December 19, 2000

Today's Reminder:
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*Travel beginning January 3, 2001 through February 15, 2001
*Scroll down to the Additional Information section for
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<*><*><*><*><*><*> Florida On Sale <*><*><*><*><*><*>
*Travel to and from the state of Florida on fares of
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*Travel beginning January 3, 2001 through February 15, 2001
*Scroll down to the Additional Information section for
 more details or visit:
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fyi
---------------------- Forwarded by Karen Denne/Corp/Enron on 10/19/2000
06:27 PM ---------------------------
From: Diane Bazelides@AZURIX on 10/19/2000 06:07 PM
To: chensle2, Karen Denne/Corp/Enron@ENRON, Jackie Gentle/LON/ECT@ECT,
Elizabeth Ivers, Mark Koenig/Corp/Enron@ENRON
cc:

Subject: service of process

Since we've received formal notice from at least one firm and ultimately will
from the rest, I think  we should edit our statement slightly and remove the
statement about not having been served.

Thanks

Diane
----- Forwarded by Diane Bazelides/HOU/AZURIX on 10/19/00 06:01 PM -----

	John Ale
	10/19/00 05:17 PM

		 To: Diane Bazelides/HOU/AZURIX@AZURIX
		 cc:
		 Subject: service of process

We apparently got formal notice (though not formal service of process) today.
----- Forwarded by John Ale/HOU/AZURIX on 10/19/00 05:17 PM -----

	Becky Stephens@ENRON
	10/19/00 04:24 PM

		 To: John Ale/HOU/AZURIX@AZURIX
		 cc: Robert Vote/Corp/Enron@ENRON, Lisa Robichaux/Corp/Enron@ENRON, Norma
Tidrow/HOU/AZURIX@AZURIX
		 Subject: service of process

The following original documents, received today, have been forwarded for
your immediate review and consideration:

Irving Rosenzweig, on behalf of himself and all others similarly situated v.
Azurix Corp., et al. (including Enron Corp.); No. H-00-3493, In the U.S.D.C.,
S.D. of Texas, Houston Div.  LETTER DATED 10/16/00, WAIVER OF SERVICE OF
SUMMONS (2), NOTICE OF LAWSUIT AND REQUEST FOR WAIVER OF SERVICE OF SUMMONS,
COMPLAINT W/JURY DEMAND, ATTACHMENT, and ORDER FOR CONFERENCE AND DISCLOSURE
OF INTERESTED PARTIES served on Azurix Corp. by certified mail on 10/19/00.

PLEASE ADVISE IF NOT RECEIVED WITHIN 1 BUSINESS DAY.

Thank you.

Becky A. Stephens
Litigation Unit, Enron Corp.
713/853-5025
EB4809


Attached is the Draft offer Letter to Carol Hensley.  Upon your review and
approval we will forward on to Mark Palmer for sign off.

Thank you all for your help and patience.

Ben Herman


Thanks for your note.  I was great to meet you - I am glad that you could
take the time out of the office to make the trip to Houston.  I will look
forward to seeing you when I am next in London.  --Sally

Mike Wellings
10/26/2000 02:53 AM
To: Mike Jordan/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT
cc:
Subject: Global Operations Controllers Forum

I would just like to thank you both  for an extremely informative and
constructive event. I learnt an lot from this and look forward to taking
these ideas forward.

Mike


a few notes:  can we indicate that Reliant and Dynegy are executed. As is the Conagra master crude.Carolina Power & Light is really Progress Energy (netting among the subs of Progress Energy - CP&L, Florida Power Corp, and North Carolina Natural Gas).  Can we note that Southern is not an MNA but just power netting per Leslie's e-mail. Thanks!!

 -----Original Message-----
From: 	Heard, Marie
Sent:	Tuesday, November 13, 2001 5:37 PM
To:	Aronowitz, Alan; Athena Alexander (E-mail); Clark, Morris; Cook, Mary; David Mitchell (E-mail); Davis, Angela; Del vecchio, Peter; Douglas, Stephen H.; Evans, Mark (London Legal); Gaffney, Chris; Gray, Barbara N.; Hansen, Leslie; Heard, Marie; Hendry, Brent; Hodge, Jeffrey T.; Johnston, Greg; Jones, Tana; Keohane, Peter; Koehler, Anne C.; Lech Kalembka (E-mail); Leite, Francisco Pinto; Marissa Morelle (E-mail); McCullough, Travis; Mellencamp, Lisa; Murphy, Harlan; Murray, Julia; Nemec, Gerald; Portz, David; Rick Antonoff (E-mail); Rohauer, Tanya; Sager, Elizabeth; Saxena, Rahul; Sayre, Frank; Schuh, Michael; Shackleton, Sara; Simons, Paul; St. Clair, Carol; Van Hooser, Steve; Viverito, John; Von Bock Und Polach, Marcus; Williams, Jason R (Credit)
Subject:	Master Netting Agreement Assignments

Attached is the updated list of master netting agreement assignments.

		 << File: MASTER NETTING AGREEMENT ASSIGNMENTS.doc >>


----- Forwarded by Steven J Kean/NA/Enron on 02/07/2001 07:50 AM -----

	Expense Server@Enron_Development
	02/05/2001 02:04 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: <<Concur Expense Document>> - February 5, 2001

The following expense report is ready for approval:

Employee Name: Michael Terraso
Status last changed by:  Automated Administrator
Expense Report Name: February 5, 2001
Report Total: $860.64
Amount Due Employee: $860.64

To approve this expense report, click on the following link for Concur
Expense.
http://nahou-wwxms01p


---------------------- Forwarded by Chris Germany/HOU/ECT on 01/27/2000 03:08
PM ---------------------------

dkinney@columbiaenergygroup.com on 01/27/2000 02:39:19 PM
To: Chris Germany/HOU/ECT@ECT
cc: "        -         *Herzog, Hans" <hherzog@columbiaenergygroup.com>,
"        -         *Flewellyn, Melissa" <mflewellyn@columbiaenergygroup.com>
Subject: Updated Feb'00 CES Volumes

Chris--The attached file contains updated February Volume Reqs. for CES.
Changes from the file that I sent you onTuesday are highlighted in red.  All
other values are unchanged.

Doug Kinney
Ph:  703-561-6339
Fax:  703-561-7317

 - Feb'00 CES 01_27_00updat.xls


I approve
----- Forwarded by Richard B Sanders/HOU/ECT on 05/23/2001 04:24 PM -----

	Stephanie Truss/ENRON@enronXgate 05/14/2001 02:12 PM 	   To: Richard B Sanders/HOU/ECT@ECT, Twanda Sweet/HOU/ECT@ECT  cc:   Subject: FW: iBuyit eProcurement Request

Richard, this is for the flat screen that Michelle Blaine requested.

 -----Original Message-----
From: 	Flores, Leticia   On Behalf Of Enron IT Purchasing
Sent:	Monday, May 14, 2001 1:21 PM
To:	Truss, Stephanie
Subject:	Re: iBuyit eProcurement Request

Thank you for submitting an order through iBuyit eProcurement.  Unfortunately, the system was not able to determine who should approve your request.

Please route this document to the person who generally approves your expenditures and have them send an email to Enron IT Purchasing denoting the approval.

To facilitate the communication, attached you will see the list of items you ordered.

Thank you,

For future orders, we can update the workflow table to route directly to the approver if you provide the approvers' names.


Title: The West Enters a Bust
URL(s):

http://www.cera.com/eprofile?u=35&m=2810;

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

RADICAL SHIFT IN WESTERN MARKET DYNAMICS

The western power markets are entering a bust period as a result of the 24,000
megawatts of power plant additions and demand decline brought on by last year's
high prices and the current economic softness. This bust period is likely to
last for several years. Western gas markets have also entered a bust with the
delayed start to winter and full storage inventories exerting downward pressure
on both North American prices and western basis differentials. Through the
remainder of this year and into well into next, western regional gas and power
markets will remain soft and possibly weaken further.

*  Power operating reserves should rise to above 15 percent by next summer in
the Southwest and California, pushing power prices down and improving
reliability.

*  Power demand is expected to shrink by 11 percent in the fourth quarter;
market contractions will return demand in 2002 to levels experienced in 1998.

*  Full gas storage inventories, huge declines in year-over-year demand, and
the onset of significant pipeline capacity additions will keep a lid on West
Coast differentials.

**end**

Follow above URL for complete Monthly Briefing (11 printed pages).

E-mail Category: Monthly Briefing
CERA Knowledge Area(s): Western Energy

***********************************************************************
**************************************************************************************
CERAWeek February 11-15, 2002 - http://www.cera.com/ceraweek

SPECIAL OFFER: Register on-line before November 30th, and a 2-Day Pass
will be upgraded to a 4-Day Pass (maximum $1,800 value).
Day 1: Global Oil/Refined Products;
Day 2: Natural Gas/Global Energy;
Day 3 & 4: Electric Power
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This electronic message and attachments, if any, contain information
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Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates


---------------------- Forwarded by Keith Miceli/Corp/Enron on 06/05/2000
12:43 PM ---------------------------

Keith Miceli
06/05/2000 09:52 AM
To: Diomedes Christodoulou/SA/Enron@Enron, J Mark Metts/NA/Enron@Enron@ECT,
Mark Palmer/Corp/Enron@ENRON
cc:

Subject: Communication Plan Preparatons

Gentlemen:  The California Project is now moving from phase I into phases II
with respect to commuication/PR activities:

Phase I--No major leak/"no comment policy".  The only communications
responses (ESA Employee Memo, Employee Q&As for Elektro and Cuiaba, and
Q&Asfor vaious stakeholders) required to date were prompted by the TV (Bom
Dia) news story and Gazeta Mercantil article.

Phase II--Major leak requiring disclosure.  While prospective buyers have
signed CAs, there's always the possibility that news of the Project and/or
elements from the IM could be leaked--either inadvertently or by design.
While this scenario is unlikely, we need to be prepared to respond before
there is an actual sale of assets.  A draft press release has been prepared
for Ken Lay, confirming that Enron is considering the sale of its assets in
South America.  There is also a set of generic Q&As, which is being expanded
to include stakeholder-specific Q&As.  The ESA Employee Memo (May 8) is also
being modified.

Phase III--With the IM out, CAs signed and data rooms open, we should begin
to implement parts of the Communication Rollout Plan to demonstrate the
strength/success of the business strategy, limit speculation and provide
greater sense of certainty to important stakeholders.  The activities that we
can undertake now, include:

? Contact lists--Develop comprehensive contact lists of all
audiences/stakeholders.  Include names, addresses, phone, fax,, and email.
Put into Excel format.  Identify who internally "owns" each list.

? Speaking platforms--Develop list of speaking opportunities to introduce
Enron's business model and announce our regional strategy.

? Audience communications map*Develop a matrix that details the specific
communications strategy for key stakeholder audiences.  It should cover:
? *Timing: when should this audience be communicated with, e.g., before
public announcement, simultaneous with public, etc.
? *Form: what form should the communication take, e.g., written,
face-to-face, e-mail, conference call, employee meetings, etc.
? *Content: what is the message to be delivered
? *Responsibility:who,s responsible for creating communication; who within
company will deliver communication

? Communications training/message delivery preparation -- Key company
spokespeople need to be prepared to delivery the strategic messages regarding
transactions, but also to deftly handle difficult questions from employees,
analysts, customers and the media regarding the company's ultimate plans for
the region.  It will be essential that all spokespeople are delivering the
same message and are well prepared for difficult situations.

? Fact sheets on individual assets ) The information can be pulled from the
IM.  Developing fact sheets on each asset will enable them to be packaged in
any combination-- depending on the ultimate transaction.

? Vision piece*The existing white paper on company strategy would be revised
to  explain the rationale behind the strategy, future expectations for the
region, and intentions regarding employees and customers.

? Press kit shell:
*Press release ) can be drafted with blanks for key details
*Fact sheet on deal (template) ) assets involved; background on buyer/seller;
costs and sales terms; employees; customer base; revenue
*Asset fact sheets (see above)
*Vision (see above)
*Information buyer
*Information on Enron/ESA

? Q&A ) There are certain questions that will need to be answered regardless
of the situation; a master set of Q&A can be developed and then be broken up
and used as needed depending upon situation and audience.

Employee Issues
What happens to employees?
Will employees lose their jobs?  If so, how many?
What if I don,t want to work under the new owner?
What role will Jim and Diomedes play following sale?

Customer & Business Partner Issues
How will customers be affected by transaction?
How will ESA business partners be affected?
Do business partners have any say in whether transaction should go forward?

Approval Process
Who has to approve the sale?
What is the regulatory/approval process?  How long will this take?

Enron and ESA Strategy
What happens to ESA?
What business will you be in, in South America?
Will Enron repeat this process in other parts of the world?
What happens if not all of ESA assets are sold?

Financial Implications
What is the total anticipated price for all of the assets?
How much of company,s holdings does this represent?
What is the impact on shareholders?
How will the money be reinvested?

I would appreciate feedback on the proposed workplan, so I can make the
appropriate changes and begin completing the above tasks.  Diomedes, I know
that you and Mark are super busy, but I,m available to meet with you at your
convenience.  It would also be extremely valuable for me to reinitiate the TA
support from Sue Garman.  I,ve kept her posted on developments, so she,s
prepared to &hit the ground running.8   Lastly, Mark, with so many of the
rollout activities involving HQ, I would like a chance to discuss how to
organize a team effort to accomplish the many and varied activities.

Regards, Keith


admit it.  you watch road rules and real world.  you stay home all day sunday
on the couch and watch 20-30 consecutive episodes.  i know you do b/c the
only other thing on is nascar.


David-

Is the meeting on for April 2?

Susan

David Moss <CityMgr@southside-place.org> on 03/21/2001 12:03:22 PM
To: "'susan.w.pereira@enron.com'" <susan.w.pereira@enron.com>,
"'lucy1@ev1.net'" <lucy1@ev1.net>
cc:
Subject: FW: Council - P/Z Workshop on Monday Night April 2

>  -----Original Message-----
> From:  David Moss
> Sent: Tuesday, March 20, 2001 13:27
> To: 'susan.w.pereira@enron.com'; 'lucy1@ev1.net'
> Subject: Council - P/Z Workshop on Monday Night April 2
>
>
> Susan and Dora:
>
> Would you be able to meet with councilmembers on Monday, April 2 to
> discuss the comprehensive plan and various planning issues?
>
> The backup date would be March 29th.
>
> Maurice and John are available on April 2.
>
> Staff will call Brad Smolen and Doug Bland, new member, about this date
> also.
>
> dnm


Colleagues:

The first draft of the accomplishments for GA has been discussed with Rick
and Jim this morning.   Although most of the inputs were there, some
important ones were still missing.

The second draft is planned for Friday June 1st, and the final for June 8th.
The week difference between 1st, and 8th will be spent entirely on
addressing the appropriate methodologies to arrive at the dollar value for
your work/accomplishment.  I promise that you--each for her/his
accomplishments --shall be personally involved in determining the appropriate
methodology so that to reflect your work in the most accurate manner.
Accordingly, I would appreciate very much that all your accomplishments
should reach me as soon as possible so that to allocate as much time for
methodology and communication with you.  A report is currently being prepared
of the compiled methodologies submitted so far and I shall send it you with
the hope that it will be of help.

I also want to communicate that the process of sending your accomplishments
is not really voluntary;  it is PRC related.  Therefore, I am really seeking
your help and support to complete this task.

Of course, please let me know if you have any question or I can be of any
help.

Brgrds

----- Forwarded by Amr Ibrahim/ENRON_DEVELOPMENT on 05/25/2001 02:10 PM -----

	Marcia A Linton@ENRON
	05/10/2001 08:16 AM

		 To: Amr Ibrahim/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: GA accomplishments for the period November 2000 - April 2001

---------------------- Forwarded by Marcia A Linton/NA/Enron on 05/10/2001
08:16 AM ---------------------------
From: Amr Ibrahim@ENRON_DEVELOPMENT on 05/09/2001 02:11 PM
To: Paul Kaufman/Enron@EnronXGate, Janine Migden/NA/Enron@Enron, Steve
Montovano/NA/Enron@Enron, Alan Comnes/Enron@EnronXGate, Jeff
Dasovich/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Sandra
McCubbin/NA/Enron@Enron, Lysa Akin/Enron@EnronXGate, Roy Boston/HOU/EES@EES,
Barbara A Hueter/NA/Enron@Enron, Susan M Landwehr/NA/Enron@Enron, Donald
Lassere/NA/Enron@Enron, Bill Moore/NA/Enron@Enron, Kerry
Stroup/NA/Enron@Enron, Daniel Allegretti/NA/Enron@Enron, Tom
Chapman/HOU/ECT@ECT, Howard Fromer/NA/Enron@Enron, Tom
Hoatson/NA/Enron@Enron, Frank Rishe/NA/Enron@Enron, Marchris
Robinson/NA/Enron@Enron, Dan Staines/HOU/ECT@ECT, Kathleen
Sullivan/NA/Enron@ENRON, Chauncey Hood/NA/Enron@ENRON
cc: Richard Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron

Subject: GA accomplishments for the period November 2000 - April 2001

Colleagues:

I am seeking your help to compile the accomplishment for GA during the period
Nov 2000 - April 2001.  Of course, these accomplishments are the summation of
your efforts either individually or through your group, and the total shall
indicate the contribution of GA to the corporate objectives of Enron.  The
aggregation of your inputs shall be one of the primary sources that Rick and
Steve will use in communicating GA impact to all stakeholders in the
company.

I would like to suggest to use the attached excel file to document your
accomplishment for the period.  I hope that it shall assist you to identify
your contribution, your estimate of value, and a line, or two, explaining the
methodology you used to arrive at your value.

I hope to receive your inputs by  May 16th (next Wednesday), so that I can
compile the inputs and issue the first draft for discussion by Monday 21st.

Of course, please let me know if you have any question.

Brgrds

AI


new file.

try this.

Mat


Jason,

Can you please rebook Q80051 due to us having an Executed Master Agreement
with a different entity name and under ECC rather than ENA.

Please change buyer to AEC-OIL&GAS and seller to ECC.

Thanks,
Joe


Sounds good.  This email address goes to my work.  If you finish on Friday or over the weekend, please send to pallen70@hotmail.com <mailto:pallen70@hotmail.com>.

Thanks,

Phillip Allen

 -----Original Message-----
From: 	"Tony Roberts" <troberts@dyalroberts.com>@ENRON
Sent:	Wednesday, December 12, 2001 3:57 PM
To:	Allen, Phillip K.
Subject:	Comanch Trace Home

Phillip,

I will have the take off completed by Monday and  will forward via email.

Thanks,

Tony Roberts


Will this work?

Let;'s discuss

Mark
----- Forwarded by Mark Whitt/NA/Enron on 02/27/2001 08:39 AM -----

	"Day, Brian (Denver)" <BrianDay@aec.ca>
	02/27/2001 07:33 AM

		 To: "Mark Whitt (E-mail)" <Mark.Whitt@enron.com>
		 cc:
		 Subject: FW: Transaction Agreement - Opal 5 Year Deal

FYI

> -----Original Message-----
> From: Crawford, Ann
> Sent: Monday, February 26, 2001 5:46 PM
> To: 'Gerald.Nemec@enron.com'
> Cc: Day, Brian (Denver); McClelland, Keith; McGeachie, Ryan
> Subject: Transaction Agreement - Opal 5 Year Deal
>
> Gerald,
>
> Attached is the blackline confirmation showing the change as approved by
> AMUS.
>
> We should have comments on the new ENFOLIO within the next week or so.
>
> Thank you.
>
> Ann Crawford
> Gas Marketing
> Sr. Contract Administrator
>
> Phone: 403-266-8425
> Fax: 403-290-8479
>
>  <<ENRON OPAL 5YR B.doc>>

 - ENRON OPAL 5YR B.doc


Mark/Tana:

Forwarded is the NDA with Global Crossing, which is agreed for signature.

Tana, could you please prepare and arrange for execution.  Call me if you
need me to arrange a signature on the Net Works side.

Thanks,

Peter Feltman

 -----Original Message-----
From:  "Millner, Hank" <HMillner@GlobalCrossing.com>@ENRON
[mailto:IMCEANOTES-+22Millner+2C+20Hank+22+20+3CHMillner+40GlobalCrossing+2Eco
m+3E+40ENRON@ENRON.com]
Sent: Friday, April 13, 2001 3:33 PM
To: Peter Feltman (E-mail)
Cc: O'Brien, Laureen
Subject: Enron/Global Crossing NDA

Peter,
Attached is an updated version of the Enron/Global Crossing NDA that
identifies the appropriate Global Crossing entity.  It has been cleared for
signature by our in-house counsel.  If Enron is also okay with the NDA,
please accept the changes and fax a signed copy to my attention for
signature by Global Crossing.  My fax number is 310-499-7514.  Feel free to
give me a call with any questions or comments.  I look forward to meeting
with you shortly.
Regards,
Hank
 <<Enron-Global Crossing NDA.doc>>

 - Enron-Global Crossing NDA.doc


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/06/2001
05:52 PM ---------------------------

"John D. Martin" <J_Martin@baylor.edu> on 03/25/2001 08:24:07 AM
To: Vince.J.Kaminski@enron.com
cc:
Subject: Re: Request

Vince,

I'm glad you liked it.  My next "Enron" task is to try and develop a better
understanding of the way you describe the use of BTU swaps to create a
synthethic multi-fuel plant.  I understand the basic concept but want to
learn more about the swaps (duration, cost, etc) which will impact a
company's decision to build a single vs multi-fuel generator.  Do you have
some example transactions or analyses that I might look over to learn more?

See ya in April (we're going to learn to "rope" calves this year).

Your friend,

John

At 06:03 PM 3/23/01 -0600, you wrote:
>
>John,
>
>Yes, I did. Looks great.
>Vince
>
>
>
>
>
>"John D. Martin" <J_Martin@baylor.edu> on 03/23/2001 05:02:05 PM
>
>To:   Vince.J.Kaminski@enron.com
>cc:
>Subject:  Re: Request
>
>
>Thanks Vince.  This is great.
>
>By the way, did you get copies of the journal with our paper?
>
>John
>
>At 04:59 PM 3/23/01 -0600, you wrote:
>>
>>John,
>>
>>No problem.
>>I look forward to it.
>>
>>Vince
>>
>>
>>
>>
>>
>>"John D. Martin" <J_Martin@baylor.edu> on 03/23/2001 09:04:44 AM
>>
>>To:   vkamins@enron.com
>>cc:
>>Subject:  Request
>>
>>
>>Vince,
>>
>>Would you mind making a few luncheon comments to the Texas Finance
>Festival
>>group at our sat luncheon?  I struck out with Andy and Sheridan thought
>>that you could relate very well to the group.  How about it?
>>
>>John
>>
>>John D. Martin
>>Carr P. Collins Chair in Finance
>>Finance Department
>>Baylor University
>>PO Box 98004
>>Waco, TX 76798
>>254-710-4473 (Office)
>>254-710-1092 (Fax)
>>J_Martin@Baylor.edu
>>web:    http://hsb.baylor.edu/html/martinj/home.html
>>
>>
>>
>>
>John D. Martin
>Carr P. Collins Chair in Finance
>Finance Department
>Baylor University
>PO Box 98004
>Waco, TX 76798
>254-710-4473 (Office)
>254-710-1092 (Fax)
>J_Martin@Baylor.edu
>web:    http://hsb.baylor.edu/html/martinj/home.html
>
>
>
>
John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


we have been playing phone tag.  i will call her today.  i am still planning
on taking her out tonight.


Davis is saying he's had discussions with us about taking a loss on our
debts??  Have we had any such conversations w/ him? ( I told the media
yesterday we hadn't been contacted by him...)
---------------------- Forwarded by Karen Denne/Corp/Enron on 03/01/2001
09:08 AM ---------------------------
From: Ann M Schmidt on 03/01/2001 08:54 AM
To: Karen Denne/Corp/Enron@ENRON
cc:

Subject: Merrill Lynch Report: Governor Davis Comes to Wall Street

Karen,

FYI.  Ann

Governor Davis Comes to Wall Street
3/1/1 9:47 (New York)

                      M E R R I L L  L Y N C H        Research Bulletin
  Fixed Income Research                               Reference Number
10906001
  United States                                       Mar/01/2001 09:47
  Leo J. Kelser                                       (1) 212 449-7803

Highlights of This Issue

Governor Gray Davis of California met with a group of sell-side and rating
agency analysts in New York yesterday.  The Governor outlined his plan for
restoring the utilities to financial viability so that they can meet their
obligations.  Below we summarize a few highlights from the meeting.

Trying to Fit Solution Within Existing Rate Structure

The Governor talked about the need to find a solution to the utilities'
problems within the context of their existing rate structures. He indicated
that the temporary 9% rate hike from January 2000 would be made permanent and
that a 10% rate reduction that went into effect in January 1998 would be
reversed in March 2002.

Status of Negotiations with PG&E

As we noted in a February 26(**th) comment, the Governor has reached an
agreement in principle with Southern California Edison (EIX: B3/CC) to address
that utility's past under-collections.  He hopes to also have an agreement
with
PG&E within the next 30 days, suggesting that progress was made in particular
in the last 2-3 days.  However, the Governor acknowledged that reaching an
agreement with PG&E was more difficult due to its larger under-collected
balance and lower rates compared with SCE.

Some Generators Agree to Haircut

The Governor indicated that a couple of unnamed generators have voluntarily
agreed to accept less than 100 cents on the dollar for their past due
receivables. When pressed about which parties they've had constructive
discussions with, he identified Williams (WMB: Baa2/BBB-), Enron (ENE:
Baa1/BBB+) and Dynegy (DYN: Baa2/BBB+).  We note that most of the generators
and marketers with exposure to California have established reserves against
possible losses.  Importantly, the Governor said that he hoped that the banks
and bondholders would not be asked to take a haircut.

Prospects for Legislation and Possibility of Ballot Initiative

The Governor said he is quite confident that he can reach an agreement with
the
utilities that the legislature can support.  Although he admitted that he
couldn't prevent someone from proposing a ballot initiative, the governor said
that in the end, the acid test with the public is how it affects their pocket
books.  Thus, if there is ultimately a ballot initiative, Governor Davis is
optimistic that the public will be supportive of his plan given the limited
impact on electric rates.

Status of Defaulted Utility Debt

As we have commented in the past, it appears unlikely that the resulting
legislation will pass with the required 2/3majority to go into effect
immediately.  Accordingly, there will be a several month lag before the
utilities receive any cash.  In response to a question, it appears that the
state will not step in to help the utilities pay off any maturing or defaulted
commercial paper.  But the Governor and his advisers hope that legislation
will
provide enough certainty so that the companies can get bridge financing.
Essentially, it appears the Governor is leaving it up to the utilities to find
the money from their banks.

Governor's Strategy to Keep the Lights On

The Governor stated that a key reason that deregulation failed in California
was that no new power plants were built in the state for over twelve years.
In
the intervening time, demand caught up with supply.  In response, he has
proposed various conservation initiatives and is trying to expedite the
construction of new power plants.  He set a goal of having 20,000 megawatts
(mws) of new supply on line by 2004.

In addition, the governor highlighted the need for additional investment in
the
transmission infrastructure.  In particular, he cited the need to expand the
capacity to import more power from Arizona as well to improve the ability to
move power from south to north within the state. He suggested that part of the
rationale for the state taking over the utilities' transmission grids was to
ensure that the additional investment takes place.  He also suggested that the
state would lease the transmission lines back to the utilities to allow them
to
continue to operate them.

In the meantime, the focus is to move away from California's over-reliance on
the spot market.  In that vein, Calpine (CPN: Ba1/BB+) yesterday announced the
signing of two long-term contracts with the state's Department of Water
Resources (DWR).  One of those contracts was to sell up to 1,000 mws over a
ten-
year term.  The other was to provide up to 495 mw of peaking capacity under a
20-year contract.  Earlier in February, CPN had reached agreement with the DWR
on a separate 10-year contract for an additional 1,000 mws.

(EIX, WMB)  MLPF&S was a manager of the most recent public offering of
securities of this company within the last three years.
Copyright 2001 Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S).
All rights reserved. Any unauthorized use or disclosure is prohibited. This
report has been prepared and issued by MLPF&S and/or one of its affiliates and
has been approved for publication in the United Kingdom by Merrill Lynch,
Pierce, Fenner & Smith Limited, which is regulated by SFA; has been considered
and distributed in Australia by Merrill Lynch Equities (Australia) Limited
(ACN
006 276 795), a licensed securities dealer under the Australian Corporations
Law; is distributed in Hong Kong by Merrill Lynch (Asia Pacific) Ltd, which is
regulated by the Hong Kong SFC; and is distributed in Singapore by Merrill
Lynch International Bank Ltd (Merchant Bank) and Merrill Lynch (Singapore) Pte
Ltd, which are regulated by the Monetary Authority of Singapore.  The
information herein was obtained from various sources; we do not guarantee its
accuracy or completeness. Additional information available.
Neither the information nor any opinion expressed constitutes an offer, or an
invitation to make an offer, to buy or sell any securities or any options,
futures or other derivatives related to such securities ("related
investments").  MLPF&S and its affiliates may trade for their own accounts as
odd-lot dealer, market maker, block positioner, specialist and/or arbitrageur
in any securities of this issuer(s) or in related investments, and may be on
the opposite side of public orders.  MLPF&S, its affiliates, directors,
officers, employees and employee benefit programs may have a long or short
position in any securities of this issuer(s) or in related investments. MLPF&S
or its affiliates may from time to time perform investment banking or other
services for, or solicit investment banking or other business from, any entity
mentioned in this report.
This research report is prepared for general circulation and is circulated for
general information only.  It does not have regard to the specific investment
objectives, financial situation and the particular needs of any specific
person
who may receive this report.  Investors should seek financial advice regarding
the appropriateness of investing in any securities or investment strategies
discussed or recommended in this report and should understand that statements
regarding future prospects may not be realized.  Investors should note that
income from such securities, if any, may fluctuate and that each security's
price or value may rise or fall. Accordingly, investors may receive back less
than originally invested.  Past performance is not necessarily a guide to
future performance.
The bonds of the company are traded over-the-counter.  Retail sales and/or
distribution of this report may be made only in states where these securities
are exempt from registration or have been qualified for sale. MLPF&S usually
makes a market in the bonds of this company.
Foreign currency rates of exchange may adversely affect the value, price or
income of any security or related investment mentioned in this report.  In
addition, investors in securities such as ADRs, whose values are influenced by
the currency of the underlying security, effectively assume currency risk.
 Provider ID: 10906001
-0- Mar/01/2001 14:47 GM


I'm checking your desk for pom-poms.

ckm

Heather Kroll@ECT
10/29/2000 06:55 PM
To: Jeffery Ader/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Scott
Healy/HOU/ECT@ECT, Stephen Plauche/Corp/Enron@Enron, Kay
Mann/Corp/Enron@Enron, sfischer@murthalaw.com, pmccary@mcrp.com, Daniel
Allegretti/NA/Enron@Enron
cc:

Subject: Draft DPCU Filing

To all:

Attached below please find a draft of the CRRA Filing with the DPUC regarding
the fuel cell transaction.  There are several points that remain open that I
would like to have cleared up by Monday afternoon.  For example, is CRRA
filing alone or are we filing jointly?

I believe we've covered all the issues outlined by Sandra.  Please let me
know if we've left anything out or if we need to delete anything.

I think this is a good start to us meeting our compressed timeline.  Do not
hesitate to call me for any reason whatsoever.  The next few weeks/months are
going to be very busy, but I know we can get to the goal line.

To quote Dave Delainey, "Go, go, go."

Regards,

Heather


Mr. Priest's office had notified me this morning that the second and third
attachments below were diffcult to open.  I am resending them as the
attachments immediately below.  If anyone has further problems, please be
aware that the second and third attachments are the standardized  text
portions of the EEI Master Agreement, without any modifications by Enron, and
are available at the following  website: http://www.eei.org/   You must go to
"Energy Issues/News" to get to the menu with the "Standard Contract".

 -- David Portz

----- Forwarded by David Portz/HOU/ECT on 06/11/2001 08:46 AM -----

	David Portz
	06/08/2001 05:35 PM

		 To: mcarraway@watervalley.net, priest@yazoopsc.org, drhunt@watervalley.net,
amalmsjo@rwbeck.com
		 cc: Reagan Rorschach/Enron@EnronXGate, Kay Mann/Corp/Enron@Enron, Edward
Sacks/Enron@EnronXGate, Genia FitzGerald/HOU/ECT@ECT, Rhonda L
Denton/HOU/ECT@ECT
		 Subject: EEI Master Power Purchase and Sale Agreement --MDEA

At the request of Reagan Rorschach and Kay Mann, attached please find the
Cover Sheet, General Terms and Conditions and Attachments for the above
referenced Agreement for your review.  Please do not hesitate to call me at
(713) 853-9239 with any questions you may have.  --David Portz


Thank you for choosing Time Warner Road Runner as your high speed online
provider. Your request has been received and it is currently being processed.
A  customer service professional will be in contact with you within 48 hours.
While  you wait, here are answers to some of the most commonly asked
questions.

Q. If I am already a Road Runner customer what will happen to my account?

A. Your account will be transitioned to the new Enron ClickAtHome rate. This
process is transparent to the end user. The difference will be seen in your
monthly bill. Keep in mind that there may still be a prorated amount due
from  the previous billing method. Also, an account that is currently
delinquent  cannot be transferred until the previous balance is paid in full.

Q. I,m not currently a Road Runner customer. What is the process?

A. Your address will be checked to verify Road Runner serviceability. If
serviceable, a customer service professional will contact you to set up an
appointment for a new install. There are typically two time slot options a
customer may choose, 8am ) 12 noon or 1pm ) 5pm.

Q. Are there any installation charges?

A. All Enron customers will be charged a fee of $39.95 for a standard
install  (network interface card not included). Keep in mind that if you are
getting your  computer through the Click at Home project, a network interface
card is already  included. A standard install is one that only requires the
installer to run the  cable to an outside wall. There are extra fees for a
network interface card and  running the cable between an inside wall.


---------------------- Forwarded by Cara Semperger/PDX/ECT on 04/24/2001
03:00 PM ---------------------------

Cara Semperger
04/24/2001 02:52 PM
To: Portland Shift, Donald Robinson/PDX/ECT@ECT
cc:
Subject: Schedule cut at COB to run real time

Our upstream is Sempra, our Downstream is Mirant, it is a llh schedule that
was cut by 1 mw HE 4-6, 23-24.  Mirant is taking it to real time, and
Snohomish who is generating agrees with this.

Please call Mirant for the hours above to make sure everything is being
handled.  The path is marked in lotus notes with a cut symbol.

Cara


Please be aware that there is an email circulating the Enron messaging environment !!!

The infected email has the following characteristics :
Subject :	Hi
Body :		Hi, I found a cool site! <web link> It's really cool!

An alternative version of the infected email also have an Excel spreadsheet attachment.

If you receive this email, DELETE it immediately. DO NOT CLICK ON THE WEB LINK. DO NOT LAUNCH THE EXCEL ATTACHMENT!

Please note that opening the email automatically via the "preview pane" does NOT launch the virus.

The Enron global messaging service has taken the necessary steps to ensure all internet email sent to your Enron internet address is virus free. But there are ways that you can ensure viruses do not make their way into our environment  :

Always ensure you do not launch attachments or web links received from people you do not know.

Always ensure that you do not access/launch/download any attachments from external (web-based) email service providers while you are using the Enron network.

Detection + Prevention = Protection!

Thank you.


I saw that about Mackovic - He's a good fit in the Pac10.  Who do you take in
the Orange Bowl?  FSU is -11.  That sure seems like alot of points.

DG


what

----- Original Message -----
From: Fenner, Chet
Sent: Wednesday, May 01, 2002 3:01 PM
To: 'chad knipe'; Fenner, Chet; Brian Constantine; EriK Wollam; Brad Corrier; c.r.zander@att.net; Joe.Parks@bridgeline.net; lawfeder@msn.com
Subject: RE: man night again?

I feel like Erik.  No one will answer my question.

-----Original Message-----
From: chad knipe [mailto:knipe3@msn.com]
Sent: Wednesday, May 01, 2002 2:49 PM
To: Chet Fenner; Brian Constantine; EriK Wollam; Brad Corrier; c.r.zander@att.net; Joe.Parks@bridgeline.net; lawfeder@msn.com
Subject: Re: man night again?

sh"IN" - dig.......get it?  aaaaaaaaaaaaaaaahhhhhhhhhhhhhaaaaaaaaaaaaahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhaaaaaaaaaaaaaaaaaaaahhhhhhhhhhhh

----- Original Message -----
From: Fenner, Chet
Sent: Wednesday, May 01, 2002 5:11 PM
To: 'chad knipe'; Brian Constantine; EriK Wollam; Brad Corrier; Fenner, Chet; c.r.zander@att.net; Joe.Parks@bridgeline.net; lawfeder@msn.com
Subject: RE: man night again?

Where is this shin-dig?

-----Original Message-----
From: chad knipe [mailto:knipe3@msn.com]
Sent: Tuesday, April 30, 2002 6:23 AM
To: Brian Constantine; EriK Wollam; Brad Corrier; Chet Fenner; c.r.zander@att.net; Joe.Parks@bridgeline.net; lawfeder@msn.com
Subject: Re: man night again?

in.

----- Original Message -----
From: Brian Constantine
Sent: Tuesday, April 30, 2002 8:26 AM
To: Erik Wollam; bcorrier@cox-internet.com; knipe3@msn.com; chet_fenner@bmc.com; c.r.zander@att.net; Joe.Parks@bridgeline.net; lawfeder@msn.com
Subject: RE: man night again?

I am IN!!! Would like to be there by 6:30 or so...maybe later. Zander is "out"...unless he brings Jake. Someone forward to Chambers...you know he's in.

BC

-----Original Message-----
From: Erik Wollam [mailto:erwollam@hotmail.com]
Sent: Thursday, April 25, 2002 5:25 PM
To: bcorrier@cox-internet.com; knipe3@msn.com; chet_fenner@bmc.com; c.r.zander@att.net; Joe.Parks@bridgeline.net; Brian Constantine; lawfeder@msn.com
Subject: man night again?

Zero response from my last effort on this matter. Are your emails working
men?

Zander called and suggested we attend the CCA crawfish boil function to be
held Thurday May 2, 2002. Reasonably priced event, beer, mud bugs and we can
sit back and watch pig win raffle prizes.

I'm in

e.

_________________________________________________________________
Send and receive Hotmail on your mobile device: http://mobile.msn.com


calendar and rsvp
----- Forwarded by Steven J Kean/NA/Enron on 02/07/2001 08:10 AM -----

	Tracy L Arthur@ECT
	02/05/2001 08:34 AM

		 To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Richard
Causey/Corp/Enron@ENRON, James Derrick/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Mark Koenig/Corp/Enron@ENRON, Mark Metts/NA/Enron@Enron,
Cindy Olson/Corp/Enron@ENRON, Jeffrey Sherrick/Corp/Enron@ENRON, Andrew S
Fastow/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT, Ben F Glisan/HOU/ECT@ECT, Greg
Whalley/HOU/ECT@ECT, Cliff Baxter/HOU/ECT@ECT, Philippe A Bibi/HOU/ECT@ECT,
Raymond Bowen/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT, Louise
Kitchen/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jeffrey McMahon/HOU/ECT@ECT,
Jeffrey A Shankman/HOU/ECT@ECT, John Sherriff/LON/ECT@ECT, Lou L
Pai/HOU/EES@EES, Jeremy Blachman/HOU/EES@EES, Harold G Buchanan/HOU/EES@EES,
Kevin Hannon/Enron Communications@Enron Communications, Ken Rice/Enron
Communications@Enron Communications, David Cox/Enron Communications@Enron
Communications, Steve Elliott/Enron Communications@Enron Communications, Jim
Fallon/Enron Communications@Enron Communications, Stanley
Horton/Corp/Enron@Enron, Rod Hayslett/FGT/Enron@ENRON, Danny
McCarty/ET&S/Enron@Enron, Mark Frevert/NA/Enron@Enron, John J
Lavorato/Corp/Enron@Enron, Diomedes Christodoulou/SA/Enron@Enron, David
Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Wade
Cline/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James A
Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rebecca
McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James M
Bannantine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Larry L
Izzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sanjay
Bhatnagar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Matthew Scrimshaw/LON/ECT@ECT,
Thomas E White/HOU/EES@EES
		 cc: Rosalee Fleming/Corp/Enron@ENRON, Sherri Sera/Corp/Enron@ENRON, Sharron
Westbrook/Corp/Enron@ENRON, Maureen McVicker/NA/Enron@Enron, Joannie
Williamson/Corp/Enron@ENRON, Dolores Fisher/NA/Enron@Enron, Bridget
Maronge/HOU/ECT@ECT, Karen K Heathman/HOU/ECT@ECT, Liz M Taylor/HOU/ECT@ECT,
Susan Skarness/HOU/ECT@ECT, Kay Chapman/HOU/ECT@ECT, Cathy
Phillips/HOU/ECT@ECT, Sue Ford/HOU/ECT@ECT, Lauren Urquhart/LON/ECT@ECT,
Carol Ann Brown/Enron Communications@Enron Communications, Dorothy
Dalton/Enron Communications@Enron Communications, Cindy
Stark/Corp/Enron@ENRON, Kathy Campos/GPGFIN/Enron@ENRON, Julie
Armstrong/Corp/Enron@ENRON, Nicki Daw/NA/Enron@Enron, Elaine
Rodriguez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Loretta
Brelsford/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mary E
Garza/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, bgarzac@enron.com, Sharon
Dick/HOU/EES@EES, Karen Owens/HOU/EES@EES, Beverly Aden/HOU/EES@EES, Peggy
McCurley/HOU/ECT@ECT, Amy Cooper/HOU/ECT@ECT, Connie
Blackwood/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christina
Grow/Corp/Enron@ENRON, Stephanie Harris/Corp/Enron@ENRON, Molly
Bobrow/NA/Enron@Enron, Stacy Guidroz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Marsha Schiller/HOU/ECT@ECT, Tammie Schoppe/HOU/ECT@ECT, Kimberly
Hillis/HOU/ECT@ect, Leah Rijo/Enron Communications@Enron Communications
		 Subject: Invitation - New Associate Welcome Reception


sounds good.


Tana,

Thanks for the note.

Yes, this is a form GTC developed and approved by me for lumber physical
trades.

	Tana Jones
	10/19/2000 05:29 PM

		 To: Harry M Collins/HOU/ECT@ECT
		 cc: Mary Cook/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Tiffany
Williams/NA/Enron@Enron
		 Subject: Re: Lumber GTC

Harry,

I believe this is yours...
----- Forwarded by Tana Jones/HOU/ECT on 10/19/2000 05:28 PM -----

	Mary Cook
	10/19/2000 04:47 PM

		 To: Tiffany Williams/NA/Enron@ENRON
		 cc: Diane Anderson/NA/Enron@Enron, Tana Jones/HOU/ECT@ECT
		 Subject: Re: Lumber GTC

The attached GTC should not be used in relation to any financial product.  It
reads as if it is to apply to physical lumber deals.  However, by copy of
this memo to Tana, I ask that she verify that it has been an approved
document for physical online lumber.

Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com

	Tiffany Williams@ENRON
	10/19/2000 03:04 PM

		 To: Mary Cook/HOU/ECT@ECT
		 cc:
		 Subject: Lumber GTC

Mary,

Should the following document be attached to all lumber deals?  Recently,
there was a clickpaper deal for lumber; the online GTC was attached to the
confirmation.  But, a question on this document has since been raised.

Please advise.

Thanks,

Tiffany


For the time being, Ken wants to leave the Management Committee extended meeting on the schedule for this Friday, January 11.  But, he wanted me to check your schedule for next Thursday, January 17 - probably from 8:00 to 1:00 - to see if that would work.  We are losing some people for the 11th.

I appreciate your assistance.

Rosie


should we have somebody from the Upstream group attned this??

 -----Original Message-----
From: 	Lamadrid, Victor
Sent:	Thursday, October  4, 2001 5:41 PM
To:	Kelly, Katherine L.; Khandker, Dayem; Ferries, Nelson; Villarreal, Jesse; Allwein, Robert; Homco, Meredith; Pimenov, Vladi; Mckay, Jonathan; Smith, Maureen; Barbe, Robin; Neal, Scott; Garcia, Clarissa; Smith, George F.
Subject:	FW: Meeting to Address Processing Plant Issues

fyi..
----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com]
Sent:	Thursday, October 04, 2001 4:01 PM
Subject:	Meeting to Address Processing Plant Issues

October 4, 2001

To: Transcontinental Gas Pipe Line Corporation Customers and
Shippers

Re: Meeting to Address Processing Plant Issues

Transco has been asked by several of its customers to
address the dynamics of gas processing and its corresponding
impact on gas quality and the overall operations on the
Transco system.  In response, Transco will host a meeting in
Houston from 1:00 - 4:00 p.m. on Wednesday,  October 17,
2001 at the Williams Tower to bring together
producer/operators, processing plant operators and local
distribution companies.

The meeting will be in a round-table discussion format to
enable a wide-ranging, open dialogue among participants that
are impacted by the dynamics of gas prices and processing
margins.

Please RSVP to Rosina Freeman at 713-215-4054 by Friday,
October 12, 2001 so that the appropriate facilities can be
made available.

Ronald C. Doyle, Director Gas Management and Control


Jerry Fox is out of the office today. I will let you know when I hear back
from him about the timing for filing of the Petition for approval of the
Master Sales Agreement.

==========
The preceding e-mail message (including any attachments) contains
information that may be confidential, be protected by the attorney-client
or other applicable privileges, or constitute non-public information.  It
is intended to be conveyed only to the designated recipient(s).  If you are
not an intended recipient of this message, please notify the sender by
replying to this message and then delete it from your system.  Use,
dissemination, distribution, or reproduction of this message by unintended
recipients is not authorized and may be unlawful.
==========


FYI,  Attached is the final version of the letter that was sent to Wildhorse.

----- Forwarded by Gerald Nemec/HOU/ECT on 07/31/2000 09:31 AM -----

	"Ken Krisa" <kckrisa@worldnet.att.net>
	07/28/2000 03:58 PM

		 To: "Gerald R. Nemec (E-mail)" <Gerald.Nemec@enron.com>
		 cc:
		 Subject: Revised letter to Wildhorse

Gerald,

Attached is the revised letter that I am sending to Wildhorse.

Ken

 - Wildhorse 7-28-00.doc


<title>Untitled Document</title>
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Welcome and let us introduce you to the best kept secret in
 the financial markets today. A secret that your
 bank would like to keep to itself.

WHAT IS THIS BIG SECRET AND WHY DOESN'T YOUR BANK

WANT YOU TO KNOW IT??

The
 secret is Tax Defaulted Paper and the reason
 they don't want you to know about it is simple
 .For decades they have been using your passbook
 savings and CD money at low, low, low rates
 of interest to purchase high yielding Tax lien
 and deed certificates.

How
 does this sound? Your bank borrows your money
 at 3% and uses that money to purchase tax lien
 certificates at 24%. That
 is a spread of 21% or $2100.00 per ten thousand
 dollars that is invested. In
 short, you get $300.00 and they get $2100.00
 profit per ten thousand dollars. That is a profit
 to the bank of over 700% on your money. What
 a great way for the rich banks to get richer.
 Up until now, this was a secret known only to
 a select few.

So
 what is this product? And why is it such a lucrative
 investment vehicle? We call it TDP, Tax Defaulted
 Paper. It's simple and straightforward. Local
 governments are in the business of running their
 government. They have to pay their government
 employees, police, fire, school teachers, pave
 the roads, fix the sewers, run the hospitals
 and public transportation, collect the garbage,
 etc. The money they use does not grow on trees.
 The money they spend is raised from your local
 real estate taxes. As we all know not everyone
 pays their taxes. There are over 3000 counties
 across the United States in need of real estate
 tax revenue. When they can't collect they start
 getting serious about getting it collected.
 This creates a great opportunity for serious
 investors in the know.

Hard to believe this is true? In just one day, we bought
 approximately $80,000 in tax lien certificates
 paying 18% and we are currently researching
 tens of thousands of dollars in additional TDP
 that we are planning to purchase.

What
 kind of owner doesn't pay their taxes and what
 kind of property is this? These properties include
 everything from single-family homes to large
 commercial properties.  For example, we
 researched a tax lien on a commercial property
 with a $23,000.00 tax lien levied against it.
 The property was a Walgreen's drug store!!!

Not
 only does the investor earn 18% on that money
 till Walgreen's pays off, but, he or she gets
 a crack at the underlying real estate worth
 over $1,200,000. That's the possibility of owning
 real estate for just pennies on the dollar.
 That investor could be
 you.

Why don't we own it?  Someone beat us to it. Timing
 is everything and in this business, time is
 money.  Getting started tomorrow instead
 of today, costs you money.  Spending months
 or even years trying to learn it yourself, instead
 of letting an expert teach you, costs you money.

This
 is why our customers buy our programs. We provide
 turnkey programs for the serious entrepreneur
 and investor, with advice and guidance on how
 to take full advantage of this high yielding
 and very profitable industry. Without a doubt,
 this is a multi-billion dollar industry of which
 the true potential has not been tapped. Yes,
 there are other people who know how it works
 but they can't help you get the job done effectively.

Louis V. of Tampa, FL writes:"learning
 your program enabled me to:

Buy a 2 bedroom one-bath house for
 under $4,800 that I sold for
 $9,000

Buy another 2 bedroom one-bath house
 for $10,000 that I sold for
 $23,000

        Buy
 a vacant parcel of land for $1500
 that I have two people interested
 in buying for $8,000 I love this
 program!"

This
 is why our customers buy our programs. We provide
 turnkey programs for the serious entrepreneur
 and investor, with advice and guidance on how
 to take full advantage of this high yielding
 and very profitable industry. Without a doubt,
 this is a multi-billion dollar industry of which
 the true potential has not been tapped. Yes,
 there are other people who know how it works
 but they can't help you get the job done effectively.

I
 know that so far it sounds too good to be true.
 But, it gets even better because investing your
 money our way is risk free. There is virtually no risk of losing your money.
 Your money is secured by the underlying real
 estate.How does that work? It's simple, you
 give the local government your money for someone's
 past due property taxes. Then, when the property
 owner pays the back taxes, the county pays you
 back your money plus interest so high you will
 be upset that you didn't know how to do this
 before you lost all that money in the stock
 market. What if the tax lien is not paid off?
 Simple, you get the property. Once again owning
 the underlying real estate for just pennies
 on the dollar.

Pat F. didn't believe it either till,
 as part of becoming associated
 with our program, one of our advisors
 showed him a 3-bedroom house that
 they could buy for $4,196. After
 putting approximately $15,000
 in renovations into the property,
 they sold it for $39,900. That
 is a $20,704 profit in 3 months!
 Needless to say, Pat is now a
 believer and looking for additional
 Tax Deed properties

Try
 this out for size. If you lost a chunk of your
 IRA?s value and are concerned that it will take
 too long for the market to come back, here is
 your solution. Our programs will teach you how
 to use your self-directed IRA to repair the
 damage done by the market. You can purchase
 TDP?s in your IRA with rates high enough that
 in no time you can replace what you have lost.
 Think of it this way, how long will it take
 for you to double your money at 24% or better?
 Answer! Less than three years. Not too bad verses
 a market that will take decades to repair itself
 and doing it in TDP?s is risk free to boot.
 Its kind of like you have your cake and can
 eat it too. Here is a quiz for you. What will
 $5,000 be worth in twenty years growing tax
 deferred at 24%? Approximately $3,174,000.00.
 Not too bad for totally risk free investing.
 Do I need to say more?

Andre H. learned the secret of tax deferred
 investing in his IRA and has made
 over 75% on his two recent Tax
 deed investments over a 90-day
 period.  That works out to
 an annualized return of over 300%
 Can you think of anyplace else
 you can safely match those returns?

Who
 joins our programs? They are people from all
 walks of life with a burning desire for something
 better for themselves and their family. They
 are using our programs as a means to get there.

And
 now, that we have added the missing link to
 the puzzle; we have made it an even a more fool-proof
 program. We have many individuals who love the
 program and all it has to offer but simply do
 not have the capital to execute substantial
 investment in TDP.

In
 order to assist those serious investors without
 serious capital, we have created a special program.
 If you join us as a serious investor and entrepreneur,
 then we will provide all the capital needed
 to succeed in a way you had only dreamed of
 previously. That?s right, if your proposed TDP
 investment meets our grid we will fund you all
 the way. No gimmicks and no catches. Its simple,
 if we help you achieve success then we become
 successful along with you.

Just this week, as part of our program,
 we took one of our students to
 a real estate auction.  We
 had worked to teach him how to
 find and research properties and
 he found a loft in the city of
 Denver.  The property fit
 the criteria we set up for him
 and, again as part of our program,
 we were happy to provide the funds
 for Josh to purchase the loft
 for under $57,000.  Two separate
 realtors have indicated that it
 has a market value in excess of
 $220,000.  Not a bad day?s
 work!

Request
 More Information

Your request will be processed and you will receive information
 shortly.


Enron is forming a new organization - - the Enron Xcelerator - - to drive the
formation and development of new businesses at Enron.  Enron's unique ability
to start and develop new businesses has driven most of our growth over the
years.  Lou L. Pai, currently Chairman and CEO of Enron Energy Services, will
lead the Xcelerator.  Over his years at Enron, Lou has been key to the
creation and rapid growth of our wholesale gas, wholesale power and energy
service businesses.  The existing business units will continue their
development of core businesses, while the Xcelerator will be responsible for
developing new business opportunities that are natural extensions of Enron's
business model and core skills, but not currently under development elsewhere
in Enron.

Dave Delainey, currently President and CEO of Enron Americas, will become
Chairman and CEO of Enron Energy Services.  Dave brings a wealth of
experience and accomplishment from Enron Wholesale Services' businesses where
he led the growth of our Canadian business and our North American origination
activity and, most recently, had a great year in Enron Americas.

Dave is forming an Office of the Chairman in EES.  Joining Dave in the Office
of the Chairman are Dan Leff, President of EES, Global Energy Services, and
Marty Sunde, President of EES, Global Marketing and Services.  Dan and Marty
have been instrumental in the development and execution of the successful EES
business model.  Also joining the Office of the Chairman of EES is Janet
Dietrich as Chief Operating Officer.  Janet, currently is Managing Director
in Enron Americas, where she has been successful in many of Enron Wholesale's
core businesses, including gas trading, risk management and structural
origination.  Tom White will continue as Vice Chairman of EES and will focus
on the development and expansion of EES' customer relationships.  Lou, Tom,
Dan, Marty and the entire EES organization have developed a great business
model with great growth prospects.  EES has become an essential part of
Enron's market valuation and growth story.  This new leadership structure
will enable EES to continue on its path of sustained growth and increasing
profitability.

John Lavorato will succeed Dave as President and CEO of Enron Americas.  John
has been an essential part of Enron's energy trading success over the years
and is a key part of Enron Wholesale Services' continuing success story.
Joining John is Louise Kitchen, currently President and CEO of Enron
NetWorks.  Louise, who accelerated Enron's outstanding growth with the
deployment of EnronOnline, will take over as Chief Operating Officer of Enron
Americas.

Philippe Bibi, currently Chief Operating Officer of Enron NetWorks will take
over as President and CEO of Enron NetWorks.  Under Philippe's leadership,
Enron has become a technology leader and the leading e-commerce company.
Joining Philippe as Chief Operating Officer is Greg Piper, currently Managing
Director of Enron NetWorks.  Greg currently leads Enron NetWork's origination
activity and was responsible for the creation and deployment of ClickPaper,
Enron's successful online pulp and paper marketplace.

Please join us in congratulating all of these individuals on their
achievements and their new responsibilities.


How come you never show EOL #'s for East Power.   I would like to see East Power included in the e-mail report.

thanks.

 -----Original Message-----
From: 	Johnson, Adam
Sent:	Thursday, May 31, 2001 5:22 PM
To:	Allen, Phillip K.; Arnold, John; Botchlett, David; Davidson, Debra; Davis, Mark Dana; Denny, Jennifer; Elliott, Steve; Enron London - EOL Product Control Group,; Fallon, Jim; Friedman, Douglas S.; Gallagher, David; Garner, Bruce; Gilbert-smith, Doug; Gold, Joe; Gossett, Jeffrey C.; Hardy, Trey; Herndon, Rogers; Hicks, W Wade; La rose, Simone; Lewis, Richard; Lien, Thor; Martin, Thomas A.; Mcgowan, Kevin; McKay, Jonathan; Mooney, Nick; Moorer, Torrey; Motsinger, Matt; Neal, Scott; Nowlan Jr., John L.; Ondarza, Edward; Presto, Kevin M.; Price, Brent A.; Rosado, Jennifer; Schroeder Jr., Don; Shively, Hunter S.; Southard, Carrie; Staley, Stuart; Story, S Craig; Sturm, Fletcher J.; Sweitzer, Tara; Tawney, Mark; Thakkar, Ami; Vickers, Frank W.; Whitehead, Jonathan; Wilson, John
Subject:	EOL Average Deal Count as of 5-30-01

Notes for this Week's Report:

* UK Gas's Average EOL and Non-EOL deals per day have decreased since their peak of 140 EOL and 96 Non-EOL transactions in March. They ended April with an average of 118 EOL deals per day and finished with 75 transactions in May. Non-EOL recorded 82 deals per day in May.

* UK Power's average deals per day finished April with 13 EOL deals and reported 13 daily transactions in May as well, down from March's 59 EOL deals.  Non-EOL's average transactions have increased dramatically, however, ending April with 180 deals per day and closing May with 255 deals.  While transactions are down, EOL and Non-EOL volume is up during this same period.

* US West Power's average transactions per day continued to increase to 182 EOL deals in May, up from 80 deals per day in January, a 128% increase. Non-EOL daily transactions has increase from 206 to 223 deals during the same period.

* Southwest Power's EOL transactions per day has continued to increase in 2001. On average, they ended January with 26 EOL trades and finished May with 65 daily transactions, a 150% increase. Non-EOL transactions have increased during this same period as well, up from 68 in January to 74 in May.

* WTI Physical's total monthly transactions closed at 117 EOL deals in May.  This monthly total in May is up from April's total of 60 EOL deals, a 95% increase.

* IPE Financial Gasoil's total monthly transactions via EOL shows 195 deals, up dramatically from it's 81 deals in March and 74 in April. During this same period, Non-EOL trading is also up from 234 total deals in March to 578 in May.

* US Weather's total monthly transactions has increased in May with 64 deals via EOL, up from 23  in April and 15 in March. Non-EOL deal totals are up slightly to 41 deals in May from 23 in April, but still report below average for 2001.

---------------
The following files contain a graphical view of the average deal count and volumes per month by Commodity for EOL and OTC transactions since the launch of EnronOnline. This information is for comparative analysis only.  Do not update links when opening these files.

AVERAGE DEAL COUNTS FOR COMMODITIES (excluding Global Products, which displays monthly totals)

 << File: NA GAS AND POWER-REGION BREAKOUT 05-30-01 EM.xls >>  << File: GLOBAL PRODUCTS 5-30-01 EM.xls >>  << File: GLOBAL PRODUCTS CRUDE 5-30-01 EM.xls >>  << File: GLOBAL PRODUCTS CRUDE 5-30-01 VOL EM.xls >>  << File: EOL COMMODITY BREAKOUT 5-30-01 EM.xls >>
If you have any questions regarding this breakout, please contact one of the following:

Torrey Moorer x3-6218
Adam Johnson x5-4877


Can you please get with Roger and make sure we understand what needs to be done?

 -----Original Message-----
From: 	Causey, Richard
Sent:	Wednesday, October 31, 2001 8:45 AM
To:	Hayslett, Rod
Subject:	FW: Third Quarter Review of Northern and Transwestern

Just in case you have not seen this.  Thanks for your help and let me know of any issues.  Thanks again

 -----Original Message-----
From: 	Walden, Clint
Sent:	Wednesday, October 31, 2001 3:56 AM
To:	Butts, Bob; Peng, Gary
Cc:	Causey, Richard
Subject:	Third Quarter Review of Northern and Transwestern

FYI,

Andersen has agreed that they will be able to issue review reports on the pipelines based on the following terms:

1.  The review opinions must be restricted to the lenders only.
2.  There must be a substantial footnote on the "overhang" issues (i.e., SEC investigation, potential bankruptcy, asset carryvalues in certain situations, etc.)
3.  The review opinion will contain an emphasis of matter paragraph related to the above footnote.
4.  ENE management rep and O/S legal must rep that nothing they are working on (related to investigation) affects the pipelines or its management.
5.  Pipelines must represent that it is not involved in any of the matters under investigation.

In addition to the above, AA  believes that they must expand their review work in order to satisfy themselves related to the issues and reps required above.

In connection with all of this, the banks need these reviews completed by the closing date which is currently expected to be November 9.

I believe that the following are our immediate to do's in order to get Andersen started:

1.  Ene to provide full quarterly statements of Northern and Transwestern to Andersen ASAP.
2.  Discuss w/ Willard/Duncan the level of detail/analysis that they will need to perform review.
3.  Provide necessary PBC schedules, etc.
4.  Draft the footnote discussed in 2. above and get approved by Rick and Legal
5.  Get Andersen to draft the language they would like to see in rep letters.  Get approved by Rick/ Legal.

As to each of the above to do's,

Gary  - can you contact the pipeline group as soon as you get in this morning and see if the financial statements for the 3Q have already been put together.  If they have not, we need to get them produced ASAP.  They have already been put on notice that these statements will be a priority.  Also, lets see what type of support they typically provide to AA for their quarterly financial reveiws.   I assume the scopes will now be much lower since the reviews are on stand alone pipes instead of ENE Consol.

Bob - can you call Saunders and fill him in?  Once I get in I want to talk to Duncan and Willard about #2, #4 and #5 above. You are welcome to be a part of those discussions.  Also we should discuss what we believe the appropriate scopes to be.

Rick - Any thoughts on the above Andersen requirements?  Other thoughts?

If I have missed any critical steps that you can think of, please let me know.

It is now 4:00 a.m.  I plan to be in by around 10:00 a.m.  If you need me for any reason call me at home (832-593-8065).  Thanks.


November 6, 2000

     Teco Tap       30.000 / Enron;   120.000 / HPL IFERC


Please approve comments.


please follow up on this potential deal.
---------------------- Forwarded by Scott Neal/HOU/ECT on 11/06/2000 06:57 AM
---------------------------

Thomas A Martin
11/02/2000 01:19 PM
To: Scott Neal/HOU/ECT@ECT
cc:
Subject: 10 Year Natural Gas Physical Fixed Price for LSU

Doug Leach called me about this.  Could one of your guys call this guy and
see if there is anything we can do to help him.  He is a friend of Doug's and
will give us the business if we are competitive.  Supposedly he has a very
favorable fixed price offter from a competitor, so I think it is a fishing
expedition.

Thanks,

Tom

---------------------- Forwarded by Thomas A Martin/HOU/ECT on 11/02/2000
01:14 PM ---------------------------

	From:  Doug Leach                           11/01/2000 01:48 PM

To: Thomas A Martin/HOU/ECT@ECT
cc:
Subject: Re: good life

Tom,

I will be out of town until November 8 so if Enron is interested in quoting
LSU a ten year physical natural gas price, then please contact Mr. Joe Kelley
via email at jkelley@lsu.edu or via telephone at (504) 388-5603.

Thanks,
Doug
---------------------- Forwarded by Doug Leach/HOU/ECT on 11/01/2000 01:45 PM
---------------------------

	From:  Doug Leach                           10/31/2000 02:34 PM

To: Thomas A Martin/HOU/ECT@ECT
cc:
Subject: Re: good life

Joe Kelley is the Executive Director of Facility Services for LSU. Let me
know if we have any interest in supplying them and I'll introduce you to Joe.
---------------------- Forwarded by Doug Leach/HOU/ECT on 10/31/2000 02:32 PM
---------------------------

"Joe Kelley" <jkelley@lsu.edu> on 10/31/2000 02:26:42 PM
To: Doug.Leach@enron.com
cc:
Subject: Re: good life

well I heard thru the grapevine that this was an Enron deal.....What kind
of deals are you guys doing right now?  Without rocking the boat, giving
away confidential info, or tipping your hand, can you on the qt tell me
what the best deal obtainable is?  We might be interested! current load is
600,000 MCF/ year.....load with new cogen project would be 1,200,000
MCF/year...we take delivery at interstate pipeline tap, Acadian Gas, at 350
psig.....We are buying spot at Henry hub plus .24/MCF delivery.

tks

JK


-----Original Message-----
From:  Schmidt, Ann M.
Sent: Wednesday, July 25, 2001 12:59 PM
To: Denne, Karen; Kean, Steven J.; Palmer, Mark A. (PR)
Subject: Enron's Skilling Vows to Meet or Beat Profit Projections

Enron's Skilling Vows to Meet or Beat Profit Projections
2001-07-25 13:34 (New York)

Enron's Skilling Vows to Meet or Beat Profit Projections

     New York, July 25 (Bloomberg) -- Enron Corp. will meet or
beat its profit projections this year and next, Chief Executive
Jeffrey Skilling said, criticizing analysts who've recently
lowered their forecasts for the largest energy trader.
     Enron said July 12 that it expects to make $1.80 a share this
year and $2.15 in 2002.
     ``We will hit those numbers, and we will beat those
numbers,'' Skilling told a meeting of analysts and investors in
New York.
     Enron shares have fallen about 13 percent since it made the
profit forecasts. Skilling blamed the decline on analysts who
downgraded U.S. energy companies because of falling prices for
power and natural gas.
     Analysts have also cited concern about unpaid power bills by
Enron customers in California and India, and losses by Enron's
broadband trading unit, which may hurt Enron's profits.
     ``All of these are bunk,'' Skilling said. ``These are not
issues for this stock.''
    The shares of Enron fell 96 cents to $42.33 in early afternoon
trading today.
    Enron makes much of its money from profits from arranging
trades of power, gas, oil and other commodities, Skilling said. It
returns are based more on the volume of trades and energy
contracts than on the prices of the commodities themselves, he
said.
     ``The growth of our sales is not driven by the economy,''
Skilling said. ``It's driven by the growth of markets.''
     The refusal of a state government in India to pay $64 million
in power bills is not going to hurt Enron's earnings, Skilling
said.
     ``In India, we have government guarantees on the performance
of our contract,'' Skilling said. ``We're convinced we'll be paid
in full'' for the $875 million the company has invested so far,
plus unpaid power bills. Enron owns 65 percent of Dabhol Power
Co., which invested about $3 billion in a power plant in India.
    In California, Enron is owed more than the state's power grid
manager has accused the company of overcharging, Skilling said.
     California is negotiating refunds with energy traders and
generators after power prices soared in the state, leaving its two
largest utilities so far in debt they could no longer buy
electricity for their customers. The state has threatened to sue
if power sellers don't agree to $8.9 billion in refunds.
     Enron will cut its losses as it waits out a ``meltdown'' in
broadband communications, Skilling said.
     The company's plan to trade space on fiber-optic
telecommunications network helped its stock rise 87 percent last
year.
     The stock has plunged 49 percent this year as the collapse of
Internet companies darkened the outlook for broadband companies,
and natural gas prices dropped from record highs in December.
    Houston-based Enron is selling more power in Europe, and more
energy-management contracts to smaller commercial customers in the
U.S., company executives said. Energy management contracts are
agreements to buy energy for customers and find ways to cut their
energy consumption.
    Enron also is poised to profit from a Bush administration
proposal to expand competition for wholesale power, Skilling said.

USA: Enron says would not pay California refund.
By Timothy Gardner

07/25/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, July 25 (Reuters) - Energy firm Enron Corp. would not pay its
"minuscule" portion of the nearly $9 billion California claims energy
companies owe the state for overcharges during the Western power crunch,
Enron President and Chief Executive Officer Jeff Skilling said on Wednesday.
California alleges that electricity generators and marketers owe the state
$8.9 billion for overcharging it during the power crisis from mid-2000 to
last spring. Governor Gray Davis, a Democrat, said he is prepared to go to
court to retrieve the money.
But Enron, the No. 1 U.S. natural gas and electricity marketer, does not
intend to pay its portion of the alleged overcharges. which Skilling said was
"minuscule."
"The $9 billion number is bogus to begin with," Skilling told analysts at a
meeting about Enron's second-quarter earnings in New York. Skilling said
Enron's share of the alleged overcharge is $38.5 million. He said Enron
should in fact recover $32 million in net purchases from California.
At least one sector of California's electricity regulation system agrees that
Enron's involvement was small in the power crisis, in which electricity
prices reached records and rolling brownouts darkened many areas.
Sales records kept by the California Independent System Operator, which
manages most of the state's power grid, show Enron accounted for 0.4 percent
of the alleged $9 billion overcharge.
The Federal Energy Regulatory Commission is meeting on Wednesday in its
biweekly commissioners meeting, in part to consider the refunds after a
federal mediator rejected California's claims. On July 12. FERC Chief
Administration Judge Curtis Wagner swung the issue back to the commission for
further action. Wednesday's meeting is the last scheduled before the
commission takes a month-long break.
STILL ROUNDS TO BE FOUGHT IN CALIFORNIA
Enron's problems in California are far from being settled. A committee of the
California Senate investigating suspected price gouging during the power
crunch recently found Enron in contempt for refusing to disclose confidential
sales and bidding records.
The California Senate last used the contempt ruling in 1929 against a cement
company, but eventually the state's Supreme Court threw out the ruling,
saying the charges were too vague.
Just before the California Senate voted to hold Enron in contempt, the
Houston-based company sued in a California court on a claim that FERC, not
the California Senate, had jurisdiction.
"They (California) are making political noise we don't like," said Skilling.
He said if the situation got worse the company could reduce its market share
there. "We'll walk away from the situation and reserve out," he said.
Although Enron claims little involvement in the alleged overcharge, the
company says it has learned from the crisis.
Skilling said that looking forward, Enron will avoid dealing with
intermediaries that the company contends helped lead to the power crunch.
"We're focused on retail in California; we're going direct to customers
without dealing with an intermediary," said Skilling.
Shares in Enron, which reported earnings slightly better than expected on
July 12, were down 34 cents to $42.90 in early trade on the New York Stock
Exchange. That is down from its peak this year of more than $81, hit in
mid-February in the depths of the Western power crunch.
- ((Timothy Gardner, New York Energy Desk, +1 646-223-6058; fax +1
646-223-6078, timothy.gardner@reuters.com)).

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


I am attaching the FERC order and staff recommendations.  The order provides
for $69 million in "potential" refunds (either pay up or provide cost
justification).  Enron was not named as one of the 13 overcharging parties,
but PGE was ($3.18 million).  It's not over yet, though.  The order deals
only with Jan 01 and promises further orders regarding Dec 00 and benchmark
prices through April 01.  The prices used to determine refunds were fairly
high ($273/mwh based on gas prices, emissions costs and an assumed heat rate
of over 16000).

With respect to sales to California, we have concluded at least one short
term sale and have talked with Cal Dept of Water Resources about longer term
deals, but we were still struggling with credit issues, last I heard.  I'm
copying Jeff Dasovich because I'm sure he has more up to date information.

	Mark Schroeder@ECT
	03/11/2001 02:11 PM

		 To: Richard Shapiro/NA/Enron@Enron, Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: news/updates

In the press, I saw two news stories that I wondered if we (Enron) had any
role/hand in, and what was the offical "spin" in both cases.  1)  The FERC
Order requiring something like 55-65 million dollars in refunds by generators
(or did it include traders) for overcharging in California in December, if I
recall my facts/news stories correctly, and 2) the reports of 40 companies
entering into 10-year contracts with California (touted by Davis).  Was Enron
a contracting party?  Do we think this is a good solution (I think I know the
answer, but defer to your lead on this, so we stay on your message)?  thanks
mcs


Each legal trading group here in Houston checks on a relevant counterparty's
ability to trade its products.  So far the only physical trading area where a
governmental counterparty appears to have problems is the power trading group
where there are licensing requirements that may or may not have been obtained
to trade power.  For financial trading we do have to inquire into the
relevant governmental entities' authority to enter into derivative
transactions.  In order to do that we look at statutory authority, any
relevant local regulations, investment policities, etc., in addition to
obtaining legal opinions on the subject, and with some counterparties hiring
outside counsel to advise us.  For most governmental entities if we do not
have an ISDA Master in place and have already done such due diligence, I will
not be approving them to trade financial products.

As far as the financial test, for the US based counterparty list, I check
with Credit on every counterparty to determine whether they meet the US
eligible swap participant standards.  As I'm sure you know, for most plain
vanilla corporates and partnerships this means having total assets of $10mm
or a net worth of $1mm.  Pretty much, if I am turning down a counterparty to
trade financial it will be because they do not meet the ESP test or they are
a governmental or quasi-governmental entity.

If what you are telling me is that the Australian counterparties have to meet
a $6mm asset test to trade any products, then I will add this to my daily
inquiry to Credit and turn down Australian counterparties if they do not meet
this test.  At your direction I will handle this in this manner.  How would
you like me to proceed?

	David Minns@ENRON_DEVELOPMENT
	08/16/2000 07:58 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: EOL Credit Responses 08/14/00

Is this an incorporated entity? I assume its authority to trade a range of
products has been checked out? In Australia this assumption can not be made
for government  entities

Under our licencing requirements we need to make reasonable enquiries that a
counterparty has (or is guaranted by someone who has) atleast USD6 million in
assets. Can this assumption be made?

From: Tana Jones@ECT on 16-08-2000 08:39 CDT
To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: EOL Credit Responses 08/14/00

Tauton is ok for all products, except for financial products (it can do
power).  David, when I talk about this I am never including credit
derivatives unless Credit specifically tells us in their spreadsheet that
this is a credit derivatives counterparty.

	David Minns@ENRON_DEVELOPMENT
	08/15/2000 05:32 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: EOL Credit Responses 08/14/00

Tana what can the Taunton Municipal Light Plant trade? Is it the same as
Huntsville?

From: Tana Jones@ECT on 15-08-2000 01:35 CDT
To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Stacy E
Dickson/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT,
David Portz/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications
cc:

Subject: EOL Credit Responses 08/14/00

----- Forwarded by Tana Jones/HOU/ECT on 08/15/2000 01:35 PM -----

	Bradley Diebner
	08/14/2000 05:27 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, Cynthia
Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe Global
Contracts and Facilities, Enron Europe Global CounterParty, Stephanie
Sever/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT, Stacey
Richardson/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON,
Claudia Clark/HOU/ECT@ECT
		 cc:
		 Subject: EOL Credit Responses 08/14/00

The EOL approvals for 08/14/00 are attached below.

Regards,
bd


I've got your bar dues in the mail and have tracking numbers.  You are set.

	Kay Mann@ENRON
	05/31/2001 09:03 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: Yes, they are deducting for parking

How do I get on the list for the form?  Could you pretty please check for me?

Thanks,

Kay


Dear U2 Fan,

As previously promised,  U2.com visitors can listen to clips from two more
songs from the new album All That You Can't Leave Behind.

Kite and Stuck In A Moment are the two tracks we're revealing on Friday 22nd
- at 11.30am and 7.30pm. You'll also find Edge discussing material from the
bands first new album in three years.

We'll be hosting new tracks from the album every week at U2.com - as well as
bringing you the latest news in the countdown to worldwide release of
Beautiful Day.

You can view the Jonas Akerlund directed video for the new single right now
- and there will be more exclusive U2 video in the next week.

It's starting to get exciting......we'll keep you posted !

Best wishes

u2.com

U2.com is powered by  World Online.com


-----Original Message-----
From: 	Don Adair <Don.Adair@powerpool.ab.ca>@ENRON
Sent:	Friday, October 26, 2001 2:41 PM
To:	Betty Booth; Bob Friesen; Bob Weiss; Charles Morgan; Claude Benoit; Colin Fingler; Dave Hall; Dean Kroetsch; Denis Martin; Don Mckinnon; Don Smigielski; Doug Heath; Gwen Wenstrom; Jay Dyson; Jim French; Jim Paton; Zufferli, John; Kelly Dukart; Kris Yadav; Lana Smith; Lori Baron; Mark O'Henly; Medicine Hat; Mike Cooper; Mike Lee; Moerike, Duane (HR Milner); Pat Cooper; Peter Bartsch; Richard Sakaguchi; Rick Hendrickson; Rick Spyker; Rokos, Tim (HR Milner); Roy Hanson; Taras Konowalec; thendricks@duke-energy.com; Trevor MacPhee; Vince Chu; Walker, John (HR Milner); walterc@cnrl.com; wickhamc@novachem.com
Cc:	Jerry Mossing; Doug Hincks; Dale McMaster; PPoA - System Controllers
Subject:	ADAMS Commissioning Update

Today marks the completion of the 2 week commissioning period for ADMS.
Effective October 26th at 16:00 the System Controllers will no longer follow
up ADMS dispatches with a voice confirmation unless a ADMS message has timed
out because of technical difficulties or the System Controllers have been
notified that a participant is having technical difficulties receiving ADMS
dispatches and directives.

The time out period will be adjusted from the 10 minutes to 5 minutes. We
intend to further reduce the time out to 2 minutes following a reasonable
delay and reassessment based on our operating experience.

We are currently reevaluating the ADMS dispatch procedures with regards to
the Interconnections. Any changes to the Interconnection procedures will be
conveyed to participants well in advance of implementation.

Thanks to all of you for your patience during our implementation of this
valuable new tool.

Sincerely,

Don Adair
Manager, System Coordination Center


I am trying to forward this money to Tenaska tomorrow, so if you could change this before 8:00am tomorrow, I'd appreciate it.

Megan
---------------------- Forwarded by Megan Parker/Corp/Enron on 03/29/2001 04:39 PM ---------------------------

	  From:  Megan Parker                           03/29/2001 07:47 AM

To:	Daren J Farmer/HOU/ECT@ECT
cc:

Subject:	Tenaska 2/01

We need to forward the money from the Feb 2001 Brazos sale to Tenaska IV.  I am assuming you want to handle this as before by entering a purchase demand fee on deal 529856 in the amount of $1,143,484.53.  There is already a demand fee for Feb 2001 for $29,851.64, so I think we just need to change that to the new amount.  Let me know if you want to handle this differently.

Megan


Please create a new CPR index report and have it sort 1st byPub Code, 2 nd by
pipe, 3rd by zone.    Also, please subtotal by Pub Code.


It is confusing.  Let's discuss upon my return to Houston.  Thanks.

 -----Original Message-----
From:  Haedicke, Mark
Sent: Monday, March 05, 2001 4:21 PM
To: Walls, Rob
Subject: Re: FW: EGPP Purchase Right Agreement

I am confused by this.  Does this mean Cuiaba in South America would be
covered?  What is the significance if it is?

Mark

	Rob Walls/ENRON@enronXgate 03/02/2001 04:21 PM 	   To: Mark E
Haedicke/HOU/ECT@ECT  cc:   Subject: FW: EGPP Purchase Right Agreement

 Mark -

 Per my voice mail.  Give me a call at your convenience.  Thanks.

 Rob

 -----Original Message-----
From:  Higgason, Kelly
Sent: Monday, February 26, 2001 3:17 PM
To: Walls, Rob
Subject: EGPP Purchase Right Agreement

Rob:
 As we discussed, the Purchase Right Agreement terminates on January 1, 2005.
 Therefore, if an Eligible Project commences Commercial Operations before
January 1, 2005 (or if before January 1, 2005, an Enron Party acquires an
Ownership Interest in an Eligible Project that has commenced Commercial
Operations) and Limited Recourse Financial Closing has occurred with respect
to such Eligible Project, then the Enron Party must offer to sell to EGPP the
Ownership Interest of such Enron Party in such Eligible Project in accordance
with the Purchase Right Agreement.

An Eligible Project is any Designated Development Project or Future Project
in which an Enron Party holds or aquires an Ownership Interest.

A Future Project is any Power Plant or Natural Gas Pipeline (other than the
Designated Development Projects) that is located within the Territory and on
which construction has commenced or has been completed, provided that
pipelines primarily designed to transport liquefied natural gas or natural
gas liquids are excluded from Future Projects.

The Territory is all geographic areas of the World, excluding areas within
the boundaries of the United States, Canada and Western Europe.

Please let me know if you need further explanation.  Thanks.

Kelly


I understand how things get taken out of context and I don't want us to
overreact. However, there are ways to head this kind of comment off before
it is raised. We developed some MESSAGES for Jeff to use in his travels. We
should try to put those back in front of him now and then reinforce those
in our follow-ups with the press after his interviews. I believe Kathy gave
a copy of these to Mark Palmer and Peggy Mahoney as well as the results of
the focus group research we did on the topic.


---------------------- Forwarded by Steven J Kean/NA/Enron on 05/16/2001
02:09 AM ---------------------------

"Joseph S. Fichera" <jfichera@saberpartners.com> on 05/14/2001 08:43:25 PM
To: SKEAN@ENRON.COM
cc:

Subject: GENERATOR ORGANIZATION

Good meeting you.  Sorry not to get this to you sooner.  See below.

Please use two e-mail addresses:

jfichera@saberpartners.com (NY)

joseph.fichera@gov.ca.gov (Sacramento)

PHONE NUMBERS BELOW...

joe
______________________________________________________________
Corporate Contact Information

Joseph S. Fichera
Senior Managing Director & CEO
Saber Partners, LLC
44 Wall Street, 12th Floor
New York, NY  10005

TEL: 212-461-2370
FAX: 212-461-2371

Web Site: http://www.saberpartners.com