Terry:

I think I was alone among the energy services group in staying through the
bitter and surprising end of WTO. I was together with Rachel Thompson of the
OECD and services trade specialist Julian Arkell, who have been advising our
group from a European perspective. So I thought I would give you my account
of the final hours of the "Seattle Round." By the time you read this it will
have been covered in great detail by the world press, but as of Saturday
morning only the west coast papers seem to have gotten the full story, which
broke around 9:30 pm Seattle time, Friday night.

I went back to the convention center about 11 pm, and as I walked up the
block -- still cordoned off by riot police -- delegates were already
streaming out of the building. Emotions ranged from tired to disgusted to
dispirited. Inside, a final plenary session was underway led by WTO director
general Michael Moore and US host Charlene Barshefsky. I watched the final
moments of the plenary session on TV in the media center, where journalists
laughed as Moore made lame jokes about Seattle hospitality and vowed to
resist pressure to step down as DG. "I intend to fulfill my contract," Moore
said. "I have a background of fulfilling contracts in the labor movement."
This was a poor choice of language since it was probably the US-influenced
attempt to launch discussions on labor standards that killed the round more
than anything else. Following the plenary, Moore and Barshefsky held a press
conference followed by another by representatives from the European Union. I
sat in as an observer to the two press conferences, which lasted until just
after 1 am Saturday.

The collapse of the launch of the "Seattle round" is extremely significant.
For one thing, it means that there will be no Seattle round. Although Moore
has been charged to come up with suggestions about re-starting the process
beginning early next year, it is unlikely that either the political will or
interest to do so will be sufficient before the US election campaign blows
everything else off the calendar. Re-launching the round will depend very
much on the complexion of the next US Administration, how committed it is to
trade, how much it owes to labor, whether it can stand up to the
environmental and labor groups that helped to derail the launch. Past
experience suggests that it will take several years (three to four is
average) to organize another attempt IF there is strong political motivation.

The collapse seriously undermines US credibility in international economic
issues. There was a strong feeling that the Administration had played the WTO
meeting to domestic political interests, and overplayed its hand to the
extent of jeopardizing the structure of the negotiations. One European
journalist (Guy de Jonquiere, FT) asked Barshefsky what she thought about the
common view that this was a "terrible mess, the worst organized conference"
and that the sabotage was in part deliberate or at least that failure had
been seen as a political option by the US. Barshefsky angrily rejected the
question, and defended her failure on the grounds that "issues that had been
intractable remained intractable." Nonetheless, the question expressed a
general hostility towards the US as host organization, based perhaps partly
on the discomfort of delegates who were beaten up on their way into the
convention center, locked for hours on end in their hotels, and forced to
hide their WTO identification tags whenever they left streets belatedly
cordoned off for the event. Not to mention dodging protestors chaining
themselves to hotel doors, boarded up stores, and transportation difficulties
(several taxi companies went on strike on Tuesday and were thin the rest of
the week).

The failure of the Seattle round comes at a time when the other Bretton Woods
institutions -- the IMF and World Bank -- are under attack as well as the
WTO. All three have suffered from retrenchment of US funding, relentless
criticism by the US Congress, and waffling support from the Administration.
The Seattle fiasco will put more pressure on regional organizations, such as
the EU, NAFTA, FTAA, APEC, and ASEAN to continue to move towards
liberalization and give them more reasons to move into defensive modes. We
can expect to hear a lot in the next months about the possible fragmentation
of the global trading system into regional blocks, just as we did in the late
1980s when the Uruguay Round nearly collapsed. But a drift towards
regionalism may not be all bad. To the extent that regional organizations
themselves have a strong stake in keeping the global trading system open, or
at least in preserving access to major markets, they may provide the momentum
to continue work in some of the areas of interest to multinationals -- for
Enron, energy services, environment and trade, and regulatory harmonization.

Rachel Thompson, as an observer for the OECD, was in the so-called "green
room" where negotiations shifted on Friday afternoon after the attempt to
craft a ministerial declaration through working groups was abandoned. This
represented a return to a more traditional GATT/WTO mode of horsetrading "in
camera" or in a relatively small room, as opposed to the innovative but
failed US strategy of crafting a text in pieces through five working groups
(on agriculture, market access, implementation and rules, systemic and
"other" issues including competition policy, investment, and the
environment). The idea behind the working group structure was to open up the
negotiating process, particularly to developing countries, and make it more
democratic. Instead, it resulted in chaos. Rachel said that the green room
discussions fell apart about 8 pm Friday when it became evident that the
negotiators were "too far apart on too many issues." A crucial element, she
said, was the outrage felt  by developing countries over Clinton's statements
on labor rights and sanctions, in an interview en route to Seattle. Rachel
described this as a political miscalculation similar to Clinton's bungling of
the China deal during the visit to the US of Chinese vice premier Zhu Rongji
last March, when he played

At a midnight press conference, US Trade Representative Charlene Barshefsky
defended the Administration's strategy, argued that the interruption to the
WTO process was merely temporary, and described all the agreements reached
prior to the breakdown as "frozen" and ready to move ahead once the round was
launched. Barshefsky described the collapse of the talks as a "timeout" along
the lines of previous occasions when GATT has floundered, as in 1982 (failure
of the US to launch a services negotiation) and 1990 (failure to bring
Uruguay Round to a conclusion as planned; the Uruguay Round ended finally in
1993). Barshefsky was immediately challenged by EU commissioner Pascal Lamy,
who said that the proposals submitted in Seattle were "dead" although some of
the ideas would live on.

"What I think happened -- this was the fourth in a series of this kind of
episode -- was that the delegations came, they proceeded to work
exceptionally hard and in good faith but were not quite willing to make
political decisions," Barshefsky said. Lamy agreed that the issues were
complex but added that the "posturing" of some of the actors helped block the
launch. He blamed the collapse partly on faulty procedure. "Two days ago
prospects seemed brighter [before the working groups were formed]. This is
something that we do have to reflect upon." But he went on to say that the
WTO itself was to blame for the problems. "The process has to be reassessed,
reinvigorated, refurbished and maybe rebuilt," Lamy said. "Efficiency and
transparency are common problems in modern institutions. The WTO does not
have the institutional strength, the culture, or procedures to do this right."

What happens next, and what are the implications for Enron's effort in energy
services?

First, nothing new will happen on energy services until a new round is
launched;
This, however, gives us time to work on definitional issues. If the round had
started as planned in March 2000, we might still be unprepared with arguments
to support the "broad" definition of energy services we have promoted
Third, we will have time to build a dialogue with the EU and Japan in
particular on energy services, and to cultivate programs similar to the APEC
work program on energy services in other regional organizations
Finally, although we have viewed the proposed APEC work program on energy
services as weak and a distraction from WTO work, this may turn out to be the
strongest available vehicle to work on basic issues of definition and best
practices

In terms of WTO itself, two streams of activity are possible, maybe three.

First, existing working groups will continue (separate from the drafting
committees that were set up this week). The most important of these is one on
domestic regulatory issues that is not time-specific, according to Julian
Arkell. Julian describes domestic regulation and regulatory harmonization as
the biggest future area of difficulty for WTO, and it is also one that is
directly relevant to Enron's interest in regulatory standardization in
electricity and natural gas regimes globally. The domestic regulatory working
group has started programs on transparency, "necessity," equivalency
(including harmonization), and international standards. Arcane as these
discussions may be, they have enormous ongoing importance for the rules based
global trading system.
A second possible stream is to push ahead with the so-called "built-in"
agenda on agriculture and services. Barshefsky seemed to be arguing that the
built-in agenda could go ahead regardless of the failure to launch a
comprehensive round. Rachel and Julian both felt this was dubious. In any
event, it does not help energy services because this was not among the
"built-in" service sectors.
A third possible stream would be separate negotiations to complete the
previous services round in 1994, along the lines of the 1997 information
technology agreement and proposed ITA Two. Theoretically, energy services
could be discussed or negotiated in terms of a reference paper indicating the
unique features of the sector and advancing the agenda on domestic
regulation. This also seems unlikely, given that the question of a broader
services round now overhangs any discussion in services.

On electronic commerce, we might expect to see some different viewpoints
along the lines of the basic split between Barshefsky and Lamy. However, Lamy
said in response to a question that "nothing has been agreed" on e-commerce.
"Nothing is agreed until everything is agreed. The followup is probably up to
the normal WTO process. Once that is settled, [the moratorium on e-commerce
taxation] wouldn't be a problem and we can take the issue rapidly."

I may find out more during the day depending on who is still left in Seattle.
The Coalition of Service Industries closed its room early this morning after
doing a terrific job in terms of informing its members and corralling
Administration officials to give briefings. We should take heart from CSI's
experience. It was formed in 1982 to get services on the agenda of the
Uruguay Round. It took four years to launch the round (in 1986) then another
eight years to get the first broad services agreement (in 1994). This was a
setback, but the meetings provided an opportunity to meet some new service
industry players, such as the brand new Japan Services Network (established
Oct. 15, 1999), a new services industry group in Hong Kong, and the European
Services Forum. Back to the drawing board, but the drawing board itself is
much bigger.

Cheers,
Edith Terry
Enron/from Seattle


Daren - meter 1517 has a nom of 0/day for Jan.  It flowed about 5.400 on day
1. This is a valid flow.  Could you please extend the deal from Dec. (deal #
506192) or create a new one?  Thanks.

AL


Executive Committee Weekly Meeting
Date:  Monday, September 25
Time:  11:00 a.m. (CDT)
Location: 50th Floor Boardroom
Video:  Connections will be established with remote locations upon request.
Conf call: AT&T lines have been reserved.  Please contact Sherri Sera
(713/853-5984)
  or Katherine Brown (713/345-7774) for the weekly dial-in number and
passcode.

Please indicate below whether or not you plan to attend this meeting and
through what medium.

 Yes, I will attend in person _______

 By video conference from _______

 By conference call  _______

 No, I will not attend  _______

*  *  *

Please return this e-mail to me with your response by 12:00 p.m., Friday,
September 22.

Thank you,
Sherri


Since I've had to miss the first 2 meetings due to travel, is it possible for
me to drop off my check and pick up any materials?

Thanks,

Kay


Greg:

If you are obtaining additional original signatures on the Letter Agreement
to accommodate Freshfield's request, I would appreciate you getting one more
original signed by PPL for Enron's files, as we have only a fax copy of
PPL's signature on the Letter Agreement.  Thanks.

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

-----Original Message-----
From: PARKER, Isabel [mailto:isabel.parker@freshfields.com]
Sent: Tuesday, June 05, 2001 11:16 AM
To: 'Campbell, Carolyn'
Cc: VAN DUSEN, Nicholas; Kay Mann (E-mail); Gregory F. Lang (E-mail)
Subject: RE: Pegasus - Closing Documents

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

The lenders have specifically asked for an original of the Letter Agreement.
If it is really problematic to get another 2 copies signed, I can ask them
again if they will accept a copy.  I appreciate that there are only 2
parties to the document, but the lenders' reasoning is that the Letter
Agreement is a key underlying document and as such, they would expect to
have an original.  Also, our original arrangement was that we would sign 6
originals of each relevant document so that all parties could have
originals.

I know what a pain it is to get documents re-executed and I apologize that
this request has come so late in the day.

Regards
Isabel

-----Original Message-----
From: Campbell, Carolyn [mailto:CCampbell@KSLAW.com]
Sent: Tuesday, June 05, 2001 12:04 PM
To: 'PARKER, Isabel'
Cc: VAN DUSEN, Nicholas; Kay Mann (E-mail)
Subject: RE: Pegasus - Closing Documents

Isabel:

ENA signed two originals of the Letter Agreement (as the Letter Agreement
has only two parties).  I kept one for ENA and provided the other to Greg
Lang for PPL by letter dated May 2, 2001.  I still do not have an original
of PPL's signature, but Greg Lang did provide a fax copy.    Is it necessary
for the parties to sign additional copies for non-parties?   I am checking
with ENA on the GE documents.  Thanks.

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

-----Original Message-----
From: PARKER, Isabel [mailto:isabel.parker@freshfields.com]
Sent: Tuesday, June 05, 2001 10:47 AM
To: Carolyn Campbell (E-mail); Kay Mann (E-mail)
Cc: VAN DUSEN, Nicholas
Subject: Pegasus - Closing Documents

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

The lenders have informed us that they would also like to have at least one
original of the GE Guaranty.
Please let us know whether this will be possible.  In addition, could you
please let us know how many originals of the Letter Agreement were signed?
The lenders also need an original of this document.

Thank you in advance
Isabel

Isabel Parker
T  +1 212 277 4025
F  +1 212 277 4001
E  isabel.parker@freshfields.com
520 Madison Avenue
34th Floor
New York, NY 10022
www.freshfields.com

Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not
the named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.


Expense Management System (XMS) version 6.01 is now available to current
users.  You can access the system from the Enron Home Page by typing in the
address field http://xms.enron.com.

The new system features coding validation at the line item level and supports
inter-company transactions . The foreign currency activity window is now more
user-friendly.

LOGON ID:
Each night HR information is loaded automatically into XMS.  However, that
process is not yet finalized.  An incomplete load can result in some people
having their old ID (first initial and last name in lower case) and some
having their eHRonline ID (begins with the letter &P8).  If your old logon
does not work, try your &P8 logon.

PASSWORD
 The password for all is upper case ENRON.  The system will guide you through
confirming your information and changing your password.  The Enron Code of
Ethics prohibits the sharing of passwords and logging on as another person.
Please observe Enron,s policy.

ACCESS
If you need access to the system, go to the IT Central Web Page and select
Services>Access
If you forget your password, call the Resolution Center at 713-853-1411.

TRAINING
Go to the IT Central web page from Enron Home Page )select
Services>Training>Enrollment>XMS.
If no classes are listed, call the training department and place your request
713-853-1816.

DOCUMENTATION
Step by Step documentation is also available from IT Central web page*select
Services>Training>Documentation>XMS.

APPLICATION SUPPORT SERVICES
Accounts Payable no longer provides an application help desk.  Do not call
A/P on questions about how to use the system or with issues regarding
electronic pre-populated data.  Call the ISC help desk at 713-345-4SAP.


take a look at this file and give me a call before you open it.. it is pretty cool.
-narsimha


OUTLOOK EMAIL NOTIFICATION

Your Date of Migration is: May 1st

YOU WILL BE UNABLE TO SEND E-MAIL unless you take the following action:
Please go through your Notes email and clean out as many old/un-needed email
items as possible BEFORE your date of migration.? After you are migrated to
Outlook you will only be allocated 100MB of total Mailbox space.?? If more
than this amount of data is migrated to Outlook YOU WILL NOT BE ABLE TO SEND
E-MAIL until it is below the 100MB limit.? Cleaning up your Notes email now
will prevent this from happening to YOU.

Enron,s messaging platform is migrating from Lotus Notes to Microsoft Outlook
2000 worldwide.  You will be accessing Outlook for all of your email
functions.

WHY IS ENRON MIGRATING TO OUTLOOK 2000?

Many factors contributed to the decision to migrate from Lotus Notes to
Microsoft Exchange/Outlook.  The most prominent factors were:

? Significant advantages to moving to a product that is more integrated with
current Enron apps (Windows 2000, Office and Internet Explorer)
? More efficient Shared PC and Roaming User features
? Improved support and integration for Palm/CE devices
? Instant Messaging capabilities

WHAT IS BEING MIGRATED TO OUTLOOK 2000?

? Email Messages.  From the date of your scheduled migration, the last (30)
thirty days of your Email will be converted for use in Outlook.
? All your folders in Notes you use to store email messages in.
? To Do Items
? Journal Items
? Calendar Entries dating from (1) one year in the past to (10) ten years in
the future will be converted.
? Address Books, but NOT your Distribution Lists that you created.  You will
need to re-create these in Outlook.

Thank you,

Outlook 2000 Migration Team


Michael/Janelle,

Attached for your review is the revised Annex B and B-1 for the new deal.

Stephanie Panus


crossbuck (KROS-buk) noun

   An X-shaped warning sign at a highway-railroad crossing.

[From cross- + buck, from sawbuck.]

   "The federal investigation could result in an upgrade of warning equipment
   at the crossing, which is marked only by stop signs and X-shaped railroad
   crossbuck signs."

   Truck Driver is Charged in Amtrak Train Collision, The Houston Chronicle,
   Jul 13, 1999.

As a parent of a three-year old daughter, I'm constantly besieged with
questions. While on an after-dinner walk, the enquiry comes up,
"Where's the sun gone?"
"He's sleeping."
"Why?"
"Because his mommy put him to bed."
"Why?"
"Because he has to go to pre-school tomorrow."
"Why?"
"Because he likes playing with his friends and teachers."
"Why?"
...
A few more whys later, I'm ready to confess ignorance. Such a small
question -- Why? -- yet so hard to answer. Fortunately, the whats are
easier to tackle. As it happens, the English language has a word for
almost everything around: from the ball on the top of a flagpole (truck),
to the spot on a die or a domino (pip), to the little circle that comes
out of a punched paper (we all know it by now). This week we'll look
at some more words that answer, "What is this called?"            -Anu

P.S. Online journalism, anyone? Join us for a chat on this topic with
Sreenath Sreenivasan, a professor at Columbia University's Graduate School
of Journalism. It runs today 6-7 PM EDT U.S. (GMT -4). For more details
and to join the chat, visit http://wordsmith.org/chat/sree.html

P.P.S. Perhaps I was being oscitant last week, but the word oscitant is
an adjective, not a noun.

............................................................................
He is the best physician who is the most ingenious inspirer of hope.
-Samuel Taylor Coleridge, poet, critic, and philosopher (1772-1834)

Subscribe:    http://wordsmith.org/awad/subscribe.html
Unsubscribe:    http://wordsmith.org/awad/unsubscribe.html
Change address:   http://wordsmith.org/awad/address-change.html
Gift subscription:  http://wordsmith.org/awad/gift.html

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


go to market with 2.94 stop

__________________________________________________
Do You Yahoo!?
Make a great connection at Yahoo! Personals.
http://personals.yahoo.com


Sara,

As we discussed, attached is the memo that I wrote last September on the tax
implications of having a financial trader in Sydney.  As you will note, we
followed a service fee approach to reimburse the Sydney office on a cost-plus
basis for the costs incurred by the financial trader (including his
remuneration).  Important in this arrangement is that the Sydney financial
trader is not the principal in the trades but is only acting in a preparatory
or auxiliary manner for the ENA financial trades.

As we discussed yesterday, I will forward the latest draft of the service
agreement to you by e-mail.  David, could you send Sara and me conforming
copies of the executed agreement?

Also, we should probably also discuss the status of the documentation
relating to these trades.

I will be happy to discuss this memo with you in more detail at your
convenience.

Best regards,
Susan

---------------------- Forwarded by Susan Musch/ENRON_DEVELOPMENT on
04/12/2000 08:21 AM ---------------------------

Susan Musch
09/15/99 05:02 PM
To: Colin Jackson@ECT, Alan Aronowitz/HOU/ECT@ECT, Susan
Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gary Hickerson/HOU/ECT@ECT, Harry
Arora/HOU/ECT@ECT, Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Shari Stack@ENRON_DEVELOPMENT
cc:  (bcc: Susan Musch/ENRON_DEVELOPMENT)

Subject: Australian Financial Trader Tax Issues - Revised Memo

Attached is the revised memo on the Australian Financial Trader Tax Issues.
(Note you will find the changes in the background section of the memo.)
Please let me know if you have any questions or need any additional
information.

Best regards,
Susan


APEx 2000 is an opportunity to join colleagues from around the globe for a
conference on relevant, timely and strategic issues facing our industry.
Delegates and speakers from Asia, Australia, Europe and North and South
Americas will be meeting in Canada in October to discuss issues that will
shape electrical deregulation in the foreseeable future. The conference is
scheduled for October 25 and 26, 2000 in Kananaskis, near Calgary, Alberta.
Visit the APEx 2000 Conference web site at
http://www.apex2000conf.com/update4.html for more details and an updated
list of speakers and topics. Registration space is limited! Don't miss out!
Plan to be a part of this forum on significant issues and opportunities
facing the electric industry as it moves through deregulation.
Any questions or inquiries should be forwarded to apex2000@incentre.net or
by phone at 1-403-244-4487 or by fax at 1-403-244-2340.


please put on my calender.

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Tuesday, January 22, 2002 1:51 PM
To:	Belden, Tim; Milnthorp, Rob; Shively, Hunter S.; Whalley, Greg; Presto, Kevin M.; Calger, Christopher F.; Kitchen, Louise; Lavorato, John
Cc:	Schoppe, Tammie
Subject:	Trip to Stamford

We are scheduled to meet with Mike Hutchins and John Costas in Stamford on Friday.  Tammie is co-ordinating the trip but essentially there is no current plan for Thursday night but we will need to be there in time for an early start on Friday.  On Friday each of us will meet with John and Mike, have lunch, tour the facilities etc then depart.

That's all I know - Tammie is trying to get more details.

Louise


Oops!  Forgot the attachment!

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 01/08/2001
11:01 AM ---------------------------

Shirley Crenshaw
01/08/2001 11:05 AM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni
Krishnarao/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Mike A
Roberts/HOU/ECT@ECT, Joseph Hrgovcic/HOU/ECT@ECT, Tanya
Tamarchenko/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT, Martin Lin/HOU/ECT@ECT,
Maureen Raymond/HOU/ECT@ECT, Osman Sezgen/HOU/EES@EES, Paulo
Issler/HOU/ECT@ECT, Amitava Dhar/Corp/Enron@ENRON, Alex
Huang/Corp/Enron@ENRON, Kevin Kindall/Corp/Enron@ENRON, Kevin G
Moore/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, William
Smith/Corp/Enron@ENRON, Jose Marquez/Corp/Enron@ENRON, Chonawee
Supatgiat/Corp/Enron@Enron, Shalesh Ganjoo/HOU/ECT@ECT, Tom
Halliburton/Corp/Enron@Enron, Elena Chilkina/Corp/Enron@Enron, Sevil
Yaman/Corp/Enron@Enron, Sofya Tamarchenko/NA/Enron@Enron, Bob
Lee/NA/Enron@Enron, Gwyn Koepke/NA/Enron@Enron, Hector Campos/HOU/ECT@ECT,
Anita DuPont/NA/Enron@ENRON, Youyi Feng/NA/Enron@Enron, V Charles
Weldon/HOU/ECT@ECT, Praveen Mellacheruvu/HOU/EES@EES, Li Sun/NA/Enron@Enron,
Stephen Bennett/NA/Enron@ENRON, Roman Zadorozhny/HOU/EES@EES, Lance
Cunningham/NA/Enron@ENRON, Leann Walton/NA/Enron@ENRON, Shane
Green/HOU/EES@EES, Seksan Kiatsupaibul/HOU/EES@EES, Kate Lucas/HOU/ECT@ECT,
Nelson Neale/NA/Enron@Enron, Rabi De/NA/Enron@ENRON, Kenneth
Parkhill/NA/Enron@ENRON, Jaesoo Lew/NA/Enron@ENRON, Jason
Sokolov/HOU/ECT@ECT, Steve Bigalow/NA/Enron@Enron, Tom
Barkley/NA/Enron@Enron, Rakesh Bharati/NA/Enron@Enron
cc:
Subject: Research Directory

Hello everyone:

Attached is an updated copy of the Research directory for your information.

If there are any changes, please let me know.

Thanks!

Shirley


Do I approve Daren's expense report.  If I do go ahead and approve it.

Tom

 -----Original Message-----
From: 	enron_update@concureworkplace.com@ENRON
Sent:	Thursday, November 15, 2001 9:25 AM
To:	Thomas Martin
Subject:	<<Concur Expense Document>> - Daren Farmer

The following expense report is ready for approval:

Employee Name: Jerry D. Farmer
Status last changed by:  Automated Administrator
Expense Report Name: Daren Farmer
Report Total: $153.53
Amount Due Employee: $153.53

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


T U E S D A Y   E V E N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

Tuesday: The CRB Index is trending higher 0.46 points to 189.76. The
US Dollar Index rose 0.51 points to 119.41.

The Dow Industrials eased 6.85 points, at 9685.43, while
the S&P 500 fell 4.42 points, last seen at 1090.02. The
Nasdaq Composite slipped 17.01 points to 1838.52.
_____________________________________________________________________

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E X T R E M E   M A R K E T   C O M M E N T A R Y
_____________________________________________________________________

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

Stocks finished the day lower after engaging in some jitterbugging
that would have left anyone winded. The final twist came in the last
hour of trading, when the Dow Jones Industrial Average went from a 60
point gain to a one point loss after the Senate said it would likely
shelve the economic stimulus bill that president George W. Bush said
would hasten the economy's recovery.

Senate Majority leader Tom Daschle said neither Republicans nor
Democrats had enough votes to win approval for their competing
measures, so he would likely withdraw it. A lot of companies were
counting on some kind of fiscal stimulus to give their operations a
boost, a kind of extra push toward profitability. "Now some people
have to recalibrate their expectations," said Scott Curtis, head of
trading at Credit Lyonnais.

It seemd when stocks reached a certain sell-off point, investors came
in and shares rose. But other investors, eager to book any kind of
profit, almost just as quickly crowded in to sell, leaving stocks in
seesaw mode. That kind of action does not bode well for putting
together anything sustainable to the upside, Curtis said. "You have
to be more short-term oriented right now, going for nickels and
dimes, not dollars." (Dow Jones)

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

Debt futures bounced back on short covering late in the session to
finish slightly mixed after Senate majority leader Tom Daschle
indicated that an economic stimulus bill would probably be shelved.
That prompted some uncertainty about how strong an economic recovery
the market should expect. Previously, debt prices had been hurt by an
auction that was described by analysts as "poorly received" and
"ugly," as well as by strength in equities around the time of the
auction.

While there was a de-linkage between the stock and Treasury markets
late in the session, the link was beginning to return just ahead of
the close and continued in after-hours electronic trading, sources
said.

The CRB INDEX http://quotes.ino.com/exchanges/?c=indexes

No report today.

ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

Crude oil and energy products futures closed lower but off their lows
Tuesday amid late technical short covering and talk of Venezuela
curbing its refinery output significantly. The state-owned oil
company, Petroleos de Venezuela SA said earlier that it was planning
to shut its 108,000 barrel-per-day fluid catalytic cracker at its
Amuay refinery for routine maintenance for one month in early
February. Reports said the unit could shut on Friday.

"It did have the look of a refinery shutdown," said John Kilduff, an
analyst at Fimat USA Inc. of the price surge at the close. But he
emphasized that locals were behind the last minute buying in an
attempt to break resistance at $20.06/bbl. In the afternoon session,
crude came off its lows on news that Iraqi exports were steady at
1.93 million barrels a day in the week ended Feb. 1. However, Iraqid
oil exports were down about 25% to 1.5 mln bn/d over the last two
months. (OsterDowJones)

CURRENCIES http://quotes.ino.com/exchanges/?c=currencies

In erratic trading Tuesday, the dollar firmed broadly as fears of
another dollar-weakening selloff in the Dow Jones Industrial Average
proved to be unfounded. Traders continue to suggest that the currency
market favors the dollar, with Monday's euro and yen gains just a
brief reversal within a dollar uptrend. "It's been whippy, but the
general trend is that you should be buying dollars," said Joe
Francomano, vice president of foreign exchange at Erste Bank in New
York.

Tuesday, the possibility of further unpleasant surprises tied to US
corporate accounting was a major concern for equity investors and
injected additional uncertainty into both equity and foreign-exchange
trading, said analysts. Traders weren't surprised when the euro
initially edged higher overnight, climbing to test resistance at
$0.8720. But the single currency lost momentum and began to ease back
in the face of some solid dollar buying, traders said.

Dollar/yen moved higher throughout the day, gaining about 2% from
overnight lows, as yen-negative sentiment outweighed any concerns
over the U.S. economy and the dollar. Traders reported sustained
buying interest in dollar/yen, with bids from a major U.S. investment
bank pushing the pair to an intraday high at Y134.25.(Dow Jones)

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

Comex April Gold soared to a high of $299.80 a troy ounce Tuesday,
stopping just short of the critical $300 level, a psychological
target for quite some time. The contract slid back to $298.80, an
$8.70 gain over Monday's close. A torrent of fund buying touched off
buy stops beginning above $294.50, according to trade Jim Pogoda at
Mitsubishi International Corp. in New York.

Wavering investor confidence in U.S. equity markets continues to be
seen as the main driver for the rally, which began Friday from the
$282.00 level. One London- based analyst said a move to $300 would
represent a 6% gain in the gold price in just three trading sessions,
which wasn't sustainable. George Gero, senior vice president at
Prudential Securities in New York, said $300 was an important level
because it's where products have been waiting to sell gold for a
while.

Mar copper futures remained entrenched within a 73 to 74 cents per
pound range Tuesday as profit-taking and short covering continued to
cancel each other out to keep prices mainly flat. Mar made frequent
probes of support in the 73.00 cent area throughout the day, and even
dipped below on occasion to register three-day lows of 73.60 cents.
However, dip buying and further short covering at the lows propped up
activity and eventually carried prices back to the 73.25 cent area by
settlement.

GRAINS http://quotes.ino.com/exchanges/?c=grains

Corn futures ended slightly higher at the CBOT on Tuesday, continuing
marginal gains from the contract lows set last week. Wheat recovered
to finish higher, as a recent wave of fund-selling lost steam and
bull-spreading picked up. Ideas were that the intra-market spreads
were due for a slight correct.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

Soybean futures showed no desire to follow rallying soyoil higher and
ended up narrowly mixed with nearby contracts lower after an
unusually quiet session. While soyoil had a record large net short
position in the hands of commodity funds to support a corrective
rally to the upside, soybeans had nothing but an empty news from and
a South American weather forecast that has already been largely
factored into prices (OsterDowJones)

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

Fund buying and commercial selling made for a higher lean hog futures
market that was underpinned by friendly cash fundamentals. The
prospect of steady to strong live hog bids has led to firm midweek
futures ideas.

A couple of days ago, it appeared nothing on the cash side favored
lean hog traders. Now there is an air of cautious invincibility.
"There is no bade news," a pit source said. However, a few others are
still scratching their heads over the "wishy-washy" trade the past
week or so that left little in the way of solid information to chart
market diredction. "The market (lean hogs) is up one day and down the
next," the pork complex trader said. "There is nothing to hang your
hat on," he added.

Higher lean hogs provided moral support to bellies which ended the
session strong on late-session activity. (OsterDowJones)

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

Arabica coffee futures settled lower amid selling from commission
houses and large commodity funds against steady buying from trade
houses and roasters. "The funds are just adding to their shorts, and
they are not done yet," said one desk broker in New York. "They'rre
going to get (their net position) back to 9,000-9,500 shorts."

In the week ended Jan. 29, large speculators held 6,689 contracts in
the CSCE coffee futures market, but when options are included, the
funds net position is 8,192 short contracts, according to the COT
report issued by the CFTC every Friday. This number has led some
traders to wonder whether the selling of shorts isn't nearing an end.

It was a mercurial day for cocoa futures Tuesday as prices jumped the
fence of the unchanged mark back and forth numerous times before
settling lower on the day. Overall, activity was dominated by
indecisive locals and small speculators, unsure about which position
they should hold. Locals, in particular, started liquidating their
long holdings - the inheritance of the previous session's strength -
and shifted numerous times between the short and the long side, but
ended "with empty pockets," a trader said.

World sugar futures ended higher Tuesday as trade houses and
end-users bought, spurring small speculators and locals to cover
shorts. Funds were on both sides. the market began to address the
oversold status after losing a fourth of its value in recent weeks.
The Mar contract settled 10 points higher at 6.34 cents per pound and
May closed up 12 points at 5.85c.

Cotton futures settled moderately lower Tuesday, rubbing out all of
the previous session's gains, but still holding onto most of the
hefty gains from Friday. As expected, many of the large participants
were on the sidelines as the market is getting ready for a busy end
of the week ahead of numerous reports and fresh fundamental data that
could determine the near-term course of prices. (OsterDowJones)

Daily Extreme Commentary is brought to you by GLOBALcharts,
INO.com's end-of-day charting software for Futures, Futures
Options and Optionable Stocks. http://www.globalcharts.com
Search the INO Store  - http://store.ino.com/
_____________________________________________________________________

I N O   N E W S
_____________________________________________________________________

Crude Oil Margins Lowered
   http://news.ino.com/press/?release=27775
CBOT/MidAm Presidents Day Holiday Schedule
   http://news.ino.com/press/?release=27774
CME Announces Presidents Day Holiday Schedule
   http://news.ino.com/press/?release=27773
Hong Kong And S&P Plan New Series Of Indexes
   http://news.ino.com/press/?release=27772

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

GCV2   Gold Oct 2002                                 301      19.5  +6.99
AGM2   Silver 1,000 oz. Jun 2002                   4.390     0.170  +4.01
SIZ4   Silver Dec 2004                             4.538     0.171  +3.85
YIH2   Mini NY Silver Mar 2002                     4.390     0.100  +2.33
KIJ2   Kilo Gold Apr 2002                          296.5         6  +2.08
YGG2   Mini NY Gold Feb 2002                       291.1       5.8  +2.03
SBK2   Sugar #11 World May 2002                     5.85      0.11  +1.92
XHG2   Lean Hogs Feb 2002                          57.00      0.95  +1.69
LHJ2   Lean Hogs Apr 2002                         62.725     0.900  +1.46
AFH2   Aluminum Mar 2002                          0.6540    0.0090  +1.40

LOSERS

AGG2   Silver 1,000 oz. Feb 2002                   4.051    -0.237  -5.53
DBN2   Butter Jul 2002                           134.250    -4.750  -3.42
ZOK2   Oats (a/c/e) May 2002                     185 1/2        -6  -3.24
DAH2   BFP Milk Mar 2002                           11.15     -0.27  -2.36
NGH2   Henry Hub Natural Gas Mar 2002              2.074    -0.047  -2.22
LBH2   Random Length Lumber Mar 2002              263.20     -5.60  -2.08
NKU2   Nikkei 225 Stock Avg Sep 2002                9445      -195  -2.03
CCH2   Cocoa Mar 2002                               1380       -24  -1.71
NDH2   NASDAQ 100 Index Mar 2002                 1462.00    -25.00  -1.68
SEH2   Sugar #14 Domestic Mar 2002                 20.63     -0.35  -1.67

FREE: MANAGED FUTURES & IRA KIT
AUDIO & VIDEO, reports, and info on Futures & Options IRAs
http://www.ino.com/specials/icm/manfut.html
____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

TESTL  THE L TEST                                 6.4600    2.4300  +60.75
AKSY   AKSYS LTD                                  6.0590    0.9000  +16.51
JCOM   J2 GLOBAL COMMUNICATIONS NEW               5.1600    0.7400  +16.37
ENTU   ENTRUST INC                                6.4600    0.9010  +15.95
OS     OREGON STEEL MILLS                           6.24      0.79  +14.50
GOLD   GOLD FIELDS LTD SP ADR                     7.7200    0.9400  +13.82
SFD    SMITHFIELD FOODS INC                        24.60      2.84  +13.05
DYII   DYNACQ INTL                                6.8198    0.7700  +12.69
INOC   INNOTRAC CORP                              6.5100    0.7500  +12.30
PAAS   PAN AMER SILVER                            5.4299    0.5800  +11.93

LOSERS

QXLC   QXL RICARDO PLC ADR                        7.8300   -3.3500  -30.45
TUNE   MICROTUNE INC                             13.9900   -4.9100  -25.97
NXTL   NEXTEL COMMUNIC'NS'A'                      5.0500   -1.7000  -25.07
HC     HANOVER COMPRESSOR HOLDING CO               10.63     -3.26  -23.45
CIC    AT&T CAPITAL 8.125%'PINES'                  18.20     -5.50  -23.21
TYC    TYCO INTERNATIONAL                          23.10     -6.80  -22.74
CIP    AT&T CAPITAL 8.25% 'PINES'                  18.30     -5.35  -22.43
PCS    SPRINT CORP(PCS GRP)                        10.99     -2.84  -20.64
ELXS   ELXSI CORP                                 6.9500   -1.6125  -18.20
LWIN   LEAP WIRELESS INTL                         8.0300   -1.6590  -17.28
_____________________________________________________________________

T H A N K   Y O U
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Effectively immediately Fed Ex has suspended all outbound service. All outbound packages should be shipped via UPS.


High-Tech Presentations today:

12:30PM - Sun Microsystems, Seaborg Room in the Faculty Club
6:00PM -  Apple, Heyns Room in the Faculty club

Rich Wong
Account Manager, Technology
Haas Career Center


======================================================
VENTUREWIRE --- Wednesday, October 4, 2000
======================================================
Private Company Business News
------ Published Daily by Technologic Partners -------
http://technologicpartners.com
======================================================

Top Stories:

o Optical System Developer Maple Has Over $50 Million Series B
o Beauty ASP Makeover Networks Names Former Revlon Exec CEO
o Silicon Valley Bank Launches First Direct Investment Fund
o Latin Portal SportsYA! Cuts 25% of Staff, Raises $10 Million
o Ex-Arthur Andersen Partner Joins ECOutlook as President/COO
o Gameplay.com Buys Pixel Broadband Studios for $50 Million

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Also in This Issue:

New Money:
o CRM Firm Allmystuff Raises $10 Million in Series A
o Entertainment Site SRSwowcast Raises $6 Million Series A
o B2B Service Firm for Music Industry Adds $5 Million Seed
o Dais and SmallHill Merge to Form Quivox; Raise First Round
o Edge Technologies Receives $3.8 Million Private Placement
o Entertainment App Firm Starlight Gets $750,000 in Series A
o Newtek Capital Takes 50% of Starphire in Round One Funding
o $25 Million for Excess Consumer Goods B2B RetailExchange.com
o E-Commerce Firm Aimed at Latin America Fiera Sells 13% Stake
o Silicon Access Raises $56 Million in Third Round
o Wireless Access Firm BridgeWave Gets $26.5 Million Series C
o WaveSplitter Technologies Completes $51 Million F Round
o CRM Vendor Respond UK Gets $5.9 Million from Interregnum, 3i
o Educational Tools Firm Co-nect Gets $7 Million, New CEO
o Shopping Site MyOnlyCatalog.com Gets $8 Million Round Three
o E-Business Security Firm Solsoft Raises $9 Million
o Job Fair Company MyJobs.com Gets $1.54 Million Interim Funds
o Amadeus Invests $2.6 Million in LeatherXchange
o Lycos Invests in Media Software Company Wonderhorse.com
o Protege Adds $5 Million From Sal. Oppenheim jr. & CIE
o Tellme Networks Confirms $125 Million Funding

New Products:
o GNAC Changes Name To Certainty Solutions, Names New CEO
o Interpersonal Communication Tech Provider Commtag Founded
o Travel Writer's Web Site Travel Intelligence Launches

M&A:
o Sensory To Acquire Speech Technology Firm Fluent
o ShareMax Acquires Freight Forwarding Firm CargoStream
o U.K.-Based Easi to Buy Canadian Travel Firm Coventus
o Xilinx Acquires Fabless Semiconductor Firm RocketChips

New Directors:
o Voice Over Broadband Provider Woodwind Adds Three To Board
o Cyota Taps Former Citigroup Exec as Chairman of the Board
o Former Schwab Exec Joins Board of Finance Site Pure Markets
o InstallShield Exec Joins Board of ASP Firm Thinter.net

New People:
o Event Planning Software Maker Certain Names CEO, President
o Ex-PRWT ComServ Exec Joins Braxtel as Chairman and CEO
o Interstar Tech Names Ex-Omtool Exec as President and CEO
o NetScaler Names Exodus Co-Founder President and CEO
o 3D Graphic Firm Hypercosm Names Ex-IVN CEO As President, CEO

VC Fund News:
o New $20 Million Fund Targets Emerging Imaging Technology

VC Personnel:
o Boston Ventures Management Names New Managing Director
o Pivotal Asset Promotes Kevin Linker to General Partner
o Ex-PaeTec Exec Joins Camelot Ventures' Technology Team
o NewSpring Names Former Maxwell Systems Chairman as Partner

VW Corrections:
o Promia
o Drivewire

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======= Top Stories =======

o Optical System Developer Maple Has Over $50 Million Series B

SAN JOSE, Calif. -- Maple Optical Systems, which
develops optical systems, said it raised over $50
million in its Series B round of funding. The latest
round brings the company's funding to over $60 million.
New investor Texas Pacific Group led the round,
which included new investors Amerindo Investment
Advisors, Aurora Networks, McQuillian Ventures,
Siemens AG, and Technology Crossover Ventures. Previous
investor Raza Foundries, which invested $9 million
in the company's initial funding, also invested
in this round. The company will use the funding
for sales and marketing, developing a research and
development facility, and for manufacturing. Maple
Optical Systems, formerly Maple Networks, develops
multi-service optical systems that enable carriers
to provision, scale, and manage bandwidth.
http://www.mapleoptical.com/
_____________________________________________

o Beauty ASP Makeover Networks Names Former Revlon Exec CEO

SAN MATEO, Calif. -- Makeover Networks, an application
service provider for the beauty, fashion, and accessory
industries, said it named George R. Cannon as its
president and CEO. Mr. Cannon most recently served
as president and general manager of Revlon's South
American, Central American, and Caribbean markets.
Makeover Networks is backed by Draper Richards and
Venture Management Associates.
http://www.makeoverstudio.com/
_____________________________________________

o Silicon Valley Bank Launches First Direct Investment Fund

SANTA CLARA, Calif. -- Publicly-traded Silicon Valley
Bancshares, parent company of Silicon Valley Bank,
said its first direct equity fund Silicon Valley
BancVentures had a first close at $42 million. The
fund expects to have a final close in excess of
$50 million in mid-November. The fund will invest
$250,000 to $1 million in technology and life sciences
companies and will co-invest with other venture
capitalists. The investment managers are Greg Becker,
Aaron Gershenberg, and Doug Hamilton in Menlo Park,
Calif. and Jim Maynard in Boston.
http://www.svb.com/
_____________________________________________

o Latin Portal SportsYA! Cuts 25% of Staff, Raises $10 Million

MIAMI -- SportsYA!, a sports portal aimed at Latin
America, Spain, and the U.S. Hispanic market, said
it that it cut its staff by 25%, laying off 50 of
its 200 employees. Part of the cuts will come from
duplications resulting from SportsYA!'s recent acquisition
of Element 7. SportsYA! also said it raised $10
million in fourth round financing from previous
investors IMG/Chase Sports Capital, Chase Capital
Partners, Flatiron Partners, and Ventech. The company
will invest the money in its Latin American operations.
The funds will also be used for sales and marketing.
The company intends to open new offices in New York
and Los Angeles.
http://www.sportsya.com/
_____________________________________________

o Ex-Arthur Andersen Partner Joins ECOutlook as President/COO

HOUSTON -- ECOutlook.com, an online business services
company that provides a link between organizations
for automated business information exchange, said
it has named Mathew Verghese as its new president
and CEO. Mr. Verghese succeeds founder and chief
business development officer James Paat as president
and COO. Mr. Paat will focus on continuing to attract
new business to ECOutlook.com and serve as vice-chairman
of ECOutlook.com's advisory board. Prior to joining
ECOutlook.com Mr. Verghese was a partner and CFO
at Arthur Andersen. Mr. Verghese will serve on ECOutlook.com's
board of directors with Tom Frederick, general partner
at Venrock Associates and Varel Freeman, senior
partner at Baring Latin America Private Equity Fund.
James Paat, David Fischer, and Hugh Switzer will
rotate off the board of directors but will continue
to play key roles in building the company. ECOutlook
is backed by Venrock Associates and the Baring Latin
American Private Equity Fund.
http://www.ecoutlook.com/
_____________________________________________

o Gameplay.com Buys Pixel Broadband Studios for $50 Million

LONDON -- Gameplay.com, an e-commerce and online
gaming company backed by British Telecom and BSkyB,
said it acquired Pixel Broadband Studios, a game
developer, from its parent company Take2 in an all
stock acquisition was valued at $50 million. The
two firms also entered a strategic partnership agreement
through which Gameplay acquires Take2's digital
distribution rights and Pixel Broadband Studios'
proprietary broadband multiplayer technology, distribution
relationships, and idTV games. Take2 gets a digital
distribution partner in Europe and an equity stake
in Gameplay.com as part of the deal.
http://www.gameplay.com/

======= New Money =======

o CRM Firm Allmystuff Raises $10 Million in Series A

AUSTIN, Texas -- AV Labs said that allmystuff raised
$10 million in Series A funding. TL Ventures led
the round, with Dell Ventures and Austin Ventures
participating. AV Labs, which had previously invested
in allmystuff, also contributed. Allmystuff enables
durable goods companies to keep product information
and services on a personalized page for their customers.
http://www.allmystuff.com/
_____________________________________________

o Entertainment Site SRSwowcast Raises $6 Million Series A

SANTA ANA, Calif. -- SRSwowcast.com, an Internet
music and entertainment broadcasting company, said
it raised $6 million in its Series A round of financing
from WI Harper Group. The company will use the funds
for expansion and technology development. SRSwowcast.com
is a subsidiary of publicly traded audio and video
technology company SRS Labs.
http://www.srswowcast.com/
_____________________________________________

o B2B Service Firm for Music Industry Adds $5 Million Seed

LOS ANGELES -- MoodLogic, a business-to-business
service provider for the music industry, said it
raised $5 million in additional seed money from
individual investors and led by Broadband Capital.
The company plans to use the funds to develop its
product and database.
http://www.moodlogic.com/
_____________________________________________

o Dais and SmallHill Merge to Form Quivox; Raise First Round

LOS ANGELES -- Dais, a developer of online, business-to-business
claims management and underwriting technology for
the property and casualty insurance industry, said
it has merged with SmallHill, a developer of production
management software for the automobile physical
damage repair industry. The new company will be
called Quivox Systems, and will have its headquarters
in Los Angeles. Quivox also announced it raised
an undisclosed first round of funding through private
equity investors led by Blue Capital. Additional
investors in this round include Fenway Partners
and Chase Capital Partners (CCP). The company said
the financing will be used to for technology development
and marketing. Joe Gonzalez, a limited partner at
CCP, will join Robert Taylor and Rick Beckett, both
managing directors of Blue Capital, on Quivox's
board.
http://www.quivox.com/
_____________________________________________

o Edge Technologies Receives $3.8 Million Private Placement

WEST CONSHOHOCKEN, Pa. -- Edge Technologies, develops
technologies for enterprise network management applications
and services, said it raised $3.8 million in a private
placement from PMG Capital Corp. The company plans
to use the proceeds as working capital, marketing,
and to establish a sales channel support infrastructure
and product customization. Edge Technologies was
founded in 1993.
http://www.edge-technology.com/
_____________________________________________

o Entertainment App Firm Starlight Gets $750,000 in Series A

NEW YORK -- Starlight Runner Entertainment, which
develops personalized entertainment software, said
it raised its Series A funding for $750,000 from
Arcturus Capital. Arcturus Capital's Frank Tota
will sit on the company's board of directors. The
company will use the funding for infrastructure
development and for further software development.
The company plans to soon pursue a Series B round
of funding, which it hopes to close by the first
quarter of 2001. Starlight Runner Entertainment
is led by interactive content creator Jeff Gomez,
who serves as chairman, president, and CEO.
http://www.starlightrunner.com/
_____________________________________________

o Newtek Capital Takes 50% of Starphire in Round One Funding

NEW YORK -- Starphire Technologies, an application
service provider that provides software tools for
the development and deployment of interactive and
data-driven Web sites, said it raised an undisclosed
amount of funds from Newtek Capital in its first
round of funding. Newtek will receive a 50% ownership
interest along with three of Starphire's seven board
seats for its investment. The company said the funds
will be used for software development, staffing,
and marketing.
http://www.starphire.com/
_____________________________________________

o $25 Million for Excess Consumer Goods B2B RetailExchange.com

BOSTON -- RetailExchange.com, an online business-to-business
exchange for excess consumer goods, said the company
secured $25 million in financing. New investor 3i
led the round with new investors Koch Ventures and
Exeter Funds contributing. Existing investors Internet
Capital Group, Dorset Capital, and Castile Ventures
also participated. Nelson Stacks, director of 3i,
joined the board of directors. The company will
use the funding to enhance its services and expand
internationally.
http://www.retailexchange.com/
_____________________________________________

o E-Commerce Firm Aimed at Latin America Fiera Sells 13% Stake

MIAMI -- Fiera, an e-commerce firm that has developed
a distribution and technology platform aimed at
Spanish and Portuguese-speaking users and English-speaking
Hispanics in the U.S., said the Technology and Internet
Fund has invested an undisclosed amount of Series
B funding in exchange for a 13.3% interest in the
company. Fiera, which has operations in Brazil,
Argentina, Chile, Colombia, Mexico, the U.S., Puerto
Rico, and Spain, said it will use the funding to
expand its distribution and technology platform
throughout Latin America. In addition to the cash
investment, The Technology and Internet Fund intends
to assist Fiera in its regional e-commerce operations.
Fiera is also backed by the Advent Group, Latin
America Enterprise Fund and individual investors.
http://www.fiera.com/
_____________________________________________

o Silicon Access Raises $56 Million in Third Round

SAN JOSE, Calif. -- Silicon Access Networks, a provider
of network processing products to the terabit router
market, said it raised $56 million in its third
round. New investors Soros Private Equity Partners
led the round, which also included Pivotal Asset
Management, Morgan Stanley Dean Witter, and previous
investors Comdisco Ventures, Intel Communication
Fund, Norwest Venture Partners, Raza Venture Fund,
Sprout Group, the venture capital affiliate of
Donaldson, Lufkin & Jenrette, Synopsys, and Tallwood
Venture Capital. Jonathan Bilzin, a partner with
Soros Private Equity Partners, joined the company's
board of directors. The company will use the funds
to develop its iFlow chipset product.
http://www.siliconaccess.com/
_____________________________________________

o Wireless Access Firm BridgeWave Gets $26.5 Million Series C

SUNNYVALE, Calif. -- BridgeWave Communications,
a provider of wireless access technologies that
extend the reach of broadband networks, said it
has received $26.5 million in a Series C financing
round. Jerusalem Venture Partners led the current
round of financing, which also included funding
from Ampal, BreezeCOM, DRW Venture Partners, investment
funds affiliated with Merrill Lynch & Co., MKS Ventures,
Oak Investment Partners, Seapoint Ventures, and
Scientific-Atlanta. JVP, Ampal, MKS Ventures, Oak
Investment Partners, and Seapoint Ventures have
all participated in previous funding rounds. BridgeWave
Communications will use this funding to support
its expanding R&D programs, build new facilities,
expand its manufacturing infrastructure, and develop
its marketing and sales organization.
http://www.bridgewave.com/
_____________________________________________

o WaveSplitter Technologies Completes $51 Million F Round

FREMONT, Calif. -- WaveSplitter Technologies, a
company that develops, manufactures, and markets
components for optical amplifier and DWDM systems
for both long-haul and metropolitan area network
applications, said it raised a $51 million equity
financing round led by Thomas Weisel Capital Partners.
This latest round was also funded by J. & W. Seligman
& Co., Corvis Corporation, NEC Corporation, and
Kalkhoven Pettit Levin Ventures. Previous investors
Mayfield Funds, China Development Industrial Bank,
NIF Ventures, and Star Ventures also participated
in the round. The company said it will use the funds
for marketing, increasing manufacturing capacity,
product development, and expanding sales and customer
support.
http://www.wavesplitter.com/
_____________________________________________

o CRM Vendor Respond UK Gets $5.9 Million from Interregnum, 3i

KETTERING, England -- Respond UK, a CRM software
and services vendor, said it raised $5.9 million
in its third round of funding from 3i and Interregnum.
The company said it will use the funding for product
development and continued expansion.
http://www.respond.co.uk/
_____________________________________________

o Educational Tools Firm Co-nect Gets $7 Million, New CEO

BOSTON -- Co-nect, which provides schools with online
tools, training and resources, said it has secured
$7 million led by Rex Capital. The funding will
enable Co-nect to expand its core services, as well
as for product development and to extend its offerings.
Dave Mixer, managing director of Rex Capital, will
join Co-nect's board of directors, which also includes
Lamar Alexander, former Secretary of Education.
The company also announced changes to its management:
Richard Lim, formerly Co-nect CEO, will now assume
the duties of chairman. Andrew Skoler, president
and COO, has been promoted to president and CEO.
http://www.co-nect.net/
_____________________________________________

o Shopping Site MyOnlyCatalog.com Gets $8 Million Round Three

IRVINE, Calif. -- MyOnlyCatalog.com, which enables
online shoppers to browse a selection of catalogs
and purchase merchandise, said it has raised $8
million in its third round of funding from individual
investors. The company, which has raised $10 million
to date, said it will use the funds to develop its
electronic commerce infrastructure and day-to-day
operations.
http://www.myonlycatalog.com/
_____________________________________________

o E-Business Security Firm Solsoft Raises $9 Million

MOUNTAIN VIEW, Calif. -- Solsoft, a provider of
policy management for Internet business security,
said it has secured $9 million from new investors
Carlyle Internet Partners Europe and Intel Capital.
Solsoft's previous investors, Cita, Innovacom-Technocom,
Societe Generale Asset Management, Sofinnova Partners,
Vantech, and Viventures all participated in the
round. Solsoft, which has secured $16 million in
financial backing to date, said it will use the
funds for development of its expansion, distribution,
service and partners channels, and for additional
product development.
http://www.solsoft.com/
_____________________________________________

o Job Fair Company MyJobs.com Gets $1.54 Million Interim Funds

CHICAGO -- Career Fairs International, a job fair
company doing business as MyJobs.com, said it secured
$1.54 million in interim funding. The CS Private
Equity Fund invested the funding. The company, which
focuses on jobs within the financial industry, will
expand its categories to include jobs in health,
legal, travel, sales, technology, and marketing
fields. MyJobs.com expects to close on a larger
institutional round within the next three months
and is also backed by individuals.
http://www.myjobs.com/
_____________________________________________

o Amadeus Invests $2.6 Million in LeatherXchange

LONDON -- Amadeus Capital, an English venture capitl
firm, said it invested $2.6 million as part of a
$10.1 million funding for leatherXchange.com, a
Barcelona-based business-to-business marketplace
for the leather industry. Additional investors in
the round included Gilde, Banco de Santander Central
Hispano, and Latin Rim. The company said it will
use the funding to recruit a sales force, establish
customer support and training operations, and add
services such as quality inspection and credit checks.
The investment is Amadeus Capital's first in continental
Europe.
http://www.leatherxchange.com/
_____________________________________________

o Lycos Invests in Media Software Company Wonderhorse.com

WALTHAM, Mass. -- Lycos Ventures announced it has
invested $1.6 million in Wonderhorse.com, a real-time
media software company. The investment is part of
Wonderhorse.com's $3.1 million funding round, which
Lycos co-led along with Alexander Hutton Venture
Partners. Washington Park Ventures also participated
in the round. Wonderhorse said it will use the funds
to expand its operations and complete production
of its software next year.
http://www.wonderhorse.com/
_____________________________________________

o Protege Adds $5 Million From Sal. Oppenheim jr. & CIE

LONDON -- Protege, which provides development services
for online businesses, said it raised $5 million
in additional funding following its second round.
The funding was provided by Sal. Oppenheim jr. &
CIE, a private German bank. The company had raised
$45 million in its second round of funding from
investors including Partech International, American
Express, XDL Intervest, and Vulcan Ventures. The
company's $20 million first round was funded entirely
by Global Retail Partners.
http://www.protege.co.uk/
_____________________________________________

o Tellme Networks Confirms $125 Million Funding

MOUNTAIN VIEW, Calif. -- Tellme Networks, which
provides phone applications using voiceXML technology,
confirmed that it raised $125 million in its most
recent round of funding. The round included investments
from Attractor, Amerindo Investment Advisors, Bowman
Capital, Essex Capital, Ignition, Van Wagoner, and
original investors Benchmark Capital, Kleiner Perkins
Caufield & Byers, and Barksdale Group. The company
said it will use the funding for global expansion.
The Tellme network enables businesses to outsource
all infrastructure required to answer a phone number
with a voice-activated phone application. The company
said there would be no board seats taken as a result
of the investment. The company had also received
a previous $60 million investment from AT&T.
http://www.tellme.com/

======= New Products =======

o GNAC Changes Name To Certainty Solutions, Names New CEO

REDWOOD CITY, Calif. -- Global Networking & Computing
(GNAC), a provider of Internet operations management
services, said it has appointed Catherine Chiu as
its new chief executive officer and changed its
name to Certainty Solutions. Ms. Chiu, who was most
recently a partner at Alpine Technology Ventures,
has also worked at CIBC Oppenheimer. Certainty,
which has raised $4 million from individual investors,
is presently seeking an additional $20 million in
its first round of funding.
http://www.certaintysolutions.com/
_____________________________________________

o Interpersonal Communication Tech Provider Commtag Founded

CAMBRIDGE, U.K. -- Commtag, a interpersonal communication
technology start-up company, has been jointly founded
by Ran Mokady, founder of wireless Internet start-up
STNC; Guy Larri, formerly a product manager at ARM;
and Bridget Kerle, previously a partner at the law
firm Hewitson, Becke, and Shaw. The founders provided
$1,000,000 in seed funding. The company expects
to close an additional round before the year-end
to fund product development. Commtag will be based
in Cambridge, England.
http://www.commtag.com/
_____________________________________________

o Travel Writer's Web Site Travel Intelligence Launches

LONDON -- Travel Intelligence, an online publishing
platform for travel writers, announced its launch.
Travel Intelligence will host and syndicate travel
writing from writers around the world. Co-founder
Jamie Dunford Wood, former managing editor of Metropolist
Magazines, is managing director and co-founder A.A.
Gill is editorial director. The company is funded
by individual investors.
http://www.travelintelligence.net/

======= M&A =======

o Sensory To Acquire Speech Technology Firm Fluent

SUNNYVALE, Calif. -- Sensory, a supplier of embedded
speech recognition technology for consumer electronics,
said it has signed an agreement to acquire Fluent
Speech Technologies, a speech technology firm founded
by researchers from Oregon Graduate Institute. The
terms of the deal were not disclosed. Sensory said
the acquisition will enable the company to offer
a wider range of products incorporating speech technology.
Sensory, backed by Norwest Venture Partners and
Investar, has raised a total of $7 million from
two separate rounds of funding. Fluent is backed
by individual investors.
http://www.sensoryinc.com/
_____________________________________________

o ShareMax Acquires Freight Forwarding Firm CargoStream

PARSIPPANY, N.J. -- ShareMax, an Internet-based
strategic sourcing platform provider, said it acquired
CargoStream, which provides freight forwarding services.
Terms of the deal were undisclosed. Steve Lingeman,
chief executive officer of CargoStream, will become
vice president of logistics for ShareMax. ShareMax
is funded by Apollo Management, Indigo Capital,
Odeon Capital Partners, and Net Gain. CargoStream
is funded by individual investors.
http://www.sharemax.com/
_____________________________________________

o U.K.-Based Easi to Buy Canadian Travel Firm Coventus

KANATA, Ontario -- U.K.-based hotel technology provider
easi Solutions said it will acquire Coventus, which
provides Web-based applications and remote access
services for business travelers, for an undisclosed
amount. Coventus will retain all of its employees
and will become the North American division for
easi Solutions. Coventus chief executive officer
Ranald McGillis will serve as president of easi
Solutions North America. Easi Solutions, formerly
PCC, is backed by Aether, Alcatel, Market Capital,
and individual investors. Coventus is backed by
Celtic House International, Hollinger Digital, PSINet,
and individual investors.
http://www.easico.com/
http://www.coventus.com/
_____________________________________________

o Xilinx Acquires Fabless Semiconductor Firm RocketChips

SAN JOSE, Calif. -- Xilinx, a provider of programmable
logic technology, said it acquired RocketChips,
a fabless semiconductor company, for an undisclosed
amount. RocketChips will function as a subsidiary
of Xilinx with Raymond Johnson, chief executive
officer of RocketChips, heading the division. RocketChips
is funded by individual investors.
http://www.rocketchips.com/
http://www.xilinx.com/

======= New Directors =======

o Voice Over Broadband Provider Woodwind Adds Three To Board

GERMANTOWN, Md. -- Woodwind Communications Systems,
provider of soft integrated access devices for next-generation
services such as voice-over- broadband, said that
Mike Pascoe, former president of PairGain Technologies
and Newbridge Networks; Richard Harris, vice president
of SpaceVest; and Khaled Nasr, partner at Alta Partners
and former president and CEO, FlowWise Networks,
have joined the company's board of directors. The
recent addition brings the total number of directors
to seven. Members of the current board include:
Dick Berger, president and CEO of Woodwind Communications,
Tom Scholl, founder of Telogy Networks, Andrew Jones,
partner at Boulder Ventures, and Stephen Frederick,
partner at Novak Biddle Venture Partners. Woodwind
is backed by Alta Partners, SpaceVest, Sterling
Venture Partners, Boulder Venture, and Novak Biddle
Venture Partners. Telephone 703-760-0900 ext. 110.

_____________________________________________

o Cyota Taps Former Citigroup Exec as Chairman of the Board

NEW YORK -- Cyota, a provider of online payment
security technology, said it has appointed James
E. Bailey as chairman of its board of directors.
Mr. Bailey was executive vice president and corporate
quality director at Citigroup, formerly known as
Citibank. Mr. Bailey joins board members Ira Rimerman,
Kelly Doherty, and Gary Heatherington. Cyota is
funded by Israel Seed Partners and individual investors.
http://www.cyota.com/
_____________________________________________

o Former Schwab Exec Joins Board of Finance Site Pure Markets

SAN FRANCISCO -- Pure Markets, an online marketplace
for equipment finance, said it added Mark Thompson
to its board of directors, which includes CEO Jay
Fudemberg and Crosspoint Ventures Partner's Bob
Hoff. Mr. Thompson is chairman of Integration.com,
a wireless chip company, and previously was an executive
producer and senior vice president at Schwab.com,
an online brokerage. Pure Markets is funded by Crosspoint
Venture Partners.
http://www.puremarkets.com/
_____________________________________________

o InstallShield Exec Joins Board of ASP Firm Thinter.net

San Jose, Calif. -- Thinter.net, an ASP infrastructure
provider, said it added Viresh Bhatia to its board
of directors. Mr. Bhatia is the co-founder and chief
executive officer of InstallShield Software, an
Internet-enabled software installation and distribution
service. Thinter.net is backed by InstallShield
Software Corp.
http://www.thinter.net/

======= New People =======

o Event Planning Software Maker Certain Names CEO, President

SAN FRANCISCO -- Certain Software, a developer of
meeting and event planning software, said it has
appointed James Pappas as president and chief executive
officer. With his appointment, former president
and CEO Douglas Goldman advances to chairman of
the board of directors. Mr. Pappas comes to Certain
from Video Yellow Pages.com, where he served as
chief information officer. Certain is backed by
individual investors.
http://www.certain.com/
_____________________________________________

o Ex-PRWT ComServ Exec Joins Braxtel as Chairman and CEO

BOXBOROUGH, Mass. -- Braxtel Communications, a developer
of customer contact services for small and medium-size
businesses, said it appointed Mark L. Kutner as
chairman and CEO. Mr. Kutner, who has served as
a consultant to Braxtel for the past several months,
was formerly president and CEO of PRWT ComServ,
a Philadelphia-based provider of call-center and
document processing services. Braxtel's backers
include Geocapital Partners, Delta Partners, and
Intel Communications Fund.
http://www.braxtel.com/
_____________________________________________

o Interstar Tech Names Ex-Omtool Exec as President and CEO

MONTREAL -- Interstar Technologies, a developer
of network fax server technology, said it appointed
Guy D. Blanchette as its new president and CEO succeeding
co-founder and chairman Michael Di Perno, who is
now vice president of corporate accounts. Mr. Blanchette
previously served as senior vice president of Omtool,
a fax server developer. Interstar is backed by Telesystem
and Sofinov, both Montreal based venture capital
firms.
http://www.interstarinc.com/
_____________________________________________

o NetScaler Names Exodus Co-Founder President and CEO

SANTA CLARA, Calif. -- NetScaler, a provider of
Internet infrastructure services, said it named
Exodus Communications co-founder and former CEO
B.V. Jagadeesh as its new president and CEO. Mr.
Jagadeesh, who has been serving on NetScaler's board
of directors, will work alongside Michael Susai,
NetScaler's founder, chairman of the board, and
CFO. The company has received financial backing
from Gabriel Venture Partners, Credit Suisse First
Boston, and individual investors.
http://www.netscaler.com/
_____________________________________________

o 3D Graphic Firm Hypercosm Names Ex-IVN CEO As President, CEO

SUNNYVALE, Calif. -- Hypercosm, a developer of interactive
3D graphics technology for the Internet, said it
has appointed G. Robert Brownwell as president and
CEO. Most recently, he was president and CEO of
IVN Entertainment, an Internet media and entertainment
technology company. Hypercosm has raised $3.5 million
from individual investors and is presently pursuing
institutional investors.
http://www.hypercosm.com/

======= VC Fund News =======

o New $20 Million Fund Targets Emerging Imaging Technology

FOSTER CITY, Calif. -- Publicly traded Electronics
For Imaging, which provides networked printing technology,
said it is creating a venture fund to invest in
early stage companies involved in imaging technology.
The initial allocation to the fund will total $20
million. EFI said the fund will enable the company
to identify, create, and manage the development
of new imaging technology related businesses while
maintaining its current development and acquisition
strategy.
http://www.efi.com/

======= VC Personnel =======

o Boston Ventures Management Names New Managing Director

BOSTON -- Boston Ventures Management said Barry
Baker, former president and COO of USA Networks,
joined the firm as managing director and venture
partner. Baker will be a general partner of Boston
Ventures Fund VI, the firm's new $1.2 billion fund.
The firm focuses on companies involved in communications,
media, and leisure activities. Telephone 212-299-8964.

_____________________________________________

o Pivotal Asset Promotes Kevin Linker to General Partner

SAN FRANCISCO -- Pivotal Asset Management, a late-stage
technology investor, said it has promoted Kevin
Linker to general partner. Mr. Linker oversees Pivotal's
investments in telecommunications, data communications,
optical components, and systems companies. Prior
to joining Pivotal, Mr. Linker worked as an analyst
in the technology mergers and acquisitions group
at Morgan Stanley. Pivotal invests in late stage
private and post-IPO technology enterprises, with
emphasis on communications, software, and services
entities. Telephone 415-641-4907.
_____________________________________________

o Ex-PaeTec Exec Joins Camelot Ventures' Technology Team

SOUTHFIELD, Mich. -- Camelot Ventures said it has
added Joe Golden to its technology team. Mr. Golden
was previously president of Data Services at PaeTec
Communications, an integrated communications provider.
Before serving as a president at PaeTec, Mr. Golden
was the CEO of Ann Arbor-based CampusLink Communications
Systems, a provider of telecommunications services
for the higher education market.
http://www.camelotventures.com/
_____________________________________________

o NewSpring Names Former Maxwell Systems Chairman as Partner

CONSHOHOCKEN, Penn. -- Venture capital firm NewSpring
Ventures said it named Michael A. DiPiano as a new
parter. Mr. DiPiano was most recently chairman of
Internet commerce company Maxwell Systems and co-founded
several companies such as Alliance One, Message
Link, and Vytek Wireless. NewSpring Ventures is
a $90 million fund that invests in IT, healthcare,
and business services start-ups.
http://www.newspringventures.com/

======= VW Corrections =======

o Promia

NEW YORK -- An item in yesterday's Venture Wire
about Promia's financing incorrectly stated it raised
funds through ICM Asset Management. The company
raised funds through investment bank Trautman Wasserman.
The funds were from individual investors and two
undisclosed ICM Asset Management funds.
_____________________________________________

o Drivewire

NEW YORK -- Due to incorrect information released
by the company, an item in last Thursday's VentureWire
about Drivewire's new chief executive officer, Joseph
Hughes, misidentified his background. Mr. Hughes
was not president of IBM, but was vice president
of the company's Northwest district. Mr. Hughes'
most recent position was president of US West Cellular.
Mr. Hughes replaced interim CEO C.R. Gentry, who
is on Drivewire's board of directors.

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Can we have a quick call (i.e., no more than 30 minutes) at 9 AM (PST) on
Monday to discuss?

	Alan Comnes@ECT
	12/07/2000 03:07 AM

		 To: James D Steffes/NA/Enron@ENRON
		 cc: Jeff Dasovich/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Mary
Hain/HOU/ECT
		 Subject: Re: Analysis of Joskow / Hogan Papers

The Joskow/Kahn paper raises two issues:  price above cost  and witholding.

Enron obviously has concerns with the "price above cost" analysis.  I drafted
some specific concerns and put them into a draft to Enron's reponse to Hoeker
Question 1.  Although the detail was dropped in the final draft, the basic
technical concerns were laid out there. To really rebut Joskow/Kahn would
take considerable work.  Jeff D's idea was to write a paper that raised
issues and indicated how complicated a "correct" response would  be.

The Joskow/Kahn withholding section has recieved criticism from the ISO so I
am not sure Enron needs to respond to that.

I think my bottom line now is that the debate at FERC will soon be over or
enter a new stage on the 13th.  As far as how a response would help us in
California, I think requires a discussion with Jeff.

Alan

From: James D Steffes@ENRON on 12/05/2000 07:22 PM CST
To: Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Mary Hain/HOU/ECT@ECT
cc:

Subject: Analysis of Joskow / Hogan Papers

Alan --

Before we bring in Seabron Adamson to do some analysis, I'd like your read of
the Joskow and Hogan papers.   When we have our understanding straight, let's
talk.

Jim

----- Forwarded by James D Steffes/NA/Enron on 12/05/2000 07:20 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	11/30/2000 11:49 AM

		 To: skean@enron.com, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Karen
Denne/Corp/Enron@ENRON, mpalmer@enron.com, Susan J Mara/NA/Enron@ENRON, Alan
Comnes/PDX/ECT@ECT
		 cc:
		 Subject: From Today's Electricity Daily

FYI. In bizarre times, help can sometimes come from bizarre places.  Granted,
we're likely to disagree strongly with Hogan's continued obsession with
Poolco, but the discussion in his paper regarding market power may be
helpful---I've read the Joskow paper, but haven't yet had a chance to review
the Hogan piece.

Steve and I discussed the need to do a focused assessment of the Joskow/Kahn
"analysis"  (remember it's Ed Kahn, not Alfred Kahn).  Seems that it would be
very useful to fold into that analysis any useful stuff on market power
included in the paper done by Hogan & Co.  If, in the end, there ain't
nothing useful, so be it.  But seems like there's little downside to
exploring it.

Jim, my understanding is that Alan is already working with the fundamentals
folks on the Portland desk to deconstruct the Joskow paper.  Might want to
include the Hogan paper in those discussions and might also be useful to pull
Seabron Adamson into the thinking, too.  Ultimately, may be preferable to
have any assessment of Joskow and/or Hogan to come from economists, rather
than directly from us.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 11/30/2000 11:38 AM -----

	"Daniel Douglass" <Douglass@ArterHadden.com>
	11/30/2000 11:29 AM

		 To: <Barbara_Klemstine@apsc.com>, <dcazalet@apx.com>, <BillR@calpine.com>,
<jackp@calpine.com>, <glwaas@calpx.com>, <Ken_Czarnecki@calpx.com>,
<cabaker@duke-energy.com>, <gavaughn@duke-energy.com>,
<rjhickok@duke-energy.com>, <gtbl@dynegy.com>, <KEWH@dynegy.com>,
<jdasovic@enron.com>, <susan_j_mara@enron.com>, <curt.Hatton@gen.pge.com>,
<foothill@lmi.net>, <camiessn@newwestenergy.com>,
<jcgardin@newwestenergy.com>, <rsnichol@newwestenergy.com>,
<Nam.Nguyen@powersrc.com>, <rllamkin@seiworldwide.com>,
<Roger.Pelote@Williams.com>
		 cc:
		 Subject: From Today's Electricity Daily

Has FERC Gone Far Enough in California?
The Federal Energy Regulatory Commission isn't going far enough in its
attempt to reform the California wholesale electric market, according to a
paper by three prominent economists done for San Diego Gas and Electric. The
paper by John D. Chandley, Scott M. Harvey, and William W. Hogan argues that
FERC should first end the artificial separation that divides the California
Power Exchange and the California Independent System Operator, rather than
worrying about the governance of the two institutions.
"The change in governance may help," says the paper - "Electricity Market
Reform in California" - "but it is not likely to be decisive in the near
term. Explicit guidance from the commission regarding the nature and
trajectory of reforms will be essential if market reform is to be
accomplished within an acceptable time frame." Hogan, of the Kennedy School
of Government, has been writing since 1995 in opposition to California's
market separation.
Also, argues the paper, freeing the California utilities to engage in forward
contracting is no panacea. "The expectation that merely allowing utilities to
participate in forward contracting necessarily would be the solution to high
prices is problematic and not supported by the commission's staff report,"
says the analysis, adding that "putting pressure on buyers to sign contracts
in the present environment may make things worse." If the underlying problem
in California is high cost and low capacity, requiring forward contracting
could harm not only California but also the entire Western U.S. electric
system.
FERC's $150 so-called "soft cap" is a wild card that has the three economists
scratching their heads. "It does not appear in the staff report and there is
little critical analysis of their implications, other than the discussion of
Commissioner [Curt] Hebert." If the intent of the soft cap is to move toward
cost justification for bids above $150/MWh, then FERC is headed into an
administrative morass "that would rival those under wellhead price controls
in the natural gas industry."
If, on the other hand, the soft cap is "truly soft" and would only require
some paper work at FERC and the possibility of a refund if the price is
eventually deemed not just and reasonable, "there might be little impact on
consumer prices (particularly if the principal sources of those high prices
are high costs and regional capacity shortages rather than the exercise of
market power). Even so, the proposal might serve to deter entry and new
investments, thus combining the worst of both worlds, high consumer prices
and little or no new investment."
FERC's proposed order in California also demonstrates confusion about just
what constitutes market power. The paper cites the proposed order's lawyerly,
obfuscatory conclusion that "while this record does not support findings of
specific exercises of market power, and while we are not able to reach
definite conclusions about the actions of individual sellers, there is clear
evidence that in California market structure and rules provide the
opportunity for sellers to exercise market power when supply is tight and can
result in unjust and unreasonable rates under the [Federal Power Act]." The
economists note, "In this regard, the debate is confused because we are
dancing around the words where the truth may be hard to face."
In the case of California, say the economists, there is no evidence of market
power. Even the practice of generators avoiding the day-ahead market in favor
of the real-time market "is a response to bad market design and pricing
incentives (including price caps), but does not demonstrate the exercise of
market power." Nor is bidding above marginal cost necessarily an exercise of
market power, they add. "The distinction between direct marginal cost and
opportunity cost is sometimes lost in the discussion. Hence, a competitive
bidder whose direct cost of generation is $40 but who could sell the same
energy outside California for $100 should bid no less than $100. This would
not be an exercise of market power."