Jerry Scarbrough's True Orange
The Internet Newsletter for the True Texas Longhorn Faithful

Volume 10, Number 25, October 2, 2000

Part 1 of 2 Parts

Longhorns Find Running Game Just in Time
To Maul OSU in Big 12 Opener; OU Next Foe

The Longhorns ran over, around and through the Oklahoma State Cowboys and
their No. 1-rated rushing defense Saturday en route to a 42-7 victory before
a sellout crowd in Austin.
The Cowboys, while they hadn't played a good rushing team in their first
three games, had allowed only 91 net yards rushing all season and they really
do have a pretty salty front seven.
Led by sophomore Kenny Hayter's 122 yards, the Longhorns had 205 net yards
rushing. It was the first time Texas has has 100 net rushing yards in a game
since the 58-7 thumping of Texas Tech last season.
In the six games they played between Texas Tech and Oklahoma State when they
couldn't reach the century mark in rushing, it's no coincidence that they won
just twice.
But they utilized a new gap-blocking technique  to combat the Cowboys'
stunting defense, and it worked to near perfection because Hayter, who was a
little used third-team tailback, turned a lot of little holes into big ones
with his hard running.
While the rebirth of the running game was the big overall story, it didn't
happen until the second half and UT had a shaky 10-7 lead at that point.
Texas still might have lost the game without three crucial earlier
developments )  a huge passing play, a great defensive stand after still
another special teams goof and a penalty against the Cowboys that wiped out a
potentially game-turning interception.
The huge passing play, of course, was Major Applewhite's 96-yard pass-and-run
connection with sensational freshman WR Roy Williams six minutes deep into
the second half
The Horns were holding a fragile 10-7 lead at the time, they were facing a
third-and-14 and they had already had so many problems with  their punting
team that UT fans everywhere were simply hoping for a miracle first down.
After all, coaches everywhere say the first five minutes of the second half
is the most crucial period in a tight game, and the first five minutes had
been all Oklahoma State. The Longhorns hadn't even made a first down since
the intermission.
But they got a lot more than that. Williams got past the Cowboy cornerback
who was covering him and Applewhite looked left and drew the safety back
toward the middle.
When he finally looked to the right and heaved the ball, the only question
was whether Williams could catch up to it because there are few people in
college football who can catch the fleet freshman.
He did, catching it on his fingertips and racing untouched the rest of the
way. That 96-yard play gave Texas a 17-7 lead and it was all downhill after
that for the Longhorns.
But that play was a gamebreaker only because the Longhorn defense stopped the
Cowboys cold early in the second quarter when a fake punt lost yardage and
put OSU in possession at the UT 38, and because an interception of a Chris
Simms' pass and a long runback inside the UT 10 was negated by a personal
foul penalty against the Cowboys.
The defensive stand came on the series after a blocked UT punt set up OSU's
only touchdown. The Cowboys were leading, 7-3, and the Longhorns, at that
point, hadn't generated enough offense to indicate they could fall farther
behind.
The disallowed interception was a possible 10-point swing because OSU might
have scored with a first-and-goal inside the UT 10. Instead, the Horns kept
the ball and continued a drive that ended in the field goal that opened the
scoring.

Here, briefly, is how the game went:

FIRST QUARTER
Neither team threatened early, but the Horns dodged a bullet on their second
possession. They started in good field possession, but Simms threw an
interception that was run back inside the UT 10 before a personal foul
against OSU negated the play and gave Texas a first down at the OSU 29. Texas
couldn't move and Stockton kicked a 45-yard field goal to put the Horns
ahead, 3-0, with 7:00 left. OSU TB Reggie White broke loose for 69 yards to
the UT 11 on the Cowboys' next possession, but the UT defense held and the
Cowboys missed a chip-shot field goal try. Applewhite came in at QB for
Texas. UT led, 3-0, at the end of the quarter, but the Longhorns had only one
first down ) on the penalty that negated the long interception return ) and
just 30 yards of total offense compared to 100 for OSU.

SECOND QUARTER
The UT defense stopped OSU and forced a punt. With Applewhite still in at
QB, sophomore RB Kenny Hayter got a first down on two tough runs, then senior
TB Hodges Mitchell took a quick pitch around left end for 18 yards. But
Applewhite was sacked and his third-down pass to freshman WR B. J. Johnson
was dropped. That was unfortunate because it forced Stockton to punt, the
snap was high, a defender got loose up the middle and the kick was blocked.
Stockton covered it at the UT 30, and OSU's White scored in two plays,
galloping 21 yard to the 9, then bursting up the middle untouched for the
score to put OSU ahead, 7-3, with  9:59 left. The next UT drive also came up
short, but, facing fourth and 1 at their own 40, the Horns went with a fake
punt. It was a disaster and Stockton was tackled for a two-yard loss. But the
strong UT defense yielded only two yards in three plays and got the ball back
for the offense. On his third try, Applewhite got the Longhorns into the end
zone, driving 80 yards in seven plays. Mitchell got the TD on a 3-yard run,
but the big plays were Applewhite's passes of 15 yards to WR Montrell
Flowers, 14 yards on third-and-9 to Johnson and 36 yards to the 3 to
Williams. Stockton's kick gave Texas a 10-7 lead with 4:23 left. OSU got
close enough to try a field goal as time expired, but Ervis Hill blocked it.
UT outgained OSU, 140 to 80, in the period.

THIRD QUARTER
A combination of mishaps, including a sack and a half-the-distance penalty,
left the Longhorns facing a third and 14 from their own 4. Visions of another
punting adventure were etched into the brains of Longhorns everywhere, but
Applewhite dropped back and found Williams breaking open between double
coverage just past midfield. He heaved it and the swift freshman caught it on
his fingertips and raced untouched into the end zone to complete a 96-yard
touchdown play. Stockton's kick put UT ahead, 17-7, with 9:14 left. Lindsay
and White misfired on a handoff two plays later and  UT LB De'Andre Lewis
recovered for Texas at the 13. Hayter powered to the 1 to set up a
first-and-goal. He tried to go over the top, but the Cowboys stopped him,
then the Horns were penalized back to the 6 for a false start. Hayter got
three yards to the 3 off right tackle, but Applewhite's pass on third down
was knocked down and Stockton's 20-yard field goal gave Texas a 20-7 lead
with 6:03 left. Applewhite hit redshirt freshman WR Artie Ellis for 21 yards
and another TD with 2:11 left. A two-point conversion try failed, leaving UP
on top, 26-7, heading into the final period.

FOURTH QUARTER
With Hayter making good gains and Applewhite hitting key passes, the
Longhorns drove 58 yards to set up a 36-yard Stockton FG and moved 42 yards
for a touchdown, with Applewhite connecting with Flowers for the final 2
yards, Ivan Williams ran 21 yards for the final score with 13 seconds left.

900 Number Updated Daily

I update my 900 number daily with football and football recruiting news. The
number is 1-900-288-8839. It costs $1.59 a minute. You must be 18 to call.

Coach's Corner

Coach Mack Brown said Sunday the Longhorn offense had its best day of the
season against Oklahoma State, the defense did its usual fine job and the
special teams, with one notable exception, were outstanding.
"After reviewing the film, it's clear that it was the best performance we've
had offensively," he said. "We scored 42 points and we had no turnovers. The
offensive line had its best performance."
"We were pleased with not only the offensive line, but Roy Williams made some
great blocks, too, and Kenny Hayter made some tough runs."
He also said junior QB Major Applewhite, who underwent off-season knee
surgery, "played like the Major of old. He made very, very few mistakes."
The Major of old was very good. He was the Big 12 Offensive Newcomer of the
Year as a redshirt freshman in 1998 and the Co-Offensive Player of the Year
as a sophomore in 1999.
Applewhite and sophomore Chris Simms have been dividing time at QB, and Simms
started the OSU game, but gave way to Applewhite late in the first quarter.
Applewhite completed 15 of 28 passes for 291 yards and three touchdowns.
Simms, who returned late in the game, completed 3 of 5 passes for 8 yards.
Brown said the defense "continues to swarm and play really well. Casey
Hampton is amazing and D. D. Lewis had an outstanding day. Quentin Jammer and
Rod Babers played really well. We had another blocked kick. that's our 12th
in 30 games here. I thought it was Tyrone Jones, but it was Ervis Hill who
blocked the field goal. It's interesting that our two best kick blockers are
both from Texas City."
The special teams played well, Brown said, except for having another punt
blocked, and he said that is something that simply has to be fixed.
"The two blocked punts this year have been in different areas," he said, "but
we have to get it fixed. We can't keep getting punts blocked."
He said the UT-OU game was such a big game 15 or 20 years ago "that the
feeling was that the team that won this game had a chance to win the national
championship." He said he and OU coach Bob Stoops "are trying to get back to
that."
INJURY UPDATE: Brown said SS Lee Jackson suited out against Oklahoma State
and should be ready to play against Oklahoma. He said DT Shaun Rogers
(sprained ankle) is questionable for the OU game. "We should know more about
Shaun Tuesday," he said. LB O. J. McClintock also missed the OSU game
(bruised knee), but he should be back this week.
BLOCKING, QUARTERBACK NOTES: The big change in the UT running game was
basically one new play - a counter with an off side guard pulling and the
linemen blocking down on the play side. The QB also handed off at least part
of the time on one side and the back veered to the other side for a little
bit of misdirection. . . Major Applewhite's knee has been one of he major (no
pun intended) reasons the coaches have tried to use Chris Simms so much in
the early games. Applewhite still isn't 100%, but he's getting closer every
week. In fact, he looked pretty close to 100% Saturday. That's just in time
because the Sooners look pretty potent and the Horns need to have two top
quarterbacks ready to go.

Baseball Recruiting Going Great

The UT  baseball coaches got a commitment last week from right-handed pitcher
Donald Lavinski, 6-4, 205, of Class AA state champion Weimar, giving them
pledges from two of the state's big three pitching recruits. They also got a
pledge from catcher Curtis Thigpen, 6-0, 175, of Forney.
Round Rock's Joey Guajardo, another right-hander, committed several months
ago. The third member of the big three pitching group is David Purcey, 6-5,
230, a left-hander from Dallas Trinity Christian. He is considering Texas,
A&M and OU.
Purcey was 21-3 at Trinity Christian the last two years and his team won
back-to-back state TAPPS' championships. He also helped his team win a state
TAPPS' title in basketball last year. He had 123 strikeouts in 75 1/3 innings
last year.
Lavinski was 14-1 last year with an outstanding 0.70 ERA. His fast ball has
been clocked as high as 93 miles per hour and he is consistently in the 90
mph range. He also has great command of a sinking fast ball and a change up.
He struck out 170 batters in 95 innings last year, while issuing about 25
walks and giving up about 40 hits.
He said he also had scholarship offers from Texas A&M, Baylor, Rice, Houston
and Oklahoma State.
Thigpen is an outstanding defensive catcher, but he also wields a potent bat,
bashing opposing pitchers for a .515 batting average last season.
He  also considered Alabama, Baylor and A&M.
Lavinski, Thigpen and Pursey all visited Texas the September 23 weekend,
along with shortstop Michael Holloman, 6-0, 165, of Dallas Jesuit.
Holloman said he is considering Texas and Stanford. He visited Texas earlier
and took his official trip to Stanford last weekend.

Horns Rise in Polls

The Longhorns are No. 11 in this week's Associated Press poll and No. 10 in
the ESPN/USA Today coaches poll. Oklahoma, this week's opponent, is No. 10 in
the AP poll and No. 12 in the coaches poll. UT is a 3-point favorite.

Basketball Stars Visit

Kala Bowers, 6-2, of Woodward, Okla., a top national recruit in girls
basketball, took her official visit to Texas last weekend.
She is considering Texas, Colorado, Illinois and Kansas State, and says Texas
and Colorado are her big two.
Heather Schreiber, a versatile 6-2 forward from Windthorst and CoCo Reed, a
5-11 forward from Jersey Village, also came to Austin last weekend. Both
committed to the Longhorns earlier.
Three top juniors also were in Austin on unofficial visits. They are  5-9
point guard Nina Norman of Jersey Village, 5-10 shooting guard Lindsay
Harding of Cypress Fairbanks and 6-1 forward Nichelle Roberts of Spring
Westfield.
Schrieber and Bowers are both rated as top 25 national recruits, and Norman
will be one of the nation's top point guard recruits next season.
Reed and Roberts play on the same high school team and they also play on the
same AAU team, along with Harding.

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Game Quotes . .

"I was really pleased today. Obviously, we were able to stay two-dimensional,
and that's what you always want to do. The offensive line play was tremendous
and Kenny Hayter gave us a spark. He broke some tackles. It brings an
excitement to you when a back breaks tackles."
) Longhorn offensive coordinator Greg Davis
* * * *
"We really had to raise our level of play in the middle with Shaun (Rogers)
and Stevie (Lee) out with injuiries. It all starts up front, and we got
pretty good play up front today."
) UT defensive coordinator Carl Reese
* * * *
"We came out and played with a lot of emotion. We were able to get some good
hits on the quarterback. When you get enough hits, the quarterback eventually
will start looking around and ducking."
) Texas defensive tackle Casey Hampton
* * * *
"At first, I though I overthrew it. I thought that was the big turning point
in the game. Roy Williams is just a great receiver. the offensive line played
great. When I got sacked, it was my fault for holding the ball too long."
) UT QB Major Applewhite, explaining his 96-yard scoring pass to Roy Willims
and the line's great protection
* * * *
"To tell you the truth, I was really nervous at first. The holes were a lot
bigger today. The line really ripped some holes. I had a lot of expectations
when I came here, but I was a little too careless with the ball The last
couple of weeks, the coaches have told me I had a chance to play a lot more."
) Sophomore RB Kenny Hayter, after sparking the Longhorns running game with
122 yards against the No. 1-ranked Cowboy defense
* * * *
"I really felt like today we kind of jelled. We opened up some holes for
Kenny (Hayter), but sometimes he made us look good with the way he ran the
ball and broke tackles."
) UT senior OT Leonard Davis
* * * *
"I couldn't go over there and tell him (Mack Brown) that, but if you are
asking if there is a difference (between the two quarterbacks), there is."
) OSU head coach Bob Simmons, when asked by an Oklahoma writer to compare
Texas' quarterbacks Major Applewhite and Chris Simms
* * * *
"Texas made adjustments and stopped the run.l You have to give them credit.
They have some great coaches and players."
) OSU RB Reggie White
* * * *
"We played hard, but they made a lot of big plays on us. We mentally broke
down."
) Cowboys' LB Chris Carter

Texas-Oklahoma State Statistics

Scoring Summary
Texas                   3           7         16       16   )    42
Oklahoma State        0           7           0        0    )      7

UT - Stockton 44 FG 7:00 1Q (18 yds, 7 plays)
OSU - White  9 run (Condley kick) 9:59 2Q (30 yds, 2 plays)
UT - Mitchell 3 run  (Stockton kick) 4:23 2Q (80 yds, 7 plays)
UT - R. Williams 96 pass from Applewhite (Stockton kick) 9:14 3Q (92 yds, 3
plays)
UT - Stockton 20 FG 6:03 3Q (10 yds, 5 plays)
UT - Ellis 21 pass from Applewhite (pass failed) 2:11 3Q (54 yds, 6 plays)
UT - Stockton 36 FG 8:39 4 Q (58 yds, 15 plays)
UT - Flowers 2 pass from Applewhite (Stockton kick) 4:22 4Q (42 yds, 8 plays)
UT - I. Williams 21 run (kick failed) 0:13  4Q (39 yds, 6 plays)

Official Attendance: 81,692

Team Statistics
Texas     Oklahoma State
First Downs                 23           12
Rushing                     11             8
Passing                     11             2
Penalty                         1              2
Rushing Attempts, Net Yards  44-205       36-168
Net Yards Passing               299        101
Passes Comp., Att., Int.        18-33-0        8-23-0
Total Plays, Offense               77-504        59-269
Avg. Gain per Play                  6.5         4.6
Fumbles Lost                        0 of  0      2 of 4
Penalties, Yards                    15-127       10-78
Punts, Avg.                     5-31.6       8-37.6
Time of Possession          31:54         28:06
Third-Down Conversions        7 of 17        2 of 13
Fourth-Down Conversions     1 of  2      1 of 2
Sacks by Team, Yds Lost     4-27          3-17

Individual Statistics

Texas
Rushing -  Hayter 20-122; Mitchell 8-50, 1 TD;  I. Williams 4-27, 1 TD; Robin
1-12; Ike 4-9; Simms 1-2; Stockton 1-minus 2; Applewhite 5-minus 15.
Passing -  Applewhite 15-28, 291 yds, 3 TDs, 0 Int.; Simms 3-5, 8 yds, 0 TD,
0 Int.
Receiving - R. Williams 5-175, 1 TD; Trissel 2-29; Flowers 4-23, 1 TD; Ellis
1-21, 1 TD; Johnson 2-15; M. Jones 2-13; Healy 1-12; Mitchell 1-11.

Oklahoma State
Rushing -  R. White 15-104, 1 TD; Bell 8-31; Fobbs 2-28; Lindsay 8-8;
Burrough 1-4; Pogi 2-minus 7.
Passing - Lindsay 7-21,  73 yds, 0 TDs, 0 Int.;Pogi 1-2, 28 yds, 0 TD, 0 Int.
Receiving - Rivers 2-41; Fobbs 3-30; Bell 1-25; K. Jackson 1-7; White 1-minus
2.

Tackles by Texas Players, Unasst., Asst., Total

Lewis 3-4-7; Hampton 3-2-5; Jammer 3-2-5; Tubbs 0-5-5; Brooks 4-0-4; Rawls
3-1-4; G. Brown 2-2-4; Thornton 0-4-4; Hayward 3-0-3; Gordon 3-0-3; Pittman
2-1-3; Pearson 2-0-2; Ungar  2-0-2; Geiggar 2-0-2; T. Jones 0-2-2; Boyd
0-2-2; Redding 1-0-1; Babers 1-0-1; Vasher 1-0-1; Trahan 0-1-1; Wilkins
0-1-1; Hightower 0-1-1.
Tackles for Losses: Thornton 1-minus 5; Jammer 1-minus 5; Lewis 1-minus 2;
Hayward 1-minus 2; Rawls 1-minus 1; Hampton 1-minus 1.
Sacks: Hampton 1-minus 9; Lewis 1-minus 6; Pittman 1-minus 6; Boyd  and Tubbs
shared 1-minus 6.


Just don't want to say anything unintentionally.

John


Dan -

Please see the attached marked version of the TFS LOI.  I intend to send this
to TFS for their signature, but wanted you to see it first.

Let me know your thoughts.

Thanks.

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


---------------------- Forwarded by Joe A Casas/HOU/ECT on 02/24/2000 03:55
PM ---------------------------

knovsek@columbiaenergygroup.com on 02/24/2000 08:23:19 AM
To: " - *jcasas2@enron.com" <jcasas2@enron.com>
cc:
Subject: MARCH 2000 NEEDS

---------------------- Forwarded by Kim Novsek Bizik/CES/ColumbiaGas on
02/24/2000 09:21 AM ---------------------------

KIM NOVSEK BIZIK
02/24/2000 09:17 AM

To: jcasas@enron.com, bbeaty@enron.com, apatton@enron.com,
vversen@enron.com
cc: Marianne Stiles/CES/ColumbiaGas@ColumbiaGas
Subject: MARCH 2000 NEEDS

Good Morning.  Listed below are the volumes I need for March 2000 with the
exception of South Jersey.  As soon as I know that volume, I will contact you.

Tetco
 BUG  103 dth/day   LDC Nom Deadline is noon on the
28th.
 Con Ed 207 dth/day  LDC Nom Deadline is 2 pm on the 29th
 PECO 1043 dth/day weekdays,  453 dth/day Saturdays and 373
dth/day Sundays
   LDC Nom Deadline is 12:30 on the 29th
 PSEG 1220 dth/day  LDC Nom Deadline is 1:30 pm on the
29th
 Etown 15 dth/day  DCQ  LDC Nom Deadline is noon on the
29th
 NJN  3965 dth/day LDC Nom Deadline is 12:30 est on
the 29th
 UGI  1421 dth/day from MARCH 1 - 22 and 1131
dth/day from MARCH 23 - 31.
   LDC Nom Deadline is 10:30 est on the 18th for the
pre-nom and final is 10:30 est on the 31st.
   UGI will pull from Enron's ELA pool #600228 and deliver
to UGI's citygate
 PFG  daily swing see attached for daily breakout
   LDC Nom Deadline is 12:30 on the 29th

Transco
 LILCO 324 dth/day    (capacity release is also for 324)
LDC Nom Deadline is noon on the 28th
 PSEG 136 dth/day  LDC Nom Deadline is 1:30 pm on the 29th
 S Jersey DCQ - SJ tells CES the volume dth/day Transco nom must
show Enduser # 012224 to be confirmed-    LDC Deadline is
12:30 on the 29th
 Piedmont 919 dth/day LDC Nom Deadline is 10:30 est on the
24th  Enron scheduler must state in nomination    package
ID is "Columbia"
 PSNC 145 dth/day (Enron will get the capacity release for this
from PSNC)
   The supply will be from PSNC's pool #7620 (this is
their station 85 pool)
   LDC Nom Deadline is noon on the 29th

Texas Gas
 DP&L  1203 dth/day LDC Nom Deadline is 12:30 est
on the 29th

 CG&E 1186 dth/day  LDC Nom Deadline is 12:30 on the 29th
- note this can be served off ANR

KO Transmission
 UHLP 34 dth/day  LDC Nom Deadline is 12:30 est on the
29th

Back to Back - Iroquois
 Central Hudson 145 dth/day backed completely by the wholesale
purchase from Duke (now Enron deal)
    LDC Nom Deadline is noon on the 22nd

Columbia Gas
 PFG  468 dth/day off TCO and 332 dth per day direct from
VP Energy (a John Singer deal that is now part    of Enron
supply)  LDC Nom Deadline is 12:30 on the 29th

 MGC  247 dth/day WVA Production @ 3-16 baseload

   3227 dth for the month WVA Production @ 3-16 swing -
this is for a customer that only burns if the    avg temp
is 32 degrees

   206 dth/day Monday - Thursday,  100 dth on Friday, 52
dth on Saturday and 122 dth on Sunday of    WVA Production
@ 3-16 swing

   148 dth/day WVA Production @ 3-17 baseload

   86 dth/day Monday - Friday,  30 dth on Saturday, and 50
dth on Sunday WVA Production @ 3-19    swing

   323 dth/day NON WVA Production @ 3-19 baseload

   854 dth/day WVA Production @ 3-19 baseload

   194 dth/day WVA Production @ 3-19 on TCO's CONTRACT
baseload

   736 dth/day WVA Production @ 8-35 baseload

   2100 dth for the month WVA Production @ 8-35 - this is
for the customer that nominates gas one    week at a time
but will take 2100 dth over the month

   LDC Nom Deadline is 5 pm est for pre-noms on the 21st
and 3 PM  est on the 28th for finals

 - Martin's PFG daily breakdown FOR                     MARCH 2000.


Attached please find the draft of the Master Services Agreement for Project
20/20 together with drafts of the 9 Service Schedules planned to be executed
at the closing.  Let's discuss Monday morning if possible.  Thanks.  Shonnie


Amy's calculations should be close depending on:

1. verification of the volume TW owes ECS for January, and

2. Did ECS actually sell 25,000/day during those last 10 days of December? Randy seems to be saying that they sold 25,000/day for 5 days.

Paul

 -----Original Message-----
From: 	Mulligan, Amy
Sent:	Wednesday, January 09, 2002 4:43 PM
To:	Moore, Jan; Donoho, Lindy; Y'barbo, Paul
Subject:	My Calculation

 -----Original Message-----
From: 	Mulligan, Amy
Sent:	Friday, January 04, 2002 12:48 PM
To:	Lohman, TK; Schoolcraft, Darrell
Subject:	RE: Compression Gas

I have attached a spreadsheet which shows my calculations for the compressor gas, please tell me of there is something missing from my logic.  I have also attached the scheduled quantities for their contract for December.

 << File: ECS Balance.xls >>

 << OLE Object: Picture (Device Independent Bitmap) >>

 -----Original Message-----
From: 	Lohman, TK
Sent:	Friday, January 04, 2002 8:40 AM
To:	Mulligan, Amy; Schoolcraft, Darrell
Subject:	FW: Compression Gas

FYI!                       TK

 -----Original Message-----
From: 	Gay, Randall L.
Sent:	Friday, January 04, 2002 8:32 AM
To:	Lohman, TK
Subject:	RE: Compression Gas

tk:  we show we only actually scheduled 125,000 in december.  Richardson is taking the rest in Januaty, so we will be scheduling 21,447 a day jan 5th thru the 31st.  If you have any questions give me a call

Randy

 -----Original Message-----
From: 	Lohman, TK
Sent:	Thursday, January 03, 2002 4:57 PM
To:	Gay, Randall L.
Subject:	FW: Compression Gas

Randy, Stephanie asked me to send this to you.  Is this correct with your records?

TK

 -----Original Message-----
From: 	Mulligan, Amy
Sent:	Thursday, January 03, 2002 10:08 AM
To:	Lohman, TK
Subject:	Compression Gas

For December we should have scheduled 363289 to ECS.

We Scheduled 250000.

Therefore, as of the end of December, we still need to schedule an additional 113289.

So far 15000 was scheduled for 1/2/02 and 11000 will be scheduled for the 3rd.

I did not receive any official numbers this month as to how much we owed ENA for January, so that still needs to be figured out.

I hope this is what you need,
Amy


---------------------- Forwarded by Eve Puckett/Corp/Enron on 01/24/2001
08:23 AM ---------------------------

	Enron North America Corp.

	From:  Larry Joe Hunter @ ECT                           01/24/2001 08:17 AM

To: Eve Puckett/Corp/Enron@ENRON
cc: Brenna Neves/NA/Enron@ENRON

Subject: Cinergy Mktg & Trading

Eve,

For the referenced counterparty, it is ok to Executed deals with a stamped
signature line of Jocelyn Watson.  Also, Cinergy will write a number of days
next to our Effective and Termination Dates.  This is ok as long as they do
not cross out anything on our Confirms or adjust any of our dates.

Thanks,
Joe


When: Occurs every Monday effective 8/6/2001 until 7/29/2002 from 1:00 PM to 1:30 PM (GMT-06:00) Central Time (US & Canada).
Where: Louise's Office

*~*~*~*~*~*~*~*~*~*


Carla, this doesn't make much sense to me that we would both randomly add a
sunday to block forward deals.  I looked both of them up and it appears that
they were both index forward transactions and both were entered on the smae
day.  Therefore it would appear that there may have been a problem with the
masks?
---------------------- Forwarded by Mark Guzman/PDX/ECT on 10/02/2000 07:44
AM ---------------------------

Chris Mallory
09/30/2000 01:42 PM
To: Carla Hoffman/PDX/ECT@ECT, Mark Guzman/PDX/ECT@ECT
cc:
Subject: Block Forwards for Oct 1

There were two Block Forward deals in for Sunday on Peak.  I looked in the
Block Forward log and did not see them being different from a straight on
peak deal.  Therefore I changed the masks to exclude Sundays and Holidays.
One was put in by Carla and the other by Mark. Here are the deal numbers
#403599, and 403603.  If you have any questions let me know.

Mallory


---------------------- Forwarded by Jane M Tholt/HOU/ECT on 11/27/2000 03:38
PM ---------------------------

"Betonte, Robert - TP2RSB" <RBetonte@socalgas.com> on 11/22/2000 12:41:44 PM
To: "'prez@cook-inlet.com'" <prez@cook-inlet.com>, "'jane.m.tholt@enron.com'"
<jane.m.tholt@enron.com>, "'gcvenz@duke-energy.com'"
<gcvenz@duke-energy.com>, "'jtracy@coral-energy.com'"
<jtracy@coral-energy.com>, "'cbulf@oneok.com'" <cbulf@oneok.com>
cc: "'suyen@cook-inlet.com'" <suyen@cook-inlet.com>, "'wonmi@cook-inlet.com'"
<wonmi@cook-inlet.com>, "Lorenz, Lad - TPLPL" <LLorenz@socalgas.com>, "Reid,
Mary - TP5MAD" <MReid@socalgas.com>
Subject: El Paso FERC Order regarding Topock Allocation

Dear Acquiring Shippers,

The attached memo discusses the impact of the Topock allocation on your
rights as acquiring shippers.? Please read the memo and give me a call (213
244-3832) if I can be of further assistance.? Have a Great Thanksgiving.

??????? ??????? ??????? ??????? ??????? ??????? ??????? ??????? Thanks,? Bob
Betonte

 <<AcqShipper.doc>>

 - AcqShipper.doc


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Distillate     http://www.carrfut.com/research/Energy1/hoil78.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded78.pdf

Daily Energy Letter
http://www.carrfut.com/research/Energy1/Energy-Letter2-6-02.pdf


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks42.pdf

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


Meeting of the Association of General Counsel - The Greenbriar, White Sulphur
Springs, West Virginia


Shari:

As per Tana, it is not necessary to respond at all for "Declined."  However,
you do need to respond in any other circumstance, including where credit has
"X"'d the counterparty.

Leslie

	Shari Stack
	08/24/2000 06:07 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: (bcc: Leslie Hansen/HOU/ECT)
		 Subject: Re: EOL Credit Responses 08/23/00

Thanks for this - Leslie had thought that you would like to have a response
next to each name. But I will take you up your suggestion!

If I recall correctly - only the first one had "Declined" next to the name.
For the others - I had to scroll right to look for Credit's "X" in the
product list. Do you want me to mention those where Credit has put an X?

	Tana Jones
	08/24/2000 06:03 PM

		 To: Shari Stack/HOU/ECT@ECT
		 cc:
		 Subject: Re: EOL Credit Responses 08/23/00

Shari,

To save you some time in the future, if a counterparty says "declined" on the
worksheet, you don't even have to look at it at all, because it means Credit
has decided not to trade with them.

	Shari Stack
	08/24/2000 03:00 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Rhonda L Denton/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT
		 Subject: Re: EOL Credit Responses 08/23/00

Tana:

The following CPs are not authorized to trade US power products:

Maguire Oil Company-  Restricted by Credit
Massachusetts Municipal Wholesale Electric Co.-  Restricted by Credit
Panda Energy International, Inc. - Restricted by Credit
Roswell Energy, Inc. Restricted by Credit
Copano Energy Services/Upper Gulf Coast L.P.- Restricted by Credit
US Steel:  Not a current CP/not FERC approved

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

Great River Energy: Will have to get back to you on this. They usually act as
agent for another company and I am waiting to get info on what they want to
do.

Thanks,

Shari


Please activate the following products:

38205
61777
61775
61773

Thank you,
Mike


vkamins@enron.com, To unsubscribe send a blank mailto:leave-enerfaxtext-16362929Y@relay.netatlantic.com

Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Tuesday, January 15 2002 No. 905
Visit: http://www.enerfax.com/ or for Oil Prices & News
http://www.enerfaxgold.com/
PHYSICAL NATURAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce               | 2.15  |
| ANR SE                   | 2.25  |
| Carthage TG              | 2.20  |
| Chicago Citygate         | 2.25  |
| Columbia Gulf Onshore    | 2.30  |
| Dominion South Point     | 2.40  |
| Henry Hub                | 2.32  |
| Houston Ship Channel     | 2.28  |
| Katy Hub                 | 2.22  |
| NGPL LA Pool             | 2.21  |
| NGPL - Midcontinent      | 2.18  |
| NGPL STX                 | 2.16  |
| NGPL TX/OK               | 2.18  |
| NNG Demarc.              | 2.19  |
| Niagara                  | 2.47  |
| Sonat Tier 1             | 2.25  |
| TCO IPP Pool             | 2.39  |
| Tetco ELa                | 2.30  |
| Tetco M-3                | 2.70  |
| Tetco STX                | 2.17  |
| TGP Zone 0               | 2.18  |
| TGP Zone 1 (500 Leg)     | 2.25  |
| TGT Zone SL              | 2.31  |
| New York Citygate        | 2.71  |
| Transco Station 65       | 2.40  |
| Transco Zone 6 (NY)      | 2.72  |
| Trunk ELa                | 2.24  |
| Western Region
| California Border        | 2.16  |
| El Paso Keystone         | 2.05  |
| El Paso San Juan-Blanco  | 2.05  |
| Waha Hub                 | 2.12  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)       | 2.86  |
| Dawn Hub/Union           | 2.32  |
| Northwest Stanfield      | 2.04  |
| Wyoming Pool             | 1.97  |
| Opal/Kern River          | 1.97  |
| PGT-Malin                | 2.12  |
| Sumas                    | 2.04  |
           Flow Date 1/15
-------------------------------------------------------------

NATURAL GAS FUTURES
Henry Hub
12 Month Strip  2.5345 +0.0247
18 Month Strip  2.6547 +0.0205
| Month | High  |  Low  | Close | Change |
| FEB   | 2.325 | 2.200 | 2.250 | +0.046 |
| MAR   | 2.300 | 2.190 | 2.240 | +0.037 |
| APR   | 2.330 | 2.230 | 2.277 | +0.027 |
| MAY   | 2.390 | 2.290 | 2.348 | +0.026 |
| JUN   | 2.450 | 2.380 | 2.413 | +0.023 |
| JUL   | 2.525 | 2.460 | 2.483 | +0.023 |
| AUG   | 2.570 | 2.510 | 2.528 | +0.023 |
| SEP   | 2.570 | 2.510 | 2.532 | +0.022 |
| OCT   | 2.585 | 2.525 | 2.557 | +0.022 |
| NOV   | 2.785 | 2.735 | 2.762 | +0.017 |
| DEC   | 3.000 | 2.925 | 2.967 | +0.017 |
| JAN   | 3.080 | 3.020 | 3.057 | +0.013 |
-------------------------------------------------------------
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Natural Gas Futures End Up on Short-Covering

    Natural gas futures for February delivery on the NYMEX  settled up
$0.046 yesterday at $2.25 per MMBtu on funds short covering. The March
contract gained $0.037 to $2.24 per MMBtu. Funds held an all-time high
number of net short positions, 47,104 on January 8th, according to the
CFTC report. Mild weather and huge levels of natural gas in storage
battled with short-covering rallies to keep the market trading in a $0.15
range over the past week, a trend likely to continue until fundamentals
change. Support has been constant at $2.14 per MMBtu, a level that has
been tested in October, the end of November and last week. Expect
resistance to be tested tosday at $2.38 and maybe $2.48 with technical
support at $2.23, $2.14 and then $1.88. In the longer term, declining rig
counts point to natural gas production levels dropping and supply
tightening as the storage excess is worked off this summer. Last week, the
total rig count was 856 compared with 1,121 a year ago. A 25% reduction in
exploration and development programs is expected this
year as companies cut back capital budgets in response to the lower
prices. Natural gas for next day delivery across the US and Canada was
generally flat to up $0.05 Friday. Natural gas for next day delivery at
the Henry hub gained $0.02 to $2.32 per MMBtu.
-------------------------------------------------------------
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Today's Power Bulletins
 * Judge Says PG&E Not Provided Enough Information About Environmental
Impact of Transferring Hydroelectric System Assets to Parent Corporation
 * Enron Attorney Bennett Decries Washington Scandal Mindset
 * Arch Coal Prep Plant Recognized for Safety Excellence
 * Acumentrics and NiSource Reach Agreement for Stock Investment,
Exclusive Distribution and Purchase of Fuel Cells
 * Allegheny Energy Announces Exchange Offer for 7.8% Notes Due 2011
 * MidAmerican Energy Achieves 3 Billion kWh  in Illinois Retail Sales
 * S&P Says Record $115.4 Billion in Corporate Defaults in 2001
 * Former Enron Senior Executives Launch New Company, Celeren Corporation
 * West Spot Power Prices Rise on Weather and Generation Curtailments
-------------------------------------------------------------
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-------------------------------------------------------------
 Lawmaker Accuses Enron Executives of Insider Trading

    Rep John Dingell of Michigan, the top Democrat on the House Energy and
Commerce Committee, claims to have pretty strong evidence of insider
trading as well as false accounting in the collapse of Enron. He also says
that there is clear evidence of failure to file honest and correct annual
reports required by the SEC. Dingell says that false accounting appears to
be a very major problem, and it appears that both Enron and Andersen were
involved. Andersen, Enron's accounting firm, has admitted that it
destroyed a number of documents. Some Enron shareholders have filed a
lawsuit accusing Enron executives and directors of unlawful insider
trading and misleading the investing public. The Justice Department is
also investigating. Dingell is one of 188 House of Representative members
who received campaign contributions from Enron.
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-------------------------------------------------------------
Natural Gas NYMEX Volume
02FEB   25,267
02MAR   14,388
02APR   12,274
02MAY    4,922
02JUN    1,828
02JLY    2,212
02AUG      810
02SEP    1,533
02OCT    2,759
02NOV    1,151
02DEC      721
03JAN    2,188
03FEB      751
03MAR    1,148
03APR      574
03MAY      267
03JUN      579
03JLY      322
03AUG      293
03SEP      242
03OCT      468
03NOV      151
03DEC      151
04JAN       61
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--------------------------------------------------------------
Aquila and NiSource Form Alliance

    Aquila and NiSource have formed alliance to capitalize on market
opportunities and deliver comprehensive energy solutions by leveraging
their combined capabilities and knowledge. NiSource says the alliance will
allow both companies to focus on their individual core businesses and
combine their complementary expertise to leverage the value of NiSource's
asset base and Aquila's merchant capabilities to create greater value,
with less associated risk, than either company could achieve on its own.
NiSource's operations are focused in the high-demand energy corridor that
stretches from the Gulf of Mexico to New England. This region represents
30% of the nation's population and accounts for 40% of the its energy
consumption. NiSource is the 3rd-largest natural gas distributor in North
America, the 2nd-largest holder of natural gas storage and the largest
nataural gas producer in the Appalachian basin. The company also owns and
operates 16,500 of interstate pipeline and electric generation assets in
northern Indiana.
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-------------------------------------------------------------
PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 18.50 | 16.50 |  17.10  |
| ECAR       | 22.00 | 16.50 |  18.45  |
| ERCOT      | 17.50 | 17.25 |  17.30  |
| Entergy    | 19.00 | 18.05 |  18.35  |
| TVA        | 23.75 | 21.70 |  22.30  |
| ComEd      | 19.60 | 18.00 |  18.50  |
| Nepool     | 30.50 | 29.75 |  30.05  |
| PJM West   | 23.50 | 22.00 |  23.25  |
| Main       | 19.60 | 18.05 |  18.35  |
| MAPP       | 20.50 | 18.00 |  19.10  |
| Palo Verde | 26.00 | 22.00 |  23.90  |
| Mid C      | 21.25 | 18.75 |  20.00  |
| COB        | 22.50 | 22.00 |  22.25  |
| 4 Corners  | 23.00 | 22.50 |  22.75  |
| Mead       | 25.75 | 22.75 |  23.70  |
| NP 15      | 25.75 | 22.50 |  23.95  |
| SP 15      | 26.25 | 23.00 |  24.50  |
            Power Delivered 1/15
-------------------------------------------------------------
Employees Letter Warns of Enron's Collapse

    An unidentified employee sent a letter to Enron Chairman Kenneth Lay
last summer that alleged the company would implode in a wave of accounting
scandals unless the it changed its accounting practices. The employee also
met with Lay to provide proof. Two congressmen have demanded all records
relating to a review of the employee's allegations, made by outside
attorneys. The employee said that a veil of secrecy surrounded Enron's
partnerships, which moved large amounts of debt off the company's balance
sheets. According to the letter, several senior Enron employees
consistently questioned the company's accounting practices to senior Enron
officials, including CEO Skilling. Enron has hired an outside law firm to
review the charges, but allegedly told the attorneys not to second-guess
accounting advice and not to analyze the questioned transactions in
detail. The law firms review concluded that the questions raised by the
employee did not merit further investigation by independent counsel and
auditors, according to the congressmen. But the review noted that there
was a serious risk of adverse publicity and litigation from the
partnership transactions.
-------------------------------------------------------------
Allegheny Energy Supply Company, Salt River Project (SRP) and Sempra
Energy
Resources announce Open Season for proposed Desert Crossing Gas Storage
and
Transportation System. Open Season for customers interested in capacity
begins Jan. 10, 2002 and extends through Feb. 8, 2002.  For information,
visit www.desert-crossing.com
-------------------------------------------------------------
Todays Gas Bulletins
 * Enron Has Retained About 800 Trading and Marketing Staff, Including
Paying 75 Traders $50 Million to Stay on Board
 * Proponents of Multibillion Dollar Natural Gas Pipeline to Alberta, from
Alaska's Prudhoe Bay via Beaufort Sea, to File Plan for Project this Week
 * KPMG Censored by SEC for Auditing Conflict
 * Anadarko Says 4th Quarter Earnings to Fall Short of Wall Street
Estimates
 * Senator Joseph Lieberman Says Andersen Could Face Criminal Indictment
 * Royce Ramsay Named Vice President of Williams' Western Natural Gas
Pipelines
 * OGE Energy 4th Quarter 2001 Earnings Release Conference Call Scheduled
for
January 29th at 8 AM CST
 * Strategic Research Institute to Host 3rd Annual Coalbed and Coal Mine
Methane
Conference March 25th & 26th at Marriott Denver Southeast
------------------------------------------------------------
 Ziff Energy Group presents
Gas Storage 2002
Redefining the Fundamentals:
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Will the recession affect plant and storage development?
Will record high volumes in storage further depress gas prices?
Is it possible to mitigate storage risk while dealing with year-round
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Plus
Two Important Workshops
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February 6 & 7
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Register Today for this Important Conference
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-------------------------------------------------------------
Oil Majors Seeking Foothold in Power and Natural Gas Sector

    Oil majors like ExxonMobil and ChevronTexaco are looking to expand
their power assets in developing countries and create a stronger presence
in the deregulated North American power market. But, antitrust regulations
could present a road block to more consolidation. Shell and BP have
already entered the growing natural gas and power markets, as backers of
Intercontinental Exchange. Among the majors, Shell has made the most
inroads into the power market with its 68% share of Intergen, a joint
venture with Bechtel. However, Shell has the smallest presence in the
natural gas market of any of the big integrated oil companies. Shell says
it is interested in strengthening its exploration and extraction
activities, and especially its natural gas business, which could also
include acquisitions. In the past 3 years, Shell has only made $6 billion
worth of acquisitions, far less than some competitors. Concerns over
antitrust regulations in the US has led big oil companies to increase
their power assets in developing countries, where demand growth will be
the strongest. ExxonMobil has 6000 MW of power generation capabilities in
China, and is considering other projects in Europe, Asia, Africa and
Central America. An expected switch from oil to cleaner burning fuels has
also provided an incentive for big oil to invest in wind and solar power.
BP is the biggest solar power producer in the world and Shell is actively
involved in the sector. BP Solar has manufacturing plants in the US,
Spain, Australia and India and a 20% market share worldwide. Shell
launched its first commercial US wind power station last year and has
committed to spend up to $1 billion by 2006 on renewables.
-------------------------------------------------------------
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-------------------------------------------------------------
POWER FUTURES
| Month |   COB   | Change  |   PV    | Change |
| FEB   |  22.00  |  +0.00  |  23.00  | +0.50  |
| MAR   |  20.50  |  -0.50  |  23.00  | +1.00  |
| APR   |  20.90  |  -0.10  |  24.25  | +0.25  |
| MAY   |  19.00  |  -1.00  |  25.25  | +0.25  |
| JUN   |  20.50  |  -0.50  |  30.00  | +0.00  |
| JUL   |  30.50  |  +1.50  |  40.00  | +0.00  |
| AUG   |  10.50  |  +1.00  |  44.25  | +0.00  |
| SEP   |  35.00  |  +0.00  |  35.00  | +0.00  |
| OCT   |  27.00  |  +1.00  |  27.50  | +1.25  |
| NOV   |  26.50  |  +1.50  |  27.00  | +0.75  |
| DEC   |  27.50  |  +0.50  |  27.50  | +1.25  |
| JAN   |  27.00  |  +0.00  |  27.00  | +1.00  |
| Month | Entergy | Change  | Cinergy | Change |
| FEB   |  19.50  |  +0.00  |  21.30  | +0.00  |
| MAR   |  20.30  |  +0.00  |  22.15  | +0.00  |
| APR   |  20.30  |  +0.00  |  22.15  | +0.00  |
| MAY   |  23.50  |  +0.00  |  25.50  | +0.00  |
| JUN   |  29.50  |  +0.00  |  32.25  | +0.00  |
| JUL   |  38.25  |  +0.00  |  42.50  | +0.00  |
| AUG   |  38.25  |  +0.00  |  42.50  | +0.00  |
| SEP   |  21.75  |  +0.00  |  23.00  | +0.00  |
| OCT   |  22.40  |  +0.65  |  23.20  | +0.00  |
| NOV   |  22.40  |  +0.00  |  23.20  | +0.00  |
| DEC   |  22.40  |  +0.00  |  23.20  | +0.00  |
| JAN   |  24.50  |  +0.00  |  26.00  | +0.00  |
-------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| FEB   | 25.40 | +0.00  |
| MAR   | 24.85 | +0.00  |
| APR   | 24.85 | +0.00  |
| MAY   | 28.40 | +0.00  |
| JUN   | 36.00 | +0.00  |
| JUL   | 49.50 | +0.00  |
| AUG   | 49.50 | +0.00  |
| SEP   | 25.50 | +0.00  |
| OCT   | 25.20 | +0.00  |
| NOV   | 25.20 | +0.00  |
| DEC   | 25.20 | +0.00  |
| JAN   | 28.75 | +0.00  |
-------------------------------------------------------------
Brownell Says FERC Should End El Paso Case

   The FERC should expeditiously wrap up its investigation into whether El
Paso manipulated the California natural gas market last winter to inflate
prices by billions of dollars, according to FERC Commissioner Brownell.
The California PUC, PG&E, and Southern California Edison claim El Paso
withheld capacity on pipelines into the state from November 2000 through
March 2001. El Paso has maintained it is innocent of any wrongdoing.
Brownell says that if there are violations of rules, the rule breakers
should be punished. But, barring such violations, those firms should be
exonerated, she said in a filing with the ALJ overseeing the El Paso case.
The ALJ ruled last October that El Paso did not drive up natural gas
prices on its pipeline into California at a time when the state was
struggling with an energy crisis. But FERC reopened the El Paso
investigation in December, saying the issue needed to be reexamined to
ensure consumers were protected.
-------------------------------------------------------------
Energy Seminars, Inc. Announces Key Seminar Offerings for January:

Energy Seminars will be going to Florida and Calgary in 2002!

Click to www.energyseminars.com to see our 2002 schedule.

Register on-line at http://www.energyseminars.com or call Registrar Gina
Patrick

Phone: 281-362-7979
FAX: 281-296-9922
--------------------------------------------------------------------------------------------------------------------------

Memo Directs Anderson Employees to Destroy Enron Documents

    A memo directing Andersen employees to destroy everything except basic
work papers related to its Enron audits, just 4 days before Enron revealed
a $618 million loss, has caused many to question whether an obstruction of
justice occurred. Thousands of e-mails and other files that might have
shed some light on the events leading up to Enron's bankruptcy were lost,
according to reports. Andersen said that some employees destroyed the
Enron files before the SEC began its investigation. A Senate panel has
issued subpoenas for documents from Enron, Andersen and 49 current and
former officers and directors. Andersen is the subject of a Congressional
investigation, a federal criminal inquiry and lawsuits from shareholders
that may cost it billions of dollars. There has been speculation that
Andersen is considering a merger with another member of the Big 5
accounting firms to prevent its collapse. According to reports, Andersen
supervisors repeatedly reminded employees of the memo prior to the
issuance of subpoenas by the SEC. Enron paid Andersen $25 million last
year for its audit and $27 million for consulting fees and other matters.
In addition, Enron's chief accounting officer and its CFO previously
worked for Andersen. Last year Andersen settled a lawsuit over its
accounting work, which was brought by shareholders of Sunbeam, for $110
million. It also agreed to a $20 million settlement in a class-action
lawsuit stemming from its audit of trash company Waste Management.
-------------------------------------------------------------
                Progas Storage Services, Inc

Was recently organized to offer specialized natural gas storage services
to marketers and end users servicing the upper Midwest and Northeast
market regions along the major transmission systems in Indiana, Illinois,
Kentucky, and Michigan. PGSMI has 10 bcf of potential working capacity
which will offer service along TXG, ANR, Midwestern, and is currently
evaluating for purchase another 21 bcf of potential working capacity which
can be serviced by these and other systems in the region. PGSMI also
explores for natural gas in the Gulf Coast region through a wholly owned
subsidiary. Progas intends to go public through a route of private
industry offerings, and an IPO or registration. For more information on
services or the company mail to: gastorage@aol.com or for AOL mail to
gastorage@aol.com;
The company's executive and administrative office is located in Abilene,
Texas with storage operations in Owensboro, KY and exploration operations
in Corpus Christi, TX.
Vist our website http://www.progas.net/wip
Progas Storage Services, Inc
8610 S. Hwy 277
Abilene, TX 79606

Ph 915 698 3699
Fx 915 698 2859
-------------------------------------------------------------
Enron Plummets Off PFC 50 Ranking as Russian Majors Move Up

    Other than the September 11th disaster, Enron's collapse is the
biggest story in the capital markets in 2001 and within the PFC 50. Enron,
once ranked as high as 5th among global energy companies, left the natural
gas and power landscape dramatically changed. However, in the midst of the
turmoil in US energy markets, the Russian energy majors clearly emerged as
winners in 2001, surpassing all of the PFC 50 companies in market returns.
Among the Russian companies in the PFC 50, Yukos entered the rankings at
number 38. Gazprom moved up 6 spots to 35. Lukoil and Surgutneftegaz were
at spots 44 and 33 respectively. Conoco and Phillips were the 2 of the
most active players in M&A in the PFC 50 in 2001. Their recent plans to
merge, coupled with the acquisitions of Tosco and Gulf Canada in 2001,
signals the continuing importance of consolidation in the energy sector.
Also, the swap agreement between E.On and BP reinforces the trend of
convergence within industry consolidation. Pending regulatory approval, E
On will increase its share in Ruhrgas to over 32%, and BP will acquire a
51% stake in Veba Oel. From a convergence standpoint, the swap will give E
On added strength in its efforts to expand its natural gas business in
Europe. As a result of Enron's fallout, credit quality for Enron's peers
has been re-assessed and downgraded in some cases. In response to credit
reassessments and poor market performance, companies such as El Paso,
Dynegy, Williams and have initiated capital restructuring programs to
reassure investors, creditors, and rating agencies. Given the credit
watches and budget cutbacks, the PFC 50 report examines which of the
merchant energy companies and utilities are best suited to capture some of
Enron's lost market share. The PFC 50 serves as a reference guide for
international energy companies competing in a changing and converging
landscape. The PFC 50 report is updated quarterly and covers top
performers, M&A, strategies, and business models. Visit www.pfcenergy.com
for full details.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dipped 78.65 points to 7623.28
The CRB Index slid 1.89 points to 192.50
The US Dollar decreased 0.16 points to 116.48
The Dow declined 96.11 points to 9891.42
The S&P 500 dropped 7.19 points to 1138.41
The Nasdaq was down 31.72 points to 1990.74
February NYMEX Crude Oil fell 0.79 to 18.89
Canadian-US Exchange lost 0.0001 to 1.5971
-------------------------------------------------------------
Pure Text, Lotus, AOL, Yahoo, Excite, Readers-subscribe by writing to:
enerfax-subscribe@egroups.com

Outlook Email Readers-subscribe to webmail by writing to:
mailto:join-EnerfaxDaily@relay.netatlantic.com
-------------------------------------------------------------
Washington DC
January 24, 2002
Spencer Abraham U.S. Secretary of Energy to address energy community on
potential security and commerce threats. Also to speak will be key
directors
from the CIA, SPR, IEA, SPR and more. See complete
detail and register today at
http://www.wesc.org
-------------------------------------------------------------
Please welcome our advertisers by visiting these websites.
http://www.e-acumen.com
http://www.kwi.com/
http://www.fea.com/
http://www.caminus.com/
http://www.progas.net/wip
http://www.ziffenergyconferences.com/
http://www.energyseminars.com
http://www.desert-crossing.com
http://www.epis.com
http://www.rwbeck.com
http://www.NewEnergyAssoc.com

enerfaxtext, forward to delete@enerfax.com to unsubscribe.


Please join us at our next web cast!

Date:     October 24, 2001
Time:     11:00 am ET
Subject:  Start Talking Processes
Presented by Damon Kovelsy

Open to All

Start Talking Processes
This web-cast will be a high level overview of the several parts of the trading cycle that are being brought together and where holes must still be plugged before the securities industry can say "We have STP."

To register, please go to
http://www.meridien-research.com/events/webcast/

Please note, you will receive instructions on Tuesday that includes password for access to the presentation.

Karen Holt
Meridien Events Coordinator
events@meridien-research.com
617-796-2812


Probably not my place to comment but I haven't seen anything from Bryan yet.
We need to find a better way around this no-one is ever going to consent if
that is required for specific customers.  But on the major point , having
spoken to Bryan over th elast couple of days, I believe he is not going to
quote on any entity we have a big relationship with initially.  I have seen
the first pass at the list but know that Bryan wasn't happy with it as it
included people like TXU.

On the other point do you actually mean consent or notification - if we send
them a notice, follow up with  a phone call on the big ones then we can make
a business decision about how they feel.  Do they actually need to agree on
paper?

Louise

To: Bryan Seyfried/LON/ECT@ECT
cc: Mark E Haedicke/HOU/ECT@ECT, Louise Kitchen/LON/ECT@ECT, Paul
Simons/LON/ECT@ECT

Subject: Re: Consent

Apparently there was some miscommunication.  It was very clear to me after
our meeting in Louise's office that with respect to proposed Reference
Entities with which Enron has an existing business relationship you were
going to add the consent to the notice letter.  It was that consent that was
to dramatically speed up the process of determining which Reference Entities
could be listed.  As we discussed last week, without that consent each
proposed Reference Entity must be evaluated separately regarding whether or
not a confidentiality agreement is in place and whether or not the existing
business relationship is extensive enough to require consent.  Neither of
these evaluations will be easy or quick.  While Enron North America has been
reasonably good about compiling lists of confidentiality agreements, it is by
no means clear that all other Enron entities have done so.  We have not yet
determined a process for evaluating the extent of the existing business
relationships with our customers but that process will necessarily require
significant amounts of legal and commercial time at a high enough level to
make important judgment calls.

My impression was that you were willing to add the consents to the notice
letters since in one fell swoop it resolved a difficult legal issue and moved
your earliest possible launch date forward by weeks if not months but also on
the assumption that if a customer was not willing to give us their consent we
should not be taking the commercial risk that it was precisely those
customers whose relationships would be jeopardized by proceeding to use them
as a Reference Entity.

We will now move forward to develop the processes necessary to conduct the
evaluations mentioned above.  Please send the list of proposed Reference
Entities as soon as possible.

Bryan Seyfried
01/19/2000 06:35 AM
To: Mark Taylor/HOU/ECT@ECT, Louise Kitchen/LON/ECT@ECT
cc: Paul Simons/LON/ECT@ECT
Subject: Consent

Just to clarify, we do not intend to ask for consent from every reference
credit, we do intend to send introductory letters to the relevant parties at
the initial set of reference credits which notifies them of our intentions
and why it is good for them.  My hope is that there are very few reference
credits that we need to get consent from and then we can make the commercial
decision of whether it is better to get consent or not quote on them.

As an initial step, I think we need to understand which reference credits
have confidentiality agreements in place and determine those names that we
have a potential fiduciary responsibility.  The latter obviously will not be
black and white but hopefully we can make some progress.  I would expect that
are really deep relationships are likely to be with either really small
counterparties or a very small subset of our large counterparties.

Hopefully I am restating what everyone already thought but if not apologies
for the miscommunication.

Call me if you want to discuss further.

bs


Call me, we want the backhaul contract


---------------------- Forwarded by Kayne Coulter/HOU/ECT on 12/12/2000 05:24
PM ---------------------------
From: Duong Luu on 12/12/2000 04:16 PM
To: Kayne Coulter/HOU/ECT@ECT
cc:
Subject: EnPower Contacts

fyi

----- Forwarded by Duong Luu/HOU/ECT on 12/12/2000 04:16 PM -----

	Will Smith
	12/12/2000 03:35 PM

		 To: Christopher Watts/NA/Enron@Enron, Benjamin Rogers/HOU/ECT@ECT, Alton
Jackson/Corp/Enron@Enron, Keith Comeaux/Corp/Enron@Enron
		 cc: Duong Luu/HOU/ECT@ECT
		 Subject: EnPower Contacts

Gentlemen,

My name is Will Smith and I work with Duong Luu in EnPower IT as acting
manager.  Duong asked that I send you a list of EnPower contact information...

EnPower On Call
Pager: 713-327-4523
Mobile: 713-553-3758

Myself:
Pager: 713-284-9050
Mobile: 713-417-4679

Duong Luu:
Pager: 713-284-3615
Mobile: 713-857-7965

Regards,
Will


---------------------- Forwarded by Rob G Gay/NA/Enron on 02/05/2001 10:44 AM
---------------------------

Rob G Gay
02/01/2001 10:50 AM
To: bboeh@opic.gov, "Kluesener, Frank" <frank.kluesener@kfw.de>
cc:

Subject: Updated Memo

I've updated the memo to insert the missing references.  I also learned that
he meetings with ONS and ANEEL are scheduled for tomorrow.  Thanks


Thanks a lot!

George Huan

-----Original Message-----
From: Vince.J.Kaminski@enron.com
To: Xiaojun Huan
Cc: Vince.J.Kaminski@enron.com
Sent: 5/22/00 1:18 PM
Subject: Re: From George Huan, UT Austin MBA

George,

I have resent your resume to the risk management group. Please,
give them a few more days.

Vince

Xiaojun Huan <Xiaojun.Huan@Bus.utexas.edu> on 05/22/2000 01:08:07 PM

To:   "'vkamins@enron.com'" <vkamins@enron.com>
cc:
Subject:  From George Huan, UT Austin MBA

Dear Mr. Kaminski:

How are you doing?

I called you on May 11th about my first rotational assignment.  You
recommended Risk Management and asked me to email you my resume.

It seems like Risk Management Group are not very interested in me,
because
I
haven't received any feedback from them yet.  Do you think I should wait
for
a few days or call them?

I do appreciate your help, which will make a difference on my career
path.

Sincerely

Xiaojun George Huan

MBA 2000, UT Austin
Tel: (512) 477-8690
 <<Resume-George Huan.doc>>

(See attached file: Resume-George Huan.doc)

 <<Resume-George Huan.doc>>


Tim asked me to forward this to West Desk traders.  Prepared by Mo Elafandi and Heather Dunton, it showsw who's in the money with DWR at this point, based on executed contracts

Alan Comnes


1-D theta included, document updated.


I would be very interested in finding out more about the Deal Control
position and what it entails. Coming from a background in print journalism
leaves me somewhat at a loss for practical experience; however, I make up for
skills in my ability to learn quickly and work aggresively. I'll come by
sometime today to talk further about this opportunity. Thanks for the notice.

Kate


Zimin,

I have talked to Alex about it. I don't think that the additional seminars
will
crowd out the brown bag lunches.

The seminars are really targeted to people who recently joined the group and
have very limited, or zero, exposure to energy markets.

For most members of the group it should be the piece of cake. Brown bag
lunches
are not that time intensive, except for the speaker.

Plus, we ran out of days  available for lunch meetings.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/03/2001
08:27 AM ---------------------------

Alex Huang@ENRON
01/02/2001 12:15 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT
Subject: Friday Brown Bag Lunch on Option Pricing

Vince,
This is a brief summary of last year's Friday Brown Bag Lunch Option Pricing
series.
We had about 15 lectures, given by the following people:
Grant, Stinston, Vasant, Krishna, Zimin, Maureen, Clayton, Paulo, Chonawee,
myself, and
some outside speakers. We were able to attract some outside audience as well.
Overall the response is quite encouraging and we have planned
to continue it.

In light of the presently scheduled seminars on "Energy Derivatives", it
seems our Friday
schedule will be too crowded if we have seminars on "Energy Derivatives" on
two Fridays
and FBBLOP on other Fridays. What's your suggestion? Should we discontinue
the FBBLOP ?

We also have scheduled January 19 for Tom Halliburton's visitor Leon Lasdon
from UT Austin
to talk on non-linear programming. Should we cancel it?

Best,
Zimin & Alex


aol adress at home is jtholt1122@aol.com.  We are going to buy a camera-I'll
let you know when we get it.  Joe is going to deliver some of Grady's cars to
his new house.  I told him to take pictures for us.


Hi Gregg,

Here is a new draft which incorporates comments that Boyd and I have made.  I
haven't reviewed this version yet, but I wanted to get it to you asap. I
would like to look at this draft before it goes to Peoples, and I'll give it
priority for tomorrow am.

I spoke with Dave Gorde (RAC).  He is prepared to discuss line of credit/DASH
at your convenience, although tomorrow he is tied up with PRC.

I'll go ahead and get a draft of a "simple" revolving line of credit doc
started, unless you think otherwise.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 07/12/2000 01:48
PM ---------------------------

"David Tucker" <dtucker@bracepatt.com> on 07/11/2000 05:13:51 PM
To: <kay.mann@enron.com>
cc:

Subject: Agency Agreement

Per your request . . .

 - #1127382 v10 - NEW AGENCY AGREEMENT.doc


Attached is clean and blacklined copies of the revised memorandum on the
Barton Bill.  Cynthia would like to schedule a conference call to discuss
this on Wednesday or Thursday.
 <<Blackline of Barton Bill (Word).DOC>>  <<Memo re Barton Bill (Word).DOC>>

 - Blackline of Barton Bill (Word).DOC
 - Memo re Barton Bill (Word).DOC


Attached is the final version of the letter that was filed today at FERC requesting that the Commissioners take action to require a single Midwest RTO.  The RTO dockets are scheduled for action at tomorrow's FERC meeting.

 -----Original Message-----
From: 	Fulton, Donna
Sent:	Tuesday, October 23, 2001 9:50 AM
To:	Hawkins, Bernadette
Subject:


Hello lcampbel@enron.com:

Thank you for registering for a Microsoft
 .NET Passport. Please take a moment to help us verify your e-mail address. This ensures that .NET Passport can respond to you if you contact us about a service issue. In addition, some participating .NET Passport sites may require you to verify your e-mail address to take full advantage of their own services.

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Please do not reply to this message; it was sent from an unmonitored e-mail address and we are unable to respond to any replies.


ENE is in a severe liquidity crisis.  Even if EDF makes mistakes we have to be careful how we treat them because Enron's cash position is very precarious.  It's good to insist that EDF give us what's owed especially since they seem to be wrong in this case but as far as lines of credit go, ENE is in a much worse position than ever before.

I am going to get a guarantee to Fimat today from Enron Corp with respect to ENA trades.  We have never had to do this before but if I do not get it Fimat will keep their trade line at $11 million.  Soc Gen (extends credit under Fimat line) is being a big pain but having spoken to our bank people we have no choice but to be grateful we are getting credit these days.

Please keep this bad cash/credit situation confidential.


Looks like Gary is out until next wednesday.  I sent my latest e-mail to Ron,
but have not heard from him.  Are you okay with waiting until next week?

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


Karen Denne's title is VP, Communications.

You need to add: Dennis Vegas, VP Brand Management & Strategic Marketing

Thanks.

I'm not sure what Steve's presentation will be titled.  He's in Portland
today.  Can I give you the title on Monday?

	Kelly Johnson
	02/01/2001 01:59 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Maureen McVicker/NA/Enron@Enron
		 Subject: ENE Officer Elections - February 13th

Steve, please let us know changes to your group by Monday, February 5th.
Thanks, Kelly

Name	Title

Steven J. Kean	Executive Vice President  and Chief of Staff
Cindy K. Olson	Executive Vice President, HR & Community Affairs
Richard S. Shapiro	Managing Director, Government Affairs
William R. Donovan	Vice President, Corporate Administration Services
E. Joseph Hillings	Vice President and General Manager, Federal Government Affairs
(will remove once he's retired - let us know the effective date)
Karen L. Denne	Vice President, Communications????
Mark A. Palmer	Vice President, Communications
Linda Robertson	Vice President, Government Affairs
Christie A. Patrick	Vice President, Public Affairs
James Steffes	Vice President, Public Affairs
Michael F. Terraso	Vice President, Health & Saftey and Chief Environmental Officer


Douglas McNeill
33 T Ridge Road
Greenbelt, MD 20770
douglas.mcneill@verizon.net

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Douglas McNeill


Lillian R. Bailey
Administrator
Corporate Services
EB4804A
Phone 713/853-3577
Fax 713/646-8007

----- Forwarded by Lillian Bailey/Corp/Enron on 11/28/2000 10:40 AM -----

	Lillian Bailey
	11/22/2000 02:59 PM

		 To: Kate Cole/Corp/Enron@ENRON, Geneva Holland/Corp/Enron@ENRON, Teresa
Callahan/Corp/Enron@Enron, Hardie Davis/Corp/Enron@ENRON, Frazier
King/FGT/Enron@ENRON, Bob Carter/HOU/ECT@ECT, Sal Dominguez/GPGFIN/Enron@ENRON
		 cc:
		 Subject: A&J Memos (8)

FYI
Kate Cole
Geneva Holland
Teresa Callahan
Hardie Davis
Frazier King
Bob Carter
Susan Scott
Sal Dominguez - please provide SIC # electronically to Lillian Bailey

Lillian R. Bailey
Administrator
Corporate Services
EB4804A
Phone 713/853-3577
Fax 713/646-8007


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude26.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas26.pdf

Distillate and Unleaded to follow.

Dec WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clz-qoz.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG26.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG26.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL26.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


I've forwarded this message to Geier and Bill Williams III, the Real Time
manager, who will remedy the problem - probably something to do with deal
blotter defaults.

Thanks.
Kate

	From:  Sharen Cason                           12/12/2000 06:56 AM

To: Kate Symes/PDX/ECT@ECT
cc: Kimberly Hundl/Corp/Enron@Enron

Subject: not to be confirmed

There is an hourly trader named Geir Solberg whose trades appear on our
reports to be confirmed.  We go into each trade and change them to not to be
confirmed.   The other hourly deals do not appear on these reports.  I think
perhaps his defaults are not set correctly.  Can you check with him on this.
I don't know why his are appearing on the reports and not other hourly deals.

Thanks!


Jan. 5, 2001, 12:48AM
Houston Chronicle
Contracts to ease blow of rise in fuel prices helping airlines
Hedging your jets
By LAURA GOLDBERG
Copyright 2001 Houston Chronicle
Faced with higher gasoline prices in the past year, consumers lamented the
bite that rising oil prices were taking from their wallets.
Other than driving less or buying cars that use less gas, there wasn't much
they could do.
Airlines, which consume billions of gallons of jet fuel a year, also felt the
sting as prices fluctuated.
But airlines, unlike drivers, can use financial tools to ease the pain of
volatile fuel prices.
As airlines begin rolling out their fourth-quarter earnings reports in the
next few weeks, those that "hedged" on fuel are likely to show better profits
than those that didn't.
Not only was that the case last year, but it will continue to be the case if
jet-fuel and oil prices remain high.
Gary Kelly, chief financial officer at low-fare Southwest Airlines in Dallas,
says hedging is "insurance against a catastrophic rise in fuel prices that
would put us at unacceptable earnings levels."
Hedges aren't agreements to buy fuel. They are financial contracts pegged to
the prices of oil and oil products, such as heating oil and jet fuel.
If airlines buy the contracts at the right prices, they can collect cash to
compensate them when jet fuel goes up.
Successful hedging didn't stop airlines from raising ticket prices last year
to help cover rising fuel costs. But, airlines say, the increases might have
been higher without hedging.
When the industry's fuel bill for 2000 is tallied, it is expected to be $13
billion -- 50 percent higher than the previous year's $8.5 billion, according
to a recent report from airline stock analysts at Merrill Lynch. At the same
time, the airlines used only 4 percent more fuel.
If the industry hadn't hedged, fuel expenses would have been $2 billion to $3
billion higher, the analysts wrote. AMR Corp., the parent of Fort Worth-based
American Airlines, the No. 2 domestic carrier, is expected to save $550
million alone because of its hedging, they noted.
Airlines don't like wild spikes in fuel prices because they make it difficult
to plan and they jeopardize profits.
A consumer would face the same dilemma if one month's apartment rent was
$600, the next it jumped to $1,200 and the next it fell to $800.
That's similar to what airlines faced the past year as the benchmark price of
jet fuel, which is made from crude oil, fluctuated widely on the spot market.
It was above 88 cents a gallon in March, dipped below 66 cents in April, rose
to almost $1.10 in September and was just over 78 cents the last week in
December.
Airlines hedge to help smooth out such ups and downs.
Greg Hartford, vice president for fuel at Houston-based Continental Airlines,
looks to hedging "to take volatility out of the market, not to second-guess
it."
There are a variety of hedging tools. Some, just like car or home insurance,
require upfront premiums.
Hedging can be done through futures exchanges, such as the New York
Mercantile Exchange, or through institutions, including banks, investment
houses and energy traders such as Houston-based Enron Corp.
Hedging is about managing risk, said Bill Berkeland, manager of trading for
Enron North America, an Enron Corp. subsidiary. Techniques to cope with fuel
price risks have been around probably 20 years, he said, but airlines didn't
adopt them until the last decade.
Airline hedging has gained more attention recently because of jet-fuel price
spikes, he said. Some carriers will be able to take victory laps for being
smart enough to hedge, he added, while others will simply blame fuel prices
for their earnings problems.
Hedges are bought for specific amounts of product and time: 2 million barrels
a month for the next three months, for example. They can be pegged to the
prices of crude oil, heating oil or jet fuel.
Continental generally sticks to three basic types of hedges -- swaps, caps
and collars. Hartford outlined the way each works:
? Swap: A swap is one of the simplest types. It essentially locks in the cost
of energy at a specific price for a certain time. No upfront payments are
required.
For example, an airline takes out a swap for 1 million barrels of crude oil
at $25 a barrel for February. If the price averages $28 during February, the
airline is paid $3 million -- the difference between $28 and $25 a barrel for
the million barrels.
But if the cost averages $22 a barrel, the airline must pay $3 million.
? Cap: With caps, airlines purchase "call options" that protect them when
prices rise but don't penalize them if prices drop. Caps, however, require
upfront premium costs, which are based on a variety of factors.
For example, an airline buys a crude-oil cap at $25 a barrel for 1 million
barrels for February. If at month's end, oil averaged $28 a barrel, the
airline collects $3 million.
If it averaged $22, the airline gains nothing but loses nothing. Its cost:
the upfront price-per-gallon premium.
? Collar: A collar is more complex. It involves buying two different tools
that create a price range -- essentially a minimum and maximum. The airline
benefits if fuel goes above the range's high end but pays if it goes below
the minimum. It can be set up so no premium is paid.
Intuitively, it would seem to make sense for airlines to hedge on jet fuel.
But the market for trading jet fuel isn't as liquid, or as strong, as the one
for crude oil.
So airlines look for something that correlates to jet-fuel prices. Heating
oil is often best, followed by crude oil.
There are trade-offs. Premiums for jet-fuel hedges are more expensive than
those for heating oil. In turn, heating-oil hedges are more expensive than
crude. But using crude oil as a hedge may not smooth volatility as much
because of fluctuations in the relationship between crude and jet fuel.
In the first part of 1999, when crude oil traded for around $12 a barrel,
Atlanta-based Delta Air Lines started buying hedging contracts pegged to
heating oil as far as 36 months out, said Joe Kolshak, director of investor
relations at the third-largest U.S. airline.
Delta's strategy has served it well. For the quarter that ended Sept. 30,
hedging, including premium costs, saved the Atlanta-based carrier from paying
an extra $160 million in fuel costs, he said. Even with that gain, Delta
still paid 37 percent more for fuel over the same period than the year
before.
For the Sept. 30 quarter and the four preceding it, Delta had net hedging
gains of $600 million.
Hedging gains also helped balance sheets at other airlines, including No. 5
Continental and No. 7 Southwest.
Southwest's Kelly said the airline's hedging last year met its goal of
protecting against catastrophic fuel-price rises. In the third quarter,
operating profits rose $43.1 million because of hedging.
During the same quarter, Continental gained $27 million from hedging. For
1999, it was $105 million.
Hedging isn't without risk. Airlines can predict the wrong way and lose
millions. And when prices are already sky-high, certain hedging contracts
won't be attractive because they, too, are pegged to higher prices.
"Hedging is not a panacea, and it's not the golden elixir that people might
consider it to be," Continental's Hartford said.


Next Tuesday, December 19th, the 50th floor will be open to all employees for
the Annual Holiday Open House from 3:00pm until 5:00pm.  Similar to last
year, we will provide food, beverage and musical entertainment and will also
decorate eight executive offices to reflect the Festival of Lights.  Our goal
is to expose our employees to different celebrations around the world and
simultaneously demystify the 50th floor.

For your reference, the offices that will be decorated are listed below:
St. Lucia - Ken Lay
Kwaanza - Jeff Skilling
Los Posadas - Rob Walls
Chinese New Year - Cindy Olson
Hanukkah - Andy Fastow
Ramadan - Rick Buy
Devali - Rick Causey
Christmas - Jim Derrick

We would welcome Executive Committee members to volunteer to greet employees
in the 50th floor elevator lobby or serve punch.   Time slots are available
in 15-minute increments from 3:00pm to 5:00pm.  Please reply to this e-mail
if you would like to volunteer for this event and I will provide additional
information for your reference at that time.

This annual affair is an employee favorite and you may contact me with any
comments or questions.

Charla Reese
Manager, Community Relations
x35202


Start Date: 1/14/02; HourAhead hour: 3;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011403.txt


Please see the attached agenda for this weeks Market Services Council meeting.

Thank you,
Ricki


Please advise your team members who:

1.  Have accepted an offer/contract from UBS or
2.  Intend to sign an offer/contract from UBS

to please attend a meeting at the Houstonian on Wednesday, 1/23/02 from 10:00 am to 1:00 pm for a welcome and overview presented by UBS senior management.  Breakfast treats will be served starting at 9:00 am.

The meeting will begin at 10:00 am sharp - please encourage your teams to attend.

If you have any questions, please see Amy or Jeanie.

Thanks.


This morning a draft of RAC's Inflation Model Review was discussed with Anjam.

All points as presented in the draft were agreed upon.

Also, four new points were amended as suggested by Anjam:

The RPI short-term model could be improved by a combination of the
information available from the GILTS and RPI Swaps market.
Add:  "This is an issue across all Enron's econometric models." to section
PLLU and DZCV Short-term, First Point.
To implement some of the suggestions requires additional statistical and
programming resources.
Additionnal human resources with advanced econometric modelling skills are
required given the current workload of the european research team.

Please find the final version attached.

Please note that the short term solution has been to freeze the curve.

The medium to long term solution involves futher research towards a sounder
and more efficient model.
Given the current workload of the European Research Group, it is necessary to
hire a new member of staff with strong economics and econometrics background
to address this issue properly.

RAC will communicate to the Financial Trading Group and Risk Management the
actions to take as the curve will be frozen.

Thanks,

Rodrigo


FYI.  Bill has made a new schedule for the month of March.  Please take a
look.


Hi Jim,

We haven't worked with a term sheet on the equipment sales I've worked on.

Good luck,

Kay


After analyzing the first pass at the 2nd Current Estimate, we have identified five components of the Effective Tax Rate that have had significant changes from 1st Current Estimate.  Attached you will find a worksheet that contains five tabs (one for each component).  It is broken out by business unit and depicts the difference between 1st and 2nd Current Estimate and the contact for that Business Unit.  Please review these tabs to make sure that you do not have any differences that need explanations.  I have highlighted in red those differences that require an explanation.  Please provide an answer to Rob Wilcott by the end of the day on Tuesday, August 7.

Thanks,
Michelle
3-0931


Steve -- I received your note that you had received Dan's comments.  I
thought it made sense, in any case, to pass on a few comments; Dan probably
had the same thoughts, but just in case here they are:

Section 2(a):  the parenthetical "including the transmission of electric
energy in interstate commerce that is sold at retail", while technically a
correct fix, is still a little troubling.   Just as everyone is someone's
native load customer, all electricity is ultimately sold "at retail."
Nonetheless, this hasn't stopped FERC from concluding that it lacks
jurisdiction over the transmission component of bundled retail service.  The
possibility that this ambiguity could be exploited would be avoided by using
the "transmission component of bundled retail service" language, and
including separate definitions of bundled and unbundled retail service
(rather than "quick and dirty" approach in new section 205(g).

This approach would also get rid of the possible ambiguity in new section
205(g)(1)(A), which requires the filing of a schedule for the "transmission
of electric energy... that is separate from the rates...applicable to the
sale of electric energy and to local distribution."  It is not abundantly
clear that the filed rate schedule must be for the transmission component of
unbundled retail service, although that seems to be the intent of the
drafters.

Section 205(g) uses the "not unduly discriminatory or preferential basis"
standard.  That language, as with the existing Federal Power Act language,
can be interpreted as permitting native load service to maintain its
priority status in all situations, on the basis that it is not "undue"
discrimination to favor those who paid for the system or the other usual
defenses of this approach.  Language similar to that we have worked on
previously, which makes it absolutely clear that no native load preference
is permitted, would eliminate this possible result.

Similarly, it would be useful, in section 205(g)(5), to make it clear that
the transmission of bundled service must be reserved and scheduled on
exactly the same basis as unbundled service; as written, this provision
might be interpreted as not so requiring.

If Enron accepts the preference for "firm wholesale and retail customers" in
Section 205(g)(6), it should revise the language to make it clear that this
is a "one-time" preference, and that, with respect to future service,
transmission customers are to be placed on equal footing.  This might be
done be including a specific cut-off, such as "Any such rule shall cease to
be applicable no later than one year after the date such rule takes effect."

Section 2(f) permits transmission rates to be capped at the rate set by the
State commission.  This approach leaves open the option for States which
have, or which, as part of the establishment of retail competition, to set
transmission rates at a higher than cost-justified level, and to subsidize
the sale price of their owned generation or purchased power from that
subsidy.  Such an approach would put marketers at a severe disadvantage.  I
suggest including a prohibition against such subsidization.

Adam Wenner
Vinson & Elkins L.L.P.
1455 Pennsylvania Ave., N.W.
Washington, D.C. 20004-1008
(202) 639-6533
(202) 639-6604 (fax)
awenner@velaw.com


This first one to raise this issue?

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Thursday, March 07, 2002 8:45 AM
To:	Dicarlo, Louis; Bailey, Susan
Cc:	Bridges, Michael; Aronowitz, Alan; Miroballi, Angelo
Subject:	Virginia Power Energy Marketing, Inc.

Received written response from CP claiming the it has no payment obligations under the ISDA because of our Bankruptcy.

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


Please keep this to yourself.

Sally Beck will meet with you guys this week about having logistic leads for your respective regions reporting to you'all.

Let me know how it goes.

Lavo


I understand that Ashley Worthing has been hired by Enron to start work this
summer.  I think that she is graduating from Texas A&M.  She is my cousin's
daughter, so I am just curious whether or not she is coming in as an
analyst.  Please let me know if that is the case.  Thanks.