retained assets is assessed in order to avoid rate shock and maintain an
orderly transition to the end of the freeze.  For instance, we see the assets
being worth the following on December 31, 2001:

Mohave & Four Corners $2.7 billion
SCE Hydro  $1.6 billion
Palo Verde  $1.2 billion
SONGS  $2.8 billion
PG&E Hydro  $4.6 billion
Diablo Canyon  $4.0 billion
   ------------------
   $16.9 billion

You see this is over $16.9 billion in assets on December 31, 2001.  If these
assets were valued as of January 1, 2001, these assets would be worth well
over $21 billion due to the current high market prices.  The $4 billion
difference is due to the difference in net revenues these assets are expected
to recover in 2001.

The current issue for the utilities and California is not a balance sheet and
undercollection issue, but rather a cash flow and supply issue.  We need to
make sure that the CPUC and State Legislature understand the difference.  The
cash flow issue can be solved by signals that the utilities will not be stuck
with the entire shortfall so that the investment community will lend the
utilities money or a loan from the State's budget surplus.  The supply issues
is a tougher issue, but can be mitigated largely from a temporary lifting of
Nox emission limits due to state emergencies, along with other potential
solutions.  The utilities are trying to end the rate freeze and using the
cash flow issue as the reason; but there real reason is to get 100% CTC
recovery, shift 100% risk to consumers, and get the windfall profits from
this market for their retained generation, while putting customers in an
unstable market.  The best rate stabilization plan is to keep the rate freeze
in place, let the market mobilize to (a) build power plants, (b) resolve
default service, (c) allow large customers an opportunity to shop, and (d)
get DSM projects underway for 2002 and beyond, reconcile the balance sheet by
the end of 2001, re-evaluate the nuclear settlements to avoid windfall
profits to utilities and rate shock to customers, and determine the
additional recovery of shortfalls on a going forward basis over some extended
period of time.

The last thing the State of California should do is to introduce the
instability of the market to customers, driving away business and
accelerating the State into a recession that will be difficult to recover
from for many years.  As I previously mentioned, the State will still need to
address the issue of cash flows and supply, and will have to make some
accomodations in order to avoid problems in California.

Roger

P.S.  I read in the paper the CPUC President Lynch stated at the Decision
Conference that it would be premature to end the rate freeze right now.  Is
this true?  Do you think they understand it is more of a cash flow issue
versus a balance sheet issue.

JMB <JBennett@GMSSR.com> on 12/07/2000 02:41:25 PM
To: "'RYANG@ENRON.COM'" <RYANG@ENRON.COM>
cc:
Subject: Status of SCE's Divestitures

Roger  --

Here is an update on what's going on with SCE's divestiture proceedings:

(1) Mohave -- this application has followed a weird course.  SCE filed an
application in October of 1999 to divest its share of Mohave.  In a decision
issued in April (D. 00-04-009) the Commission found that SCE's ownership of
its interest in Mohave was no loner necessary or useful under Section 851 of
the Public Utilities Code and authorized SCE to go ahead with an auction of
its interest.  In that order the Commission directed SCE to make a
divestiture compliance filing after the auction was completed.  SCE did that
in June (AES was to purchase SCE's share for $533 million).  In September
the Utility Workers Union of America filed a Petition in the proceeding
asking to intervene in the proceeding and arguing that the sale of Mohave
was no longer in the best interests of electric consumers in California. The
Commission held a hearing on the petition.  On December 5 (i.e., two days
ago), the Commission issued a PD in which it granted the UWUA's petition and
stayed any further action in the application until further order of the
Commission.  In other words, SCE is not authorized to make the sale to AES.
The PD states that the issue of whether Mohave is "necessary and useful"
under Section 851 standards will be subsumed in the Investigation into the
Wholesale Market (I. 00-08-002).

(2) Palo Verde and Four Corners -- The application to divest these
facilities was filed in May 2000.   TURN filed an application to dismiss the
application in November.  No ruling on that motion has been issued as of
yet.  Currently the applications are still due to go to hearing in February
2001.  What has just happened in the Mohave case, however, does not bode
well for these applications.

(3) Hydro -- SCE's hydro application (filed in December of 1999) went to
hearing in September of this year.  As of yet there has been no PD.

Call if you have any further questions.

Jeanne


Steve - here is a brief update.  The answer to the question on why exchanges
should remain regulated, while we stay unregulated.  The answer is:  "Enron
provides a variety of risk manangement services to our customers, but these
are not futures contracts which the CFTC has primary jurisdiction to
regulate.  We offer swaps, hubrids, etc., but no futures".  The CFTC does
maintain anitfraud and manipulation authority if market abuses are discovered.

Let me know when you have time to make the call to Chairman Combest sometime
on Monday AM.

Thanks- Chris
---------------------- Forwarded by Chris Long/Corp/Enron on 09/22/2000 05:47
PM ---------------------------

RAISLERK@sullcrom.com on 09/22/2000 04:59:21 PM
To: goetscrj@bp.com, kneenjm@bp.com, mcadammj@bp.com,
elaine@citizenspower.com, clong@enron.com, csandhe@enron.com,
Mark.E.Haedicke@enron.com, mark.taylor@enron.com, laurie.ferber@gs.com,
hall2r@kochind.com, lanced@kochind.com, william.mccoy@msdw.com,
steven.kline@pge-corp.com, schindlg@phibro.com, mgoldstein@sempratrading.com
cc:

Subject: Update on CEA Modernization

Chris Long (Enron) and I spent yesterday on Capitol Hill.  We met with House
Agriculture Committee Minority and Majority Staff, Senate Banking Committee
Staff and Senate Agriculture Committee Staff.  The bill clearly is moving and
there is a good chance it will go to the Floor of the House next week.  The
bilateral exemption for physical commodities (non-agricultural commodities)
is accepted and should be secure.  We have problems with the electronic
trading facility exemption for physical commodities.

House

The House Agriculture Committee remains inclined to exclude metals from the
exemption.  We are working with the Commerce Committee (which has not
excluded metals) to change that result.

Senate

We have a much more severe problem in the Senate.  Senate democrats led by
Senator Harkin are very concerned to go against the CFTC in favor of big
energy companies.  They want the CFTC to endorse the exemption.
Unfortunately, as you are aware, the CFTC (recently the Chairman himself)
have been heavily lobbying against the exemption.  We are working with staff
and will keep you posted.

We have prepared talking points and bullets which are still in draft to
distribute to the Hill.  I would appreciate your comments on them and your
thoughts.

----------------------------------

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - Bullets.doc
 - H.R. 4541 Energy Group Talking Points.doc


Actually-upon second look the deal number is 814014-why can't you see this?

 -----Original Message-----
From: 	Saucier, Darla
Sent:	Monday, June 18, 2001 3:48 PM
To:	Tholt, Jane M.
Subject:

Did you do a deal with National Fuel Marketing purchasing 3,500 mmbtu on May 30th @2.975?  They are invoicing for this and I don't have an invoice for it.  Can you give me the Sitara deal #?

Thanks
Darla


Next Steps

Resumes 1/10/01 in WDC.  Enron will continue to attend.

In the Room

Reliant submitted its proposal for blended rates and determining the real gap
between a blended wholesale price and potential retail rates. Reliant showed
that the gap is potentially quite small.
Reliant's effort was to move us away from the "Sharing the Pain" concept
offered by PG&E.
Enron again requested utility ideas for a quid pro quo, assuming any deal
could be struck.
Judge requested additional info from ISO and PX on market shares -- several
marketers explained their concern (e.g. Morgan Stanley, Merrill Lynch,
Avista) that this request gave credence to the "Pain" allocation proposal and
refused to give permission to release their data.  Enron said it was checking
on whether to release the data, but had the same concerns as the other
marketers on the principles.
Judge decided to use a joint statement for his report (see attached) to the
public. The statement was agreed to, in large part, by the participants.
Judge mentioned that 40% of the A/S market is apparently held by three
municipal/alien utilities.
Judges order urges participation by these parties.

Out of the Room

More bilateral discussions between utilities and gens.
Marketers discuss whether to continue to stay in the room and participate.


I have received and will begin my review.  When can I expect the coal hauling
contract.

	Bill White <billwhite@mvalaw.com>
	02/15/2001 03:50 PM

		 To: "'Gerald Nemec'" <gerald.nemec@enron.com>
		 cc: "'Kris Johnson'" <kris.johnson@reusetech.com>
		 Subject: Draft Ash Removal  Agreement

 <<D09N03!.DOC>>
Mr. Nemec:

Attached is the draft proposed Ash Removal Agreement for Elizabethown.  The
insurance language has not yet been reviewed by my client's insurance
specialist, so that section may be subject to revision.

I am preparing the Coal Hauling contract now, and will forward it soon.

Bill White

William A. White
Moore & Van Allen, PLLC
100 N. Tryon Street, Floor 47
Charlotte, NC 28202-40003
(704) 331-1098
(704) 378-2098 Fax
billwhite@mvalaw.com

------------------------------------------------------------------------------
----------------------------------------------
CONFIDENTIAL & PRIVILEGED

Unless otherwise indicated or obvious from the nature of the following
communication, the information contained herein is attorney-client privileged
and confidential information/work product.  The communication is intended for
the use of the individual or entity named above.  If the reader of this
transmission is not 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 or are not sure
whether it is privileged, please immediately notify us by return e-mail and
destroy any copies, electronic, paper or otherwise, which you may have of
this communication.

 - D09N03!.DOC


The following documents were received today and have been forwarded to you
for your immediate attention:

Robert Cawthon d/b/a B.&J. Gas & Oil, et al. v. Enron North America Corp.,
Civil Action No. 01-C-38, In the Circuit Court of Lewis County, West
Virginia.  A Summons and Complaint was sent certified mail to NRAI who then
sent it to Enron North America Corp. by Federal Express.

PLEASE ADVISE IF NOT RECEIVED WITHIN 1 BUSINESS DAY.

Thank you !!

Gay Arnold
Enron Litigation Unit, EB 4829
(713) 853-6612
(713) 853-6576 (fax)
Gay.Arnold@enron.com


Start Date: 3/1/01; HourAhead hour: 5;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030105.txt


Hi Darla,

Could you please help me out?  Someone from Nicor called me last week and
said we had a discrepancy for September business.  All he said was that there
is a difference of $176,836 that we owe them.

Can you give me a general idea of what the discrepancy is?

Thanks for your help.


You got it.  Hope things are going well for you guys.  Tim, I'd love to
catch up sometime.  I tried calling a little while back but I don't know if
my message got through.  Jeff, I'll see you Monday.
Rob
301-280-6195

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Friday, November 10, 2000 3:03 PM
To: Gramlich, Rob; Tim.Belden@enron.com
Subject: Rob's Email

Tim:  I think this is Rob's new email address.

Best,
Jeff

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


---------------------- Forwarded by Shanna Husser/HOU/EES on 09/28/2000 09:22
AM ---------------------------

Kim Chick
09/28/2000 09:13 AM
To: Shanna Husser/HOU/EES@EES, Emily Allwardt/LON/ECT@ECT, Angie
Ramirez/HOU/EES@EES, jenn_stew@hotmail.com
cc:
Subject: FW: TeasingCat.MPG 2.mpeg

 - TeasingCat.MPG 2.mpeg


I'm not above groveling for affection.

Crystal Hyde
08/22/2000 10:09 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Don't cry!!

Chris,

Sorry you are so sad about Alicia being out and everything, but I just wanted
to let you know that I'll be your new friend....so don't be too sad. I hate
to see a man cry!!

later


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