Mike,

Bryan Seyfried asked me to send this information to you regarding our
estimated market size.

Total Market Size:  $1 Trillion Existing Credit Derivative Market
EnronCredit.com Market Share:  $10 Billion
Margin from Market Share: 1.7%

By Sunday afternoon we hope to be able to send you off some graphs that
depict the expected growth over time.  If you have any questions please email
us.  We'll be working this weekend.

Thanks,

Craig Chaney
EnronCredit.com
http://www.enroncredit.com


ENA had a good turn out on training this week, over 91% attendance.  Thanks
for encouraging everyone to attend this important training.

Cindy
---------------------- Forwarded by Cynthia Morrow/Corp/Enron on 05/19/2000
05:40 PM ---------------------------

Lorna Ervin
05/19/2000 04:32 PM
To: Andrew Lawrence/HR/Corp/Enron@ENRON, Jeannie Grimes/Corp/Enron@ENRON,
Eric Grest/Corp/Enron@ENRON, Kathy Kokas/Corp/Enron@ENRON, Steve
Jandrell/Corp/Enron@ENRON, Lisa Petruszka/Corp/Enron@ENRON, Margaret
Wysatta/Corp/Enron@ENRON, Brian Schnauber/Corp/Enron@Enron, Todd
Peikert/Corp/Enron@ENRON, Diane Eckels/ET&S/Enron@ENRON, Michael
Sullivan/Corp/Enron@ENRON, Greg Lewis/GPGFIN/Enron@ENRON, Cynthia
Morrow/Corp/Enron@ENRON, Shelly Stubbs/Corp/Enron@ENRON, Chor-Lim
Goh/Corp/Enron@Enron, Daler B Wade/HOU/EES@EES, Donnis Traylor/HOU/EES@EES,
Bobby Mahendra/HOU/EES@EES, Patrick Cagney/HOU/EES@EES, Jill
Erwin/HOU/ECT@ECT, Joseph Franz/Corp/Enron@Enron, Denise Poston/HOU/EES@EES,
Debbie Yates/GPGFIN/Enron@ENRON, Merlyn Fance/GCO/Enron@ENRON, Andrea
Yowman/Corp/Enron@ENRON, Melissa Becker/Corp/Enron@ENRON, Greek
Rice/Corp/Enron@ENRON, Greg Nikkel/Corp/Enron@ENRON, Howard
Selzer/Corp/Enron@ENRON, Kent Castleman/SA/Enron@Enron, Richard
Causey/Corp/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Bob
Butts/GPGFIN/Enron@ENRON, Chris Morton/Corp/Enron@ENRON, Cindy
Olson/Corp/Enron@ENRON, Bob Sparger/Corp/Enron@Enron, Cynthia
Barrow/HR/Corp/Enron@ENRON, David O'Dell/HR/Corp/Enron@ENRON, Ron
Harman/Corp/Enron@ENRON, Sheila Knudsen/Corp/Enron@ENRON, Sherry
Lessner/Corp/Enron@ENRON, Charlene Jackson/Corp/Enron@ENRON, Robert
Jones/Corp/Enron@ENRON, Mary Joyce/HR/Corp/Enron@ENRON, Dave
Schafer/OTS/Enron@ENRON, Miguel Padron/SA/Enron@Enron, Gerry
Chatham/Corp/Enron@ENRON, Kevin Hughes/HOU/EES@EES, Wade
Stubblefield/HOU/EES@EES, Biren Kumar/HOU/EES@EES, Ray Bennett/HOU/EES@EES,
Wes Colwell/HOU/ECT@ECT, Beth Apollo/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT,
Brad Coleman/HOU/ECT@ECT, Cindy Skinner/HOU/ECT@ECT, Kathryn
McLean/HOU/ECT@ECT, Drew C Lynch/HOU/ECT@ECT, David Oxley/HOU/ECT@ECT,
Cassandra Schultz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey E
Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Keith
Marlow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carol
Howes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Willie
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janie
Bonnard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ranendra
Sengupta/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott
Gilchrist/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mary Ellen
Coombe/Houston/Eott@Eott, Richard Amabile/HR/Corp/Enron@ENRON, Kevin
Sweeney/HOU/ECT@ECT, Mary Perkins/HOU/ECT@ECT, Bob Ellis/Corp/Enron@ENRON,
Mike Fink/Corp/Enron@ENRON
cc:

Subject: SAP Training Statistics for 5/19 Attendance

Today's Dashboard

Statistics from the 5/19 classes:
Only 3 business units participated in today's training (ENA, CORP, and GPG).

ENA
5/19:   # Projected:  9
 # Attended:  7
 % Attendance:  78%
GPG
5/19:   # Projected:  16
 # Attended: 16
 % Attendance:  100%
CORP
5/19:   # Projected:  8
 # Attended:  4
 % Attendance: 50%

Statistics from the Week of 5/15 - 5/19 classes:

ENA
# Projected: 83
# Attended: 76
% Attendance:  91.6%

GPG
# Projected: 68
# Attended: 64
% Attendance:  94.1%

CORP
# Projected:  8
# Attended:  4
% Attendance: 50%

EES
# Projected: 39
# Attended: 21
% Attendance:  53.8%

Please review the below attachment for more details about this week's
statistics:


Attached is an article concerning how the CA power problem is effecting North
Carolina in its decision to deregulate its markets.


<<Book2.xls>> Kim. This is a view of a gas customer in our service
territory. Forecasted load over the next ten years, to the nearest thousand
MMBTU.  Let me know how you like to quote something like this. (To the
nearest thousand or five thousand.)  I want to give these guys full
requirements contract to their meter with a take or pay amount with whatever
imbalance met at spot index prices.  I am leaning toward using the low
forecast (thinking gas prices may go down in the long term.)  How would you
like to proceed on this?  Mike.

P.S. I only gave you the other forecasts in case you thought it would be a
good idea to go another way.  They are for information, not action.

PPS Please confirm receipt of this.

 - Book2.xls


Justin,

What's your deadline for getting these approved?  Mark Taylor is out all
weekend, and if it can't wait I'll get another lawyer to look at it.

From:  Justin Rostant
    03/19/2001 04:11 PM

To: Mark Taylor/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT,
Jeff Blumenthal/HOU/ECT, Tom Moran/HOU/ECT
cc:
Subject:

I am in the process of setting up two new products  to be traded on
EnronOnline. The two products are Heating Oil Option products and the draft
of the Long Descriptions are attached. If you have any issues concerning
these products please let me know. I will keep you all updated on any revised
versions,
Thanks
jr


Vince,
?
Hope you are well.
?
We spoke a while ago about who should write the preface for the book, and
you kindly offered that you would provide this.? Is this still  possible?? We
realise that you are extremely busy, so Chris and Les went  ahead and wrote
something, which is below, and if you want to review, change or  re-write?the
preface, that would be very appreciated.? Let me know  what your thoughts are.
?
Thanks,
Julie
(we're getting close)
?
?

Preface

?

?

?

One of our main objectives in  writing Energy Derivatives: Pricing and Risk
Management has been to bring  together as many of the various approaches for
the pricing and risk management  energy derivatives as possible, to discuss
in-depth the models, and to show how  they relate to each other.? In this
way we hope to help the reader to analyse the different models, price a wide
range of energy derivatives, or to build a risk management system which uses
a  consistent modelling framework.? We  believe that for practitioners this
last point is very important and we continue  to stress in our articles and
presentations the dangers of having flawed risk  management and giving
arbitrage opportunities to your competitors by using  ad-hoc and inconsistent
models for different instruments and markets (see also OTHERS WHO PROPOSE
CONSISTENT  MODELS?).? However, it is not  our wish to concentrate on one
particular model or models, at the exclusion of  the others because we
believe that the choice should rest with the user  (although it will probably
be clear from our discussions the model(s) we  prefer).? We therefore try and
give  as clear account as possible of the advantage and disadvantages of all
the  models so that the reader can make an informed choice as to the models
which  best suit their needs.

?

In order to meet our objectives the  book is divided into 11 chapters.?  In
chapter 1 we give an overview of the fundamental principals needed to  model
and price energy derivatives which will underpin the remainder of the  book.?
In addition to introducing  the techniques that underlie the Black-Scholes
modelling framework we outline  the numerical techniques of trinomial trees
and Monte Carlo simulation for  derivative pricing, which are used throughout
the book.

?

In Chapter 2 we discuss the  analysis of spot energy prices.? As  well as
analysing empirical price movements we propose a number of processes  that
can be used to model the prices.?  We look at the well-know process of
Geometric Brownian Motion as well as  mean reversion, stochastic volatility
and jump processes, discussing each and  showing how they can be simulated
and their parameters estimated.

?

Chapter 3, written by Vince  Kaminski, Grant Masson and Ronnie Chahal of
Enron Corp., discusses volatility  estimation in energy commodity markets.?
This chapter builds on the previous one.? It examines in detail the methods,
merits and pitfalls of the volatility estimation process assuming different
pricing models introduced in chapter 2.?  Examples from crude, gas, and
electricity markets are used to illustrate  the technical and interpretative
aspects of calculating volatility.

?

Chapter 4 examines forward curves  in the energy markets.? Although  such
curves are well understood and straight-forward in the most financial
markets, the difficulty of storage in many energy markets leads to less well
defined curves.? In this chapter we  describe forward price bounds for energy
prices and the building of forward  curves from market instruments.? We
outline the three main approaches which have been applied to building
forward  curves in energy markets; the arbitrage approach, the econometric
approach, and  deriving analytical values by modelling underlying stochastic
factors.

?

Chapter 5 presents an overview of  structures found in the energy derivative
markets and discusses their uses.? Examples of products analysed in this
chapter include a variety of swaps, caps, floors and collars, as well as
energy  swaptions, compound options, Asian options, barrier options, lookback
options,  and ladder options.

?

Chapter 6 investigates single and  multi-factor models of the energy spot
price and the pricing of some standard  energy derivatives.? Closed form
solutions for forward prices, forward volatilities, and European option
prices  both on the spot and forwards are derived and presented for all the
models in  this chapter including a three factor, stochastic convenience
yield and interest  rate model.

?

Chapter 7 shows how the prices of  path dependent and American style options
can be evaluated for the models in  Chapter 6.? Simulation schemes are
developed for the evaluation of European style options and applied to a
variety  of path dependent options.? In order  to price options which
incorporate early exercise opportunities, a trinomial  tree scheme is
developed.? This tree  is built to be consistent with the observed forward
curve and can be used to  price exotic as well as standard European and
American style options.

?

Chapter 8 describes a methodology  for valuing energy options based on
modelling the whole of the market observed  forward curve.? The approach
results  in a multi-factor model that is able to realistically capture the
evolution of a  wide range of energy forward curves.?  The user defined
volatility structures can be of an extremely general  form.? Closed-form
solutions are  developed for pricing standard European options, and efficient
Monte Carlo  schemes are presented for pricing exotic options.? The chapter
closes with a discussion of  the valuation of American style options.

?

Chapter 9 focuses on the risk  management of energy derivative positions.?
In this chapter we discuss the management of price risk for institutions
that trade options or other derivatives and who are then faced with the
problem  of managing the risk through time.?  We begin with delta hedging a
portfolio containing derivatives and look  at extensions to gamma hedging )
illustrating the techniques using both spot and  forward curve models.? The
general  model presented in Chapter 8 is ideally suited to multi-factor
hedging of a  portfolio of energy derivatives and this is also discussed.

?

Chapter 10 examines the key risk  management concept of Value at Risk (VaR)
applied to portfolios containing  energy derivative products.? After
discussing the concept of the measure, we look at how the key inputs
(volatilities, covariances, correlations, etc) can be estimated.? We then
compare the fours major  methodologies for computing VaR; Delta, Delta-gamma,
historical simulation and  Monte-Carlo simulation, applying each to the same
portfolio of energy  options.? In this chapter we also  look at testing the
VaR estimates for various underlying energy market  variables.

?

Finally, in Chapter 11 we review  modelling approaches to credit risk.?  We
look in detail at two quite different approaches, CreditMetrics (J. P. Morgan
(1997)) and  CreditRisk+ (Credit Suisse Financial  Products (1997)) for which
detailed information is publicly available.? Together these provide an
extensive set  of tools with which to measure credit risk.? We present
numerical examples of  applying these techniques to energy derivatives.

?
Before  we begin we stress that the models and methods we present in this
book are tools  which should be used with the benefit of an understanding of
how both the +tool,  and the market works.? The  techniques we describe are
certainly not &magic wands8 which can be waved at  data and risk management
problems to provide instant and perfect solutions.? To quote from the
RiskMetrics Technical  Document &( no amount of sophisticated analytics will
replace experience and  professional judgement in managing risk.8.?  However,
the right tools, correctly used make the job a lot  easier!


Do you guys follow these reports?  Do we need to correct them?
----- Forwarded by Steven J Kean/NA/Enron on 10/09/2000 08:50 AM -----

	Mark Schroeder@ECT
	10/09/2000 04:05 AM

		 To: Steven J Kean/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON
		 cc:
		 Subject: Calling All Investors: The New Power Company's IPO Priced at $21
Per Share

Was Enron actually banned from the California residential market, as per
below?  mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 09/10/2000
10:08 ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "IssueAlert" <IssueAlert@scientech.com>
06/10/2000 12:13

To:
cc:

Subject: Calling All Investors: The New Power Company's IPO Priced at $21 Per
Share

http://www.consultrci.com

************************************************************************
SCIENTECH's timely and newest InfoGrid, The Telecommunications InfoGrid,
will help you keep up with the latest moves of energy companies into the
fast-growing telecom market.  Learn more about SCIENTECH'S InfoGrids at:

http://www.consultrci.com/web/infostore.nsf/Products/InfoGrid
************************************************************************

===============================================================
SCIENTECH IssueAlert, October 6, 2000
Calling All Investors: The New Power Company's IPO Priced at $21 Per Share
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

TNPC, Inc., parent of The New Power Company, announced yesterday that its
initial public offering (IPO) of 24 million common shares was priced at
$21 per share. The stock closed yesterday at $27 per share. The Company
expects to receive net proceeds from the offering of its shares at
approximately
$473 million, exclusive of the underwriters' option to purchase an additional
3,600,000 common shares to cover over allotments. TNPC, Inc.*a partnership
between Enron, America Online (AOL) and IBM*was formed in late 1999 to
provide electricity and natural gas directly to households and small
businesses
in the deregulated energy marketplace. TNPC's shares will be listed on
the NYSE under the symbol NPW. Closing of the offering is expected to occur
Oct. 11.

ANALYSIS: I am sure that many eyebrows were raised when TNPC issued the
IPO of its stock at $21, a figure that seemed surprisingly high for a start-up
company that has been in operation only since early summer. It is rather
mind-boggling that a company with no significant track record could open
its stock at such a price, but it is not unheard of. In fact, TNPC is
following
a trend of new Internet companies initiating IPOs that are supported by
grand concepts rather than tangible success. However, the TNPC "dream team"
alliance between Enron, AOL and IBM has been met with great expectations
(and a lot of skepticism as well) throughout the industry.

I read through the S-1/A filing that TNPC submitted to the SEC, so hopefully
I can cut through the hype regarding this deal to get to its nucleus. First,
TNPC acknowledges repeatedly throughout its filing that it is entering
into an extremely high-risk venture, and in fact will "incur substantial
operating and net losses, and cannot assure that we will attain
profitability."
Further, TNPC admits that it expects to incur these losses for a
"significant,"
but undetermined, period of time. Why, then, would Wall Street be greeting
this IPO with such a positive welcome? One could easily argue that the
sheer market presence of Enron, AOL and IBM has by association driven up
the value of TNPC, but I think a deeper answer lies within several factors.

First, TNPC has been bankrolled by some hefty investments. In two separate,
private placements, investors such as Enron, GE Capital Equity Investments
and DLJMB Partners (among others) put up about $214 million in start-up
capital in exchange for shares in the company. Enron is the majority owner
of TNPC, with 57-percent control. This money has allowed TNPC to make
important
acquisitions. For instance, TNPC bought the residential and small commercial
retail energy business of Columbia Energy Group, which includes approximately
285,000 natural-gas customers and 20,000 electricity customers in eight
states. This is a valuable card in TNPC's deck as it locks in customers
during this time when deregulation is developing slowly in retail markets.
I wouldn't be surprised if TNPC makes a similar acquisition of another
customer base in the near future, such as in Texas, where customers have
been spun off to energy service companies rather than being held by the
T&D operations of utilities. In other words, in Texas TNPC could easily
buy customers without having to buy wires or infrastructure, assuming there
is a willing seller.

Second, and perhaps more importantly, earlier this year Enron transferred
its residential and small commercial retail operations in California and
Ohio to TNPC. This deal included the operations of Enron Energy Services
but did not include PG&E Energy Services, which Enron acquired earlier
this year. Together with the Columbia Energy Group acquisition, TNPC has
come out of the gate running with a significant beginning customer base
of over 325,000 customers. Why would Enron have turned over its residential
customers to TNPC?  Don't forget that Enron struggled in and retreated
from the California residential market, stating that it couldn't make any
money in the retail market. TNPC's S1/A filing confirms rumors that Enron
Energy Services actually retreated from California due to a lawsuit claiming
the company had violated laws relating to advertising directed to residential
consumers in 1997 and 1998. Enron was in fact banned from selling power
to the residential market in California. Under this customer transfer,
Enron is able to put its money into a completely separate business*essentially
moving this high-risk business venture, and worst performing part of its
retail service, off its own books. Yet if TNPC succeeds, Enron still benefits
as it is the majority owner.

I think these two factors answer why Wall Street has looked so favorably
on a self-described "new company with a limited operating history." Looking
ahead, can TNPC maintain this comparatively high value of its stock?  Well,
there's both good news and bad news for TNPC. First, let's look on the
bright side. TNPC has put into place a great management team, starting
with H. Eugene Lockhart, formerly of AT&T, as president and CEO. Other
key players bring retail market expertise from work at MasterCard, Exxon
and PespiCo. In addition, within the energy industry, TNPC arguably could
not have a better backer than Enron. What other company's touch has been
golden in nearly every venture it has pursued? In addition to being the
majority owner, Enron probably is also providing TNPC access to commodities
at preferential prices, which will certainly enhance its sales approach
in the retail market. Plus, TNPC has access to the 24 million customers
that AOL represents, which I've always thought was the company's secret
weapon.

But then there are the risks, and they are substantial. First, competition
is not materializing rapidly on the retail side. In a state like Pennsylvania,
which perhaps represents the strongest deregulated market in the United
States, only about 16 percent of customers in PECO's territory have opted
to switch their provider. So, TNPC has an uphill climb, to say the least,
in making any inroads at capturing a lock*and making money*in the retail
market. Second, the only way that I can see TNPC making it at all is if
they continue to buy customers like they did from Columbia Energy Group.
There are big questions surrounding whether the company will be able to
do this or not, and much of its success hinges on this uncertainty.

Third, and perhaps most serious of all, is TNPC's vulnerability on the
technology side of its operation. TNPC has entered into a 10-year revenue
management and customer care agreement with IBM Global Services, under
which IBM will manage the company's online commerce and billing applications.
IBM's track record in developing customer care systems is less than stellar.
In fact, PG&E initiated a lawsuit against IBM a few years ago when the
utility had to pull the plug on a massive $100 million customer information
system (CIS), employed by IBM, which it claimed was ineffective. IBM has
partnered with SCT to provide the infrastructure to be used by TNPC. Under
an agreement between IBM Global Services and SCT, the SCT Banner CIS will
be integrated into a number of back-office IT solutions under development
by IBM for TNPC. Experts in the CIS industry have questioned whether SCT's
Banner CIS can handle over one million customers. If it cannot, this will
surely limit TNPC's growth potential.

Moreover, although TNPC's IPO signals a strong future, there are many
uncertainties
surrounding this nascent operation. As one of the few major players in
the energy retail market, TNPC has very few competitors, with the possible
exceptions of NewEnergy or GreenMountain. Another competitor is also emerging
in Britain's Centrica, which plans to expand in North America after its
recent acquisition of Canadian retail gas supplier Direct Energy.
Consequently,
the coming year could either make or break TNPC and the challenges that
the company faces in wanting to conquer the retail market are extremely
steep.
==============================================================

Learn more about SCIENTECH's Issues and Analysis products and services
at:

 http://www.consultrci.com/web/rciweb.nsf/web/Depts-IA.html

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

SCIENTECH is pleased to provide you with your free, daily IssueAlert. Let
us know if we can help you with in-depth analyses or any other SCIENTECH
information products including e-commerce and telecom in the electric utility
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IssueAlerts, please reply to this email and include their full name and
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Sincerely,

Will McNamara
Director, Electric Industry Analysis
wmcnamara@scientech.com
===============================================================
Feedback regarding SCIENTECH's IssueAlert should be sent to
wmcnamara@scientech.com
===============================================================

SCIENTECH's IssueAlerts are compiled based on independent analysis by
SCIENTECH
consultants.  The opinions expressed in SCIENTECH's IssueAlerts are not
intended to predict financial performance of companies discussed or to
be the basis for investment decisions of any kind.  SCIENTECH's sole purpose
in publishing its IssueAlerts is to offer an independent perspective regarding
the key events occurring in the energy industry, based on its long-standing
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Copyright 2000.  SCIENTECH, Inc.

If you do not wish to receive any further IssueAlerts from SCIENTECH, please
reply to this message and in the body of the email type "remove."


---------------------- Forwarded by Scott Neal/HOU/ECT on 08/15/2000 02:24 PM
---------------------------

ywang@enron.com on 08/15/2000 02:10:34 PM
To: ywang@enron.com, liang.xia@enron.com, "Scott.Neal/HOU/ECT"@ECT, Joe A
Casas/HOU/ECT@ECT, Edward Terry/HOU/ECT@ECT, Tricia Bowen/HOU/ECT@ECT
cc:  (bcc: Scott Neal/HOU/ECT)
Subject: New Notice from Southern Georgia Natural Gas Company

Southern Georgia Natural Gas Company posted new notice(s) since our last
check at 8/15/00 1:00:00 PM, the newest notice looks like:

 Sys or Seg Mnt, 08/15/2000 01:44 PM, 08/15/00 02:00:00 PM, East of Wrens
16" main and loop line relocation

Please click the following to go to the web site for detail.

http://www.sonat.com/SonetCrt.nsf/5ab60a5a1d18afa286256666005a4043?OpenView&St
art=1&Count=60&Expand=3#3


Rain

Let's talk about this

---------------------- Forwarded by Hunter S Shively/HOU/ECT on 01/02/2001
04:35 PM ---------------------------

Janet R Dietrich
01/02/2001 03:28 PM
To: Ina Rangel/HOU/ECT@ECT, Lorie Belsha/HOU/ECT@ECT
cc: Scott Neal/HOU/ECT@ECT, Frank W Vickers/HOU/ECT@ECT, Hunter S
Shively/HOU/ECT@ECT
Subject: Re: Churn for Market Intelligence - Adam Plager

I know coordinating these moves is a real pain, but we have 4 commercial
individuals that need to be sitting at the East gas desk: Frank Vickers, Gil
Muhl, Phil Demoes, David Jones. Effective Jan. 1, they are part of the East
gas team, and it's critical they sit with them. Could you get with Scott and
Hunter and see what else can be done? Thanks.
---------------------- Forwarded by Janet R Dietrich/HOU/ECT on 01/02/2001
03:10 PM ---------------------------

	Enron North America Corp.

	From:  Lorie Belsha                           01/02/2001 02:51 PM

To: Ina Rangel/HOU/ECT@ECT
cc: Heather Choate/HOU/ECT@ECT, Tammy R Shepperd/HOU/ECT@ECT, Janet R
Dietrich/HOU/ECT@ECT
Subject: Re: Churn for Market Intelligence - Adam Plager

Ina,

Have you made other arrangements for Frank's group or do we need to get
together and try to come up with a "quick fix"?  I know before when I was up
there inquiring about this, you had said that you were working on this same
request for Scott Neal, so I wanted to check with you first before doing
anything.

Thanks

Lorie
x39617

---------------------- Forwarded by Lorie Belsha/HOU/ECT on 01/02/2001 02:50
PM ---------------------------

Heather Choate
01/02/2001 02:44 PM
To: Lorie Belsha/HOU/ECT@ECT
cc: Kimberly Brown/HOU/ECT@ECT
Subject: Re: Churn for Market Intelligence - Adam Plager

   Lorie,

   Adam is on the churn for tonite.  However...Colin Tonks has laid claimed
for those spaces with Hunter Shively's approval.

   Also, thought you might need to know that with Adam's departure, that
makes only three desks available (3247c,d and e).

   3247a & b are currently being occupied by employees of Chris Gaskill with
no plans to move to the best of my knowledge.

    This of course, still leaves Kim Brown looking for (3) spaces on 32.

   Additionally,  regarding Brenda Herod, her final count is (30)
consultants, (26) current employees and (9) to be hired in January.

  Please let me know if I can be of further assistance,
  Heather, x33278

	Enron North America Corp.

	From:  Lorie Belsha                           01/02/2001 02:28 PM

To: Heather Choate/HOU/ECT@ECT
cc: Ina Rangel/HOU/ECT@ECT
Subject: Re: Churn for Market Intelligence - Adam Plager

Heather,

Is Adam's group on the churn for tonight?  Does this mean the spaces will
become available to Frank Vickers and others after tonight?

Thanks

Lorie

Heather Choate
12/27/2000 09:58 AM
To: Ina Rangel/HOU/ECT@ECT
cc: Kathryn Bussell/HOU/ECT@ECT, Lorie Belsha/HOU/ECT@ECT, Cherylene R
Westbrook/HOU/ECT@ECT
Subject: Re: Churn for Market Intelligence - Adam Plager

  Per Marcie's email below, Adam Plager and his group will be moving out of
their current locations
  on 32 and will be moving to 25.

  I will follow-up with Marcie and make sure she knows there is space
reserved for them on the 1/2/01 churn.

  Happy New Year! : ) Heather
---------------------- Forwarded by Heather Choate/HOU/ECT on 12/27/2000
09:51 AM ---------------------------

Marcy Babb@ENRON
12/27/2000 09:22 AM
To: Heather Choate/HOU/ECT@ECT
cc:
Subject: Re: Churn for Market Intelligence - Adam Plager

Heather:  Thanks for your message.  I totally understand the circumstances.
I have found space for Adam and his group on 25 and am in the process of
moving him hopefully this week as your needs suggest.

Marcy Babb  --  Have a GREAT New Year!

Heather Choate@ECT
12/21/2000 06:42 PM
To: Marcy Babb/NA/Enron@Enron
cc: Adam Plager/NA/Enron@Enron, Dan Luciano/NA/Enron@ENRON, Lorie
Belsha/HOU/ECT@ECT, Peggy McCurley/HOU/ECT@ECT, Cherylene R
Westbrook/HOU/ECT@ECT

Subject: Churn for Market Intelligence - Adam Plager

  Marcy,

  Today,  Adam Plager was asked to find a space off of the 32nd floor,
effective Jan. 2, 2000.

  As I am sending you this email, we do not know where to move him.  I have
contacted
  Lorie Belsha who handles the majority of the floor planning and their are
no spaces to
  move him.  She advised that we look to find a space with his direct report
Bryan Powell
  and asked me to contact Peggy McCurley, who then advised I talk to Cheri
Westbrook.
  When talking to Cheri Westbrook, she indicated that you have some space
allocated
  to you, but she was unsure if you have specific plans for them or if you
would have (4)
  spaces for Adam, to accomodate his immediate need.

  I will be out of the office when you are back in on Wednesday, please
advise Adam if
  there is any space available.  I will call in to see if I can be of further
assistance in this
  search.

  To help you expedite this process when you have come back (in hopes that
you
  have space available for Adam), I have attached the churn request.  You
will need to
  fill in the areas that I left blank (i.e, titles for new hires, cost
center, TO location).  All the
  equipment to be moved has been entered on the churn.

  Additionally, when sending the request into the move-team, please say "
This move
  request is for the (5) spaces reserved by Heather Choate for the January 2,
2001 churn".

 Regards,
 Heather Choate, x33278


Thank you.

Kay


Please note the following correction:

The National Westminster Bank plc ("NWB") transactions will be assigned to The Royal Bank of Scotland plc ("RBS").  However,  RBS and ENA are "deemed" to have entered into and ISDA Master Agreement that replicates the January 1, 1994 NWB/ENA ISDA Master Agreement.  The assigned transactions will not be governed by the ISDA Master Agreement between ENA and RBS dated December 10, 1999 (the "RBS Master").  The RBS Master will be terminated.

Samantha M. Boyd
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803
Houston, Texas 77002
Ph:  (713) 853-9188
Fax:  (713) 646-3490

 -----Original Message-----
From: 	Boyd, Samantha
Sent:	Wednesday, October 31, 2001 3:34 PM
To:	Adams, Laurel; Allen, Kimberly; Anderson, Diane; Bailey, Derek; Bell, Jean; Bell, Rebecca; Bowen, Bob; Brewer, Julie; Cason, Sharen; Cisneros, Celeste; Fischer, Jason; Garcia, Jorge A. ; Heaney, Gordon; Hundl, Kimberly; Murphy, Melissa Ann; Ornelas, Bianca; Piwetz, Stephanie; Rodriguez, Melissa; Seib, Dianne; Theriot, Kim S.; Whalen, Melinda; Williams, Tiffany; Brackett, Debbie R.; Bradford, William S.; Brown, Angela Y.; Campbell, Lesli; Conwell, Wendy; Curry, Ken; Espinoza, Veronica; Gonzalez, Veronica; Johnson, Rudwell; Landry, Shemeika S.; Lebrocq, Wendi; Mendoza, Nidia; Monterrey, Maribel; Moran, Tom; Ngo, Tracy; North, Carol; Otto, Randy; Radous, Paul; Rajaram, Aparna; Rohauer, Tanya; Sacks, Edward; Sonnonstine, Max; Vanek, Darren; Williams, Jason R (Credit); Campos, Anthony; Colbert, Marilyn; Crawford, Sharon; Ebow, Amber; Ellstrom, Diane; Gerard, Camille; Hare, Bill D.; Johnson, Cheryl; Lambert, Karen; Landau, Georgi; Lees, Lisa; Moore, Jason; Neuner, Dale; Reeves, Leslie; Richardson, Stacey; Rodriguez, Bernice; Schott, Samuel; Sever, Stephanie; Shivers, Lynn; Sietzema, Linda; Southard, Carrie; Bailey, Susan; Cook, Mary; Gray, Barbara N.; Heard, Marie; Hendry, Brent; Jones, Tana; Koehler, Anne C.; Leite, Francisco Pinto; Nelson, Cheryl; Panus, Stephanie; Sayre, Frank; Shackleton, Sara; St. Clair, Carol; Taylor, Mark E (Legal)
Subject:	 Assignment Agreement - National Westminster Bank  plc

We have received an executed Assignment Agreement dated as of October 9, 2001 among National Westminster Bank plc ("NWB"), The Royal Bank of Scotland plc ("RBS") and Enron North America Corp. ("ENA").   Effective as of October 26, 2001 (the "Commencement Date"), NWB assigned all of its right, title and interest in the transactions under the ISDA Master Agreement dated January 1, 1994 to RBS.  All assigned transactions shall be governed by the terms and conditions under the ISDA Master Agreement between ENA and RBS dated December 10, 1999.

This Assignment Agreement also amends the notice provisions in the Schedule to the ISDA Master Agreement between ENA and RBS.

Copies will be distributed.

Samantha M. Boyd
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803
Houston, Texas 77002
Ph:  (713) 853-9188
Fax:  (713) 646-3490


For those of us still working in markets that are either not fully
liberalised, or where the incumbents still foment scepticism about
liberalisation/deregulation, we are often hard pressed to be able to point to
examples of benefits of liberalisation in markets other than in the
"Anglo-Saxon world" (which somehow makes it inapposite to the French, the
Germans, the Japanese, etc.).  The attachment shows the benefits of
liberalisation of the telecomms sector in the EU, and I pass it along for any
of you who might want to incorporate it in presentations about the benefits
of liberalised markets, and have an example other than the USA or UK.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 19/03/2001
17:53 ---------------------------

Christine Howlett <CHowlett@bacc.org> on 19/03/2001 15:34:02
To: "'BABI Board Blausten, Douglas'" <douglas.blausten@cyrilleonard.co.uk>,
"'BABI Board de Lande Long, John'" <chartwelladvisorsinc@msn.com>, "'BABI
Board Fox, Jonathan'" <jonathan.fox@ey.com>, "'BABI Board Gavell, Stefan'"
<smgavell@statestreet.com>, "'BABI Board Gleason, Tom'"
<tom_gleason@amrcorp.com>, "'BABI Board Goldstein, Brian'"
<goldsteinb@gtlaw.com>, "'BABI Board Hann, Morag'" <moraghanncom@cs.com>,
"'BABI Board Harris, Thomas'" <thomas.harris@newyork.mail.fco.gov.uk>, "'BABI
Board Johnston, Alistair'" <Alistair.Johnston@KPMG.co.uk>, "'BABi Board
Jones, Bill'" <bill@jones-net.demon.co.uk>, "'BABI Board Kallakis,
Achilleas'" <amkallakis@hotmail.com>, "'BABI Board Katz, David'"
<david.katz@mail.doc.gov>, "'BABI Board Littmoden, Chris'"
<littmoden@aol.com>, "'BABI Board Lloyd, John'" <JOHNLL@ATTGLOBAL.NET>,
"'BABI Board Reeves, Christopher'" <christopher_reeves@ml.com>, "'BABI Board
Schroeder, Mark'" <mark.schroeder@enron.com>, "'BABI Board Simpson, Chris D'"
<chris.simpson@uk.pwcglobal.com>, "'BABI Board Streator, Edward'"
<estreator@cs.com>, "'BABI Board Sullivan, Martin'"
<martin.sullivan@aig.com>, "'BABI Board Van Meter, John'" <jdvm@ashland.com>,
"'BABI ExCom Anderson, Clive'" <cliveanderson@juno.com>, "'BABI ExCom Arnold,
Stuart'" <stuart.arnold@ft.com>, "'BABI ExCom Boden, Steven'"
<sboden@dttus.com>, "'BABI ExCom Brewin, Dan'"
<Dan.R.Brewin@british-airways.com>, "'BABI ExCom Edwards, John'"
<jedwards@tjg.co.uk>, "'BABI ExCom Evans, Barbara'"
<barbara.evans@concert.com>, "'BABI ExCom Garvin, Mark'"
<mark.garvin@chase.com>, "'BABI ExCom Gow, Roddy'" <roddy.gow@odgers.com>,
"'BABI ExCom Harmon, Bruce'" <bharmon@cc.ernsty.co.uk>, "'BABI ExCom Hirst,
Rachel'" <rhirst@hogarthpr.co.uk>, Neil Johnson <neil.johnson@amcham.org.uk>,
"'BABI ExCom Kaiko, Jacqueline'" <jacqueline.a.kaiko@chase.com>, "'BABI ExCom
Kirkwood, Michael'" <michael.kirkwood@citi.com>, "'BABI ExCom Lander,
Geoffrey'" <g.lander@nabarro.com>, "'BABI ExCom Lyons, Denis'"
<dlyons@spencerstuart.com>, "'BABI ExCom Maltby, Stephen'"
<sjomaltby@gibney.com>, "'BABI ExCom Mitchell, Wilson'"
<jwmitchell@kpmg.com>, "'BABI ExCom Prior, Michael'"
<mike.prior@barclayscapital.com>, "'BABI ExCom Shellard, David'"
<dshellard@russellreynolds.com>, "'BABI ExCom Shepherd, Karen'"
<shepherk@ebrd.com>, "'BABI ExCom Simons, John'" <john_c_simons@fleet.com>,
"'BABI ExCom Stopps, Ian'" <ian.stopps@lmco.com>, "'BABI ExCom Symon, Carl'"
<pauline.richards@uk.ibm.com>, "'BABI ExCom Tilton,  Glenn'"
<tiltogf@texaco.com>, "'BABI ExCom Ward, Bryan'" <bryan.ward@themigroup.com>
cc:

Subject: EABC Abstracts 03/09/01

 - Abstracts 3-9-01 (10).doc


Congress Passes the Commodity Futures Modernization Act of 2000

Late Friday afternoon, December 15, Congress passed the Commodity Futures
Modernization Act of 2000.  The purpose of the Act is to eliminate
unnecessary regulation of commodity futures exchanges and other entities
falling within the  coverage of the Commodities Exchange Act ("CEA") and the
provide legal certainty with regard to certain futures and derivatives
transactions.  By enacting such changes, Congress intends to promote product
innovation and to enhance the competitive position of US financial markets.
Certain provisions of the Act open the door for Enron's further product
innovation and growth.  Specifically, the Act provides important legal
certainty for energy and other transactions occuring both on an
over-the-counter (OTC) bilateral basis and on multilateral electronic trading
platforms.  Enron was a leading advocate of passage of this legislation.

Bilateral Transactions

Under the Act, bilateral transactions in all commodities (other than
agriculture commodities) that do not occur on trading facility (i.e. not on a
multi-party exchange) are exempt from most provisions of the CEA as long as
the transactions are entered solely between "eligible contract
participants"(i.e. persons and certain legal entities satisfying capital
thresholds and other requirements under the Act).  This provision essentially
codifies and expands existing CFTC exemptions for swaps and forward
contracts, thereby eliminating a degree of legal ambiguity that has
frustrated product innovation and growth.

Multilateral Transactions

In addition, the Act creates a broad exemption for any agreement, contract or
transaction in commodities (other than agriculture commodities) so long as
they the transactions are between "eligible commercial participants", are
entered into on a "principle-to-principle basis" and that take place on a
multi-party "electronic facility".  This exemption could facilitate expansion
of EnronOnline to allow for multi-party transactions, however certain legal
requirements will have to be met.

Other Transactions

The Act also creates a broad exclusion for a number of commodities that are
of interest to Enron, including "credit risk measure" commodities and weather
derivatives .  Again, the derivative transaction exclusion will have to meet
certain legal thresholds.

This legislation has been over six years in the making and the collective
support of many Enron employees has been crucial.  Thank you to all that have
contributed to the passage on this important legislation.  We will have a
more through legal summary of this legislation in the near future. Do not
hesitate to contact me at (202) 466- 9158 of Mark Taylor at (713) 853-7459
with any questions.


Today we announced the appointment of Jeff McMahon as Enron's chief financial officer.  In my continued discussions with the financial community yesterday and today, it became clear that this move was required to restore investor confidence.  Jeff has unparalleled qualifications and a deep and thorough understanding of Enron.  He is already on the job and hard at work on the issues before us.  Andy Fastow will be on a leave of absence from the company.

Jeff had been serving as chairman and CEO of Enron Industrial Markets. He joined Enron in 1994 and spent three years in the London office as chief financial officer for Enron's European operations.  Upon returning to the U.S., Jeff was executive vice president of finance and treasurer for Enron Corp.  In 2000, he was named president and chief operating officer of Enron Net Works.

I know all of you are concerned about the continuing decline in our share price.  I am too, and we are working very hard to turn it around.  Appointing Jeff as CFO is one important step in that process.  But most of the solution involves just continuing to do our jobs with excellence.  The fundamentals of our business are strong, and I think the market will begin to see that as we continue to perform.

Please join me in giving Jeff your full support, and thank you for all of your continued hard work.


Notice No. 01-19
January 19, 2001

TO:  All COMEX Members/Member Firms
All COMEX Clearing Members
All COMEX Floor Traders
All COMEX Operations Managers

FROM: Michael Campanelli, Vice President
Floor Operations / COMEX Division

RE:  Options Expiration Operational Procedures for the Trading Floor and
Clearing Members
_____________________________________

The expiration date for the February 2001 options contract for Aluminum
(OAG01) is Thursday, January 25, 2001.

 GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized on-line
trade entry ("OLTE") system trained representative available until released
by the Exchange staff.  All adjustments  and/or corrections, must be
accompanied by relevant supporting documentation prior to being incorporated
into expiration processing, in essence making the expiration processing an
extension of the afternoon trade resolution procedures.

Exchange Clearing (299-2110) and Trade Processing (299-2465 and 299-2044)
personnel will be available to assist with the processing of notices of
Exercise and Abandonment, position transfers, trade corrections and other
questions or problems you may have.

Failure by any Clearing Member or qualified Floor Trader to comply with
procedures as outlined herein may result in severe disciplinary action by the
Exchange and potential financial liability to customers or members for
failure to exercise diligence in the processing of information.

TRADING FLOOR OPERATIONAL PROCEDURES

Trading in the February 2001 Aluminum Options Contract will cease at 2:10
P.M. on January 25, 2001.  All Brokers and Traders must inform their Clearing
Members of their intentions to exercise or abandon such Options by 4:00 P.M.

On Thursday, January 25, 2001, all Brokers and Clearing Members must have a
duly authorized, On-Line Trade Entry ("OLTE") system trained representative
available until such time as the Exchange deems necessary.

NOTE: After 4:30 P.M. all expiring option trade data must be inputted on
special "OLTE" terminals located in the Trade Processing Room.  Any other
means of submission will be rejected by the Exchange.  Members will be able
to submit all other trade data until 5:00 P.M.

After the Unmatched Trade Reports and the Preliminary Spot Month Matched
Trade Reports are displayed, Clearing Member representatives will be able to
pick up their Preliminary Clearing reports at the Clearing Department.

A final review of all submissions will be made.  The Supervisor of the Trade
Processing Room will detain only those Clearing Members and/or Broker
representatives involved.  All final corrections will be made at this time
and upon determination of the Supervisor that all option processing is
complete, all representatives will be released.

Exchange Reports based on Thursday,s submissions and processing will be
available on Friday morning January 26, 2001.

In the event that you have any questions regarding the foregoing trading
floor procedures please contact Michael Campanelli at (212) 299-2072 or David
Sherman at (212) 299-2061.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

1. OPEN POSITION CONFIRMATION ("OPC") - The OPC should reflect as accurately
as possible all futures and options gross positions as of close-of business
on the business day prior to expiration.  Review the estimated current gross
positions as shown and make appropriate adjustments.  The OPC must be
submitted not later than 9:00 A.M.

2.   OPTIONS EXERCISE/ABANDONMENT REQUESTS FORM ("E/A") - An expiring option
with a strike price in-the-money by one tick or more will be subject to
automatic exercise unless an Option Abandonment Request form is submitted
advising that a Clearing Member ("CM") elects to abandon some or all of its
position in that strike price (i.e., for the option series).  All other
options series in the expiring month will be subject to automatic abandonment
unless an Option Exercise Request form is submitted.  When submitting an E/A
form, please note the following:

(a) An E/A form must be submitted not later than 5:00 PM.
(b) Do not submit an Exercise form for positions in strike prices which are
subject to automatic
Exercise nor submit an Abandonment form for positions in strike prices which
are subject to automatic abandonment.
(c) If a CM wishes to submit an E/A form to abandon a position in a strike
price subject to automatic exercise or wishes to exercise a position in a
strike price which is out of the money, it is necessary to notify Clearing by
telephone of such anticipated action.  The CM must have an officer available
to confirm such intention.
(d) CMs may secure from Clearing a time-stamped receipt of the CM copy to
assure submission  of the CM,s E/A forms.

3. OPTION POSITION REDUCTION REQUEST FORM ("OPRR") - As a general rule,
purchases and sales of option contracts are presumed to be new business.   If
some or all of your purchases and sales are in fact undertaken for position
liquidation purposes, OPRR forms may be submitted on the day of expiration
and will be used in conjunction with trade data to reduce your projected
position in an expiring contract.  OPRR requests in excess of actual traded
volume will be rejected.  Exception: Cabinet trades and cancel correction
trades will automatically liquidate existing positions, therefore do not
submit an OPRR form for cabinet or cancel correction trades.
The OPRR form must be submitted not later than 5:00 PM.

4. HOUSE/CUSTOMER POSITION TRANSFER REQUEST FORM ("H/C") - H/C forms may be
used only to transfer previously cleared contracts between a CM,s house and
customer accounts.  Problem trades (those which have not cleared prior to
expiration day) must be corrected using COMEX,s on-line trade entry system
under the direct supervision of the Trade Audits Department of COMEX ("Trade
Audits").  The H/C form must be submitted not later than 3:30 PM.

5. EX-PIT POSITION TRANSFER REQUEST FORM ("Ex-Pit") - Ex Pit forms may be
used only to transfer previously cleared contracts between CMs.  Problem
trades (those which have not cleared prior to expiration day) must be
corrected on the on-line trade entry system under the direct supervision of
Trade Audits.  The Ex-Pit form must be submitted not later than 3:30 PM.

 *****
A) At approximately 4:15 PM, two PRELIMINARY reports of the expiration
process will be available for distribution at the NYMEX Clearing Department:
 1. OPTION EXPIRATION REPORT AND CONFIRMATION - The purpose of this report is
to project the CM,s present position going into the expiration based upon the
transactions which have already been submitted to Clearing.  CMs should
review and modify their adjusted gross positions as of close-of-business on
the business day prior to expiration.  Further adjustments may be submitted
not later than 5:00 PM.  The projected ending gross positions will reflect
transactions accepted or rejected for clearance on expiration night,
inclusive of Ex-Pit, H/C and OPRR transactions which have been submitted to
Clearing prior to 3:30 PM, and trade information submitted to COMEX prior to
3:45 PM.  Normally, this report will also reflect manually submitted Exercise
and Abandonment instructions, the projected number of exercises and maximum
potential assignments for each strike price, the type of exercise (manual or
automatic), whether the strike is In, At or Out of the money, and the
exercise va!
lu!
e associated therewith based on settlement prices established by COMEX on the
day of expiration.

2. TRANSACTION LISTING - This listing will include in detail all expiring
option trades submitted to COMEX prior to 3:45 PM on expiration day, and all
H/C, ExPit, OPRR and E/A transactions submitted to Clearing Prior to 3:30 PM.

Please note: Trade information reflected on the option expiration report and
transaction listing are trades submitted only. To inquire whether trades have
matched, each CM must review the trade reports provided by COMEX,s On-Line
Trade Entry ("OLTE") system.

B) At approximately 5:30 PM, FINAL reports of the expiration process,
including all submissions to Clearing and trade information submitted to
COMEX made by 5:00 PM, will be available for distribution at the NYMEX
Clearing Department.

C) At 5:45 PM, Preliminary In The Money Abandonment and Out Of The Money
Exercise information will be announced on Fast Facts.

D) At Approximately 7:30 PM, a Final Notice of Exercise/Assignments will be
available in each CM,s lockbox located at the NYMEX Clearing Department.
Each CM which has exercised or been assigned one or more options will receive
a separate statement showing exercises and/or assignments for each option
series.  Please check this statement carefully.  Although long options
positions in-the-money by one tick or more will be automatically exercised,
not all short option positions will be assigned if there are any options
manually abandoned at such strike prices.  Please note that there also may be
some at or out-of-the money options being exercised.

E) At approximately 9:00 PM, the final set of clearing sheets will be
available in each CM,s lockbox located at the NYMEX Clearing Department.

It is strongly recommended that each CM have a representative(s) that is
properly trained to handle the option expiration process available beginning
at 4:15 PM and who will receive the CM,s reports at the specific times.  It
is solely the responsibility of the CM to review these reports and to notify
the Clearing staff immediately of any discrepancies.

To obtain the exact time of the availability for each report, clearing
members should call (212) 513-7405, access code 702.  The announcement time
will occur 1/2 hour prior to availability.

Attached please find a Clearing Member Procedure Summary for ease of
reference.  Please contact John Ramos at (212) 299-2142 (Members 001-500) or
Mel Garcia at (212) 299-2144 (members 501-999) if you have any questions.

OPTION EXPIRATION PROCESSING CLEARING MEMBER PROCEDURE SUMMARY

Time: 3:30 PM
Activity: Expits, H/C transfers, Option Position Reduction and
Exercise/Abandon notices
Event: Submission to Clearing cutoff time.
Notes: Final cutoff for Expits and H/C tranfers

Time: 3:45 PM
Activity: Call Fast Facts to obtain availability time of Preliminary Option
Expiration Reports.
Event: Fast Facts notice of Availability

Time: 4:15 PM
Activity: Preliminary option expiration reports available to clearing members
at NYMEX Clearing Department

Time: 5:00 PM
Activity: Options Position Reduction, Exercise/Abandon notices and Gross
Position Adjustments
Event: Submission to Clearing Cutoff Time
Notes: Final cutoff for Option Position Reduction, Exercise/Abandon notices
and Gross Position Adjustments

Time: 5:05 PM
Activity: Call Fast Facts to obtain availability time of Final Preliminary
Option expiration Reports
Event: Fast Facts notice of Availability

Time: 5:30 PM
Activity: Final Preliminary option expiration reports available to clearing
members at NYMEX Clearing Department.

Time: 5:45 PM
Activity: Call Fast Facts to obtain Preliminary In the Money Abandonment and
Out of the Money Exercise Information
Event Fast Facts notice of information
Notes: New Event

Time: 6:00 PM
Activity: Corrections to previously Submitted Adjustments or Notices
Event: Correction period cutoff time (30 minutes after final preliminary
report is distributed)
Notes: Final cutoff for corrections

Time: 7:00 PM
Activity: Call Fast Facts to obtain availability of final expiring option
position and Exercise/Assignment report
Event: Fast Facts notice of Availability

Time: 7:30 PM
Activity: Final expirating options position and Exercise/Assignment report
available in clearing member's lockbox at NYMEX Clearing Department

Time: 8:30 PM
Activity: Call Fast Facts to obtain availability of final clearing reports.
Event: Fast Facts notice of Availability

Time: 9:00 PM
Activity: Final clearing reports available in clearing member's lockbox at
NYMEX Clearing Department.

Please contact John Ramos at (212) 299-2142 (Members 001-500) or Mel Garcia
at (212) 299-2144 (members 501-999) if you have any questions.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-19)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


No problem - thanks Jeff
Best wishes
Mike

Jeffrey T Hodge
13/12/2000 16:23
To: Michael Slade/LON/ECT@ECT
cc:

Subject: Re: R: Michael Slade/LON/ECT is out of the office.

Michael:

It is circulating.  I really do not have any idea as to time frame.

Jeff

	Michael Slade
	12/12/2000 09:48 AM

		 To: Jeffrey T Hodge/HOU/ECT@ECT
		 cc:
		 Subject: R: Michael Slade/LON/ECT is out of the office.

Hello Jeff - I'm not chasing at all, but wondered when the Unanimous Consent
might have been finalised - as you can see it won't delay the
recapitalization process but will be needed in due course for registration. I
promised I would let local counsel know a likely timeframe.
Many thanks for your help.

Michael
---------------------- Forwarded by Michael Slade/LON/ECT on 12/12/2000 15:51
---------------------------

"Venturini, Piero" <PVenturini@gop.it> on 12/12/2000 15:37:50
To: "'Michael.Slade@enron.com'" <Michael.Slade@enron.com>
cc:

Subject: R: Michael Slade/LON/ECT is out of the office.

Michael
apparently the notary is not going to raise problems but he is not going to
register the deed in his books until he receives the original of the proxy
(the unanimous consent can be attached to it later although it will be
mentioned in the deed).
When do you think the courier will be here?
Regards,

Piero

-----Messaggio originale-----
Da: Michael.Slade@enron.com [mailto:Michael.Slade@enron.com]
Inviato: luned_ 11 dicembre 2000 11.23
A: PVenturini@gop.it
Oggetto: Michael Slade/LON/ECT is out of the office.

I will be out of the office from 08/12/2000 until 12/12/2000.

I will respond to your message when I return.  If you require any urgent
assistance, please contact Nicola Beales on 0207 783 7279.


-----Original Message-----
From: Dana Ralston [mailto:dralston@tombrown.com]
Sent: Friday, November 16, 2001 1:46 PM
To: Mike Griffith
Subject: FW: FW: Thousands die... and they cheered!

> > > > Subject:  FW: Thousands die... and they cheered!
> > > >
> > > > How Budweiser handles those who laughed at those who died on 11 Sept
> > 2001
> > > >
> > > > Thought you'd like to know what happened in a town north of
> Bakersfield
> > > > California. After you finish reading this, please forward this story
> on
> > to
> > > > others so that our nation and around the world will know about those
> who
> > > > laughed when they found out about the tragic events in New York, PA
> and
> > > > the
> > > > Pentagon.
> > > > e
> > > > September 11th, a Budweiser employee was making a delivery to a
> > > > convenience store in a town called McFarland. He knew of the tragedy
> > that
> > > > had occurred in New York, but was continuing his shift to stores and
> > > > seeing
> > > > owners weeping and sad talking about what was happening in New York.
> He
> > > > entered the 7-11 to find the two Arab owners whooping and hollering,
> > > > clapping and doing high-fives and really cheering it up. It was
> obvious
> > > > they
> > > > were elated with what had happened earlier..
> > > >
> > > > The Budweiser employee went to his truck called his boss and told
him
> of
> > > > the
> > > > event. He said he was stunned and had returned to the truck to call
> and
> > > > tell
> > > > someone about the horrible people inside. His boss told him, "Do you
> > think
> > > > you could go in there long enough to pull every Budweiser product
and
> > item
> > > > our beverage company sells there? We'll never deliver to them
again."
> > > >
> > > > The employee walked in, proceeded to pull every single product his
> > > > beverage
> > > > company provided and left with an incredible grin on his face. He
told
> > > > them
> > > > never to bother and call for a delivery again.Then he added 'call
Bin
> > > > Laden
> > > > for your beer from now on!'
> > > >
> > > > Budweiser happens to be the beer of choice for that community. Just
> > > > letting
> > > > you all know how Kern County handles this situation! Pass this
along.
> > > > America needs to know that we're all working together.
> > > >
> > > > Well, I need to add to this. My father in Nevada sent this to me.
Fact
> > is,
> > > > I
> > > > live not too far from McFarland here in Central California, and I
> heard
> > > > about this at work the day after it happened. Seems a lot of people
> from
> > > > work frequented the store in question. But it didn't end there. As
> Paul
> > > > Harvey might say, here's the rest of the story...
> > > >
> > > > Seems the Budweiser driver had friends...in particular, the Pepsi
> route
> > > > driver. The Bud driver called his Pepsi friend from his cell phone
> while
> > > > he
> > > > was still at the store and told him what happened. Seems the Pepsi
> > driver
> > > > called his boss, and received the identical orders the Bud driver
did.
> > So
> > > > Pepsi went in and took out everything in the store under their
> corporate
> > > > brand. And if you know Pepsico (Pepsi, Frito Lay, etc.), that's damn
> > near
> > > > EVERYTHING. Last I heard, that store has no product, no customers
> (word
> > > > spreads fast in these small towns, y'know) and no hope.   And I say
> good
> > > > riddance to bad rubbish. I hope they enjoyed their   cheers....it's
> the
> > > > last
> > > > they'll be doing in THIS country.
> > > >
> > > >
> > > >
> >
> >
> >
> >
>
>


it is purple.  i am going to paint the tires yellow and it will be the
official car of the lsu alumni club.


TO  HIRING MANAGERS AND ASSISTANTS,      (Please forward to anyone not
included.)

New! Staffing Requisition Form:

With the implementation of SAP, this form is now the critical key factor to
(1) get your new employee paid, (2) charge to the appropriate dept., (3)
create the necessary "position" for the employee in SAP, and (4) post your
opening to Web sites.
To Expedite The Hiring Process,  please complete the attached form to request
staff:  Additions, Replacements, Transfers, Contractors/Temporaries, and
Part-Time Personnel. (RED sections only)
Return this form via e-mail.

New! Candidate Interview Form:

We recognize the need to schedule candidate interviews as promptly as
possible.
To Expedite The Interviewing Process,  please complete the attached form when
requesting a candidate to be interviewed. (RED sections only)
Return this form via e-mail with the resume.   If you only have a hardcopy of
the resume, please send this form and resume to me at EB-3658B.

Employee Referral Policy & Form:

To provide incentives for current domestic employees of Enron Corp. and it's
subsidiaries referring applicants who are hired for regular full-time U.S.
payroll-based positions within Enron. ($1,000 for non-exempt & $2,000 for
exempt)
Return this form via e-mail with the resume.   If you only have a hardcopy of
the resume, please send this form and resume to me at EB-3658B.

If you have any questions or need assistance with your new SAP data
requested,  please let me know.

Thank you in advance for your cooperation,
Toni Graham
Staffing Consultant
ENA Commercial Support
x39995


Brad/Jay,

Based upon discussions with legal, operations and IT we have come up with a recommended solution for the customer list issue.  Below is an outline of our recommended procedure for dealing with price hosting arrangements on EnronOnline.  We will continue to hammer down the details but wanted your approval prior to implementing this process.  We would like to implement immediately after finalizing details.

1. Mark Taylor and Barbra Gray will draft a new Password Application which acknowledges third party price postings on EnronOnline.  Beginning immediately new customers will receive the amended Password Application.

2. Mark Taylor and Barbra Gray will draft language for a customer pop up box which does the following: (1) Acknowledges the addition of third party price postings (2) requests permission to supply third party price posters with their company name (3) warrants that the acknowledging party has the authority to accept the new terms.

3. Mark Taylor and Barbra Gray will draft language for the third party GTC that amends the Password Application and ETA to cover the company who is posting that product type on EnronOnline. Before a company is able to transact on the third party product type, they will need to read and sign the GTC with third party language.  If the third party has already signed an GTC type agreement with the third party price poster, they will still see an amendment to the signed agreement which amends their Password Application and ETA to include the third party when they first try to transact.  Before the customer is able to transact they will need to read and sign the GTC amendment.

3. Jay will put language from 2 above in a pop up window that only goes to Master Users.

4. We will put the pop up on for at least one day and then gauge the number of response to determine how long to show pop up.  Marketing will contact as many master users as possible prior to pop up display.

5. We will distribute company names to third party price posters for profiling.

6.  When third party postings go live we will contact Master Users to inform them that they need to approve transaction status for third party product types (normal process for new product type launches).

Please let me know if this is ok.

Bob Shults
EnronOnline LLC
Houston, Texas 77002-7361
713 853-0397
713 825-6372 cell
713 646-2126
bob.shults@enron.com


This deal was done with Greg Stockard.

D

Julie Meyers
03/13/2000 04:31 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Amoco Energy 2/00

Daren:

You put this in, do have a clue?

Julie

---------------------- Forwarded by Julie Meyers/HOU/ECT on 03/13/2000 04:30
PM ---------------------------

	Enron North America Corp.

	From:  Megan Parker @ ENRON                           03/13/2000 04:17 PM

To: Julie Meyers/HOU/ECT@ECT
cc: Daren J Farmer/HOU/ECT@ECT
Subject: Amoco Energy 2/00

We have a purchase deal in the system, 205116, for Feb. 2000 production that
Amoco does not show.  Can you tell me the trader's name at Amoco that the
deal was done with?

Megan


pager 888.916.7184
cell 415.505.6633


Kim,

I sent all of my Visa application information to Margaret by FedEx today.

Just thought I would keep you in the loop!

Chris


STILL the best way to handle those wacky Colstrip cuts.  Please familiarize
yourself with the procedure then check with me if you have questions.

Thanks,
Bill

---------------------- Forwarded by Bill Williams III/PDX/ECT on 03/05/2001
06:43 AM ---------------------------

Jeremy Morris
06/27/2000 11:59 PM
To: Portland Shift
cc:

Subject: FASTEST, EASIEST, AND CORRECT WAY TO HANDLE COLSTRIP CUTS IN ENPOWER

1.)In enpower, build an index forward buy from PGE under LTNW book for the
total amount of mws cut due to colstrip going down.  Use the DOW JONES MIDC
index (remember to specify in the index if it is on or off-peak).  Enter an
offset of .10  .

2.) Enter a transmission deal from BPA.   (MIDC to MPC SYS)  The transmission
fee is $2.52

3.) Go into deal scheduling and query  under the counterparty PGE.  Select all

4.) bring up all deals of the counterparties involved at Colstrip----
specifically, Ashgrove,Conocpil, Energywesr, Louisiana Pacific, and Smurfit
Stone.
 (these enpower deal numbers can be located under the counterparties name in
lotus notes.)

5.)Zero out the buy from PGE @MPC SYS

6.) Finally link the deals.

7.) check real time postion manager, you should be flat after this.

This is basically how Diana Scholtes explained it to me.  It worked and
hopefully it will work for all


Rod


Ed:

I received a message from the lawyer for Cinergy Energy Services requesting that the ENA ISDA be with CG&E.  This will solve our allocation issues (as the utility will hedge for its own account).  Please send a new credit worksheet.  Thanks.  SS

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


These questsions seem to be focus on the modularity of the product.  This is
fine from the vendors' perspectives, however, from a Tariff perspective, it
hints at conceding to others' tariiffs/structures.  There should be a few
questions that paint the entire Real Flow solution - even referencing that a
tariff is available.

Also, can I assume the entities listed are endorsing eTransMart?  Or do they
not even know their name is referenced here?

From: Thane Twiggs@ENRON_DEVELOPMENT on 11/08/2000 03:09 PM CST
To: Charles Yeung/HOU/ECT@ECT@EES, Christi L Nicolay/HOU/ECT@ECT@EES, Janice
R Moore/HOU/ECT@ECT@EES, Joe Hartsoe/Corp/Enron@ENRON@EES, Mary
Hain/HOU/ECT@ECT@EES, Richard Shapiro/HOU/EES@EES, Ron
McNamara/NA/Enron@Enron@EES, Sarah Novosel/Corp/Enron@ENRON@EES, Steve
Walton/HOU/ECT@ECT@EES, Tom Delaney/Corp/Enron@ENRON@EES, Steven J
Kean/NA/Enron@Enron, Thresa A Allen/HOU/ECT@ECT, Edward D
Baughman/HOU/ECT@ECT, Oscar Dalton/HOU/ECT@ECT, Patrick Hanse/HOU/ECT@ECT,
Gary Justice/NA/Enron@Enron, Mike E Kelly/NA/Enron@Enron, Jeff
King/Corp/Enron@Enron, Matt Lorenz/HOU/ECT@ECT, Dave
Mangskau/Corp/Enron@ENRON, Janine Migden/DUB/EES@EES, David
Portz/HOU/ECT@ECT, Doug Sewell/HOU/ECT@ECT, Kerry Stroup/DUB/EES@EES, Ron
Tapscott/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT, Christi L Nicolay/HOU/ECT@ECT,
Jeff Brown/HOU/EES@EES, James D Steffes/HOU/EES@EES, Damon
Harvey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: First Draft of eTransMart FAQ's

Please see the note below.   EtransMart is the consortium's name for E-trans
and they are putting together the FAQ's for their website.  If you have any
comments feel free to send them to me and I will forward them to Dave.
----- Forwarded by Thane Twiggs/ENRON_DEVELOPMENT on 11/08/2000 03:04 PM -----

	"Dave Perrino" <dperrino@apx.com>
	11/08/2000 02:47 PM
	Please respond to dperrino

		 To: <Jeff.Brown@enron.com>, <david.sun@alstom.esca.com>, <dfoley@apx.com>,
<jchapman@apx.com>, <jd.hammerly@alstom.esca.com>, <jeflory@calpx.com>,
<mheinrich@apx.com>, <norris.peterson@alstom.esca.com>,
<randy.berry@alstom.esca.com>, <rbjohnson@calpx.com>, <rday@apx.com>,
<rpseide@calpx.com>, <rsamuelson@apx.com>, <trevor.alvey@alstom.esca.com>,
<Thane.Twiggs@enron.com>
		 cc: <James.D.Steffes@enron.com>, <Susan.M.Landwehr@enron.com>,
<jmigden@enron.com>, <Lloyd.Will@enron.com>, <Steve.Walton@enron.com>,
<nmathur@apx.com>, <lfisher@apx.com>
		 Subject: First Draft of eTransMart FAQ's

To All,

Mike Heinrich has asked me to make a first draft of some FAQ's for our
collaborative's web site.  I have taken a shot a several questions.  I would
appreciate if you could review the attached document and add/modify it as
you see fit.  Once you've made your additions and/or deletions, please send
it back to me by this Sunday (November 12) so that I may incorporate all the
suggestions and send out a "final" draft for the groups approval prior to
our posting this information on the web site.

If you have any questions feel free to send me questions via email and I
will respond as soon as I return from vacation on Sunday.

Kind Regards,

Dave

David F. Perrino
Automated Power Exchange
Grid Management Services
Director Market Development - West
5201 Great America Parkway, Suite 522
Santa Clara, CA  95054
Voice: 408.517.2146
Mobile: 650.906.5020
Fax:  408.517.2985
Visit us at: http://www.apx.com

 - eTransMart Frequently Asked Questions.doc


i am doing well. i just got out here, and am getting
adjusted. trying to meet new folks everyday, even if
it is at the corner coffee shop. i do feel free, and
haven't thought about entex. my friends have been
welcoming. i have a couple of friend out here that
have a winter house in tahoe, and they have invited me
to jon them for thanksgiving in tahoe. i'll probably
ski a little, but i'm just looking forward to curling
up to a book by the fireplace. i ope you are doing
well. i miss you guys. keep in touch...

ami
--- Daren.J.Farmer@enron.com wrote:
> Hey, AC!
>
> How are things going for you?  Liking your new
> freedom, wild girl?  I hope
> your having fun.  I'm sure missing you on Entex.
> I'm already feeling the
> heat from TM.  With the cold spell and the change in
> weather forecasts, I
> have to re-evaluate Entex everyday.  But, that's the
> way it always is over
> here.  I've been meaning to e-mail you, but I always
> remember after I leave
> the office.  Anyway, let me know how it's going.
>
> Later,
> D
>

__________________________________________________
Do You Yahoo!?
Yahoo! Calendar - Get organized for the holidays!
http://calendar.yahoo.com/


very much appreciated.  i'm up and running, and all seems to be going well.

	Joseph Alamo
	08/24/2000 02:58 PM

To: bcain2@ei.enron.com
cc: Elizabeth Linnell/NA/Enron@Enron, Jeff Dasovich/SFO/EES@EES
Subject: Thanks!

Thanks, Bill & Mike, for all your help today in getting Jeff Dasovich "up to
speed"!
(Mike, I can't find an e-mail for you, so Bill *please* pass this along!)

Thanks again,
Joseph


Works for me.

 -----Original Message-----
From: 	Richards, Todd
Sent:	Wednesday, October 03, 2001 11:50 AM
To:	Swafford, John; Kent IV, Harry; Fischer, Mary
Cc:	Lee, Patricia A.
Subject:	Potential Change of Date

In reviewing the close schedule, I noticed that my CB meeting is currently scheduled on the day before close.  If it is convenient for all of you, I would like to move the meeting to Oct. 16.  The time will still be 9:00-11:00.  Please let me know if this presents a conflict.  If it does, we will keep the meeting as is.

Todd Richards
Corporate Tax Department
713-345-3522


We are making a number of significant organizational changes.  These changes
are intended to accomplish four key objectives:

First, we need to realign all our wholesale businesses around the successful
business model developed over the last decade in North America and Europe.
This model relies on extensive physical and transactional networks built
around a relatively small strategic asset position.

Second, we need to significantly streamline corporate reporting
relationships.  Particularly with Joe Sutton,s departure, the ability to
directly manage the day-to-day activities of 15 independent business units
has become increasingly difficult.

Third, we need to accomplish these changes without, in any way, compromising
the ongoing profitability of all our businesses and without delaying or
hindering our effort to monetize a significant portion of our lower-yielding
asset positions.

And fourth, as always, we need to take advantage of the reorganization to
redeploy our talent into our highest value opportunities.

ENRON WHOLESALE SERVICES

Today, we are forming Enron Wholesale Services (EWS) which will consolidate
our global wholesale businesses.  The closer alignment of our wholesale
businesses will accomplish the following: (1) enhanced communication and
coordination across business units, (2) more rapid deployment of people to
higher valued opportunities, (3) more effective prioritization of
opportunities across the wholesale business, and (4) more rapid extension of
Enron,s wholesale business model and capabilities into new industries and
markets.

Enron Wholesale Services will include our current North American, European
(including Japan and Australia), Global Markets, and Industrial Markets
operations, and will be expanded to include Enron,s Net Works business unit
as well as a new unit ) Enron Global Assets.  In addition, Enron,s merchant
businesses outside of North America and Europe will be integrated into this
new structure as described below.

Mark Frevert, currently Chairman of each of our wholesale units, will assume
the role of Chairman and CEO of Enron Wholesale Services.  Greg Whalley,
currently Chairman and CEO of Enron Net Works, will join Mark in the Office
of the Chairman as President and Chief Operating Officer.

Providing further impetus for these organizational changes, several of our
international business unit leaders have elected to move into new leadership
positions:

Rebecca McDonald, currently CEO of Enron APACHI, will join EWS as President
and CEO of Enron Global Assets. Enron Global Assets will have responsibility
for managing all of Enron,s existing energy asset portfolio outside of North
America and Europe.  Joining Rebecca in the Office of the Chairman as COO
will be Jim Hughes, currently COO of Enron APACHI.  Rebecca and Jim will
report to the EWS Office of the Chairman.

Sanjay Bhatnagar, currently CEO of Enron India, has joined EBS as CEO for the
Middle East and Asia region.  Sanjay will be responsible for building our
broadband business in this region and the current EBS team in this region
will report to Sanjay.  In this role, Sanjay will report to the EBS office of
the Chairman.  In addition, Sanjay will continue to remain responsible for
Enron,s wholesale energy business in India and will transition this business
into Enron Global Assets in the near future.

Diomedes Christodoulou, currently Co-CEO of Enron South America, has joined
EBS as Chief Commercial Officer.  Diomedes will be located in London and will
focus his origination activities on global opportunities, with near term
attention to the wholesale and enterprise sectors.  Diomedes will report to
the EBS Office of the Chairman.

Jim Bannantine, currently Co-CEO of Enron South America, will be joining EES
to lead EES, commercial efforts outside North America and Europe.  In order
to ensure a smooth transition for our South American businesses and to
facilitate our asset sales activities, Jim will remain in South America for
at least the next several months and continue to serve as CEO of Enron South
America.  Throughout the transition, Jim will report to Cliff Baxter and to
the Office of the Chairman of Enron Wholesale Services.  Following the
transition, Jim will join EES.

In addition to these changes in our international asset operations
activities, we are making the following changes in our merchant wholesale
businesses and the commercial support functions:

Enron Net Works
Louise Kitchen will assume Greg,s previous responsibilities as President and
CEO of Enron Net Works, reporting into Mark and Greg.

Enron Americas
Concurrent with the transfer to Enron Global Assets of responsibility for
operating Enron,s South and Central America asset base, all trading,
marketing, and new asset development activities in these regions will report
into a new entity, Enron Americas.  Enron Americas will have responsibility
for all wholesale merchant businesses across North, Central and South
America.  Dave Delainey, President and CEO, and John Lavorato, Chief
Operating Officer will comprise the Office of the Chairman for Enron
Americas.

Enron Europe
The Enron Europe organization, which includes Enron,s businesses in Australia
and Japan, and Enron Metals, remains unchanged under the leadership of John
Sherriff, President and CEO, and Michael Brown, Chief Operating Officer.

Enron Global Markets
Enron Global Markets, under the leadership of Mike McConnell, President and
CEO, and Jeff Shankman, Chief Operating Officer, will continue to have
responsibility for Enron,s Middle East and LNG operations.  With the
exception of Ecoelectrica in Puerto Rico, all operating power plants and
associated personnel in the Caribbean and Central America will transfer to
Enron Global Assets.  Enron Global Markets will also continue to manage the
commodity businesses in crude and products, coal, weather, insurance,
equities, interest rates, foreign exchange, and agricultural products.

Enron Industrial Markets
Enron Industrial Markets, organization, under the leadership of Jeff McMahon,
President & CEO, and Ray Bowen, Chief Operating Officer, remains unchanged.

Commercial Support for EWS
The commercial support functions for EWS will remain with, and be managed by,
the individual business units.  We are creating no incremental overhead in
the creation of EWS, and in fact hope to reduce our operating costs by more
efficient utilization and sharing of resources across EWS.

To this end we have asked several people to take on an expanded role across
EWS in addition to their ongoing roles within their business units.  These
newly defined roles are as follows:

Mid and Back Office Operations ) Sally Beck will lead Mid and Back Office
Operations across EWS.  These services will become part of Enron Net Works,
with Sally reporting to Louise Kitchen and Rick Causey, Executive Vice
President and Chief Accounting Officer.  This alignment creates a coordinated
services organization with IT and e-commerce platforms to support the
wholesale businesses and to maximize opportunities to commercialize these
services.  Mid and Back Office services for all commercial activities will
continue to be organized with dedicated operations controllers responsible
for specific commodities and/or geographic locations.
Legal ) Mark Haedicke will serve in the role of General Counsel for EWS.
Regulatory and Government Affairs ) This function will remain organized on a
regional basis.  Rick Shapiro will support all EWS businesses operating in
the Americas, and Mark Schroeder, who is based in London, will support all
European and Eastern Hemisphere operations.  Rick and Mark will also continue
to support all other Enron businesses operating in their respective regions
and will continue to report to Steve Kean, Executive Vice President and Chief
of Staff.
Public Relations ) This function is also organized primarily on a regional
basis.  Eric Thode will have responsibility for North American activity,
Enron Net Works, and Enron Industrial Markets.  Jackie Gentle will continue
in her role for Enron Europe (including Japan and Australia) and John Ambler
will have responsibility for activity outside North America and Europe as
well as providing support for Enron Global Markets and Enron Global Assets.
These individuals will also continue to have a split reporting relationship
to Mark Palmer, Vice President of Communications.
Business Analysis and Reporting ) Wes Colwell will expand his role to cover
EWS reporting in addition to his current role in North America.

Attached for your review is an organization chart for Enron Wholesale
Services which summarizes the changes described here.  As this organization
continues to evolve we will keep you informed of any additional changes.

ENRON GLOBAL EXPLORATION AND PRODUCTION
AND ENRON WIND

 As part of our company-wide initiative to examine our assets and investments
around the world, we are considering a variety of options with respect to
EGEP and EWC.  As a consequence, we are putting these businesses under Cliff
Baxter,s direction.  Jeff Sherrick, CEO of EGEP, and Jim Noles, CEO of Enron
Wind, will report to Cliff.

CORPORATE STAFF

 We are consolidating the corporate staff functions: Human Resources,
Government Affairs, Public Relations/Communications and Administration.  In
that regard, Cindy Olson, Executive Vice President of Human Resources and
Community Relations, will report to Steve Kean, Executive Vice President and
Chief of Staff.

COMMITTEE STRUCTURE

 In light of the increased leadership opportunities created by Enron,s
growth, the Executive Committee will be expanded to include more of our
business unit leaders.  The primary role of this committee will continue to
be the communication of relevant information across Enron,s businesses and
the coordination of activities across those businesses.  We will also be
drawing on this group to lead company-wide initiatives such as the
performance review process and evaluation and creation of new businesses.
The Executive Committee membership is shown on the attached list.

 We are also forming a new committee ) the Enron Corporate Policy Committee.
This group will be responsible for overall corporate policy, personnel
management policy and corporate strategy.  The Enron Corporate Policy
Committee membership is also shown on the attached list.

 We are confident that these changes will align our talent and our capital to
our highest return opportunities.  Please join us in congratulating and
supporting all of these individuals in their new roles.


I am pleased to announce the following organizational changes within EGM Operations & Accounting effective immediately:

Todd Hall will be relocating to London and will assume responsibility for all EGM operational activities in London including Risk Management, Confirmations, Coordination & Settlements and Trade Accounting.  Todd will be working closely with the EGM business unit heads in London to ensure their businesses are being supported in an effective and efficient manner.

Cindy Horn will assume the role of EGM IT & Remote Office Controller.  She will be responsible for the oversight and coordination of all IT projects affecting the Operations group.  Her duties will include monitoring and reporting project timelines and expenses and ensuring IT is being utilized in the most cost-effective manner within Operations.  Cindy will also manage the operational activities of the Singapore and Tokyo offices and coordinate with the Sydney office in regards to EGM operations.

Michelle Bruce will assume responsibility for Risk Management in the Houston office for Crude & Products, Coal and Weather.  She will also continue to manage the Confirmation, Coordination & Settlements and Trade Accounting functions in Houston.

Please join me in congratulating these individuals on their new assignments.


Note:  CERA is now saying that prices are going to remain at high levels
through 2003.

---------------------- Forwarded by Lorna Brennan/ET&S/Enron on 11/21/2000
03:21 PM ---------------------------

webmaster@cera.com on 11/20/2000 09:04:21 PM
To: Lorna.Brennan@enron.com
cc:

Subject: Delayed Sticker Shock: Managing the Surge in Residential Natural Gas
Costs This Winter - CERA Decision Brief

**********************************************************************
CERA Decision Brief: Sent Mon, November 20, 2000
**********************************************************************

Title: Delayed Sticker Shock: Managing the Surge in Residential Natural Gas
Costs This Winter
Author: Sanderson, Robinson, Behrens
E-Mail Category: Decision Brief
Product Line: North American Gas ,
URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5526&m=1421 ,

Alternative URL:
http://www.cera.com/client/nag/db/112000_11/nag_db_112000_11_ab.html
*********************************************************

NATURAL GAS REPORT--RESIDENTIAL GAS COSTS RISING
Residential costs for gas will rise this winter as the wholesale cost of
natural gas has doubled since last year. Local distribution companies
will feel opposing pressures of reducing the impact on customers,
while recouping their costs.

* This is not a one-year phenomenon. Wholesale prices are expected
to remain high through 2003.

* Rising gas prices were previously overshadowed by high heating
oil costs, but the spotlight will soon turn to gas as residential prices
could rise by 50 percent or more.

**end**

Follow URL for compete report.

*********************************************************
CERA's Autumn 2000 Roundtable event dates and agendas are now available at
http://www.cera.com/event
*********************************************************

**********************************************************************
Account Changes
To edit your personal account information, including your e-mail
address, etc. go to: http://eprofile.cera.com/cfm/edit/account.cfm

This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.

Terms of Use: http://www.cera.com/tos.html
Questions/Comments: webmaster@cera.com
Copyright 2000. Cambridge Energy Research Associates


IEP handed this out to the Legislature and the capitol press corps today'

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854


[IMAGE] Your best place on the web to get free stuff. now.   Do you want memolink.com to give you free gift certificates to places like: [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE]  If so, sign up for memolink.com. It's free. It's easy. It's free stuff. Now.     [IMAGE]


Deal 470812 traded 11-30-00
Mark Fischer
Prebon shows term as 12/4-12/31   ......we show 12/4-12/30


I am sending this a week early but just in case the baby decides to come early ... I am better off being prepared!

I will be out on Maternity Leave starting Tuesday, October 23, 2001.  I will return on January 16, 2002.  In my absence, please call:

Customer Service @ 1-800-47-Boise for any questions regarding Invoices, Deliveries, and Product Information.  If Customer Service is unable to help you, they will contact a local representative to assist you.

Technical Support @ 1-800-817-8132 for any questions regarding www.bcop.com
I
  am sorry if I was unable to come see you before I left ... Have a Super rest of the 2001 Year ...

Happy Halloween, Happy Thanksgiving, Merry Christmas, Happy New Year ...

I will see you next year.

Kristin

Kristin McNeillie
Account Representative
Boise Cascade Office Products
770-437-8300 ext 8307
kristin.mcneillie@mail.bcop.com


just send it to me from home tonight and i will get it to the lady tomorrow.
let me know if you go tonight and i might tag along.


Samantha:  could you please set Josh up to talk wityh me ASAP?  Thanks.  Randy
---------------------- Forwarded by Randall L Gay/HOU/ECT on 12/22/99 01:08
PM ---------------------------

"Chapa, Josh" <josh.chapa@et.pge.com> on 12/22/99 11:46:19 AM
To: Randall L Gay/HOU/ECT@ECT
cc:
Subject:

Hey Ray,

 I was hoping we could probably get together after the holiday's.
 Please give me a call when you would like to meet again.
 My number is 713-371-7500.

 Thanks!

 <<Current Resume 1998.doc>>

PG&E Energy Trading and any other company referenced herein which uses the
PG&E name or logo are not the same company as Pacific Gas and Electric
Company, the California utility.  These companies are not regulated by the
California Public Utilities Commission, and customers do not have to buy
products from these companies in order to continue to receive quality
regulated services from the utility.
 - Current Resume 1998.doc


Errol

Attached is the October LTD reconciliation for Zipper Power Book.   Please review the variances that are currently outstanding.   Your total variance for 2001 is 423,818 of expense that should be taken to the DPR. We would like to get these variances cleared as soon as possible.  Please let me know when we can expect to see these adjustments in your DPR.

If you have any questions or need additional information, please let me know.

Thanks
Tracy

Tracy Greene
Enron North America
713-853-0583


Thanks a lot for sending! And for cleaning out the old trades that had been
in there for a while.

-----Original Message-----
From: owner-tradersnewsindexes@littleblue.ipgdirect.com
[mailto:owner-tradersnewsindexes@littleblue.ipgdirect.com]On Behalf Of
Christopher.Watts@enron.com
Sent: Wednesday, April 04, 2001 1:37 AM
To: tradersnewsindexes@ipgdirect.com; kayne.coulter@enron.com;
don.baughman@enron.com
Subject: traders news indexes 4-03-01

(See attached file: 04_03_01 IPG INDEX REPORT.xls)


Sara, Brent:

Can you give me a status of where we are with financial amendments for these counterpartys.  My assumption is that you will cover both gas and power.

thanks,
kc

 -----Original Message-----
From: 	Hansen, Leslie
Sent:	Friday, October 19, 2001 10:21 AM
To:	Cordes, Kathryn; Theriot, Kim S.
Subject:	RE:

Attached below please find the ConfirmLogic Agreements relating to physical power for the following counterparties:

Reliant Energy Services, Inc.
Dynegy Power Marketing, Inc.
Cargill-Alliant, LLC
Aquila Energy Marketing Corporation
Mirant Americas Energy Marketing, LP

Please give me a call with any questions or comments.  I will work on the rest of the top 20 next week.

Leslie

 -----Original Message-----
From: 	Cordes, Kathryn
Sent:	Wednesday, October 17, 2001 10:41 AM
To:	Hansen, Leslie
Cc:	Smith, Jennifer Marie
Subject:	RE:

Leslie:

Thanks for the update.  Could you forward me and Jennifer a copy of the Entergy agreement.  And could you tell me the company names of the 5 others that you are working on so we can update our status report.

Thanks for your help,
KC

 -----Original Message-----
From: 	Hansen, Leslie
Sent:	Monday, October 15, 2001 11:30 AM
To:	Cordes, Kathryn
Subject:

Kathryn:

As per my voice mails of last week, we will be breaking out physical and financial power for purposes of the ConfirmLogic agreements.  Accordingly, I will be preparing the agreements to cover physical power, and Brent and Sara will prepare the agreeements to cover financial power.  I will finalize Entergy by tomorrow and will then proceed down the list.  I anticipate that I should be able to prepare at least five or so by Friday.  Should I send drafts directly to Kim Theriot and copy you and/or Jennifer on the e-mails so that you can keep track of those that I have completed?

Leslie


Feast or famine!


Lauri,   From a legal standpoint, we can cut the nomination on an
interruptible agreement at our discretion.  The contract clearly gives us
this right.  I haven't specifically reviewed the contract, but I am assuming
it is our standard form.  I will check this.

Yes, I would consider HISD facilities to be state facilities.  The fact that
this goes to Entex first complicates the issue.

Dan,  was the intent that it be directly delivered to state facilities, or if
it ultimately ended up at state facilities?

	Lauri A Allen
	12/19/2000 10:57 AM

		 To: Dan J Hyvl/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: Texas General Land Office IT Transport

I haven't heard anything back from you guys on this.  Any insight?  I know
Linda Roberts is also working a deal with TGLO to convert bbls to mmbtus
which could mean incremental volumes that TGLO would be trying to get into
Midcon.
---------------------- Forwarded by Lauri A Allen/HOU/ECT on 12/19/2000 09:37
AM ---------------------------
From: Gerald Nemec on 12/05/2000 04:12 PM
To: Dan J Hyvl/HOU/ECT@ECT
cc: Lauri A Allen/HOU/ECT@ECT
Subject: Texas General Land Office IT Transport

Dan,  Any input you have on this contract would be appreciated.

----- Forwarded by Gerald Nemec/HOU/ECT on 12/05/2000 04:11 PM -----

	Lauri A Allen
	12/05/2000 02:53 PM

		 To: Gerald Nemec/HOU/ECT@ECT, Eric Gillaspie/HOU/ECT@ECT
		 cc: Daren J Farmer/HOU/ECT@ECT, Edward.D.Gottlob@enron.com
		 Subject: Texas General Land Office IT Transport

Gerald/Eric-

I have a couple of questions regarding TGLO transport contract
012-88494-202.  We are currently delivering a volume of 28.000mm into various
Midcon interconnects on this contract that are designated to go to
Reliant/Entex for the purpose of heating HISD schools.  The transport
contract stipulates different rates for this delivery depending on whether
the gas is intended for state facilities or not.  My first question, then,
is:  are HISD schools considered state facilities?  And, if HISD schools are
considered state facilities, does the fact that this gas is being delivered
to them via Reliant/Entex utilizing Midcon's pipe make any difference?

I am asking these questions not only to assure that we are recouping the
correct transport rate, but also to determine what the consequences might be
if I interrupt this delivery.  We are having difficulty getting enough gas
into Midcon to cover our Entex noms and I am just exploring my options.  I
would also expect that this volume should decrease when HISD closes for the
Christmas holidays- does the fact that this is an IT agreement give me enough
leverage to cut this nom if TGLO does not do so voluntarily?

Thanks for your help.


Start Date: 2/7/02; HourAhead hour: 1;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020701.txt
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.


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Sorry!? Secretary Summers will be here Wednesday, December 6 not Tuesday as
the last email erroneously implied.

:-)


Steve, I sent the following document earlier today.  I hope it got there on
time for Rick Perry's meeting with Juan Hern?ndez.

I am sorry I did not copy before.

Best,

Ricardo
---------------------- Forwarded by Ricardo Charvel/NA/Enron on 08/17/2000
10:21 AM ---------------------------
To: Rickp@fc.net
cc:
Subject: Mexico Profile

Dear Mr. Perry,

At the request of Steve Kean, I am sending you a profile on Mexico which I
hope you find useful.

Best regards,

Ricardo Charvel
Sr. Director
Government Affairs
Mexico


Start Date: 4/22/01; HourAhead hour: 24;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042224.txt

---- SC Trades Schedule ----
+++ Hour 24 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  TRADING_SC: ECH1
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 24 / Preferred:  70.85 / Final:  70.82)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/22/01
  SC_ID: EPMI


Bring AER


Dan, per your request here are some of the previous marketers that CES use to
have deals with:

Mid-American  515-242-3931  sold delivered gas  @COH 7 & ULHP
Engage  713-877-7797             @coh 7
Central Soya  219-425-5889     @coh5 &7
Blackhills  713-942-0595     @cpa4 & pfg4
NIPSCO  219-853-4320     @coh7
FP&L   561-691-2178     @cpa8
Cinergy   513-287-2705     @coh7
Delmarva  302-452-6930     @delmarva
First Energy(NEO) 216-642-7444     @coh5 &7

if any further questions, call me

thanks
joann


This is for physical gas for a monthly call at the money.
The Balloon Fest schedule is Oct 10th (Wednesday evening)
through noon Friday (Oct. 12th).
Thanks,
Art
-----Original Message-----
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com ]
Sent: Tuesday, October 02, 2001 11:45 AM
To: AAVALOS@pnm.com
Subject: RE: 3rd Quarter of 2002 & year 2002
Art,
We can price this up for you but I have a couple of questions -
1)  Is this physical or financial
2)  Is is a daily call or monthly call
3)  Would you like this priced at the money or $.50, $1.00 or more out of
the money?  I other words, what do you want your cap to be?
Thanks,
Kim
ps  What is the schedule for the baloon fest the 10th - 12th?  I'm trying
to work around some meetings etc.
 -----Original Message-----
From:     "Avalos, Art" <AAVALOS@pnm.com>@ENRON
          [mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com ]
Sent:     Tuesday, October 02, 2001 12:09 PM
To:       Ward, Kim S (Houston)
Subject:  3rd Quarter of 2002 & year 2002
Kim, just for planning purposes, what would it cost to have a call option
for year 2002 and for 3rd quarter of 2002 for 5,000 mmBtu's per day
from the San Juan basin?
Thanks
Art Avalos
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