USA: UPDATE 1-Enron CEO says stock hit because of high multiple.
Reuters English News Service, 03/28/01

USA: ICE to offer Internet products trade off Colonial Pipeline.
Reuters English News Service, 03/28/01

US FERC To Seek Input On Regional Pwr Grid Coordination
Dow Jones Energy Service, 03/28/01

Top Enron executives reap bonuses for strong 2000 performance
Associated Press Newswires, 03/28/01

USA: Enron CEO says stock hit because of high multiple.
Reuters English News Service, 03/28/01

USA: Viacom nixes plan to spin off rest of Blockbuster.
Reuters English News Service, 03/28/01

``Plumbers'' for Today's Economy Dominate Online Investor Tournament
Sponsored by Fast Angels; Eight Companies Work Behind-the-Scenes to Help
World Act Faster and Smarter
Business Wire, 03/28/01

NIGERIA: Nigeria will break up state power monopoly - minister.
Reuters English News Service, 03/28/01

Enron's unit presents thermal power plan to Aomori gov.
Kyodo News, 03/28/01

Regulators grant rate hike for utilities
Rates could rise almost 50 percent under CPUC plan
CBS MarketWatch.com, 03/27/01

Hefty payday for Enron's top execs
$7 mln bonus for chairman, $5.6 mln to CEO for 2000
CBS MarketWatch.com, 03/27/01

USA: UPDATE 1-Enron CEO says stock hit because of high multiple.
By C. Bryson Hull

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW ORLEANS, March 28 (Reuters) - Wall Street's stampede away from stocks
with high price to earnings (PE) ratios is finally catching up with Enron
Corp. and hurting its share price, the energy giant's top executive said on
Wednesday.
"I think the stock price dropped because of multiple compression," Enron
President and Chief Executive Jeff Skilling told an audience of institutional
investors at the Howard Weil Energy Conference in New Orleans.
Enron currently trades at about 41 times earnings, a value Skilling said he
considers "low and clearly sustainable moving forward."
His comments came as Enron shares dropped as much as 5 percent Wednesday,
before closing down $2.36, or 3.9 percent, at $58.10 in trading on the New
York Stock Exchange. Enron's fall outpaced the less than one percent drop in
the Standard & Poor's Utility Index.
Skilling pointed to the wave of companies whose prices have dropped sharply
in the last year because investors thought they were overvalued, with PE
multiples above 30 times earnings range.
"We kept our multiple and felt a little like the last duck in the pond and
there was still a lot of ammo with the hunters," Skilling said.
Enron's stock remained immune to the trend against high PE ratios until last
week, when it dropped under $60 for the first time since January 2000. It
lost 8 percent over a two-day period, March 21-22, prompting Skilling to hold
a conference call last Friday to assuage investors and analysts.
One analyst said several Enron-specific issues have more to do with the
recent decline in the company's share price than the broader market disregard
for high PE ratio stock.
"He is exactly right that high multiple stocks have sold off, and you see
that particularly in the NASDAQ. Telecoms and the tech sector have been hit
hard and Enron had a large part of its valuation in the telecom sector with
broadband," Commerzbank securities analyst Andre Mead said.
The market took that value out as telecoms weakened across the board and as
some doubts arose about Enron's timing on its broadband initiative and other
issues, he said.
"The bottom line is there are some market dynamics at work for at least a
portion of the sell-off, but a good deal of it is Enron-specific, because the
market is valuing the broadband (part) less," Meade said.
The fall in its shares last week followed a rapid string of negative news
about Enron, including continuing word that India's Maharastra State
Electricity Board could not pay Enron for power from its Dabhol power plant;
the termination of the broadband unit's marquee 20-year video deal with
Blockbuster Inc. ; and false rumors of layoffs at the broadband unit.
Enron has peaked at $90.56 and touched a low of $51.55 over the past 12
months.

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

USA: ICE to offer Internet products trade off Colonial Pipeline.

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, March 28 (Reuters) - Internet-based IntercontinentalExchange (ICE)
plans to offer trading in U.S. refined products off the Colonial Pipeline in
the second quarter of this year, a company official said Wednesday.
The Houston-to-New York Colonial Pipeline is the largest refined products
pipeline in the United States, pumping a total of 2.35 million barrels per
day of gasoline, heating oil, diesel and jet fuel.
Refined oil prices for the nation's refining hub on the Gulf Coast are set by
trade into the pipeline.
ICE however would not elaborate on which products exactly it will trade.
"That's the plan, but we don't really have any further details," said a
company official.
With backing from major banks and energy groups, ICE (https://www.intcx.com)
has become one of the most widely distributed online energy marketplaces,
despite only launching trading last fall.
It hosts a range of energy and precious metal 'over the counter' (OTC)
contracts - those traded outside regular futures exchanges. Oil derivatives
traded on ICE include crude oil, fuel oil, heating oil, jet fuel, gasoline
and naphtha.
But with an average of $3.5 billion in daily trade volume, rival Enron Corp
(ENE.N) subsidiary EnronOnline (www.enrononline.com) has been the most
successful online energy trading platform.
While it does not currently offer trading of Colonial Pipeline products, an
EnronOnline official did not rule out such a move in the future.
"We have been making additions pretty much every month," the official said.
"If we get demand for Colonial, I'm sure we'll add it. We're making large
efforts to expand that product area."
This week, EnronOnline launched trading in WTI crude options and spread
trading in Light Louisiana Sweet/St. James, West Texas Sour/Midland and West
Texas Intermediate/Midland crudes.

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

US FERC To Seek Input On Regional Pwr Grid Coordination
By Bryan Lee

03/28/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

OF DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- The U.S. Federal Energy Regulatory Commission agreed
Wednesday to seek comment on whether it should hold a technical conference on
the coordination of wholesale power transactions among the regional
transmission organizations, or RTOs, that it seeks to develop.
FERC is in the midst of implementing a sweeping order that will direct the
utilities it regulates to turn over control of their transmission assets to
RTOs.
The order aims to promote more liquid regional wholesale power markets by
creating independent power-grid operators, removing the remaining ability of
vertically integrated utilities to use control of transmission to competitive
benefit in power markets.
In December, competitive power suppliers and industrial consumers petitioned
the commission to convene a technical conference on what was termed the
"seams" issue involving wholesale power transactions from one
RTO-administered grid area to another.
"The transmission grid for electricity is interstate and inter-regional,"
said John Anderson, executive director of the Electricity Consumers Resource
Council, or ELCON, which represents large industrial power users.
"We must be sure that, first, RTOs coordinate transmission facilities of
different utilities, but, second - and probably more important - we must
ensure that transmission facilities coordinated by each RTO are also
coordinated" among one another, Anderson said.
If the "seams" issue isn't addressed, "RTOs could soon resemble huge speed
bumps which could not just slow down, but do permanent harm to the vehicle of
competition," he said.
ELCON was joined in the petition by the Electric Power Supply Association,
which represents competitive power producers and marketers, and by Enron
Power Marketing Inc. (ENE), Reliant Energy Power Generation (REI) and Dynegy
Inc. (DYN).
FERC commissioners noted Wednesday that they soon will issue a notice seeking
comment on the issues raised by the petition, and whether the commission
should grant the request for a technical conference.
Commissioner William Massey welcomed the decision, noting that the lack of
standardized procedures could pose "an impediment to trade."
Massey called for FERC to shepherd an industry-wide effort to develop
consistent standards for information and terminology regarding scheduling and
reservation of transmission capacity among RTOs, - including the development
of "generic interface procedures."
FERC spurred a similar standardization process in the natural gas industry,
which resulted in creation of a Gas Industry Standards Board, or GISB.
GISB produced uniform communications protocols for reserving pipeline
capacity and standardized business practices, Massey noted, expressing the
desire for the electric industry to do the same.
ELCON was reserved in reacting to FERC's response to the petition, since the
commission could ultimately decide against holding the technical conference.
"We think recent events in California and the possibility of additional
supply disruptions in other areas of the country highlight the need for
inter-regional coordination," said Marc Yacker, ELCON's director of
government and public affairs.
"We continue to hope that FERC will address this issue," Yacker said. "The
closer we get to larger, more liquid regional wholesale power markets, the
better off we'll be."
The issue arose as FERC Wednesday approved an RTO for Florida. Ordinarily,
FERC wouldn't approve a single-state RTO, but did given that the state is a
peninsula.
However, the Electric Power Supply Association, for which the bottleneck for
sales into Florida is a big concern, raised the "seams" petition in that
proceeding.
The commission also must confront the issue in hashing out an RTO for the
U.S. Midwest. FERC has approved two different grid entities in the region,
the Alliance Regional Transmission Organization and the Midwest Independent
System Operator.
FERC has granted RTO status to the for-profit Alliance effort, in which
participating utilities aim to spin off their transmission assets to create
an independently traded transmission company.
Earlier this year, FERC issued an order establishing an administrative
proceeding designed to develop a merger agreement between the for-profit
Alliance and the nonprofit Midwest ISO.
The commission must act in the near future on an agreement struck in that
proceeding that would maintain the Alliance and Midwest ISO as two separate
entities, but operating under a single design for providing transmission
services across the two entities.
An attorney involved in the negotiations, who asked to remain anonymous, said
the agreement illustrated that such "seams" arrangements could obviate the
need for FERC to order establishment of RTOs encompassing broad geographic
regions.
-By Bryan Lee, Dow Jones Newswires; 202-862-6647; bryan.lee@dowjones.com

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

Top Enron executives reap bonuses for strong 2000 performance

03/28/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

HOUSTON (AP) - Energy marketing powerhouse Enron Corp. rewarded chairman
Kenneth Lay with a $7 million bonus for the company's performance last year,
a 79 percent increase from the year before.
According to a March 2 filing with the Securities and Exchange Commission,
the compensation committee of the Enron board of directors decided Lay, who
was chief executive officer until last month, get an increase from his $3.9
million bonus in 1999.
"We believe that Enron's executive compensation program has contributed
significantly to the increase in shareholder value from 1991 to 2000, during
which time a shareholder who invested $100 in Enron common stock would have
received $1,497 or a 1,397 percent increase in value, compared to 391 percent
for the S&P 500 and 534 percent for industry peers," the committee explained
in the company's proxy statement.
Lay's base salary remained flat at $1.3 million.
Similarly, Enron president Jeffrey Skilling - who took over as chief
executive officer in February - saw his bonus increase to $5.6 million from
$3 million in 1999. Skilling's salary remained flat at $850,000.
Enron, the nation's largest natural gas and wholesale electricity marketer,
saw a 32 percent increase in 2000 profits to $1.3 billion.
Shares of Enron were down $2.44 to $58.02 in afternoon trading Wednesday on
the New York Stock Exchange.

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

USA: Enron CEO says stock hit because of high multiple.
By C. Bryson Hull

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW ORLEANS, March 28 (Reuters) - Wall Street's stampede away from stocks
with high price to earnings (PE) ratios is finally catching up with Enron
Corp. and hurting its share price, the energy giant's top executive said on
Wednesday.
"I think the stock price dropped because of multiple compression," Enron
president and chief executive Jeff Skilling told an audience of institutional
investors at the Howard Weil Energy Conference in New Orleans.
Enron currently trades at about 41 times earnings, a value Skilling said he
considers "low and clearly sustainable moving forward."
His comments came as Enron shares dropped nearly 5 percent Wednesday, off
$2.84 at $57.62 in midafternoon trading on the New York Stock Exchange. Enron
's fall outpaced the less than one percent drop in the Standard & Poor's
Utility Index.
Skilling pointed to the wave of companies whose prices have dropped sharply
in the last year because investors thought they were overvalued, with PE
multiples above 30 times earnings range.
"We kept our multiple and felt a little like the last duck in the pond and
there was still a lot of ammo with the hunters," Skilling said.
Enron's stock remained immune to the trend against against high PE ratios
until last week, when it dropped under $60 for the first time since January
2000. It lost 8 percent over March 21-22, prompting Skilling to hold a
conference call last Friday to assuage investors and analysts.
One analyst said several Enron-specific issues have more to do with the
losses than the broader market disregard for high PE ratio stock.
"He is exactly right that high multiple stocks have sold off, and you see
that particularly in the NASDAQ. Telecoms and the tech sector have been hit
hard and Enron had a large part of its valuation in the telecom sector with
broadband," Commerzbank securities analyst Andre Mead said.
The market took that value out as telecoms weakened across the board and as
some doubts arose about Enron's timing on its broadband initiative and other
issues, he said.
"The bottom line is there are some market dynamics at work for at least a
potion of the sell-off, but a good deal of it is Enron-specific, because the
market is valuing the broadband less," Meade said.
The fall last week followed a rapid string of negative news about Enron,
including continuing word that India's Maharastra State Electricity Board
could not pay Enron for power from its Dabhol power plant; the termination of
the broadband unit's marquee 20-year video on deal with Blockbuster Inc. and
false rumors of layoffs at the broadband unit.
Enron hit a high of $90.56 and a low of $51.55 over the past 12 months.

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

USA: Viacom nixes plan to spin off rest of Blockbuster.
By Derek Caney

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, March 28 (Reuters) - Entertainment titan Viacom Inc. confirmed on
Wednesday it will scrap plans to spin off its remaining about 82 percent
stake in Blockbuster Inc. , saying it was happy with the performance of the
video retail unit and wanted to keep it in the Viacom family.
A spokeswoman said the company, which owns the CBS television network,
Paramount Pictures and MTV among other entertainment properties, would
disclose its plans in filings with the Securities and Exchange Commission in
the next couple of days.
"We're very happy with Blockbuster's performance," the Viacom spokeswoman
told Reuters. "We're pleased with the cash it generates. Blockbuster provides
a lot of free cash flow for Viacom."
The spokeswoman declined to comment on the possibility of Viacom buying back
the outstanding 18 percent of Blockbuster shares, which total about 175
million as of the end of December.
The Wall Street Journal reported on Wednesday that Viacom was giving up on
plans to split off Blockbuster, which has about 4,800 retail stores.
Viacom took the minority Blockbuster stake public in August 1999 at $15, but
it failed to generate much enthusiasm. Company executives said later that
year it would not offer any remaining stock until its share price hit the
$20-range.
Viacom executives have said repeatedly in the past that they believed
Blockbuster's shares were undervalued.
Blockbuster reached a high of $17 in November 1999, before crumbling against
the backdrop of investor belief that technology would dramatically change the
movie distribution business and would leave retailers, who rely on customers
visiting video stores, in the dust. Shares dropped to a low of $6.88 in
October 2000.
The increased popularity of satellite television and new digital cable
technology, which compresses cable signals to allow hundreds of cable
channels, and the specter of video-on-demand from a variety of services also
has scared many investors away from Blockbuster, analysts said.
"Blockbuster has been something of a conundrum to investors," said SG Cowen
analyst Ed Hatch. "Its shares have suffered under a cloud that technology
will make its stores obsolete."
But Gerard Klauer Mattison & Co. analyst Jeffrey Logsdon noted that despite
the threat of technological advances, the company has made considerable
strides.
"The company has dramatically redesigned its capital spending in the last
couple of years," he said, citing the retailer's revenue sharing deals with
film studios, in which the company shares video rental revenue in exchange
for cheaper prices for the new video releases it buys.
Logsdon also noted that the company has cut its new store additions, "which
has potentially added between $100 million and $150 million a year in free
cash flow.
"With those two elements, Blockbuster becomes a significant cash cow and it
becomes perhaps less necessary to have Blockbuster separate," he added.
Indeed, in the last few months, Blockbuster has staged something of a
turnaround, rebounding to its current level of $13.98, up 5 percent, or 68
cents, in Wednesday's trading on the New York Stock Exchange.
Earlier in 2000, Blockbuster announced several initiatives to take advantage
of its brand name. It signed a deal with electronics retailer RadioShack
Corp. to open up a "store-within-a-store" within RadioShack shops.
It also struck a marketing agreement with satellite television provider
DirecTV in which the two companies would jointly offer pay-per-view movies
via DirecTV, while Blockbuster will promote and sell the satellite systems
and services in its stores.
DirecTV is owned by General Motors Corp.'s Hughes Electronics Corp. .
Blockbuster's video-on-demand joint venture with Enron Corp. , however, was
less successful, unravelling earlier this month with both companies saying
they would pursue separate services.
Viacom shares were off 3.5 percent, or $1.60, to $44.65 in Wednesday's NYSE
trading, although analysts attributed the weakness to pessimism in the media
sector overall following Walt Disney Co.'s announcement late Tuesday that it
would slash its work force by 4,000, or 3 percent.

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

``Plumbers'' for Today's Economy Dominate Online Investor Tournament
Sponsored by Fast Angels; Eight Companies Work Behind-the-Scenes to Help
World Act Faster and Smarter

03/28/2001
Business Wire
(Copyright (c) 2001, Business Wire)

LOS ALTOS HILLS, Calif.--(BUSINESS WIRE)--March 28, 2001--The eight
quarterfinalists in March Money Mayhem, an online investment tournament of 64
investment options, are in a neck-to-neck battle as the nation's favorite
investment. Surprisingly, all provide "plumbing" for key sectors of the
nation's economy. Winners include literal plumbing suppliers like Home Depot,
but also Internet plumbers (Cisco and Microsoft), transportation plumbers
(Boeing, UPS), energy plumbers (Exxon Mobil and Enron) and body plumbers
(Merck).
Asked "where would you put $1,000?" today, voters in the investor parody of
college basketball March Madness (www.fastangels.com/marchmayhem/) were
bullish on the building-block stocks of the economy over the new technology
companies (e.g. Ariba, eBay, Amazon.com) and non-stock alternatives (e.g.
cash, Roth IRA, and trips to Disneyland). A prize of $1,000 will go to a
random on-line voter who predicts the most winners over the three-week
contest. Voting ends April 2. The contest is sponsored by Fast Angels
Ventures (www.fastangels.com), a new seed fund for technology entrepreneurs,
and CBS MarketWatch (www.cbsmarketwatch.com).
"We're seeing the same focus on plumbing in the recent deluge of business
proposals. Today's entrepreneurs aren't pushing faddish dot-com or
speculative edge technologies, but new methods to help companies work faster
and work smarter," said Mark Breier, Fast Angels(TM) Ventures managing
partner, who has reviewed more than 300 business plans in the three weeks
since announcing the fund. "Key trends include ideas to move data faster,
share computers simultaneously and empower mobile users."

CONTACT: For Fast Angels Ventures Gary Hanauer, 510/895-4482 GarHan@aol.com
13:10 EST MARCH 28, 2001

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

NIGERIA: Nigeria will break up state power monopoly - minister.

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

ABUJA, March 28 (Reuters) - Nigeria said on Wednesday it would end the
monopoly of state electricity giant NEPA and split it into many different
companies by the end of the of the year.
Minister of Power and Steel Segun Agagu told reporters the cabinet approved
the plan which had been incorporated in a bill to be presented to the
national assembly.
"The centrepiece of the proposed policy is the unbundling of NEPA into
several generation, distribution and marketing companies," he said.
Nigeria suffers from a chronic power shortage that leaves whole areas blacked
out sometimes for weeks.
NEPA is already slated for privatisation. The government's formula is to sell
40 percent to a core investor, retain 40 percent for the state and sell 20
percent to the public.
Its target is to generate 4,000MW of electricity by the end of this year
compared with a current 2,500MW.
Agagu said eight companies would be created in NEPA's power generation and
over 20 companies in distribution and marketing.
"Interested local and foreign companies will be given franchises for
distribution and marketing of electricity in some states or a combination of
states," he added.
Nigeria has 36 states and in Lagos, the richest and most populous, U.S.
energy giant Enron Corp is already working on a project to supply 270MW of
electricity.
The Nigerian minister said in the generation sector, Kainji and Jebba, both
hydro power stations on the River Niger could be constituted into one
company.
"There is no reason why we cannot generate energy in huge quantum in this
country and sell the same in other countries in the West African sub-region,"
Agagu said.
"The essence of the new policy is to create a competitive market for
electricity supply in all the states of the federal republic of Nigeria.
"We are trying to move away from the inefficient public sector control
monopoly which NEPA is towards a deregulated market where we have private
sector participation," he added.

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

Enron's unit presents thermal power plan to Aomori gov.

03/28/2001
Kyodo News
Copyright Kyodo News International Inc. 2001

AOMORI, Japan, March 28 --
A unit of U.S. energy company Enron Corp. on Wednesday submitted to Aomori
Gov. Morio Kimura its plan for building a large thermal power plant in the
village of Rokkasho in the northern Japan prefecture.
Encom Corp. (Japan) President Carey Sloan visited the governor and presented
the 60-hectare project for a 2-million-kilowatt power plant to be fueled by
liquefied natural gas (LNG), according to the plan.
The New York-based affiliate of the Houston-based Enron for power business in
Japan plans to start constructing the facility in 2004 upon necessary
administrative approvals and launch its operations in 2007.
Rokkasho is known as the site of the country's first full-scale nuclear waste
reprocessing plant. The facility run by Japan Nuclear Fuel Ltd. is set to
start reprocessing in July 2005.
According to Encom's plan, the company now is waiting for a reply -- expected
around June -- from Tohoku Electric Power Co. in order to connect its
transmission lines to those of the local electric power monopoly.
Sloan said in a press conference he expects Tohoku Electric to give nod to
his company's bid to link the lines.
Kimura issued a statement saying he expects the plan to spur the national
project to develop the village's 5,300-hectare Mutsu-Ogawara area, where the
reprocessing plant is located, into an industrial park.
It is also expected to contribute to boosting the regional economy and
creating jobs, the statement said.

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

Regulators grant rate hike for utilities
Rates could rise almost 50 percent under CPUC plan

By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 5:59 PM ET Mar 27, 2001

?
SAN FRANCISCO (CBS.MW) - California power regulators agreed Tuesday to raise
electricity rates by almost 50 percent to help the state's cash-strapped
utilities buy adequate power for their customers as the peak summer usage
season approaches.

"Today's rate increase is long over due," said Commissioner Richard Bilas,
prior to the actual vote. The vote came despite objections from hoards of
protesters outside the meeting in San Francisco to keep power rates stable.
The increase, which was approved 5-0, adds 3 cents per kilowatt hour to rates
and makes permanent an emergency one cent per kilowatt hour surcharge
approved on Jan. 4.
Pacific Gas & Electric (PCG: news, msgs, alerts) and Southern California
Edison (EIX: news, msgs, alerts) have been unable to buy electricity for
their California customers because they've run up debts of about $13 billion
paying for power on the open market well above what they received under
state-capped retail rates.
Adding another 3 cents per kilowatt hour will "comprehensively address" the
revenues needed in California to keep the state's lights on, CPUC President
Loretta Lynch said.
She stressed that the order gives the utilities the right to collect the
funds immediately, but that customers won't see the increase "until we design
new rates."
"Over 45 percent of residential customers will not experience a further rate
increase," Lynch said.
The rate hikes are expected to generate an additional $2.5 billion in annual
revenue for PG&E and $2.3 billion for Edison.
California Gov. Gray Davis attempted to distance himself from the move. "The
PUC's action today was premature because we do not have all the appropriate
financial numbers necessary to make a decision," Davis said in a statement.
"If it becomes clear that a rate increase is absolutely necessary for the
good of the State, I will support one that is fair and do my duty to convince
Californians of its necessity."
In January, the commission, which is dominated by Davis' appointees, denied
rate hikes of 26 percent being sought by the utilities. The state instead
began buying power itself on the expectation it could negotiate better prices
with out-of-state generators.
Since then California has spent about $4 billion buying power, wiping out
more than half of the state's budget surplus.
Analysts were cautious.
The order "still leaves important questions unanswered and comes with some
strings attached," Steven Fleishman, an analyst at Merrill Lynch said in a
research note. The order "deliberately restricts" the extra revenue from
being used toward the utilities' past power purchase costs, he said.
Consumer activists said the move is only the beginning and more rate hikes
can be expected. ?Watch interview.
The commission's meeting Tuesday brought hoards of protestors, whose presence
and chants of "Rate hikes go away. Make the energy companies pay!" caused
delays to the proceedings.
But the CPUC's decision will help the power crisis in California, Enron (ENE:
news, msgs, alerts) CEO Jeff Skilling said Tuesday at the Southern Methodist
University's Cox School of Business management briefing series in Dallas.
"There's been a need to balance supply and demand and to date I don't think
anyone has been willing to let the prices rise to help balance supply and
demand," Skilling said. "So this is a huge step forward in reducing the odds
of shortfalls."
Davis said Monday that the "tiered pricing could promote the conservation
California needs if structured properly but was not convinced of that by the
data made available to him last week." He had hoped that the state's energy
crisis could be resolved without a rate hike.
CPUC orders QF payments
The CPUC also ordered California's two biggest utilities to make payments to
small independent generators, or qualifying facilities, for energy within 15
days of delivery.
The order directs the utilities to resume payments to QFs within 15 days of
end of billing period, Commissioner Carl Wood said. If they don't comply, the
utilities will suffer from penalties equal to the amount owed to the QFs, he
said.
Wood withdrew, on Monday, his idea for a fixed price payment of $79 per
megawatt hour.
During a conference call to note holders late Tuesday, Edison's CFO Ted
Craver, Jr. said SoCal Edison plans to make interest payments on some of its
defaulted debts, with the first payment on some commercial paper outstanding
made around the end of next week.
Craver also said that with the utility's planned payments and its commitment
to make interest payments, starting this week, as they come due, SoCal Ed
will become current on all outstanding interest rate payments.
Meanwhile, the CPUC's order regarding payments to QFs came just as the
state's power grid operator issued a "Stage Two" power alert throughout
California, calling for increased consumer conservation. The Independent
System Operator said 10,500 megawatts of power were offline due to
maintenance Tuesday and another 2,900 of QF generation remained unavailable.
The CPUC also ordered Tuesday that the utilities hand over the money they've
collected for power through retail rates in order to cover the costs of the
state's Department of Water Resources, which has been buying power on their
behalf since early this year.
The commission will discuss the details of the issue at its continuation
meeting next Tuesday, Lynch said.
Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco.

Hefty payday for Enron's top execs
$7 mln bonus for chairman, $5.6 mln to CEO for 2000

By Lisa Sanders, CBS.MarketWatch.com
Last Update: 5:22 PM ET Mar 27, 2001

?
DALLAS (CBS.MW) -- Enron's ability to continually transform itself has
generated strong results for the Houston-based energy company, CEO and
President Jeffrey Skilling said Tuesday.

His remarks, made to members of the Dallas business community attending
Southern Methodist University's Cox School of Business management briefing
series, came on the same day that Enron (ENE: news, msgs, alerts) filed its
annual proxy statement.
In the proxy, Enron's financially robust 2000 translated into healthy bonuses
for both Skilling and Chairman Kenneth Lay. Lay's bonus shot up to $7 million
in 2000 from $3.9 million in 1999, while Skilling took home $5.6 million in
bonus pay, up from $3 million the previous year. Enron named Skilling CEO in
February.
The No. 1 buyer and seller of natural gas in the U.S. and the leading
wholesale power marketer had $100.8 billion in sales in 2000, up from $20.36
billion in 1997. During the same period, its earnings-per-share increased to
$1.47 from 87 cents a share, a 25 percent gain, and its market cap climbed to
$62.5 billion from $12.8 billion.
Last week, Enron's market cap declined on rumors, which the company denied in
a press release and subsequent conference call, of problems in its broadband
business. Shares of Enron, which set a 52-week low of $51.51 a share on March
22, shed $1.02 to close at $60.46 on Tuesday.
On Tuesday, Skilling said he expected bandwidth trading, now a nominal part
of Enron's overall business, to contribute 10 to 15 percent to the company's
bottom line in the next four to five years.
In a conference call Friday, Skilling reiterated that Enron remains
comfortable with its previously announced profit target of $1.70 to $1.75 a
share in 2001. The average estimate of analysts polled by First Call/Thomson
Financial is $1.74 a share.
On Tuesday, Skilling maintained his view and also said the company is
comfortable with expectations for a profit of 45 cents a share in the March
quarter.
Enron a business maverick
"Enron has changed the way a lot of people think about the energy business,"
Skilling said. "The one good idea is that the traditional, rigid,
capital-intensive vertically integrated business structures...are breaking
down."
Skilling, who received a bachelor degree from SMU, said its better to search
for the highest quality products and assemble them into a package for
delivery to customers rather than owning them all. He said that the business
model is superior because it's cheaper and more flexible.
"Virtual integration will beat vertical integration every day," said
Skilling, predicting that in the future people will work for the system,
rather than the product, and that physical capital will be replaced with
intellectual capital. Enron, he said, created the packaging concept back in
the late 1980s and assembled it in a way that enables energy to be delivered
at lower costs.
"That's what led to the growth at our company," he said. Skilling said he
intends for Enron to be the most innovative company in America for years to
come.
Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com.


Kristin -

As per our discussion yesterday, I am writing give you a status on the
Access Tool we are building for the Power Deal Validation and Reconciliation
processes.  We have taken the Gas Tool's model, and begun to modify it to
suit the activities planned for Power deals.  This work has focused thus far
on the look-and-feel of the tool, with work on the data and performance
factors promptly following, scheduled for completion by early next week.
T
 he modification process has also considered some additional Power deal
required data, which were not necessary for Gas.  Also, in consideration of
the initiative where we will work to calculate/correct the settlement
amounts on the deals, we have developed a billing section.  In this section
we hope to leverage paper contract, CSC, and RPS validated and reconciled
deal information to pump through a calculation engine for said settlements.

Please take a look at the attachment, which includes screen shots of the
main sections of the tool so far.  The screens developed are mostly useful
for the validation and reconciliation activities, although others are
pending modification or development, as needed.  We hope to use your
feedback for tweaking the screens.

Thanks for the time and I hope you enjoy your weekend.

 <<Enron-PwrToolScreenShots-Aug2001.doc>>

> kpmg LLP  Information Risk Management
Joshua P. Galv?n
Senior Associate
700 Louisiana, Ste. 3200
Houston, Texas  77002
713/319-2082 (wrk)
713/256-8499 (mob)
jgalvan@kpmg.com

*****************************************************************************
The information in this email is confidential and may be legally privileged.
It is intended solely for the addressee. Access to this email by anyone else
is unauthorized.

If you are not the intended recipient, any disclosure, copying, distribution
or any action taken or omitted to be taken in reliance on it, is prohibited
and may be unlawful. When addressed to our clients any opinions or advice
contained in this email are subject to the terms and conditions expressed in
the governing KPMG client engagement letter.
*****************************************************************************


Traveling to have a business meeting takes the fun out of the trip.
Especially if you have to prepare a presentation.  I would suggest holding
the business plan meetings here then take a trip without any formal business
meetings.  I would even try and get some honest opinions on whether a trip is
even desired or necessary.

As far as the business meetings, I think it would be more productive to try
and stimulate discussions across the different groups about what is working
and what is not.  Too often the presenter speaks and the others are quiet
just waiting for their turn.   The meetings might be better if held in a
round table discussion format.

My suggestion for where to go is Austin.  Play golf and rent a ski boat and
jet ski's.  Flying somewhere takes too much time.


TEXAS EXES NETWORKING/THIRSTY  THURSDAY

Join your fellow Longhorn friends this Thursday,  January 10, 2002 at Blancos on West Alabama for the first 2002 Thirsty  Thursday from 5:30-8:00.  Come for great drink specials and good ole' Texas  fun.


Don:

I hope that all is well on your end (Enron/Dynegy merger?) & that your
holiday was great.  I'll be interested to hear about your hunting fortunes!

As you suggested in our last conversation a few weeks ago, I'm following up
with you shortly after Thanksgiving.  I just left you a Vmail message to
continue the process in finalizing our win-win "business
arrangement/partnership" regarding the creation and trading of a TNE-Cinergy
index on EOL. I look forward to hearing from you in the near future.
Thanks.

Chuck Kaniuka
Director-Sales
215-504-4288, ext. 217


Whoever wrote this did an excellent job


Berney,
My last day is Jan 31. The group was disbanded on Tue. Jim Fallon told me not to do anything till I receive a formal letter from him instructing me to transfer the software. He will writwe a letter today.
Vince
--------------------------vince kaminski


Attached for your review is the letter agreement which locks in the Gas
Conversion Agreement pricing.


You may wish to quickly skim through the details below, of the Government's
decree (the final action on the Endesa/Iberdrola merger), modifying slightly
what the Competition Authority did on the case.  If you wish to skip down,
you may go to the heading "Commercialisation" (the Spanish term for
marketing/supply function).  There you will see the outlines (details to
follow) of what I described in the Staff meeting today, which is the
limitation on the merging incumbents being able to only obtain 60% of the
business of new/renewing customers, i.e., those customers must seek services
from other suppliers.  I am not aware of such a concession being extracted
anywhere else before, and this is all due to the efforts of Alfredo
Huertas.   It should bode well for businesses like Enron Direct, and toward
the development of a contracts market where others will need to trade with us
and seek our risk mangaement skills.  let me know if you need more.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 05/02/2001
16:25 ---------------------------

	From:  Alfredo Huertas                           02/02/2001 17:15

To: Ignacio Soneira/MAD/ECT@ECT, Gonzalo Gomez-Navarro/MAD/ECT@ECT, Eric
Gonzales/LON/ECT@ECT, Mariano Gentilini/LON/ECT@ECT, Jose Luis
Gomez-Banovio/LON/ECT@ECT, David Gonzalez/LON/ECT@ECT, Paul Mead/LON/ECT@ECT,
Pedro Del Rio Alcalde/LON/ECT@ECT, Robert Saltiel/LON/ECT@ECT
cc: Mark Schroeder/LON/ECT@ECT, Peter Styles/LON/ECT@ECT

Subject: Spanish Govt. authorises the merger, but...

We do not know the particulars of the following press headlines (the decree
will be published on Monday). Comments below s/t the actual drafting of the
decree:

Generation

Market share of 42% of generation: We do not know if this is expressed (in MW
or MWh, etc...). Still unknown if this includes special regime generation; if
yes, the market share of ordinary regime generation may go down to 35% (we
insisted on 30%).

Divestiture by auction, as we proposed.

This share could not be increased until 2005, but no aparent limitation on
new built generation for the merged.

Particulars about the mix are still ambigous.

Transmission

Reduction on the participation on OMEL and REE to 10%

Distribution

Market share of 48% of distribution: As above, we do not know yet how this is
expressed, but Vicent was suggesting last Tuesday that a "meaningful"
criteria was going to be applied, as opposed to the "meaningless and biased"
suggested by the utilities and the CNE. We recommended 40% as compared to 66%
proposed by the utilities.

Commercialisation

Market share of 40% of new + renew contracts on the whole Spanish territory.
On the top of this, the merged company's market share cannot go beyond 60% of
new + renewed contracts on its own distribution area. Although our proposal
of applying these same limits to existing and new contracts has not gone
through (there were actually legal problems involved on that), we could claim
a great deal of "responsibility" on implementing the second boundary relative
to their own distribution area. (We actually had to convinced Sempra and
Aquila to support this initiative).

Although we do not know yet how the % is expressed (as above), it is very
important the second limitation on their own distribution territory, in order
to spur retail competition and tackle distcos' discriminatory behaviour on
access and metering issues. Recall that by 2003 all customers are eligible,
and this limitation will last until 2005.

CTCs

CTCs rights are passed to new owners, but the capital gains associated to
divestiture to offset CTCs rights of the seller. We battled for this last
piece, but not for the transferral of CTC rights to new owners. We will need
to analysed this more carefully in the decree itself.

No more securitisation! The 4.5% of the tariff, which was devoted to fund
CTCs has been eliminated. Therefore, we come back to the early days
mechanism. Implications:
  1) the CTC mechanism will be more transparent now, but still opaque
overall;
  2) Will the 1998 CTC write-off be re-established, that is, will CTCs
increase? More details on Monday

Penalties

 ?12,020 per day where the conditions above are not satisfied.

a.


System Outage Notification

Outage Description:

All SAP systems (including Prod Interface, all EBP systems, IPayIt and FTP servers) will be shutdown in order to upgrade our storage hardware. This maintenance is required to ensure that sufficient storage is available for the SAP Production systems.

Date & Time of Outage:

Outage Commences: November 9, 2001 @ 8:00pm CST

Outage Ends: November 12, 2001 @ 2:00am CST

Contacts:

Contact:

Contact Information:

ISC Customer Care

713-345-4727


Marie,
	Below is the information you requested.

	Morgan Stanley:

	Current ENA account:	038-C12278
	Contact:		Joe Marovich
	email address:		joseph.marovich@msdw.com
	mailing address:		Morgan Stanley & Company
				Attn:  Joe Marovich
				1221 Avenue of the Americas - 28th floor
				New York, NY 10020

	Goldman Sachs:

	Current ENA account:	002-070076,  002-257830,  033-671710
	Contact:		Joe Arens
	email address:		joe.arens@gs.com
	mailing address:		Goldman Sachs
				Attn:  Joe Arens
				1 New York Plaza - 48th floor
				New York, NY 10004

	Also, for Morgan Stanley Dupe letter you can reference the energy book account # 038-038592 as an example of an account that rolls under the ECT Investments family.  If you need anything else give me a call at ext. 31439.

Thanks,
Theresa


Kathy attached is a revised amendment concerning "counterparty".  If you have not  revised and executed the amendment, please have the attached signed.  As you know, PG&E is defined as "Company" in Section 2.4.  Please send the executed amendments to my attention at the address below and upon ENA's signature I will forward an original for your records.

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


If you send the letter, please forward a copy to me.  SS


Bob,

I spoke to Jeff.  He said he would not pay anything. I am waiting for John to
be in a good mood to ask.  What is plan B?

Phillip


here is the response.

Peter


I have just received documentation to support the name change for the
following entity, and we have been requested by Credit to overlay the name in
GCP immediately.  This is to put all interested parties on notice that any
objections or concerns regarding these changes should be directed to me at
X3-3103 or Marilyn Colbert at X3-6517.  This change will appear as an
addition to the final name change/merger report due out next week.

Old Counterparty Name                           BA ID   CP ID   ERMS
Shortname   Eff. Date          New Counterparty Name    BA ID      CP ID
ERMS Shortname
Cook Inlet Energy Supply Limited Partnership    19923     11170
COOK                                03/16/00                 Cook Inlet
Energy Supply L.L.C.   N/C          N/C           N/C


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--

--

 - sooty.jpg


As a result of recent deregulation in states such as Pennsylvania and
California, many new companies are entering the retail energy market.  Today,
consumers in several states are able to choose their energy provider in much
the same way they choose their long-distance phone company.  A survey has
been commissioned by the research group to better understand which factors
are most important to consumers considering switching energy providers.

The survey consists of 28 question, and can be found on the following website:

http://www.energy-survey.addr.com/survey.htm

If you, your spouse, or someone else in your family has time to take this
survey, we would appreciate your input.

Feel free to forward this email to others.  Thanks for your time and
consideration.


Enron is in the process of re-negotiating our contract with Dow Jones
Interactive and we need to know if you are currently
accessing this data.  In the near future there will be a cost associated with
this information and you are currently listed as
having a license.

Please click on the below link and let us know if you need continued access
to this service.

http://nahou-webcl1.corp.enron.com/inquisite/DJI/DJI.html

Thank You,
Market Data


See the new versions of the netting agreement forms below.  All that has been done is to move the Force Majeure concept to paragraph 2(a) from 14(b).  This allows the daily limit concept to stand in the UMAs, but it won't elevate to a default under the master netting arrangements.  In certain instances if you want to "kill" the day limitation completely in the underlying agreement, you can always use the previous 14(b) language from the emailed docs earlier today.    The docs remain at v1 (version 1).

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com


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Orlando, FL
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Portland, OR
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St. Louis, MO
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Tulsa, OK
 $77 one-way, to/from Houston Bush Intercontinental, TX
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West Palm Beach, FL
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I'm in for a chair- Thanks- (how did you end doing asset sales & HR??)

 -----Original Message-----
From: 	Fitzpatrick, Amy
Sent:	Thursday, May 31, 2001 1:50 PM
To:	Portland West Desk
Subject:	Old Desk Chairs (does not include 'old' Aeron chairs currently on the floor)

We will be selling the old desk chairs to employees for $25.00.  If you are interested in purchasing a non-Aeron chair currently on the floor, please let me know by close of business, Monday, June 4.  On Tuesday morning, we will hold a drawing to allocate the available chairs.

Just a reminder - we will be replacing desk chairs after 2:00 pm on Monday, June 4 and Tuesday, June 5.  If you are happy with your current chair and do not wish to have it replaced or have special requests, please let me know as soon as possible.  Please disregard if you have already responded.

Thanks!
Amy


HAPPY HOLLOWEEN  FROM SAMURAIMAI  (#457 CLASS OF '73)
  Regarding U T winning the national championship.  What a JOKE!  I have
arranged to have the "JUNIOR COLLEGE'S" TOWER here in Austin demolished, as
it is the preferred site for the proposed Blanton Museum.  The tower will
never glow orange again.  It's also on the second tier target list for the
raghead's next flyby.
Best regards.  -KAI-

At Homecoming 2000, the BETA TENT had the biggest crowd by far.  Stay connected and consider a future homecoming BETA reunion.  It's incredible...forget the 20 years in between...everyone just seems to pick it up right where they left off years ago.

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/


Harib,

Attached is the latest update for the DPC project. A printed copy of the
attached document with photos is being forwarded to you seperately. I will be
responsible for sending you the monthly updates in the future. Also, I am
planning a trip to the Middle East at the end of March and the beginning of
April. I hope to meet with you at that time. If you have any questions,
please feel free to call me at 713 345-5855.

Best Regards,

Paul


This Friday is my last day at Enron.  I don't have my new address in Boston, but my email address is bthoskins@hotmail.com.  You can also reach me at this address for most of the summer:

5200 Boulder Ct.
Louisville, KY 40207
502-895-0980

Keep in touch!

Brian


---------------------- Forwarded by Jennifer Rudolph/HOU/EES on 05/15/2001
05:53 PM ---------------------------

Susan J Mara@ENRON
05/15/2001 05:48 PM

The final decision added an average rate cap for industrial users.  It has
the effect of lowering rates slightly.  Also, direct access remains exempt
from the surcharge but language is added to ensure that DA Customers receive
no bill credit.  The decision also adds the notion that the CPUC will now
look at redesigning the credit system to "reflect current structural reality."

Sue


Hi Sara, I have spoken to PPL and they want us to review their confirm and
let them know what we do not agree with.  They do not want to sign our
confirm when they are the seller.  The lady I spoke with is in the contracts
department (she is not an attorney) but she wanted you to talk to her first.
Her name and phone number are as follows:

Ann Lovett
(610) 774-4716

Thanks,
Melissa
3-1886


Chris--Attached is an updated version of our March Needs estimates.  I know
that changes have been made to Nipsco Choice and to CGV requirements.  There
may be some other changes as well.

please call if you have quesitons.

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

 - 03 00 SUPPLY NEEDS - ALL LDCS                     (MASTER).xls


Daren,

Can you please verify for me whether we took over any old imbalances that CES
had?  The reason I am asking if we got a letter from Kinder Morgan asking us
to verify an imbalance.  It looks like it would of been an imbalance between
CES and Kinder Morgan.  We don't show anything in our system and want to
verify that we shouldn't.

Thanks and if I need to provide any further information, please let me know.

Karen


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/10/2000
05:51 PM ---------------------------

Ludkam@aol.com on 01/10/2000 05:47:29 PM
To: Vince J Kaminski/HOU/ECT@ECT, VKaminski@aol.com
cc:
Subject: Re: czeki

#1244 $24.00 to Palo Alto Pathology, Inc.
#1243 $266.00 to Vehicle Registration DMV CA


Hey,

I haven't eaten yet either.  Give me a call and we can decide where to meet.


Dear Mr. LARRY CAMPBELL:

Thank you for your order.

You sold 95 shares of JNPR (Juniper Networks Inc Com) at 125.000000.

ORDER DETAILS:
The tracking number for this order is: B-170-AAXB-7542
Order entered at:                      14:38:43 on 11/30/00
Order processing began at:             14:38:44
Order executed at:                     14:39:27 on 11/30/00

ACCOUNT DETAILS:
Time and Date: 14:39:27 on 11/30/00
Your position in JNPR is 0 shares
Your real cash total is $20,674.93

You will receive a printed Datek Online confirmation by postal mail, or by
electronic delivery if you are subscribed to that service.

Questions regarding this transaction? Contact our Customer Support department
by e-mailing support@datek.com. Please reference the order tracking number.


Clarksdale #8 will run Thursday for HE 16 and 17.  It has a 30 minute start
up.
Clarksdale #9 will run Thursday for HE 16.  It has a 2 hour start up.

Unit #8 will put out 13 to 14 mw's and Unit #9 will put out 21 to 22 mw's

Thanks
Kayne


9/17	To MPC-EPMI Colstrip s/b priced at 27.25 peak/ 25.13 off peak (.10 adder missing)
	To PSE-EPMI - MC s/b priced with the 1.50 adder *related to the parking/lending
	To EPMI MC Memo s/b price with the 1.80 adder @ 28.95
	To BPA-EPMI (PGE Sys) s/b priced with the 1.50 adder (232 mw) *related to the parking/lending
Purchases = $ 157,536.41
Sales = $ 149,942.71

9/18	To EPMI MC Memo s/b price at 27.08 not 27.80
	To MPC-EPMI Colstrip s/b price with the .10 cent adder peak & off peak
Purchases = $ 120,906.80
Sales= $ 113,792.80

9/19	To MPC-EPMI Colstrip s/b price with the .10 cent adder peak & off peak
	To EPMI MC Memo - you have 2mw in this.  I think it should have 152 @ the 1.50 adder for parking/lending
Purchases = $ 110,583.86
Sales = $ 103,264.86

9/20	To EPMI MC Memo -  3 mw deal s/b priced with the .10 cent adder
	To MPC-EPMI Colstrip s/b price with the .10 cent adder peak & off peak
	You are missing the parking/lending deal 8 mw off peak & 25 he 15-20 @ 1.50 adder
Purchases= $ 131,863.77
Sales= $ 124,327.57

9/21
9/22	To EPMI MC Memo - 150 mw deal s/b priced with the .10 cent adder
	To MPC-EPMI Colstrip s/b price with the .10 cent adder peak & off peak
Purchases= $ 129,948.00
Sales= $ 122,659.60

That's all i have today! I'm tired!!!!  I will try and finish up tomorrow.

Diana


I'm checking.

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 01/03/2001 04:37:22 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: FW: Amendment No. to 1 Letter Agreement

Kay:

Please see George Kutzschbach's comments to the amendment below.  I would
accept his comment #2.  What is ENA's reaction to comment #1?  Please
advise.  Thank you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>
;

-----Original Message-----
From: George Kutzschbach [mailto:gkutzschbach@fulbright.com]
Sent: Wednesday, January 03, 2001 3:55 PM
To: Campbell, Carolyn
Cc: DPedigo@INTERGEN.com; jjones@INTERGEN.com
Subject: Re: Amendment No. to 1 Letter Agreement

Carolyn,

In addition to Doug's comments regarding the Amendment, the second
sentence of Section 2 of the Original Agreement which is in quotation
marks in paragarah 1 of your draft of the Amendment should be revised in
the following respects:

1)  The outside closing date of "January 15, 2001" should be changed to
"January 22, 2001" to give sufficient time for the Facility Agreement to
be signed after the funding of the escrow; and

2)  The reference to "the Original Agreement" should be to "this
Agreement" since this sentence is being inserted in the Original
Agreement.

George

>>> "Campbell, Carolyn" <CCampbell@KSLAW.com> 01/02/01 05:39PM >>>

 <<2SX801!.DOC>>

George:

We have enclosed for your review the initial draft of an amendment to
the
letter agreement pertaining to CA Energy Development I LLC.  Similar
amendments will be prepared for the other two letter agreements.
Please
review and advise of any comments at your earliest convenience.  Thank
you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

Enclosure:  130796v1

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--Maine Supreme Judicial Court 1996
--Massachusetts Supreme Judicial Court 1930
--Massachusetts Appeals Court 1930
--New Hampshire Supreme Court 1930
--Rhode Island Supreme Court 1950

SECOND FEDERAL CIRCUIT
--U.S. Court of Appeals, Second Circuit 1930
--Connecticut Supreme Court 1950
--Connecticut Appellate Court 1950
--New York Court of Appeals 1955
--New York Supreme Court, Appellate Div. 1st Dept. 1955
--New York Supreme Court, Appellate Div. 2nd Dept. 1955
--New York Supreme Court, Appellate Div. 3rd Dept. 1955
--New York Supreme Court, Appellate Div. 4th Dept. 1955
--New York Supreme Court, Appellate Term 1st Dept. 1955
--New York Supreme Court, Appellate Term 2nd Dept. 1955
--Vermont Supreme Court 1930

THIRD FEDERAL CIRCUIT
--U.S. Court of Appeals, Third Circuit 1930
--U.S. District Court, New Jersey 1999
--New Jersey Supreme Court 1930
--New Jersey Superior Court, Appellate Division 1930
--U.S. District Court, Eastern, Pennsylvania 1997
--Pennsylvania Supreme Court 1950
--Pennsylvania Superior Court 1950
--Pennsylvania Commonwealth Court 1950

FOURTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Fourth Circuit 1930
--U.S. District Court, Maryland 1999
--Maryland Court of Appeals 1950
--Maryland Special Court of Appeals 1950
--North Carolina Supreme Court 1945
--North Carolina Court of Appeals 1968
--U.S. District Court, South Carolina 1999
--South Carolina Supreme Court 1996
--South Carolina Court of Appeals 1996
--Virginia Supreme Court 1930
--Virginia Court of Appeals 1930
--West Virginia Supreme Court of Appeals 1991

FIFTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Fifth Circuit 1930
--Louisiana Supreme Court 1980
--Louisiana Court of Appeals, 1st Circuit 1980
--Louisiana Court of Appeals, 2nd Circuit 1980
--Louisiana Court of Appeals, 3rd Circuit 1980
--Louisiana Court of Appeals, 4th Circuit 1980
--Louisiana Court of Appeals, 5th Circuit 1980
--U.S. District Court, Northern, Mississippi 1997
--Mississippi Supreme Court 1994
--Mississippi Court of Appeals 1994
--Texas Supreme Court 1950
--Texas Court of Criminal Appeals 1950
--Texas Court of Appeals, 1st District 1950
--Texas Court of Appeals, 2nd District 1950
--Texas Court of Appeals, 3rd District 1950
--Texas Court of Appeals, 4th District 1950
--Texas Court of Appeals, 5th District 1950
--Texas Court of Appeals, 6th District 1950
--Texas Court of Appeals, 7th District 1950
--Texas Court of Appeals, 8th District 1950
--Texas Court of Appeals, 9th District 1950
--Texas Court of Appeals, 11th District 1950

SIXTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Sixth Circuit 1930
--Kentucky Supreme Court 1945
--Kentucky Court of Appeals 1945
--Michigan Supreme Court 1930
--Michigan Court of Appeals 1965
--Ohio Supreme Court 1950
--Ohio Court of Appeals, 1st District 1950
--Ohio Court of Appeals, 2nd District 1950
--Ohio Court of Appeals, 3rd District 1950
--Ohio Court of Appeals, 4th District 1950
--Ohio Court of Appeals, 5th District 1950
--Ohio Court of Appeals, 6th District 1950
--Ohio Court of Appeals, 7th District 1950
--Ohio Court of Appeals, 8th District 1950
--Ohio Court of Appeals, 9th District 1950
--Ohio Court of Appeals, 10th District 1950
--Ohio Court of Appeals, 11th District 1950
--Ohio Court of Appeals, 12th District 1950
--Tennessee Supreme Court 1950
--Tennessee Court of Appeals, Middle Grand Division 1950
--Tennessee Court of Appeals, Eastern Grand Division 1950
--Tennessee Court of Appeals, Western Grand Division 1950
--Tennessee Court of Criminal Appeals, Middle Grand Division 1950
--Tennessee Court of Criminal Appeals, Eastern Grand Division 1950
--Tennessee Court of Criminal Appeals, Western Grand Division 1950

SEVENTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Seventh Circuit 1930
--Illinois Supreme Court 1985
--Illinois Appellate Court, 1st District 1985
--Illinois Appellate Court, 2nd District 1985
--Illinois Appellate Court, 3rd District 1985
--Illinois Appellate Court, 4th District 1985
--Illinois Appellate Court, 5th District 1985
--Indiana Supreme Court 1940
--Indiana Court of Appeals, 1st District 1940
--Indiana Court of Appeals, 2nd District 1940
--Indiana Court of Appeals, 3rd District 1940
--Indiana Court of Appeals, 4th District 1940
--Indiana Court of Appeals, 5th District 1940
--Indiana Tax Court 1986
--Wisconsin Supreme Court 1945
--Wisconsin Court of Appeals, District I 1945
--Wisconsin Court of Appeals, District II 1945
--Wisconsin Court of Appeals, District III 1945
--Wisconsin Court of Appeals, District IV 1945

EIGHTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Eighth Circuit 1930
--Arkansas Supreme Court 1957
--Arkansas Court of Appeals 1957
--Iowa Supreme Court 1995
--Iowa Court of Appeals 1995
--Minnesota Supreme Court 1930
--Minnesota Court of Appeals 1983
--Missouri Supreme Court 1960
--Missouri Court of Appeals 1960
--Nebraska Supreme Court 1965
--Nebraska Court of Appeals 1965
--U.S. District Court, North Dakota 1999
--North Dakota Supreme Court 1930
--North Dakota Court of Appeals 1930
--South Dakota Supreme Court 1965

NINTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Ninth Circuit 1941
--Alaska Supreme Court 1960
--Alaska Court of Appeals 1960
--Arizona Supreme Court 1930
--Arizona Court of Appeals, 1st Division 1930
--Arizona Court of Appeals, 2nd Division 1930
--U.S. District Court, Central, California 1998
--California Supreme Court 1930
--California Court of Appeal, 1st Appellate District 1930
--California Court of Appeal, 2nd Appellate District 1930
--California Court of Appeal, 3rd Appellate District 1930
--California Court of Appeal, 4th Appellate District 1930
--California Court of Appeal, 5th Appellate District 1930
--California Court of Appeal, 6th Appellate District 1930
--Hawaii Supreme Court 1930
--Hawaii Intermediate Court of Appeals 1930
--Idaho Supreme Court 1965
--Idaho Court of Appeals 1965
--Montana Supreme Court 1993
--Nevada Supreme Court 1950
--Oregon Supreme Court 1950
--Oregon Court of Appeals 1950
--Washington Supreme Court 1935
--Washington Court of Appeals, 1st Division 1969
--Washington Court of Appeals, 2nd Division 1969
--Washington Court of Appeals, 3rd Division 1969

TENTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Tenth Circuit 1930
--Tenth Circuit Bankruptcy Appellate Panel
--Colorado Supreme Court 1930
--Colorado Court of Appeals 1930
--Kansas Supreme Court 1982
--Kansas Court of Appeals 1982
--New Mexico Supreme Court 1930
--New Mexico Court of Appeals 1930
--Oklahoma Supreme Court 1994
--Oklahoma Court of Criminal Appeals 1994
--Oklahoma Court of Appeals 1994
--Utah Supreme Court 1950
--Utah Court of Appeals 1950
--Wyoming Supreme Court 1993

ELEVENTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Eleventh Circuit 1981
--Alabama Supreme Court 1955
--Alabama Court of Civil Appeals 1955
--Alabama Court of Criminal Appeals 1955
--Florida Supreme Court 1950
--Florida District Court of Appeal, 1st District 1950
--Florida District Court of Appeal, 2nd District 1950
--Florida District Court of Appeal, 3rd District 1950
--Florida District Court of Appeal, 4th District 1950
--Florida District Court of Appeal, 5th District 1950
--Georgia Supreme Court 1940
--Georgia Court of Appeals 1940

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of LEXIS-NEXIS, a division of Reed Elsevier Inc.


Final Update.....

I went to see Dorothy, Tim and the new baby on Sunday.  He is absolutely
beautiful and Dorothy and Tim couldn't be prouder parents.  His name
is.....Drake Andrew Dalton and that name suits him just fine!  Thanks.


Good Afternoon,

Any GCP Adjustments will be highlighted in blue.  Please fee free to give me a call, if you have any questions.

Amber N Ebow x5-8331
Global Counterparty_Enron Net Works

 -----Original Message-----
From: 	Lebrocq, Wendi
Sent:	Monday, October 29, 2001 9:55 AM
To:	Bradford, William S.; Lees, Lisa; Fayett, Juana; Le, Trang; Maley, Paul; O'day, Karen; Rohauer, Tanya; Lombardi, Kelly; Lindsay, Brian; EOL Call Center; Hare, Bill D.; Heffernan, Amy; Lafuze, Molly; Clark, Danny; Panus, Stephanie; Mandola, Teresa; Ebow, Amber; Coleman, Tandra; Campbell, Lesli; Lebrocq, Wendi; Taylor, Mark E (Legal); Lauer, Kara; Banner, Kimberly; Mcquade, Jennifer; George, Fraisy; Guillory, Michael; Rajaram, Aparna; Monterrey, Maribel; Lebeau, Maria; Escamilla, Albert; Lebrocq, Wendi; Global Emerging Businesses; Lambert, Karen; Jones, Tana; Schott, Samuel; Brackett, Debbie R.; Clark, Cynthia; Enron Europe Global CounterParty,; Sever, Stephanie; Moran, Tom; Clark, Claudia; Curry, Ken
Subject:	EOL and Clickpaper Approvals for 10-26-01

Please see attached.

 << File: EOL 10-26-01.xls >>
Regards,

Wendi Lebrocq
3-3835


This should be the first major step to getting this done.  Let me know if I
can be of help!


The following reports have been waiting for your approval for more than 4 days.  Please review.

Owner: V. Charles Weldon
Report Name: CWeldon 101901
Days In Mgr. Queue: 4


We will have activities on Thursday, April 26 for Bring Your Kid to Work
Day.  Please RSVP to
Theresa Villeggiante via email by 5:00 PM on Tuesday, April 23 with your
guest(s) name and age.

The schedule:

8:00 - 9:00 Breakfast Served in Mt. Hood and with parents
9:00 - 9:45 What we do on the Trading Floor Presentation in Mt Hood
10:00 - 10:30  Join PGE Group for Fun On The Plaza (2WTC, Open Area) Electric
Cars, Line Truck Demo, etc.
10:30 - 11:00 Join PGE Group for tours (tour executive floor, load dispatch,
sign up at 10:00 on the plaza)
11:00 - 11:30 with parents
11:30 - 12:15 Lunch served (sandwiches, chips, cookies)
12:30 - 1:00  IMAGO Theatre's delightful FROGZ show w/PGE Group,
2WTC-Auditorium (suitable for all ages)
Remainder of the afternoon with parents.

Please note, parents must attend PGE activities with their child(ren).

Let me know if you have any questions and remember to RSVP on Tuesday!

Thanks.

Mollie


Mary
thanks.
carol

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Mary J Heinitz
	11/29/00 11:16 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Re: Nanny Search

Hi again:

Fast response, I know.  I was sending a message to Travis when yours came in,
so I'll reply right away.  I would like to put in $35 if that is okay with
you - I'm not sure what the grand total would be.  Good luck again with nanny
search.  Glad to hear that everyone is well.  Hard to believe, but Britta, my
oldest, just had her 14th birthday last week!!  They grow so quickly and are
so precious.  Take care,

Mary

	Carol St Clair
	11/29/00 11:06 AM

		 To: Mary J Heinitz/HOU/ECT@ECT
		 cc:
		 Subject: Re: Nanny Search

Mary:
Thanks for the info and I will check with Stacy.  I am planning to return
sometime around January 8th assuming I can find someone.  I have thoroughly
enjoyed my time at home and hope that the transition back to work goes
smoothily.  I'm sure it will take me a few weeks to get back into it after
being away from it for 6 months.  Charles is doing great as is Arthur.  Look
forward to seeing you soon.  Would $25 be okay with you for Suzanne's gift?

Carol

	Mary J Heinitz
	11/28/00 05:02 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Re: Nanny Search

Hi Carol:

Good to hear from you again.  It is 4th quarter-as-usual around here.  Sorry
I didn't get back to you earlier about Suzanne, but yes, I am interested in
chipping in on that.  It's a great idea, and Suzanne should love it!  Let me
know how much I should contribute.  As for your nanny question, I can't help
you there.   Have you asked Stacy Dickson if she is using an agency, or
whether her sister used an agency?  They are much more recently in the market
for this.  Hope they can help you out - good luck!  I am sure it is not going
to be easy to come back.  Have you set a date for your return yet?

Mary

	Carol St Clair
	11/28/00 10:51 AM

		 To: Mary J Heinitz/HOU/ECT@ECT
		 cc:
		 Subject: Nanny Search

Mary:
I am beginning the process of looking for a nanny and was wondering if you
may know of someone or know of an agency that you trust.  We are looking for
someone to commute to our house each day.  If you do know of someone, please
let me know.  Also,  on Suzanne's gift, looks like so far it's me and Sheila
contributing.  Are you interested?

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


As we spoke of this morning.
 <<CALPINE DAILY GAS NOMINATION 1.doc>>

 - CALPINE DAILY GAS NOMINATION 1.doc


is .... outta here!  I have been officially smoked.  It's me and Swerzbin on the term desk for now.


Attached is the current draft of the PPA for the VEPCO deal for your
information, review, etc.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 07/25/2000 09:39
AM ---------------------------

"Nancy Wodka" <nwodka@bracepatt.com> on 07/24/2000 07:00:05 PM
To: <kay.mann@enron.com>
cc:

Subject: CLEAN VEPCO PPA.DOC

 - CLEANVEP.DOC


PREBON

Mark Fischer
deal 547680- Prebon does not recognize
deal 547681- Prebon does not recognize

Chris Mallory
I am missing the following deal per Prebon:
Enron buys from Merrill Lynch 25 mw of April'01 Sp-15  peak hours at $209.00

AMEREX WEST

Mark Fischer
deal 547637 and deal 547678- Amerex only recognizes one deal.

Diana Scholtes
deal 547287
Amerex shows 50 mw and Enpower has 25 mw..

BLOOMBERG

All deals checked out fine.


Hi there.

Do you have to be a licensed claims handler (or a lawyer) to handle a third
party's insurance claim?  Same for selling insurance?

Thanks,

ckm


Start Date: 12/26/01; HourAhead hour: 24;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001122624.txt


Boy did I unpack last night.  I couldn't go to sleep so I went a little
crazy.  Tuesday is good.  we could have a frasier marathon.  Which one of us
is cooking at my house?

Would it be crazy if I asked you to be my guest at the wholesale christmas
party next sat?  (Nothing like email to ask that sort of question, and I
certainly don't mean to be impersonal about it)

I have to head home to work out for a few hours....

Alexandra Saler@EES
11/29/2000 09:00 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

This week is crazy...as you know.  Let's get together next week.  I have book
club Monday and Wednesday, so probably Tuesday or Thursday would be better.
Of course if it is Tuesday....we can watch Frasier!

You know Jeff, I was thinking this morning about what a great time I have
with you.  I am so happy that we have gotten to know eachother.  Having guy
friends is something that I have missed out on for the past two and a half
years.  I am really happy to have that back in my life.

My meeting at the crack of dawn went well this morning.  I got here before
7.  Needless to say I am tired!  Of course, I stayed up reading my cheezy
book last night.  Did you unpack when you got home?

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

I had so much fun last night!  WHEN can we do it again?


Thanks for the update, I will complete a review and send the worksheet up
first thing in the morning. Please let me know if that will be a problem.

-d

 -----Original Message-----
From:  Nemec, Gerald
Sent: Wednesday, March 28, 2001 5:21 PM
To: Vanek, Darren
Subject: RE: Credit Review

Darren,  Since the Master is an old vintage, we are amending to reflect the
current version and specifically any credit revisions that are necessary.
The old master was only set up for 6 month or less term deals with volumes of
15,000 MMBtu or less.

	Darren Vanek/ENRON@enronXgate 03/28/2001 04:02 PM 	   To: Gerald
Nemec/HOU/ECT@ECT  cc:   Subject: RE: Credit Review

Gerald,
Russell informed me that we are amending the current Master Physical that we
have with them. Since I am just being informed of any changes, I would like
to know the purpose for the ammendment.

-Darren
31436

 -----Original Message-----
From:  Nemec, Gerald
Sent: Wednesday, March 28, 2001 4:59 PM
To: Vanek, Darren
Cc: Diamond, Russell; Tycholiz, Barry
Subject: Credit Review

Darren,   Please prepare a credit ticket for Sierra Pacific Power Company.
Per Russell Diamonds request, I am forwarding this to your attention. Let me
know if you need anything else.


Dan - I just received another inquiry from Reliant regarding the status of
the Master Purchase/Sale Agreement with enovate.  Can you provide me with the
current status.  Although the deal doesn't start until December, there seems
to be a heightened interest of late.

Thanks for your assistance,

Gregg


FYI, it may be wise to run a few of your macros from Jeff's machine.  I would
just see if it runs and close without saving.
PL

---------------------- Forwarded by Phillip M Love/HOU/ECT on 03/26/2001
08:04 AM ---------------------------

Jeffrey C Gossett
03/26/2001 07:33 AM
To: Kam Keiser/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON
cc:
Subject: Windows 2000 Migration

My PC has been moved to windows 2000.  Please have everyone come test
applications on my PC this week to make sure they work in this environment.
All PC's will be moved next week unless they have been notified of specific
problems.

Thanks


Per the request of Elizabeth Sager.

 -----Original Message-----
From: 	Reeves, Leslie
Sent:	Monday, November 26, 2001 7:53 PM
To:	Bradford, William S.
Subject:	Physical Gas Collections 11/26/01

Bill - call with any questions.  I will update you tomorrow as we continue to contact the non-pays.  Leslie


Did you hear an


I'm not familiar with any... O

 -----Original Message-----
From: 	Lobusch, Christy
Sent:	Monday, November  19, 2001 9:02 AM
To:	Evans, Casey; Reeves, Kathy; Gillis, Brian; Loibl, Kori; Love, Phillip M.; Keiser, Kam; McLaughlin Jr., Errol; Postlethwaite, John; Palmer, B. Scott; Winfree, O'Neal D.
Cc:	Considine, Keith
Subject:	Missing books

Dear all-

Could you all please review the attached list and see if these are any of your books (or if you know anything about them)?  If they are, could you please let me know if they should be included in the new RisktRAC hierarchy?  We ran a comparison from the active book list that I received from you all to what is currently shown as active in RisktRAC and came up with these differences.  Please let me know either way if any of these are your books so that I won't harass you anymore!  I need a response ASAP.

I appreciate your help!  Thanks,

Christy

 << File: Missing books in Test.xls >>


http://www.victoria-house.com/lovers.html

then browse!


Dana:

I received your call.  I have not heard from credit.  There are two things
that you can do in the meantime.

(1)  For online trading, please call Tana Jones at 713-853-3399

(2)  Please advise what physical and financial products you want to trade.  I
believe that you didn't know when we last spoke.

Thanks.

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