F.Y.I.

  PG&E Presses to End Freeze That Keeps
  Power Costs Low in Northern California
  By Rebecca Smith

  09/15/2000
  The Wall Street Journal
  Page A3
  (Copyright (c) 2000, Dow Jones & Company, Inc.)

  California's largest utility is pushing to end a four-year-old retail rate
freeze that has
  insulated millions of Northern Californians from the volatile wholesale
electricity prices that
  have rocked San Diego this summer.

  PG&E Corp., parent of Pacific Gas & Electric Co. in San Francisco, said it
wants to end
  the freeze imposed in 1996 by the state legislature as soon as possible,
because it is
  losing money under the arrangement. In a filing with the Securities and
Exchange
  Commission, PG&E said it has collected $2.2 billion less from customers
this summer
  than it has shelled out to buy bulk power for them from the
state-sanctioned California
  Power Exchange, a central auction.

  PG&E's disclosure sets the stage for a major confrontation between the
utility and
  regulators. It will be up to the California Public Utilities Commission to
balance conflicting
  needs: the utility's desire to protect its shareholders from potentially
huge losses, and the
  commission's own duty, as regulator, to protect the public from a flawed
market that
  appears incapable of delivering the "just and reasonable" rates required by
law. Legislators
  now say they fear the state could be tipped into a recession if electricity
prices don't drop
  soon.

  Under the state's 1996 deregulation law, all California investor-owned
utilities were allowed
  to freeze rates at what seemed like high levels. Utilities were permitted
to use surplus
  revenues to pay down generation-related debts that regulators said would
render them
  uncompetitive in a deregulated world. It worked well until this summer.
PG&E charged
  customers, on average, $54 for each megawatt hour of electricity supplied
even though it
  paid only $26 and $31 a megawatt hour, respectively, for that power in 1998
and 1999. By
  June 30, it had collected enough surplus money to cancel $6.2 billion of
debts.

  But the situation went haywire this summer as wholesale power prices
lurched upward. The
  utility paid an average price of $163 a megawatt hour for electricity in
June, $110 in July and
  $187 in August. Prices may be higher yet this month. The average price of
power to be
  consumed today, for example, is $200 a megawatt hour, or nearly four times
the amount
  that PG&E can bill its customers.

  Until recently, it was assumed that the utility would be able to recapture,
in times of weaker
  demand, any shortfall that occurred in high-priced summer months. But that
is looking less
  and less certain. Power prices projected for coming months look higher than
the $54 a
  megawatt hour that PG&E now charges, particularly with natural-gas prices
roughly triple
  the price of two to three years ago. The latter pushes up generating costs
at natural
  gas-fired plants. Another problem is that there is less power available to
be imported from
  outside California. In fact, the Pacific Northwest is expected to run short
of power this
  winter, with less water available than in recent years for hydroelectric
generation, putting
  pressure on California's market right when plants normally are taken out of
service for
  maintenance.

  PG&E's chief financial officer now says he sees no reason to prolong the
pain. He wants
  the freeze ended or he wants protection from high wholesale prices. "People
did not
  envision the situation we have today," says Peter Darbee. Yesterday,
Moody's Investors
  Service Inc. issued a negative outlook on PG&E, Edison International and
their big utilities,
  citing the "increased supply risk" assumed by the utilities and "the
unsettled state of
  electric deregulation in California."

  But state officials are loath to let consumers feel today's market
volatility. Knowing that,
  PG&E may seek to strike a bargain in which it would continue some sort of
rate freeze in
  exchange for permission to recoup some of the money it has lost. But there
is no provision
  for that under current state law. The law simply says that when the
utilities have paid down
  certain categories of costs, the freeze ends. If they haven't paid down
these debts by March
  31, 2002, it ends anyway, and they have to swallow any loss.

  The wild card is what will happen with PG&E's 4,000-megawatt hydroelectric
network, the
  biggest such system in North America. The utility has offered to shave $2.8
billion from the
  tally of debts billed to ratepayers, if it is allowed to move its
powerhouses and dams into
  the hands of an unregulated affilate. Such a move would end the rate freeze
since the
  proceeds would be more than enough to offset the amount PG&E says it is
otherwise
  entitled to collect from ratepayers, some $1.6 billion.

  But so long as power prices are volatile, nobody really wants the freeze to
end but PG&E.

  In its SEC filing, the company said that it has no reason to believe, at
the current time, that
  it will be able to recover lost monies and said it may be "required to
write off the
  unrecoverable portion as a one-time charge against earnings" -- potentially
amounting to
  billions of dollars. The same scenario exists for Edison International's
Southern California
  Edison Co. unit, which serves most of the lower third of the state and has
run a deficit of
  roughly $1 billion this summer.

  Observers say both utilities are wary of inciting consumer anger, should
they be too
  aggressive in lobbying for an end to the freeze. A case in point: In
hearings before federal
  energy regulators on Tuesday, Steve Baum, chairman of Sempra Energy, owner
of San
  Diego 's utility, said the company's utility trucks are being defaced and
workers are being
  intimidated by customers who are furious about power bills that have
doubled and tripled
  since June. San Diego Gas & Electric Co. is the only utility, thus far, to
end its rate freeze
  and pass wholesale power costs directly through to customers.

  State Sen. Debra Bowen, chairwoman of the California Senate utilities
committee, said the
  legislature is reluctant to become involved. She said the legislature
"feels like somebody
  who's fallen into poison oak enough times that all we have to do is walk
past a bush and we
  break out in a rash. That's the way we react to these energy issues now."

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

  Business/Financial Desk; Section C
  A Dwindling Faith In Deregulation
  New Ways to Harness Electricity
  By NEELA BANERJEE

  09/15/2000
  The New York Times
  Page 1, Column 2
  c. 2000 New York Times Company

  Over a few sultry days in the summer of 1997, the state of Wisconsin got an
early taste of
  the electricity shortages that now threaten several other regions of the
country. An
  unusually large number of nuclear plants that supply the northern Midwest
were closed for
  maintenance just as an unexpected heat wave drifted into the area.
Wisconsin Electric,
  which serves Milwaukee, shut off electricity to 80 businesses; every few
hours, it
  beseeched consumers to limit their energy use.

  Wisconsin Electric averted blackouts, but the scare profoundly changed the
state's
  approach to deregulating the power industry, a process it had begun to
explore only a year
  earlier. Like many other utilities, Wisconsin Electric initially pushed for
what it and others
  called the Big Bang: state regulators giving up control over the production
and pricing of
  electricity almost immediately.

  But after the 1997 power shortage, Wisconsin Electric, along with most
local businesses
  and consumer advocacy groups, began to support a go-slow approach to
deregulation, first
  building in an extra margin of reliable power before encouraging the state
to remove its
  decades-old grip on the electricity industry.

  Lately, the rest of the country has been drawing the same conclusion. Just
like Wisconsin,
  several other states have lost their early faith in the instantaneous,
smooth creation of a
  free and fair electricity market. Deregulation has faltered as surging
consumer demand
  outstrips the supply of electricity, and regulators and utilities scramble
to cope with
  successive summers of price volatility and power failures.

  More than a year ago, the wholesale price of electricity charged by power
plants in the
  Midwest surged to $6,000 a megawatt-hour, compared with average costs of
$21 to $22 for
  the same amount of power. Con Ed customers in New York paid 43 percent more
for
  electricity this June than last year. Prices have spiked elsewhere as well.

  And when rolling blackouts rippled through Silicon Valley and electricity
bills doubled in
  San Diego over several weeks this summer, California's pioneering approach
to
  deregulation came to embody what many see as the failings of the process.

  Despite the second thoughts about deregulation, few experts expect a return
to the days of
  strict government control. A world in which various power generators
compete openly to
  provide electricity at market prices still offers the prospect of both
lower costs for business
  and consumers and higher profits for utilities than is possible under the
traditional, more
  inefficient system in which monopoly suppliers are supervised by government
regulators.

  ''California is an indication to the rest of us that we need to do our
homework to make
  deregulation work,'' said Dick Olson, legal counsel with the Wisconsin
Industrial Energy
  Group, an association of large companies. ''Some people want to stop the
process, but the
  genie is out of the bottle.''

  But getting from here to there is proving far more difficult than expected.
Lacking a clear
  federal approach, states are finding their own way and, in the process,
casting doubt on
  some early promises.

  ''Deregulation was definitely oversold to consumers by many people,'' said
Severin
  Borenstein, director of the Energy Institute at the University of
California at Berkeley. ''To
  economists and a few others, deregulation was a calculated experiment, and
we knew it
  would have its costs.''

  Historically, a regional electric utility, which was owned by investors and
regulated by the
  state, generated power, transmitted it over high-voltage lines and then
distributed it in
  low-voltage form into homes and businesses. In broad terms, deregulation
calls for
  separating generation, transmission and distribution into distinct
businesses.

  Deregulation advocates argued that if power plants were sold to private
owners, they would
  compete among themselves to sell power to transmission and distribution
companies at
  cheaper prices, driving down the cost of electricity. But that outcome was
predicated on the
  realities of the mid-1990's, when power plants had spare capacity.

  But with few power plants coming on line recently, particularly in
California and the
  Northeast, deregulation was introduced in the late 1990's at the worst
possible time. In the
  thriving economy, businesses demanded more electricity, and people built
bigger homes
  and bought more gadgets, sharply narrowing the gap between available
supplies of
  electricity and peak demand. Fuel for generation has also become more
expensive,
  especially natural gas, whose price has doubled even as it has grown
increasingly popular
  because it is cleaner than other fuels.

  ''I think that the expectation that deregulation will always give you lower
prices is
  unrealistic,'' said John B. Ramil, president of the Tampa Electric Company,
a unit of TECO
  Energy Inc. ''Consumers think that competition will lead to lower prices
automatically, when
  actually they will be paying market prices for power.''

  Advocates rallied support for electricity deregulation by asserting that it
would deliver the
  choice and the low prices that deregulation of telecommunications has
brought. But they
  forgot that the restructuring of the telephone industry, like power
deregulation now, angered
  consumers early on, when local calling rates rose and the proliferation of
choices baffled
  many people. Lawmakers and regulators took years to iron out the process,
which is still
  going on. And because electricity is even more vital than telephones, there
is far less
  tolerance for interruptions in service and volatile prices.

  ''You can't assume that you can deregulate in one year and sit back and
watch how things
  work,'' said Barry Abramson, senior utility analyst with PaineWebber.
''Regulators and utility
  officials have to come back frequently and correct problems they never
expected until the
  system gets it right.''

  Seeing an Example In Pennsylvania

  So far, 24 states have tried some form of deregulation, but regulators and
utilities in other
  regions say changes in their local electricity industry are inevitable, too.

  Among states where deregulation has occurred, Pennsylvania has emerged so
far as the
  place where the promises of competition and lower prices are being met most
successfully.
  The state began to draw up a deregulation blueprint in 1996, around the
same time
  California did, driven by electric rates in Philadelphia and other major
cities double the
  average in the United States.

  But Pennsylvania opted for a plan that calls for substantial government
involvement in the
  market at every step. The state protected the utilities against losses from
their older plants;
  in return utilities had to agree to freeze rates until 2006 at 1997 levels
to protect
  consumers.

  The state aggressively advertised a choice of new electricity providers.
More important, it
  set the benchmark generation rates for traditional utilities at a fairly
high level, which made
  some outside competitors' prices look favorable in comparison and which
spurred
  consumers to choose new power providers.

  As a result, more than 528,000 residential and business users, about 10
percent of the
  total, have switched to other providers that sell them power at a fixed
price over long
  periods. A recent study by the State of Pennsylvania estimated that
consumers have saved
  about $2.84 billion in energy costs over the last three years.

  As consumers sought new power providers, those same companies began to
build new
  plants in and near Pennsylvania, shoring up electricity reliability in the
area. About 19,000
  megawatts of power, adding 50 percent more capacity, are expected to come
on line in
  Pennsylvania in the next five years.

  Pennsylvania also cobbled together the independent system operator PJM from
a network
  of neighboring states that could transmit power easily to one another,
creating a grid third in
  size behind the entire transmission systems of France and of Japan.

  Trying Rate Caps In California

  Yet the lurching progress of deregulation in the country as a whole and the
loss of old
  certainties like reliable power at steady prices have ignited a popular
backlash in many
  areas, most vividly in California. There, the state has decided to cap
rates in San Diego at
  1999 levels for the next two years. Other Californians have urged a
rollback of deregulation,
  demanding that power plants sold to private owners be placed under
government control
  again.

  The widespread short supply of electricity and the peculiarities of the
commodity itself have
  given generation companies enormous leverage in the marketplace. Unlike
most other
  goods, electricity cannot be stored to be used when there is a shortage.
Nor is it something
  consumers can do without, which means the companies that supply people with
electricity
  will pay just about any price to keep the lights on.

  Most analysts say that the exercise of such influence is not illegal --nor
unexpected --
  since companies can be expected to try to maximize their profits. But
California's complex
  power buying mechanism has created a situation in which relatively small
players have
  extraordinary influence.

  On June 14, for example, the temperature in San Francisco hit 103 degrees
and heat
  records were broken all over the Bay Area. The state's Independent System
Operator,
  which coordinates transmission of electricity, predicted that during peak
use on that
  weekday afternoon, California would need 43,000 megawatts. But reports from
the power
  plants working that day showed only 36,000 megawatts available. As a
result, the California
  I.S.O. paid $1,500 a megawatt to various plants that were not running; some
of those plants
  had bet on a shortage and delayed generation until the price of power
reached the cap.

  ''The world knows we'll make up that energy shortfall somewhere,'' said
Spence Gerber,
  director of settlements at the I.S.O. ''People go in and make their bids
knowing we're not
  going to shut the lights off. We have no choice.''

  In California, rate freezes have prevented most utilities from passing on
much of the higher
  price of power to consumers. In San Diego , however, the rate freezes were
lifted just as
  the city strained under a heat wave. That led to the doubling of customers'
bills in the span
  of a month.

  One part of any long-term solution, experts say, is to increase the supply
of electricity,
  through building new power plants and transmission lines. But few
communities want power
  plants or transmission towers on their turf, adding to delays.

  So far, states have relied on caps on the wholesale price of power to keep
costs down. In
  California, the price cap, until recently, was $750 a megawatt, and in
Pennsylvania, it is
  $1,000. But California officials concede that power plants sometimes get
$1,500 a
  megawatt-hour -- $750 for being on standby and $750 for the power itself.

  Caps, if set too low, may dissuade companies from producing electricity and
from building
  new power plants. ''If you fix caps at $250, you have to realize that if in
a neighboring state
  someone is offering $251 for power, you will have a serious shortage,''
said Richard Priory,
  chairman of Duke Energy, a nationwide power generation and trading company.

  Given the complexities, deregulation, with its connotation of a
laissez-faire management of
  an industry, seems a misnomer. The focus is now on reorganizing the
electricity industry,
  rather than cutting it loose, and of using sophisticated forms of
regulation to foster
  competition and efficiency.

  ''What we're looking at is re-regulation, regulation in a different manner
than we had before,''
  said Douglas Hale, senior economist with the Energy Information
Administration in
  Washington. ''Electricity is not one of those commodities that you can walk
away from and
  let take care of itself. You need a central authority to make sure it
doesn't all come
  crashing down.''

  In Wisconsin, rather than having the legislature adopt an overall plan, the
central state
  authority has moved to revamp the transmission sector before tackling
generation, the
  reverse of what most other states have done. The Midwest price spikes in
1998 revealed
  that while neighboring states were willing to provide power, there were not
enough
  transmission lines in Wisconsin to bring it in. As a result, the Wisconsin
government has
  compelled the state's four major utilities to surrender operation of their
transmission lines to
  the Midwest Independent System Operator, which covers several states, to
make sure all
  companies have equal access to power lines.

  ''The problem with the big bang in an industry like ours is that you take a
large risk,'' said
  Larry Salustro, senior vice president of Wisconsin Electric. ''Maybe in
three years, the
  market will be better. But in those three years, people will go through
difficult personal and
  financial times.''

  The transmission company will be responsible for building new lines to
improve the
  importing of power, and though they own shares in the concern, no single
utility controls it.
  Wisconsin plans to double transmission capacity in the next four or five
years, by which
  time the state would be ready to deregulate generation.

  ''You won't have low prices unless you create an effective market
structure,'' said Lee
  Cullen, counsel for Customers First, a Wisconsin consumer advocacy group.
''Everybody
  can support competition as a superior system, but we're not rushing
headlong into it.''

  Building safeguards against the volatility deregulation brings will clearly
take years, as more
  generation -- mostly in small natural-gas-fired power plants -- starts up,
as more power lines
  are built to move electricity to where it is needed most and as business
and consumers
  respond to higher prices by finding ways to conserve power and limit use
during peak
  periods.

  Some businesses and the occasional residential customer have set up links
with their
  utilities to respond to electricity prices in real time, by turning down
lights or allowing air-
  conditioning to shut down briefly when a computer message informs them of
price spikes.
  So far, however, such operations are rare.

  ''Until consumers can see and respond to real-time prices, price caps will
remain a
  necessary evil,'' Mr. Borenstein said. ''The dirty secret of restructuring
is that it is replacing
  old forms of regulation with new ones.''

  Photos: Lee Cullen is a lawyer for Customers First, a Wisconsin consumer
advocacy
  group. He stands outside the switching station and coal yard of Madison Gas
and Electric
  in Madison, Wis. (Andy Manis for The New York Times)(pg. C4); Individual
states are trying
  to find answers to the problem of deregulating the electricity industry.
Power lines in
  Wisconsin, left, are symbols of a state that is trying to revamp the
transmission sector. In
  Pennsylvania, where a power plant is being built in Lebanon, below, the
government is
  involved with the market at every step. (John Zeedick for The New York
Times); (John Saller
  for The New York Times)(pg. C1) Chart/Graph: ''Shocks to The System'' In
deregulated
  electricity markets, prices have been far more volatile than expected, at
times jumping to
  extraordinary levels during shortages. *Volume-weighted wholesale spot
prices for on-peak,
  next-day delivery of a megawatt-hour of electricity. (Source: Bloomberg
Financial Markets;
  Cambridge Energy Research Associates)(pg. C1) ''Approaching Electricity
Deregulation
  More Cautiously'' As some states struggle with tight supplies and high
prices, others are
  moving more slowly on deregulation. Graph tracks supply and demand since
1980. Map
  tracks Deregulation by state. (Sources: Edison Electric Institute; North
American Electric
  Reliability Council; Energy Information Administration)(pg. C4)

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

  Metro; Letters Desk
  Bidding Rules Costly for Electric Rates

  09/15/2000
  Los Angeles Times
  Home Edition
  Page B-8
  Copyright 2000 / The Times Mirror Company

  * Re "Davis Walks a Political Tightrope on Energy Prices," Sept. 12: The
deregulation of the California utilities
  didn't include a change in the strangling bidding rules to which these
utilities, unfortunately, are bound. They are
  required to buy their power through a state-sponsored day-ahead market,
rather than being allowed to bid on
  longer-range contracts on the free market, which would permit them to lock
in lower pricing.

  The California Legislature wanted to retain controls on pricing, thinking
it would result in the lowest costs. Well,
  the legislators were wrong! The real damage is that the public now believes
energy price increases were due to
  deregulation, but in fact the utilities still aren't deregulated enough to
permit freedom of bidding. Take the reins off
  the bidding prices, and prices will come down.

  JAN WINNING

  West Hills

  *

  Why do the state taxpayers have to pay to keep San Diego residents'
electric bills down to $68 a month? Either
  the power providers are ripping the people off, or they have had really
cheap electricity because San Diego Gas &
  Electric didn't invest enough in increasing power-generating capacity.

  They could shut off the air conditioning and probably keep their bill that
low. My parents never had any air
  conditioning, and they lived where it got over 100 degrees every year. In a
lot of cases we would be better off
  without it, just not as comfortable. There is no constitutional right or
guarantee that we have to have air
  conditioning or cheap electricity. It sounds like a good time to start
conserving.

  KEN WALTERS

  Apple Valley

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


FYI...this well should come on the 1st week of March, but does have gas daily
mid month pricing for the first month. Thanks.

SUSAN
SMITH
02/22/2000 01:44 PM

To: Daren J Farmer/HOU/ECT@ECT
cc: Melissa Graves/HOU/ECT@ECT, Donald P Reinhardt/HOU/ECT@ECT, Vance L
Taylor/HOU/ECT@ECT, Jill T Zivley/HOU/ECT@ECT
Subject: Potential Volume list for March, 2000

Darren:

 This is potential new volume for March , 2000:

 Counterparty  Meter   Volume   Mid Month Gas Daily?

 Cico Oil & Gas Co. TBA   2117 MMbtu per day Yes

 This number is NOT in Vance's production estimate. This well is anticipated
to come on the first week of March but earlier is possible.

 Please let me know if you need any additional information.

 Susan Smith x 33321


My apologies-- I have to admit that I dropped the ball on this one. WIth the
market going crazy, yearend and some stuff going on in London, I havent
totally formulated the response to you.  I will get a response to you early
next week.  Obviously, we have had alot of discussions internally with many
issues/questions.  However, I understand that you need an answer soon so we
will revert quickly.
Happy New Year.

-----Original Message-----
From: Andy.Zipper@enron.com [mailto:Andy.Zipper@enron.com]
Sent: Thursday, December 28, 2000 1:14 PM
To: mbergonia@edfman.com
Subject: discussions

Mary,

Just wondering what path you folks want to pursue. Give me a call if you
want to continue discussions, or let me know if you want to drop it.

Hope you had a good Holiday season,
Andy Zipper


Monday, July 30 @ 3:00 p.m. works well for all parties involved.  The presentation will be held in EB3321.  More information will be forthcoming.

Many Thanks,

Liz Taylor x31935


Knowledge@Wharton Newsletterhttp://knowledge.wharton.upenn.edu
November 21-December 4, 2001
What's  Hot
China's Entry into the WTO: What  Lies Ahead
After years of negotiation, the World Trade  Organization agreed on Nov. 10 to open its doors to the world's most populous  country and bring its 1.3 billion consumers more closely into the global  economy. The decision will create new sets of business winners and losers for  years to come. But perhaps more important, it presents a fresh opportunity for  governments, industries and individual companies to reshape the very nature of  the global marketplace. In a report prepared in collaboration with Beijing-based  People's Daily Online, Knowledge@Wharton interviewed experts for their  assessment of what lies ahead for China.http://knowledge.wharton.upenn.edu/whatshot.cfm
Special Report:
Finding Business  Opportunities in an Uncertain Economy
The global economy was  declining long before September 11. Since then, it seems to have gone into a  tailspin, marked by volatile stock markets, sagging consumer confidence and  widespread layoffs. Most companies are trying to figure out how long it will  take for the economy to turn around, and what they can do to stay alive until  then. In an effort to answer these questions, Knowledge@Wharton teamed up with  CNET News.com in San Francisco to organize a panel discussion of leading  business executives from the U.S. and Europe. A special report on the  event.http://knowledge.wharton.upenn.edu/ss_112101.html
Strategic Management
Oh, the Games  Enron Played
The dramatic disintegration of Enron has left a  lot of people wondering how this huge, publicly-traded company could have fallen  so far so fast. Wharton faculty and others help explain what went on behind the  scenes at Enron, where it is now clear that management exploited loopholes in  accounting procedures and created questionable partnerships involving top  company officials, among other tactics.http://knowledge.wharton.upenn.edu/articles.cfm?catid=7&articleid=469
Marketing
Marketing  Ethics in a Post-Terrorist Economy: What is the Right  Pitch?
Following the events of Sept. 11, marketers and  advertisers must reconsider not only what products they sell but how they sell  them - all against a backdrop of the War On Terror, the Anthrax scare and a  badly slumping economy. What approach can companies and ad agencies adopt that  is both ethical and effective? Wharton faculty, and the manufacturer of one  uniquely American product, offer some suggestions.http://knowledge.wharton.upenn.edu/articles.cfm?catid=4&articleid=463
Leadership and Change
Family Matters: Are Fords, Hewletts and Packards Right to Exercise  Their Clout?
Now that William Clay Ford Jr. has replaced  Jacques Nasser as CEO of Ford, and the Hewlett and Packard families have decided  to oppose H-P's merger with Compaq Computer, one wonders whether family members  have become wrecking balls, spoiling the well-laid plans of professional  managers and jeopardizing the company's future. Not exactly, say Wharton faculty  and others, who point to the importance of values, standards and personal net  worth.http://knowledge.wharton.upenn.edu/articles.cfm?catid=2&articleid=468
Managing Technology
The Evolution of  B2B: Lessons From the Auto Industry
Only a few years ago, B2B  exchanges were expected to completely alter conventional buyer-supplier  relationships. The reality has been otherwise. Only 10% of the 1,000 B2B  exchanges launched in the past 18 months are reportedly still in operation.  Meanwhile, the important B2B action seems to have shifted to industry-wide  exchanges run by incumbent firms, such as Covisint in the auto industry and  Transora in the consumer products sector. In a new research study, Wharton  management professor John Paul MacDuffie and colleague Susan Helper explore this  evolution.http://knowledge.wharton.upenn.edu/articles.cfm?catid=14&articleid=466
Leadership and Change
Reading the Signals: Janet Hanson, Founder of 85 Broads, on  Networking and Success
Janet Hanson, 14-year veteran of  Goldman Sachs and founder of investment advisory firm Milestone Capital,  described her rocky but ultimately victorious road to success at the Wharton  Women in Business Conference held earlier this month. Later in the day a panel  of women in international management positions talked about the cultural  challenges that still confront businesswomen both here and abroad.http://knowledge.wharton.upenn.edu/articles.cfm?catid=2&articleid=464
Real Estate
Real Estate Industry  Poised for Recovery Despite Slowing Economy
The real estate  industry comes into the current slowdown in a much stronger position than it was  in the 1980s. But the industry is also vulnerable to a number of stresses,  ranging from scaled-down activities on the part of tenants to a significant  decline in cash flows and a softening at the high end of the retail market.  Earlier this month, members of Wharton's Samuel Zell and Robert Lurie Real  Estate Center looked at what's ahead for real estate.http://knowledge.wharton.upenn.edu/articles.cfm?catid=8&articleid=467
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Thanks. I want to subcribe (see the list below).

Vince Kaminski

<listcaster@qdweb.net> on 07/10/2000 03:01:21 PM
To: <vkamins@enron.com>
cc:
Subject: Subscribe

This message has been automatically generated in response to your
mckinseyquarterly.com registration.

You requested notification about new articles in the categories
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Feel free to add to this....


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 12/12/2000
11:40 AM ---------------------------

Darlene C Forsyth
12/12/2000 10:07 AM
To: Darlene C Forsyth/HOU/ECT@ECT
cc:  (bcc: Judy Hernandez/HOU/ECT)
Subject: Could it be we're not paying attention?

The man whispered, "God speak to me" and a meadowlark sang. But the man
did not hear.

So the man yelled "God speak to me" And the thunder rolled across the sky.
But the man did not listen.

The man looked around and said, "God let me see you." And a star shined
brightly, but the man did not notice.

And the man shouted, "God show me a miracle" And a life was born.  But
the man did not know.

So the man cried out in despair, "Touch me God, and let me know you are
here" Whereupon, God reached down and touched the man. But the man brushed
the butterfly away and walked on.

Don't miss out on a blessing because it isn't packaged the way that you
expect.  So many times we see miracles and do not recognize them for what
they are.

My instructions were to send this to four or more people that I wanted God
to bless and I picked you. Please pass this to people you want to be
blessed.


As you are aware, the SAP Financial Systems will be implemented for the Enron
North America
companies on July 1, 2000.  The attached file contains timelines for a
transaction.


-----Original Message-----
From: 	McMichael Jr., Ed
Sent:	Monday, October 15, 2001 8:23 AM
To:	Breslau, Craig; Lagrasta, Fred; Josey, Scott; Luce, Laura; Mrha, Jean; Redmond, Brian; Tycholiz, Barry; Vickers, Frank W.; Black, Don; Donovan, Terry W.; Hewitt, Jess P.; Jones, David
Cc:	Solis, Melissa; Butler, Monica; Boyt, Eric; Breese, Mark; Cramer, Chris; Curlee, Steven; Diamond, Russell; Dicarlo, Louis; Fitzwater, Loftus; Garcia, Santiago; Garza, Maria; Gregory, Paul; Hernandez, Alex; Horne, Jonathan; Huan, George; Irvine, Geraldine; Lian, Mark; Little, Kelli; Martin, Jabari; Moon, Eric; Solis, Melissa; Tian, Yuan
Subject:	Clean Sweep today

Gas Structuring is starting its "Clean Sweep" process today at 3:00 PM on the 32nd floor.  Clean Sweep is the process that the move coordinators have instituted to eliminate unnecessary storage of outdated material in the new building.  So, Gas Structuring will close for business effective 3:00 PM today and reopen tomorrow morning.  If you or anyone on your team have an urgent matter that has to be addressed today, please make every effort to get to us in time for us to respond before 3:00 PM.  Also, please forward this notice to the persons on your respective teams.  If you have any questions, please ask.
Thanks,
Ed

PS  The move "regulators" are reported to be providing refreshments and snacks for this event.  As such, we are seeking proposals to "pass through" these "incentives" to any person or persons who would like to "outsource" our sweep process.  Proposals will be accepted up until 12:00 PM today.  We reserve to right to accept all or any part of  any proposal and may or may not negotiate with one or more parties to provide the sweep service.  All sweep outsourcing proposals are subject to move regulator approval.  Any change in move regulation that results in a reduction in incentives being enjoyed by Gas Structuring will require that the outsourcing party keep Gas Structuring whole.  Baseball arbitration for all disputes.  This agreement will be governed by Texas Law and we will give the successful outsourcing party(ies) our contract to sign immediately prior to work commencing.  No changes to the contract will be allowed since the move regulators have already approved the agreement.  We will answer no questions regarding the size or number of files to be swept.  You must obtain any information regarding the size or number of files, type or quantity or refreshments, type and quantity of snacks and other such data from public sources.  We will accept cash above all other forms of consideration.


Attached is the Spring version of the SAC newsletter, which includes student
elective recommendations.  It also includes a new section on strategies for
choosing electives.  I hope you find it useful.

 <<SAC Newsletter Spring '01.doc>>

Michael Plumb
Outgoing SAC Chair

Michael Plumb
Director, Health Services Actuarial - Northern California
PacifiCare of California
925-602-1660

 - SAC Newsletter Spring '01.doc


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There is considerable exposure to risk in any Forex (FX) transaction. Before deciding to participate in FX trading,
you should carefully consider your objectives, level of experience and risk appetite. Most importantly don't invest money
you can't afford to lose.

If you are receiving this e-mail in error, we sincerely apologize. Simply send email to here <mailto:bizop@btamail.net.cn> and put the word remove in the subject line. We Honor any and all Remove Requests. Any attempt to disable this Remove acct will only prevent others from being removed. Again, we apologize for any inconvenience and it wont happen again.


---------------------- Forwarded by Angie Zeman/Corp/Enron on 08/02/2000
09:34 AM ---------------------------
To: Beverly Beaty/HOU/ECT@ECT, Robert Allwein/HOU/ECT@ECT, Joann
Collins/Corp/Enron@ENRON, Angie Zeman/Corp/Enron@ENRON
cc:
Subject: Appalachian Update & Scheduled 8/15/00 Meeting

FYI.......
---------------------- Forwarded by Victor Lamadrid/HOU/ECT on 08/02/2000
09:28 AM ---------------------------

MARY THERESA FRANKLIN
08/02/2000 09:24 AM
To: Nelson Ferries/Corp/Enron@ENRON, Victor Lamadrid/HOU/ECT@ECT, Bryce
Baxter/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT, Gloria G
Barkowsky/HOU/ECT@ECT, Wade R Price/HOU/ECT@ECT, LaShanda
Poledore/Corp/Enron@ENRON
cc: John M Singer/Corp/Enron@ENRON, James T Javins/DUB/EES@EES, Jeanne
Wukasch/Corp/Enron@ENRON, Brent A Price/HOU/ECT@ECT, Fred
Lagrasta/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT
Subject: Appalachian Update & Scheduled 8/15/00 Meeting

After reviewing the Action Items from 07/17/2000 and more thoroughly
analyzing the &validation task8 assigned to John Singer and myself, we have
changed our approach.  Instead, I recruited Jeanne Wukasch to help pull
together a more effective strategy and assist with the cleanup process.  We
are calling on Jim Javin and John Singer to rule only on exceptions or
conflicts in data. Also, we are meeting with Logistics and IT to establish a
workable solution to clear-up paths with more than one deal.  Our review of
the Appalachian data is based primarily on wellhead activity from the
following sources:

Path Manager Supply ) This gives us the ability to sort data easily, provide
views of deals and path relationships.  This screen allows us to identify
duplicate deals under the same meter and incorrect trading desk assignments.
We can also trace purchase information to the transport detail.
Unify Transaction List ) This is an extract of Apr-00 production data out of
Unify Purchase and Transport files.  This list permits us to compare purchase
price deducts vs. transport payments by meter.  (Manual payments and the
inconsistencies in the Unify set-up of pipe structures will require
additional effort in this area.)  The end result of our efforts will provide:

a deal reference for meters listed more than once
consolidation of wellhead deals by pipe
correct Market East regional designation
purchase deducts not corresponding to pipeline payments
meters without purchase payments
incorrect price adjustments for transport cost

 A status update has been scheduled for August 15 at 1 PM in room EB 3014.
Our goal is to have completed Gatherco and CNR wellheads.  To date our
progress has revealed:

Meters with multiple deals     73
Meters not on Market East deals    167
Different counter-parties with the same meter   13
Deducts missing from the purchase price   47
Purchase prices with incorrect deducts   85
Meters missing purchase expense    16


Todd:

At last, I am attaching our response to your comments of 7/19/01, together with a clean and blacklined draft of the ISDA Master Agreement for Georgia Power Company.  Please note that these same comments will apply for Savannah Electric and Mississippi Power with the exceptions set forth in our response.

Please let us know if you have any questions or additional comments.  We look forward to hearing your comments.

Marie

Marie Heard
Senior Legal Specialist
Enron North America Corp.
Phone:  (713) 853-3907
Fax:  (713) 646-3490
marie.heard@enron.com


Go it

 -----Original Message-----
From: 	Hamlin, Mason
Sent:	Wednesday, May 23, 2001 1:22 PM
To:	Weldon, V. Charles
Subject:	Test Mail


- Notice of name-email change.doc


1)  I believe that Tom Martin is talking with Chris Germany about taking the logistics role for the Texas region with Daren's planned departure.  Please coordinate with Tom and Bob Superty on where they are in this process of replacing Daren.

2)  I am not sure that I know what database you are referencing.  He is on the current proposed org chart for Netco Energy Operations under Operational Databases (part of the Documentation team).  It is correct that his name is on the list that I provided to you yesterday.

Let me know if you have any other questions.  --Sally

 -----Original Message-----
From: 	Fitzpatrick, Amy
Sent:	Monday, January 14, 2002 6:36 PM
To:	Beck, Sally
Subject:	Update/Questions

Sally -

I have 2 questions from the list that you provided this evening.

1.  Daren Farmer is on the list for Gas Logistics.  Jeanie advised that Daren resigned and his last day is Friday.  Need a replacement.

2.  Israel Estrada is on the list for Documentation, however, he is no longer showing in our database.  Do we need to add back?

Thanks again!
Amy


Private message.
Cynthia has dramatically increased her attacks on me in recent days--I've had
"warnings" from a number of people.
She's openly saying that I have no Hill experience, she has attacked my use
of outside consultants, she has challenged my handling of the BLM/Forest
Service issue.
Today I heard about a message she sent to someone outside the company,
"suggesting" to them that they never meet with me alone, but always have
Chris Long present, and further that any communications with me in the future
copy Scott and Donald.  In short, she's now trying to undercut my authority
not just inside the office, but outside the office as well.
I've requested a meeting Thursday morning with Joe and Cynthia.  My strategy
will be to say to Cynthia "if there's anything you want to say to me, now is
the time," and to turn to Joe and say "You supervise both of us and I
appreciate your being here to help us sort this out."
But my patience is wearing very, very thin.


-----Original Message-----
From: 	Vanek, Darren
Sent:	Tuesday, November 06, 2001 11:23 AM
To:	Mahabir, Alisha; Espinoza, Veronica; Johnson, Rudwell; Williams, Jason R (Credit)
Cc:	Perlingiere, Debra
Subject:	RE: AES New Energy, Inc.

Credit is not comfortable negotiating a master with AES at this time. Please call if you have any questions.

Darren
31436

 -----Original Message-----
From: 	Mahabir, Alisha
Sent:	Tuesday, November 06, 2001 11:18 AM
To:	Vanek, Darren; Espinoza, Veronica; Johnson, Rudwell; Williams, Jason R (Credit)
Cc:	Perlingiere, Debra
Subject:	AES New Energy, Inc.

Please forward a credit worksheet for this entity, they have requested a master agreement.

Please send to Debra Perlingeire.

Thanks,

Alisha


Take advantage of the following courses remaining for 2001.

Electric Business Understanding - November 27
The Electric Business Understanding Seminar will give a basic overview of the electric business for those with limited knowledge of this industry. This seminar is recommended for entry level to mid-level employees in either the gas or electric business or in businesses providing services to these industries.

Understanding Swaps - November 8 & 9 and December 13 & 14
This course is appropriate for all employees wishing to obtain a practical understanding of the basic natural gas and power derivative structures that are traded and marketed today. An emphasis is placed on understanding how financial tools are added to physical structures to meet the risk management needs of clients.

Understanding Options - November 27 & 28 and December 18 & 19
This course builds on our Derivatives 1 program and is appropriate for all employees looking to extend their knowledge of basic derivatives. Swaps and options are revisited, but from a more sophisticated perspective. Option pricing concepts are approached pragmatically, both from the trading and structuring/marketing perspectives. The program does not involve complex mathematics.

Structuring Natural Gas Transactions - November 19 & 20
This course builds on the DI - Applied Energy Derivatives program, focusing on deal structuring opportunities particular to the Natural Gas markets.  Participants will develop insights into the economic inter-relationships between the physical operations (pipelines, storage, generation, etc.) and their synthetic financial counterparts (basis, time spread and multi-fuel derivatives).  Emphasis is directed at identifying marketing opportunities that follow from these concepts.  This is not an introduction to natural gas markets.

For enrollment, or more information on these courses, please log on to http://elm.enron.com.


I hope this is really for you!  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 08/08/2000 01:50 PM -----

	Bernardo Andrews@ENRON
	08/08/2000 01:41 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Perez Companc ISDA

---------------------- Forwarded by Bernardo Andrews/SA/Enron on 08/08/2000
03:44 PM ---------------------------

Infantino Federico <FINFANTI@pecom.com.ar> on 06/21/2000 02:04:07 PM
To: "'Bernardo.andrews@enron.com'" <Bernardo.andrews@enron.com>,
"'rodolfo.freyre@enron.com'" <rodolfo.freyre@enron.com>
cc:
Subject: Perez Companc ISDA

Rodolfo/Bernardo,

Aca les mando el Schedule y el Credit Support Annex del ISDA que tenemos
armado para Perez Companc.
Estamos en contacto para analizar que otras exposiciones podemos cubrir
adem?s de las de crudo.
Saludos,

Federico.

>  <<CSANNEX.DOC>>  <<SCHEDULEPC.DOC>>
>
 - CSANNEX.DOC
 - SCHEDULEPC.DOC


Kristin,

I shall be tied up with the Wharton group all day Friday.
I am forwarding the message to some members
of the Research Group. I hope some of them will be available.

Vince

P.S. To the Research Group. Can you, please, help Kristin?

	Enron North America Corp.

	From:  Kristin Gandy @ ENRON                           01/16/2001 02:03 PM

To: Alyse Herasimchuk/NA/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT, Ann Korioth/Enron Communications@Enron
Communications, Terry Yamada/Corp/Enron@Enron, Traci Warner/Enron
Communications@Enron Communications, Erik Simpson/HOU/ECT@ECT, Laura
Howenstine/Enron Communications@Enron Communications, Sarah
Wesner/Enron@EnronXGate
Subject: Re: Carnegie Interviews Super Friday

Okay group it is Tuesday and we have heard from no volunteers.  We only need
30 minutes of your time.  Is any one available on this Friday to interview?

Please Help!

Kristin

	From:  Alyse Herasimchuk                           01/12/2001 03:55 PM

To: Vince J Kaminski/HOU/ECT@ECT, Ann Korioth/Enron Communications@Enron
Communications, Terry Yamada/Corp/Enron@Enron, Traci Warner/Enron
Communications@Enron Communications, Erik Simpson/HOU/ECT@ECT, Laura
Howenstine/Enron Communications@Enron Communications, Sarah Wesner/Corp/Enron
cc: Kristin Gandy/NA/Enron@Enron

Subject: Carnegie Interviews Super Friday

We have one last group of candidates coming in for final round interviews on
Friday, January 19th. We need Interviewers for half a day (9:00 am to 11:15
am). Please let me know if you can be available for the entire morning or
what times you could be available:

9:00 am - 9:30
9:35 am - 10:05
10:10 am - 10:40
10:45 am - 11:15

I appreciate any help you can offer in submitting names for those who may be
able to interview if you can not. Thanks!

Alyse Herasimchuk
Recruiting Coordinator
Associate / Analyst Program
57339


Dear Gerald:  I called Judy Thorn, ENA Upstream staff.  She said that as far as tax matters went, she wasn't sure who set up the structure for the company.  She said, however, that she'd had dealings with Chris Bystriansky in the tax department about the severance taxes.  He shows up as a senior tax analyst at ext. 53040.  Is he the person who called you? If not, maybe he'll have the answer your tax contact requested.   --MCO


200 sounds good to me, and an hour should be sufficient.

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 11/17/2000 10:56:55 AM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc:

Subject: RE: Conference call

Things aren't great.  Maybe 2:00 p.m. your time (I'd only have 1 hour).  Lee
probably can't be on.

Kent

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Friday, November 17, 2000 11:50 AM
To: kent.shoemaker@ae.ge.com; lee.johnson@ss.ps.ge;
Dale.Rasmussen@enron.com
Subject: Conference call

How do we look for a conference call today?  I'll be open in about an hour.

Kay


There is a proposal to have a meeting of the head traders of Enron, Reliant,
Sempra, Coral, Duke, Southern, Dynergy and El Paso.  The idea would be to
talk about e-commerce in the energy business.  Specifically, Enron might
propose standardization of our masters, start-up of a clearing house for
energy trading, electronic mechanism for confirmations, opening EOL to other
companies to post bids and offers, and discuss electronic protocols for
transactions with other energy companies to reduce costs.  We would probably
discuss the state of regulatory restrictions under the CEA.

What are the anti-trust issues for such a meeting?
What are the appropriate parameters for such meeting?
Should legal counsel be in attendance?
Would it be best to make invitations through a formal letter?


TAFFY, PLS SEND ME TWO INITIALLED EXECUTION ORIGINALS OF THIS AMENDMENT.

THANKS!

Eric Gillaspie
08/30/2000 06:15 PM
To: Candace L Bywaters/HOU/ECT@ECT
cc: Ann Elizabeth White/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT, Taffy
Milligan/HOU/ECT@ECT
Subject: Vanek Grazing Lease Amendment

Candy,

Ann Elizabeth has approved the attached Grazing Lease Amendment.  Please
review the attached Amendment; if you find it acceptable, please let Taffy
Milligan know and she will print and forward executables to you.  Thanks.

Have a good labor day weekend.

Eric Gillaspie
713-345-7667
Enron Building 3886


Mr & Mrs. James Rogers
6 Noel Lane
Cincinnati, OH 45243


Please confirm the version of the document which was the basis of the
compared version.

Thank you,

Kay


4114 riley
Houston, TX 77005

giddty up!

give me a call 713-853-6203

what is your #??


Thanks,  I have received same and preparing a final draft for execution.

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


did you talk to the person looking for cotton?

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: FYI

you're lightening up.  good deal.


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/18/2000
01:38 PM ---------------------------

	Enron Capital & Trade Resources Corp. - Europe

	From:  Nick Mooney                           04/18/2000 12:47 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Video Conference with Ross McIntyre

no problem just let me know what phone number to link to if youget the VC
Nick


Could you get Terry authorization to path in Unify please?

Thanks
---------------------- Forwarded by Chris Germany/HOU/ECT on 04/12/2000 07:03
AM ---------------------------

MARY THERESA FRANKLIN
04/11/2000 05:00 PM
To: Chris Germany/HOU/ECT@ECT
cc: Gloria G Barkowsky/HOU/ECT@ECT, Angie Zeman/Corp/Enron@ENRON
Subject: Re: Devonian Resources

I assume Angie will path these... I don't have authorization.   (Please
note... I'm out of here, see ya a week from tomorrow)

Chris Germany
04/11/2000 01:14 PM
To: Gloria G Barkowsky/HOU/ECT@ECT, Mary Theresa Franklin/HOU/ECT@ECT, Angie
Zeman/Corp/Enron@ENRON
cc: Brent A Price/HOU/ECT@ECT
Subject: Re: Devonian Resources

OK.  Now either Mary Theresa Franklin or Angie needs to path out this deal in
Unify with a zero volume.

Gloria G Barkowsky
04/11/2000 12:42 PM
To: Chris Germany/HOU/ECT@ECT, Angie Zeman/Corp/Enron@ENRON, Mary Theresa
Franklin/HOU/ECT@ECT
cc:
Subject: Re: Devonian Resources

contract               mid                 acct              producer

8G1064             5089201        RP2109406         Devonian
8G1064             5105901        AT5105901         Devonian
8G1064             5118301        AT5118301         Devonian

Here they are - sorry it took so long to find.  Thanks, Gloria 3-7118

Chris Germany
04/04/2000 03:35 PM
To: Gloria G Barkowsky/HOU/ECT@ECT, Wade R Price/HOU/ECT@ECT
cc: John M Singer/Corp/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Angie
Zeman/Corp/Enron@ENRON, Victor Lamadrid/HOU/ECT@ECT
Subject: Re: Devonian Resources

OK this is metered production on CNG.

Gloria will let us know which CNG contract to path this deal with.
The meter numbers are 50089201, 5105901, and 5118301 and this is CES
production.

After Gloria lets us know which contract(s) to use, Angie will path this deal
in Sitara with a zero volume.

---------------------- Forwarded by Chris Germany/HOU/ECT on 04/04/2000 02:42
PM ---------------------------

	From:  John M Singer @ ENRON                           04/04/2000 02:31 PM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Devonian Resources

I believe that this is metered production.  We hav a fixed price contract
through Aug00.

Chris Germany@ECT
04/04/2000 01:59 PM
To: John M Singer/Corp/Enron@ENRON
cc:

Subject: Re: Devonian Resources

If this is metered production then its not cut (it just flows to the pool).
If its pool gas then it probably is cut, so you tell me.  Metered production
or pool gas on CNG?

	From:  John M Singer @ ENRON                           04/04/2000 01:39 PM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Devonian Resources

Why was this gas cut??

My Phone number is 330-493-7790.

John

Chris Germany@ECT
04/04/2000 01:01 PM
To: John M Singer/Corp/Enron@ENRON
cc: Angie Zeman/Corp/Enron@ENRON

Subject: Devonian Resources

I took the volume on deal 226742 (Devonian Resources) to 0 for April.

Hey John, give me a call when you get a chance so we can chat about this.
Also, send me your phone number.  I can't find it.


The eThink Team

Do you know what's included in Enron's Code of Ethics?  Do you know what policies affect corporate conduct?  Ask Sharon Butcher, Assistant General Counsel of Corporate Legal, all your questions about our corporate policies today (June 5) on eSpeak at 10 a.m. Houston time.
Can't make the live event?  No worries.  Go to eSpeak (http://ethink.enron.com/eSpeak/exec/default.asp) now and submit your question.  Sharon will try to answer it during her event and you can read the transcript later.

Stop what you're doing!  Go to the Thinkbank (http://nahou-lnapp01.corp.enron.com/eThink/Thinkbank.nsf/HomePage?OpenPage) now!  Notice anything different?


Attached are the latest SWAP group calendars.  Let me know if you have any
revisions.

Thanks!
Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
Holly.Keiser@enron.com


Ben decided to send the exhibits to Coral, so that's where this question came
from.

Will we have an exhibit U?

I know we owe you some answers from your email of the 6th.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/11/2000 05:41
PM ---------------------------

	From:  Ben F Jacoby @ ECT                           12/11/2000 05:25 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@Enron, Chris Booth/NA/Enron@Enron
cc:

Subject: Performance guarantees

Any ideas on this?

Ben
---------------------- Forwarded by Ben Jacoby/HOU/ECT on 12/11/2000 03:48 PM
---------------------------

"Seigler, Tom" <tseigler@coral-energy.com> on 12/11/2000 04:50:15 PM
To: "'Ben.F.Jacoby@enron.com'" <Ben.F.Jacoby@enron.com>
cc:
Subject: Performance guarantees

Ben, Exhibit U indicates that liquid fuel guarantees are in Sec. 10.8.4.  I
could not fine them in that section.  Could you point me to where the liquid
fuel guarantees are located?

Tom Seigler
713-767-5672
Fax: 713-265-5672


Read about Enron's entry into the data storage market.

Also in this issue:
Sizing up EnronOnline's competition
Brazil's new merchant plant
EBS sponsors Sundance

It's all in the latest eBiz.  Go to home.enron.com, click Publications, then
click eBiz, and "eBiz February 2, 2001."


Hi group,

I emailed Lari (who confirmed that we are on the reservation list, without
credit card numbers or deposit because she knows us ...) that we think we'll
have five for an all-day ride on Sat. (Pat, me, Cal, Pippa and Madeleine)
and six for a half day on Sunday (same plus Nora).  Jeff may join us.  Lari
is aware the actual number may be slightly more or less, but obviously if
you decide not to go, the earlier she knows, the easier for her.  We start
at 9:30 a.m. on Sat, and 10:00 a.m. on Sun.

Jeff, we hope you can make it.  If anyone else wants to join also, please
let me know.

Re hotel, right now there is moderate availability in Mendocino/Fort Bragg
for that weekend in Sept. (nights of 21-22), but most of the hotels up there
charge a cancellation fee of anywhere from 3% to $20.00, no matter how early
one cancels.  So it probably does not make sense to reserve rooms at several
places thinking we will decide later.

Please give your vote, which of these would you be interested in (or if you
have another suggestion, please feel free to offer it -- I'm overwhelmed
with the many other choices and have no personal experience with any to rely
on):

Cleone Gardens, recommended by Lari, literally across the street from the
ranch on the north end of Fort Bragg, with a number of rooms in the $85-$100
range, also some multi-bed rooms for a little more; it looks nice and
comfortable on the website though not really "fancy" (there are links from
Lari's site, www.horse-vacations.com).  Breakfast can be ordered.  Because
of proximity to ranch and town, this is my preference.

Howard Creek Ranch Inn (Madeleine's preference), in Westport, north of Fort
Bragg.  Very quaint renovated farmhouse B&B, Martha Stewart type garden,
private rooms are around $105, and some two-bed rooms are between $105 and
$160 if we don't mind sharing rooms/living room sleepers.   The upside is
the charm and ambience, the downside is the remote location and the distance
from Fort Bragg (30 minutes fast driving) and that we may therefore miss
breakfast both days.  They serve it at 9:00 a.m., and with the minimum
30-minute drive to the ranch, that makes getting to both breakfast and
riding on time unrealistic.  And, as we all know, rides may start late, but
they always end on time, so its important to be prompt to get our full
riding time!  I asked if the B&B is willing to do breakfast at another time
and they said no (they start cooking before 7:00 a.m. even to meet the 9:00
deadline, so I'm not sure how much earlier they could really do it).
(www.howardcreekranch.com)

Looking forward to hearing your thoughts!

Amy


Thanks Sara.  Are you going to be at the conference this week?

From: Sara Shackleton on 10/03/2000 08:45 AM CDT
To: Greg Johnston/CAL/ECT@ECT
cc: Larry Joe Hunter/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
Subject: Re: RBC and TD Bank Swaps with Enron Canada

Greg:  I spoke with Joe and he IS working on the internal rate swap with John
(i.e., ECC/RMT and RMT/ENA).  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 10/03/2000 08:44 AM -----

	Larry Joe Hunter
	10/02/2000 05:04 PM

		 To: Greg Johnston/CAL/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: RBC and TD Bank Swaps with Enron Canada

Greg,

The matrix I was given doesn't mention an internal rate swap.  I'll have to
check with John Griffith in Structuring.

Sara,
Do you know if the Interest Rate swap is also being backed out to RMT?

Thanks
Joe

Greg Johnston
10/02/2000 02:54 PM
To: Larry Joe Hunter/HOU/ECT@ECT
cc:
Subject: Re: RBC and TD Bank Swaps with Enron Canada

Joe, I understood that there should be an internal interest rate swap in
addition to the commodity swap that you just faxed back to me.  Is someone
other than you preparing that document?

Thanks

Greg

	From:  Larry Joe Hunter                           10/02/2000 01:07 PM

To: Greg Johnston/CAL/ECT@ECT
cc:
Subject: Re: RBC and TD Bank Swaps with Enron Canada

I have recieved everything.  I'll send copies of the TD & RBC signatures as
soon as I recieve them.  The Risk Management deal you signed is, in effect,
the Confirm between ENA and ECC.  For tax purposes, ENA does not deal
directly with ECC, so the Risk Management vehicle takes the place of ENA.

Thanks,
Joe

Greg Johnston
10/02/2000 10:50 AM
To: Larry Joe Hunter/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Peter
Keohane/CAL/ECT@ECT, Sharon Crawford/CAL/ECT@ECT
Subject: RBC and TD Bank Swaps with Enron Canada

I believe that, as you requested, I have now had executed and returned to you
by fax copies of the commodity swaps between Enron Canada and each of RBC, TD
Bank and Risk Management as well as the two rate swaps between Enron Canada
and each of RBC and TD.  I believe the only other confirm requiring Enron
Canada's execution in this transaction is the back-to-back rate swap between
Enron Canada and ENA, whereby Enron Canada swaps the floating rate for the
fixed rate with ENA.  You can send that confirm directly to my attention by
e-mail and I will get it signed and sent back to you.  I understand that you
will be attending to obtaining counterparty execution of these confirms.
Could you do me a favor and, when you receive the fully executed confirms
back from the respective counterparties, fax fully executed copies of all the
confirms to my attention at 403-974-6707.  I am aggregating copies of all the
documents relating to this financing for our files and will need the executed
confirms as part of that process.

Thanks

Greg Johnston


Maria reminded me that we are required to file a rate case to be effective
Nov. 1, 2006.
We could file one before then as to non-Current Firm Shippers, but I doubt we
will.
Any other questions -- let me know.


Howdy all!

There is still room available in the Tricks of the Trade (Energy Math) course on Thursday, November 8th. If you are interested in attending, please let me know by close of business Friday, November 2nd. See below for course details.

Thanks,
Grace
x8321

*Current list includes:
Chris Mumm
James Reyes
Stan Cocke, Jr.
Darin Presto
Eric Linder
Stacy Runswick
Timothy Coffing
Steven Merriss
Craig Dean
Casey Anderson
Mike Mier
Kit Blair

============================

Tricks of the Trade for Analysts in the Energy Biz
Presented by Jonathan Koomey, PhD, Staff Scientist, Lawrence Berkeley National Lab

Date: 	Thursday, November 8th, 2001
Time:	9:00 am - 5:00 pm
Location:  	2WTC, Oregon Room
To bring:	Pen and paper, precourse reading material (to be distributed by 11.5.01)
Other info:	Course materials will be provided at the start of class
		Breakfast and lunch available both days

Course Outline:
Put facts at your fingertips:  Key references and data sources.
Understanding data:  Pitfalls in data acquisition and handling.
Introduction to back of the envelope calculations.
Summary of US and Western electricity systems.


---------------------- Forwarded by Phillip M Love/HOU/ECT on 04/09/2001
09:43 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 04/09/2001 09:40 AM
To: Janie Aguayo/HOU/ECT@ECT, Diane Anderson/NA/Enron@Enron, Derek
Bailey/Corp/Enron@ENRON, David Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Patricia Boulanger/CAL/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Julie
Brewer/NA/Enron@Enron, Lesli Campbell/ENRON@enronXgate, Celeste
Cisneros/NA/Enron@Enron, Sharon Crawford/CAL/ECT@ECT, Richard
Deming/NA/Enron@Enron, Russell Diamond/ENRON@enronXgate, Cindy
Feldman/CAL/ECT@ECT, Darron C Giron/HOU/ECT@ECT, Veronica
Gonzalez/ENRON@enronXgate, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Pendings as of 4/9/01


fyi...let's discuss on your return.b
 -----Original Message-----
From: 	GilbergD@sullcrom.com@ENRON [mailto:IMCEANOTES-GilbergD+40sullcrom+2Ecom+40ENRON@ENRON.com]
Sent:	Sunday, September 09, 2001 10:01 PM
To:	Gray, Barbara N.
Subject:	RE: THIRD PARTY POSTINGS POPUP LANGUAGE...my attempts to shorten  and eliminate overlap   thanks bng

Thanks, Barbara.  I thought your changes looked good.  I hope your trip went
well and that the brief getaway was restful.  I'll speak to you soon.

-----Original Message-----
From: Barbara.N.Gray@ENRON.com [mailto:Barbara.N.Gray@ENRON.com]
Sent: Wednesday, September 05, 2001 4:20 PM
To: GilbergD@sullcrom.com
Cc: Mark.Taylor@ENRON.com
Subject: THIRD PARTY POSTINGS POPUP LANGUAGE...my attempts to shorten
and eliminate overlap thanks bng

 <<EOL Third Party Posting POPUP.doc>>
 <<EOL Third Party Posting POPUP.doc>>

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************

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

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


The Proton machine is up and Unify Production is now available.

For being so patient, Path Manager will now highlight your EOL deals in
yellow.

Thanks, d.n.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/13/2000
08:36 AM ---------------------------

"KRISTI GIRON" <KRISTI.GIRON@cfisd.net> on 11/09/2000 10:36:36 AM
To: <Darron.C.Giron@enron.com>
cc:
Subject: Fwd: Fw: Get out the Vote

Received: from smtp.email.msn.com (cpimssmtpu02.email.msn.com
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Message-ID: <001a01c04a5d$86304c20$f58f1c3f@default>
From: "hollyw" <hollyw@email.msn.com>
To: "Steph and MO" <headbergms1@home.com>, "Stacy Warren"
<swarre02@coair.com>, "Sheri Thomas" <Sheri.Thomas@enron.com>, "Shane Herzog"
<SHERZOG@ridgways.com>, "Ron Jones" <jonesr@tpi-sourcing.com>, "Rochelle
Smith" <rochelle@waterengineers.com>, "Rick Couvillon"
<julierickcouv@hotmail.com>, "Nicol, Gary" <nicolg@bp.com>, "Matt Frazier"
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\(E-mail\)" <jhennes@c2i2.com>, "Diego Gotthelf" <dygotthelf@hotmail.com>,
"Debbie Hall" <gmind@icsi.net>, "Darron C Giron" <Darron.C.Giron@enron.com>,
"Ben Schulein" <advantage@infovia.com.ar>, "Ben & Phyllis Tobias"
<benandphyllistobias@compuserve.com>, "Barbara Denson" <bbdenson@pdq.net>
Subject: Fw: Get out the Vote
Date: Thu, 9 Nov 2000 08:58:25 -0600
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Thats adorable!!

----- Original Message -----
From: <raymond.paterson@dfait-maeci.gc.ca>
To: <gonzalo@loadmedia.com>; <hollyw@email.msn.com>;
<Paul.Steed@glencore-us.com>; <TRatchford@webtonetech.com>
Sent: Thursday, November 09, 2000 5:22 AM
Subject: Get out the Vote

>
>
>
> Don't open in your cube
>
>
>

 - att1.jpg


(See attached file: hpl0912.xls)

 - hpl0912.xls


Sue asked me to send following  information:
?
Sylvia will hold a news conference on Tuesday to  endorse the arena. The
press advisory sent out today will cause many of them to  think she is going
to oppose the arena. That's good because more of the media  will show up.
?
Her basic statement will be to reinforce her  position, as the city's fiscal
watchdog, that this will not take one dime away  from basic services and will
indeed help the city keep growing and thus have  more funding for city
services---especially the $13 million a  year that the Arena will generate in
sales taxes and the increase in property  values downtown.
?
It will be great if Mr. Lay could show up at the  event and that Sylvia for
her support and objective analysis of the arena  benefits.


Your request for access to Seminole's FLOASIS site has been completed on
01/04/01.  Your logon and password remains unchanged from what was assigned
to earlier .  Please feel free to contact me if you experience any problems
accessing Seminole's FLOASIS site.
Thank You


[IMAGE]
	Dear  Colleague:  Special arrangements with Skipping Stone are allowing me  to introduce you to an exciting new tool that empowers you to organize and  manage information efficiently, Energy Central Direct. This fully  customizable e-mail service allows you to filter and place your  personalized content in the order of your choice. Energy Central Direct is  as individual as you are! You receive only the information you need,  allowing you to work smarter, not harder.   Energy Central  Direct is proudly offered by Energy Central, an award-winning Internet  resource for power professionals. They provide a broad base of information  products - news, directories, events, databases, books, periodicals, and  reports - all focused on the power industry and all accessible from a  single site on the World Wide Web.  Energy Central has been the  premier news delivery service for five years, and has revolutionized the  way power professionals receive necessary information with Energy Central  Direct.   This time saving tool is so powerful that you can  consolidate the data, news, analysis, reports and information you  currently receive from multiple sources into a single, easy to use, HTML  e-mail that you receive every business day. Leverage the power of Energy  Central Direct and the Internet, gaining the most relevant content for  mission critical decision making.   Sign up today for your  free, personalized, Energy Central Direct service at: http://www.energycentral.com/sections/ecdirect    Sincerely,  Mark  Johnson  Director of  Content  mark.johnson@energycentral.com
	 2755 South  Locust Street  ?   Suite 201  ?   Denver, CO 80222 Phone: (303) 782-5510  ?  FAX (303)  782-5331 http://www.energycentral.com

[IMAGE]TO UNSCRIBE FROM THIS LIST PLEASE CLICK  HERE


There are Unresolved/Open items in the vendor payables system (iPayIt) and employee reimbursement system (XMS).  Employees are strongly encouraged to resolve items in their inboxes.  Please either process and approve, or reject these outstanding business expenses in your inboxes by 2:00 p.m. Monday, December 3, 2001.

For assistance with XMS please contact:
Enron Travel Management
(713) 345-6252, enron travel@enron.com <mailto:travel@enron.com>.

For assistance with iPayIt please contact:
Integrated Solutions Center
(713) 345-4727, iPayit@enron.com <mailto:iPayit@enron.com>


Steve/Cindy;

David O. and I met with Dave Delainey yesterday to discuss PRC-- as an
initial step before we convene the committee (hopefully next week).  Here is
the gist of that discussion:
? Committee: Add Philippe Bibi to the committee (Delainey was to call
Skilling on that)
? Peer Groups: He's on board with the Peer Group changes (4 to 3) once
approved by the Policy Committee
? Ratings and Cluster Descriptors: Agrees in principal with our suggestion to
use different scales for the 360 rating and the meeting ratings.  He'd like
the meeting rating scale to be numbers vs. adjective descriptors and would
like to use a 1- 5 cluster scale vs. the present 6 clusters.  Item for agenda
for Committee.
? Preferred distribution:  PD should be set by the policy committee.  Item
for agenda for committee.
? Eligibility for PRC- new hires with less than 6 months tenure will not be
on the slate for discussion at PRC meetings.  They will, however, get
feedback via the PEP system.  Bonuses for new hires less than 6 mos. will be
at the discretion of the BU.  Item for agenda for committee.
? Full disclosure of rating results - Delainey wants to discuss this with the
Committee for feedback.
? PRC Coverage:  Non-exempt employees to be reviewed in meeting on a 1-3
scale with no preferred distro applied.
? Employee self eval:  Form to be revised and to include employee
accomplishments.  We'll provide a link in the emp. self eval  form to permit
the emp. the option to provide feedback on supervisor.
? Ensure diverse PRC committee representation:   Lists of proposed PRC
committee members to be sent to Michelle Cash's office for review.  Item for
Committee agenda.
? Rostering:   Delainey wants to discuss  numerical ranking of employees with
the Committee.

If you have any additional questions or need additional detail, please don't
hesitate to contact me at your convenience.  Gina


poor baby, im am taking off, i hope you feel better and i will see you on monday

-----Original Message-----
From: Rybarski, Amanda
Sent: Friday, January 04, 2002 2:22 PM
To: Maggi, Mike
Subject: RE:

No, I am at home with a sore throat.

-----Original Message-----
From: Maggi, Mike
Sent: Fri 1/4/2002 1:20 PM
To: Rybarski, Amanda
Cc:
Subject:

are you here


Danetta worked it for the  Fountain Valley project.  How long has she been
here?  I didn't know there was anyone other than you.

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 04/02/2001 02:24:25 PM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc:

Subject: RE: Enron/Delta Turbine Acquisition

Kay, unless I've lost my mind, I've never seen these docs before.  What deal
was it on.  I don't have anything on CA Development.  I don't remember
executing any attorney's opinions?

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Monday, April 02, 2001 2:47 PM
To: Shoemaker, Kent (GEAE)
Subject: RE: Enron/Delta Turbine Acquisition

Yes, this stuff is for the purchaser's bank.

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 04/02/2001 01:45:44
PM

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

Subject:  RE: Enron/Delta Turbine Acquisition

Kay:  Is there anything different from the forms you and I worked on
earlier.

Kent

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Monday, April 02, 2001 1:32 PM
To: danetta.beaushaw@ps.ge.com
Cc: kent.shoemaker@ae.ge.com; lee.johnson@ps.ge.com;
Stephen.Thome@enron.com
Subject: Enron/Delta Turbine Acquisition

Hi Danetta,

I heard a rumor that you are the one to look at this stuff.  I know that
you recently went through the process in connection with the Fountain
Valley transaction.  I'm happy to serve up those forms to Freshfields if
that makes it is easier for you.

My number is 713 345 7566.

Thanks,

Kay

---------------------- Forwarded by Kay Mann/Corp/Enron on 04/02/2001 12:27
PM ---------------------------

Kay Mann
04/02/2001 10:09 AM

To:   kent.shoemaker@ae.ge.com
cc:   lee.johnson@ss.ps.ge.com

Subject:  Enron/Delta Turbine Acquisition

Hi Kent,

I don't know whether Lee has mentioned the Delta Power deal that we are
working on.  We are taking 4 turbines and putting them in an LLC, and
selling some of the interest in the LLC to Delta Power.  Three of the
turbines are turbines formerally known as LV Co Gen turbines, and we are
buying new LM's to replace the ones we are using here.  In any event, Delta
Power is financing the deal, and they have asked that we get GE sign off on
the attached documents.  Therefore, I would be interested in your response
to the attached.

I understand that Lee is in New Orleans today, but I'll send him a copy
anyway.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/02/2001 10:05
AM ---------------------------

"PARKER, Isabel" <isabel.parker@freshfields.com> on 04/01/2001 05:10:38 PM

To:   "Carolyn Campbell (E-mail)" <CCampbell@KSLAW.com>, "John Keffer
      (E-mail)" <JKeffer@KSLAW.com>, "Kay Mann (E-mail)"
      <kay.mann@enron.com>, "Rick Vicens (E-mail)"
      <rvicens@deltapower.com>, "Gregory F. Lang (E-mail)"
      <gregorylang@paulhastings.com>
cc:   "BURKE, Ted (TDB)" <ted.burke@freshfields.com>

Subject:  Enron/Delta Turbine Acquisition

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify
us immediately by reply e-mail and then delete this message from your
system.  Please do not copy it or use it for any purposes, or disclose its
contents to any other person:  to do so could be a breach of confidence.
Thank you for your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email
ITHelp@freshfields.com if you need assistance.

As discussed during our call earlier this afternoon, please find attached
for onward transmission to GE a draft of (i) the GE Consent and Agreement
and (ii) the GE legal opinion.

Kind regards
Isabel

(See attached file: NY003700033.DOC)
(See attached file: NY003699615.DOC)


good one.


Hi Vince,

Thanks for organizing the meetings,and a special thanks for organizing the
reservations for the dinner.
I am looking forward the visit to Houston.

Rodrigo

Vince J Kaminski
24/08/2000 20:25
To: Rodrigo Lamas/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Re: Introduction meeting : RAC London Quants and Houston Research

Rodrigo,

I think it is Churrasco's, A South American restaurant.
I shall make reservations for the 12th. I shall also
arrange the meetings on Tuesday with different units of the Research group.

Vince

Rodrigo Lamas
08/24/2000 01:59 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Introduction meeting : RAC London Quants and Houston Research

Vince,

Thank you very much.
I would rather talk to your group on Sep the 12th (Tuesday).
I hope I will be entitled to disturb them again during the rest of the week
as well.
We can certainly go out for dinner. Steven mentioned a Brazilian restaurant he
went to and I am looking forward going there. This in case you are not
vegetarian.

Thanks again,

Rodrigo

Vince J Kaminski
24/08/2000 19:54
To: Rodrigo Lamas/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Re: Introduction meeting : RAC London Quants and Houston Research

Rodrigo,

We shall be very glad to meet you.

If you can dedicate one day to meeting the members of the Research Group I
could arrange a series of meetings with different units.

What about Sep the 11th or Sep the 12th (Monday or Tuesday)?

If you are free one evening we can have dinner together.

Vince

Rodrigo Lamas
08/24/2000 11:01 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Introduction meeting : RAC London Quants and Houston Research

Vince,

I work for the Market Risk RAC London group. I review the quantitative issues
arising from Enron Europe models.
I am in this function given my background (PhD from Imperial College-London)
and also due to my past experience
as risk manager for a brazilian investment bank and Louis Dreyfus.

My agenda includes the review of a number of deals (Wessex, TPL, Eastern,
...), as well as the
review of the construction of european gas and power price curves and their
respective volatility curves.
Currently I am devoting most of my time to the analysis of the UK gas market,
its respective
price curve and term structure of volatility.
Bjorn and David suggested it could be very productive if I had the chance to
meet you and your team
to discuss issues related to modelling prices and risk measurement tools.

I will be in Houston from the 10th to 15th September. I wonder if you could
book some time for me in
your agenda and also ask some members of your team to do the same.

Thanks,

Rodrigo


didactic (dy-DAK-tik) also didactical (-ti-kal) adjective

   1. Intended to instruct.

   2. Morally instructive.

   3. Inclined to teach or moralize excessively.

   4. didactics, (used with a singular verb) the art or science of teaching.

[Greek didaktikos, skillful in teaching, from didaktos, taught, from
didaskein, didak-, to teach, educate.]

   "Tt might be argued that literature has only very rarely represented
   character. Even the greatest novelists, such as Dostoevsky and Tolstoy,
   resort to stock caricature, didactic speaking over characters, repetitive
   leitmotifs, and so on. The truly unhostaged writer, such as Chekhov, is
   rare."
   James Wood, Human, all too inhuman, New Republic, Jul 24, 2000.

This week's theme: words from the world of learning and the learned.

.............................................................................
Never look down on anybody unless you're helping him up. -Jesse Louis Jackson

Ralph Waldo Emerson once said, "Language is a city to the building of which
every human being brought a stone." Invite your friends and family to join
in the quest by sending a gift subscription of A.Word.A.Day. It is free!
http://wordsmith.org/awad/gift.html

Pronunciation:
http://wordsmith.org/words/didactic.wav
http://wordsmith.org/words/didactic.ram


Attached are the significant events for Government and Regualtory Affairs for
the first three weeks of February:


Gerald:
I need your assitance in finding the right legal/regulatory group, who could
assist me with some regulatory issues necessary for completing a compression
project.
I need to find if new loads in Brookfield, Fairfield County, CT, pay
Competitive Transition Assessment Charges.  The name of the project is
Iroquois Eastchester Expansion and we are looking at CL&P's Rate Number 58
for power supplier.

I would really appreciate it if you could contact me in case you have a
contact name.  Once again, thanks for your time and efforts.

Maria Tefel
Analyst- Compression Services
5-3269


Stinson,

Do we want to revisit?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2000
01:10 PM ---------------------------

"Martin Jermakyan" <martin@electrapartners.com> on 04/24/2000 09:59:38 AM
Please respond to "Martin Jermakyan" <martin@electrapartners.com>
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: My resume

Dear Vince,

Attached please find an updated resume of mine.

I have been continuing my research in the area of pricing, risk management
and asset management of power industry.  It seems to me that the framework I
have been working on does allow addressing some fundamental issues and
allows describing the salient features of power markets.  I feel a brief
info may inform you what have I been up to.

Conceptually speaking, my approach relies on the understudying that the
absence of cash and carry implies non-hedgibility of the most fundamental
building blocks of power market - forward contracts of hourly duration.
This clearly demands a risk premium embedded in power prices.  I have been
able to develop a machinery to capture this risk premium, and calculate its
impact on pricing of other products.  In particular, the method allows
consistent generation of hourly forward curve (per each geographic region),
hence generation of forward curves of longer duration.  It provides us not
only with forward curves, but also their physical (not risk-neutral)
distribution.  It also allows one to analyze the sensitivity of the forward
curve with respect to the volumetric risk.  As a fundamental  input ,  I
consider the ratio of properly compounded generation output (load) and the
corresponding maximum available generation supply.  The first one is well
observable and forecastable due to its stationarity.  The second one  is
defined by the first one and the generation and transmission profile of the
region.  Much of the required information is in the public domain.

The market price of risk incorporated in the model depends on this ratio and
the calendar time.  This time dependence of the market price of risk allows
capturing of the dynamics of the returns per unit risk over time, and its
dependence on the ratio mentioned above reflects the intuition and the
reality that closer the demand to the maximum available supply higher
compensation do the investors expect.

I have also realized that the transmission related factors may be
incorporated into this framework in a very consistent and robust manner.

This approach also allows quantification of the margins as a stochastic
process dependent on the volumetric factors, among other things.  It allows
posing and solving the problem of maximization of the margins while keeping
their variance under control in a very elegant and robust way.

I have developed the first version of mathematical tools and prototype
software reflecting all these issues.  My inability to complete this program
has been resulted from the severe instability, lack of access and the cash
flow problems I have experienced in the last few years.  I have also
understood that programs of this magnitude cannot be finished from the
"grandpa's garage."

Nevertheless, I think I have developed a very systematic and robust
understanding and methodology, and at least, I have convinced myself that
this approach leads to a comprehensive system.

With all this said, I don't want to make an impression of a stiff person,
who has his agenda and under any circumstances is willing to push it
forward.  I have always been very flexible, and in my consulting experience,
I have always accommodated the needs and wishes on my clients.  In my short
period of employment with Altra I have been very ethical, I have played by
the rules, I have done whatever I have been asked to do, and have been a
team player.  The reasons they have asked me to resign have nothing to do
with me personally.  They have been respectful to me, they have valued me as
capable person, but have found that given the direction of the company
(which has become self-evident with the consequent developments), "further
Altra goes, further I will be frustrated with where they go."  It was almost
formulated that it is better for me to separate from Altra as soon as I can.
As an evidence of appreciation, they have continued paying me as of today,
something that they have not done for some others, but it is coming to its
end, too.  I am bringing this up just to reiterate that my separation from
Altra has had nothing to do with me or my entrepreneurial working style vs.
corporate style, etc.  I have no doubts that I can function equally well in
either environment.

I wish that your presentation goes well with your new superior, and that my
joining Enron becomes a possibility.

Regards,
Martin

 - martin.doc


he's going to Vegas I think...And I have no idea when we'd go over there.  I'll talk to Katy and see what she thinks.

 -----Original Message-----
From: 	"corey leahy" <celeahy@hotmail.com>@ENRON [mailto:IMCEANOTES-+22corey+20leahy+22+20+3Cceleahy+40hotmail+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, June 27, 2001 4:00 PM
To:	Scott, Susan M.
Subject:	RE: Well.....

I forgot that I have a work event tomorrow night for dinner.  What time do you think you'll be going?  I have no idea how long dinner will last but I might be able to come afterwards.  I guess we can play it be ear.
Where is he going this weekend?
>From: Susan.M.Scott@enron.com
>To: celeahy@hotmail.com
>Subject: RE: Well.....
>Date: Wed, 27 Jun 2001 14:13:56 -0500
>
>You still interested in going to the Firehouse on tomorrow night? I just
>checked my messages at home and Bryan called last night...at 9:45! I was
>already passed out. I know I'm an old bitty, but that is just too late to
>be calling a working girl when you're looking for a date Wednesday or
>Thursday night. Anyway, I will give him a call this afternoon but I might
>suggest we just do something when he gets back from his trip. I talked to
>Katy last night (before he'd called) and told her about the
>firehouse...she's definitely interested. Let me know what you think.
>
>Sue
>
> -----Original Message-----
> From: "corey leahy"@ENRON
> [mailto:IMCEANOTES-+22corey+20leahy+22+20+3Cceleahy+40hotmail+2Ecom+3E+40ENRON@ENRON.com]
>
>
> Sent: Monday, June 25, 2001 8:47 AM
> To: Scott, Susan M.
> Subject: Well.....
>
>
> That would have taken my mind off some other person whose name I won't
> mention.
>
> Get your FREE download of MSN Explorer at http://explorer.msn.com <<
> File: http://explorer.msn.com >>
>
>

Get your FREE download of MSN Explorer at http://explorer.msn.com << File: http://explorer.msn.com >>


Candis -

Why aren't you emailing me?  I miss you POOH POOH NANNY.  BUH-BYE!!!!!!!!


----- Forwarded by Sara Shackleton/HOU/ECT on 07/31/2000 06:40 PM -----

	Office of the Chairman@ENRON
	07/31/2000 06:07 PM

		 To: All Enron Worldwide
		 cc:
		 Subject: Organisational Announcement - Introducing Enron Global Markets
 Office of the Chairman
As evidenced by an exceptionally strong performance in the second quarter,
Enron,s wholesale energy businesses in North America and Europe continue to
experience tremendous growth.  The opportunities to continue to grow our
natural gas and power businesses have never been better and it is critical to
Enron,s future success that we remain focused on expanding these businesses
and maintaining the strong momentum we have in these markets.

It is equally important that we continue to develop new businesses outside of
gas and electricity, which can make significant contributions to our earnings
growth.  We have made significant progress in developing these businesses in
North America, Europe, and most recently in our new Net Works business unit.
Included in these global businesses are our efforts in crude and products,
coal, emissions, insurance, currency, equity trading, interest rates, credit
trading, paper and pulp, and metals.

While significant progress has been made in these efforts we need to
accelerate the growth of these new businesses while continuing to
aggressively expand our core gas and electricity businesses in North America
and Europe.  In order to accomplish these two objectives and to capitalize on
the increasingly global opportunities in these new businesses we are today
announcing the formation of a new business unit ) Enron Global Markets.  This
new business unit will focus on markets and commodities which are global in
scope, but outside our traditional gas and power markets.  This new core
business unit will operate in parallel with and in close coordination with
the North American and European businesses.

Enron Global Markets will be headed by Mike McConnell, President and Chief
Executive Officer, and Jeff Shankman, Chief Operating Officer.  They will
report to Mark Frevert who will be Chairman of Enron Global Markets.  Mark,
Mike and Jeff will comprise the Office of the Chairman for Enron Global
Markets.

Included in this new business unit and reporting to the Office of the
Chairman will be the following businesses and their leaders:
- Global Crude and Products:     John Nowlan
- Coal:         George McClellan
- Currency, equities, interest rate and agricultural trading:  Gary Hickerson
- Insurance and weather:      Jere Overdyke

Enron,s metals business and Enron Credit.com will remain the responsibility
of Enron Europe. The Paper and Pulp business will continue to reside in North
America.

With the departure of Mike McConnell from Enron Net Works, we are pleased to
announce the following appointments in that business unit:
- Jeff McMahon: President and Chief Operating Officer
- Louise Kitchen: Chief Commercial Officer
- Philippe Bibi:  Chief Technology Officer

Jeff, Louise and Philippe, along with Greg Whalley,  will comprise the Office
of the Chairman for Enron Net Works.

With Jeff Shankman,s departure from Enron North America,s natural gas
operation, all of Jeff,s direct reports will report to John Lavorato.

We are also pleased to announce the following changes to the Enron North
America Office of the Chairman.  John Lavorato will join the ENA Office of
the Chairman as Chief Operating Officer.  Dave Delainey will assume the role
of President and Chief Executive Officer.  Mark Frevert will retain his role
as Chairman of Enron North America in addition to his role as Chairman of
both Enron Global Markets and Enron Europe.

Please join us in congratulating everyone in their new assignments and in
supporting the new Enron Global Markets organisation.


CORRECTION TO SUPER SATURDAY DATES

Two dates in our prior Save the Dates memo were incorrect.  The dates to save
for the first Super Saturday weekend are Friday, October 27th and Saturday,
October 28th.  The correct dates for the last Super Saturday weekend are
Friday, December 8th and Saturday, December 9th.

We apologize for any inconvenience.


-----Original Message-----
From: Betty Yee [mailto:yee@haas.berkeley.edu]
Sent: Friday, October 19, 2001 12:03 AM
To: mba03@haas.berkeley.edu; mba02@haas.berkeley.edu; mfe02@haas.berkeley.edu; allphds@haas.berkeley.edu; eveningmba@haas.berkeley.edu; undergrd@haas.berkeley.edu; mba01@haas.berkeley.edu
Subject: Bring Your Resumes and Business Cards to the WIL Conference!

Worried about your job search?
The Women In Leadership Conference is here to help!

Many of the sponsors will be accepting resumes this Saturday.  There is also a networking reception from 4:00 to 5:30pm.

Companies accepting resumes:
Accenture, Acteva, Apple, Ford, Genentech, Goldman Sachs, Johnson&Johnson

It's not too late to get your ticket!  Register now at:

<http://www.wilconference.org/2001/registration.html>Tickets are only $35 for students, $50 for the general public.  Both men and women are welcome!  Tickets will also be sold in the courtyard from 12:30-2pm on Friday and at the door on Saturday.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/06/2000
11:07 AM ---------------------------

"John D. Martin" <J_Martin@baylor.edu> on 11/05/2000 05:55:41 PM
To: vkamins@enron.com
cc:
Subject: Hello Vince

Vince,

A couple of things.  First, I'm planning on your arrival at Baylor sometime
the afternoon of Monday, November 13.  I want to set up a small seminar for
our faculty if you want to do it.  I will schedule it for 4 pm so if you
can arrive in Waco (Continental has several flights in each day) sometime
in early afternoon I'll pick you up.  The Ex MBA class begins at 6 p.m. and
I'll set you up to speak first for about an hour with q&a to follow.  How
about putting together some thoughts related to our paper?  You can do the
same talk for the faculty in the early afternoon.  You and I can get then
together on Tuesday morning to work on the paper.  I have a 1 p.m. class on
Tuesday is my only constraint.  If you have time to hang around we'll do
the talk a third time in that class.  By then I suspect we will have made
some real progress.

Next point, we have both Ken Lay and Jeff Skilling set up for Dec 4th in
the afternoon.  I plan to get some questions together for them based on our
discussions next Monday and Tuesday.

I'm really looking forward to seeing you next week and to working on our
paper.

Have a great week.  I'm off to Austin and New Orleans this week, thus the
reason for the early message on the class a week from tomorrow.

Take care.

John

p.s. Take a look at my web site for a review of the spring "new economy and
business education conference".  By the by, I need a short bio-sketch on
you for the site and for my introduction to the faculty and the class.

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


Enron North America Corp. has executed a Consent to Assignment dated 10/05/00
with respect to the Master Repurchase Agreement dated 01/22/97 between ENA
and Goldman Sachs Canada (a limited partnership), wherein Goldman Sachs
Canada has assigned its position in the agreement and transactions thereunder
to Goldman Sachs Canada Inc. (a corporation).  Copies of the consent will be
distributed.