California Cites Generators For Withholding Documents
The New York Times, 06/29/01

Senate Panel Lashes Out at 2 Energy Firms Hearings: Lawmakers hold Enron and
Mirant in contempt for refusing to help in pricing probe.
Los Angeles Times, 06/29/01

Calif Panel Cites Power Cos For Withholding Documents
Dow Jones Energy Service, 06/29/01

California Senate committee cites power companies for contempt for
withholding documents
Associated Press Newswires, 06/29/01

INDIA: Buyers seek price cut from Enron India unit-paper.
Reuters English News Service, 06/29/01

Fibernet upbeat on European progress
The Independent - London, 06/29/01

ANOTHER US ENERGY CO MAY GET INVOLVED IN INDIAN DABHOL PROJECT
Asia Pulse, 06/29/01

India: States willing to buy only 700 MW surplus from DPC
Business Line (The Hindu), 06/29/01

ENRON GROUP DEVISES $US50MLN INDIA OILFIELD EXPANSION PLAN
Asia Pulse, 06/29/01

Enron held in contempt in California
Houston Chronicle, 06/29/01

Duke Energy to buy Enron power plant
Houston Chronicle, 06/29/01

USA: Calif. Senate panel cites generators for contempt.
Reuters English News Service, 06/28/01

Enron, Mirant Held in Contempt by Calif. Senate Panel (Update2)
Bloomberg, 06/28/01

Duke Energy Agrees to Buy Mississippi Power Plant From Enron
Bloomberg, 06/28/01

U.S. Power Suppliers' Second-Quarter Profits to Rise (Update1)
Bloomberg, 06/28/01

National Desk; Section A
California Cites Generators For Withholding Documents
By LAURA M. HOLSON

06/29/2001
The New York Times
Page 18, Column 5
c. 2001 New York Times Company

SACRAMENTO, June 28 -- California legislators turned up the heat on power
generating companies today, citing two of them for not handing over documents
necessary in the state's continuing hearings on the spike in electricity
prices.
A special legislative panel, called the Senate Select Committee to
Investigate Market Manipulation, unanimously passed a contempt motion this
afternoon saying that the Mirant Corporation, based in Atlanta, and the Enron
Corporation, based in Houston, had failed to respond to a June 11 subpoena
asking for documents.
The motion comes as the committee is trying to follow the paper trails to
determine if power generating companies willfully manipulated the supply of
electricity here last year in an effort to drive up prices. Several state
agencies are investigating similar charges.
Other companies, including Reliant Energy and Dynegy Inc., complied with the
committee's requests for thousands of documents related to power sales and
bidding procedures. Several other companies, which include the Williams
Companies, the Duke Energy Corporation, the AES Corporation and NRG Energy
Inc., are expected to hand over documents in two weeks.
California's two largest utilities have racked up $14 billion in debt,
forcing one to file for bankruptcy protection. Last week, three former
employees of Duke Energy told the committee that they observed behavior that
they believed was consistent with market manipulation. Duke denied the
charge, saying there was no merit to the accusations.
The chairman of the select committee, Joseph Dunn, a Democrat, said that if
Enron and Mirant complied with the request by July 10, the contempt order
would be expunged. ''We were not seeking to find contempt but to obtain
compliance,'' he said today. ''Unfortunately, we had to find contempt.''
The documents were subpoenaed earlier this month by the Senate Rules
Committee to obtain details on bidding, pricing and other aspects of power
sales. The power companies have said that they have not complied because they
have not been able to negotiate an acceptable confidentiality agreement.
By seeking the contempt citations, the committee needs the full Senate to
follow through. There are no set penalties, said Laurence Drivon, the
committee's special counsel, adding that by law, ''the Senate can take such
action as it deems necessary and appropriate.''
Patrick Dorinson, a spokesman for Mirant, said the company was seeking
assurances that any information it handed over, which it considered
proprietary, not be made public. He said the company had been negotiating
with the committee up until today and hoped to resolve its concerns in the
next few days.
For Enron's part, a representative of that company sent a letter to Mr. Dunn
outlining its objections to turning over documents. Michael Kirby, a San
Diego lawyer, wrote that the documents the committee wanted were outside the
state and thus out of the jurisdiction of the California subpoena. He also
wrote that the committee was asking the company to reproduce documents that
other state regulatory agencies already have.
He called the subpoena's orders ''vague, unduly burdensome, often
argumentative and beyond the scope and extent of both the subpoenaing party's
legal and regulatory authority and subpoena power.''
Today's legislative action took place in an atmosphere of increasing attacks
on the power generators. A poll by The Los Angeles Times this week found that
86 percent of Californians interviewed believed that power companies had
manipulated the electricity market in the state.
Duke Energy, based in North Carolina, opened a campaign this week to do
something about this widespread public view, taking out full-page newspaper
advertisements in California to defend itself against accusations that it cut
production to drive up profits.

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

California; Metro Desk
Senate Panel Lashes Out at 2 Energy Firms Hearings: Lawmakers hold Enron and
Mirant in contempt for refusing to help in pricing probe.
CARL INGRAM
TIMES STAFF WRITER

06/29/2001
Los Angeles Times
Home Edition
B-1
Copyright 2001 / The Times Mirror Company

SACRAMENTO -- Angered by the refusal of electricity wholesalers to surrender
information about suspected price gouging, a Senate committee voted Thursday
to hold two big energy companies in contempt of the Legislature.
It was uncertain what punishment, if any, may be in store for Enron Corp. of
Houston and Mirant Corp. of Atlanta. But committee members said potential
sanctions could include heavy fines and/or the jailing of corporate
executives.
"Jailing of an individual is an option and we intend to preserve all our
options," warned state Sen. Joe Dunn (D-Santa Ana), chairman of the committee
investigating whether the wholesalers had manipulated the market.
"Could we impose, say, $9 billion in fines?" Sen. Debra Bowen (D-Marina del
Rey) asked rhetorically.
Enron reacted angrily. "This is a shakedown," charged spokesman Mark Palmer.
"And if this is a shakedown, we're going to protect our legal rights."
Enron had further enraged the committee by sending a letter saying the
legislative panel had no authority to conduct its investigation because
wholesale prices were the "exclusive jurisdiction" of the Federal Energy
Regulatory Commission.
A spokesman for Mirant said the company intends to keep talking to the
committee to reach an agreement.
The bipartisan committee had been prepared to find eight generators--mostly
out-of-state companies--in contempt for refusing to produce the subpoenaed
records. But by the end of the four-hour hearing, companies that said they
would cooperate--AES, Duke, Dynergy, NRG, Reliant and Williams--escaped a
citation, at least temporarily.
Though the committee found Enron and Mirant in contempt, its action is
subject to ratification by the full Senate.
Dunn said contempt citations are so rare there are few guidelines to follow
in determining a punishment. He said it "could be anything that the Senate
believes is necessary and reasonable."
The finding of contempt for failure to obey a legislative subpoena is rarely
used in California. Sources said it last was done in 1929 when an officer of
a cement company refused to cooperate in a price-fixing investigation.
Late in 2000 and earlier this year, the profits of major electricity
wholesalers soared astronomically, throwing the state's two biggest
utilities, Pacific Gas and Electric Co. and Southern California Edison Co.,
into financial chaos. Edison is teetering on bankruptcy and PG&E is in
Bankruptcy Court.
The committee, which first asked the companies to provide the information
voluntarily in April, encountered strong resistance from the energy
companies. They complained that their trade secrets might be exposed to
competitors, the public and government regulators.
Frustrated, the committee two weeks ago issued subpoenas demanding the
information, including whether the power sellers had destroyed any records.
The committee set Thursday as the deadline for compliance and threatened to
find violators in contempt, a tactic that appeared to turn around all but
Enron and Mirant.
"Let's move forward. We want to facilitate your investigation," said Duke
attorney Joel Kleinman of Washington, whose company had objected to its
subpoena.
At the last minute, several sellers began sending urgent fax letters or
witnesses to Dunn. Dunn said a quick scan of the letters showed wholesalers
were pleading for a second chance and assuring that the subpoenaed data would
be forthcoming.
Kleinman told the committee Duke did not want to be held in contempt.
"We will make tens of thousands of documents available for inspection,"
Kleinman said.
But he said Duke and the committee staff still must settle on a
confidentiality agreement, a matter he indicated was close to resolution.
Other wholesalers appeared to fall into line.
Dunn said he was concerned that "minor problems" in reaching a
confidentiality agreement might become a tactic for further delay.
The committee gave the six companies until July 10 to reach confidentiality
agreements and turn over a vast assortment of records.
The contempt finding against Mirant and Enron would be abandoned if they,
too, provided the confidential documents by July 10, when the committee will
review the companies' compliance.
The wholesalers also are the targets of similar investigations by Atty. Gen.
Bill Lockyer and the state Public Utilities Commission.
Times staff writer Nancy Vogel contributed to this story.

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

Calif Panel Cites Power Cos For Withholding Documents

06/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

SACRAMENTO, Calif. (AP)--A Senate committee investigating possible price
manipulation in California's energy markets cited two power generators for
not turning over documents requested for the probe.
The documents - which include details on bidding, pricing and other aspects
of power sales - had been requested in subpoenas issued earlier this month to
Enron Corp. (ENE), Mirant Inc. (MIR) and four other generating companies.
On Thursday, the Senate Select Committee to Investigate Market Manipulation
approved a contempt motion, citing Enron and Mirant for not producing the
materials. The other four generators complied.
The motion still needs approval by the full Senate.
The Senate Rules Committee had subpoenaed the materials.
Enron, based in Houston, said its documents are outside the committee's
jurisdiction because they are kept in Texas. An attorney for Atlanta-based
Mirant said the company wanted to comply, but didn't act quickly enough to
avoid the contempt vote.
California law doesn't specify penalties for a contempt finding, said
Laurence Drivon, the committee's special counsel. "The Senate can take such
action as it deems necessary and appropriate," he said.
Enron's claim that the committee lacked jurisdiction outraged some senators,
who said previous legislative investigations have sought documents from
throughout the world.
"If they've done nothing, if they've got nothing to hide, there's no reason"
not to comply, said Sen. Debra Bowen.
The committee has been negotiating with the companies to try to reach a
confidentiality agreement for the release of the documents, and has asked the
generators to sign agreements not to destroy any potentially relevant
documents.
So far, some companies have agreed verbally, but none has signed.
Duke Energy (DUK) agreed to comply with the subpoenas and store documents in
a repository in Sacramento, if the company and the committee can agree on how
to keep the documents confidential. Lawyers for both sides said they could
work out an agreement.
Enron and Mirant can have the contempt citations withdrawn if they turn over
the requested documents to the repository by July 10.

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

California Senate committee cites power companies for contempt for
withholding documents
By JENNIFER COLEMAN
Associated Press Writer

06/29/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SACRAMENTO, Calif. (AP) - A Senate committee investigating possible price
manipulation in California's energy markets cited two power generators for
not turning over documents requested for the probe.
The documents - which include details on bidding, pricing and other aspects
of power sales - had been requested in subpoenas issued earlier this month to
Enron Corp., Mirant Inc. and four other generating companies.
On Thursday, the Senate Select Committee to Investigate Market Manipulation
approved a contempt motion, citing Enron and Mirant for not producing the
materials. The other four generators complied.
The motion still needs approval by the full Senate.
The Senate Rules Committee had subpoenaed the materials.
Enron, based in Houston, said its documents are outside the committee's
jurisdiction because they are kept in Texas. An attorney for Atlanta-based
Mirant said the company wanted to comply, but did not act quickly enough to
avoid the contempt vote.
California law does not specify penalties for a contempt finding, said
Laurence Drivon, the committee's special counsel. "The Senate can take such
action as it deems necessary and appropriate," he said.
Enron's claim that the committee lacked jurisdiction outraged some senators,
who said previous legislative investigations have sought documents from
throughout the world.
"If they've done nothing, if they've got nothing to hide, there's no reason"
not to comply, Sen. Debra Bowen said.
The committee has been negotiating with the companies to try to reach a
confidentiality agreement for the release of the documents, and has asked the
generators to sign agreements not to destroy any potentially relevant
documents.
So far, some companies have agreed verbally, but none has signed.
Duke Energy agreed to comply with the subpoenas and store documents in a
repository in Sacramento, if the company and the committee can agree on how
to keep the documents confidential. Lawyers for both sides said they could
work out an agreement.
Enron and Mirant can have the contempt citations withdrawn if they turn over
the requested documents to the repository by July 10.
---
On the Net:
Senate select committee:
www.sen.ca.gov/ftp/sen/committee/select/INVESTIGATE/-home1/PROFIL .H TM
Enron: http://www.enron.com
Mirant: http://www.mirant.com

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

INDIA: Buyers seek price cut from Enron India unit-paper.

06/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, June 29 (Reuters) - Enron's troubled 2,144-MW Dabhol power plant,
whose only buyer has stopped purchasing electricity, can find customers for
700 MW if it cuts its price, a business daily said on Friday.
The Hindu Business Line said the Central Electricity Authority submitted a
report to the power ministry saying the southern state of Karnataka was
willing to buy 300 MW from Dabhol Power Co in the western state of
Maharashtra.
It said Madhya Pradesh in central India could take 100 MW and Rajasthan in
northwestern India wanted 150 MW while the western state of Gujarat and
Haryana and Delhi in the north wanted 150 MW.
Karnataka said it was willing to pick up power at under three rupees while
others were willing to buy at around 2.8 rupees, the newspaper said.
At peak capacity, Dabhol, which is owned 65 percent by Houston-based Enron,
charged 4.75 rupees per kilowatt hour, more than the cost of electricity from
state-owned plants.
But after the Maharashtra State Electricity Board defaulted, Dabhol scaled
down to 25 percent capacity and charged 7.1 rupees, more than triple the rate
of other suppliers.
Earlier this month, India's Junior Power Minister said Dabhol had offered to
charge much less for power from the second phase of its $2.9 billion project.
But a Dabhol spokesman said then it was too early to talk about specific
tariff cuts as they would depend on the plant load factor, the exchange rate
and the prevailing oil price.
The plant's first phase of 740 MW began operations in May 1999. The second
phase would have added 1,444 MW this year but its contractors stopped work
this month as lenders were unwilling to support the venture.
The federal government recently asked the Central Electricity Authority to
talk to power-deficient states and find out if they were willing to buy power
from Dabhol.
Federal Power Minister Suresh Prabhu told Reuters on Thursday the CEA had
prepared a preliminary report and another one looking at the price elasticity
of demand would be sent later.

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

Business
Fibernet upbeat on European progress
Liz Vaughan-Adams

06/29/2001
The Independent - London
FOREIGN
21
(Copyright 2001 Independent Newspapers (UK) Limited)

FIBERNET, WHICH supplies and installs high-speed data networks to businesses,
delivered an upbeat trading statement yesterday, saying it had made positive
progress in the UK, Germany and France.
The company, which has some pounds 100m cash in the bank, said in the light
of the profitable growth of its UK business, it remained "confident" of
continuing progress.
Shares in Fibernet jumped 52.5p to 350p. At the height of the internet bubble
in spring of last year, the stock had traded as high as pounds 27.87.
The company, which was updating investors on trading in its third quarter to
31 May, said it had won new business from Credit Lyonnais, Thus and Enron,
adding to a blue-chip client base that already includes the likes of JP
Morgan, HSBC and Lloyds TSB.
In the UK, the company said it was seeing a high rate of renewals on original
three and four-year network service contracts that had expired. It also said
it was continuing to develop new business in its service provider markets
"and in spite of the current volatility within this sector both cash and
collectibles remain to budget".
Fibernet also said the costs of building telecoms networks in Germany and
France should be less than originally budgeted. The company is building a
3,300km network in Germany and expects to start delivering services in
Frankfurt "imminently" while national services should be available in August.
Fibernet said it believed its performance there would be "in line" with
market expectations.
In France, Fibernet said its development activities were also progressing "as
planned" and that it had also identified potential acquisition targets.
In the six months to February, Fibernet reported Ebitda of pounds 9.9m, up 50
per cent from a year ago. Pretax profits more than doubled to pounds 3.2m.

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

ANOTHER US ENERGY CO MAY GET INVOLVED IN INDIAN DABHOL PROJECT

06/29/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

MUMBAI, June 29 Asia Pulse - United States-based energy company AES has said
that it would consider getting involved in the Enron-promoted Dabhol Power
Company (DPC) if an opportunity presented itself.
"We have not received any such proposals and as a global power company we
have a long-term view of the Indian power scenario and will consider getting
involved in DPC and other Indian power projects at an approriate time", AES
(India) exective director Surender Singh told PTI here over phone from Delhi.
AES had not made any former proposal in this regard to its stakeholders,
Singh said adding the power utility considers important the commitment and
willingness of parties to honour a contract for its investment decision in
any project.
+This is the basis of our current investment and for any future investment in
India and any other country+, he said.
Singh, however, denied media reports that the US energy major had offered to
reduce DPC's +costly+ tariff to less than Rs three per unit including
transmission cost.
"We have never spoken about being interested in the project at this stage,
let alone the reduced tariff part," he clarified.
Currently, AES (India) holds 49 per cent stake in Orissa Power Generation
Company and owns the distribution firm Cesco.
The company was reportedly in trouble, similar to DPC's over non-payment of
dues to the tune of Rs 209 crore from the state-owned distribution company
GRIDCO in Orissa.
(PTI) 29-06 1736

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

India: States willing to buy only 700 MW surplus from DPC

06/29/2001
Business Line (The Hindu)
Copyright (C) 2001 Kasturi & Sons Ltd (KSL); Source: World Reporter (TM) -
Asia Intelligence Wire

NEW DELHI, June 28. THE Central Electricity Authority (CEA) has told the
Power Ministry that the neighbouring States will be willing to purchase only
700 MW of surplus power from the Dabhol project.
Some States have said that they are interested in peak power. Karnataka,
Delhi, Gujarat, Haryana and Madhya Pradesh have suggested an average contract
period of two years.
Karnataka is the only State which has shown interest in picking up power
round the clock, throughout the year.
While it has pitched for 300 MW of DPC power, Madhya Pradesh has indicated
100 MW consumption, Rajasthan 150 MW and Delhi, Haryana, Gujarat pitching in
for the rest.
These States have said that they would have nothing to do with Dabhol Power
Company and that they would enter into a purchase contract only with
Maharashtra State Electricity Board.
Tamil Nadu and Andhra Pradesh have told CEA that they are not interested in
picking up the surplus power from the Dabhol project.
On the pricing front, while Karnataka has said that it was willing to pick up
power at a price less than Rs 3 per unit, the others have suggested a
marginally lower price in the range of Rs 2.80 per unit.
The finding comes on the eve of the negotiating committee meeting on Friday.
One of the crucial issues facing the Dabhol project was the offtake of power
from the second phase having a capacity of 1,415 MW.
Power trade picks up: Even as the Enron controversy continues, power trade in
the country has picked with the Power Trading Corporation (PTC) structuring
an innovative deal to purchase 150 MW power from West Bengal and sell it
across to the northern States.
This is unique since payment for power is to be made on a weekly basis as
against the convention of monthly billing. According to the PTC Chairman, Mr
T.N. Thakur, such an arrangement would disincentivise payment default. This
is because longer payment cycles make room for larger defaults and result in
negotiations relating to partial payment in order to restore power sale.
To ensure that this commercial argument works, PTC's contract with the seller
includes a clause whereby it is not bogged down by any take-or-pay
arrangements. Hence, the purchasing States know that the threat to cut power
supply is a reality with no attendant financial encumbrances for PTC.
With regard to the seller, the lenders to the project in case of private
sector have raised objections as in the case of the Bhilwara group-promoted
Malana hydel project in Himachal Pradesh. In a deal similar to the West
Bengal contract, PTC is selling power from the project to Delhi.
- Balaji C. Mouli

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

ENRON GROUP DEVISES $US50MLN INDIA OILFIELD EXPANSION PLAN

06/29/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, June 29 Asia Pulse - A consortium of Enron, Oil and Natural Gas
Corporation (ONGC) and Reliance is working on a US$50 million development
plan to increase reserves in the Panna-Mukta oil and gas fields to 214
million barrels of oil and oil equivalent gas.
The proposed expanded plan of development under consideration envisaged
increasing reserves to 214 million barrels of oil and oil equivalent gas
through drilling new wells and 3D modeling over the next two years, sources
in the consortium said.
Current estimates of the balance of recoverable reserves from the Panna-Mukta
fields are 184 million barrels of oil and oil equivalent gas.
The Panna and Mukta fields currently produce over 29,000 barrels of crude oil
and 2.5 million cubic meters of gas per day, sources said.
The development plan would increase the recoverable reserves by 16 per cent.
ONGC has a 40 per cent interest in the unincorporated joint venture with
Enron and Reliance to develop proven oil and gas fields at Panna, Mukta and
Tapti. Enron and Reliance hold a 30 per cent share each in the $US900 million
venture.
From the Tapti field, 1,974 million cubic meters of gas was produced during
2000-01.
Oil and gas produced from the Panna-Mukta and Tapti fields was at present
being sold to the state-owned Indian Oil Corporation (IOC) and Gas Authority
of India Ltd (GAIL), sources added.
(PTI) 29-06 1021

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

June 29, 2001
Houston Chronicle

Enron held in contempt in California
Company: Assembly has no jurisdiction
Bloomberg Business News
SACRAMENTO, Calif. -- A California Senate committee voted to hold Enron Corp.
and Mirant Corp. in contempt after they refused to turn over documents sought
in an investigation of accusations that they manipulated power prices.
Enron's attorney said in a letter to the committee that the company refused
to comply because only the Federal Energy Regulatory Commission has
jurisdiction over the wholesale electricity market. Mirant said it would
attempt to comply by the July 10 deadline.
The leader of the California State Senate Select Committee to Investigate
Price Manipulation of the Wholesale Energy Market said the committee won't
back off its efforts to get the papers.
"Our ultimate goal is the production of the documents," said Committee
Chairman Joseph Dunn, a Democrat from Santa Ana, during the hearing in
Sacramento today. "We've wanted it for three months, and we want it today."
The full Senate will decide on fines or other punishments if the companies
fail to comply by July 10, Dunn said.
Six other generators agreed to honor the subpoenas after it became clear the
committee would hold them in contempt if they didn't comply. They are AES
Corp., Duke Energy, Houston-based Dynegy, NRG Energy, Houston-based Reliant
Energy and Williams Cos.
California has spent more than $7 billion this year buying power after its
two biggest utilities became insolvent. State utilities have more than $15
billion in losses and debt from buying power at soaring prices over the last
12 months.

June 29, 2001
Houston Chronicle
Briefs: Houston & state
Duke Energy to buy Enron power plant
Duke Energy Corp., owner of the largest U.S. utility, agreed to buy a
400-megawatt Mississippi power plant from Houston-based Enron Corp. to expand
its generating capacity in the southeastern United States.
Duke spokeswoman Jennifer Pierce declined to disclose the price of the
purchase, which is expected to close in October.
The natural-gas-fired plant, capable of powering 400,000 homes, is in Union
County. Duke has a 520-megawatt plant in Mississippi and is building two
640-megawatt plants there. One megawatt is enough power to light about 1,000
U.S. homes.

USA: Calif. Senate panel cites generators for contempt.

06/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

SACRAMENTO, Calif., June 28 (Reuters) - A California state Senate committee
voted to cite Mirant Corp . and Enron Corp for contempt on Thursday after the
energy generators failed to supply confidential documents as required by
subpoena.
The committee, which is seeking evidence of power price manipulation in
California's chaotic energy market, voted unanimously for the contempt
citations after Mirant and Enron did not produce the required papers.
"The step we took today is historic," said state Sen. Joe Dunn, Democratic
chair of the Senate Select Committee to Investigate Market Manipulation. "We
haven't done this in 72 years."
Dunn said his committee would draw up a contempt report which would be
forwarded to the Senate by July 10.
The full Senate, in turn, will be charged with determining what sanctions to
impose - which could range from renewed orders for documents to fines to jail
time for individuals determined to have obstructed compliance with the
subpoenas.
The committee postponed action on possible contempt citations for other
energy companies, including Reliant , Dynegy , Williams Cos , Duke Energy ,
AES Corp and NRG Energy , giving them until July 10 to follow through on
promises to provide the required documentation.
Dunn said the citations against Mirant and Enron - which would be the first
imposed by California's state Senate since 1929 - would be vacated if the
companies comply with the subpoenas by the July 10 deadline.
The companies have objected to providing the confidential materials, which
they argue includes proprietary information on bidding and pricing for
California energy purchases that, if disclosed, could damage their
competitive ability.
Enron, in particular, has rejected the committee's authority, saying it keeps
its documentation in Texas and is therefore outside California jurisdiction.

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

Enron, Mirant Held in Contempt by Calif. Senate Panel (Update2)
2001-06-28 21:04 (New York)

Enron, Mirant Held in Contempt by Calif. Senate Panel (Update2)

     (Adds details of hearing, comments in ninth through 11th
paragraphs and in last two paragraphs.)

     Sacramento, California, June 28 (Bloomberg) -- A California
Senate committee voted to hold Enron Corp. and Mirant Corp. in
contempt after they refused to turn over documents sought in an
investigation of accusations that they manipulated power prices.
     The Senate Select Committee to Investigate Price Manipulation
in the Wholesale Energy Market, in the first contempt citation by
a California Senate committee since 1929, said the companies had
until July 10 to comply, or the full Senate would vote to impose
fines or other sanctions.
     The committee is investigating allegations that energy
generators withheld supplies or took other steps to boost prices
for electricity in California last year, when soaring wholesale
prices left the state's largest utilities insolvent.
     ``Our ultimate goal is the production of the documents,''
said committee Chairman Joseph Dunn, a Democrat from Santa Ana,
during a break in the hearing in Sacramento today. ``We've wanted
it for three months, and we want it today.''
     Enron's attorney said in a letter to the committee that the
company refused to comply because only federal regulators have
jurisdiction over the wholesale electricity market, and that a
state committee has no right to documents outside California.
Mirant said it needs assurances the documents would not be made
public before the company would turn them over.
     Six other generators agreed to honor the subpoenas after the
committee threatened to hold them in contempt if they didn't
comply. They are AES Corp., Duke Energy Corp., Dynegy Inc., NRG
Energy Inc., Reliant Energy Inc. and Williams Cos.
      California has spent more than $7 billion this year buying
power after its two biggest utilities became insolvent. State
utilities have more than $15 billion in losses and debt from
buying power at soaring prices over the last 12 months.

                         Enron Objects

     Enron laid out its objections to the subpoena in a letter to
the committee by its attorneys at Post Kirby Noonan & Sweat LLP
released by the committee today.
     Enron's lawyers argued that the committee does not have
authority to subpoena records from outside the state and said the
committee already had access to much of the information from state
regulators and the state's electricity grid manager.
     ``This is a shakedown. It's a witch-hunt. It's McCarthyism,''
Enron spokesman Mark Palmer said. ``We're going to protect our
legal rights and say something's wrong when it's wrong, and this
is wrong.''
     State Senator Debra Bowen, chairwoman of the Senate's
utilities committee, said that if Enron and the other power
providers have done nothing illegal, they shouldn't be withholding
the documents requested.
     ``This does not look like to me like folks who have nothing
to hide,'' Bowen said during a break in the hearing. ``It's not
just a thumb in the eye, it's a pie in the face of the
Legislature.''
     The committee's action was the first time in 72 years that a
California Senate committee has held anyone in contempt, Dunn and
Bowen said. The 1929 action involved market manipulation in the
cement industry, Bowen said.
     Mirant wants the committee to provide guarantees that the
``millions of documents'' the company is collecting won't be made
public, spokesman Patrick Dorinson said.
     ``These documents contain proprietary information,'' Dorinson
said. ``We'll continue talking to the committee and see if we can
get a resolution to this issue.''

                        Private Depository

     During the hearing today on whether to hold the companies in
contempt, Joel Kleinman, a lawyer for Duke Energy, said the
company would create a private depository where the committee
could view the documents.
     Williams is also willing to turn over documents to the
depository, company lawyer John Larrea said. Williams has an
agreement to market and sell electricity produced by AES.
     Earlier today, Reliant Energy turned over 1,800 pages of
documents requested by the committee, Dunn said, and Dynegy
submitted 18,000 pages. He said the committee has not had time to
review the documents.
     Dynegy spokesman John Sousa said the company is complying
with the committee's subpoena. Reliant spokesman Richard Wheatley
confirmed that the company had turned over some documents, and
would give the committee others if the company received assurances
they would be kept confidential.
     ``We need some guarantees of confidentiality,'' Wheatley
said.
     Duke and Williams agreed to a confidentiality agreement
offered by the committee that the companies had previously
rejected. That was the most significant accomplishment in today's
hearing, Dunn said.
     ``It took a hearing of this magnitude to force an agreement
on confidentiality,'' Dunn said after the hearing. ``They said
they want some minor tweaks. We'll see what those minor tweaks
mean.''

Duke Energy Agrees to Buy Mississippi Power Plant From Enron
2001-06-28 16:51 (New York)

Duke Energy Agrees to Buy Mississippi Power Plant From Enron

     Charlotte, North Carolina, June 28 (Bloomberg) -- Duke Energy
Corp., owner of the largest U.S. utility, agreed to buy a 400-
megawatt Mississippi power plant from Enron Corp. to expand its
generating capacity in the southeastern U.S.
     Duke spokeswoman Jennifer Pierce declined to disclose the
price of the purchase, which is expected to close in October.
     The natural-gas-fired plant, capable of powering 400,000
homes, is in Union County. Duke has a 520-megawatt plant in
Mississippi and is building two 640-megawatt plants there. One
megawatt is enough power to light about 1,000 U.S. homes.
     The North American Electric Reliability Council estimates
that the Southeast will need an additional 40,000 megawatts of
generating capacity in the next 10 years to meet demand,
Charlotte, North Carolina-based Duke said.
     Duke shares fell $1 to $39.30. They had risen 40 percent in
the past year. Shares of Houston-based Enron, the largest energy
trader, rose $1.62 to $48.34.

U.S. Power Suppliers' Second-Quarter Profits to Rise (Update1)
2001-06-28 14:36 (New York)

U.S. Power Suppliers' Second-Quarter Profits to Rise (Update1)

     (Updates to adjust table with profit estimates.)

     Houston, June 28 (Bloomberg) -- Energy traders and power
generators such as Enron Corp. and Duke Energy Corp. will have
higher second-quarter profits because of rising electricity prices
in the West, and the opening of new power plants.
     Efforts to lower western power prices didn't bear fruit until
late in the quarter. California border prices averaged $236.89 a
megawatt hour, up from $73.51 in the year-earlier period, boosting
profit for anyone with power to sell.
     The future doesn't look as bright for traders. Federal
regulators last week ordered them to negotiate refunds that
California's Governor Gray Davis says should total at least $8.9
billion. Enron, El Paso Corp., Dynegy Inc. and Williams Cos. have
lost $24.7 billion, or 22 percent, in market value in the past six
months as a growing political backlash led investors to sell their
shares.
     ``The market really hates uncertainty, and when the governor
throws out a figure of $9 billion in possible refunds, that's a
lot of uncertainty,'' said John Nichol, a fund manager at
Federated Investment Management, which owns shares of generators.
      Soaring power prices have left California's two largest
utilities insolvent and saddled with about $15 billion in power-
buying losses and debts. Regulators have boosted rates by more
than 50 percent for businesses and consumers in the most-populous
state.

                         Prices Rise

     The soaring prices benefited companies such as Enron, which
sells both electricity and contracts that help limit customers'
risk when energy prices rise or fall. Enron will make 42 cents a
share, up from 34 cents a year earlier, based on the average
estimate of analysts polled by First Call/Thomson Financial.
     Dynegy, which owns natural-gas pipelines and California power
plants, made 40 cents a share in the quarter, based on First Call
estimates, up from 29 cents a year earlier. The Houston-based
company is 29 percent owned by Chevron Corp. of San Francisco.
     ``Companies with power plants in the West have done very
well,'' said Greg Phelps, manager of the $1.1 billion Patriot
Group of funds. ``The Pacific Northwest drought continues to crimp
hydroelectric supply, which is keeping prices higher.''
     In addition, companies opened new power plants across the
U.S. Duke, Mirant Corp. and Calpine Corp. opened new U.S. plants
with enough capacity to light almost 5 million homes in the last
year, boosting sales.

                         Regulators Act

      Strong earnings in the West are unlikely to last. Growing
voter disenchantment with President George W. Bush's handling of
the California crisis and a return of Democratic control of the
U.S. Senate led the Federal Energy Regulatory Commission to impose
price caps for 11 states on June 18.
      The caps apply to all electricity on the western power grid,
the system of transmission lines that moves electricity through
the region. FERC also ordered generators to negotiate refunds with
officials from the states that could total as much as $15 billion.
Talks began on Monday.
     Administrative Law Judge Curtis Wagner, who is overseeing the
negotiations, told the Associated Press that ``in order to reach a
settlement, there will have to be refunds.'' Davis estimates the
generators overcharged California and its utilities by $8.9
billion or more.
     Enron, which earlier this year estimated it's owed $400
million to $500 million for California energy sales, is one of the
companies in the talks. Shares of the Houston-based company, the
largest energy trader, have fallen 44 percent this year and 20
percent this quarter.
     Enron's prospects also were hurt when it couldn't sell its
Oregon utility, Portland General, and its plans for trading space
on fiber-optic telecommunications networks grew less promising
because of the collapse of many Internet companies.
     Also, while natural-gas and electricity prices in the West
are up from a year ago, they are down from the first quarter.

                    Investigations Continue

     El Paso, owner of the biggest U.S. natural-gas pipeline
network and an energy trader, is being squeezed by falling energy
prices, increased regulatory scrutiny and the decline in the
prospects of its fiber-optic trading unit. The stock has fallen 28
percent this year.
     FERC is hearing arguments on whether the Houston-based
company conspired to boost natural-gas prices in California last
winter, and El Paso may have to pay refunds or fines. Gas fuels
many of the California's power plants, and higher prices
contributed to soaring electricity prices.
     The company will see second-quarter earnings of 77 cents, up
from 69 cents a year earlier, First Call estimates show.
     Williams's second-quarter earnings were almost unchanged at
55 cents, based on First Call estimates, because of wider profit
margins on refining and gas processing, and higher natural-gas
prices.
     Williams, the second-largest U.S. gas pipeline company, has a
20-year agreement with AES Corp. to supply fuel for plants in
Huntington Beach, Long Beach and Redondo Beach in California.
Williams, an energy trader, also sells the power from the plants.
AES, based in Arlington, Virginia, is one of the biggest U.S.
power-plant developers.

                         Boosting Capacity

     So far, Williams has agreed to refund $8 million to the
state, though it admitted no wrongdoing. It's also taking part in
the negotiations over bigger refunds.
     Mirant, an Atlanta-based power-plant developer, will see per-
share profit rise to 46 cents from 25 cents a year ago, according
to First Call. San Jose-based Calpine will earn 31 cents, up from
19 cents, and Charlotte-based Duke will make 52 cents, up from 44
cents, estimates show.
     Calpine opened plants in Arizona, Maine and Texas with a
combined capacity of 1,545 megawatts. A megawatt is enough power
to light about 1,000 U.S. homes. Calpine also bought two power
plants in Canada. Most of the company's plants are in California.
     ``Calpine is a classic story,'' said Chris Ellinghaus, an
energy analyst at Williams Capital Group. ``They'll get a double
boost from more production and higher prices.''

                          Building Plants

     Calpine runs or is building plants in 29 U.S. states and
Canada that provide enough power to light 29.9 million homes. It
plans to boost its capacity to 70,000 megawatts, or enough to
light 52.5 million homes, by 2005. The company's shares have
fallen 31 percent this quarter.
     Duke, a power-plant developer and owner of a natural-gas
pipeline network, opened five generating plants in the quarter
with a combined capacity of 2,840 megawatts.
     ``Part of our growth is related to (California), but part
comes from growth in our trading business, part comes from our
plants overseas and part comes from natural gas,'' Duke spokesman
Terry Francisco said. Duke shares have fallen 5.5 percent this
year.
     Mirant opened two plants with a combined capacity of 546
megawatts. Southern Co., the owner of Atlanta's utility, spun off
Mirant in April. Mirant's shares have climbed 54 percent since the
stock began trading in September.
     Generators had to rely on new power plants to boost revenue
during the quarter because electricity prices in New England, the
Middle Atlantic states and the Southeast were little changed from
a year earlier. Texas prices fell 19 percent.

                         Prices Level Off

     Prices also are stabilizing in California. Davis last week
released details on long-term contracts the state has signed to
secure about one-third of its power needs. The contracts have
reduced the state's dependence on the open market, driving down
power prices in the West.
     The contracts guarantee energy companies a steady stream of
revenue, though at lower prices than on the daily market. Still,
wholesale electricity prices will surge this summer in any part of
the U.S. where heat waves cause shortages, boosting generators'
profits, analysts say.
     ``There is still enough volatility in the market,'' Credit
Lyonnais Securities analyst Gordon Howald said. ``There are not a
lot of groups out there able to generate the solid earnings growth
you'll see in the power producers.''

*T
                         2nd-Qtr       Year-Ago       Number of
Company                 Estimate         EPS          Analysts

AES Corp.                $0.30          $0.25             7
Calpine Corp.             0.31           0.21             9
Duke Energy Corp.         0.52           0.44             6
Dynegy Inc.               0.40           0.29            15
El Paso Corp.             0.77           0.69            11
Enron Corp.               0.42           0.34            14
Mirant Corp.              0.46           0.34             8
NRG Energy Inc.           0.22           0.28             6
Reliant Energy Inc.       0.73           0.83            12
Williams Cos.             0.55           0.54            10

Estimates provided by First Call/Thomson Financial.

*T
--Mark Johnson in the Princeton newsroom, (609) 279-4017 or
mjohnson7@bloomberg.net, with Margot Habiby in Dallas/pjm/alp


Critical Migration Information:

1. Your scheduled Outlook Migration Date is THE EVENING OF : May 10th
2. You need to press the "Save My Data" button (only once) to send us your
pre-migration information.
3. You must be connected to the network before you press the button.
4. If a POP-UP BOX appears, prompting you to "ABORT, CANCEL OR TRUST SIGNER"
please  select TRUST SIGNER.
5. Any information you Add to your Personal Address Book, Journal or calendar
after you click on the button will need to be manually re-added into Outlook
after you have been migrated.
6. Clicking this button does not complete your migration to Outlook. Your
migration will be completed  the evening of your migration date.

    Failure to click on the button means you WILL NOT get your Calendar,
Contacts, Journal and ToDo information imported into Outlook the day of your
migration and could result in up to a 2 week delay to restore this
information.

If you encounter any errors please contact the resolution center @
713-853-1411


Couldn't help but giggle. Glad it turned up. I'll keep an eye out for it.
Cyn


Sara, as per your request, here is one of the paper trails regarding my repeated request to folks at Bear for the guaranty.  The most recent request is from today but previous requests are attached.  There were two others but I may have erased them.  I will doublecheck and forward them since you'd like copies.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693
http://gss.enron.com/
----- Forwarded by Cheryl Nelson/NA/Enron on 05/31/2001 05:14 PM -----

	"Meytina, Anna Confidential Memo-Counsel (Exchange)" <ameytina@bear.com> 05/31/2001 04:37 PM 	   To: "'Cheryl.Nelson@enron.com'" <Cheryl.Nelson@enron.com>  cc:   Subject: RE: Assignment & Assumption Agreement

Apologies!  I will call you tomorrow to discuss.

Regards,

Anna

> -----Original Message-----
> From:		 Cheryl.Nelson@enron.com [SMTP:Cheryl.Nelson@enron.com]
> Sent:		 Thursday, May 31, 2001 5:04 PM
> To:		 ameytina@bear.com
> Subject:		 RE: Assignment & Assumption Agreement
>
> Hi Anna, I still have not heard back from you about getting the guaranty
> back.  Remember that we have also talked about this over the phone but I
> do
> not believe that you ever sent the document back.
>
> Cheryl Nelson
> Senior Counsel
> EB3816
> (713) 345-4693
> http://gss.enron.com/
> ----- Forwarded by Cheryl Nelson/NA/Enron on 05/31/2001 04:02 PM -----
>
>
>                     Cheryl Nelson
>
>                     Sent by:             To:     "Meytina, Anna
> Confidential Memo-Counsel
>                     Cheryl Nelson        (Exchange)" <ameytina@bear.com>
>
>                                          cc:
>
>                                          Subject:     RE: Assignment &
> Assumption
>                     05/21/2001           Agreement(Document link: Cheryl
> Nelson)
>                     10:11 AM
>
>
>
>
>
>
>
>
> Anna, I hope you had a good vacation.  As per our previous conversations,
> I
> still need the original Guaranty from you - i.e., the one we did not use.
>
> Cheryl Nelson
> Senior Counsel
> EB3816
> (713) 345-4693
> http://gss.enron.com/
>
>
>
>
>                     "Meytina,
>
>                     Anna                 To:
> "'Cheryl.Nelson@enron.com'"
>                     Confidential         <Cheryl.Nelson@enron.com>
>
>                     Memo-Counsel         cc:
>
>                     (Exchange)"          Subject:     RE: Assignment &
> Assumption
>                     <ameytina@bea        Agreement
>
>                     r.com>
>
>
>
>                     04/03/2001
>
>                     12:35 PM
>
>
>
>
>
>
>
>
> yes, i did. see you in NY.
>
> > -----Original Message-----
> > From:         Cheryl.Nelson@enron.com [SMTP:Cheryl.Nelson@enron.com]
> > Sent:         Tuesday, April 03, 2001 1:03 PM
> > To:           Meytina, Anna Confidential Memo-Counsel (Exchange)
> > Subject:           Re: Assignment & Assumption Agreement
> >
> >
> > Hello Anna,
> >
> > Cheryl Lewis says that I should send the guaranty to you, not to her.  I
> > will send the original overnight to you but you got the faxed copy
> right?
> >
> > When I am in New York, I will call you to take you to lunch.
> >
> > Cheryl Nelson
> > Senior Counsel
> > EB3816
> > (713) 345-4693
>
>
> ***********************************************************************
> Bear Stearns is not responsible for any recommendation, solicitation,
> offer or agreement or any information about any transaction, customer
> account or account activity contained in this communication.
> ***********************************************************************
>
>
>
>
>

****************************************************************
Bear Stearns is not responsible for any recommendation, solicitation,
offer or agreement or any information about any transaction, customer
account or account activity contained in this communication.
***********************************************************************


When Mark.Taylor@enron.com sent e-mail to GILBERGD@SULLCROM.COM (10/13/1)
Sullivan & Cromwell has received spam from your domain or e-mail address in
the past. If you need to send e-mail to us
please contact PC Support at (212)558-4277.

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

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.


Start Date: 2/27/01; HourAhead hour: 14;  No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001022714.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 14 / Preferred: 165.91 / Final: 164.91)
  TRANS_TYPE: FINAL
  LOAD_ID: SCE1
  MKT_TYPE: 2
  TRANS_DATE: 2/27/01
  SC_ID: EPMI


As a reminder, the mandatory Annual Compliance Meeting was rescheduled to Thursday, November 8, 2001 from 8:30 - 10:00 am at the Doubletree Hotel, LaSalle Room B.  The agenda remains the same:

Robert George/Gil Melman	Board Seats
Richard Lauer			ECT Securities LP
David Port			Risk Management Policy
Bob Bruce			Chinese Wall Policy
Dave Gorte			Transaction Approval Process
Rick Carson			RAC Reporting Tools

Please confirm your attendance at this year's meeting either by responding to this email message or contacting Donna Wackerle at ext. 39755.  Thank you in advance for your cooperation.   If you have any questions, please contact me directly at ext. 31939.  I look forward to seeing you this year.

PLEASE FORWARD THIS MESSAGE TO YOUR ADMINISTRATIVE ASSISTANT TO ENSURE IT IS SCHEDULED ON YOUR CALENDAR.

Donna Lowry
Sr. Director
RAC Compliance
(713) 853-1939
(713) 646-4039 fax


Here's the load mix for Southern and TVA, for the region and top 5, in case you haven't gotten that far yet.  Don't understand why TVA (the utility) has no res/com load, but that's what PowerDat had.  Enjoy.

E


OK, you guys, I'm trying my best.

All appointments on Monday, November 20 have been moved to 3 P.M.

Deb:  facial, then massage

Steve:  80 minute wellness massage

Steve:  the spa didn't have anyone to do a facial after 2 pm so I thought
you'd like a longer massage.  There are facial appointments available Sunday
morning and afternoon.  You may want to check the website and change the
service.  You can have my facial appointment if you like (it's at 4 P.M.) and
I'll take yours.

Let me know if you'd like for me to make changes.

Otherwise, see you in wineland.  Sara


fyi - transaction #2!
Sheri
---------------------- Forwarded by Sheri Thomas/HOU/ECT on 02/19/2001 01:43
PM ---------------------------

customerservice@commoditylogic.com on 02/15/2001 10:23:11 AM
To: customerservice@commoditylogic.com, tgros@enron.com,
douglas.fuehne@enron.com, debbie.r.brackett@enron.com,
russell.diamond@enron.com, wbradfo@enron.com, fred.lagrasta@enron.com,
mary.birmingham@enron.com, nera.swisher@enron.com, reginald.hart@enron.com,
bryce.baxter@enron.com, pam.b.boxx@enron.com, greg.whiting@enron.com,
jim.pond@enron.com, elise.clark@enron.com, amy.spoede@enron.com,
melissa.k.ratnala@enron.com, audrey.cook@enron.com, dale.neuner@enron.com,
sheri.thomas@enron.com, kristen.j.hanson@enron.com, joanie.h.ngo@enron.com,
cynthia.hakemack@enron.com, andrea.crump@enron.com
cc:
Subject: Commodity Logic Request

Mark Soulliere has made an offer to CommodityLogic to receive payment for an
amount that was originally scheduled to be paid on February 26, 2001.  Below
are the details of the offer:

User: Mark Soulliere
Counterparty: Tenaska Marketing Ventures
Counterparty ID: 208
Payment Amount: $17,393,410.73
Offered payment date: February 23, 2001
Deal Tracking Number: 40

This payment represents $17,405,141.32 of the total receivable account with
Enron.

The client should be notified by e-mail within 1 business day as to whether
the offer has been accepted or rejected.

Thank you.


Do we have a sense for how many we can reach, how many we can't and where
they are?  Are whole offices (eg Tokyo) unreachable or is it only those who
have home offices?

	Courtney Votaw
	11/08/2000 11:02 AM

		 To: Mark Palmer/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron
		 cc: Erin Rice/Corp/Enron@Enron
		 Subject: BackWeb

Mark and Steve-

Erin Rice and I would like to meet with you to discuss the issues concerning
BackWeb before we proceed.  As you can see from the Design Document, they are
pretty significant.

Thanks,
 Courtney


Ben,

As a retired trial lawyer, I prefer saying less whether than more. I'll bring
the letters down and we can discuss specifics.

	From:  Ben F Jacoby @ ECT                           11/08/2000 12:40 PM

Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: My Changes to Westinghouse Letters

Kay:

Please review the attached, in particular letter 1 which deals with setting
the record straight on events to date. Thanks.

Ben


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)

	"Salvatore, Maria" <Maria.Salvatore@pseg.com>
	05/23/2000 12:47 PM

		 To: "Carol St. Clair (E-mail)" <carol.st.clair@enron.com>
		 cc:
		 Subject: Enron's opinion

Carol - Do you have a "final" draft of your opinion for us to look at?
Please e-mail.  Thanks - Maria


What's the scoop on this?
----- Forwarded by Tana Jones/HOU/ECT on 10/03/2000 09:24 AM -----

	Camille Gerard@ENRON
	10/03/2000 09:23 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: TransAmerica

Tana, I have a second user applying for this company.  I show them as not
open for trade - is this still correct? Not really urgent...
Thanks,
Camille


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 08/15/2000
12:31 PM ---------------------------

George Hopley
08/15/2000 12:02 PM
To: Hunter S Shively/HOU/ECT@ECT
cc:
Subject: Nuke

Please see attached sept nuke schedule


I am very pleased and wish you all the best in your new job.  Please keep me
updated on how you are doing.  I guess this will make your Holidays a little
better!

Stan


---------------------- Forwarded by Kay Mann/Corp/Enron on 06/09/2000 11:13
AM ---------------------------

"Stan Jensen" <sjensen@bracepatt.com> on 06/09/2000 10:57:21 AM
To: <Kay.Mann@enron.com>
cc:

Subject: Re: Assignment of GE Contract regarding Vitro Project

Attached are the EPC contract with Mitsui that was executed and the Exhibits
to same.

The split EPC contracts and Exhibits are in draft form and have not been
executed.  I will have my secretary send you a copy of the latest drafts
later today if you have any specific question please feel free to call or
drop me an email.

>>> <Kay.Mann@enron.com> 06/08 6:15 PM >>>

Stan,

Could you please me send me the electronic file of the executed EPC
contracts, including the consolidation agreement?

Thanks,

Kay

"Stan Jensen" <sjensen@bracepatt.com> on 06/08/2000 02:57:57 PM

To:   <Jeff.Blumenthal@enron.com>, <kay.mann@enron.com>,
      <Peggy.Banczak@enron.com>, <Steve.Irvin@enron.com>
cc:

Subject:  Assignment of GE Contract regarding Vitro Project

Following discusions with Kay Mann and Robert Stephens we revised the
Assignment Agreement to have the payment terms for the GE Turbine
incorporated in the Assignment Agreement and to provide Enron North America
the option to have the GE Turbine either returned to it or returned to EEIM
upon  termination of the EPC Contract.

Attached is a revised clean version of the Assignment Agreement and a
redline showing how the revised version is different from the original.

Please feel free to call me at (713) 221-1524 with any questions.

Stan Jensen

(See attached file: ASSIGN.doc)
(See attached file: ASSIGNre.doc)

 - EPCMITS.doc
 - EXHIMITS.doc


Amerex West
All deals checked out fine.

Bloomberg
All deals checked out fine.

Prebon

Mike Swerbin
I am missing the following deals:
Enron buys from PGET 25 mw of May PV at $272
Enron sells to EES 25 mw of May PV at $268.


Yes.  I'll be there.  K.

-----Original Message-----
From: Spires2500@aol.com [mailto:Spires2500@aol.com]
Sent: Wednesday, November 14, 2001 4:07 PM
To: Paula.N.ONeill@uth.tmc.edu; Watson, Kimberly
Cc: houshyar@the-spires.com
Subject: Re: Replacement of J Bolton

How about Hungary's at 6:45pm?

Cary will also be with us.

Houshyar


I'd vote for 8.

	Julie Armstrong
	02/15/2001 09:20 AM

		 To: Jeffery Fawcett/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: Time with Danny

I can schedule 8:30 or 2:00 on Danny's calendar tomorrow.  Please advise
which time.

Jeffery Fawcett
02/15/2001 09:09 AM
To: Julie Armstrong/Corp/Enron@ENRON
cc: Drew Fossum/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron

Subject: Time with Danny

I'm OK with 8 o'clock, but the gang may have to put up with cell phone static
and the occassional peeps out of my kids in the back seat (I'm off tomorrow
and will be packing the kids up to head out about 7:45 a.m.).

From: Jeff Dasovich on 02/15/2001 09:03 AM
Sent by: Jeff Dasovich
To: Julie Armstrong/Corp/Enron@ENRON
cc: Drew Fossum/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON

Subject: Re: Time with Danny

Greetings folks:
I have a meeting from 9-1 tomorrow that I must attend.  Any chance of doing
at 8 am.  Apologies for the conflict.
Jeff

	Julie Armstrong
	02/15/2001 08:55 AM

		 To: Jeffery Fawcett/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: Time with Danny

I have scheduled 9:30 Friday for a meeting with Danny.  The video conference
rooms were booked.  How about having the meeting in Danny's office and we
conference in Drew?  Please advise.

Jeffery Fawcett
02/14/2001 04:57 PM
To: Julie Armstrong/Corp/Enron@ENRON
cc:

Subject: Time with Danny

Julie,
We had a great idea (but poor execution) to get together with Danny this
morning.  Even though I'm going to be out on Friday, if Danny is available,
could you block off about 30 minutes in the a.m. for Drew, Susan, Jeff
Dasovich and myself to run an idea past him?  If Danny asks, let him know
we're trying to weigh the merits of filing to build an expansion into the
state of California.  Whether we ultimately build it or not isn't the issue
as much as whether the threat of another pipeline could motivate the
utilities and the CPUC to build additonal take-away capacity for TW
shippers.  I think Steve Harris is out of town for the rest of the week.  If
not, we'll certainly want to plug him in also.  Will you let me know in the
a.m.?  Thanks.


Christopher J -

We missed you for sure!  It was a fun time.  I was glad to see everyone.  Nothing exciting took place - just a little dancing and visiting.  All went home at midnight.  Boy have we become boring in our old age!

Take care and keep in touch!

Kimberly Susan

 -----Original Message-----
From: 	"Chris Todd" <ctodd@tigersportsproperties.com>@ENRON [mailto:IMCEANOTES-+22Chris+20Todd+22+20+3Cctodd+40tigersportsproperties+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, August 07, 2001 3:38 PM
To:	Ward, Kim S (Houston)
Subject:

Kim,  how was Sat. night?  I didn't get finished at the Redbirds game until
10:30.  I couldn't have showered, changed and arrived before 11:45.  Didn't
think there was much of a chance anything was still going on at that time.
Hope all went well.  Bring me up to speed as to what went on.  Look forward
to hearing from you.

CT


Steve--I am at 925-600-2085, and Jim Macias is at 925-600-2306. Thanks.


Bob,

Thanks for keeping us posted.  We'll see you when you get back from vacation.

Kim.

 -----Original Message-----
From: 	Chandler, Bob
Sent:	Friday, October 26, 2001 9:11 AM
To:	McConnell, Mark
Cc:	Watson, Kimberly
Subject:	RE: Questar Southern Trails Data Room OCT 29 - 30 (Monday and Tuesday)

I will be on vacation during that time period and am not planning to go to the data room.

 -----Original Message-----
From: 	McConnell, Mark
Sent:	Thursday, October 25, 2001 10:34 AM
To:	Watson, Kimberly; Abdmoulaie, Mansoor; Brassfield, Morris; Huber, Lee; Chandler, Bob; Centilli, James; Ratner, Michael; Guthrie, Robert; Rice, Greek; Hawkins, Don; Jones, Nyree; Dowd, Stephen; Stephens, LD; Gleffe, Larry; Ames, Mike; Schick, Warren; Huber, Lee; Campbell, Larry
Cc:	Harris, Steven; Alters, Dennis; Rapp, Bill; Hayslett, Rod; Sandt, Jim; Saunders, James
Subject:	Questar Southern Trails Data Room OCT 29 - 30 (Monday and Tuesday)

We will be able to attend the Questar Southern Trails data room on Monday and Tuesday (Oct 29th and 30th) as originally planned.  If you only need one day, please let me know which day you'll be attending.

Questar is located at 180 East 100 South, Salt Lake City, Utah.  Our main contacts are Jodi Starley at (801) 324-2082 and Gary Schmitt at (801) 324-2082. The hours of the data room are 8:00 - 4:00.

They are looking at our data request and working to make sure they can accomodate us.  Also,  Engineers available for interviewing are only available on Monday.  Legal staff needed to be interviewed are only available on Tuesday.  If there are other staff that are needed for interviews, please let me know.

Some attendees are staying at the Salt Lake City MARRIOTT SALT LAKE CITY, 75 S. West Temple, Salt Lake City, UT 84101 Phone: 1-801-531-0800 FAX: 1-801-532-4127
 for Sunday and Monday nights.  You need to make your own travel reservations and it is advised that you do that as soon as possible.

The Bid for Southern Trails West Leg) is due December 10th.

I show the following people going to the data room:

1.	L.D. Stephens - Team Leader/Operations
2.	Larry Campbell - Environmental
3.	Larry Gleffe - ROW
4.	Mike Ames - Pipeline Safety
5.	Warren Schick - Property Tax
6.	Bob Chandler - Finance
7.	Stephen Dowd - Corp Dev
8.	Kim Watson - Marketing
9.   Mark McConnell - Marketing

Please let me know if this list needs any corrections.

Mark

Mark McConnell
Transwestern Pipeline Company
713-345-7896   office
713-822-4862   cell
713-646-2551   fax
mark.mcconnell@enron.com


---------------------- Forwarded by Jeff Dasovich/SFO/EES on 09/14/2000 06:30
PM ---------------------------

Karen Denne@ENRON
09/14/2000 06:13 PM
To: Jeff Dasovich/SFO/EES@EES
cc:
Subject: Enron Energy Services: With Dereg Under Fire,Enron Calif Elec
Business Heats Up

---------------------- Forwarded by Karen Denne/Corp/Enron on 09/14/2000
06:08 PM ---------------------------

Peggy Mahoney@EES
09/14/2000 06:09 PM
To: James D Steffes/HOU/EES@EES, Harry Kingerski/HOU/EES@EES, Richard
Shapiro/HOU/EES@EES, Dennis Benevides/HOU/EES@EES, James M Wood/HOU/EES@EES,
Martin Wenzel/SFO/HOU/EES@EES, Tom Riley/Western Region/The Bentley
Company@Exchange, Greg Cordell/HOU/EES@EES, Karen Denne/Corp/Enron@ENRON,
Mark Palmer/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Chris
Hendrix/HOU/EES@EES, Gary Mirich/HOU/EES@EES, George Waidelich/SFO/EES@EES,
Ronald G Mentan/SFO/EES@EES, Mona L Petrochko/SFO/EES@EES
cc:

Subject: Enron Energy Services: With Dereg Under Fire,Enron Calif Elec
Business Heats Up

FYI - not sure if you guys saw this!  Still looking for a corporate customer
to go on record.
Peggy
---------------------- Forwarded by Peggy Mahoney/HOU/EES on 09/14/2000 06:06
PM ---------------------------

	Enron Energy Services

	From:  Christopher Smith                           09/14/2000 11:54 AM

To: Peggy Mahoney/HOU/EES@EES
cc:
Subject: Enron Energy Services: With Dereg Under Fire,Enron Calif Elec
Business Heats Up

FYI
---------------------- Forwarded by Christopher Smith/HOU/EES on 09/14/2000
11:54 AM ---------------------------

djcustomclips@djinteractive.com on 09/14/2000 12:41:56 PM
Please respond to nobody@mail1.djnr.com
To: 190852@mailman.enron.com
cc:
Subject: Enron Energy Services: With Dereg Under Fire,Enron Calif Elec
Business Heats Up

With Dereg Under Fire,Enron Calif Elec Business Heats Up
By Jason Leopold

09/14/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

  LOS ANGELES -(Dow Jones)- While federal regulators try to find a way to
stabilize soaring wholesale electricity prices in California, Enron Corp.
(ENE) has been quietly striking up deals with some suburban communities to
sell them fixed-price power at a lower rate.

  In the past month, the Houston-based electricity service provider entered
into long-term fixed-rate contracts with the city of Roseville and is
negotiating similar deals with the cities of San Marcos and Chula Vista. Both
of those cities currently get their power from San Diego Gas & Electric Co, a
unit of Sempra Energy Inc. (SRE), and pay market rates for electricity.
  Enron has also struck a deal with Starwood Hotels & Resorts Worldwide Inc.
(HOT), one of the world's largest hospitality companies, to sell the company
electricity at a fixed rate for the next 10 years. The company has four hotels
in California, three of which buy their power from SDG&E.

  Sources close to the matter said Enron has contracted to sell the hotel
power at about 6 cents per kilowatt-hour, compared with the 22.5 cents/KWh
Starwood said it was charged by SDG&E in August.

  Neither company would disclose the terms of the deal. But Starwood said it
expects to reduce its energy costs by more than $200 million over the next 10
years.

  Enron, the largest trader of electricity and natural gas in the U.S., will
purchase power to cover such contracts on the wholesale markets and use its
experience to manage the risks, while paying a fee to utilities like SDG&E for
use of their distribution networks.

  "That really is our core strength," said Harold Buchanan, chief operating
officer for Enron Energy Services North America. "We understand how to manage
those risks."

  High Rates Driving Industrial Customers, Cities To Switch

  The growing interest in fixed-price supply contracts is fueling a comeback
of sorts for Enron.

  The Houston-based company had tried to break into California's retail power
market just after deregulation, even spending nearly $1 million to advertise
the venture during the Super Bowl. But Enron gave up trying to win residential
customers in 1998, citing disappointing response and lower-than-expected
profits.

  That was when deregulation and competitive power markets were full of
promise. Oddly enough, now that deregulation is coming under attack in
California, soaring power prices are building demand for Enron's services.

  The company is fielding calls from large industrial customers in San Diego
that have seen their utility bills triple in the past three months and are
interested in signing long-term fixed-rate contracts, Buchanan said.

  "Overall, what Enron can provide is reliability pricing in San Diego that's
written in stone," Buchanan said. "It's far cheaper than what they're paying
now with the utilities."

  A number of large industrial customers negotiating with Enron declined to
comment.

  The city of Roseville, near Sacramento, entered into a $114 million contract
with Enron last month to purchase 50 megawatts of electricity for five years
at $49 per megawatt-hour.

  Furthermore, the city has started talks with Enron about building and
operating a 750-megawatt natural gas-fired power plant that city officials
expect will contribute to lower costs for the purchase of electricity.

  Mayor Harry Crabb said the plant could protect residents from the price
spikes that have plagued customers of SDG&E since June.

  San Marcos, in San Diego County, is proposing to switch electricity service
for its 10,000 residents to Enron from SDG&E - a move the City Council said
could shave about $12 million a year off the city's power bill. Enron has said
it would offer the city terms nearly identical to those it offered Roseville.

  An SDG&E spokesman said last week that the utility supports such
arrangements, saying they're one way deregulation is supposed to work.

  Enron offered earlier this summer to sell power to SDG&E itself for four
years at a fixed rate of 5.5 cents/KWh, but the utility said the price was too
high.

  California Gov. Gray Davis signed legislation two weeks ago to cap
electricity rates for SDG&E's customers at 6.5 cents/KWh.

  -By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

Folder Name: Enron Energy Services
Relevance Score on Scale of 100: 80

______________________________________________________________________

To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com
or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511
or contact your local sales representative.)
______________________________________________________________________

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


If there's other stuff you need, or if you'd like to discuss, don't
hesitate.  Best, Jeff


----- Forwarded by Mark Taylor/HOU/ECT on 05/10/2001 05:16 PM -----

	Ted Bockius <Ted.Bockius@iVita.com>
	05/10/2001 05:10 PM

		 To: "'mark.taylor@enron.com'" <mark.taylor@enron.com>, "'tbockius@aol.com'"
<tbockius@aol.com>
		 cc:
		 Subject: FW: National Poetry Month

-----Original Message-----
From: Mary Christ
Sent: Thursday, May 10, 2001 8:43 AM
To: Marketing Team; Leslie Haight; Jerry Watson; Tom Conley; Matt
Pitner; Mary Schaeffer; Preetish Nijhawan
Subject: FW: National Poetry Month

hilarious ...

>
> This is a poem made up entirely of actual quotes from
> George W. Bush. The quotes have been arranged only for
> aesthetic purposes, by Washington Post writer Richard
> Thompson. This is especially appropriate as April is
> National Poetry Month...
>
> MAKE THE PIE HIGHER
>
> by George W. Bush
>
> I think we all agree, the past is over.
> This is still a dangerous world.
> It's a world of madmen and uncertainty
> and potential mental losses.
> Rarely is the question asked
> Is our children learning?
> Will the highways of the internet become more few?
> How many hands have I shaked?
> They misunderestimate me.
> I am a pitbull on the pantleg of opportunity.
> I know that the human being and the fish can coexist.
> Families is where our nation finds hope, where our
> wings take dream.
> Put food on your family!
> Knock down the tollbooth!
> Vulcanize Society!
> Make the pie higher! Make the pie higher!
> --
> CYBERAL
>


We would like to invite you to participate in a meeting of the International
Swaps and Derivatives Association's North American Energy and Developing
Products Committee on Friday, July 27, 2001 at 11:30 a.m. (New York)/10:30
a.m. (Houston).
ISDA's Energy and Developing Products Committee, Chaired by Mark Haedicke,
General Counsel of Enron Capital and Trade Resources Corp., focuses on
facilitating and addressing issues ranging from documentation to market
practice related to the prudent development of the range of commodity
derivatives transactions. To that end, we plan to discuss items on the
following agenda:

 <<Agenda - July 27.doc>>

This will be a video conference meeting held at the offices of Goldman Sachs
in New York (1 NY Plaza, 37th Floor, Room 37G) and in Houston (1000
Louisiana Street, Suite 550, Room 5G).  You may also participate by calling
into the meeting on the following phone numbers:  United States:
1-877-718-6588; International:  212-902-0992.  The passcode is:  20952.

Please RSVP via e-mail to Scott Marra: smarra@isda.org.  We would appreciate
knowing if you will attend the Houston location, New York location or if you
will be calling-in by phone.

Additionally, as ISDA is currently updating its database, we apologize if we
have inadvertently omitted anyone from the list.  Please let me know if
there are other ISDA members or members of your institution who should also
receive an invitation to this meeting.

Please do not hesitate to contact me if you have any further questions.
Thank you.

Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY  10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
scarey@isda.org

 - Agenda - July 27.doc


----- Forwarded by Richard B Sanders/HOU/ECT on 09/28/2000 10:37 AM -----

	Charles Ward@ENRON
	09/28/2000 10:21 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: Dan Lyons/HOU/ECT@ECT, Garrick Hill/HOU/ECT@ECT, Carl
Tricoli/Corp/Enron@Enron, W David Duran/HOU/ECT@ECT
		 Subject: SWPC Outstanding Invoices

In order to resolve our warranty issues under the outstanding invoices with
SWPC (both before and after our purchase), I request that Milbank Tweed be
engaged for a limited review of the documentiation surrounding the issues
(including warranty, consequential damage, incremental labor coverage).
Milbank has a depth of project experience on project construction and
equipment suppliers and their agreements.  I would propose the West Coast
office and allow Ed Feo to select the appropriate personnel.

While I beleive that Milbank is not the only firm that can perform this
engagement adequately, I do believe that they could be timely and cost
efficient on a issue as largely commercial issue as this.  Please let me know
your view as we need to resolve our options, and ultimately our course of
action next week.

Chuck Ward


> Subject: ANNOUNCEMENT: Executive Program on Credit Risk Modeling
>
> Credit Risk Modeling for Financial Institutions
March 4-9, 2001
at Stanford University Graduate School of Business

> Risk management specialists, Stanford Graduate School of Business
> professors of finance Darrell Duffie and Kenneth Singleton will be
> repeating their successful executive program on Credit Risk Pricing and
> Risk Management for Financial Institutions.  The course is created for
> risk managers, research staff, and traders with responsibility for credit
> risk or credit-related products, including bond and loan portfolios, OTC
> derivative portfolios, and credit derivatives.
>
> This program includes:
> * valuation models for defaultable bonds, OTC derivatives, and credit
> derivatives, with empirical applications to corporate and sovereign
> markets
> * empirical and theoretical assessments of models for measuring credit
> risk, with correlation, for portfolios
> * the strengths and limitations of current practice in credit risk
> measurement
> * practical issues in implementing credit modeling and risk systems
> * estimation of default and transition probabilities, and the
> correlations among the default risks of publicly traded companies, from
> historical data
>
>
> ___________________________________________________________
>
DETAILED PROGRAM INFORMATION INCLUDING AN APPLICATION IS INCLUDED IN THE
FOLLOWING ATTACHMENT -- or --- visit www.gsb.stanford.edu/exed/crm

> If you would like a hard copy brochure and application form, please
> contact:
> (make sure to include your MAILING ADDRESS)
>
> Shelby M. Kashiwamura
> Program Manager
> Executive Education
> Stanford Graduate School of Business
> (650) 723-9356 Phone
> (650) 723-3950 Fax
> kashiwamura_shelby@gsb.stanford.edu

 - APPLICATION FORM.doc
 - CRMMarch2001.doc


As Jay Brown says "shit I don't even have any money to eat"


[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE][IMAGE]
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																																      Friday, May 25, 2001     No. 748
																								      Looking for Oil Prices?        								      Advertising Information

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																																     Enerfax  Daily  -  Page    -  May 25,  2001
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																																      Enerfax Daily  -  Page 3   -  May 25, 2001

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																																      Enerfax Daily  -  Page 4  -  May  25, 2001  -    Past  Issues Available on Sagewave

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																																      Enerfax Daily -  Page 5 - May 25, 2001 -    Past  Issues Available on Sagewave

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																																     California PUC to Review Baselines         The California PUC will review whether they should revise the  baseline amount of electricity used by residential customers that is  considered essential and is protected from rate increases. Last  January, the state adopted a 19-year-old formula for calculating  minimum power needs for California homes. On May 15, the PUC set  rates so people who exceed their baseline by a certain amount pay  more. The level is defined as 50% - 60% of average residential use  for customers with electricity and natural gas, and 60% - 70% of  average use for homes run solely by electricity.

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																																      Enerfax Daily  -  Page 6  -  May  25, 2001

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																																")}  TC
																																     Enerfax  Daily  -   Page 7  -   May 25, 2001

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																																   [IMAGE] [IMAGE]      Progas Storage and Services   Progas Storage and  Services, Inc. was organized to offer specialized natural gas storage  services to marketers and end users servicing the upper  Midwest and Northeast market regions along the major  transmission systems in Indiana, Illinois, Kentucky, and  Michigan. PSSI has 10 bcf of potential working capacity which  will offer service along TXG, ANR, Midwestern, and is  currently evaluating for purchase another 21 Bcf of potential  working capacity which can be serviced by these and other  systems in the region. PSSI also explores for natural gas in  the Gulf Coast region through a wholly owned subsidiary.  Progas intends to go public through a route of private  industry offerings, and an IPO or registration. For more  information on services or the company contact   gastorage@aol.com ; or  our web site http:www.progas.net . The company's executive and  administrative office is located in Abilene,  Texas with storage operations in Owensboro, KY and exploration  operations in Corpus Christi, TX.      Progas Storage and Services, Inc.    8610 S. Hwy 277    Abilene, TX 79606       Ph  915 698 3699     Fax 915 698 2859         [IMAGE]   [IMAGE]
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																																     Enerfax  Daily  -   Page 8  -   May 25, 2001

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																										[IMAGE]						                  "New  Horizons    Solutions for the 21st Century"                              An Energy Efficiency  Workshop                             and  Exposition         Kansas City,  Missouri          June 3-June 6,  2001 For more information  go to: Http://www.energy2001.ee.doe.gov

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																																           Financial  Summary
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																																     Enerfax Daily Posts Natural Gas Prices     Natural Gas  Physical Prices (Spot Prices), Physical Power Prices,  Natural Gas Options, 12 Month Strip and 18 Month Strip,  Natural Gas Futures Prices, Power Future Prices

																																      For  Information on advertising write advertising@enerfax.com    The  information contained on these pages is compiled for the convenience  of site visitors and is furnished without responsibility for  accuracy and is accepted by the site visitor on the condition that  content, errors or omissions shall not be made the basis for any  claim, demand or cause for action. By viewing this website, you are  acknowledging that you have no right to use any material contained  herein for any other purpose, and do hereby agree to make no claim  or demand, nor take any action, legal or otherwise, concerning the  content published herein.    If you  would like to help provide natural gas price information on the  following points, please write: prices@enerfax.com --Aqua Dulce,  ANR, Carthage TG, Chicago Citygate, CNG Southpoint, Columbia Gulf  Onshore, Henry Hub, Houston Ship Channel, Katy Hub, NGPL  -Midcontinent, STX, Tx/OK, Niagara/TCPL, Sonat Tier 1, TCO App.  Pool, Tetco ELA, M-3, STX; TGP Zone 0 ,1 ,SL; New York Citygate,  Transco , Trunkline, California Border, El Paso Permian, San Juan,  Waha, Nova/Aeco, Dawn Hub. Northwest Stanfield, WY, Opal, PGT,  Sumas, or any others.

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Tetco Enerfin is going to be assigned meter #0439.  Activity will be
scheduled under this meter for October 1st.
Jackie Young is assigned this meter.   Thanks, Pat


Amerex June 4

Gas:	12
Power:	51


Jeff, can  we get a copy of the PX study?  Thanks
----- Forwarded by Aleck Dadson/TOR/ECT on 11/29/2000 10:23 AM -----

	Barry Conway <conway@enerconnect.com>
	11/29/2000 10:18 AM

		 To: "'schuchco@oeb.gov.on.ca'" <schuchco@oeb.gov.on.ca>
		 cc:
		 Subject: FYI two articles from Tuesday (in case you missed them)

Colin: FYI.   Two interesting DJ news articles.  The first article is
all about what happens when you mess in trying to regulate competitive
markets (even with good intentions), the second article is dead on about
the real problem with standard supply there, and here.    Barry

Barry Conway
Chief Operating Officer
ENERconnect
Telephone:  416-483-7362
Fax:  416-483-1546
Email: conway@enerconnect.com

> >
> > FERC Unclear On Pay For Must-Run Units, Capital Return
> >    By Jason Leopold and Mark Golden
> >    OF DOW JONES NEWSWIRES
> >
> >   NEW YORK (Dow Jones)--The U.S. Federal Energy Regulatory
> Commission,
> > which is
> > working on its final order to fix California's broken electricity
> market,
> > isn't
> > clear on how the new rules will price power from must-run generators
> or
> > how
> > generators will be paid a return on their capital investments, a
> FERC
> > commissioner said Tuesday.
> >   In its preliminary proposal Nov. 1, FERC said that  California's
> > wholesale
> > electricity market price could have a "soft cap" of $150 a
> megawatt-hour,
> > but
> > the state could purchase additional power at more than $150/MWh if
> needed.
> > Suppliers would be paid the price at which they bid in their power
> would
> > have to
> > justify why their costs exceed $150/MWh. Further, the FERC could
> lower the
> > sales
> > price upon review.
> >   As reported Monday, FERC commissioners likely will set the "soft
> cap" at
> > $100/MWh in the final ruling, which is expected in the middle of
> December,
> > instead of the initially proposed $150/MWh.
> >   The FERC, however, still doesn't know how generators selling power
> above
> > the
> > cap will be reimbursed for investment in addition to marginal
> generating
> > costs.
> > When generators are paid only their marginal costs, they have no
> money
> > left to
> > pay off fixed costs and go broke. Fixed-cost recovery as a
> percentage of
> > per
> > megawatt-hour sales price varies widely based on how many hours a
> year a
> > generator operates. Inefficient peaking units that run only a couple
> > hundred
> > hours a year, for example, need to be paid very high prices per hour
> to
> > cover
> > fixed costs.
> >   In addition, the state has contracts with several independent
> power
> > producers
> > whose generators must run - or at least be available to run - all
> the time
> > for
> > system reliability. Currently, these "resource must-run" units get
> paid
> > the
> > market clearing price, but a clearing price of $100/MWh won't cover
> the
> > fixed
> > costs of gas-fired units at current prices for natural gas in
> California.
> >   "We're not clear on these issues, and we're seeking comments on
> them,"
> > said
> > the commissioner, who spoke on the condition of anonymity.
> >   Others in the industry are also skeptical about how the new "soft
> cap"
> > will
> > work.
> >   "I don't think the FERC knows what it's getting itself into. Maybe
> they
> > will
> > just take all these documents and sit on them for years, and never
> change
> > the
> > prices," Dynegy (DYN) Marketing & Trade senior vice president, Lynn
> > Lednicky
> > said Tuesday while attending a CalPX conference in New York City.
> >   -By Jason Leopold and Mark Golden, Dow Jones Newswires;
> 201-938-4604;
> > mark.golden@dowjones.com
> >
> >   (END) Dow Jones Newswires  28-11-00
> >   2333GMT(AP-DJ-11-28-00 2333GMT)
> >
> >
> > Cal PX Panel: Building Forward Market Key To Power Woes
> >     By Mark Golden
> >    Of DOW JONES NEWSWIRES
> >
> >   NEW YORK (Dow Jones)--A panel of market economists assembled by
> the
> > California
> > Power Exchange debated Tuesday whether the CalPX should move from a
> > single-price
> > auction for pricing electricity in the spot market to an "as-bid"
> market,
> > which
> > the U.S. Federal Energy Regulatory Commission has proposed.
> >   The consensus, however, was that moving purchases out of the spot
> market
> > into
> > a forward market is more important to solving California's
> electricity
> > crisis,
> > and that if a forward market develops, the pricing mechanism of the
> CalPX
> > spot
> > market won't be that important.
> >   "Dynegy favors an as-bid market, but it's not a matter of religion
> for
> > us,"
> > Dynegy (DYN) Marketing and Trade senior vice president, Lynn
> Lednicky,
> > told the
> > economists.
> >   "If I could wave a magic wand and create a forward market for
> > California, I
> > wouldn't get all excited about whether the spot market is
> single-price or
> > as-bid," Lednicky said.
> >   Under its current single-price auction, the CalPX pays all
> suppliers the
> > price
> > for the last, most expensive megawatt taken for a given hour the
> next day.
> > In
> > the FERC proposed as-bid market, suppliers whose energy is taken
> would get
> > paid
> > only the price at which they offered to sell their electricity to
> the
> > states'
> > three main utilities.
> >   The economists agreed that California legislators and regulators
> erred
> > gravely
> > in prohibiting utilities from entering into long-term forward
> contracts
> > with
> > suppliers when they began to deregulate the industry in 1996.
> >   "What were they thinking? Were they thinking at all?" asked
> University
> > of
> > Maryland professor Peter Crampton.
> >   Even though California utilities are no longer prohibited from
> > participating
> > in the spot market in general, the California Public Utilities
> Commission
> > still
> > hasn't approved any forward market contracts put before them by
> utilities
> > that
> > have reached agreements with suppliers, Lednicky said.
> >   Crampton, nevertheless, thinks that keeping the single-price
> auction
> > would
> > help promote a forward market. Single-price auctions are more
> volatile
> > than
> > as-bid markets, Crampton said, and forward markets are used more
> when spot
> > markets are more volatile. In addition, the single-price mechanism
> should
> > be
> > kept because an as-bid market is a disadvantage to smaller
> generators, who
> > would
> > have to spend a lot of resources relative to their size constantly
> > figuring out
> > how to bid in their power, Crampton said.
> >   When asked, Lednicky agreed that the FERC proposal, which was
> issued
> > Nov. 1
> > and will result in a final order around the middle of December,
> isn't
> > really an
> > as-bid market anyway. FERC said that the clearing price could be
> capped at
> > $150
> > a megawatt-hour and that the CalPX could purchase additional power
> at more
> > than
> > $150/MWh as-bid, but suppliers would have to justify their prices by
> > documenting
> > costs, and the FERC could lower the sales price after the fact. As
> > reported
> > Monday by Dow Jones Newswires, FERC likely will set the "soft cap"
> at
> > $100/MWh
> > instead of $150/MWh in the final ruling.
> >   Also, FERC would have to decide how more expensive generating
> plants
> > would be
> > reimbursed for investment in addition to marginal costs. Investment
> > recovery as
> > a percentage of sales price varies widely based on how many hours a
> year a
> > generator operates.
> >   "I don't think the FERC knows what it's getting itself into. Maybe
> they
> > will
> > just take all these documents and sit on them for years, and never
> change
> > the
> > prices," Lednicky said.
> >   The panelists and other participants Tuesday seemed to agree that
> an
> > as-bid
> > pricing mechanism probably won't lower prices that much over the
> long
> > term, but
> > it may lower prices significantly in the short run. They also agreed
> that
> > the
> > constant changing of market rules and the regulatory environment in
> > California
> > is a disincentive to investment in building new power plants in and
> around
> > the
> > state.
> >   By Mark Golden, Dow Jones Newswires; 201-938-4604;
> > mark.golden@dowjones.com
> >
> >   (END) Dow Jones Newswires  28-11-00
> >   2159GMT(AP-DJ-11-28-00 2159GMT)
> >