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        www.PowerMarketers.com
      June
        5th, 2001

                        Here
                        Are The Energy
                        Headlines From The Past 24 Hours:

                        Click
                        on a headline to go to the story...

                             TOP
                              STORIES

                              Bonneville
                              Power Administration: Vulnerable to Western Power
                              Crisis, But Protected by Federal Status

Two
                              mainstays of the Northwest's economy-public
                              power and the aluminum industry-are waging a war
                              of words over the Bonneville Power
                              Administration's attempts to set rates for the
                              electricity it sells. Both sides have hired public
                              relations companies in their attempts to sway
                              public opinion before the federal power marketing
                              agency sets new electricity rates effective Oct.
                              1. <o:p>
                              </o:p>

New
                              Democratic Senate To Clash With Bush On Energy
                              <o:p>

                              </o:p>

Energy
                              will be near the top of the agenda of the new
                              Democratic-controlled Senate, which is set to
                              clash with the Bush administration on electricity
                              price caps for California, drilling in a pristine
                              Alaskan refuge and soaring gasoline prices.<o:p>
                              </o:p>
                              </o:p>

Bush
                              Set to Meet Davis to Tackle Energy Issue

President
                              Bush goes head-to-head with California Gov. Gray
                              Davis Tuesday for talks on solving the state's
                              energy crisis, with Bush to refuse demands for
                              controls on wholesale electricity prices. <o:p>
                              </o:p>

Citizen
                              Power Appeals FERC Decision to Ignore Its
                              Authority Under The Federal Power Act

Citizen Power, utility watchdog
                              organization, jointly with the American Public
                              Power Association, has filed an appeal with the
                              United States Court of Appeals for the District of
                              Columbia of a Federal Energy Regulatory Commission
                              (FERC) order disclaiming jurisdiction when
                              generating plant ownership is transferred from one
                              utility to another.<o:p>
                              </o:p>
                              </o:p>

SoCal
                              Edison Bonds Slip Ahead of Key June 8 MOU Hurdle

Southern
                              California Edison bonds were trading slightly
                              lower Monday ahead of a key milestone for
                              implementing an agreement between the insolvent
                              utility and the State of California.  June
                              8 marks the 60-day deadline set out in a
                              memorandum of understanding (MOU) between Southern
                              California Edison and the state for a number of
                              regulatory changes to be enacted by the California
                              Public Utility Commission.<o:p>
                              </o:p>

Energy
                              Rationing Starts in Brazil

Hoping to save the power system
                              from collapse, the [Brazilian] government was set
                              Monday to order consumers to lower their
                              consumption by 20 percent compared with last year
                              or face hefty surcharges on their electricity
                              bills and power cuts of up to six days.  The
                              rationing is expected to last until at least
                              October.  Industry
                              had to lower its power use by 15 percent to 25
                              percent beginning Friday.</o:p>

                        <NOLAYER>

</NOLAYER>

Today's
                        edition is made possible, in part, by:

POWER
                        DEVELOPMENT & FINANCE 2001  -

presented
                        by INFOCAST

  June
                        11-13, 2001- Washington, D.C.

National Implications
                        of the California Melt-Down

Click
                        link below to download brochure:

                        http://www.powermarketers.com/meltdown.pdf

ENERGY
                        INFRASTRUCTURE CRISIS IN THE WEST

presented
                        by Infocast

June
                        25-27, 2001  San Francisco, CA

The
                            Western Power Crisis: Infrastructure Shortage or
                            Market Shortcomings?

Bridging
                            the Generation Gap in Western Markets

Gas
                            Pipeline and Storage Capacity Sufficient for
                            Residential, Industrial and Power Generation Needs?

Click
                        link below to download brochure:

                        http://www.powermarketers.com/energycrisis.pdf

DEALING
                        WITH TROUBLED UTILITIES

presented by
                        EXNET

June 27-28,
                        2001 - Washington, D.C.

The Regional And
                            National Risks

Rating Agency's
                            Outlook

Strategies For
                            Lenders & Creditors

Easing The Supplier's
                            Dilemma

CEOs Who Have Been
                            There

An Executive Briefing
                            On Bankruptcy

A Utility Chapter 11
                            Trustee's Experience

Click
                        link below to download brochure:

                        http://www.pmaconference.com/troubled.pdf

Energy
                        Jobs Weekly  (PMA)

                        Click Title Above For Current
                        Issue

Merchant
                        Power Monthly

                        Click Title Above For Free
                        Sample Issue

Wheeling
                        & Transmission Monthly

                        Click Title Above For Free
                        Sample Issue

US
                        Power System and Gas System Maps (by
                        RDI/FT)

                        Click Title Above To Download
                        Brochure

DOW
                          JONES NEWSWIRES- Access
                          stories online at: http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

Monday, June 4,
                2001

CORRECT:
                    Tenaska's Power Plant Online In June, Not Friday

FERC
                    Allows Western Hydropower Facility To Boost Output

Alberta
                    Generation Update: 279-MW Sundance Unit Down

Supreme
                    Court Declines Review Of EPA Rule On PCB Disposal

Chicago,
                    ComEd Set Deal For 40-MW Of Renewable Power

Options
                    Report: On Slow Day, Another Market-Maker Merger

SoCal
                    Edison Bonds Slip Ahead of Key June 8 MOU Hurdle

Windpower
                    Could Produce 6% Of US Power By 2020 - Group

PacifiCorp:Bought
                    50-MW Supply Of Wind Power For 20 Years

Mirant
                    Starts Operations At 300-MW Zeeland, Mich., Plant

PacifiCorp
                    To Buy Wyoming Wind Project Output >SPI

Calpine:
                    500-MW Lost Pines Plant In Texas Goes Commercial

FirstEnergy
                    1320MW Perry Seen At Full Power By Tuesday

NRC:FirstEnergy
                    1,320MW Perry Reconnects; Power Rising

 NATIONAL
                          - Access stories online at: http://www.powermarketers.com/pma-nat.htm

Monday,
                June 4, 2001

-UPDATES
                    1-U.S. Senate readies for historic power shift

-Calif.
                    regulators to decide on back power payments

-Brazil
                    gov't to cut surcharges from energy plan

-California
                    responsible for 13 pct of total US output

-UPDATE
                    2-Lehman places 6.5 pct Powergen stake

-US
                    House panel to meet on power crisis legislation

-Westcoast
                    Energy to sell Canada, US gas line capacity

-Piedmont
                    Natural Gas files shelf for $250 mln

-FERC
                    approves increase in Washington state hydropower

-U.S.
                    Senate readies for historic power shift

-BPA
                    spills water at two more NW dams to aid salmon

-Capstone
                    Turbine shares fall on worry over orders

PSE
                    (PEG.N) unit to sell power to California

U.S.
                    high court won't review rule on PCBs disposal

TEXT-S&P
                    assigns Citizens Communications BBB rtg

TEXT-Fitch
                    rates $600 mln AES Corp. notes BB-plus

W-H
                    ups 2nd quarter view, offers 6.5 million shares

Kms
                    Power Enters Into Gas Contract for Kms Crossroads

ABC
                    National Board of Directors Endorses Bush Energy Policy;
                    Demand Full And Open Competition on Energy Related Projects

Element
                    Re Announces $60mm Weather Insurance Transaction with Atmos
                    Energy Corp.; Policy Designed to Provide Protection from
                    Loss Due to Warm Winter Weather

Palatine
                    Oks Installation of Power Lines

-Black
                    & Veatch Corporation And Siemens Propose Solution To
                    Energy Crisis In United States

Morgan
                    Stanley Ventures Into Power Business

Rep.
                    Terry Urges Balanced Energy Plan

Rep.
                    Terry: U.S. Needs Balanced Approach to Energy Crisis

Hagel
                    Plan: 5% Ethanol in All Gas Senator Praises the Bush Energy
                    Plan And Is Optimistic About The President's Support for
                    Renewable Fuel

NCE
                    Energy Trust (Tse: Nca.Un) Reports a 194% Increase In

Spencer's
                    Restaurants, Inc. Acquires Assets from Wsr Energy Resources,
                    Inc.

Letters:
                    Indiana's Coal Resources Can Head Off Energy Crisis in State

Opinion:
                    Route Optimization as Energy Policy

Bush
                    Set to Meet Davis to Tackle Energy Issue

Original
                    Passive-Solar on Market

Department
                    of Energy Bonneville Power Administration Electrical
                    Interconnection of The Chehalis Generation Facility

Department
                    of Energy Office of Fossil Energy; Notice of Filings of Coal
                    Capability of Augusta Energy, Llc And Tenaska Alabama II
                    Partners, L.P. Powerplant And Industrial Fuel Use Act

Peabody
                    Energy (NYSE: BTU) Announces Expected Pre-Tax Gain of $15
                    Million from Successful Litigation

-Bonneville
                    Power Administration: Vulnerable to Western Power Crisis,
                    But Protected by Federal Status

-Group
                    8760's GISBAgent
 Clients In New York Ready To Implement
                    EDI Standards Approved By PSC

Pacificorp
                    to Acquire 50 Megawatts from New Seawest Windpower Facility

Mexico's
                    Capacity Reaches 35, 869 Megawatts

Fry
                    Criticizes Weatherwax's Stance on Energy Policy

NCE
                    Energy Trust - 194% Increase in Cash Flow from Operations in
                    Q1 of 2001

BRAZILIAN
                    ENERGY RATIONING GOES INTO EFFECT

Alliance
                    for Retail Energy Markets Media Statement in Response to The
                    Assembly Democratic Caucus' ``Fair Plan''

-NxtPhase
                    Completes US$25 Million Private Financing

-Toronto
                    Hydro-Electric System Selects Excelergy's Collaboration
                    Software

Enova
                    Systems - Provides Solutions to Energy Crisis with Variety
                    of Electric, - Fuel-Cell, Hybrid And Solar Products

-Southern
                    Minnesota Municipal Power Agency Embarks on Long-Term
                    Electric Reliability Plan

-Ronald
                    Whitfield Joins Risk Limited As Energy Advisor

-CMS
                    Energy's Panhandle Pipe Line Companies Unit Wins Safety
                    Achievement Award

Il
                    Sole 24 Ore: Power Station Legislation at Standstill(SI
                    Arena Il Decreto Sblocca-Centrali Enel)

-Truequote.com
                    Posts EnronOnline Prices On its System

Repeats:
                    Energy Volume And Open Interest Totals-Jun 4

Southland's
                    Enova Systems Provides Solutions to Energy Crisis with
                    Variety of Electric, Fuel-Cell, Hybrid And Solar Products

Obasanjo
                    Chides Enron on Lagos Power Project

Standard
                    & Poor's Annual Power & Energy Conference What Are
                    the California Aftershocks?

CEO
                    of Sempra Energy to Answer Impending Questions Surrounding
                    Energy Supply And Demand in CaliforniaStephen Baum Will
                    Focus on Solutions to Bringing Supply And Demand Back Into
                    Balance at The Next UCLA Anderson Business Forecast

CEO
                    of Sempra Energy to Answer Impending Questions Surrounding
                    Energy Supply And Demand in California

Alstom
                    wins 418 mln usd power contract from Saudi govt

Apasco,
                    Iberdrola Sign 25-Year Power Contract

Sears
                    Helps Consumers Cope with California Energy CrisisOffers
                    Widest Selection of Energy-Efficient Appliances,
                    Electronics, Heating And Cooling Systems in U.S., Including
                    New Line of Energy Star Refrigerators

Sears
                    Helps Consumers Cope with California Energy Crisis

Davis
                    Wright Tremaine Expands East Coast Energy Practice

Davis
                    Wright Tremaine Expands East Coast Energy PracticeDaniel M.
                    Adamson, Former Senior Federal Energy Regulatory Commission
                    And Department of Energy Official And Howard A. Benowitz,
                    Formerly An Associate with The Energy Firm of Gkrse, Join
                    Dwt's Washington, D.C. Office

Gwf
                    Signs Long-Term Contract to Provide 430 Mw of Power to
                    California

DTE
                    Energy Is Host for Webcast of Diversified Growth Conference

Pacificorp
                    to Acquire 50 Megawatts from New Seawest Windpower Facility;
                    Pacificorp Fulfills Merger Commitment to Invest in Renewable
                    Power

Mirant
                    Begins Commercial Operations at Michigan Power Plant

Fuel
                    Cell Technologies Corp - Clarifies Bluefin MOU

Metals
                    Update: Krasnoyarsk Aluminum Smelter Faces More Power Cuts

Mobileexpo
                    Appoints Utility Partners' Michael Gursky to 2001 Utility
                    Forums Advisory Board

Fuel
                    Cell Technologies Clarifies Bluefin MOU

Williams
                    Energy Partners Elects Bruckmann And Gunther to Board

Mirant
                    Expands Its Cambridge-Based Kendall Generating Power
                    Facility

CFO
                    Outlines Further International Expansion for Nrg Energy in
                    Interview with The Wall Street TranscriptLeonard Bluhm Is
                    Executive Vice President And Chief Financial Officer of Nrg
                    Energy, Inc.

Evp
                    Outlines Opportunities for Growth As Pseg in Interview with
                    The Wall Street TranscriptThomas R. Smith Executive Vice
                    President Operations And Development, Pseg Power, And
                    President of Pseg Fossil

President
                    Outlines El Paso Energy's Intentions to Offer Price
                    Management Solutions And Financial Products in Interview
                    with The Wall Street TranscriptClark C. Smith Is President
                    of El Paso Merchant Energy North America, A Business Unit of
                    El Paso Energy Corporation

CMS
                    Energy's Panhandle Pipe Line Companies Wins Safety
                    Achievement Award

International
                    District Energy Association Conference Comes to Las Vegas;
                    Technology Highlighted in President Bush's Energy Policy
                    Address

Democrats
                    Should Quit Demagoging on Energy Policy

Teco
                    Power Services Invites Media to Groundbreaking Ceremony for
                    Dell Power Station

Citizen
                    Power Appeals Ferc Decision to Ignore Its Authority under
                    The Federal Power Act

The
                    Washington Post: California Power Play

Wall
                    Street Journal: the Outlook: the Pros And Cons of Power
                    Price Caps

Washington
                    ; Democrats Renew Demand for Price Caps on Energy

San
                    Francisco Chronicle: Company Hesitant to Build Power Plant

Pulte
                    Homes Featured in President Bush's National Energy Plan;
                    Pulte Homes Considered the ''Best Production House in The
                    World''

Samson
                    Canada to Acquire Courage Energy

Power
                    Line to Traverse Valley Proposed Route Will Stretch from
                    Boise to Caldwell

Consider
                    Cost of Energy Boom Writers on The Range

California
                    Schools Cut Energy Waste Up to 18 Percent with Help of
                    Alliance to Save Energy's Green Schools ProgramBehavioral
                    Changes Make A Difference

California
                    Schools Cut Energy Waste Up to 18 Percent with Help of
                    Alliance to Save Energy's Green Schools Program

Alternative
                    Energy Conference to Be Held June 11 in New York

Trigen
                    Energy Partners with The Durst Organization to Develop
                    Nycybercenter Energy FacilityState-of-The-Art System Will
                    Provide 99.9999% Reliability with Ultra-Low Emissions

Calpine
                    Establishes Canadian HeadquartersCalpine Names David D.
                    Johnson to Lead Company's Expanding Canadian Power
                    Generation And Natural Gas Operations

Trigen
                    Energy Partners with The Durst Organization to Develop
                    Nycybercenter Energy Facility

Synapse,
                    Inc. Announces Synapse Infrared - Next Generation Embedded
                    Intelligence for Smart Appliances Controlled by A Palm
                    Computer

Energyon.Com
                    And Sterling Planet Launch Partnership to Offer 100%
                    Certified Green Energy Choices to Every Consumer And
                    Business Coast-to-CoastCustomers Can Now Help Develop A
                    Renewable And Sustainable Energy Market in The United States

Energyon.Com
                    And Sterling Planet Launch Partnership to Offer 100%
                    Certified Green Energy Choices to Every Consumer And
                    Business Coast-to-Coast

Ontario
                    Power Selects Verano As Real-Time Platform to Deploy
                    Electric Plant Deregulation SolutionOntario Power Generation
                    And Verano Partner Innogy Select Verano's Rtap Software to
                    Combat Business Challenges Driven by Electric Plant
                    Deregulation

Tired
                    of Constantly Changing Energy Prices? Newpower Offers
                    California Natural Gas Consumers A Two-Year, Locked-in Rate

                Sunday, June 3,
                2001

Bush
                    Is Right to Deny Energy Controls

New
                    Power Plants Relieve State Worries More Than 20 Facilities
                    under Construction Or Planned for Michigan

Energy
                    Woes May Spark N.C. Textiles Experts Debate the Extent of
                    The Business N.C. Companies Could Get from The Crisis in
                    California.

State
                    Power Reform Role Up in Air

                      Reuters
                Prior Day News:      Friday, May 25

                      National

UPDATES
                    1-U.S. Senate readies for historic power shift

Calif.
                    regulators to decide on back power payments

California
                    responsible for 13 pct of total US output

UPDATE
                    2-Lehman places 6.5 pct Powergen stake

US
                    House panel to meet on power crisis legislation

Westcoast
                    Energy to sell Canada, US gas line capacity

Piedmont
                    Natural Gas files shelf for $250 mln

FERC
                    approves increase in Washington state hydropower

U.S.
                    Senate readies for historic power shift

BPA
                    spills water at two more NW dams to aid salmon

Capstone
                    Turbine shares fall on worry over orders

PSE
                    (PEG.N) unit to sell power to California

U.S.
                    high court won't review rule on PCBs disposal

TEXT-S&P
                    assigns Citizens Communications BBB rtg

TEXT-Fitch
                    rates $600 mln AES Corp. notes BB-plus

W-H
                    ups 2nd quarter view, offers 6.5 million shares

                      World

Brazil
                    gov't to cut surcharges from energy plan

UPDATE
                    1-India's Prabhu says power reforms enter new phase

INTERVIEW-India
                    says to spruce up state power utilities

INTERVIEW-India
                    to respect international contracts -Prabhu

 WORLD
                          - Access stories online at: http://www.powermarketers.com/pma-intr.htm

                Monday, June 4, 2001

Brazil
                    Energy Rationing Kicks in

-Brazil
                    gov't to cut surcharges from energy plan

-Westcoast
                    Energy to sell Canada, US gas line capacity

UPDATE
                    1-India's Prabhu says power reforms enter new phase

-INTERVIEW-India
                    says to spruce up state power utilities

-INTERVIEW-India
                    to respect international contracts -Prabhu

Kms
                    Power Enters Into Gas Contract for Kms Crossroads

Circle
                    Energy Inc. Announces New Director And Establishment of
                    Special Committee

Antrim
                    Energy Inc. Updates New Zealand Activity

Capstone-Energized
                    Hybrid Electric Bus Debuts in China

Canargo
                    Energy Corporation Announced Agreement with Georgian
                    Government on Planned Expansion of Refining Operations in
                    Central Georgia

Ongc
                    to Raise Stake in Cairns Energy JV

Endesa
                    to Accelerate Construction of Power Line

Money
                    Manager Highlights Korea Electric Power in Interview with
                    The Wall Street TranscriptRobert J. Jurgens Is A Vice
                    President And Portfolio Manager at Thompson, Siegel &
                    Walmsley

Westcoast
                    Energy Mainline Expansion Fully Subscribed

Acesita
                    Plans to Benefit from Power Crisis - Brazil

Energy
                    Crisis Forces Cvrd to Cut Prod. - Brazil

Energy
                    Crisis Roundup - Brazil

Cvrd
                    to Invest US$2bn in Energy - Brazil

Idb,
                    Govt. Draw Up New Energy Financing - Brazil

Endesa
                    to accelerate construction of 2nd Argetine-Brazil power line

Iran
                    to Invest 12.5m Dollars in Southern Tajik Power Station

Idb,
                    Govt. Draw Up New Energy - Brazil

Philippine
                    Senate Ratifies Crucial Power Reform Bill

NEC
                    Holds Solar Exhibition

Top
                    Energy Summaries - Monday, June 04, 2001 - 9:20 Am

Principal:
                    Free Gym Use Fair Committee Oks Energy Cost Study

Philippine
                    power reform bill passes last legislative hurdle

South
                    Korea: Active Geological Faults Found Near Nuclear Power
                    Plant

Top
                    Energy Summaries - Monday, June 04, 2001 - 7:44 Am

Brazil:
                    Bndes to Finance Construction of Electric Power Facilities

Brazil:
                    Companies Sell Power Surplus

Brazil:
                    Rio Launches Site to Control Power Consumption

Brazil:
                    Bndes Invested US$5bil in Electric Power Projects

Brazil:
                    Light to Be Impacted by Power Rationing Program

Brazil:
                    Angra Commercializes 450 Mw of Power

Brazil,
                    Argentina And Bolivia to Develop US$3bil Energy Project

Brazil:
                    Brewers Investing in Power CO-Generation

Brazil:
                    Petrobras to Develop 10 Thermoelectric Power Projects

Brazil:
                    Power Companies Make Efforts to Reduce Energy Consumption

Swift
                    Energy Updates New Zealand Activity

Shareholders
                    Approve Coal Producer's New Name

French
                    Power Plays Trample Mediterranean Sensitivities

India's
                    Ongc to Raise Stake in Cairns Energy JV to 40 Pct

Energy
                    Rationing Starts in Brazil

Pakistan
                    to Develop Energy Resources for Economic Growth

Tokyo
                    Electric Power Delays Mox Nuclear Fuel Project

Gas-Operated
                    Turbines to Increase Iran's Energy Production

Philippines
                    House Ratifies Power Reform Bill

Nissan,
                    Renault to develop gasoline-based fuel cell

China
                    policy-makers stand on power reform plan unclear: State
                    Power official

                Sunday, June 3,
                2001

Coal
                    City Turning to Other Industries

Nissan,
                    Renault Target Gasoline-Based Fuel Cell

 KRT
                          - Access stories online at: http://www.powermarketers.com/pma-krt.htm

Monday,
                June 4, 2001

Danbury,
                    Conn.-Based Fuel Cell Maker Sees Sales Increase, Losses
                    Widen

California
                    Officials to Seek Transmission Line Plan for Power Grid

California
                    Utilities Offer Rebates for Slashing Electricity Use 20
                    Percent

Heat
                    Wave Sends California Energy Grid to Its Limit, But
                    Blackouts Averted

California
                    Lawmakers Draft New Rescue Plan for Southern California
                    Edison

Let
                    Market Guide Energy Investments, Not Politics, Experts Say

Clean
                    Power Group Says Bush Energy Plan Is Right on Target

Charlotte,
                    N.C., Power Firm Spiked California Rates During Winter

The
                    Business Press, Ontario, Calif., Guest Column

New
                    York Officials Ready to Revamp Energy Plan

              The PowerMarketers.com
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below is a list of the cos. that have recently sent us load data, but are not in the database. All folders are in M:\User Pub\Todd\ERCOT Region\Active List

Folder	Subfolder	File	Tab	Zone	Notes
AEP PTB	CP&L	CP&L Power Data	Indexed Data	South	Column E contains load data
Chevron	(None)	Loadshape_Setup_Chevron	Sheet1	South/West/North
Diamond Shamrock	(None)	IDRData_98806594	(both tabs)	South
Nucor 	(None)	NucorLoadData	Matrix To Column	North	Column AC contains load data
GM	(None)	Consolidated 3 Accts Interval Data	Matrix To Column	North	Column AC contains load data

this is all for now, I'll keep you updated on all new info we get.

Thks

Rahul Seksaria
Enron Corp
1400 Smith Street, Ste 3152A
Tel: (713) 345-8801
Fax: (713) 646-3037


Cabo's--very hip if you like meat markets (which I do, of course).  I suspect
that fish tacos are a  very popular dish in London--at least among the London
surfer crowd.  You can reach me on the cell phone @402-630-8461--I'll leave
it on all day.  So what brings both of you down to Houston?  Anything going
on that I ought to know about?  DF

Mark Schroeder@ECT
07/10/2000 12:11 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Re: Houston

Dinner at Cabo (grilled fish tacos), downtown, hits the spot.  We should be
reachable at the Four Seasons, downtown, so leave us a message as to where to
reach you.  mcs

	Enron Capital & Trade Resources Corp.

	From:  Drew Fossum @ ENRON                           10/07/2000 15:17

To: Mark Schroeder/LON/ECT@ECT
cc:

Subject: Re: Houston

Outstanding!  I'm in Houston on Thursday, flying to the big O on the 8:30 pm
flight.  I'd love to get together for dinner around 5:00 or so if that works
out for you guys.  Any chance of getting together with both of you?  DF

Mark Schroeder@ECT
07/10/2000 04:24 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Houston

Flying in to Houston with Mary on Thursday afternoon, and back to London on
Saturday p.m.  Any chance of seeing you, e.g., an early dinner on Thursday?
mcs


How about 10:00 a.m.?  I have customers again for lunch and it may be late.

TK

 -----Original Message-----
From: 	Trevino, Linda
Sent:	Wednesday, January 23, 2002 2:33 PM
To:	Lohman, TK
Subject:	RE: Point Groups

How about sometime tomorrow - I not going to be able to come by this afternoon.

 -----Original Message-----
From: 	Lohman, TK
Sent:	Wednesday, January 23, 2002 11:13 AM
To:	Trevino, Linda
Subject:	RE: Point Groups

I have a lunch meeting so please after 2:00 would be better for me.

TK

 -----Original Message-----
From: 	Trevino, Linda
Sent:	Wednesday, January 23, 2002 9:40 AM
To:	Lohman, TK; Donoho, Lindy
Subject:	Point Groups

T.K., Lindy,

I have set up new groups for TW in the PLE system that emulate the templets in CBS.  I would like to get together with you and review the lists or give you a copy and have you review them.  Do you have some time this afternoon for me to come down with the lists?  Let me know.

Thanks

Linda


Hear is the info.  Let me know if you have any further questions.

---------------------- Forwarded by Eric Bass/HOU/ECT on 04/17/2000 03:08 PM
---------------------------

	Enron North America Corp.

	From:  Eric Bass                           04/14/2000 11:58 AM

To: Melissa Graves/HOU/ECT@ECT
cc: Susan Smith/HOU/ECT@ECT, George Weissman/HOU/ECT@ECT
Subject: Re: Wellhead Accrual Income

Melissa,

As you know, as of Jan 01, 2000 the Wellhead Portfolio has been segregated
from the rest of HPLC's Physical Portfolio.  As a result of this segregation,
it has become much easier to analyze and manipulate this data so that monthly
"accrual value" can be determined.  This analysis has resulted in the
realization that the Wellhead Potfolio creates approximately $275,000 of
accrual value per month.  The main drivers of this accrual value are deals
that have rolled into evergreen status, accrual term deals,  actual volumes
greater than booked, half cent bid to mid spread, incorrect markings, and
value withheld from MTM because of accrual costs.  Of the above, Greg Sharp
will receive value associated with evergreen/accrual deals, actual volumes
greater than or less than booked, and deals incorrectly marked.  Tom will
keep value associated with his half cent bid to mid and accrual value needed
to pay accrual costs (such as gas quality issues).  The breakout of this
value has been on average 60% to Greg and 40% to Tom.  The following is a
breakdown of 1st quarter accrual value.

January-

Total Accrual Value = $266,504

Greg's Value       Tom's Value
Evergreen Value =                         $140,750     Bid to Mid =
$105,000
Accrual Value =                               $53,000    Accrual Costs
=       $13,000
Actual Volumes>Booked =         $60,000           $118,000
Incorrect Marking =                       ($105,000)
Total Value =                                   $148,750

February-

Total Accrual Value = $289,305

Greg's Value       Tom's Value
Evergreen Value =                         $145,000     Bid to Mid =
$100,000
Accrual Value =                               $62,000    Accrual Costs
=       $13,000
Actual Volumes>Booked =         $65,000           $113,000
Incorrect Marking =                       ($95,000)
Total Value =                                   $177,000

March -

Total Accrual Value = $292,145

Greg's Value       Tom's Value
Evergreen Value =                         $147,000     Bid to Mid =
$106,000
Accrual Value =                               $59,000    Accrual Costs
=       $13,000
Actual Volumes>Booked =         $66,000           $119,000
Incorrect Marking =                       ($100,000)
Total Value =                                   $172,000

Let me know if you have any questions.

Eric

	Enron North America Corp.

	From:  Eric Bass                           04/07/2000 02:00 PM

To: Melissa Graves/HOU/ECT@ECT
cc:
Subject: Re: Wellhead Accrual Income

Melissa,

Here are the accrual values for Q1.  More details to follow.

Jan - $266,504
Feb- $289,305
Mar - $292,145

Eric

	Enron North America Corp.

	From:  Melissa Graves                           04/07/2000 01:51 PM

To: Eric Bass/HOU/ECT@ECT
cc: George Weissman/HOU/ECT@ECT, Gregory L Sharp/HOU/ECT@ECT
Subject: Wellhead Accrual Income

Eric,

Per Greg Sharp, he and Tom Martin discussed the Wellhead Accrual Income
numbers today, and Effective Q1 2000, Greg will begin recognizing this
accrual income in his financials.

It is my understanding that the new Wellhead Portfolio in Sitara assists you
in calculating this monthly number (which is estimated at $170,000 per
month).  Could you please provide the detail behind this calculation, or if
this data is pulled directly from Sitara, George and I could meet with you to
become familiar with this data extraction process.

Thank you,
Melissa
X39173


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*	Discussion of Current ISOs and Projections on their Jan. 15 RTO Filings
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*	Maps of Proposed TransC0 and RT0 Territories

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*	Review of NERC's 2000 Reliability Assessment
*	Review of FERC Investigation of Bulk Power Markets
*	Discussion of California's Wholesale Market Problems
*	Analysis of Pricing Trends and Price Caps in ISOs
*	FERC Action On October 15th RTO Filings
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*	Tables of Regional Demand and Capacity
*	Analysis of FERC Conditional Approval of GridSouth TransCo
*	GridSouth's Request for Clarification on FERC Order

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*	Analysis of FERC Rejection of Southern Company's SeTrans GridCo
*	Analysis of FERC Directed Changes to Southwestern Power Pool/Entergy Hybrid RTO Proposal
*	Update on Alliance and Midwest ISO Settlement
*	Analysis of FERC Conditional Approval of RTO West

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*	History of FERC RTO Activities ?
*	Analysis of Southeastern RTO Mediation Report
*	Analysis of Northeastern RTO Mediation Report
*	Update on RTOs - Alliance and Midwest
* Update on TransCos - ITC, TransLink, and WestConnect

Download Ordering Information, a Complete Table of Contents and a Free Issue of Wheeling & Transmission Monthly at:

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This email was sent to those who signed up for it.  If you believe it has reached you in error, or you are no longer interested in receiving it, then please click here to edit your preferences.


Next week is good for me.   I would like to look to the end of the week
Thursday or later.  Please give me a call next week my direct line is listed
below.   Have a great weekend!

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


Italy

This is not very illustrative example. Utilities (ENEL distcos and
municipalities) will not be allowed to sign long-term supply contracts with
producers (ENEL gensets or divested ENEL gensets). Even, according to the
last draft of market design recently published by the regulator, the single
buyer will also need to procure power for non-eligibles through the
forthcoming pool.

ENEL's divestiture has rather more to be with limiting market power and
spurring competition than securing supplies.

Portugal

This could be more helpful. Here, the dominant SEP (public sector, ie, tied
gencos and tied customers) security of supply is based on a rock-sodlid
long-term power purchase agreements. The SEP is characterised by long-term
contracts between REN (the TSO), public and private (vgr. Pego, owned by
National Power, Endesa, EdF and EdP) gencos and the four EdP's distributors.
Individual power purchase agreements are concluded for each plant, and cover
the plant's entire economic lives and commit gencos to sell to REN
exlcusively.

New power plants to be dedicated to SEP will be open to tender, according to
a central planning. REN buys power from these tied gencos at each plant's
costs and sell to the distcos at a uniform rate, the bulk supply tariff (BST).

Unfortunately, the record of the tendering process open to private investors
is not either long or very transparent, and we could not draw many good
lessons from this. For example, EdP has been trying in the last two years to
build additional capacity for SEP without a tendering procedure.

a.

Peter Styles
01/10/2000 17:31
To: Paul Dawson/Govt. Affairs/LON/ECT@ECT, Paul Hennemeyer/LON/ECT@ECT,
Alfredo Huertas/LON/ECT@ECT
cc: Nailia Dindarova/LON/ECT@ECT, Bruno Gaillard/EU/Enron@Enron, Steven J
Kean/NA/Enron@Enron, Mark Schroeder/LON/ECT@ECT

Subject: RUSH RUSH: Examples of power supply auction processes [that worked]

See note from Steve Kean below. Examples might occur to the three of you,
even from your NERA days.

Alfredo: The statutory obligation for ENEL to sell off generating capacity to
independent third parties is more or less the opposite of the process
suggested to Governor Davis, but might be worth describing anyway.

Paul D.: You are a direct recipient of the note. Also worth describing the
previous longer term contracting practices of the E&W RECs?

Bruno: EFET has suggested to the Paris Bourse that the only way to kick start
a traded power market in France would be for EdF to auction packages of
generation output to new entrants; again this is really the opposite of the
California situation, but may be of interest. Get details from Nailia (in
London tomorrow.)

In view of tight deadline please e-mail or call Steve  (cc Mark , and let me
know beforehand)  on Monday by  noon  Houston time (currently only 5 hours
behind, thus 5pm London time) with any relevant descriptions. I am in London
all day.

---------------------- Forwarded by Peter Styles/LON/ECT on 01/10/2000 17:15
---------------------------
From: Steven J Kean@ENRON on 29/09/2000 15:47 CDT
Sent by: Steven J Kean@ENRON
To: Mark Schroeder/LON/ECT@ECT, Tom Briggs/NA/Enron@Enron, Robert
Hemstock/CAL/ECT@ECT, Peter Styles/LON/ECT@ECT, Daniel
Allegretti/HOU/EES@EES, Steve Montovano/DUB/EES@EES, Janine
Migden/DUB/EES@EES, Aleck Dadson/TOR/ECT@ECT, Paul Dawson/Govt.
Affairs/LON/ECT@ECT
cc:

Subject: examples of auction processes that worked

Jeff Skilling proposed a solution to Gov Davis to solve the supply and
pricing problems in the California market.  In summary, the proposal would
have a neutral party conduct an auction wherein the utilities would seek bids
for 5-10 year packages of power from suppliers.  The gov asked if anyone had
successfully conducted such an auction in the industry already.

I need your help to identify and describe any such examples (European or
North American) by mid day Monday. Jeff and I will have a follow up call with
the governor on Monday.

Thanks


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/01/2000
04:50 PM ---------------------------

Vince J Kaminski
11/22/99 11:01 AM
To: "Angela Adedeji" <aadedeji@risk.co.uk>
cc: Vince J Kaminski/HOU/ECT@ECT, vkaminski@aol.com, Shirley
Crenshaw/HOU/ECT@ECT
Subject: Re: European Energy 2000, April, Amsterdam

Angela,

Thanks for the invitation. I shall be glad to join you for both days in
Amsterdam. Both topics would work for me.

Hope to talk to you soon.

Vince Kaminski

"Angela Adedeji" <aadedeji@risk.co.uk> on 11/17/99 11:32:08 AM
Please respond to "Angela Adedeji" <aadedeji@risk.co.uk>
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: European Energy 2000, April, Amsterdam

Hi Vince

RE: EUROPEAN ENERGY 2000, 3 & 4 APRIL 2000, AMSTERDAM

I hope all is well in sunny Houston. It is with great pleasure that I enclose
details of our forthcoming annual European congress, European Energy 2000. I
would very much like to invite you to become involved as a chairperson and
speaker for the following topic 'Applying weather risk management
methodologies to the European energy market', although I would of course be
more than happy to discuss any of the other sections with you eg. 'Estimating
volatility for efficient pricing, trading and risk management'.

I hope we can work together on this event and I look forward to hearing from
you soon. As always, my deadline is quite tight so I would appreciate
receiving a response from you at your earliest convenience.
Kind Regards
Angela Adedeji
Senior Producer, Energy Conferences & Courses
Tel -  + 44 171 484 9886
Fax - + 44 171 484 9888
Email - aadedeji@risk.co.uk
 - att1.htm
 - Grid.doc


ISDA Press Report - March 21, 2001

Ministers urged to back Lamfalussy report - Financial Times
Liberalisation of financial services tops summit agenda - Financial Times
Crisis-hit Argentina continued to dominate credit derivatives... - Reuters
CREDIT DERIVATIVES MAY SUBJECT INVESTORS TO UNEXPECTED RISKS - Moody's
How traders in capacity can make rapid new connections - Financial Times
Watchful eye on energy traders - Financial Times

Ministers urged to back Lamfalussy report
Financial Times - March 21, 2001
By Peter Norman

The European Banking Federation, representing 3,000 mainly private-sector
banks in the European Union, yesterday urged an immediate end to the
institutional wrangling holding up agreement on the Lamfalussy report on
faster financial market legislation in the EU, Peter Norman reports from
Brussels.

Ambassadors from EU member states meet today in Brussels to try to resolve
the three-way squabble between the council of ministers, the Commission and
the European parliament over the powers each institution should cede to
enable the EU securities committee, proposed by Baron Alexandre Lamfalussy,
to enact legislation. EU finance ministers will discuss it tomorrow evening
in Stockholm before the EU summit on Friday and Saturday.

Writing to each finance minister, Maurizio Sella, the federation's chairman,
said any delay would damage development of European financial markets

Liberalisation of financial services tops summit agenda
Financial Times - March 21, 2001
By Brian Groom

Liberalisation of financial services will be Britain's priority for this
week's Stockholm summit, the government said yesterday as it rejected claims
economic reform in the European Union was going too slowly.

Tony Blair, prime minister, suffered a setback, however, when Lionel Jospin,
his French counterpart, said he would resist early deadlines for full
liberalisation of gas and electricity.

A dispute with the French would overshadow the summit of EU leaders on
Friday and Saturday, which comes as Mr. Blair prepares to call the general
election, expected on May 3. Britain wants full liberalisation of energy
markets by 2003.

Alastair Campbell, Mr. Blair's spokesman, rejected claims by the European
Round Table of Industrialists that there had been little action since last
year's Lisbon summit on issues such as liberalisation of energy, postal
services, financial markets, air traffic control and creation of a
union-wide patent.

"Those who say the impetus is not for economic reform and that there hasn't
been progress have got it wrong," he said. "We think Europe has got the
message on economic and social liberalisation. Stockholm is about
accelerating the change."

He said 2.5m jobs had been created in the EU last year. Denmark and the
Netherlands had joined Sweden in overtaking the US for the percentage of
homes with internet access: the EU average had doubled to 28 per cent
compared with 47 per cent in the US, with Britain on 41 per cent.

EU investment in information and communications technology had outstripped
the US as a proportion of gross domestic product for the first time last
year.

Mr. Campbell said faster liberalisation of financial services would help
investors, the finance industry and consumers.

Britain wants the Lamfalussy group's report on financial reform implemented
by the year-end, but it is caught up in a dispute over jurisdiction between
member states, the European Commission and European Parliament.

Mr. Blair and Wim Kok, the Dutch prime minister, published a joint paper
calling for action to close the gap with the US on biotechnology. Other
British objectives include a business-led taskforce to address skills gaps
and moves to improve mutual recognition of professional qualifications,
lighten regulation on small business, cut air traffic control delays and cut
car prices.

* The government was accused yesterday of trying to "rig" a Brussels
competition inquiry by organising a write-in campaign by MPs.

Opposition Conservative MPs were angry after discovering the Department of
Trade and Industry had supplied a "core script" that MPs and others could
use to lobby the European Commission to approve a Pounds 60m (Dollars 86m)
regional venture capital proposed by Gordon Brown, chancellor.

The Commission is likely to approve the scheme, but Mr. Brown has accused
officials of dragging their feet.

Crisis-hit Argentina continued to dominate credit derivatives trading on
Tuesday....
Reuters - March 20, 2001

LONDON, March 20 (Reuters) - Crisis-hit Argentina continued to dominate
credit derivatives trading on Tuesday, almost knocking the Federal Reserve's
decision on U.S interest rates due later in the day off its perch as chief
talking point.

The price of five year default swaps for Argentina widened out to
1,000/1,200 from 950/1,050 at the start of the week, traders said. The move
was even more dramatic at the shorter-end of the curve, with one-year credit
protection on Argentine debt being quoted at 1,200/1,300 from 950.

Credit default swaps, the most active part of the credit derivatives market,
are insurance-like tools that enable investors to juggle exposure to the
risk of an issuer defaulting on a debt or loan.

The resignation of economy minister Ricardo Lopez Murphy after just two
weeks in office has heightened a political crisis in Argentina that
threatens to spill over into other emerging markets. This follows Lopez
Murphy's efforts to lift the economy out of recession with a searing
austerity programme aimed at raising investor confidence.

Domingo Cavallo, the architect of Argentina's embattled ten year-old fixed
exchange rate regime, was named his successor.

With Cavallo yet to set out his policy programme to cut $3 billion off the
Argentine fiscal deficit and tackle the country's crisis, it remained to be
seen how the U.S. market would open.

"For Argentina, the liquidity has just dried up on the default swaps. What
offers are out there are distressed," a New York based trader at a U.S. bank
said.

Events in Argentina hit the rest of the emerging markets asset class. "Latin
America generally is better bid and offers are few and far between," a
broker said.

Among the other sovereigns affected was South Africa. "The five year default
swap is at 185/235 and the three year is at 125/175, and that's more than
10% worse than last week," he added.

BACK IN EUROPE

Trading conditions elsewhere were described as relatively thin, but if
traders were keeping their powder dry ahead of the U.S. FOMC meeting, they
weren't saying.

In Europe, the story remained one of default swap prices on corporate debt
edging inwards and edging outwards on telecoms debt.

"The general trend for European corporates for the past week has been one of
prices trading lower, with bids being hit and offers being lifted," a broker
said. "We're talking small, mind," he added, "maybe 2-3 basis points tighter
below a price of 50 and around 5 bps at 50-plus."

Five year default swaps on BASF traded at 21/28 on Tuesday from 23/29 on
Monday. The German chemical group posted better than expected fourth quarter
earnings last week and is forecasting double-digit growth this year and
next.

Not so the embattled telecoms sector. On Tuesday morning five-year default
swaps on the debt of British Telecom widened five basis points from Monday
to a bid/offer spread of 162/169, before settling back to 160/165.

In comparison, the spread between BT's February 2006 euro-denominated bond
has a mid-rate yield spread of 125bps over 3-month Libor, while the December
2005 dollar bond was 145bps over Libor.

Five-year default swaps on the debt of France Telecom were cited by the
dealer at 158/165, unchanged since Monday, and 155/165 on Deutsche Telekom,
also unchanged.

CREDIT DERIVATIVES MAY SUBJECT INVESTORS TO UNEXPECTED RISKS
Moody's - March 20, 2001

New York, March 20, 2001 -- In a new special report outlining potential
risks in credit default swaps, Moody's Investors Service says that if credit
events are defined too broadly, a credit default swap may pass along the
risk of loss following mere credit deterioration instead of the risk of loss
following an actual default.

"Investors often assume the risk of a synthetic investment, by way of a
credit derivative, is equivalent to the risk of a cash investment in the
same credit. However, if not structured carefully, the synthetic investment
can be riskier than the cash investment," says Jeffrey Tolk, a Moody's
analyst and author of the report, "Understanding the Risks of Credit Default
Swaps."

Among Moody's key sources of concern are the prevailing standard definitions
for "credit events." Under a credit default swap, losses to investors are
determined synthetically, based on credit events occurring in a reference
credit. Thus, investors' risk is driven largely by the definition of credit
events in the swap.

The broader the definition, the broader the risk, according to Moody's.

SOME STANDARD DEFINITIONS ARE BROAD

Moody's report includes a detailed look at the International Swaps and
Derivatives Association's (ISDA) widely referenced "credit event"
definitions.

"In some critical areas, ISDA's current definitions are broader than the
market's understanding of "default," and could, in some cases, increase the
risk of loss by triggering payouts for events that are not actually
defaults," says Tolk.

"An obligation that has been restructured to defer principal payments may
not technically be a default if the lender has been properly compensated.
But ISDA would nonetheless define this as a credit event," he says.

Conversely, under ISDA's definition of "obligation acceleration," a credit
default swap investor might suffer a loss although an investor in the
underlying cash position would suffer no loss.

OTHER SOURCES OF RISK: VALUATION DISCREPANCY, MORAL HAZARD

In addition to "credit events," Tolk cites the risks that arise from the
difficulty of valuing defaulted credits to determine the extent of loss to
investors under a cash-settled credit default swap.

"Calculated losses may vary based on liquidity, market conditions, and the
identity of the parties supplying bids. In analyzing a credit default swap,
Moody's looks carefully at the methods and procedures for calculating loss
given default," he says.

The report also says that investors should be aware of moral hazard - the
inherent conflict of interest that exists because the sponsoring financial
institution determines the timing of a loss event as well as how much loss
is imposed on investors.

"The sponsor's incentive is to construe 'credit events' as expansively as
possible and to calculate losses as generously as possible," says Tolk.
"Moody's considers these factors carefully when rating securities supported
by credit default swaps."

Tolk believes that these risks can be addressed by tightening the credit
event and loss calculation provisions, increasing transparency, and
providing more objective mechanisms for verifying loss determinations.

The capital markets have an enormous capacity for absorbing credit risk, and
this capacity has only been partially tapped by the credit derivatives
market. In Moody's opinion, for capital markets investors to participate
fully in the growing credit derivatives market, the risks inherent in credit
default swaps should be more precisely defined, more transparently managed,
and more readily quantifiable.

How traders in capacity can make rapid new connections
Financial Times - March 21, 2001
By Alan Stewart

Online trading exchanges have been set up in many sectors of commerce, and
telecommunications is no exception. But while some exchanges focus on
physical goods, such as car components or hospital supplies, the telecoms
version is dealing with something more intangible - bandwidth.

A number of online exchanges have been set up to trade in bandwidth,
matching buyers and sellers via bid and offer prices, and taking a
percentage of the price paid. According to research by Arthur Andersen, the
telecoms market will be transformed by bandwidth trading.

The bandwidth being traded may take the form of physical circuits linking
two cities, or the data packets and voice calls sent over them. A recent
Europe-wide survey by Andersen revealed a market in flux, but one which
believed in the inevitability of bandwidth commoditisation.

"Online bandwidth trading exchanges have arrived in response to a need,
because of a bandwidth glut," says Simon Forge, principal telecommunications
analyst at UK consultancy OSI. "For some of the latest networks going in,
people are claiming petabits per second - that's a billion megabits per
second."

Exchanges have been set up by Arbinet (based in New York), Band-X (London),
and RateXchange (San Francisco) - see accompanying stories. Other exchanges
already running or being set up include GlobalTeleExchange (GTE in
Washington), Asia Capacity Exchange (ACE in Hong Kong), International
Telecommunications Clearing Corporation (ITCC in Dubai), and eSwitch
(Sydney).

Buyers and sellers of bandwidth are linked up through interconnecting
facilities at the switching hubs of the exchanges. RateXchange has nine of
these in the US, plus three in Europe, while ITCC intends to have hubs in
London, Hong Kong, Los Angeles, New York, and Miami.

The exchanges stress that these connections mean that bandwidth trades will
be able to be carried out in seconds. At present, it can take up to three
months to arrange a trade, with most of those arranged not actually taking
place at all. According to investment bank CIBC World Markets, Dollars 16bn
in revenues (20 per cent of the wholesale bandwidth market) may be traded by
2004.

Andersen says the bandwidth market has suffered from a lack of liquidity and
price transparency, combined with a paucity of offers and bids on the
exchanges. The company believes, however, that the presence of big energy
companies, such as Enron and Williams, in bandwidth trading is stimulating
the appetite of customers for greater product innovation and pricing.

Bandwidth is expected to follow a shorter timeline to liquidity than any
other current traded commodity. Although the detail of the emerging market
has still to be defined, Andersen expects 'city-pairs', that is, two named
cities connected by fiber optic cable, to form the basic product.

Jon Merriman, president and chief executive of RateXchange, foresees four
market segments becoming involved in bandwidth trading within the next year.

"The first are the energy merchants, the second the telecommunications
companies as a business line, the third the financial houses, and the fourth
the pure commodity players," he says.

"A fifth market segment - and this is longer term - will be large
corporates, who'll want to trade and optimise their use of bandwidth," says
Mr. Merriman. "It'll become a treasury function at some point for large
companies. That's at least a year down the road, but there is interest right
now from some large corporates."

Andersen points out that energy businesses, such as Enron, Williams, Aquila,
El Paso, TXU, and Dynegy have made significant investments in backbone,
customer and skills development in the last few years. Those companies'
presence has had a considerable influence on the growing bandwidth market.

Steve Elliott, chief executive of Enron Broadband Services (EBS) Europe,
says the communications market needs to become much more open and robust,
and that this will change the supply and demand dynamics. "It's already
moving that way," says Mr. Elliott, who stresses that EBS does not see
itself in competition with bandwidth exchanges.

"Exchanges exist in all the markets we participate in, and they're an
overlay to the actual market itself," he says. "We're not an exchange, nor
are we an 'independent player' at the exchange level, nor a bulletin board
type of facilitator. We're a market maker, a principal in all transactions
that we do, with contractual terms and physical delivery obligations."

EBS is creating pooling points to provide physical interconnectivity between
bandwidth trading principals. Although EBS's plans for doing business in
Europe are still at a fairly early stage, the company has set up a pooling
point in London, to provide bandwidth trading between the US and Europe.
Further European pooling points are in Amsterdam, Brussels, Dusseldorf,
Frankfurt, and Paris.

Enron Online

Bandwidth-related commodities have recently been added to the Enron Online
web-enabled e-commerce platform, where the company posts its prices and
carries out commodity trading.

"Enron Online is the largest e-commerce web platform in the world for buying
and selling commodities," says Mr. Elliott. "We've transacted a notional
value of over Dollars 380bn since its inception around a year ago."

"The energy companies are all copying Enron, which is a very progressive,
rather fabulous company," says Marcus de Ferranti, co- founder of the
Band-X. He points out that Enron is leveraging its own network into its
trading, and thereby becoming a kind of telecommunications company in its
own right.

Mr. de Ferranti suggests the other energy companies are desperately trying
to get into the broadband revolution, having seen Enron's share price double
on the announcement of broadband.

"They're coming along in a frenzy, trying to copy it and leverage their own
infrastructures by sticking fiber along the top of their gas pipes, and
sticking cables along their electricity highways," he says.

But how do the telecommunications companies view bandwidth trading
exchanges? Do they see them as speeding up the commoditisation of bandwidth,
leading to a deterioration of prices?

"At the most senior level, the telecoms companies are attracted by what
we're providing," says Anthony Craig, chairman and chief executive of
Arbinet.

"As you come down, some see it as a threat, or even say that we're a
catalysing force for commoditisation. I find that on the verge of ludicrous,
because bandwidth is commoditising anyway," says Mr. Craig. "Anything that
commoditises needs a more efficient process to manage the product. We're
responding to commoditisation."

As for the future, the online bandwidth exchanges may face some of the
pressures which have caused problems for other B2B (business-to-business)
marketplaces.

US analyst International Data Corporation (IDC) foresees a challenge for
bandwidth trading companies in collecting fees, and believes exchanges may
suffer payment defaults.

IDC warns also that profit margins could dwindle as bandwidth costs fall,
taking margins with them.

"I suspect that bandwidth exchanges will have a relatively limited window of
opportunity, during which time they will make good money," says Ian Beeby,
UK managing director of US consultancy Wireless Facilities.

Mr. Forge at OSI agrees that some of the exchanges will go out of business.
However, he argues: "Long-term, this is something that's here to stay."

Watchful eye on energy traders
Financial Times - March 21, 2001
By Anthony Cox

After the sharp falls in their shares since last summer, telcos worldwide
might despair at the threat from US energy traders, such as Enron, to
revolutionise how capacity on carriers networks is bought and sold - further
depressing the prices operators can charge for bandwidth, their staple
product.

In two to three years, real-time trades on bandwidth, for immediate
delivery, will be possible. These will replace, at least to some extent, the
drawn out negotiations between operators when selling space on their
networks to one another.

But if new trading models will exert downward pressure on bandwidth prices
by increasing transparency and ironing out market inefficiencies, an
environment where bandwidth is traded through purpose-built exchanges has
its benefits to operators.

"In the short term, it will provide a more liquid channel for selling spare
capacity," says Stuart McIntosh, vice president of the Boston-based
consultancy Adventis. Longer term, it may have an impact on how operators
manage the roll out of their networks, he says.

Leasing capacity in the short term will become increasingly attractive, and
operators will opt more and more to buy or rent capacity from their rivals,
instead of building their own infrastructure.

Bandwidth trading may also increase volumes for operators by creating new
sales avenues: "Exchanges open up new segments in the market, many of which
you wouldn't do business with if it was down to personal relationships,"
says Cecilia Herslow, carrier manager at Telia UK.

Further, operators could benefit from lower sales costs, as the expense of
setting up long-term capacity deals between operators is replaced with lower
per trade costs at the exchanges, says Martin Smillie, vice president for
marketing wholesale at KPNQwest.

He notes, however, that the operator will incur costs to set up and maintain
trading capability, whether on its own behalf or via third- party trading
houses.

Some 94 per cent of carriers expecting a liquid, traded bandwidth market to
emerge within three years, according to research by Arthur Andersen. A
market for derivatives, which could eventually dwarf the primary market,
will follow close on the heels of a market for physical bandwidth.

Two types of bandwidth exchanges are emerging: those that trade bandwidth
capacity on specific routes - say London to New York, so-called routed
capacity; and those that trade data and voice minutes, usually via internet
exchanges, such as Arbinet and Band-X.

According to Ciara Ryan, a senior manager in Arthur Andersen's bandwidth
trading team, the routed capacity market will be the most significant in
terms of revenues for operators, due to increased pressure to find new
channels to market the capacity they own on these routes.

"Owners of capacity are eager to sell their bandwidth as quickly as
possible, without destroying margins completely," he says, noting that
bandwidth prices are falling by up to 70 per cent annually on transatlantic
and European routes.

Several routes, or city pairs, will provide a yardstick for the prices for
capacity between other cities. Capacity on these other routes will trade at
a discount or a premium to those that have become the benchmarks, says Mr.
Ryan.

Some loss of margins may be an acceptable trade-off for more efficient
markets and possible higher volumes of traffic for operators, particularly
since bandwidth prices are expected to come down in any case, due to
capacity oversupply. Turn to next page

From facing page

But bandwidth exchanges' impact on pricing could be more significant: "The
whole pricing structure is potentially at risk," says Nigel Pitcher,
director of marketing at UK-based carrier Fibernet.

If spare capacity is sold on an anonymous basis to an exchange, the
operator's existing 'list price' customers could pick up the same capacity
at an exchange at a knock-down price, while unknowingly remaining with the
provider they had originally, he says.

This could cause bandwidth prices to fall dramatically.

Downward pressure on the price of capacity would be increased if large users
were to curtail existing relationships with their operators altogether,
buying direct from the bandwidth exchanges.

This threat is dismissed by telecoms industry players, however: "There is no
reason why large telecom users could not lease bandwidth today under most
regulatory regimes," says Ian Beeby, managing director of WFI, a wireless
telecommunications consultancy.

Mr. Beeby notes that most large corporations have spent the last years
trying to outsource their telecom networks and that they are unlikely to
change direction now.

The extent to which operators either embrace the new status quo or reject it
may define their success in an environment where long-term bandwidth
contracts are being replaced by more immediate trading models: "Carriers
will either take on a very pro-active approach or a more defensive
strategy," says Ms Herslow at Telia.

If a player does not move fast enough a "penalty of ignorance" may result in
some operators losing the first mover advantage, suggest analysts. This, in
turn, may result in a loss of competitiveness relative to other players,
fuelling consolidation among global carriers, says Christian Jepsen, the
founder of Pangea, a pan-European carrier with a focus on Scandinavia.

"Ultimately, there may be three to four global carriers and only a handful
of regional ones left," he says.

In anticipation of significant changes in the market, Pangea is already
establishing a separate sales team to focus exclusively on capacity sales
via bandwidth exchanges.

In an increasingly complex market, telecommunications operators have no
choice but to explore new ways to exchange telecom capacity. The sheer
number of telecoms players now means that bilateral agreements between
carriers will become increasingly obsolete.

Internationally there are some 2,000 carriers. If they all were all to lease
some capacity from one another, nearly 2.5m interconnects, contracts and
settlements would be required across the industry. Avoiding a proliferation
of contracts alone is likely to change the way operators deal with one
another on bandwidth deals.

Although it is too early to see the full implications of bandwidth trading
on today's telecoms market, operators are keeping the developments under
very close review.

"Bandwidth trading may prove to be a interesting idea which simply did not
make it - but it would be rash to conclude that today," says Mr. McIntosh at
Adventis. He also warns that the US energy players could leverage their
experience of establishing trading in the energy market to carve a
significant niche in the telecoms sector.

This is borne out by recent developments: energy operators Williams and
Enron are understood to have joined forces recently with AT&T, Sprint,
Global Crossing and Dow Jones to provide the first index for routed
bandwidth capacity. "If I were in a telecoms company, I would be watching
the energy traders very closely," says Mr. McIntosh.

**End of ISDA Press Report for March 21, 2001.**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.  THIS PRESS REPORT IS
NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION), AND ISDA IS
NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.

Scott Marra
Administrator for Policy & Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org


In order to support Enron,s development of new business and desire to
maximize its return on invested capital; the following organizational changes
are taking place.
The current accounting groups supporting CALME, APACHI and South America
activities will be consolidated into one accounting group at Enron Corp.
This group will continue to provide accounting support to these international
regions and related Enron Corp initiatives.   Jeff Sommers, currently CALME
Vice President and CAO will head this accounting group.  Cassandra Schultz,
currently APACHI Vice President and CAO will join Rick Buy,s Risk Assessment
and Control Organization as a Vice President in Market Risk Management.  Kent
Castleman, currently South America Vice President and CAO will become Vice
President and CAO of Enron Industrial Markets.
Please join us in congratulating everyone in their new assignments.


Start Date: 3/9/01; HourAhead hour: 18;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030918.txt


Turn left at top of Broadway on the way to Council Crest - Bring some goodies


As discussed today:

Dave


Please address.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/02/2001
07:56 AM ---------------------------

Paul Quilkey@ENRON_DEVELOPMENT
01/01/2001 11:05 PM
To: Jeffrey A Shankman@ECT
cc: egonzales@enron.co.uk
Subject: NWS Meeting - Jan 11 in Dubai

Jeff

Need your input on LNG, particularly email below and requests by VV Rao for
people in this office to be involved in LNG discussions.
Steve Lowe claims the LNG group have booked $5MM off the back off NWS 4th
Train.  Steve claims he was instrumental in "introducing"  Enron LNG people
to the NWS consortium and to BHP wrt the Japan regas proposal.
Would appreciate clarification on operation of the group.
Paul

----- Forwarded by Stephen J Lowe/ENRON_DEVELOPMENT on 02/01/2001 02:26 PM
-----

	V V Rao@ECT
	02/01/2001 01:02 PM

		 To: Stephen J Lowe/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Dorice Cheong/SIN/ECT@ECT
		 Subject: NWS Meeting - Jan 11 in Dubai

Hi Steve:  It was a pleasure to meet you again in Sydney.  You live in a
wonderful city.

The meeting with NWS is now confirmed for Thursday, Jan 11th in Dubai.  I
will be arriving with my colleague Satish Venkataraman on the morning of the
10th so we can have a day of preparation.  I suggest you plan on joining us
so we're all on the same page.  You'll need a visa which takes about 4 days
to process so I think you need to start on it right away.  My assistant
Dorice Cheong can help you with this.  Her number is (65) 838 9010.

I'll call you later this week to discuss the meeting further.

Thanks, vvr


Start Date: 4/23/01; HourAhead hour: 23;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042323.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 23 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/23/01
  UNIT_ID: BADLND_7_PL1X2
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 23 / Preferred:  29.00 / Final:  28.89)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 4/23/01
  UNIT_ID: CARBGN_6_UNIT 1


I'm out of here.  Have a nice afternoon.

Alexandra Saler@EES
12/20/2000 01:27 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

my really good friend is Jarrod's wife.  we hosted bunco together last
night!  I can find out more about her on the downlow.

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

so who is this girl?  Your friend Laura (and Jarrod) (and Heather) all know
her and I think this was Jarrod and Heather's idea.

Alexandra Saler@EES
12/20/2000 08:49 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

if I am a personal shopper I spend other people's money, not my own.  why do
you think it is so fun????

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

My day has been a freak show....I'm sorry I missed the chanukah games--did
you win all the gelt....which you will need if you are going to become a
personal shopper...Have a great time tonight!

later


Dear IAFE Member:

I would like to take this opportunity to wish you a Happy New Year.

2001 marks the 10 Anniversary of the IAFE and we will be celebrating with
a Winter Gala at The Yale Club Ballroom on February 8th.  The Black Tie
event will begin with cocktails at 6:00 and a sit down dinner at 7:30.
There will be
dancing and festivities including war stories by IAFE Senior Fellows, a
Silent Auction,
and a Financial Engineering Retrospective, to name a few.

A special award will be presented to Myron Scholes for his work on the
Black-Scholes Model.  For more information and to register for the
event please go to <http://www.iafe.org/whatsnew/gala2001.htm>.

We are pleased to report that we had a very exciting and productive
year with dozens of activities around the world. As we enter our 10th
year of operations, the IAFE has additional membership options available
to you. Please take a moment to renew your membership, if you have not
done so:  <https://www.iafe.org/about/register.ihtml>.  Based on member
requests, a Premium Membership is now being offered that includes the
Annual Conference at a 30% discount, the Financial Engineer of the Year
dinner, plus a subscription to the Journal of Derivatives (JOD). The Full
membership remains as in previous years. The new Regular
membership includes all Full membership benefits except JOD. Membership is
based on the calendar year January 1 - December 31, 2001.

Our website was recently updated, when you get a moment, please visit our
web site.  Make sure to check the calendar for upcoming events regularly
since we add to it frequently.  <
<http://www.iafe.org/whatsnew/calendar.ihtml>>

I hope to see you at an IAFE event in 2001.

Donna Jacobus
IAFE Office Manager
main@iafe.org <mailto:main@iafe.org>


We have an issue.   Example:   A customer calls the CR and states that they
need to have their meter removed   ( temporary meter for construction).
The meter is the only meter on the ESI-ID.  So the CR needs to send a
move-out 814_24 request.  Originally, the market stated that the CR would
place remarks of "Please remove meter".  Problem is that the 814_24 does
not have an text segment for any type of remarks.   Version 1.5 should have
a remove-meter request segment.  However, in the mean time what should we
do.  I suggest that the CR send in the 814_24 move-out request and after
receipt of the 814_25 they call the TDSP and ask that the meter be removed.


PG&E Market Center - The first "true blue" California Market Center deal has
been completed.  200,000 MMBtu/day was borrowed from PG&E in the month of
September and sold to USGT as a Ride and Park deal at $.10/MMBtu/day.  TW has
completed payback to PG&E as of September 19th.

Market Services Roundtable - Our monthly roundtable discussion with TW Market
Services was held this week.   We gave a brief presentation on the proposed
Transport Options tariff filing and its impact to the TW system.

Sempra Energy Trading - We attended Sempra's weather derivatives briefing
chaired by their chief meteorologist Dan Guertin.  Dan's forecast for the
winter of '00-01 seems to track with the CPC's.  Dan also believes that this
will be an "oceanographic neutral" winter with no El Nino or La Nina
influences.  He sees slightly above average temperatures for the western
marketplace and a relatively "normal" winter pattern (30 yr. avg.) for the
mid-continent (i.e. cooler than last winter).

As far as monthly variations, he is predicting a cooler than usual November -
December, and a slightly warmer than usual pattern for the remainder of the
heating season.  He has promised to make his presentation information
available to the briefing attendees.  If we can secure a copy, we'll pass it
on.

El Paso Blanco Mis-Measurement - The settlement letter to net out the
imbalances between TW, NNG, and El Paso was drafted and sent to El Paso this
week for their signature.  El Paso has indicated they will respond next week
as most of their management is scrambling with the recent reorganization
announcement.

Burlington Resources Val Verde Plant - Facility Planning indicates it will
take another 1000 hp compressor costing $1.8 - 2.0 million in order for TW to
be able to meet our contractual requirements year-round with Burlington in
San Juan.  With this uneconomical prospect, we will try and negotiate a
yearly average receipt capability versus a daily receipt capability.
Burlington reported in Gas Daily this week that their overall production will
be down for the third quarter due to "processing and treating efficiency
problems associated with summer heat in the San Juan Basin and continued
mechanical downtime."

Koch - An initial meeting was held with Koch Midstream Services Company
regarding the Coyanosa plant currently connected to Transwestern's most
southern area of the West Texas lateral.  Koch does not have equity gas of
their own at this plant but has offered to provide us the names of companies
who do process gas at the plant.   Tailgate gas from the Coyanosa plant is
currently sold at the Waha index.  Koch's Coyanosa plant is one plant which
would potentially provide additional supplies (150 MMcf/d total plant
capacity) to Transwestern as part of the Gomez to Puckett tie-in project.


Steve:
I have reviewed what you sent to Susan Bailey and it looks fine.  Please
forward to Susan Bailey for execution after you have  had it executed at your
shop.  Thanks.

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


Oooops!  How about 100% IF/HSC LESS $0.10

vlt

Vance L Taylor
01/21/2000 01:56 PM
To: Tom Acton/Corp/Enron@ENRON, Carlos J Rodriguez/HOU/ECT@ECT, Daren J
Farmer/HOU/ECT@ECT
cc: Susan Smith/HOU/ECT@ECT, Donald P Reinhardt/HOU/ECT@ECT, Melissa
Graves/HOU/ECT@ECT, Brian M Riley/HOU/ECT@ECT
Subject: GMT. Inc.

Tom,

Please create a spot ticket for gas that commence flowing on 1/14/00 at 8:30
am.  The pertinent information is as follows:

Counterparty   Mtr.   Volume   Price

GMT, Inc.   9814   500mmbtu/d   100% IF/HSC

Should you have any questions, please give me a call.

Thanks,

vlt
x3-6353


Linda --

Can you also please process Jose's documents?

Jim

 -----Original Message-----
From: 	enron_update@concureworkplace.com@ENRON
Sent:	Tuesday, October 30, 2001 1:20 PM
To:	James Steffes
Subject:	<<Concur Expense Document>> - 10/23/01 AMEX

The following expense report is ready for approval:

Employee Name: Jose M. Bestard
Status last changed by:  Automated Administrator
Expense Report Name: 10/23/01 AMEX
Report Total: $4,690.35
Amount Due Employee: $4,690.35

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


---------------------- Forwarded by Carol St Clair/HOU/ECT on 05/02/2000
11:47 AM ---------------------------

Dave Samuels
05/02/2000 11:26 AM
To: Carol St Clair/HOU/ECT@ECT
cc: Bob Shults/HOU/ECT@ECT
Subject: Re: Organic Confidentiality Agreement

I think their suggested language is fine.  We are not going to publicly
discuss their employees' compensation.

Please let me know if I can help any further.

---------------------- Forwarded by Dave Samuels/HOU/ECT on 05/02/2000 11:25
AM ---------------------------

Louise Kitchen
05/02/2000 11:18 AM
To: Carol St Clair/HOU/ECT@ECT, Dave Samuels/HOU/ECT@ECT
cc: David Forster/Corp/Enron@Enron, Bob Shults/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT
Subject: Re: Organic Confidentiality Agreement

Same approval but Dave Samuels not Forster.

I have no problem with this but this Samuel's call

Carol St Clair
01/05/2000 19:35
To: Louise Kitchen/HOU/ECT@ECT, David Forster/Corp/Enron@Enron
cc: Bob Shults/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT

Subject: Organic Confidentiality Agreement

David and Louise:
One of the things that Organic has asked us to keep confidential is "the
existence of any business discussions, negotiations or agreements between the
parties as well as any information regarding the skills and compensation of
employees, contractors or other agents of the disclosing party."  This is a
departure from our form.  Are we prepared to agree to this?  Also, to the
extent that parties are insisting on using their form of CA, what do you want
the approval process to be?
Carol


What have they been flowing for the past week?

D

Tom Acton@ENRON
03/20/2000 09:00 AM
To: Daren J Farmer/HOU/ECT@ECT, Stacey Neuweiler/HOU/ECT@ECT, Ami
Chokshi/Corp/Enron@ENRON
cc:
Subject: 1st rev Mar. 2000 Josey Ranch nom

L et me know if you want me to change this.  They are currently at 12,000 and
want to go to 11,000.
---------------------- Forwarded by Tom Acton/Corp/Enron on 03/20/2000 08:56
AM ---------------------------

Susan D Trevino@ECT
03/17/2000 03:09 PM
To: Daren J Farmer/HOU/ECT@ECT, Lauri A Allen/HOU/ECT@ECT, Tom
Acton/Corp/Enron@ENRON, Stacey Neuweiler/HOU/ECT@ECT
cc:

Subject: 1st rev Mar. 2000 Josey Ranch nom

---------------------- Forwarded by Susan D Trevino/HOU/ECT on 03/17/2000
03:08 PM ---------------------------

Bob Withers <rww@KCSEnergy.com> on 03/17/2000 03:10:24 PM
To: Susan D Trevino/HOU/ECT@ECT
cc: Stretch Brennan <djb@KCSEnergy.com>, Knox Westmoreland
<rkw@KCSEnergy.com>, Kevin McLarney <kmm@KCSEnergy.com>, Vance L
Taylor/HOU/ECT@ECT
Subject: 1st rev Mar. 2000 Josey Ranch nom

Here's REVISED March 2000 (effective 3/18/00 ) setup for Josey: (using 1.075
Btu/Mcf)
* Gas deliveries into HPL
    11,000 MMBtu/d  for KRI           (net
reduction of    <1,500> MMBtu/d)
     11,000 MMBtu/d into HPL

Bob Withers <*))>><
KCS Energy, 5555 San Felipe, Suite 1200
Houston, TX  77056
voice mail/page 713-964-9434


See attached article...Linda is going to NYC on Wed. and not
available....also a little nervous....let's see her again in June...planning
on May 31 @ your office with Johnny and Ben....I would really like to talk to
someone about some real legal work for my real lawyers that day...Can you
help?
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  Tue, 22 May 2001 06:18:01 -0400
Reply-To: <crbone@theschoolcompany.com>
From: "Charles Robert Bone" <crbone@theschoolcompany.com>
To: "Johnny H Hayes" <sidevue@bellsouth.net>
Cc: "CHARLES BONE" <cbone@wyattfirm.com>, <cbone@home.com>
Subject:
Date: Tue, 22 May 2001 05:20:13 -0500
Message-ID: <LNBBLCGJFBKPDOOEDCBFEEJCCHAA.crbone@theschoolcompany.com>
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FYI ... CRB

Enron hires ex-TVA head Hayes, Gore friend Bone
By Andy Sher
Washington Bureau

WASHINGTON -- A potential Tennessee Valley Authority competitor has hired
former TVA director Johnny Hayes and another close Tennessee friend of Al
Gore as lobbyists.

Congressional lobbyist records show that Mr. Hayes, who was the Gore 2000
presidential campaign's fund-raising director, registered with the House
clerk on May 1 to lobby for Houston-based Enron Corp.

Nashville attorney Charles W. Bone, another longtime Gore supporter,
registered to lobby for Enron the same day.

Enron is the nation's largest trader of natural gas and electricity. It is
headed by Kenneth Lay, a major financial supporter of President George W.
Bush, who defeated Democrat Gore last year.

Mr. Hayes served on the board of TVA, a federal utility, from 1993 until
January 1999, when he went to work for the Gore campaign.

In an interview, Mr. Hayes said his activities are between himself and his
clients.

"I haven't done anything wrong, won't do anything wrong and won't do
anything to hurt TVA," he said, also noting that it has been more than a
year since he left TVA.

Former TVA directors are subject to a one-year ban against seeking to
influence TVA on any matter, according to a summary of post-employment
activity laws supplied by the agency.

"I won't have any comment," Mr. Bone said in a phone message. "I never talk
about what I'm doing for clients."

Stephen Smith, executive director of Southern Alliance for Clean Energy, a
TVA watchdog and environmentalist group, said that while he knows Mr. Hayes
is an "honorable man," there are potential problems with a former TVA
insider going to work for Enron. Mr. Hayes "knows where the skeletons are
buried," Mr. Smith said.

"It's a classic. You got somebody who's a TVA board member who leaves to go
to work for someone who for all practical purposes is a competitor. I think
everybody in the valley should be a little concerned about it. ... I just
think folks need to come out on the record and say exactly what they're
doing. What they may be doing may be completely admirable."

Enron spokesman Eric Thode said Mr. Hayes was hired to lobby on "energy
issues, TVA-related, kind of a host of issues."

"TVA is one group he might work with," Mr. Thode said. He declined to say
how much Mr. Hayes is being paid. Enron spent $800,000 last year on its own
Washington lobby organization and hired other lobbyists as well -- one group
for $415,000.

TVA spokesman Gil Francis said he spoke to Mr. Hayes last Friday.

"And what he said was he has talked to some TVA staff on some TVA matters
and that is all he said," Mr. Francis said. He said the conversations were
with TVA power division staffers in Chattanooga.

In his lobbyist registration form for Enron, Mr. Hayes said he was lobbying
on "Power Plant Development/Utility deregulation."

The Wall Street Journal reported last week that Enron was using its
Democratic contacts to "strengthen ties" to Linda Breathitt, a Kentucky
Democrat who serves on the Federal Energy Regulatory Commission.

The Journal reported that Mr. Hayes, who knew Ms. Breathitt through national
Democratic politics, invited her to a dinner at a Washington restaurant to
meet Enron's managing director for government affairs, Richard Shapiro.

Enron's Mr. Thode confirmed the account but provided little additional
information. The Journal said Enron wants FERC to restructure the electric
utility industry so that utilities such as TVA, which controls transmission
on its lines, will open their lines to everyone.

Mr. Thode said Mr. Hayes was not involved in Enron's recent settlement of a
dispute with TVA. It involved allegations that Enron had not lived up to a
contract to supply TVA fixed amounts of power during period of heavy demand.

According to Mr. Smith of the Southern Alliance for Clean Energy, TVA
received $200 million under the settlement -- an amount Mr. Thode and TVA's
Francis both refused to confirm, saying it was confidential.

Mr. Hayes also is registered to lobby for Choctaw Gas Generation, a
subsidiary of Tractebel Power Inc. of Houston, which built a lignite
coal-fired plant in Mississippi for TVA. He also is registered to lobby with
Voith Siemens Hydro Power Generation Inc., which is based in York, Pa., and
has a Chattanooga office.

In all three cases, Mr. Hayes registered under the company name of Sideview
Partners Inc.

Mr. Bone also is registered to lobby for Voith Siemens. He registered under
Wyatt, Tarrant and Combs, a Nashville law firm.

Mr. Hayes remains involved in politics. He is Democratic gubernatorial
hopeful Phil Bredesen's lead fund-raiser -- a nonpaid post.

E-mail Andy Sher at asher@timesfreepress.com


So it could be one way or the other...

	MDay <MDay@GMSSR.com>
	04/10/2001 04:05 PM

		 To: "'Williams, Robert C.'" <Robert.C.Williams@ENRON.com>, "'Harry
Kingerski'" <hkingers@enron.com>, "'Jim Steffes, Enron'" <jsteffe@enron.com>,
"'Jeff Dasovich  Enron SF'" <jdasovic@enron.com>, "'Leslie Lawner, Enron'"
<llawner@enron.com>, "'Richard.Sanders, Enron'" <Richard.Sanders@enron.com>
		 cc:
		 Subject: RE: SCE PX credits

As I told Bob in an earlier email, I noticed this same provision. However,
it could be implemented in one of two ways.  Either finding that SCE is not
liable for negative CTC credits after that date, or holding that it is
liable and providing for cost recovery.  Either is consistent with the
language in the MOU.  We will need to explore this more, and possibly talk
to SCE.  Mike Day

-----Original Message-----
From: Williams, Robert C. [mailto:Robert.C.Williams@ENRON.com]
Sent: Tuesday, April 10, 2001 1:45 PM
To: mday@gmssr.com
Subject: FW: SCE PX credits

>  -----Original Message-----
> From:    Kingerski, Harry
> Sent:   Tuesday, April 10, 2001 3:44 PM
> To:   Williams, Robert C.; Smith, Mike; Sharp, Vicki;
> JKlauber@llgm.com
> Cc:   Dasovich, Jeff; Steffes, James; Stoness, Scott
> Subject:   SCE PX credits
>
> Interesting bit from SCE's MOU (p. 31) -
>
> "the CPUC Implementing Decisions shall include
>
> Orders resolving the responsibility of SCE to provide credits to
> direct access customers in respect of electricity deliveries after
> December 31, 2000 in respects which do not result in any material
> financial detriment to SCE; "
>
> Translation:  I suppose this means SCE is looking for an order
> absolving it of any responsibility for PX credits after 12/31/00, but
> implicitly, that seems to suggest they accept responsibility for PX
> credits before 12/31/00.  Do you agree?


Martin  Jerome Pathon 11 pts
Martin   Jerry Rice   16 pts
Tony  James Allen  35 pts
Kaz  Troy Brown     0 pts


Tricia,

I want to exercise some Enron stock options but don't know who I should call.
Do you have a name and/or phone number of someone? I also don't know what
information I need to have in order to exercise. Could you give me a call
(x6910) and help me out.

Thanx,

Chris Dorland


I am fine with the 2 new product types.

 -----Original Message-----
From: 	Walker, Chris
Sent:	Wednesday, August 08, 2001 9:22 AM
To:	Dickson, Stacy E.
Subject:	FW: 2 New product types approval needed (CAN Gas Phy Index Firm East)

Stacy,

Mark Taylor would like an email for your approval of both product types.  The descriptions are the same but the GTC's are different.  The 1 month or less product type uses the Spot GTC and the > 1 month product uses the firm GTC.  Please respond to Mark and copy me with your approval.  Sorry for the inconvenience.  Also, Susan Musch in Tax would like to revise the Phy GTC with new tax language.  Once I hear from her I will forward you the change.

Thanks,

CW
3-7533

 -----Original Message-----
From: 	Walker, Chris
Sent:	Tuesday, August 07, 2001 12:51 PM
To:	Blumenthal, Jeff; Musch, Susan; Hayden, Frank; Moran, Tom; Taylor, Mark E (Legal); Love, Phillip M.
Cc:	Lees, Lisa; Sever, Stephanie; Jones, Tana; Lambert, Karen; Lombardi, Kelly; Elledge, Susan; Sweitzer, Tara; Kenne, Dawn C.; Moorer, Torrey; Alatorre, Carlos; Renaud, Lindsay; Meredith, Kevin; Lozano, Melba; Mandola, Teresa; Wallumrod, Ellen
Subject:	2 New product types approval needed (CAN Gas Phy Index Firm East)

Your review and approval of the following product types in the EOL Datamanager is needed (for directions on approval, please see steps for approval at the bottom of this e-mail).

******** DO NOT APPROVE PRODUCT TYPES BETWEEN THE HOURS OF 6AM - 11AM***********

CAN Gas Phy Index Firm East < or = 1Mo	(2114)
CAN Gas Phy Index Firm East >1Mo<1Yr	(2115)

Traders:
Geoff Storey
Martin Cuilla

STEPS FOR APPROVAL:

click the 	START button
select 	PROGRAMS
select 	TEST APPLICATIONS
select	ENRONONLINE CLUSTER(PROD)
	PROCEED WITH USUAL LOGIN/PASSWORD
click the	Enron Online Production Cluster "START" button
select	EnronOnline (this is the EOL Datamanager)
	PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnline
click on the "+" for Product Types
click on the "+" for "Partially Approved"
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"