Markets Utility Stocks May Stall Amid Tech Rebound
Los Angeles Times, 12/12/00
INDIA: Enron India unit local lenders to cut rates.
Reuters English News Service, 12/12/00

Three Firms to Sell Natural Gas Instead of Selling Products That Use It
KRTBN Knight-Ridder Tribune Business News: The Dallas Morning News - Texas,
12/12/00

Activate ''Year-In-Review'' Factsheet
Business Wire, 12/12/00

Enron Sheds No Light on Consumer
The Times of India, 12/12/00

Enron deal can be nullified: Retd SC judge
The Times of India, 12/12/00

Green Mountain Applies To Be 10th Texas Elec Supplier
Dow Jones Energy Service, 12/11/00

The New Power Company Certified As A Retail Natural Gas Marketer In Georgia
PR Newswire, 12/11/00

USA: Big names dominate in Internet energy trading race.
Reuters English News Service, 12/11/00

Dynegy's New E-Commerce Site Had $1.5 Bln in November Trading
Bloomberg, 12/11/00

Business; Financial Desk
Markets Utility Stocks May Stall Amid Tech Rebound
THOMAS S. MULLIGAN
?
12/12/2000
Los Angeles Times
Home Edition
Page C-4
Copyright 2000 / The Times Mirror Company
NEW YORK -- Electric utility stocks, driven by strong power demand, falling
bond yields and defensive-minded investors, have had a remarkable year so
far.
The Dow Jones utility stock index is up 36% year to date, while most U.S.
blue-chip indexes are in the red.
But in recent weeks many utility stocks have flattened. California's current
power crisis notwithstanding, analysts note that we are headed into the part
of the year when electricity demand slackens.
Is the utility sector played out for now? Is it time to take profits and move
on?
Experts who follow electric utilities say much depends on the rest of the
stock market. It's no accident that major utility indexes hit bottom in the
second week of March, just as the tech-dominated Nasdaq composite index was
soaring to its all-time high.
Now, if tech stocks continue to recover from their spring and summer
collapse, that could divert money from utility shares, analysts say. When a
traditionally exciting sector like tech is red-hot, nobody wants to hear
about utility stocks, said Doris Kelley-Watkins, portfolio manager of the
Evergreen Utility Fund.
Many investors who initially piled into utility issues in winter and spring
were seeking a safe haven as Nasdaq plunged: With their high-dividend yields,
big utility companies have long been favorite defensive plays.
But then came the summer peak power-use season, and the country woke up to
the reality of an electricity shortage. Utility stocks zoomed. The terrific
gains "were a real boon to investors who came here thinking they were going
to be bored," Kelley-Watkins said.
Indeed, stocks of firms such as Dynegy (ticker symbol: DYN), Calpine (CPN),
Reliant Energy (REI) and Duke Energy (DUK) are up more than 70% so far this
year.
Kelley-Watkins, like a number of Wall Street analysts, believes that the
"easy money" in utility stocks already has been made. Nevertheless, there
will still be opportunities in the sector as long as generating capacity
stays tight--which it is sure to do for at least two or three more years, she
said.
Some new power plants will be coming online toward the end of 2002,
Kelley-Watkins added, but the current supply squeeze has been more than a
decade in the making and will not be quickly solved.
Hence, some of the biggest gainers this year are utilities that have
extensive energy-trading operations--Duke and Reliant, for example. They
could continue to take advantage of soaring demand and unusual volatility,
Kelley-Watkins said.
Dynegy and Houston-based Enron (ENE), the nation's biggest wholesale power
marketer as well as a major trader of natural gas and other commodities, are
among the Evergreen fund's biggest holdings.
Kelley-Watkins also thinks that Sempra Energy (SRE), parent of San Diego Gas
& Electric, has made a good transition from a heavily regulated owner of
power plants to an energy distributor and transmitter. But she shies away
from Sempra's giant California cousins, PG&E (PCG) and Edison International
(EIX, parent of Southern California Edison), which she considers too
debt-burdened.
Nobody welcomes a recession, but Timothy M. Winter, analyst at A.G. Edwards
in St. Louis, said an economic downturn probably would help utility stocks,
as many remain relatively cheap in terms of price-to-earnings ratios, and
would continue to be viewed as a defensive haven.
The presidential election outcome also matters, Winter said. Most Wall
Streeters think a George W. Bush victory would be a plus for the sector
because he probably would be more open than Al Gore to new power plant
construction.
Winter likes Progress Energy (PGN), formerly Carolina Power & Light, because
of its dominance in the fast-growing Southeast. His firm also recommends
American Electric Power (AEP) and Xcel Energy (XEL).
Michael S. Worms, analyst at Gerard Klauer Mattison in New York, said
although electric-utility earnings should continue strong into next year, it
will be hard to duplicate this year's 20% average profit gains. "We had a
phenomenal year because of tight capacity and high prices," Worms said.
Utility stocks probably would have done well on such business fundamentals,
but they also received a strong tail wind from the stumbling tech sector,
said Worms.
If tech shares have bottomed, and if the Federal Reserve speeds the market's
recovery with interest-rate cuts, that will hurt the performance of utility
stocks, Worms said.
His top pick is Calpine, even though shares of the San Jose-based energy
generator and marketer already have had an amazing two-year run, up 200% so
far this year, on top of a 400% surge in 1999.
(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)
Running Low on Power?
Utility stocks surged in spring and summer, but the group has stalled
in recent weeks.
Dow Jones index of 15 major utility stocks, weekly closes and latest
Monday: 386.41
Source: Bloomberg News

GRAPHIC-CHART: Running Low on Power?, Los Angeles Times;
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

INDIA: Enron India unit local lenders to cut rates.

12/12/2000
Reuters English News Service
(C) Reuters Limited 2000.

BOMBAY, Dec 12 (Reuters) - The Indian unit of U.S. energy giant Enron said on
Tuesday that four local lenders have agreed to cut their rates on loans to
its project which is under fire from critics for producing costly power.
ICICI , Canara Bank, State Bank of India and Industrial Finance Corporation
of India have all agreed to cut rates by 450 basis points to 16.5 percent, a
spokesman of Dabhol Power Company told Reuters.
Dabhol Power Company is 65 percent owned by Enron and is implementing a
two-phase 2,184 MW power project in Maharashtra. Phase one of the project is
already in operation.
The cuts will help in lowering the tariff at which Enron sells power to the
Maharashtra government, he said.
The spokesman said the firm is considering a reduction in tariff but did not
reveal details.
Last week, Industrial Development Bank of India agreed to drop rates by a
similar margin.
The spokesman did not specify when the cuts by the financial institutions
would come into effect.
The state government wants the project to be reviewed but is yet to take a
final view.
Enron says the high tariff would come down next year when it switches over to
the cheaper fuel of natural gas from naphtha.
The project cost of $1.9 billion is financed 70 percent through debt.
Enron's project is among the few foreign power projects to have begun
operations since India opened up its power sector in 1992.

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

Three Firms to Sell Natural Gas Instead of Selling Products That Use It
Terry Maxon

12/12/2000
KRTBN Knight-Ridder Tribune Business News: The Dallas Morning News - Texas
Copyright (C) 2000 KRTBN Knight Ridder Tribune Business News; Source: World
Reporter (TM)

Here's how expensive natural gas has become: Three companies decided Monday
they could make more money from selling their natural gas than from selling
products using natural gas.
Natural gas prices hit yet another all-time high Monday, closing at $9.413
per million British thermal units on the New York Mercantile Exchange. That
represented an 83-cent increase from Friday's close, up 9.6 percent.
Two fertilizer manufacturers, Terra Industries Inc. and Mississippi Chemical
Corp., said they were selling natural gas that normally would go to make
nitrogen, ammonia or other products.
And oil company Seneca Resources Corp. said gas normally used to boost heavy
oil production in a California field would be sold instead.
Jeff Shorter, vice president of TXU Energy Trading in Dallas, said he's not
surprised to hear companies are selling their natural gas rather than using
the gas to make their products.
"I don't think that's the last of them either," Mr. Shorter said.
He said he expects other companies to come to the same decision as Terra.
There are a number of companies that have fully hedged their natural gas
purchases at lower prices, and can make a profit that "far exceeds" what they
can earn from selling their core business products, he said.
He noted that the prices in spot markets Monday were even higher than in
NYMEX trading. Gas for Midwest delivery ranged from $11 to $13 and $14, and
New York gas was at $12 and higher.
"Typically, in the winter time we have a great deal of volatility which you
don't see in the futures market," Mr. Shorter said.
Spot prices have been much higher in the West, where restricted natural gas
supplies, shut-down generators and low levels of water for hydroelectric
plants have contributed to skyrocketing electricity prices.
Terra, based in Sioux City, Iowa, said it closed one of two ammonia plants in
Verdigris, Okla., and its Blytheville, Ark., plant this month, so it could
sell the natural gas used by those plants. It is profiting about $2 to $3 per
MBtu on the gas it is reselling.
"The natural gas price increase since our December requirements were
purchased for Verdigris permitted us to sell a portion of those purchases and
generate higher gross profits than could be realized from selling the
products manufactured with the natural gas," said Michael L. Bennett, Terra
executive vice president and chief operating officer.
On Nov. 30, Terra said it was closing its Beaumont plant because it couldn't
make a profit at current gas prices.
Terra said then that its production costs would exceed selling prices when
natural gas prices climbed above $6. When the decision was announced Nov. 30,
NYMEX gas prices closed at $6.673 an MBtu. Since then, the prices have risen
nearly $3.
Terra said it would re-evaluate the situation toward the end of December.
Mississippi Chemical said it was selling all of its futures contracts for
natural gas to lock in the current prices. It said it would post a $16
million pre-tax gain by selling the gas contracts.
The company's president and chief executive officer, Charles O. Dunn, said
selling the natural gas was in Mississippi Chemical's "best interests."
"We remain committed to the nitrogen business and our customers, but we also
have to take advantage of opportunities to optimize cash flow during these
challenging times," Mr. Dunn said. "It is our belief that the current
unprecedented natural gas prices are unlikely to be sustained during the
intermediate term."
Seneca Resources, based in Buffalo, N.Y., said Monday it would sell the
natural gas it had been using for its steam injection project at a California
oil field. It expects to post a pre-tax profit of about $31,000 a month, it
said.
"In light of the current natural gas shortage in California, we felt it was
important to curtail our steaming operations and allow that gas to be used to
heat homes and generate electricity," Seneca president James Beck said.
In at least one case, high electricity prices have induced a company to sell
off the electricity for which it has contracted rather than continue
operations.
On Sunday, Kaiser Aluminum & Chemical Corp. said it would close its Pacific
Northwest smelters until at least Oct. 1, 2001, and was selling the
electricity those plants would have used.
Although it must pay laid-off employees a portion of their salaries, the
power sales from December alone will bring Kaiser $52 million.
Mr. Shorter of TXU and Mark Palmer, spokesman for Houston energy company
Enron Corp., said the arrival of cold weather and the sharply higher natural
gas prices have brought more companies to their doors asking for help in
managing their energy costs.
"Volatility is good for us," Mr. Palmer said.
Mr. Shorter said the price of natural gas has justified a switch from natural
gas to fuel oil for a number of their customers.
Supplies of natural gas have remained adequate, but companies that didn't
prepare for winter energy costs will feel a financial hit, Mr. Shorter said.
"You're going to see a real economic strain in a lot of geographic regions --
if not nationally -- on the economic viability of a lot of these companies"
that had no program to manage energy risks or had plans that were
"ill-advised or improperly timed," he said.
Terra senior vice president Mark Rosenbury said Monday the company will look
at gas prices between Christmas and New Year's to see if it can profitably
buy natural gas and reopen the shuttered plants.
Mr. Rosenbury said he sees the current spike in natural gas prices as "an
aberration" and expects prices to fall to historical norms of $2 to $3 fairly
soon.
"Maybe it's longer than I think. But the cost of finding, producing and
selling natural gas doesn't command the price it's at today," he said.

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

Activate ''Year-In-Review'' Factsheet

12/12/2000
Business Wire
(Copyright (c) 2000, Business Wire)

SEATTLE--(BUSINESS WIRE)--Dec. 12, 2000--Activate emerged as a leading
digital media services company, Webcasting a record number of live events and
winning two industry awards to cap a year of dramatic growth.
A majority-owned operating company of CMGI, Activate's business has grown
15-30X across all key metrics, both in volume and scope of work. Over 8,000
businesses employed Activate's broad range of digital media services,
including production and distribution of online live and on-demand events for
both business communications and consumer events. In addition, Activate
experienced over 100 million streams in 2000.
"This has been quite a year for Activate," said Jeff Schrock, CEO and founder
of Activate. "We've been fortunate to be involved in this industry from the
very beginning and it has been exciting to see the digital media explosion
over the last year. Activate's goal continues to be providing our customers
with high-quality, cost-effective digital media solutions and we were
fortunate to end the year on a high note, receiving two industry awards from
Computerworld and Network World for our network performance and service
offerings."

Notable Activate milestones for 2000 include...

NETWORK

-- Recognizing the broadband evolution, Activate focused on key
network innovations, including cell-based server architecture.
Activate's advanced network boosts bandwidth efficiency,
increasing the company's peak capacity and refining Activate's
load balancing and caching techniques. These enhancements
contributed to Activate's Blue Ribbon win in Network World's
Streaming Media Review, beating Akamai, iBeam and Digital
Island.

-- Coordination and cross-connection with other content
distribution networks (CDNs), including Mirror Image, Enron,
Digital Island, and AT&T. These skills led to a significant
role in MSN's multi-network Webcast of Madonna's London
concert, which was produced by sister company Navisite.

AUDIENCE REACH

-- With over 40,000 Webcasts in 2000, Activate streamed more live
events than any other service provider, including Akamai,
iBeam and Digital Island. Live events ranged from concerts for
the Backstreet Boys and corporate announcements for Compaq,
Amway and Microsoft to Seattle Seahawks game Webcasts and a
political rally for Ralph Nader.

-- Activate experienced new peaks in bits-per-second simultaneous
transmission, total simultaneous viewers and total bytes
transferred. These peaks resulted from combined audiences of
hundreds of simultaneous events during Activate's highest
traffic periods, averaging over 25 million streams per
quarter.

-- Acknowledging the impact of the World Wide Web, Activate
partnered with European streaming media provider Unit.net to
ensure global reach.

BUSINESS EXPANSION

-- Activate expanded into a 60,000 square foot production and
operations center in Seattle, and additional operational and
sales locations in New York, San Francisco, Los Angeles,
Boston and Chicago. This growth complements the continued
growth of Toronto-based Activate Canada, the leading streaming
media provider in the Canadian market.

INDUSTRY REACH

-- Financial: Since Regulation FD went into effect, Activate
established a 75 percent market share in the financial space,
broadcasting nearly 4,000 earnings calls in the third quarter.

-- Entertainment: Activate's digital media solutions were a
breakthrough hit with the entertainment industry, including
partnerships with BMG, MTVi and Miramax. From pop and rock to
jazz and hip-hop, Activate provided digital media services for
today's hottest artists including Jay-Z, P!NK and Christina
Aguliera.

-- Advertising: Activate partnered with AdForce and Engage to
expand streaming advertising, developing live and on-demand ad
insertion solutions.

About Activate

Activate is a leading digital media infrastructure services company.
Activate's services include: event Webcasting for business communications and
consumer live events, live 24x7 Webcasting for radio, TV and Internet-only
programming, and on-demand Webcasting of audio and video content to enhance
any Web site. Major clients include Microsoft, Dell, Unocal, AIMR,
Rivals.com, National Public Radio, and CTV Sportsnet.com. Activate received
the Blue Ribbon award from Network World's Streaming Media Review and has
been named by Computerworld as one of the top 100 emerging companies to watch
in 2001. A majority owned operating company of CMGI, Inc., Activate is based
in Seattle with offices in New York, San Francisco and Toronto. For more
information about the company or its services, please visit www.activate.net
or call 206/830-5300.

CONTACT: Activate Brooke Davis, 206/830-5716 brooked@activate.net or The
Weber Group Rachel Dressler, 503/552-3742 rdressler@webergroup.com
07:01 EST DECEMBER 12, 2000

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

Enron Sheds No Light on Consumer
DARRYL D'MONTE

12/12/2000
The Times of India
Copyright (C) 2000 The Times of India; Source: World Reporter (TM)

BY any reckoning, the ongoing controversy over the price of electricity
produced by the US multinational, Enron, in Maharashtra, demonstrates how the
power elite in this country has been guilty of waiving all normal checks and
balances in its haste to favour this single producer. Indeed, as Abhay Mehta,
the author of the incisive expose of the project titled Power Play says,
there is little point berating the American company for taking us for a ride
when politicians from parties across the spectrum and a galaxy of bureaucrats
and public agencies vied with each other in rolling out the red carpet.
Maharashtra energy minister Padamsinh Patil has now contradicted his
coalition chief minister's assurance that the second phase of the project
would be reviewed. This is not the customary double-talk of politicians but
the tacit acknowledgement that Mr Patil's National Congress Party mentor
Sharad Pawar was responsible as chief minister for pushing through Enron's
first phase despite countless objections to what is simply the biggest
purchase contract in India's history and one of the largest in the world. In
1993, Mr Pawar went on record that issues such as the import of fuel, total
foreign exchange outgo and presumably the power tariff were minor issues to
be clarified and that the Foreign Investment Promotion Board would take a
decision on them at the time of final review.
These are precisely the issues that are coming home to roost. With the
built-in escalation clauses in the infamous power purchase agreement, which
permits increases in tariffs with a hike in the dollar exchange rate among
other factors, the price of power is now over Rs 7 per unit and it is certain
to rise further. This will impose a crippling burden on consumers not only
householders but, ironically enough, industries, negating the very economic
growth that private producers like Enron were supposed to foster. When Mr
Pawar capitulated to virtually every demand of the US company, the capital
cost was already over twice that of comparable projects elsewhere in the
world.
Although Enron is often described as one of the world's leading power
companies, it is mainly engaged in distributing gas. In 1993, only one per
cent of its revenue was earned on producing power. Its use of imported
liquefied natural gas as fuel for the Dabhol plant was some four times more
expensive than coal, of which India has an abundance. The World Bank, itself
an ardent votary of privatisation, criticised the project on several grounds.
Since it would amount to one-fifth of the Maharashtra State Electricity
Board's capacity, it was likely to have an adverse financial impact, the Bank
stated. Consumers would not be willing to pay such a high price and it
concluded, on economic grounds, that the project was not viable. The Central
Electricity Authority (CEA) also pointed out that the project departed from
the norm, especially in denominating prices in US dollars. However, Mr Pawar
decided to bypass the CEA and overcome the objections of the World Bank and
others.
At the time, the opposition parties in Maharashtra, the BJP and Shiv Sena,
accused Mr Pawar of corruption in shepherding the project through. Mr
Gopinath Munde of the BJP made his famous boast that they would throw the
project in the Arabian sea. When they came to power in 1995, they appointed a
committee to examine whether the project served the state's interests. The
committee accused the previous government of committing a grave impropriety
under circumstances which made the Enron/MSEB arrangement on Dabhol lack
transparency. It came to the irresistible conclusion that several unseen
factors and forces seem to have worked to get Enron what it wanted. On this
basis, the state government cancelled the first and second phases.
The cancellation raised several protests. Manmohan Singh claimed that it
could not be done. Then US ambassador Frank Wisner warned of the consequences
(he joined Enron as a director the very day after he finished his stint in
India). However, the redoubtable Rebecca Mark of Enron flew down to meet Bal
Thackeray, the self-proclaimed remote control of the BJP-SS coalition, for a
second time. On this occasion, she must have used her considerable persuasive
powers to convince the Sena leader to backtrack on the cancellation and the
government announced renegotiations.
The total payments to Enron under the new agreement was a staggering $35
billion over the project's lifetime and in a blatant misrepresentation, the
government claimed it had lowered the tariff. The final straw was in May 1996
when Mr Vajpayee's 13-day minority government ratified the Centre's
counter-guarantee to Enron on its very last day in office. When the CITU and
Abhay Mehta filed a public interest petition in the Mumbai high court against
the project, the arguments given by Enron's lawyers and those representing
the government were tendentious to the point of being farcical. Chief
minister Manohar Joshi filed an affidavit to make out that his government's
earlier allegations of fraud were made on the basis of newspaper reports.
Enron got its way and the project went on stream.
Even granting that several states were bending over backwards to attract
foreign investment in the early nineties, the concessions which were extended
to Enron were not merely extravagant but unconstitutional. The financial and
legal guarantees committed the Indian state in a manner which no
self-respecting country would endure. Much of the political-bureaucratic
class connived at this subversion of the rule of law. The power purchase
agreement in particular violated the Electricity Supply Act. The Maharashtra
government's finance department had admitted in 1994 that if the central
government paid the company any sums by way of its guarantee, these would be
deducted from the state's RBI account.
It is this unconstitutional agreement which ought to serve as the basis for
questioning the entire Enron agreement in court. It is obvious that it is
against the public interest and it could conceivably be demonstrated that the
power elite has acted in its own interest and against that of the Indian
people. There is already a precedent in Pakistan where a power purchase
agreement with Enron which had a substantially lower cost per MW than
Dabhol's was cancelled. Two MoUs which the Karnataka government signed with
another US power company, Cogentrix, were also terminated.

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

Enron deal can be nullified: Retd SC judge

12/12/2000
The Times of India
Copyright (C) 2000 The Times of India; Source: World Reporter (TM)

MUMBAI: Retired high court judge Hosbet Suresh has stated that the agreement
signed between the Maharashtra State Electricity Board (MSEB) and the Dabhol
Power Company (DPC), a subsidiary of US-based Enron, can be nullified. The
DPC spokesperson was not available for comment.
The state government would be within its rights to cancel the 1993 Power
Purchase Agreement on grounds of protection of public interest, he said.
``The power that the Enron plant produces is twice as expensive as its
nearest competitor and seven times as expensive as the cheapest electricity
available in Maharashtra. The fixed charges, whether MSEB buys electricity or
not, alone works out to Rs 1,000 crore a year for Phase I and nearly twice
the amount for Phase II and the amount is to be paid for the next 40 years !
What public interest does it serve ?'' Mr Suresh asked in his opinion given
to the Enron Virodhi Andolan.
The implications of this agreement is to ``exploit'' the people, he said in
his five-page statement, adding that ``the government has an obligation to
end such exploitation''.
Questioning the erstwhile Shiv Sena-BJP government's decision to withdraw the
court case against the DPC, Mr Suresh sought to bring forth the
inconsistencies during the alliance rule. The Sena-BJP had challenged the PPA
declaring it as a ``fraud'' as it was not in keeping with public policy,
consumer interest and interest of the state. ``This suit was withdrawn
without any of the contentious issues on law and on facts being decided. The
government renegotiated without complying any of the requirements under the
law,'' Mr Suresh observed.
``The concealment of relevant facts from the public, the unsatisfactory
explanation for withdrawing the suit .... all lead to one thing namely that
the government at no time had any regard for public welfare...,'' he said.
Mr Suresh also pointed out to the earlier petition filed by BJP leader Ramdas
Nayak who had challenged the contract to Enron as it was awarded without the
process of competitive bidding. Mr Nayak's petition, however, was dismissed
on August 19, 1994 and all subsequent petitions which sought to challenge the
PPA were also given similar treatment, he said, adding ``without the courts
going into he validity of the agreement''.
``Electricity is not a matter of commerce. It is a necessity like light,
water and air. There can be no monopoly in this. If someone wants to trade on
these elements, he may do so provided he does not exploit the people,'' Mr
Suresh said.

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

Green Mountain Applies To Be 10th Texas Elec Supplier

12/11/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- Green Mountain Energy Co. said Monday it has filed an
application with the Texas Public Utility Commission to become a retail
electric provider when Texas launches retail electric competition Jan. 1,
2002.
At least nine other companies also have filed applications, but Green
Mountain said it is the first energy company to apply for a Texas license to
sell renewable power, such as wind, sun or hydropower.
"We are looking forward to the prospects of doing business in Texas, and we
are excited to see regulatory rules being put in place to promote
competition, creativity and innovation in the marketplace," said Gillan
Taddune, Green Mountain's Texas regional manager.
The PUC has approved one REP application from a large industrial company, but
the Dallas-based firm, TXI Power Co., only wants to buy electricity to supply
its own plants.
Other non-utility companies that have filed applications to be certified as
Texas retail electric providers, or REPs, include: Sempra Energy Solutions, a
unit of Sempra Energy (SRE); Enron Energy Services and Enron Power Marketing,
both units of Enron Corp., (ENE); New Power Co., formed this year by Enron,
International Business Machines (IBM) and America Online Inc. (AOL); and
Shell Energy Services Co., a unit of Royal Dutch/Shell Group (RD).
Affiliates of existing Texas utilities have also filed to become REPs.
First Choice Power, a subsidiary of TNP Enterprises Inc. has filed. TXU Corp.
(TXU), the state's largest investor-owned utility and Reliant Energy (REI),
the second largest, also recently filed two applications to create two REPs,
one to sell power to large commercial and industrial customers and one to
sell power to smaller customers.
More companies are expected to begin the certification process in Texas
before the end of the year as market rules are finalized. Independent
suppliers watching the Texas market include: AES NewEnergy Inc., a unit of
AES Corp. (AES); and Exelon Energy (EXC).
To be certified, an entity must hold an investment grade credit rating, have
$50 million of net worth or have cash resources of $100,000.
REPs will be subject to PUC enforcement actions, including penalties,
suspension and revocation for violations.
A pilot program involving 5% of the state's power customers will begin in
June. -By Eileen O'Grady, Dow Jones Newswires; 713-547-9213;
eileen.ogrady@dowjones.com

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

The New Power Company Certified As A Retail Natural Gas Marketer In Georgia

12/11/2000
PR Newswire
(Copyright (c) 2000, PR Newswire)

PURCHASE, N.Y., Dec. 11 /PRNewswire/ -- TNPC, Inc. (NYSE: NPW), parent of The
New Power Company, the first national residential and small business energy
provider, today announced it had received its certificate as a retail Natural
Gas Marketer from the Georgia Public Service Commission. The New Power
Company will begin to serve natural gas consumers in Georgia in 2001.
The New Power Company was formed by Enron, the largest trader and marketer of
electricity and natural gas in North America. In June, the Company acquired
approximately 300,000 natural gas and electricity accounts in eight states
from the Columbia Energy Group, which includes approximately 83,000 natural
gas customers in Georgia - roughly 6 percent of the market.
The New Power Company began acquiring electricity customers in select utility
markets in Pennsylvania and New Jersey in October 2000. In addition, the
Company has been awarded 299,000 electricity customers by PECO Energy Company
under its "Competitive Default Service" program.
About TNPC, Inc.
TNPC, Inc. (NYSE: NPW), through its subsidiary, The New Power Company, is the
first national provider of electricity and natural gas to residential and
small commercial customers in the United States. The Company offers consumers
in restructured retail energy markets competitive energy prices, flexible
payment and pricing choices, improved customer service, and other innovative
products, services and incentives.

/CONTACT: Investors - June Filingeri, Vice President, Investor Relations,
Jfilinge@newpower.com, 914-697-2431, or Media - Gael Doar, Director of
Communications, gdoar@newpower.com, 914-697-2451, both of TNPC, Inc./ 17:29
EST

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

USA: Big names dominate in Internet energy trading race.
By Gelu Sulugiuc

12/11/2000
Reuters English News Service
(C) Reuters Limited 2000.

NEW YORK, Dec 11 (Reuters) - All bar the biggest of the much-heralded online
energy exchanges are struggling to generate liquidity as the oil community
sticks with tried and trusted trading habits, analysts and traders said.
While most of the 30 online energy exchanges that have sprung up over the
last year keep liquidity figures close to their chest, analysts say that the
big names - IntercontinentalExchange (ICE) and EnronOnline - are pulling
clear.
"You can juice up numbers any way you want, but the one that's succeeding
today is ICE," said Peter Fusaro, president of energy e-commerce consultants
firm Global Change Associates. "The others are floundering because they have
no liquidity."
ICE which enjoys the backing of such industry heavyweights as BP, Royal
Dutch/Shell and TotalFinaElf, traded a total of 200 million barrels of crude
and products in the month after it began operating in October.
Like all the new energy platforms - which mainly host "over-the-counter"
contracts traded outside regulated exchanges, - this is dwarfed by volumes
posted on the New York Mercantile Exchange (NYMEX).
Volumes on Friday alone on NYMEX crude for January delivery reached almost 40
million barrels of crude oil and almost 25 million barrels of heating oil.
Smaller online exchanges such as RedMeteor.com and HoustonStreet Exchange
hosted online trades of just 3.5 million barrels and 2.5 million barrels
respectively of heating oil in the entire month of October, industry sources
said.
TIED TO TRADITION
Oil volumes have taken time to pick up because many traders are reluctant to
give up brokers and switch to the internet, afraid of making costly mistakes
trading online.
"There are brokers that have been around for a long time and have established
personal and business relationships with traders," said Tom Knight, an
independent online trading consultant.
Oil's recent dizzying price volatility has also deterred traders from using
online exchanges, fearing that a swift market move could turn a profitable
Web trade into a ruinous one in a matter of minutes.
"You can't take your trade off (the online exchange) fast enough," a trader
who uses EnronOnline and Altra said.
Old habits dying hard in the oil community means the younger markets of
natural gas and power hold the key to the new platforms' liquidity growth.
Leading the way is EnronOnline, which boasts an average daily volume of $10.5
billion and 35,000 transactions in more than 30 commodities, smashing initial
targets of a $30-$40 billion yearly trading volume.
Main competitor Dynegydirect has posted a total transaction volume of only
$1.5 billion since it began trading Nov. 1.
Traders and analysts said that EnronOnline is already becoming so big that it
can set the tone for the natural gas cash market by itself.
"On the ICE, players don't want to make a better offer than Enron," a trader
said. "The only thing that's still not swayed by Enron numbers is NYMEX."
THREE MODELS
Among three competing business models, Dynegydirect and EnronOnline provide a
market where players can only trade with the company that operates the site.
Other platforms, like ICE, act like an intermediary, but provide only
financial products such as swaps and options.
A third group that includes RedMeteor.com, Altra and HoustonStreet focuses on
physical markets and acts as a clearinghouse for oil, natural gas and
electricity trading.
Despite the slow start for some sites, analysts agree that more energy
trading will migrate online as commission costs go down.
Knight predicted that within five years more than 50 percent of crude and
refined products trading will be done online, with gas and power shifting to
the Web even faster.
Yet only a few Web exchanges will enjoy the windfall. Analysts forecast that
a wave of mergers and consolidations will leave only a small number of
profitable online exchanges.
NYMEX hopes its own online exchange, enymex, will be part of that group, but
it will face stiff competition when it finally launches in the second quarter
of 2001.
"It will be difficult for enymex to compete six months for now with ICE and
EnronOnline," Fusaro said.

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

Dynegy's New E-Commerce Site Had $1.5 Bln in November Trading
12/11/0 17:37 (New York)

Dynegy's New E-Commerce Site Had $1.5 Bln in November Trading

     Houston, Dec. 11 (Bloomberg) -- Dynegy Inc., a U.S.
electricity and natural-gas trader, said its Internet trading
site, Dynegydirect, had more than $1.5 billion in transactions in
in November, its first month of business.
     More than $1 billion of the business came from new customers,
Dynegy spokesman Steve Stengel said. Dynegydirect's customers
trade exclusively with Dynegy, not with each other. The Web site
has more than 400 companies buying and selling North American
power, natural gas and natural gas liquids.
     Dynegydirect plans to start trading coal, emission allowances
and weather derivatives in the first quarter. International energy
products and bandwidth are scheduled to be added in the second
quarter.
     Shares of Houston-based Dynegy rose $4.19 to $53.75.
     EnronOnline, the 1-year-old on-line market owned by Enron
Corp., the world's biggest energy trader, trades about $2.4
billion a day, or about $12 billion a week.
     IntercontinentalExchange, an Internet market for energy and
precious metals backed by 85 energy and financial companies,
traded about $6 billion in oil, natural-gas and electricity in its
first week in mid October.
     ICE brings buyers and sellers together to negotiate trades.
On EnronOnline, only Enron trades with other companies.
     Bloomberg LP, the parent of Bloomberg News, competes with ICE
and others with its PowerMatch trading system.

--Margot Habiby in Dallas, (214) 740-0873 or
mhabiby@bloomberg


I am on the Board of BEAR and sponsoring this effort.  Please let Janette
Elbertson know by e-mail if you are interested in donating your time to help
staff the table in the lobby on Monday, December 18, from 10 a.m. to 2:00 p.m.

Thank you.

Help CPS Kids!
Enron, KRBE and Sun and Ski Sports are collecting donations for Children,s
Protective Services Be A Resource (BEAR) Program to purchase gifts this
holiday season. Make your donation and receive a $10-off coupon for Sun and
Ski Sports.

Donations will be accepted in the Enron Building Lobby - Tuesday, December
12, Thursday, December 14 and Monday, December 18 from 10 a.m. to 2 p.m. or
in EB407.

KRBE Morning Show LIVE in Antioch Park
Come out and show your support for the CPS BEAR collection Monday, December
18 when the 104 KRBE morning show,s Streets of America comes to Antioch Park.
See you there from 6 a.m. to 9 a.m.


The report named: Violation/Notification Memo <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=60&report_name=Violation/Notification+Memo&category_cd=2&category_name=ENRON%20CONSOLIDATED&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=10/24/2001>, published as of 10/24/2001 is now available for viewing on the website.

(Revision: 5)


Hey, I normally talk bad about you but lately I've been bragging because of your good notes on Ponderosa Pines.


---------------------- Forwarded by Louise Kitchen/HOU/ECT on 05/30/2001 01:36 PM ---------------------------
From:	Andrew S Fastow/ENRON@enronXgate on 04/03/2001 12:30 PM
To:	John J Lavorato/ENRON@enronXgate
cc:	Louise Kitchen/HOU/ECT@ECT

Subject:	RE:

John:

Thanks for the e-mail.  I wasn't trying to be critical of anyone specifically, and I think Dick is doing an admirable job.  I will give him high marks at PRC.  However, one position that has lost a significant amount of value since we were free to sell it is Avici.  Do you think that at PRC, this "loss" of value, which does not show up in a P/L since it is hedged by Raptor, should be taken into account when we evaluate the person?  My point is only that each of these investments are "positions" that should be "owned" by someone, like a book.  Hickerson didn't get evaluated on Avici because it didn't show up in a P/L (even though he lost a lot of value).  What do we do with Garland?  Now it has lost a lot of value again.  If Dick could sell an asset for a 10% loss today, but doesn't, and we eventually lose 30% upon disposition, how do you evaluate the performance?

Andy

 -----Original Message-----
From: 	Lavorato, John
Sent:	Tuesday, April 03, 2001 11:09 AM
To:	Fastow, Andrew S.
Cc:	Kitchen, Louise
Subject:

Andy

With respect to North America, Dick Lydecker is liquidating most of the raptor assets.  I think he is doing a great job and showing a great deal of integrity in trying to get the best deal for Enron.  Let me know if you disagree.

John


Thought you might find this interesting!!

http://www.fortune.com/

XXOOXXOO,

Kevin


-----Original Message-----
From:?? Chris.Germany@enron.com [SMTP:Chris.Germany@enron.com]
Sent:?? Thursday, December 21, 2000 11:40 AM
To:???? Ingrid.Immer@williams.com
Subject:??????? Re: VNG Contract Volumes

Wonderful.? One more question, could you give me the meter numbers for
these points?

[Immer, Ingrid]? Give an inch, and they'll take a mile...

"Immer, Ingrid" <Ingrid.Immer@Williams.com> on 12/20/2000 03:51:13 PM

To:?? "'chris.germany@enron.com'" <chris.germany@enron.com>
cc:
Subject:? VNG Contract Volumes

Contr. No.????? Volume? (dt)??? Primary Rcpt/Del
3.1212? ??????? 14,625? ??????? Station 165 / Emporia [Immer, Ingrid]??
8696/941
?
0.6507? ??????? ??? 556 ??????? UTOS / Leidy (545) [Immer, Ingrid]? ???
6402/6161
??????? ??????? ??????? ??????? Ragley / Leidy (11) [Immer, Ingrid]? ??
6217/6161

0.3924? ??????? 35,930? ??????? Sta 62 / Emporia (14,013) [Immer, Ingrid]?
???? 7141/941
??????? ??????? ??????? ??????? Sta 45 / Emporia (8,982) [Immer, Ingrid]?
????? 7101/941
??????? ??????? ??????? ??????? Sta 50 / Emporia (6,826) [Immer, Ingrid]?
????? 6948/941
??????? ??????? ??????? ??????? Sta 30 / Emporia (6,109) [Immer, Ingrid]?
????? 7133/941

0.3726? ??????? 15,930? ??????? Sta 62 / Emporia (6,213) [Immer, Ingrid]?
????? 7141/941
??????? ??????? ??????? ??????? Sta 45 / Emporia (6,691) [Immer, Ingrid]?
????? 7101/941
??????? ??????? ??????? ??????? Sta 50 / Emporia (9,717) [Immer, Ingrid]?
????? 6948/941?
??????? ??????? ??????? ??????? Sta 30 / Emporia (2,708) [Immer, Ingrid]?
????? 7133/941

Note that the telescoped volumes on .3726 are cumulative and are
incremental on .3924.

ii


Chris, do you have a deal book -explaining the overall transaction, returns
and risk?

This will help me facilitate the process.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 10/09/2000
01:37 PM ---------------------------

Christopher F Calger
10/09/2000 12:16 PM
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: PSCO

Dave,

Wanted to give you a heads up...

We are looking at a DASH for approximately $1.5MM for development of PSCO.
This includes cancellation charges of approximately $350K and soft
engineering/consulting costs through November 30 (expected receipt of air
permit).  The plan would be to DASH with Board/Exec Committee approval the
entire project in November.   Chip Schneider of RAC is OK with this approach
given his understanding of the project risks and economics.

The plan is to keep this off balance sheet through West LB -> Turbo Park
with exit to a third party no later than Sep 30, 2001.  there is likely a
need to bring in LJM to cover $2-3MM of hard costs (moving dirt) from Dec 1
through Jan 31.

We are planning on executing the PPA with PSCO this week - it has sufficient
conditions precedent to give ENA Legal (and me) comfort that we can walk if
there is any problem with permits or site costs (land, water, transmission,
fuel).  In addition, there is a Board out that ENA Legal drafted, negotiated
and feels is a tangible out (unlike most Board outs).  We will have a
definitive deal with NEPCO prior to execution of the PSCO PPA.  I spoke  with
Jacoby and  Janet and told them we are planning to take the remaining two
LM6000's for this project.

I am available to talk about it at your convenience.

Regards,

Chris
---------------------- Forwarded by Christopher F Calger/PDX/ECT on
10/09/2000 09:56 AM ---------------------------

Christopher F Calger
10/08/2000 05:13 PM
To: Chip Schneider/NA/Enron@Enron
cc: Stephen Thome/HOU/ECT@ECT, Jeff G Slaughter/PDX/ECT@ECT
Subject: PSCO

Chip,

PSCO has modified their position and has accepted some of our negotiating
points (heat rate, board out, permit conditions precedent) and will accept a
6-LM6000 project with a June 2001 start date.  The additional two LM6000's
materially improves our economics as both installed cost/kw and fixed o&m
decrease.  We plan on executing the PPA later this week (Monday 10/16 latest)
with inclusion of project permitting conditions and Board-out language
drafted by and satisfactory to ENA Legal.

In order to hit the June 01 deadline, we must order the following additional
equipment through West LB ASAP:

6 stacks  $1,188,000
3 Control Modules $375,000
1 CEMS  $675,000
4 230kv Breakers $340,000
Total:   $2,578,000

The above equipment is needed for our remaining LM6000's in any project.
More importantly, the cancellation charges for the above equipment are
minimal as follows:

Now through November 1:    $257,800
Now through November 30:  $340,000 (additional $83,000)

Additional soft costs prior to mobilization in December are estimated at:

EE&CC Tasking Letter Year to Date:  $175,000
EE&CC/NEPCO Engineering through October 20:  $75,000
EE&CC/NEPCO Engineering through Nov 30: $700,000

Based on the above, I will exceed $500K around October 18.  Given our Board
approval flexibility from PSCo and the timing of expediting the equipment
orders, I thought it might be a good idea to seek approval for a development
project through the end of November (or perhaps December 15). The amount
might be $1.5MM which allows for equipment cancellation and engineering
costs.  That would allow us to move forward aggressively and prepare a more
complete final project approval for the next regularly scheduled Board / Exec
Committe meeting in November.

How does this sound to you?

Regards,

Chris


-----Original Message-----
From: 	Philip, Willis
Sent:	Tuesday, November 20, 2001 7:18 AM
To:	Sturm, Fletcher J.; Benson, Robert; Presto, Kevin M.
Subject:	Enron sees cash drain, warns on survival

04:33 20Nov2001 RSF-Platt's: Enron sees cash drain, warns on survival

New York (Platts)--20Nov2001/533 am EST/1033 GMT

Enron filed Q3 financials late Monday, revealing a huge cash drain, despite last week's $1.5-bil asset-backed infusion from merger partner Dynegy. Enron said its cash Friday had fallen to $1.2-bil, even with the Dynegy payment three days earlier, $550-mil drawn on a new bank line last week and $3-bil drawn on existing lines earlier this month to pay off $1.9-bil of commercial paper. Enron blamed operating costs, trade settlements and collateral deposits paid to trading partners. Enron said it expects $800-mil soon from asset sales and got another $440-mil bank line Monday. But it warned it might not be enough to keep its investment-grade credit rating or restructure debt coming due. That could have a "material adverse impact on Enron's ability to continue as a going concern," it warned.

For Related News, Double Click on one of these codes:
[nPL2779110] [CRU] [ENE.N] [US] [PGF] [MRG] [ELG] [NGS] [PLTN] [LEN] [CRU] [ENE] [US]
 Tuesday, 20 November 2001 04:33:58
RSF [Historical News] {C}
ENDS

Willis Philip
Enron Wholesale Services
East Power Trading
(713) 853-0961


Do you know what this is about?  Thanks. Lynn

 -----Original Message-----
From: 	Farrow, Shana
Sent:	Thursday, December 13, 2001 11:30 AM
To:	Blair, Lynn; Graves, Jerry; Tate, Team
Subject:	conference call
Importance:	High

 -----Original Message-----
From: 	Farrow, Shana
Sent:	Thursday, December 13, 2001 11:29 AM
To:	Blair, Lynn; Graves, Jerry; Tate, Team
Subject:

Randy Howard has requested that I reach each of you to set up a conference call regarding the Tate Issue.  He wants to know if you would be available this afternoon around 2:00 or tomorrow morning around 9:00.  If you could e-mail me and let me know what will work best for you, I'd appreciate it.  As soon as we hear from everyone, I'll send out another e-mail to give the details.

Thanks,
Shana Farrow
620-626-2210


Allyson,

Thank you for the update.

Is not having the CPCN an absolute bar to beginning construction?  What are
the risks?

Thanks,

Kay

"Duncan, Allyson" <aduncan@kilstock.com> on 07/25/2000 08:49:04 AM
To: "'Mann Kay'" <Kay.Mann@enron.com>, "'Keenan Jeffrey'"
<Jeffrey.M.Keenan@enron.com>, "'Chapman Tom'" <tom.chapman@enron.com>
cc: "'Mellencamp Lisa'" <lisa.mellencamp@enron.com>, "'Kroll Heather'"
<Heather.Kroll@enron.com>, "Fine, Jonathan" <JFine@kilstock.com>

Subject: CPCN Update

Sami Salib of the Public Staff is drafting the agenda item that will go on
the Commission's Open Agenda Conference for approval to establish the
procedural schedule for the CPCN application (intervention dates, intervenor
testimony, rebuttal testimony, etc).  Although he wanted to schedule the
evidentiary hearing for the last week in September, the Commisssion's
calendar is currently full.  So he has tentatively scheduled it for Monday,
October 2.  The problem with that is that it makes it virtually impossible
to meet the November 1 construction date if the Commission allows the
customary 30 days after the hearing in which to file briefs and proposed
orders.  I urged Sami to please see if he could calendar the hearing for the
third week in September.

One of the things that ENA will have to do is to have notice published in
newspapers in the Rocky Mount area for several consecutive weeks prior to
the hearing so that affected persons will have an opportunity to comment.  I
am trying to get Sami to place the draft agenda item and procedural schedule
on the Commission's July 31 Open Agenda Conference so that the notices can
start to run August 7.  That action, along with scheduling the hearing for
the third week in September, will make it far more likely than not that the
CPCN will issue before November 1.

Failing that, we can work with the Public Staff to shorten the period within
which to file briefs and proposed orders after the hearing to three or
preferably two weeks.  It will not be difficult to do that if there are no
intervenors, or if the intervenors do not object.

Sami has promised to let me know by tomorrow when the agenda item will go
before the Commission, and the dates in the procedural schedule.  Please
call me if you have questions.  Thanks.
> Confidentiality Note:
> This email message is intended solely for the individual or individuals
> named above. It contains confidential attorney-client privileged
> information and attorney work product.  If the reader of this message is
> not the intended recipient, you are requested not to read, copy or
> distribute it or any of the information it contains.  Please delete it
> immediately and notify us by return email or by telephone (404) 815-6500.
>


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Actually, I don't know the number yet.  Cell phone still the best.  Sorry, I haven't been available last night.  I was out.  Anyway, what's the news?

Mat

-----Original Message-----
From: CM Polunci [mailto:dallaschic34@yahoo.com]
Sent: Thursday, October 04, 2001 11:28 AM
To: Smith, Matt
Subject: Number

Hey there!

How was your birthday?  I wasn't able to get ahold of
you.  I feel badly because I wanted to wish you a
Happy one.  I hope that it was, and that you were able
to relax a little bit.

Do you know your new phone number?  I would like to
talk with you soon if you do.  I have news to tell
you!
Tis weekend is a long weekend.  I was originally
supposed to go to Boston, but Loretta and I changed
our minds.  I think she is moving into a new place
this weekend.

I hope all is well.  Talk to you soon.

Christine:)

__________________________________________________
Do You Yahoo!?
NEW from Yahoo! GeoCities - quick and easy web site hosting, just $8.95/month.
http://geocities.yahoo.com/ps/info1


We pushed some option deals through the test environment.  Could you please
look at the following deals in Tagg Stage.

132456 underlying swap
132455 call option  I know the volumes on the swap look outragous on these
swaps, but that is fixed now.
132458 underlying swap
132457 put option

132922 call option
132924 call option

I am attaching the transaction summary for your review.  Call me with any
questions or if you need to know the option criteria.


Hi Steve,

I am not aware of any transactions such as stock option exercises, etc. which
have to be reported by May 10.

Thanks for focusing on this matter each month.

Elaine

Steven J Kean@EES
04/20/2000 11:52 AM
To: Elaine Overturf/Corp/Enron
cc:

Subject: Form 4 Reminder for April

do I need to do anything?  I believe the only transaction I had was related
to a set of shares which were released to me earlier in the year.  Some of
the shares were sold at that time to pay the income tax on the distribution.
We discussed this before and my recollection is I did not have to make a
filing.  Could you confirm by e-mail?
---------------------- Forwarded by Steven J Kean/HOU/EES on 04/20/2000 11:50
AM ---------------------------

Rebecca Carter@ENRON
04/20/2000 09:58 AM
Sent by: Kelly Johnson@ENRON
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Joseph W
Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, rebecca
mark-jusbasche/HOU/AZURIX@Azurix, Ken Harrison/Enron@Gateway, Cliff
Baxter/HOU/ECT@ECT, Mark Frevert/LON/ECT@ECT, Joe Hirko/Enron
Communications@Enron Communications, Stanley Horton/Corp/Enron@Enron, Ken
Rice/Enron Communications@Enron Communications, Lou L Pai/HOU/EES@EES, Rick
Buy/HOU/ECT@ECT, Richard Causey/Corp/Enron@ENRON, James
Derrick/Corp/Enron@ENRON, Andrew S Fastow/HOU/ECT@ECT, Steven J
Kean/HOU/EES@EES, Mark Koenig/Corp/Enron@ENRON, Mike McConnell/HOU/ECT@ECT,
Jeffrey McMahon/HOU/ECT@ECT, J Mark Metts/NA/Enron@Enron, Cindy
Olson/Corp/Enron@ENRON
cc: Rosalee Fleming/Corp/Enron@ENRON, Sherri Sera/Corp/Enron@ENRON, Pam
Benson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marsha Lindsey/HOU/AZURIX@AZURIX,
Dolly Henrici/Enron@Gateway, Susan Skarness/HOU/ECT@ECT, Nicki
Daw/LON/ECT@ECT, Nancy Young/Enron Communications@Enron Communications, Cindy
Stark/Corp/Enron@ENRON, Dorothy Dalton/Enron Communications@Enron
Communications, Karen Owens/HOU/EES@EES, Karen K Heathman/HOU/ECT@ECT,
Sharron Westbrook/Corp/Enron@ENRON, Stephanie Harris/Corp/Enron@ENRON,
Bridget Maronge/HOU/ECT@ECT, Maureen McVicker/HOU/EES@EES, Joannie
Williamson/Corp/Enron@ENRON, Cathy Phillips/HOU/ECT@ECT, Sue
Ford/HOU/ECT@ECT, Dolores Fisher/NA/Enron@Enron, Bobbie
Power/Corp/Enron@ENRON
Subject: Form 4 Reminder for April

please open the attached document.


October electric supply needs are:
1.	10/1 to 10/10-25mw
2.	10/10 to 10/31-40mw

Patrick R. Clevenger
Materials & Services Manager
PO Box 4707
Missoula  MT   59806
406-626-4819

	 -----Original Message-----
	From: 	Clevenger, Patrick
	Sent:	Monday, August 27, 2001 11:18 AM
	To:	'John.Malowney@enron.com'
	Cc:	'Mike.Swerzbin@enron.com'; 'Diana.Scholtes@enron.com';
'Caroline.Emmert@enron.com'; 'Audrey.Cook@enron.com';
'Sean.Crandall@enron.com'
	Subject:	RE:  September Schedule for Smurfit-Stone

	Please continue at 25mw until 9/17.  On 9/17 at 6AM MST please
increase to 32mw.

	Patrick R. Clevenger
	Materials & Services Manager
	PO Box 4707
	Missoula  MT   59806
	406-626-4819

		 -----Original Message-----
		From: 	Clevenger, Patrick
		Sent:	Thursday, July 19, 2001 8:02 AM
		To:	'John.Malowney@enron.com'
		Cc:	'Mike.Swerzbin@enron.com';
'Diana.Scholtes@enron.com'; 'Caroline.Emmert@enron.com';
'Audrey.Cook@enron.com'; 'Valarie.Sabo@enron.com'; 'Sean.Crandall@enron.com'
		Subject:	RE:  August Schedule for Smurfit-Stone

		August schedule is for 25mw beginning 8/1 through 8/31.

		Patrick R. Clevenger
		Materials & Services Manager
		PO Box 4707
		Missoula  MT   59806
		406-626-4819

			 -----Original Message-----
			From: 	Clevenger, Patrick
			Sent:	Wednesday, June 27, 2001 11:53 AM
			To:	'John.Malowney@enron.com'
			Cc:	'Mike.Swerzbin@enron.com';
'Diana.Scholtes@enron.com'; 'Caroline.Emmert@enron.com';
'Audrey.Cook@enron.com'; 'Valarie.Sabo@enron.com'; 'Sean.Crandall@enron.com'
			Subject:	RE: June Schedule for Smurfit-Stone

			July schedule is for 27mw from 0100 7/1 to 2400
7/31.  John: Please confirm the buyback price for 3mw.

			Patrick R. Clevenger
			Materials & Services Manager
			PO Box 4707
			Missoula  MT   59806
			406-626-4819

				 -----Original Message-----
				From: 	Clevenger, Patrick
				Sent:	Tuesday, May 22, 2001 2:48 PM
				To:	'John.Malowney@enron.com'
				Cc:	'Mike.Swerzbin@enron.com';
'Diana.Scholtes@enron.com'; 'Caroline.Emmert@enron.com';
'Audrey.Cook@enron.com'; 'Valarie.Sabo@enron.com'; 'Sean.Crandall@enron.com'
				Subject:	RE:June Schedule for
Smurfit-Stone

				June schedule will be for 20mw starting 6/1
through 6/30.  John:  Please call me with confirmation of buy-back price of
the 5mw.  I am assuming $225.

				Patrick R. Clevenger
				Materials & Services Manager
				PO Box 4707
				Missoula  MT   59806
				406-626-4819

				 -----Original Message-----
				From: 	Clevenger, Patrick
				Sent:	Monday, April 23, 2001 2:40 PM
				To:	'John.Malowney@enron.com'
				Cc:	'Mike.Swerzbin@enron.com';
'Diana.Scholtes@enron.com'; 'Caroline.Emmert@enron.com';
'Audrey.Cook@enron.com'; 'Valarie.Sabo@enron.com'; 'Sean.Crandall@enron.com'
				Subject:	RE: May Schedule for
Smurfit-Stone

				May schedule will be 25mw all month.
				Patrick Clevenger
				Material & Services Manager
				PO Box 4707
				Missoula, Mt. 59806-4707
				Fax 406-626-4805

				-----Original Message-----
				From:	Clevenger, Patrick
				Sent:	Tuesday, March 27, 2001 3:19 PM
				To:	'John.Malowney@enron.com'
				Cc:	'Mike.Swerzbin@enron.com';
'Diana.Scholtes@enron.com'; 'Caroline.Emmert@enron.com';
'Audrey.Cook@enron.com'; 'Valarie.Sabo@enron.com'; 'Sean.Crandall@enron.com'
				Subject:	RE:April Schedule for
Smurfit-Stone

				It was announced today that our mill will go
to one machine indefinitely starting 4/1.  April schedule needs to be 25mw
beginning 4/1, midnight MST.  Let me know if you have any questions.
				Patrick Clevenger
				Material & Services Manager
				PO Box 4707
				Missoula, Mt. 59806-4707
				Fax 406-626-4805

				-----Original Message-----
				From:	Clevenger, Patrick
				Sent:	Tuesday, March 27, 2001 8:17 AM
				To:	'John.Malowney@enron.com'
				Cc:	Mike.Swerzbin@enron.com;
Diana.Scholtes@enron.com; Caroline.Emmert@enron.com; Audrey.Cook@enron.com;
Valarie.Sabo@enron.com; Sean.Crandall@enron.com
				Subject:	RE: March Schedule for
Smurfit-Stone

				April schedule is to continue at 29mw, as we
have been since 3/21.
				Patrick Clevenger
				Material & Services Manager
				PO Box 4707
				Missoula, Mt. 59806-4707
				Fax 406-626-4805

				-----Original Message-----
				From:	John.Malowney@enron.com
[SMTP:John.Malowney@enron.com]
				Sent:	Monday, February 26, 2001 3:33 PM
				To:	Clevenger, Patrick
				Cc:	John.Malowney@enron.com;
PCLEVENGER@SMURFIT.COM; Mike.Swerzbin@enron.com; Diana.Scholtes@enron.com;
Caroline.Emmert@enron.com; Audrey.Cook@enron.com; Valarie.Sabo@enron.com;
Sean.Crandall@enron.com
				Subject:	RE: March Schedule for
Smurfit-Stone

				Pat, thanks for getting back to us.... we'll
schedule 31 MWs for the month
				of March.  Thanks,  John

				 (Embedded     Enron Capital & Trade
Resources Corp.
				 image moved

				 to file:      From:  "Clevenger, Patrick"

				 pic06902.pcx) <PCLEVENGER@SMURFIT.COM>

				               02/26/2001 01:43 PM

				To:   John.Malowney@enron.com, "Clevenger,
Patrick"
				      <PCLEVENGER@SMURFIT.COM>
				cc:   Mike.Swerzbin@enron.com,
Diana.Scholtes@enron.com,
				      Caroline.Emmert@enron.com,
Audrey.Cook@enron.com,
				      Valarie.Sabo@enron.com,
Sean.Crandall@enron.com
				Subject:  RE: March Schedule for
Smurfit-Stone

				I am in agreement with your resolution for
the shortfall from 8mw.  March
				schedule needs to be 31mw beginning March
1st for all of March.

				     -----Original Message-----
				     From:     John.Malowney@enron.com
[SMTP:John.Malowney@enron.com]
				     Sent:     Monday, February 26, 2001
12:24 PM
				     To:  Clevenger, Patrick
				     Cc:  Mike.Swerzbin@enron.com;
Diana.Scholtes@enron.com;
				Caroline.Emmert@enron.com;
Audrey.Cook@enron.com; Valarie.Sabo@enron.com;
				Sean.Crandall@enron.com
				     Subject:  RE: March Schedule for
Smurfit-Stone
				     Importance:    High

				     Pat, this is to confirm our earlier
discussions regarding reduced MWh
				     consumption.

				     The present situation that is not
subject to change is 25 MW "flat" @
				MPC @
				     $54.65/MWh terminating 8/31/05.

				     The other "leg" is a minimum of 8 MW
"flat" @ MPC @ Mid-C Index plus
				(+)
				     $.25/MWh terminating 9/30/02.

				     Out of the 8 MW minimum obligation, the
EPMI Trader has agreed to
				reduce
				     and financially settle on a
pre-schedule basis any "un-wanted" excess
				     energy at a cost to Smurfit-Stone of
$2.50/MWh for the desired time
				period.

				     Using your request of scheduling a
total of 31 MWs for the month of
				March,
				     25 MW would be priced at $54.65/MWh, 6
MWs would be consumed and
				priced at
				     the MC Index plus (+) $.25/MWh, the
remaining 2 MWs would not be
				scheduled
				     and or consumed, but would be
financilly settled at a cost to
				Smurfit-Stone
				     of $2.50/MWh times the total MWhrs. for
the month of March.  (2MWs x
				$2.50
				     x 744 hours =$3,720).

				     Please confirm your March nomination at
your earliest convenience and
				let
				     me know if you have any questions and
or concerns.

				        Thanks,  John

				 << File: pic06902.pcx >>


please take car of.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/13/2000
11:54 AM ---------------------------

From: Susan L Kennedy on 11/13/2000 10:35 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Subscription Renewal

Dear Jeff:

This is to inform you that the following subscriptions are up for renewal:

Forbes
Futures/The Magazine of Commodities & Options
Gas Utility Report
Harvard Business Review
Inside Ferc

In the past, such renewals were routed to Info Central to be paid.  Our
department has changed its focus to research.
If you would like to renew as a courtesy, we would be happy to take care of
this for you.  We will contact the publisher and let them know that for the
next renewal to send the invoice directly to you, and from then on, you would
take care of payment.
Please let me know if you would like to renew this publication, as it will
expire shortly.

Sincerely,

Susan Kennedy
713/853-9135


----- Forwarded by Jeff Dasovich/NA/Enron on 05/23/2001 11:25 AM -----

	"Julee Malinowski-Ball" <jmball@ns.net>
	05/23/2001 11:11 AM
	Please respond to "Julee Malinowski-Ball"

		 To: "William Hall" <wfhall2@duke-energy.com>, "Trond Aschehoug"
<taschehoug@thermoecotek.com>, "Tony Wetzel" <twetzel@thermoecotek.com>, "Sue
Mara" <smara@enron.com>, "Steven Kelley" <steven@iepa.com>, "Steve Ponder"
<steve_ponder@fpl.com>, "Steve Iliff" <siliff@riobravo-gm.com>, "Stephanie
Newell" <stephanie-newell@reliantenergy.com>, "Sandi McCubbin"
<smccubbi@enron.com>, "Ross Ain" <rain@caithnessenergy.com>, "Roger Pelote"
<roger.pelote@williams.com>, "Robert Weisenmiller" <rbw@mrwassoc.com>, "Rick
S. Koebbe" <rskoebbe@powerworksinc.com>, "Richard Hyde"
<rwhyde@duke-energy.com>, "Randy Hickok" <rjhickok@duke-energy.com>, "Rachel
King" <rachel.king@elpaso.com>, "Paula Soos" <paula_soos@ogden-energy.com>,
"Paula Hall-Collins" <paula.hall-collins@williams.com>, "Nam Nguyen"
<nam.nguyen@powersrc.com>, "Mona Petrochko" <mpetroch@enron.com>, "Marty
McFadden" <marty_mcfadden@ogden-energy.com>, "Mark Fillinger"
<mark.fillinger@enron.com>, "Lynn Lednicky" <lale@dynegy.com>, "Larrea, John"
<John.g.Larrea@williams.com>, "Kent Fickett" <kfickett@usgen.com>, "Ken
Hoffman" <khoffman@caithnessenergy.com>, "Kelly Lloyd" <kellyl@enxco.com>,
"Katie Kaplan" <kaplan@iepa.com>, "Kate Castillo"
<ccastillo@riobravo-gm.com>, "Kassandra Gough" <kgough@calpine.com>,
"Jonathan Weisgall" <jweisgall@aol.com>, "John Stout"
<john_h_stout@reliantenergy.com>, "Joe Ronan" <joer@calpine.com>, "Joe Paul"
<jmpa@dynegy.com>, "Joe Greco" <jgreco@caithnessenergy.com>, "Jim Willey"
<elliottsa@earthlink.net>, "Jeff Dasovich" <Jeff.Dasovich@enron.com>, "Jean
Munoz" <jmunoz@mcnallytemple.com>, "Jan Smutny Jones" <smutny@iepa.com>,
"Jack Pigott" <jackp@calpine.com>, "Jack Hawks" <jack.hawks@gen.pge.com>,
"Hap Boyd" <rboyd@enron.com>, "Greg Blue" <gtbl@dynegy.com>, "Frazier
Blaylock" <frayblay@aol.com>, "Frank Misseldine"
<frank_misseldine@opsi.oxbow.com>, "Frank DeRosa" <frank.derosa@gen.pge.com>,
"Eric Eisenman" <eric.eisenman@gen.pge.com>, "Ed Tomeo"
<ed.tomeo@uaecorp.com>, "Duane Nelson" <dnelsen@msn.com>, "Doug Kerner"
<dkk@eslawfirm.com>, "Dean Vanech" <dvanech@deltapower.com>, "Dean Gosselin"
<dean_gosselin@fpl.com>, "David Parquet" <dparque@ect.enron.com>, "David
Keane" <dnke@dynegy.com>, "Curtis Kebler"
<curtis_l_kebler@reliantenergy.com>, "Curt Hatton" <Curt.Hatton@gen.pge.com>,
"Craig Chancellor" <craigc@calpine.com>, "Chris Ellison" <CTE@eslawfirm.com>,
"Carolyn Baker" <cabaker@duke-energy.com>, "Bob Escalante"
<rescalante@riobravo-gm.com>, "Bob Ellery" <bellery@spi-ind.com>, "Bill
Woods" <billw@calpine.com>, "Bill Carlson"
<william_carlson@wastemanagement.com>, "Andy Brown" <ABB@eslawfirm.com>,
"Alex Sugaoka" <alex.sugaoka@UAECORP.COM>, "Scott Sadler"
<sadlersa@earthlink.net>, "Susan McCabe" <smccabe@mccabeandcompany.net>,
"Marie Moretti" <mmoretti@mccabeandcompany.net>, "Anne Kelly"
<kelly@hnks.com>, "Phil Isenberg" <Isenberg@HMOT.com>, "Maureen OHaren"
<Oharen@HMOT.com>, "DJ Smith" <djsmith@s-k-w.com>, "Mark Nobili"
<mnobili@cal-lobby.com>, "Chuck Cole" <ccole@advocation-inc.com>, "Mike
Monagan" <mrmonagan@aol.com>, "Robert Ross" <robbiz@cwo.com>, "Rina
Venturini" <rventurini@teamgsi.net>, "Fred Pownall" <fred_pownall@ka-pow.com>
		 cc:
		 Subject: Republican Letter to the Governor

FYI: Attached is a letter from Senator Brulte and Assembly Member Cox to the
Governor in response to his signing yesterday of SB 28x (Sher), which makes
several IEP-sponsored changes to the CEC siting process.  Brulte/Cox outline
in this letter the next steps they believe should be taken to streamline the
siting process and propose other fixes to getting more generation on-line.

Julee Malinowski-Ball
Senior Associate
Edson + Modisette
916-552-7070
FAX-552-7075
jmball@ns.net

 - brulte_010522.pdf


- PJM.xls


NOTE:  YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

You have been selected to participate in the Year End 2000 Performance
Management process by providing meaningful feedback on specific employee(s).
Your feedback plays an important role in the process, and your participation
is critical to the success of Enron's Performance Management goals.

To complete requests for feedback, access PEP at http://pep.corp.enron.com
and select Perform Review under Performance Review Services.  You may begin
providing feedback immediately and are requested to have all feedback forms
completed by Friday, November 17, 2000.

If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:

Houston: 1.713.853.4777, Option 4
London:  44.207.783.4040, Option 4
Email: perfmgmt@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."   Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.

Review Group: ENRON
Feedback Due Date: Nov 17, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
CARTER, REBECCA C               JAMES V DERRICK JR.             Nov 03, 2000


The "Matthew" discharged 2,702,390 MMBtu at Lake Charles.  After taking out
the 1.75% terminal fuel expense, we will have 2,655,098 available for our
sale to ENA.  We have sold ENA 2,666,000 for March on this deal, so we need
to buy 10,902 MMBtu to cover the shortage.

Dan


FYI

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/31/2000
11:54 AM ---------------------------

Anjam Ahmad
03/30/2000 09:45 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT, Dale Surbey/LON/ECT@ECT, Shirley
Crenshaw/HOU/ECT@ECT
Subject: Tele-Conference from Oslo

Hi Vince,

As requested, I sent you an invitation (3pm Houston time Monday) for the
summary review of the half-hourly forward vol curve method plus review of
recent projects (e.g. inflation book, EnergyDesk.com, Weather desk update,
emerging market in Continental power market options and Global Products
exotics).  Look forward to catching up with you then.  I also sent you a
tentative list of meetings that I will be having in Oslo.

Regards,

Anjam

P.S. The telephone number is 47 2321 2000 Grand Hotel, Oslo and my mobile
number is 07747 868131


Robin,
$4.1 M was to have been reduced from our Q1 trading income to break out the
origination correctly.  It looks like this was never done in your report.  I
thought it had been based on previous Emails.  I don't think the p&l in your
report is correct as it is $4.1M too high.  This is what our trading income
at Dec 31 should be.  Note:  the DPR was never adjusted because the LTD and
YTD numbers do not exclude orgination income.  It also looks like the break
out by trader is not quite right

Kathy

Robin Rodrigue
12/08/2000 10:58 AM
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Re: Canada p&l

Kathy,

I am attaching a copy of the NGPL that was reported as of this morning.  If
you look at the by Trader P&L, we are off from your spreadsheet by
approximately $3.6 million USD for December and approximately $7.6million
year to date.  The $7.6 consists of the December variance and the $4 million
variance that we discussed earlier (originations).  However, I spoke with the
Chris Able from the Controls group, what we are reporting for originations
and for Canadian p&l ties to the DPR.   This leads me to believe that either
our number already includes the origination adjustment or the origination
adjustment was never made to the DPR.  To help resolve the December variance,
I have added a tab to your file to show what we have reported each day for
December.

Remember the p&l we are reporting by trader excludes originations.  Give me a
call when you have time and we can try to resolve these variances.

Thanks,
Robin

Kathy Reeves
12/07/2000 06:46 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Canada p&l

Robin
I would like to make sure before year end that the p&l being reporting for
Canada ( trading profits only) equals what I think it is as per attached:

Would you let me know what you are currently reporting for Canada.

Thanks
Kathy


Deal # Q52317 -

The counterparty is Nylon de Mexico and the contact is Alberto Diosdado.  The
originator on the deal is Agustin Perez.


-----Original Message-----
From: Green, Tonya [mailto:tgreen@novoste.com]
Sent: Tuesday, November 13, 2001 1:03 PM
To: Alisa (E-mail); Dawn (E-mail); Elaine (E-mail); Kelsey (E-mail);
Melanie (E-mail); Nedra (E-mail); Shelly (E-mail); Tanisha (E-mail);
Taras (E-mail); Toshia (E-mail); Green, Tracey
Subject: FW: FW: Politics Explained ( too fun

-----Original Message-----
From: Rachelle Pierce [mailto:piercerachelle@hotmail.com]
Sent: Tuesday, November 13, 2001 12:47 PM
To: thun_cat@hotmail.com; bprado@lanierclothes.com;
donita.martin@thehartford.com; evelyn_pierce@hotmail.com
Cc: gcovert68@aol.com; grether@kellyfreight.com; Hue8561@cs.com;
lisac@carotrans.com; parenton@aol.com; Shytoney4@aol.com;
tgreen@novoste.com; TPIERCE73@aol.com; Tracy_Chauncey@SIND.COM;
tracydungee@aol.com; fiestypixy@aol.com
Subject: Fwd: FW: Politics Explained ( too fun

>From: "IRIS JORDAN" <iris_jordan@hotmail.com>
>To: annpatter@hotmail.com, blessed26@hotmail.com, g@crssales.com,
>ijordan@fscorp.com, jdepaula@pershing.com, jennifercoop_1024@yahoo.com,
>kelly_lacy@yahoo.com, ntoney@bellsouth.net, piercerachelle@hotmail.com,
>serleen@hotmail.com, shenitah@hotmail.com, tellis08@hotmail.com
>Subject: Fwd: FW: Politics Explained ( too fun
>Date: Tue, 13 Nov 2001 13:37:06
>
>
>
>
>>From: iris jordan <iris_jordan@yahoo.com>
>>To: iris_jordan@hotmail.com
>>Subject: Fwd: FW: Politics Explained ( too fun
>>Date: Tue, 13 Nov 2001 05:35:05 -0800 (PST)
>>
>>
>>Note: forwarded message attached.
>>
>>
>>__________________________________________________
>>Do You Yahoo!?
>>Find the one for you at Yahoo! Personals
>>http://personals.yahoo.com

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

--------- Inline attachment follows ---------

From:  <KLLACY@GAPAC.com>
To: 'iris_jordan@yahoo.com'
Date: Monday, November 20, 2000 2:17:52 GMT
Subject:

> "Politics Explained" - Rated R
>
> A little boy goes to his dad and asks, "What is politics?"
>
> Dad says, "Well son, let me try to explain it this way: I'm the
> breadwinner of the family, so let's call me capitalism. Your Mom,
> she's the administrator of the money, so we'll call her the
> Government. We're here to take care of your needs, so we'll call you
> the people. The nanny, we'll consider her the Working Class. And your
> baby brother, we'll call him the Future. Now, think about that and
> see if that makes sense,"
>
> So the little boy goes off to bed thinking about what dad had said.
> Later that night, he hears his baby brother crying, so he gets up to
> check on him. He finds that the baby has severely soiled his diaper.
> So the little boy goes to his parents' room and finds his mother
> sound asleep. Not wanting to wake her, he goes to the nanny's room.
> Finding the door locked, he peeks in the keyhole and sees his father
> in bed with the nanny. He gives up and goes back to bed. The next
> morning, the little boy says to his father, "Dad, I think I
> Understand the concept of politics now." The father says, "Good son,
> tell me in your own words what you think politics is all about." The
> little boy replies, "Well, while Capitalism is screwing the Working
> Class, the Government is sound asleep, the People are being ignored
> and the Future is in deep shit."
>
>
>


Absolutely OK to send me a resume on any good person.  Also thanks for the
update on the new car.  My dilemma is that I need a bigger car to carry
anything, as you know the porsche isn't the most conducive car for such
activity.  I'll probably be in before early 2002, as such.
Best regards,

Jeff

"Alan D. Lucks" <lucks@alucks.com> on 01/22/2001 03:57:14 PM
To: jeff.shankman@enron.com
cc:
Subject: 2 topics

Jeff,
I trust all is well with you at the office.

New Range Rover - I want to relay that I am privately informed Ford wish to
accelerate
the U.S launch of the new car. The UK launch is Sept. this year so reasonably
may mean arrival here early 2002. Believing this to be accurate, this may
relieve you of making any decision on Range Rover right now.

Given your continuous search for "good people" and assuming your firm remains
on the look-out for such people, I wish your permission to submit a resume of
a colleague.
This lady has excellent work-ethics, is an outstanding achiever with high
energy and I believe, the suited attributes for the culture within Enron.
I would hope this could be reviewed and sent onward to the relevant people
who would invite her for an initial meeting in the near future. Please advise
this is okay.
Alan

Alan D. Lucks


Guenther:

Thanks for the response.  I'll wait to hear from Richard Sage as to who owns
the information.
Only officers at the VP level or higher may execute binding contracts for all
Enron U.S. companies (bylaws).  I do not know the "rule" for non-U.S.
companies (although I suspect the articles of association would contain that
information).

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Guenther Klar
	02/16/2001 08:24 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Janine Juggins/LON/ECT@ECT, Richard Sage/LON/ECT@ECT, Denis
O'Connell/LON/ECT@ECT, Tana Jones/HOU/ECT@ECT
		 Subject: Re: Confidentiality Agreement with Scana

Sara

You are right about the tax issue - in fact, we are in the process of
replacing the UK directors and officers of Enron Credit Inc with US directors
and officers.

The entity that signs up to the confidentiality agreement ought to be the one
that owns the information to be supplied.  Based on conversations I have had
with Richard Sage, I had formed the impression that the owner of the
information was Enron Credit Ltd.  If this is right, we should pursue your
first suggestion.  Otherwise, given that the tax issue is being rectified and
this should therefore be an isolated incident, I think we can wear the tax
risk inherent in your second suggestion.  Though I do wonder whether an
officer of Enron Credit Inc, such as Richard Sage (currently), could sign,
rather than a director?

Kind regards

Guenther Klar


I am putting together that right now.  Thanks
Ben


Meeting Attendees:Mary Solmonson/HOU/ECT@ECT, Lynette Malone/HOU/ECT@ECT,
Eric Wetterstroem/HOU/ECT@ECT, Peggy Alix/HOU/ECT@ECT, Susan S
Marshall/HOU/ECT@ECT, Leei-Hong Chen/HR/Corp/Enron@Enron, Cindy
Wisemiller/HOU/ECT@ECT, Jennifer Fraser/HOU/ECT@ECT, Vanessa Lehn/HOU/EES@EES

Items discussed during the meeting & respective follow-up tasks.

1)  DNS name for the project was selected,
 http://Entelligence.enron.com/

2)  Type of Users
 Identified the types of users and assigned names to each type.   Users named
are approvers for User Acceptance Testing (UAT).
Originator  Jennifer Frazer
Trader/Financial Linda Clemmons
Trader/Physical Jeff Shankman (will delegate to desk director)
Sr Trading Manager Jeff Shankman
Sr Operations Manager Sally Beck
Administrator  Mary Solmonson

Originators will be the primary users (80-90% usage)

Followup Item:
Mary Solmonson will finalize the User names for UAT signoff.

3)  Use Cases and Actors (user types)
It was decided that capturing the requirements as Use cases will not be done
with the GIA business users.   Users stated that all types of users will have
access to all reports.  The functionality for each report will be same for
all user types.    Selection critieria and report content for each user type
will be controlled by a security  function.   Use case may still  be used by
the Technology team, when required, to help engineer a better technical
architecture.

4)  User Signoff of requirements document for Phase I deliverables:
Signoff for non-administrative functions:  Jennifer Fraser
Signoff for administrative functions:  Mary Solmonson

(addtl comments not discussed during yesterday's meeting)
User change requests  to requirements after signoff will be evaluated for
impact to schedule and cost.  Need signoff for Phase I deliverables before
Phase I project schedule is finalized.

5)  New user requirements reviewed:
Find Like Prospects (required for Phase I)
Peak Daily Volumes (required for Phase VII)

Followup Item:
Lynette Malone:  Changes to requirements discussed in yesterday's meeting
need to be applied to the Requirements document

6)   Administrative Requirements
Changes to administrative requirements are still outstanding.   Users are
meeting Friday, Feb 18 to discuss their requirements.    Based on the outcome
of that meeting, administrative deliverables for Phase I will have to be
reviewed again and cost and schedule will have to be re-evaluated.
Administrative requirements include GIA region administration,  Data
cleansing,  Administration of products/internal companies/deal nature to
identify deal activity captured in the Entelligence database.

Followup Item:
Mary Solmonson:  Define changes to administrative requirements.

7)  User Preferences
Requirements for User preferences are not yet defined. User preferences will
NOT be a Phase I deliverable.   Mary Solmonson said User preferences will
probably be deferred until Phase VII.


Thanks.

From: Jeff Dasovich on 01/02/2001 10:13 AM
Sent by: Jeff Dasovich
To: Richard Shapiro/NA/Enron@Enron
cc:

Subject: Re: Utility M&A Seminar

Yep.

	Richard Shapiro
	01/02/2001 09:52 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Utility M&A Seminar

Can you do this?
---------------------- Forwarded by Richard Shapiro/NA/Enron on 01/02/2001
09:52 AM ---------------------------

"JOHN G KLAUBERG" <JKLAUBER@LLGM.COM> on 12/07/2000 01:44:52 PM
To: Richard.Shapiro@enron.com
cc:

Subject: Utility M&A Seminar

Rick:  it was great to catch up with you the other day in NY.  It seems like
it was a very long time ago that we worked together on the PECO deal, doesn't
it?

I look forward to doing the panel with you at the Utility M&A Symposium in NY
on Monday, January 29, 2001.  Our panel is set for around 4:00 that
afternoon.  I'll get off a brochure to you, but the panel will discuss price
volatility and what strategies there may be for dealing with it.  I thought
it would be great if you could address the California situation and your
thoughts on why it occurred and what the causes are and perhaps what remedial
measures should be undertaken.  Your thoughts on price caps and the "hard"
and "soft" nature of the various approaches would also be on interest.  I
think people would also have a keen interest in the differences between CA
and other markets, such as PA and perhaps the soon to open Texas market.
I'll follow up with more info as the time gets closer, but you probably may
want to think of a talk in the 25 minute range or so.  I will let the EXNET
(the seminar sponsor) know of your participation.

As you may also know, LeBoeuf sponsors a dinner that evening at LeCirque for
our energy industry clients.  It is usually a good time and many of your
compatriots, including Steve Kean, have attended in the past.  If you can
possibly make it, that would be great.  My guess is that there also may be
some people in attendance that you may wish to catch up with on various
industry things that you may be working on.

Thanks again, Rick, and I'll be in touch soon.  John


----- Forwarded by Jeff Dasovich/NA/Enron on 12/12/2000 01:02 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	12/12/2000 11:47 AM

		 To: Jennifer Rudolph/HOU/EES@EES
		 cc: Mona L Petrochko/NA/Enron@Enron
		 Subject: California Deregulation Summary

Jennifer:  I got a call from Chris Bailey (sp?) needing a summary of
California dereg for a presentation(s) that Harold's assembling.  Attached is
summary that Mona pulled together for Harold a couple of months ago.  I don't
have Chris' email address (I've left him a message).  Could you forward this
along to him?  Thanks a bunch.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 12/12/2000 11:44 AM -----

	Mona L Petrochko
	12/12/2000 11:38 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: California Deregulation Summary

FYI.
---------------------- Forwarded by Mona L Petrochko/NA/Enron on 12/12/2000
11:37 AM ---------------------------

	Enron Energy Services

	From:  Jennifer Rudolph                           10/05/2000 03:40 PM

To: Harold G Buchanan/HOU/EES@EES
cc: Beverly Aden/HOU/EES@EES, Edward Hamb/HOU/EES@EES, Mona L
Petrochko/SFO/EES@EES

Subject: California Deregulation Summary

Per Ed's request, here is a summary of California's deregulation history:

If you have any questions, please page me!
---Jennifer
wk 713-345-8206
pgr 877-681-5956


Geez.

From: Roseann Engeldorf on 12/22/2000 10:26 AM
To: Lisa Alfaro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: John Novak/SA/Enron@enron, Kay Mann/Corp/Enron@enron

Subject: RE: Enron South America FacilityAgreement and Exhibits

The original contract covered 24 LM6000 turbines.  The "break-out contracts"
cover the turbines going to specific projects.  There is a provision in the
original LM6000 contract which contemplates "facility agreements" covering
one or more of the LM6000 turbines.  We call them "break out contracts" as a
short-hand reference.

	Lisa Alfaro@ENRON_DEVELOPMENT
	12/21/2000 05:29 PM

		 To: Roseann Engeldorf/Corp/Enron@ENRON
		 cc: John Novak/SA/Enron@Enron, Kay Mann/Corp/Enron@Enron
		 Subject: RE: Enron South America FacilityAgreement and Exhibits

Thanks for the documents.   I understand that these are final.  Why is there
a South America Facility and a ESAT Break out Contract?  Aren't they the same?


Craig,  Please review the attached letter.  I am specifically interested in
your comments to the last paragraph.  Thanks.

----- Forwarded by Gerald Nemec/HOU/ECT on 09/25/2000 10:54 AM -----

	Gerald Nemec
	09/25/2000 10:41 AM

		 To: Joan Quick/HOU/ECT@ECT
		 cc: Mark Whitt@ECT, Barbara Gray, Arvel Martin/HOU/ECT@ECT, Scott
Josey/Corp/Enron@ENRON
		 Subject: Wildhorse Nomination Letter

Attached for your review is a draft of Wildhorse Nomination Letter.  Please
review and provide any comments.  Mark & Joan, I need help with the
nomination format and facts in the first paragraph.


I've decided that Bruce is ready to be in love and ready to get married and
if you're cute and smart then look out!  Seriously, I hope it all works out.
I for one, would not be so quick to move in but what the hell do I know?

Work is crazy.  I left EGM and am back at Corp working on the CA energy
crisis.  It's fun, but I'm traveling every week again.  Off to NYC tomorrow.

Law school applications are in and now I just wait to hear back.  I'm so glad
to have that off my plate!!  It's incredibly time consuming.

How are you?  We need to go out and catch up.  This week/weekend is sort of
crazy but maybe next week.  Are you around?

	Gerald Nemec@ECT
	02/27/2001 11:06 AM

		 To: Janel Guerrero/Corp/Enron@ENRON
		 cc:
		 Subject: Re:

I know.  It seems as though Mr. Rudy is in love, so damned the consequences!!

How are you doing?  Work treating you okay?  How is the law school
application going?

	Janel Guerrero@ENRON
	02/27/2001 10:07 AM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject:

Our friend is living in sin.


I have attached two documents below --

Letter directed to SW to address their claim that title had passed --

Updated version of project chronology --

The Project Chronology document indicates letters or correspondence I am
trying to track down from EECC.  I would appreciate your comments on the
letter I plan to send to SW in repsonse to the December 8th fax and any
updates to the chronolgy that appear to be incorrect or lacking.

Please call me if you have any questions.  Thanks, Ron.


Kim,  Can you send me the original response.  The attached letter only
contains the revisions to that letter.

	Kim Ward/ENRON@enronXgate
	05/11/2001 04:49 PM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject:

Attached is my letter and here are the some additional terms -

Seller shall provide informal pricing information to Buyer on a regular
basis.  Buyer and Seller can agree to a mechanism to facilitate this
process.  Pricing for various risk management products can be provided at the
request of the customer.

 Customer will not be exposed to daily prices, even during OFO periods

 Seller can provide accounting services to handle all payables for
transportation capacity and therefore provide a consolidated statement for
gas supply and transportation.

Seller is prepared to work with the Buyer to manage any new acquisitions that
take place during the course of any agreement.  However, Seller maintains the
right to reprice the products and services provided under such agreement if
such acquisition materially affects the scope of the original offer.

They selected a three year deal, however, termination language will need to
be negotiated. We will wait for Mike Grigsby to get back to determine some of
that language.  If they terminate with in one or two years, they will be
required to pay the difference in the demand charge for the period we
provided this service and the $.08.

Please let me know what else I can do to help facilitate this process.

Thanks,

Kim


These are changes Idacorp would like to make to our amendment.  Would you
look over these?

Debra Perlingiere
Enron North America Corp.
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490

----- Forwarded by Debra Perlingiere/HOU/ECT on 07/21/2000 10:49 AM -----

	"Catherine, Michelle" <MCatherine@idahopower.com>
	07/18/2000 12:30 PM

		 To: "'dperlin@enron.com'" <dperlin@enron.com>
		 cc:
		 Subject: SECOND AMENDMENT TO

Hi,  Debra:
I left  you a voice mail about the partial force majeure and I'll wait to
hear from you  once you get feedback from credit on thresholds and from legal
on cross  default.? The attached document includes our notice  information.
Regards,
Michelle
IDACORP Energy
 - Enron IDACORPEnergyAmendment(June299).doc


FYI
---------------------- Forwarded by Paul Kaufman/PDX/ECT on 04/14/2000 10:52
AM ---------------------------
From: Pamela Lesh/ENRON@Gateway on 04/13/2000 01:54 PM CDT
To: "SMTP:mmalquist@sierrapacific.com"
<mmalquist@sierrapacific.com>@SMTP@Gateway, "SMTP:dponn@sppc.com"
<dponn@sppc.com>@SMTP@Gateway, "SMTP:Jaa@aterwynne.com"
<Jaa@aterwynne.com>@SMTP@Gateway, "SMTP:soldham@sppc.com"
<soldham@sppc.com>@SMTP@Gateway
cc: Paul Kaufman/PDX/ECT@ECT, JAY DUDLEY/ENRON@Gateway, Jim
Barnes/ENRON@Gateway, PEGGY FOWLER/ENRON@Gateway, "SMTP:Mike@Tonkon.com"
<Mike@Tonkon.com>@SMTP@Gateway
Subject: Conversation with Marc Hellman

I spoke at some legnth with Marc Hellman this morning.  He reported
appreciating the meeting but continuing to have concerns.  Generally, I heard
the following:

1.  Marc's not sure what Sierra's strategy is.  It seems unclear given all of
the uproar in Nevada.  Mostly, he isn't hearing that it is the same as what he
perceives PGE's strategy to be: focus on the local service territory, serve
customers well, and see where that takes you.  While I assured him that Sierra
was committed to a T&D business (witness the genreation sale), I think there
is more to do in this regard.

2.  Finance issues remain very high.  Staff is concerned Sierra is (or will
be) strapped for cash and will drain off $$ from PGE.  This was partly behind
his remark re service quality standards;  Those are not much better than the
paper they are written on unless the utility believes it is its business
interest to comply.  The fines alone won't do it.  Better minds on finance
than mine can probably figure out creative ways to get at this but it is
probably not enough to say that banks are willing to lend the $$.

3.  I pushed again for a data request to Sierra for your side of the orders
etc. Staff has found that concern them.  Marc promised to act on this.  I took
a few minutes to tell him a bit about Alturas, mostly to say that he would
want PGE to be as aggressive if we were facing similar issues.  This will be a
critical response.

4.  At one point, he seemed to suggest that Sierra could make depositions of
the Nevada Staff happen.  I told him in no uncertain terms that that was up to
the Commission, not Sierra.  Nonetheless, it looks like these won't happen.
If you all think that a deposition of the head Staff down there could HELP,
you probably need to pull whatever strings you can to make it happen.
Meanwhile, we know that Staff's attorney (Paul Graham) has advised them they
cannot rely on annecdotes and must use orders if they don't have depositions.

4.  Marc indicated that, from a quick review of data request responses, he
didn't think Sierra was as on top of service quality as we were, particularly
not in the south, and didn't have as good a working relationship with the
Commission in this area.  Is this perception correct and, if not, what can we
pull out to show it is not?  Marc did recollect Malyn saying that the most
recent customer survey placed them very high and he was going to go look for
the response with that survey.

5.  Staff is willing to attempt to narrow the issues and not go for "big bang"
testimony in the first round (or at least Marc says to be) but efforts to
narrow issues will have to end the 1st or 2nd week of May so that they have
time to develop testimony.  In the meantime, he is checking for me whether
4/21 would work for a working/settlement session.  It would be the afternoon -
I was wrong about the 1149 workshop - that is in the morning.

6.  Marc remarked that it was too bad PGE was such a good utility.  I took the
opportunity to poke him a bit that it would be perverse indeed to allow a
"poor" utility to follow its shareholders wishes (i.e. approve PacifiCorp's
merger with Scottish) but deny a "good" utility that ability.  He seemed to
get the point.  I will work this with Bill as well.

I'm scheduled with CUB today and will probe for their state of mind and will
also keep trying to get a hold of Ken Canon to see where he is.  Hopefully we
are on track for the plans we made for 4/21 and can make some progress then.


Per the request of Stephanie Sever, I am attaching a list responding to her
request to confirm the attached counterparties ability to trade financial
power products online.  Stephanie, the ones I said "OK to open" you will need
to go in and open for financial power (from Legal only).

Call me if you have any questions about specific counterparties.


Ken,

I am interested in a Board position with a mid-market publicly traded
company.  I have 25 years of solid business experience with strengths in
Finance, Technology, and Human Resources. I have served on numerous
Non-profit Boards and have an excellent track record for my work.  This
position would also provide me the flexibility to spend some time in
Washington DC to support the Bush Administration.

Attached is my resume. Please review and provide feedback. Look forward to
hearing from you.
Will be out of the country from June 1-12, 2001.

Limas Jefferson
Chairman & CEO
JEFFERSON ePeople
1002 Gemini, Suite 140
Houston, Texas  77058
Office  (281) 286-4000 ext. 106
Fax     (281) 286-1048
Email   Ljefferson@jefferson-usa.com
Website www.jefferson-usa.com

 - Limas Jefferson Resume with color photo2.doc


Note to Stephanie Panus....

Stephanie...please remove my name as well as Melissa Murphy's from the distribution list below.

Please add the following:

Todd D. Hall
Kevin Sweeney
Rita Wynne
Rebecca Grace
Rhonda Robinson
Kerri Thomspon
Kristin Albrecht
Tom Chapman

Thanks!

Kim Theriot

 -----Original Message-----
From: 	Panus, Stephanie
Sent:	Tuesday, February 05, 2002 8:18 AM
To:	Adams, Laurel; Albrecht, Kristin; Alonso, Tom; Aronowitz, Alan; Bailey, Susan; Balfour-Flanagan, Cyndie; Baughman, Edward; Belden, Tim; Bishop, Serena; Boyd, Samantha; Brackett, Debbie R.; Bradford, William S.; Browning, Mary Nell; Bruce, James; Bruce, Michelle; Bruce, Robert; Buerkle, Jim; Calger, Christopher F.; Carrington, Clara; Chilkina, Elena; Considine, Keith; Cordova, Karen A.; Crandall, Sean; Cutsforth, Diane; Diamond, Russell; Dunton, Heather; Edison, Susan; Elafandi, Mo; Fischer, Mark; Flores, Nony; Fondren, Mark; Gorny, Vladimir; Gorte, David; Gresham, Wayne; Hagelmann, Bjorn; Hall, Steve C. (Legal); Harkness, Cynthia; Hendry, Brent; Johnston, Greg; Keohane, Peter; Lindeman, Cheryl; Mallory, Chris; Mann, Kay; Mcginnis, Stephanie; McGrory, Robert; McMichael Jr., Ed; Miller, Don (Asset Mktg); Moore, Janet H.; Moran, Tom; Murphy, Harlan; Murray, Julia; Nemec, Gerald; Ogden, Mary; Page, Jonalan; Postlethwaite, John; Prejean, Frank; Presto, Kevin M.; Puchot, Paul; Rasmussen, Dale; Richardson, Stacey; Richter, Brad; Richter, Jeff; Robison, Michael A.; Rohauer, Tanya; Rosman, Stewart; Sacks, Edward; Scholtes, Diana; Sevitz, Robert; Shackleton, Sara; Simons, Paul; Swinney, John; Thapar, Raj; Theriot, Kim S.; Thomas, Jake; Thome, Stephen; Tricoli, Carl; Van Hooser, Steve; Wente, Laura; Wilson, Shona; Winfree, O'Neal D.; Woodland, Andrea; Yoder, Christian
Subject:	Master Termination Log

Attached is the Daily List for January 31 as well as the Master Termination Log, which incorporates all terminations received through January 31.

Stephanie Panus
Enron Wholesale Services
ph:  713.345.3249
fax:  713.646.3490


-----Original Message-----
From: 	Grigsby, Mike
Sent:	Monday, October 22, 2001 8:54 AM
To:	Motley, Matt; Badeer, Robert
Subject:	FW: TheStreet: Trusts Keeping Enron Off Balance

 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Monday, October 22, 2001 10:48 AM
To:	Grigsby, Mike
Subject:	FW: TheStreet: Trusts Keeping Enron Off Balance

 -----Original Message-----
From: 	Landry, Chad
Sent:	Monday, October 22, 2001 10:27 AM
To:	Lenhart, Matthew; Bass, Eric; Plauche, Stephen
Subject:	FW: TheStreet: Trusts Keeping Enron Off Balance

hey plauch, still think it is impossible for this stock to take on a one-handle.  just read below.

ckl

 -----Original Message-----
From: 	Kiani-Aslani, John
Sent:	Monday, October 22, 2001 8:33 AM
To:	Gonzalez, Andrea
Subject:	TheStreet: Trusts Keeping Enron Off Balance