Commodities Highlights: CSR: FY Outlook "Quite Positive"
Dow Jones Commodities Service, 07/19/01
INDIA PRESS: Dabhol Challenges Commission's Jurisdiction
Dow Jones Asian Equities Report, 07/19/01
Buy & Sell
Looking for an S&P revival: Elliott & Page manager focuses on earnings growth
National Post, 07/19/01
INDIA PRESS:AES CEO Bakke To Meet Power Minister Thursday
Dow Jones Asian Equities Report,0 7/19/01
ASIA-PACIFIC - Enron writ highlights India contract concerns.
Financial Times, 07/19/01
The State Aides Told to Sell Stock Ethics: Consultants hired for power crisis
must dispose of shares in generating firms.
Los Angeles Times, 07/19/01
Companies: European Companies
The Wall Street Journal Europe, 07/19/01
Accounting Office Demands Energy Task Force Records
New York Times, 07/19/01
California Power Consultants Must Sell Stocks, L.A. Times Says
Bloomberg, 07/19/01

Commodities Highlights: CSR: FY Outlook "Quite Positive"

07/19/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Top Of The Day
Australia's CSR: Outlook For Full Year "Quite Positive">A.CSR

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Argentina Govt Maintains 2001 Soy Output At 25.76M Tons>N/OSD
China Drought Persists In 14.8 Mln Ha Of Cropland -Report>N/AGR
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NZ Enza: Regulator Complicates Forex-Losses Situation>N/FRU
Cda Customs Confirms Dumping Of Hot-Rolled Steel Products>N/STC
HK iSteelAsia Buys 0.23% Of AcrossAsia For HK$22.55M>H.ISA
Australian Agricultural Co IPO To Close Early, Strong Interest>A.FCL
Australia's Anaconda Nickel Eyes Centaur Nickel Proj>A.ANL
Argentina Inks Competition Accord With Rice Farmers>N/RCE
Enron Shuts Singapore Metals Unit;Japan,UK To Cover Trade>ENE
NZ Govt To Place Permanent Ban On European Beef Products>N/CTL
NZ's Wrightson Welcomes New Owner; Eyes Dairy Alliance>A.WRT
Malaysia PNB Chmn: Palmco Acquisition Important For Sime>P.PAL

Special Reports
There Are Many Ways To Skin A Cow In Hindu India>N/AGR
INTERVIEW:Freeport Indonesia To Weather Copper Mkt Slump>FCX
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Tire Crisis, Lower Sales Spark 'Ugly' Ford 2Q Loss>F
China's Tax Overhaul For Farmers Has Stalled>N/AGR
Commodities Review: Crude Hits 14-Mo Low On Inventories>N/CMD
Malayasia's Sime Makes Counterbid For Palmco Control>P.PAL

INDIA PRESS: Dabhol Challenges Commission's Jurisdiction

07/19/2001
Dow Jones Asian Equities Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- Dabhol Power Co. Wednesday appealed to the Supreme
Court to challenge the jurisdiction of Maharashtra State Electricity
Regulatory Commission, reports the Business Standard.
Dabhol, the Indian unit of U.S. energy major Enron Corp. (ENE), is
challenging the Commission's decisions on Dabhol's disputes with its sole
buyer the Maharashtra State Electricity Board.
The newspaper report quoted a Dabhol spokesman as saying the issue will come
up for a hearing in several days.
Dabhol's global lenders have also decided to appeal to the Supreme Court
within a week over the same issue, the report added.
Dabhol is the single largest foreign investment in India, worth $2.9 billion.
Its power plant in the western Indian state of Maharashtra has a capacity to
generate 740 megawatts. The plant has stopped operations since May 29 after
MSEB stopped drawing power from Dabhol saying its tariffs were
"unaffordable."
Newspaper Web site: www.business-standard.com
-By Himendra Kumar, Dow Jones Newswires; 91-11-461-9426;
himendra.kumar@dowjones.com -0- 19/07/01 04-31G

Financial Post Investing
Buy & Sell
Looking for an S&P revival: Elliott & Page manager focuses on earnings growth
Sonita Horvitch
Financial Post

07/19/2001
National Post
National
D03
(c) National Post 2001. All Rights Reserved.

Toronto-based Mark Schmeer, managing director of equities at money manager
Elliott & Page, says the Standard & Poor's 500 index could generate a
double-digit total return over the next 12 months as the U.S. economy grows
about 2% to 3%.
If this forecast is correct -- "by various measures the U.S. economy has
bottomed" -- then this augurs well for growth stocks such as those in the
technology sector, he says. "Growth stocks do well in a climate of
accelerating economic growth and a rising stock market." This suggests, he
says, that investors should consider revisiting the battered tech sector,
"but not indiscriminately."
While he is bullish on the outlook for the equity market over the next 12
months, Schmeer warns that there will continue to be volatility.
Schmeer and his team have assembled a comprehensive corporate data base that
is updated regularly.
In stock selection, the Elliott & Page team uses both traditional fundamental
analysis and proprietary models. These rank companies on their earnings
growth momentum and their ability to generate positive earnings surprises and
upwards earnings revisions by financial analysts.
For the column, Schmeer is selecting stocks from a number of sectors. His
tech pick:
- BEA Systems Inc. (BEAS/NASDAQ), which closed recently at US$24.52 and
trades in a 52-week range of US$89.50 to US$20.19.
The stock is substantially off its 52-week high and has declined more than
the average tech stock, he notes, yet the company continues to deliver on
earnings. BEA is provides application and Web application servers for
electronic commerce. Major products include BEA WebLogic, a software platform
for e-commerce applications.
Unlike many other tech companies, BEA has been keeping up its earnings growth
rate and reporting earnings in line with expectations and should continue to
do so, Schmeer says. Earnings per share estimates are US42 cents for the
fiscal year to January, 2002, and US64 cents for the fiscal year to January,
2003. This makes for an earnings growth rate of around 50%. The stock trades
at a multiple of close to 60 times forward earnings.
A specialist stock in the energy sector he likes is:
- Enron Corp. (ENE/NYSE) US$49.85 (US$90.56- US$42.35). Based in Houston,
this company is a leader in the field of energy wholesaling. It procures
energy and sells to major U.S. corporations such as Eli Lilly and Quaker Oats
under long-term agreements.
Enron has expanded into the electricity market as deregulation created price
uncertainty for users, says Schmeer. The company has produced six consecutive
quarters of positive earnings surprises and analysts have been revising their
earnings estimates upward, he notes.
Earnings per share estimates are US$1.86 for 2001 and US$2.25 for 2002. The
stock trades at a P/E multiple close to this earnings growth outlook, which
is desirable as many stocks in the S&P 500 index are trading well above their
prospective growth rates, says Schmeer.
He is generally cautious about energy producers and traditional energy
services companies such as drillers.
"Historically, these stocks mainly outperform when the market is going down
and they are less likely to beat the market in a climate of economic
acceleration."
He has sold major U.S. energy services company, Schlumberger Ltd. (SLB/NYSE)
US$49.85 (US$88.87-US$48.05). Its earnings growth rate has been rapidly
declining and the company may not meet consensus estimates for the third and
fourth quarter this year, he says.
Schmeer's picks in the consumer products sector include:
- Johnson & Johnson (JNJ/NYSE) US$54.91 (US$54.98- US$40.25). This health
care products company has been reporting positive earnings surprises, he
notes. "This is not a cheap stock, but you are paying for the consistency in
earnings growth; the company should continue to deliver on its earnings."
J and J recently purchased ALZA Corp., a drug delivery company based in
California, for US$10.5-billion in stock, which might lead to a modest EPS
dilution for 2001 of an estimated US10 cents per share, while 2002 should not
be affected, he says. Earnings per share estimates are US$1.94 for 2001 and
US$2.20 for 2002. The stock trades at roughly two times its estimated
earnings growth rate.
Finally, this manager is choosing a rapidly expanding savings and loan
company, Washington Mutual Inc. (WM/NYSE) US$41.38 (US$41.60-US$19.83).
Based in Seattle, this company has expanded from the Pacific Northwest across
the United States, mainly via acquisitions.
It recently purchased Dime Bancorp, the holding company for Dime Savings Bank
of New York.
The company has been able to exceed analysts estimates over the past three
quarters and should continue to do so. Earnings are being revised upwards.
Washington Mutual is able to grow EPS at a rate of about 11% per year over
the long haul. The stock trades at a P/E multiple of about 11, which is
cheaper than its peers, Schmeer says.

Color Photo: Kevin Van Paassen, National Post / E&P SAYS INVESTORS SHOULD
LOOK TO U.S. MARKET: Mark Schmeer, managing director of equities at money
manager Elliott & Page, says the S&P 500 index could generate a total return
in the double digits during the next 12 months. This bodes well for growth
stocks such as technology, he says.: (Photo ran on pg. D1.); Chart/Graph: FP
DataGroup / ENRON: ENE/NYSE: July 18: US$48.97 -US88 cents, Vol.: 3,104,500:
(See print copy for complete chart/graph.)

INDIA PRESS:AES CEO Bakke To Meet Power Minister Thursday

07/19/2001
Dow Jones Asian Equities Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- U.S.-based power company AES Corp.'s (AES) President
and Chief Executive Dennis Bakke will meet India's federal Power Minister
Suresh Prabhu Thursday, reports the Business Standard.
The newspaper report says Bakke is likely to discuss AES plans to take over
Enron Corp.'s (ENE) Dabhol power project in the western Indian state of
Maharashtra, and the payment problems faced by AES in relation to its power
project in the eastern state of Orissa. Bakke is also likely to meet the
Indian Finance Minister Yashwant Sinha in this regard, said the report.
AES holds a 49% stake in Orissa Power Generation Co.
Web site: www.business-standard.com
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426;
himendra.kumar@dowjones.com

ASIA-PACIFIC - Enron writ highlights India contract concerns.
By JULIE EARLE.

07/19/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved

Enron's Indian arm, the Dabhol Power Company (DPC), yesterday issued a writ
in the Bombay Supreme Court in a move highlighting concerns over the validity
of contracts for foreign companies operating in India.
Enron, the US energy giant that owns 65 per cent of DPC, is locked in a
bitter dispute with its sole Indian client, the Maharashtra State Electricity
Board (MSEB) over $45m in unpaid bills.
The writ issued yesterday challenges the jurisdiction of Maharashtra's
electricity industry regulator, the Maharashtra Electricity Regulatory
Commission.Enron is appealing a high court decision to allow the regulator to
determine jurisdiction over issues in the power purchase agreement between
DPC and MSEB.
In June, the regulator issued an interim order that stopped DPC from pursuing
arbitration proceedings in London, as provided for under the purchase power
agreement.
A senior official at Enron yesterday said the company believed that a
regulatory body created after the agreement with the electricity board
"should not be in a position of potentially disrupting a contract through
regulatory mechanisms".
The electricity board had asked the regulator to intervene. Enron said in May
it would pull out of the project.
The board, which says Enron's tariffs are too expensive, has since late May
refused to draw power from the plant and rescinded its power-purchasing
contract - a move Enron says is invalid.
Enron insists that the tariff, which is about three times higher than that
levied by Indian power producers, is due to high capital and fuel costs
incurred since the contract was signed in 1995.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.

California; Metro Desk
The State Aides Told to Sell Stock Ethics: Consultants hired for power crisis
must dispose of shares in generating firms.
ERIC BAILEY; JEFFREY L. RABIN
TIMES STAFF WRITERS

07/19/2001
Los Angeles Times
Home Edition
B-10
Copyright 2001 / The Times Mirror Company

SACRAMENTO -- Facing criticism over possible conflicts of interest, Davis
administration officials on Wednesday ordered consultants steering California
through the energy crisis to sell off stock they own in power firms--or lose
their jobs.
A top legal aide to Gov. Gray Davis said private consultants who were hanging
on to power company stock had failed to uphold the state's highest ethical
standards.
Nine consultants under contract with the state have reported holding stock in
power companies, including Calpine and Enron, that have reaped huge profits
during California's energy crunch.
Political foes of the governor, most notably Secretary of State Bill Jones,
have raised questions in recent weeks about potential conflicts involving the
consultants, who helped buy power and negotiate long-term contracts that
critics say will saddle consumers with artificially high electricity costs
for years to come.
The administration's tough stance Thursday with the consultants punctuates a
startling change of tactics.
For months, Davis' aides had not required the consultants to file financial
disclosure forms to report their personal stock holdings. By law, the
disclosure documents must be filed within 30 days of going on the state
payroll. The reports were filed after Jones began putting pressure on the
governor last week.
Barry Goode, the governor's legal affairs secretary, dispatched a letter
early Wednesday demanding that the consultants sell the stock by noon that
day or face termination of their state contracts.
"It is imperative that you give this instruction, immediately, to each of the
consultants," Goode said in his letter to the state Department of Water
Resources, which has taken over from California's beleaguered private
utilities the job of buying power.
"We expect, and have always expected, the state's consultants to uphold the
highest ethical standards," Goode wrote. "That standard is not met by those
who hold a financial interest in one or more energy companies while trading
on behalf of the state on energy related matters."
Goode's admonishment was conveyed by Tom Hannigan, water resources director,
to 34 consultants who are on contract with the department, among them the
nine contract employees who reported holding shares in generating firms.
Steve Maviglio, the governor's spokesman, said all the consultants holding
stock had agreed to sell it by the noon deadline.
But the stock sales did not satisfy Jones, who plans to challenge Davis in
next year's election.
He characterized the administration's action Wednesday as "way too little and
too late."
Although the energy crisis and the hiring of numerous consultants on short
notice represents an unusual situation, the governor's staff should have been
aware of the conflict-of-interest issue, said Bob Stern, president of the
Center for Government Studies in Los Angeles and an author of the state's
Political Reform Act.
"Somebody," he said, "was asleep at the switch in the governor's office."
"We are talking here about major amounts of money," Stern said. "You don't
get involved with decisions that affect your financial interest."
Of the consultants who filed disclosure reports last week, six reported that
they own stock in Calpine Corp. One reported holding stock in Enron Corp. One
of those seven resigned her state consultant's job a few days ago.
The latest conflict-of-interest statements, filed earlier this week, reveal
that three other consultants own energy company stock.
Mark Skowronski, who works for the Electric Power group, owned $10,000 to
$100,000 in stock in power producer Reliant Energy Inc. when he went to work
for the state.
In a note attached to his disclosure form, Skowronski said he sold his shares
in Reliant on March 20 after he was given the assignment as the lead state
negotiator with the company. He continues to own four blocks of Edison stock,
each valued at $10,000 to $100,000, which he bought in January and February.
"I have had no dealings with Edison and have not had a conflict of interest,"
Skowronski said in his attached note.
Ronald O. Nichols, another consultant, reported that in April that he bought
$10,000 to $100,000 worth of stock in Enron and General Electric.
In a statement filed Monday, consultant Sumner W. White reported that he owns
$2,000 to $10,000 in stock in TXU Corp., a Dallas-based energy holding
company.
White also reported that he had income of $10,000 to $100,000 as a
part-owner, executive vice president and director of SRW Group, a Texas
independent power developer.

Companies: European Companies

07/19/2001
The Wall Street Journal Europe
5
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enel Narrows the Field
To 3 Bidders for Elettrogen
ROME -- Italian utility Enel SpA said that after a first round of offers
there were three groups left in the race for its electricity-generating
company Elettrogen, which experts say is valued at least 5.5 trillion lire
(2.84 billion euros).
The bidders left in the contest are Edison-Sondel, units of agro-energy
conglomerate Montedison SpA; Italpower, a consortium of Swiss-based ATEL AG,
the municipal utilities of Milan, Turin and Rome, steel group Carlo Tassara
SpA and Banca di Roma SpA; and a consortium led by Spain's Endesa SA that
includes Asm Brescia and Spanish bank Banco Santander Central Hispano SA.
Sinergia, a consortium including Austria's Oesterreichische
Elektrizitaetswirtschafts AG Verbundgesellschaft, Italian holding company CIR
and U.S. company Mirant Corp., was excluded from the race.
"On the basis of the offers received (Wednesday), Enel has selected the three
potential buyers who have put forward the highest bids," Enel said, adding
that the next round of offers is expected Friday.
Enel didn't say how much the bids were, but Italian news agency ANSA said
people close to the deal said the highest price offered Wednesday was equal
to 5.044 trillion lire. Enel wouldn't comment on the numbers.
People close to the deal said the next round of bids would start from the
highest price offered Wednesday plus an extra 15 million euros. (Dow Jones)
---
Exxon Is Interested in Dolphin
DUBAI -- Exxon Mobil Corp. is interested in participating in the $4 billion
(4.66 billion euro) Dolphin Gas project, a plan between the UAE Offsets Group
and Qatar Petroleum to transport natural gas from Qatar to Abu Dhabi and
Dubai, the official Emirates News Agency, or WAM, reported. An Exxon Mobil
official and the United Arab Emirates' foreign minister discussed the issue
Wednesday, WAM said. The Dolphin project aims to transport two billion cubic
feet a day of natural gas from Qatar's offshore North Field to the U.A.E. In
May, Enron Corp. sold its 24.5% stake in Dolphin back to Offsets, freeing up
its share for another potential strategic partner. TotalFinaElf SA is
Offsets' other strategic partner, holding a 24.5% stake in the project. (Dow
Jones)
---
Nokia to Supply Omnitel
HELSINKI -- Nokia Corp., the world's largest cellphone maker, will provide
network equipment for Italian operator Omnitel Vodafone in a contract valued
at 150 million euros, the company said. The three-year deal includes
delivering third-generation mobile-phone network infrastructure equipment and
services, Nokia said. Deliveries will begin immediately and services will be
launched for commercial use during the second half of 2002. As part of the
agreement, Nokia and Omnitel plan to establish a center in Milan to develop
3G applications and a technology testing center. Omnitel Vodafone is a
wireless operator with more than 16 million customers. Omnitel became part of
the Vodafone group last year. (AP)
---
KPNQwest Has Collection Woes
AMSTERDAM -- KPNQwest NV confirmed Wednesday that a second client may be
having payment problems. Canada's 360networks isn't likely to be paying the
full amount of a 160 million euro order for fiber from KPNQwest in Europe, or
even very much of it, because the company recently filed for protection from
creditors in Canada and for Chapter 11 bankruptcy protection in the U.S.
"We're not holding our breath (on receiving more money from 360networks);
let's put it that way," said KPNQwest's head of investor relations, Jerry
Yohananov. 360networks couldn't immediately be reached for comment. (Dow
Jones)

National Desk; Section A
Accounting Office Demands Energy Task Force Records
By JEFF GERTH

07/19/2001
The New York Times
Page 20, Column 1
c. 2001 New York Times Company

WASHINGTON, July 18 -- After two months of unsuccessful requests, the General
Accounting Office demanded today that Vice President Dick Cheney turn over
records relating to how his energy task force developed its policies.
The demand letter, by the Congressional auditing office acting at the request
of two ranking Democratic House members, increases the possibility of a legal
and constitutional clash between Congress and the Bush administration.
A White House spokeswoman, Anne Womack, said the letter was ''under review,
and we're going to continue to work with the G.A.O. to try and resolve this
issue appropriately.''
Last month Mr. Cheney's counsel told the office that it lacked jurisdiction
over the task force because the panel acted only as an adviser to the
president, a function protected by the Constitution.
The White House has 20 days to respond to the letter. The accounting office
could then go to federal court to try to enforce the demand letter, one of 32
issued by the G.A.O. since 1980 to various federal departments. This is the
first time a demand letter has been sent to a vice president, accounting
office officials said.
The letter seeks information about people with whom Mr. Cheney and other task
force members met while developing the group's policies, but not information
about ''the deliberative process.'' Mr. Cheney has said that the task force's
report in May, which contained more than 100 recommendations involving energy
production, infrastructure, conservation and the environment, was based on
sound public policy considerations.
In an interview tonight on ''The NewsHour with Jim Lehrer,'' broadcast on
PBS, Mr. Cheney said the task force realized at the outset that it had to
have an ''adequate concern for the environment in this report, or we're not
going to have a credible report.''
But some Democrats and other critics say energy industry executives and their
lobbyists had too much influence over Mr. Cheney's plan, while environmental
and consumer groups were ignored or treated perfunctorily. And the vice
president's refusal to release the names of people who contacted the task
force led two of his chief critics, Representatives Henry A. Waxman of
California and John D. Dingell of Michigan, both Democrats, to bring in the
accounting office for a closer look.
Mr. Cheney has acknowledged meeting with energy executives, including Kenneth
L. Lay, the chairman of the Enron Corporation, but denies that they exercised
any undue influence on the deliberations.
''The idea that somehow only the energy industry has access just simply isn't
true,'' Mr. Cheney said in an interview last spring. ''We'll make decisions
on what we think makes sound public policy.''
Juleanna Glover Weiss, Mr. Cheney's spokeswoman, declined to discuss any
specific meetings involving the task force or the vice president.
''We don't release the vice president's schedule,'' Ms. Weiss said.
More broadly, however, she said Mr. Cheney's task force -- the National
Energy Policy Development Group, composed of cabinet officers and other
government officials -- met with many elected officials, organizations and
outside interests. The group's report was released on May 17, and many of its
recommendations require further action by Congress and government agencies.
Mr. Cheney's counselor, Mary Matalin, said Democrats should now look to the
aftermath of the report instead of the group's deliberations.
''If they want to know what happened in the meetings, look at what it spawned
in legislation that is on the Hill,'' Ms. Matalin said.
And since the report's release, Mr. Cheney has met with some
environmentalists, his spokeswoman said.
Some environmental groups said today that this was too little and too late.
''Industry has had direct access to key decision makers while representatives
of the public interest and environmental communities are left to the
sidelines,'' said Alyssondra Campaigne, the legislative director for the
Natural Resources Defense Council, which has been unsuccessful in seeking
task force records under the Freedom of Information Act.
The accounting office's letter demands five sets of records: names and
attendees at meetings of the energy group; information about the group's six
professional staff members; details of meetings between the staff and others,
including lobbyists; details of Mr. Cheney's meetings with others and cost
accounting records for the group, for which Mr. Cheney's office has already
turned over 77 pages.
The accounting office claims broad authority to examine government programs
under the Budget and Accounting Act of 1921.
The request by Mr. Waxman and Mr. Dingell led the G.A.O. to approach Mr.
Cheney's office first on May 8. Mr. Cheney's counsel, David S. Addington,
later questioned the appropriateness of the request and sent a letter
challenging the accounting office's legal authority.
Mr. Addington's letter of June 7 suggested a constitutional privilege. It
said the policy group was acting in a constitutional capacity as adviser to
the president so it was not a government program subject to Congressional
oversight. The group's senior staff members are actually paid through the
Department of Energy, White House officials said.
Last week, lawyers from the White House and the Justice Department discussed
the request with officials from the accounting office, but the matter
remained unresolved.
Today's demand letter, signed by Anthony Gamboa, the agency's general
counsel, is a formal enforcement mechanism. While it may resemble a subpoena
in some respects, agency officials said it had a unique standing by statute
that ultimately resided in federal court.
The accounting office infrequently uses demand letters.
''We worked very hard not to get to this point,'' said Bob Robinson, managing
director for natural resources and environment at the office.
Mr. Robinson said other parts of the executive branch involved in the task
force, including the Departments of Interior and Energy and the Environmental
Protection Agency, had begun providing information, though only at the last
minute.

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

California Power Consultants Must Sell Stocks, L.A. Times Says
2001-07-19 08:20 (New York)

     Washington, July 19 (Bloomberg) -- California Governor Gray
Davis's administration ordered consultants handling the management
of California's energy crisis to sell their stock in power
companies, the Los Angeles Times reported.
     Political foes of the governor, including Secretary of State
Bill Jones, raised questions about potential conflicts of interest
involving the consultants, who helped the state negotiate long-
term contracts with power companies, the paper said.
     A letter early yesterday was sent by the governor's legal
affairs secretary, Barry Goode, demanding that the 34 consultants
under contract with the state sell their stock by noon yesterday
or face termination of their contracts, the paper said.
     Nine consultants under contract with the state have reported
owning stock in power companies such as Enron Corp. and Calpine
Corp., which have made large profits during the state's energy
crisis, the paper said.

(LATM 7/19 A8)
For the Web site of the Los Angeles Times, click {LATM <GO>}.

--Bill Murray in Washington (202) 624-1963 or
wmurray1@bloomberg.net /jo


Thanks Peter

Hey did Mungo or Mongo are whatever the hell it is buy my house.

Lavo

 -----Original Message-----
From: 	Keohane, Peter
Sent:	Thursday, February 08, 2001 12:32 PM
To:	Lavorato, John
Subject:	Head Wholesale Honcho

Is there any stopping you! (But I'm guessing your not getting out running much any more.)  I really appreciated it when you called me at home on my recent promotion, but thought you might just get pissed of if I phoned you at home (maybe not).  Anyway, I won't bug you at home tonight, and I will congratulate you here.  Very impressive, well deserved.  The realignment involving both you and Delainey should be great for the company.  Push the stock.  Peter.


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/11/2001 02:16
PM ---------------------------

Kay Mann
04/11/2001 12:41 PM
To: lee.johnson@ss.ps.ge.com, kent.shoemaker@ae.ge.com
cc: Stephen Thome/HOU/ECT@ECT

Subject: Breakout contract

Hi there,

I thought I'd check back to see where we are on the Delta (Salmon) break out
contract, now that we know that the stabilizers should be included.  How's it
looking?

Thanks,

Kay


Start Date: 1/22/02; HourAhead hour: 15;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012215.txt


All-
Please find attached an updated version of the CLN swap presentation we passed around today.  Also, (for Kelli, Louis, & Jonathan) I have saved an updated version of the model in the dropbox--I removed the CDO section at Mike's direction. Thanks for your help!
Brian
3-5009


How's this for the next stab.  Please review, make changes and send back for
a final.  I didn't try to make this just perfect but consoldite a little and
add a little.

Thanks,

Mike


All,

I have looked over the U.S. credit GTC and the long descriptions. I see we
have decided to go with quarterly billing, rather than monthly. Will the
payment/collections cycle cause any heartburn for the back office?

I didn't spot any problems with the long descriptions.

A few relatively minor comments on the GTC's - which you may or may not want
to consider:

- Clause 2.(e) (i) (1) - Does this clause preclude us from doing business
with banks or other financial institutions? Could we append: "with regard to
the Transaction"?

- What happens if a Rep or Warranty is broken? Does that constitute
sufficient breach to terminate the contract? I'm thinking specifically about
sleeving, which is perhaps covered by Clause 2(e)(ii)(1)? I still think that
sleeving is one of the most significant commercial risks faced by online
trading of derivatives. If I were working for a third party, I'd immediately
look for ways to set up a sleeving service to sell credit protection to the
Reference Entities where the Reference Entity or its affiliate views its own
risk differently from Enron. If I were the Reference Entity in question, I'd
consider:
 a) Buying a load of protection via sleeving and then declaring bankruptcy -
then do a Phoenix (in the UK at least)
 b) Buy a load of protection via sleeving, then take the Credit Derivatives
to another third party financial institution and using the credit derivatives
as collateral to increase my line of credit - I'm no expert, but I suspect
there might be an interesting leverage effect here, which might actually
cause a significant increase in Enron's risk exposure.
 c) Like (b), only the financial institution could buy the credit derivative
with or without the need for sleeving - we probably need a restriction on
this? (I know financial institutions are not our preferred counterparts up
front, but if I were a financial insitution, I'd quickly find a way around
this limitation - Affiliates or Sleevers.

-  Do you think it would beneficial to strengthen our protection against
sleeving by adding something to Clause 2, like: "It is not entering into a
Transaction for the purpose of concluding a similar transaction with the
party (or any Affiliate of such party) which is the Reference Entity in the
Transaction".

- Should Def'n of "Contract Currency" be "Contractual Currency"?
("Contractual" is also used in the Long Descriptions)

- Def'n of "Credit Product" - after "Entity", should we insert "which is"?

- Are we being a bit too nasty by defining the Determination Agent as
"Enron"? As the reference to Determination Agent in the contract is in a
context similar to that of an arbitrator, it seems a bit cheeky to then
define ourselves as the arbitrator - would this be enforceable if we were in
court?

I'm assuming the other GTC's are very similar to the U.S. one and I have not
read them.

Dave


Vince,

I do not think that there is match with our group but I forwarded Steve's
resume
to Ford Cooper and Joe Phalen of the Water Group.

Regards,
Osman


The Monthly Report is undergoing changes, both in formatting and
preparation.  Mark Haedicke's office will compile reports sent to him from
ENA (see attached), Enron Global Markets, Enron Industrial Markets, Enron
NetWorks, LNG and Caribbean/Middle East, legal groups into one report  for
Jim Derrick.

Please print the attached report and make changes for ENA keeping in mind
that the above-named groups will prepare individual reports for Mark.  Make
your remarks on transaction status as of October 15, 2000.

Please give your changes to Dina Snow by Monday afternoon, October 23, 2000.
If you have questions or comments please call Travis McCullough x31575, Lance
Schuler x35419 or Kay Young x36794.

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


FYI.
----- Forwarded by Jeff Dasovich/NA/Enron on 10/12/2000 09:42 AM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	10/11/2000 02:25 PM

		 To: Paul Kaufman/PDX/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Richard
Shapiro/NA/Enron@Enron, skean@enron.com, Karen Denne/Corp/Enron@ENRON,
mpalmer@enron.com, Sarah Novosel/Corp/Enron@ENRON, Rob
Bradley/Corp/Enron@ENRON, Margaret Carson/Corp/Enron@ENRON, Sue
Nord/NA/Enron@Enron
		 cc:
		 Subject: Fwd:

----- Forwarded by Jeff Dasovich/NA/Enron on 10/11/2000 02:23 PM -----

	Susan J Mara@EES
	10/11/2000 02:12 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Fwd:

---------------------- Forwarded by Susan J Mara/SFO/EES on 10/11/2000 12:12
PM ---------------------------

"Daniel Douglass" <douglass@ArterHadden.com> on 10/11/2000 12:54:40 PM
To: <Barbara_Klemstine@apsc.com>, <Bob_Anderson@apses.com>, <berry@apx.com>,
<dcazalet@apx.com>, <billr@calpine.com>, <jackp@calpine.com>,
<glwaas@calpx.com>, <Ken_Czarnecki@calpx.com>, <cabaker@duke-energy.com>,
<rjhickok@duke-energy.com>, <GTBL@dynegy.com>, <KEWH@dynegy.com>,
<j_dasovi@ect.enron.com>, <rpelote@energy.twc.com>, <susan_j_mara@enron.com>,
<curt.Hatton@gen.pge.com>, <foothill@lmi.net>, <camiessn@newwestenergy.com>,
<jcgardin@newwestenergy.com>, <rsnichol@newwestenergy.com>,
<curtis_l_kebler@reliantenergy.com>, <rllamkin@seiworldwide.com>,
<cfi1@tca-us.com>
cc:
Subject: Fwd:

Attached are Frank Wolak's slides from his presentation at WPTF's meeting
last Friday.? Greg Blue asked that I send these to the board, although I
note that?a few?of you received them directly from Frank.
?
Dan
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Date: Tue, 10 Oct 2000 07:37:06 -0700
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Here are my slides from the WPTF presentation as a .pdf file.

Frank Wolak
 - wptf.pdf


Are you in today?

 -----Original Message-----
From: 	Homco, Jim
Sent:	Monday, October 15, 2001 10:03 AM
To:	Germany, Chris; Knoblauh, Jay
Subject:	FW: HALLOWEEN BUS PARTY INFO

Are you in ???  Meredith and I have already paid.
 -----Original Message-----
From: 	Spence, Tricia
Sent:	Friday, October 12, 2001 11:58 AM
To:	'baustin@capitalsafety.com'; 'samogden@swbell.net'; 'eloiuse@aol.com'; 'joshcrouch@hotmail.com'; 'stefan.dewaal@sasol.com'; 'zieglerf@investorservices.net'; 'smcelroy@howellcorp.com'; Patton, Anita K.; O'Farrell, Sharon; Homco, Jim; Homco, Meredith; Sumrow, Molly; Carter, Tamara; Knoblauh, Jay; Garcia, Clarissa; 'ronnie.faulkner@elpaso.com'; 'bob.flemming@elpaso.com'; Fleming, Matthew B.; Blaine, Jay; 'jonathon@fusionstaffing.com'; 'eracsrfsk8@aol.com'; 'slaphappygirl@hotmail.com'; 'lbrowne@goswick.com'; 'nesha_k_barnhart@amoco.com'; Blanchard, Andy; 'c.scott.omo@us.pwcglobal.com'; 'genevigil@aol.com'; 'gostosa61@yahoo.com'; 'mary_johnson@cmsenergy.com'; 'robb@netsential.com'; 'slavensk@netscape.net'; 'superdave71@hotmail.com'; 'gavnovell@aol.com'; Ballmer, Charles; 'janemouser@pdq.net'; Fraser, Jennifer; 'polly.a.lohman@exxonmobil.com'; 'lauraivy1@hotmail.com'; 'rachel.222@lycos.com'; 'taralynn06@hotmail.com'; 'mark_sass@hotmail.com'; 'kmgray@ev1.net'; 'audrac@corporateexpressions.cc'; 'lbrown@goswick.com'; 'mbrowne@entech.com'; Quick, Joan; 'hhw1@compassbank.com'
Cc:	'pavla.melicharova@us.pwcglobal.com'; Umbower, Denae; 'clarels@swbell.net'; Spence, Tricia
Subject:	HALLOWEEN BUS PARTY INFO

2001 HAUNTED HALLOWEEN BUS PARTY
 SERIOUS PARTY PEOPLE.  HERE IS ALL THE INFO YOU NEED FOR THE OCT 27TH EXTRAVAGANZA!!!

Attached is the Bus Party Invite and Map to the first meeting place.

 << File: bus party 2001 flyer.doc >>

If you have any questions please feel free to email or call any of the 4 party hosts.
Contact the hosts to RSVP and to arrange for early payment to reserve your spot.
Please note the dates that Clare and Tricia will be out of town.

Denae Umbower
denae.umbower@enron.com
713-853-9312 (wk)
713-817-5554 (cell)

Pavla Melicharova
pavla.melicharova@us.pwcglobal.com
713-356-6481 (wk)
713-256-9289 (cell)

Tricia Spence - OUT OF THE COUNTRY OCT 15TH - 19TH
tricia.spence@enron.com
713-853-4222 (wk)
713-864-5495 (hm)

Clare Santana - OUT OF THE COUNTRY UNTIL THE 25TH (SO SHE IS PRETTY MUCH USELESS - just kidding, she did manage to use her charm before she left and got all the cover charges waived to the parties!!!)
clarels@swbell.net
clarels@swbell.net
713-412-8707 (cell)
281-493-2189 (hm)

JUST IN CASE ANYONE HAD PROBLEMS OPENING THE FLYER, HER IS THE SCOOP:

	Haunted Halloween Bus Party
Saturday, October 27th 2001
7:30 pm - ???
The freak filled party mobile will depart promptly at 7:30 p.m. from Cahill's Pub located at 903 Durham off Washington.
 For a mere $25 you get beer and spooky Jell-O shots,  free entrance to the hottest parties in town via the freak infested Bus.
Ghost and Goblins beware, spots are scarce.  PREPAY for your spot to ride NOW or you will be left out in the cold. We do not stop for pedestrians.
There will be a pre-party "show me the money"   happy hour at Cahill's Pub on Wed, Oct. 24th from 6-8pm for those of you who have not paid before then.
To RSVP and arrange payment prior to Oct 24th please Email: Tricia Spence at tricia.spence@enron.com <mailto:tricia.spence@enron.com>
713 853-4222 (wk) or 713 864-5495 (hm).  Tricia will be out of the country the 15th - 19th, so during that time RSVP to either
Denae Umbower at denae.umbower@enron.com <mailto:denae.umbower@enron.com>
713-853-9312 (wk) or 713-817-5554 (cell)
 Pavla Melicharova at pavla.melicharova@us.pwcglobal.com <mailto:pavla.melicharova@us.pwcglobal.com>
713-356-6481 (wk) or 713-256-9289 (cell)


Kate-

Apb checkout     Badeer
missing deals:   Enron Buys Relaint 290.00 Apr SP15 on peak  25 mws believe
deal 553809.01, need to ch bro to apb
  Enron Sells Reliant 310.00 Apr NP15 on peak 25 mws believe deal 553810.01,
need to ch bro to apb

554166.01 Mallory, please ch Cp name to BP Energy Co

Missing Jeff Richter trades:
Enron Buys PGET
April 25 mws SP15   290.00

Enron Buys BP Energy
3/21-3/31  50 mws
SP15   330.00


I don't know what PC 12667 is.  But, in the attached spreadsheet, my cost
center is grouped with Risk Management.  I now report to Bob Hall, so CC
105633 should be reported with the other Logistics groups.

Holly Heath@ENRON
11/02/2000 04:23 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Re: Revised Allocation %'s - October

Hi Daren,

I'm afraid I don't understand what you are asking me to do.  Do you mean that
you want CC 105633 moved to Logistics PC 12667.  If so, there is a
complicated process in order to do so.  Has someone else made this request or
is this your own?  Please explain.

Thank you,

Holly
3-5843

Daren J Farmer@ECT
11/02/2000 03:34 PM
To: Holly Heath/Corp/Enron@Enron
cc:

Subject: Re: Revised Allocation %'s - October

Please move my group from Risk to Logisitcs.

D

	Enron North America Corp.

	From:  Irena D Hogan                           11/02/2000 03:21 PM

To: Dutch Quigley/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT,
Daren J Farmer/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT
cc:
Subject: Revised Allocation %'s - October

Please read below and comply as directed below.

Thank you,

Irena
---------------------- Forwarded by Irena D Hogan/HOU/ECT on 11/02/2000 03:16
PM ---------------------------

Holly Heath@ENRON
11/02/2000 02:17 PM
To: Robert Superty/HOU/ECT@ECT,  Brenda F Herod/HOU/ECT@ECT, Leslie
Reeves/HOU/ECT@ECT, Shona Wilson/NA/Enron@Enron, Sheila Glover/HOU/ECT@ECT,
Maria Sandoval/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, D Todd
Hall/HOU/ECT@ECT, Mary Solmonson/HOU/ECT@ECT, Lisa B Cousino/HOU/ECT@ECT,
Sally Beck/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT, Diane H Cook/HOU/ECT@ECT,
Michael E Moscoso/HOU/ECT@ECT, Eugenio Perez/HOU/ECT@ECT, Jefferson D
Sorenson/HOU/ECT@ECT
cc: Heather Choate/HOU/ECT@ECT, Irena D Hogan/HOU/ECT@ECT, Chantelle
Villanueva/HOU/ECT@ECT, Yvette G Connevey/Corp/Enron@ENRON, Mary
Comello/Corp/Enron@Enron, Lisa Shoemake/HOU/ECT@ECT, Maria
Sandoval/HOU/ECT@ECT, Kelly Templeton/Corp/Enron@ENRON, Lynn
Tippery/HOU/ECT@ECT, Marvia Jefferson/HOU/ECT@ECT, Patti
Thompson/HOU/ECT@ECT, Julissa Marron/Corp/Enron@ENRON, Yolanda
Ford/HOU/ECT@ECT, Adrial Boals/Corp/Enron@Enron
Subject: Revised Allocation %'s - October

Attached is a revised allocation file for October.  Please note that the
format of this file has been changed to reflect the new team reporting list.
Also, "Global Markets" and "Industrial Markets" have been broken out for
billing purposes.  If you have cost centers that are allocating to either of
these teams, please provide a breakdown of those percentages by Monday,
November 6th.

All other allocations are due by end of day today.

I have also included the team reporting list that is currently in use until
the end of 2001.

Thank you for your help.  Please call if you have any additional questions.

Holly
3-5843


Whats up with this comment?? Rick
 -----Original Message-----
From: 	Lavorato, John
Sent:	Wednesday, July 11, 2001 1:46 PM
To:	Buy, Rick
Cc:	Whalley, Greg
Subject:	FW: Gas Curve Validation May 2001

This person has no clue.  Reviewing gulf coast basis locations probably won't find the next EES lock box problem.

Regards

John
 -----Original Message-----
From: 	Nguyen, Jennifer
Sent:	Thursday, July 05, 2001 10:34 AM
To:	Gorny, Vladimir; Gossett, Jeffrey C.; Hall, Bob M; Lavorato, John; Reeves, Leslie
Subject:	Gas Curve Validation May 2001

Please do not hesitate to contact me with any questions.

Thanks,
Jennifer
x5-7590


-----Original Message-----
From: 	Grigsby, Mike
Sent:	Monday, July 16, 2001 11:58 AM
To:	Rangel, Ina; Bike, Anne; Sanchez, Monique; Holst, Keith; Allen, Phillip K.; Ermis, Frank; Tholt, Jane M.; Kuykendall, Tori; Sullivan, Patti; Lenhart, Matthew; South, Steven P.; Gay, Randall L.; Reitmeyer, Jay; Scott, Susan; Tycholiz, Barry
Subject:	Western Natural Gas Organization

Dear Western Region:

	I would like to thank Phillip Allen for his leadership of the west desk for 2000 and 2001.  He will continue as Managing Director at Enron North America and trade a financial book for the natural gas trading group.  Phillip will be sitting near the western region and will continue to participate in our goal to analyze the western market fundamentals to maximize wholesale trading efforts.  I will be assuming all management responsibilities of the west trading group effective immediately.

	I would like to take the opportunity to discuss our new organization for the Western Region trading group.  I have organized a vertical based trading structure that clearly defines each employee's responsibilities going forward.   Our goal is to organize all of our efforts in the west such that we will offer Enron North America the most profitable wholesale trading model.

The most significant change to the western region organization will be Keith Holst's role as Director of West Fundamentals.  Keith will manage this unit from the west desk, while using the services of Enron's centralized fundamentals group, headed by Chris Gaskill.  Our western region Fundamentals group will be responsible for delivering the most complete and market sensitive data to the trading desk.  We will all share in Keith's efforts to make our fundamental analysis the standard for all trading units within the company.

West Origination, led by Barry Tycholiz, will play a larger role in our term trading efforts going forward.  They will be joining our desk for fundamental forecasting meetings and discussions.  Our goal is to capture a majority of the term risk management efforts of our customer base.  We must succeed in capturing a majority of our customers' business to increase our share of lower risk earnings.  This contribution, along with our wholesale trading, will help our desk beat earnings expectations consistently.

The West trading organization is structured to maximize profitability by sub-region.  The emphasis for the trading group will be to increase profitability and market information from each trader's sub-region.   We will be evaluated on how we organize and build the business and profitability in our respective trading areas.  This structure, however, does not preclude west traders from trading positions throughout the Western region and the North American gas market.  The West trading organization will be successful by creating accountability for trading responsibilities.

Please review the attached outline for the new trading structure.  We will be meeting as a group to discuss the changes soon.  The implementation of this structure will rely on our back office to set up the new books for each trader.

Sincerely,

Michael D. Grigsby
West Gas Trading


ok.

i guess i will call you later. b.


----- Forwarded by Sara Shackleton/HOU/ECT on 08/18/2000 08:09 AM -----

	Mark Taylor
	08/17/2000 06:51 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Yosemite/Delta III

----- Forwarded by Mark Taylor/HOU/ECT on 08/17/2000 06:51 PM -----

	BDailey@milbank.com
	08/17/2000 05:35 PM

		 To: amanda.angelini@ssmb.com, rick.caplan@ssmb.com, steve.incontro@ssmb.com,
doug.mcdowell@enron.com, craig.clark@enron.com, ryan.siurek@enron.com,
gareth.bahlmann@enron.com, clint.walden@enron.com, kevin.d.jordan@enron.com,
mark.taylor@enron.com, carol.stclair@enron.com, brent.vasconcellos@enron.com,
annmarie.tiller@enron.com, Kimberly.r.Scardino@us.arthurandersen.com,
Fcochran@velaw.com, acurry@velaw.com, jnr@maples.candw.ky
		 cc: EMoser@milbank.com, FPuleo@milbank.com, MMottesi@milbank.com,
MDunn1@milbank.com
		 Subject: Yosemite/Delta III

Further to our email of earlier this afternoon, please find attached below
the initial draft of the Delta III Enron Indemnification Agreement, marked
against the Delta II document which served as precedent.? We are in the
process of drafting the related Security Agreement, which will be distributed
in the near future.

Please do not hesitate to contact either of the undersigned with any
questions or comments.

Eric Moser
(212) 530-5388

Bruce Dailey
(212) 530-5565

 <<Indemnification Agmt.doc>>

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

 - Indemnification Agmt.doc


Mary,

Good luck to you!  I think I remember you saying that you could just as
easily live in New England.

I'm glad we worked together enough for me to get to know you!  I've been to
the NEISO several times, and you'll likely run into other TCA'ers out there.
I look forward to seeing you again sometime soon.  And if I or others at TCA
can be of assistance (either formally, or informally) feel free to let me
know.

Best wishes!
Ellen.

I am going to be the Senior Regulatory Counsel at ISO New England starting
on April 9, 2001.   My last day in the Portland area will be March 31,
2001.  I enjoyed working with you and wish you the best of everything.  My
new address will be:

Mary Hain
Senior Regulatory Counsel
ISO New England Inc.
One Sullivan Road
Holyoke, MA  01040-2841
(413) 535-4000
mhain@ISO-NE.com


Errol,

Here are the adjustments to be made for Oct. before rolling the file.

Dutch


Lucky you.  I think you should convince her that her house is too small for
her and the kids.


Joe Parks should be set-up for managing products

Hunter
---------------------- Forwarded by Hunter S Shively/HOU/ECT on 07/14/2000
07:42 AM ---------------------------

	From:  Joe Parks                           07/13/2000 04:58 PM

To: Hunter S Shively/HOU/ECT@ECT
cc:
Subject: EOL Access

Stephanie Sever  is the contact in EOL Product Control. She needs your
approval to set me up to manage product on NGPL.


EFF_DT PORTFOLIO_ID DOWN95
12/5/00 MANAGEMENT-CRD 0
12/5/00 MANAGEMENT-GAS 3595275.
12/5/00 MANAGEMENT-PWR 339919.
12/5/00 AGG-MANAGEMENT 3768435.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 01/25/2001
12:24 PM ---------------------------

Greg Couch
01/25/2001 12:09 PM
To: Victor Guggenheim/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT
cc:
Subject: RE: You WILL be interested in these sites

---------------------- Forwarded by Greg Couch/HOU/ECT on 01/25/2001 12:09 PM
---------------------------

"Bruce A. Bernard" <bbernard@hypercon.com> on 01/25/2001 11:08:25 AM
To: Greg.Couch@enron.com
cc:
Subject: RE: You WILL be interested in these sites

Cool sites!

Also, unrelated, but interesting as well!

http://antwrp.gsfc.nasa.gov/apod/image/0011/earthlights_dmsp_big.jpg

http://www.wnd.com/news/article.asp?ARTICLE_ID=21384

-BAB

-----Original Message-----
From: Greg.Couch@enron.com [mailto:Greg.Couch@enron.com]
Sent: Monday, January 22, 2001 12:09 PM
To: bbernard@hypercon.com
Subject: You WILL be interested in these sites

www.solow.com   (just wish I had time to get one in before our hunt)
www.rimfirecentral.com    (there is also a link from the main page to a
Mark II discussion forum)


Rob, please follow up with Dorie she will handle the process for you.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/17/2000
11:00 PM ---------------------------

Rob Milnthorp
07/17/2000 03:38 PM
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: Offsite

Dave, I am seeking your approval to take my group on an offsite to Las Vegas
sometime in late 3rd/early 4th quarter. Cost is approx Cdn $1000/person for
flight and accomodation (thursday - sunday). As you know, we have done this
for a number of years but I'm not sure what approvals were obtained in the
past as it was either your group or Lavorato's group at the time. This would
involve Origination only as Trading is doing an offsite in conjunction with
the rest of Shankman's group. It should be noted also that we decided not to
attend the Masters this year as we didnt think it generated enough business
following last years trip -  this cut our expenses substantially. Please let
me know your thoughts on this.

Regards
Milnthorp


Kathy/Brian,

Here is the new text file format.  This will enable you to send only one text
file each night.  If you have any questions give me a call.

Thanks,
Robin
57478


Linda:  As discussed before, Senate Energy Committee staff have already begun
meetings to draft the bipartisan Energy Legislation they plan to introduce at
the beginning of the 107th Congress.  Their bill will focus on three major
categories including "supply" (including fuel diversity, and consistent
natural gas prices regardless of world oil prices, etc.); "infrastructure
development" (including pipeline construction for gas and liquids, eminent
domain for electricity transmission, reliability including California plus
heating oil reserves with concerns regarding the mandatory inventory levels
precedence set by Massachusetts); and "efficiency" (including tax measures,
renewables and distributed generation.)

They are working off of the 106th Congress bills S. 2557, S. 2904 and tax
bills such as S. 2718.  In addition, they are meeting with RUS to discuss
ideas to fund transmission builds in rural areas so as to eliminate capacity
restraints.  Further, CRS is writing an "options" paper addressing various
means to stimulate supply. Finally, they are awaiting BLM's official
"inventory of the public lands available for development" which shall include
listings of constraints to development, thus, enabling them to draft
solutions.

They will likely do the tax issues first and then the access issues after but
this is not set in stone.  Regardless, now is the time for Enron to supply
input and innovative solutions to address the issues.  I would suggest the
need to go over the existing legislation; decide which provisions we like and
don't like plus offer legislative drafting solutions for provisions we deem
missing.

As such, shall we proceed with a meeting, conference call, etc.??  Please
advise.  We have the month of January to compile our legislative wish list
and convey our ideas to staff.

As an aside, the House is still addressing Committee Chair and staffing
issues so are not as far along as the Senate.  However,  Chairman Barton
expects quick action on energy issues in the 107th.  Thanks.


[IMAGE]

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Barbara/Jeff:

In the  TurboPark world there will be certain impacts on how power projects
involving physical capacity are structured and implemented.  I know some (but
not all) of it.  I can say that it is fairly easy to bust the structure and
wind up with assets on the balance sheet, and that the commercial folks
aren't always (or even usually) sensitive to the issues.  Maybe after the
first of the year those group members who will be working on the power
origination and development side could get briefed by the finance and
accounting folks.

Kay