* Receive a 20% discount as a return client.
Times are tough, and we'd like to save you some money.
As a valued customer, this 20% off our already competitive prices is good on any of our design elements, both pre-existing and custom orders.
* Just order during the first quarter of 2002.
If you have an event coming up in 2002, you can order anything at all during January, February and March and receive 20% off the order.
We hope that in this small way we can help the event industry, and our clients.  As always, we appreciate your business.
To Take Advantage Of Discount:
Simply return this E-Mail with your company name and E-mail address.  Order any elements or design sets before Monday, April 1st and we will reserve your 20% off discount, which can be used at any time during the 2002 calendar year.  For more information, call us at 1-800-846-0717.

CONCEPT DESIGN PRODUCTIONS, INC.
718 PRIMROSE AVE
MONROVIA, CA 91016
800-846-0717
http://www.conceptdesigninc.com

* If you do not wish to receive these emails, just simply reply with "unsubscribe" in the subject box.


Hallelujah!  Maybe now we won't go through as much paper as before.

 -----Original Message-----
From: 	St. Clair, Carol
Sent:	Tuesday, August 21, 2001 9:41 AM
To:	Panus, Stephanie; Bailey, Susan; Heard, Marie; Boyd, Samantha
Subject:	No One left to tie up printer

Hey gals:
I just want you to know that I have started putting the printer up here to good use!
Carol St. Clair
EB 3889
713-853-3989 (phone)
713-646-3393 (office fax)
281-382-1943 (cell phone)
281-890-8862 (home fax)
carol.st.clair@enron.com


I recently had the privilege to attend a speech given by Gene Kranz, who was
in charge at NASA for many space flight missions, including the disastrous
Apollo 13 mission.  He has written a book called "Failure is not an Option".
He speaks of teamwork, discipline and approaching the unexpected with an
attitude that excludes failure.  In short, his speech was great!

I don't know if/where this sort of speaker would be helpful to Enron, but I
wanted you to know about him.  Volunteer Houston brought him to town, so I'm
sure they know how to get a hold of him.  I realize he is not a corporate
organization expert, but he's one heck of a motivational speaker.  Hope this
is helpful.


OK Gang:

Well, I,ve been crunching numbers all day, and haven,t yet gotten to the
writing.  I've attached Dylan's original responses for reference.  Figure
it'll be a memo from Time's CEO to the Time Board.

I,ve leaving now for Mendocino, but will be back early tomorrow to finish
this up.  Please check out the spreadsheet.

The case is sort of confusing*how do Time,s analysts value Time at $189-212,
when they,re trading at 109 the day before the announcement of the deal with
Warner.  That doesn,t jive.  Are they saying that, absent synergies, the
combined Time/Warner is worth the enterprise value of Time at 189-212 plus
the enterprise value of Warner at $63-71 (again, the analysts valuation)?
That just seems ridiculous, give where they,re trading.

Anyway, here,s where my analysis is heading----tell me if I,m smoking crack.

The deal isn,t really $175 per share.  It,s $175 LESS the taxes that will
have to paid (since it,s a purchase deal) PLUS the value of the tax shield
created by the net increase of $8.9B in new debt that Paramount will take
on.  Does this seem right?  Could folks look at my spreadsheet?  I,ve got it
conceptually set up, but I,m not quite sure how to calculate the taxes paid
under the purchase method or the value of the tax shield (assuming that this
is correct.  If I,m just completely out of it with this angle, just let me
know.  In any case, seems that there,s some value in the tax-free
(Time-Warner) versus the taxable (Time-Paramount) deals.  Presumably, we
could take the total enterprise value of Time-Warner (nontaxed) and compared
it to the total enterprise of Paramount-Time (taxed) and compare the two.  I,
ve got a hunch that the Time-Warner number may win the day, but I haven,t
gotten that far in the crunching yet.

In any case, I,ll be back around Noon tomorrow and will crank the puppy out.

Best,
Jeff


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/25/2000
05:58 PM ---------------------------

Shijie Deng <deng@isye.gatech.edu> on 10/16/2000 11:00:46 AM
To: Fernando Alvarado <fernando@lrca.com>, Vince Kaminski
<Vince.J.Kaminski@enron.com>, "John R. Birge" <jrbirge@northwestern.edu>,
rajesh@lrca.com, crovelli@usgs.gov
cc: Shijie Deng <deng@isye.gatech.edu>
Subject: Re: INFORMS National conference at San Antonio

Hi,

Details of our session info. at the INFORMS conference can be found at the
following link.  It'll be in the afternoon of 11/6 (Monday).

http://www.informs.org/Conf/SanAntonio2000//TALKS/MD29.html

Since we have 5 speakers, I expect each of us will have no more than 20
minutes to present.  Please keep that in mind and e-mail me if you have
any questions.  Please also inform me if there will be any changes.  Look
forward to seeing you all in San Antonio.

Best regards,

Shijie

Shi-Jie Deng
Assistant Professor
School of ISyE
Georgia Institute of Technology

Office Phone: (404) 894-6519
E-mail:       deng@isye.gatech.edu
Home page:    http://www.isye.gatech.edu/~deng


Please find the interview packet for the above-referenced candidate.  The
interview will occur on Wednesday January 10, 2001.  Please print all
documents for your reference.  A hardcopy of the resume will be delivered via
runner.  If you have any questions, or conflicts of schedule, please do not
hesitate to contact me.

Shawn Grady
58701


Hey Mark,
I just got this from Carla in case you are interested.    She said the cost
is $20, but you need to reference the NDB number below (NDB is the high
school she goes to).      see ya Sunday.
dave

---------------------- Forwarded by Dave Guzman/AV/FD/FluorCorp on
11/14/2000 12:55 PM ---------------------------

"Carl Alylos" <boyzfan13@hotmail.com> on 11/14/2000 11:16:09 AM

To:   Dave.Guzman@fluor.com
cc:

Subject:  entertainment books

Hey Dad,

The entertainment books you can gt online are at: entertainment.com and the
NDB number is: #624464. I'm not sure when the dead line is but i think it
might be sometime this week. Let Aunt Janelle, Markie, and whoever else
wants one that they can get it online. Order it as soon as possible because
i don't know when the dead line is. Love you

Carla :)
_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.

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The information transmitted is intended only for the person
or entity to which it is addressed and may contain confidential
and/or privileged material. If you are not the intended recipient
of this message you are hereby notified that any use, review,
retransmission, dissemination, distribution, reproduction or any
action taken in reliance upon this message is prohibited. If you
received this in error, please contact the sender and delete the
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are those of the individual sender and may not necessarily reflect
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-------------------------


Info Lunch, Chicago Graduate School of Business

Who:   	Interested Analysts
Where:  	Doubletree Hotel
Room:   	LaSalle B
When:  	Wednesday, Oct. 17th
Time:  		11:30 AM - 1:00 PM

Seating is limited - please rsvp to Constance Charles, x35614


Steve at TCO's Gas Control approved the 32,000 overinjection.

Total STOI Delivery for May 2nd is 80,000.

Thanks.


Yes, 11 PDT works for me.  Understand what you need.  Will do best to deliver.

Best,
Jeff


$$$$$$$$$$$$$$$PIRATEBOUNTY$$$$$$$$$$$$$$$

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Frank/Scott - I redistributed the dollar amounts among the line items in the 'Adjusted 2002 Plan' column but I left the totals the same.  Please let me know if you agree with these changes.

Thanks,
Laynie
x3-3131


I will work on this Monday, and get it to you by Tuesday.


As you know, the Ostrip Functionality has been altered.  This change has affected the way the larryoptmodel values the gas daily options.  The reason the larryoptmodel is affected is because the larryoptmodel was defining the inputs to the Ostrip model differently than the documentation asked.  Let me explain.  The Ostrip Model has the following date inputs:

NowToSet 	- Fixed Price = zero
		- Forward Start = days from now until strike is set

BegDays	- Fixed Price = days from now until start of option
		- Forward Start = days from when strike is set until start of option

EndDays	- Fixed Price = days from now until end of option
		- Forward Start = days from when strike is set until end of option

FwdStFlag	- Fixed Price = 0
		- Forward Start = 1

The Ostrip model should overlook the NowToSet days if the FwdStFlag = 0 (fixed price option).  It assumes the option is set right now.  The "Old Ostrip Model" did not overlook this input.  This is the problem.  In Larryoptmodel, the NowToSet is the same for Fixed Price options and Forward Start Options, the BegDays is the same and the EndDays is the same.  Thus when the "Old Ostrip Model" incorrectly used the NowToSet days, this made the Larryoptmodel value the option correctly.  When the "New Ostrip Model" was put into production, this model overlooks the NowToSet date, thus giving an incorrect value in Larryoptmodel.

Larryoptmodel has to be changed to reflect the above inputs.  It is actually only a change to one date.  This date will be used in calculating the three days above.  If the option is a fixed price option then the date will be today and NowToSet will be Today minus Today (zero), BegDays will be Start of Option minus today, EndDays will be End of Option minus today.  If the option is a forward start option, then the date will be when the strike is set and the NowToSet with be the strike setting date minus today, BegDays will be Start of Option minus the strike date, EndDays will be the End of Option minus strike date.

It is important to note that it is unexcusable to make any changes to the models without consulting the traders first.  If there was a problem with the "Old Ostrip Model" then the trader should have been notified right away.  This could have meant that the options were being misvalued when trading.  In this case, however, Larry had figured a way around this problem and he was valuing correctly.  When the model was changed, that changed the larryoptmodel valuation and now it was being valued incorrectly.  Either way, any problems with the models should be communicated with the traders right away.  Any changes to the models should be communicated to the traders before they are made.

Please let me know if any have any questions or concerns.  Thanks.

John


Flex Customer Service@AONNA
11/26/2001 04:16 PM

(See attached file: 2001EnronTSAClaimForm.doc)

_____________________________________________________________________

              Please Do Not Reply To This Note

Please Do Not Submit Customer Service Questions

           No Reply Will Be Given Through E-mail
_____________________________________________________________________


Thought I'd add Eldon, too, since he likely has some ideas and information, too.

-----Original Message-----
From: Dasovich, Jeff
Sent: Tuesday, November 13, 2001 10:43 AM
To: 'Avram Siegel'; 'rory@carmelnet.com'
Subject: On-line Computer Component Info

Hi Avram.  Meet Rory, Prentice's brother and computer guru-type.  Rory and I talked a little bit about what you're looking for, so I thought I'd just go ahead and facilitate a little chat room here.  Avram, could you explain one more time to Rory exactly what it is that you're looking for, just to make sure that I've accurately and adequately described the situation?  Rory has some ideas.

Best,
Jeff


Congrats on another one done!    Mark


----- Forwarded by Tana Jones/HOU/ECT on 08/17/2000 05:36 PM -----

	Tom Moran
	08/17/2000 05:24 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT,
Molly Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON, Mary G
Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts and Facilities, Enron
Europe Global CounterParty, Stephanie Sever/HOU/ECT@ECT, Bradley
Diebner/HOU/ECT@ECT, Stacey Richardson/HOU/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON, Claudia Clark/HOU/ECT@ECT
		 cc:
		 Subject: EOL Credit Responses 08/17/00

The EOL approvals for 08/17/00 are attached below.

Regards,
tm


Geez.

From: Roseann Engeldorf on 12/22/2000 10:26 AM
To: Lisa Alfaro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: John Novak/SA/Enron@enron, Kay Mann/Corp/Enron@enron

Subject: RE: Enron South America FacilityAgreement and Exhibits

The original contract covered 24 LM6000 turbines.  The "break-out contracts"
cover the turbines going to specific projects.  There is a provision in the
original LM6000 contract which contemplates "facility agreements" covering
one or more of the LM6000 turbines.  We call them "break out contracts" as a
short-hand reference.

	Lisa Alfaro@ENRON_DEVELOPMENT
	12/21/2000 05:29 PM

		 To: Roseann Engeldorf/Corp/Enron@ENRON
		 cc: John Novak/SA/Enron@Enron, Kay Mann/Corp/Enron@Enron
		 Subject: RE: Enron South America FacilityAgreement and Exhibits

Thanks for the documents.   I understand that these are final.  Why is there
a South America Facility and a ESAT Break out Contract?  Aren't they the same?


The holiday building hours for the Haas School of Business are as follows:

FRIDAY 12/21:
Faculty Bldg., Student Svcs. Bldg and Cheit Hall: OPEN 6:30 a.m. 10:00 p.m.

12/22 - 1/1:
Faculty Bldg., Student Svcs. Bldg and Cheit Hall: CLOSED FOR ENERGY CURTAILMENT
The Faculty and Student Svcs. Buildings will be accessible by cardkey only.

After January 2nd:
Faculty Bldg., Student Svcs. Bldg and Cheit Hall: REGULAR HOURS
Monday - Friday: 6:30 a.m. - 10:00 p.m.
Saturday - 8:00 a.m. - 6:00 p.m.
Sunday - 8:00 a.m. - 10:00 p.m.

Thank you,

Jennifer Jensen
Facilities  Supervisor
Haas School of Business
S545 Student Services Bldg.
University of California
Berkeley, CA  94720-1900

Tel:  (510) 642-9106
Fax:  (510) 642-4700


I would love to hear your thoughts on this.  Based on my involvement with
Bridgeline, I am very comfortable in this discussion.  The costs of the
services is probably the weakest area as we do not have numbers yet on the
costs we have been capturing in the E-work orders for Bridgeline.  However, I
do feel we will have very accurate numbers to provide in the future.  Give me
any other direction or thoughts you have.
---------------------- Forwarded by Brenda F Herod/HOU/ECT on 03/17/2000
09:28 AM ---------------------------

	Enron Technology

	From:  Tommy J Yanowski                           03/15/2000 12:57 PM

To: Beth Perlman, Sally Beck, Brent A Price/HOU/ECT@ECT, Brenda Herod
cc: Peggy McCurley
Subject: "CHANGE" Meeting Levering our IT/e-commerce infrastructure

Please read the meeting notice below.  Janet Dietrich's assistant set up this
meeting at my request.  We want to present to the originators what IT
Services are being provided to Bridgeline, discuss the value this can bring
to ENA and talk about other potential deals in the works.  The thought is to
spur additional value creation for Enron by offering services to our
customers.  This would impact not only IT but Commercial Operations as well.
Having them understand what value the two groups can bring to the table and
how important it is for our groups to be in on the front end of these deals
is important so that these potential deals are negotiated & structured
correctly.  Please plan on attending if your schedules permit.  -  Tommy

Peggy:  Please make sure this gets on Philippe's schedule.

---------------------- Forwarded by Tommy J Yanowski/HOU/ECT on 03/15/2000
12:44 PM ---------------------------

	Enron North America Corp.

	From:  Janet R Dietrich                           03/15/2000 10:59 AM

Sent by: Kay Chapman
To: Jeffery Ader/HOU/ECT@ECT, Scott Affelt/HOU/ECT@ECT, Donald M- ECT
Origination Black/HOU/ECT@ECT, Mark Bernstein/HOU/ECT@ECT, Oscar
Dalton/HOU/ECT@ECT, Michael Danielson/HOU/ECT@ECT, Phil
DeMoes/Corp/Enron@ENRON, James I Ducote/HOU/ECT@ECT, David L
Fairley/HOU/ECT@ECT, Mathew Gimble/HOU/ECT@ECT, Raimund
Grube/Corp/Enron@ENRON, Scott Healy/HOU/ECT@ECT, Brian
Hulse/Corp/Enron@ENRON, Ben Jacoby/HOU/ECT@ECT, Jeffrey M Keenan/HOU/ECT@ECT,
Gregory Krause/Corp/Enron@Enron, Steve Krimsky/Corp/Enron@Enron, Dave
Kristich/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Billy
Lemmons/Corp/Enron@ENRON, Sandra McDonald/HOU/ECT@ECT, Vince
Middleton/HOU/ECT@ECT, Michael Miller/HOU/ECT@ECT, Fred Mitro/HOU/ECT@ECT,
John Moore/Corp/Enron@Enron, Gil Muhl/Corp/Enron@ENRON, Ozzie
Pagan/HOU/ECT@ECT, Michelle Parks/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Stephen Plauche/Corp/Enron@Enron, Benjamin Rogers/HOU/ECT@ECT, Clay
Spears/HOU/ECT@ECT, Tom Swank/HOU/ECT@ECT, Robert P Virgo/HOU/ECT@ECT, Jason
R Wiesepape/HOU/ECT@ECT, Barbara G Dillard/HOU/ECT@ECT, Laura
Luce/HOU/ECT@ECT, Russell E Murrell/HOU/ECT@ECT, Gregg
Penman/Corp/Enron@Enron@ECT, Richard Tomaski/HOU/ECT@ECT, Cary M
Carrabine/HOU/ECT@ECT, Kevin P Radous/HOU/ECT@ECT, Tommy J
Yanowski/HOU/ECT@ECT, Philippe A Bibi/HOU/ECT@ECT
cc: Janet R Dietrich/HOU/ECT@ECT
Subject: "CHANGE" Meeting Levering our IT/e-commerce infrastructure

    PLEASE READ THE FOLLOWING:

DUE TO CONFLICTS IN A NUMBER OF SCHEDULES WE HAVE CHANGED THE MEETING TO
REFLECT THE FOLLOWING.

I TRIED TO SCHEDULE THIS FOR MARCH 28, HOWEVER, I RAN INTO MORE CONFLICTS AND
I HAD TO MOVE IT TO MARCH 27TH.(MONDAY)

Janet has asked me to arrange the following meeting:

  Date:  March 27, 2000
    Monday

  Time:  1:30 pm - 2:30 pm

  Location: 30C1

  Topic:  Leveraging our IT/e-commerce infrastructure

If you have any questions/conflicts, please feel free to call me @ 853-0643.

Thanks,

Kay


Ava, are you going to be available for this meeting?  I would like to know
the outcome of the meeting in relation to any concerns on sending out
invoices.    Thanks. Lynn
---------------------- Forwarded by Lynn Blair/ET&S/Enron on 06/17/2001 05:24 PM ---------------------------
From:	Ricki Winters/ENRON@enronXgate on 06/13/2001 01:56 PM
To:	Sharon Brown/ET&S/Enron@ENRON, Ava Garcia/ET&S/Enron@Enron, Alma Carrillo/ET&S/Enron@ENRON, Alma Green/FGT/Enron@ENRON
cc:	hou1vlm@ups.com@SMTP@enronXgate, Lynn Blair/ET&S/Enron@ENRON, Mike Bryant/OTS/Enron@ENRON, Shelley Corman/ENRON@enronXgate, Rick Dietz/ET&S/Enron@ENRON, Brad Holmes/ENRON@enronXgate, Steven January/ET&S/Enron@ENRON, Sheila Nacey/ET&S/Enron@ENRON, Donna Scott/FGT/Enron@ENRON, Gina Taylor/ENRON@enronXgate, Ricki Winters/ENRON@enronXgate

Subject:	FW: How to use UPS for shipping on the internet

Enron has recently implemented a contract with UPS to cover all of our overnight and shipping needs.  One of their major account directors would like to come and meet with us next Tuesday (since Monday's are so hectic) June 19th.  Please let me know what time would be convenient for you to watch a demo they would like to give us concerning their on-line services.  If, after reviewing the documents below, you feel like you would not require this overview, please advise.

Thank you,
Ricki
x35754

 -----Original Message-----
From: 	"MOLANDES VERNA L. (HOU1VLM)" <hou1vlm@ups.com>@ENRON [mailto:IMCEANOTES-+22MOLANDES+20VERNA+20L+2E+20+28HOU1VLM+29+22+20+3Chou1vlm+40ups+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, June 13, 2001 10:22 AM
To:	Winters, Ricki
Subject:	How to use UPS for shipping on the internet

Ricki,
Attached is the information we talked about.
The UPS account number to all of Enron in Houston (downtown) is 726110.
If you have any questions, please call me at 281-847-6769 or 800-432-2877.
Thanks,
Verna Molandes
United Parcel Service
Major Account Associate

 <<Houston FAQ's1.doc>>  <<Internet Ship 31__.doc>>

 - Houston FAQ's1.doc
 - Internet Ship 31__.doc


For Your Information Only --

Greg Whalley, President and COO of Enron Wholesale Services, and John Lavorato, President and CEO of Enron Americas, will be visiting the Portland office on Thursday, May 10.  The purpose of their visit is to meet with various people within West Power Trading and West Origination.

Let me know if you have any questions or need more information.


I approve Debbie Thompson's attendance at Outlook-946 Outlook class.  -  Teb Lokey

LeRea Pharr@ECT
01/24/2001 02:39 PM
Sent by:	LeRea Pharr@ECT
To:	Teb Lokey/FGT/Enron@ENRON
cc:

Subject:	Class Request: Outlook-946 Outlook,  Debbie Thompson

Your approval is required for Debbie Thompson to attend the following class.
To grant approval, send a reply to "lpharr@enron.com" (NotesMail: LeRea Pharr/HOU/ECT@ECT).
  Be sure to include employee's name and class number in reply.

Outlook
Session Dates & Times:
  1/29/2001  1:00:00 PM-3:00:00 PM
Location: EB572
No Show/Participant Fee: $ 18.00

If you have any questions, please call the Technology Training Coordinator at 713-853-1816.


Attached are the Mgmt. Summary, Hot List, and Metrics for the week and quarte
ending 7/27/00.  Beginning next week we will be posting this information to
the Executive Reports Viewer.


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/01/2001 02:16 PM -----

	Denis O'Connell
	03/01/2001 12:48 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Jeff
Kinneman/HOU/ECT@ECT, Robina Barker-Bennett/LON/ECT@ECT
		 cc:
		 Subject: Re: FSA Synthetic CBO (Mezzanine USD 120m - USD 270m)

Here is a clean copy with the date fixed.


BUSINESS HIGHLIGHTS

eSource
eSource, Enron's research group, has experienced an overwhelmingly positive response to the research training which it has hosted.  Participation and interest by Enron employees has exceeded expectations and many classes were quickly filled.  As a result, repeat classes have been offered and new sessions have been added to the program.  In addition to the Lexis-Nexis and Dow Jones classes, eSource has now begun hosting sessions on Piranha (financials and pricing information), Investext (analyst reports and market analysis), Global Access (financials and corporate activity), and Securities Data Corp. (M&A, debt).   eSource has also arranged long distance sessions using interactive web tools for Enron employees around the world.  Watch for e-mails announcing new training sessions, either in Houston or in a virtual desktop mode.

Since our launch in December, the eSearch website has received over 230,000 hits.  The site today offers Enron employees access to 34 electronic databases.  These databases offer the latest financial and business on-line research capabilities in a cost-effective manner.  In this era of information explosion, databases are constantly being reviewed to ensure that Enron's research needs are being met.  If you know of a professionally relevant database that might be added to eSearch, let us know.  Meanwhile, to further fulfill Enron's research needs, eSource is arranging for desktop access to good-old-fashioned libraries too.  Books from public and local university libraries can be located, borrowed and delivered to employees' desks.  This should be particularly helpful for those with more specialized or technical research needs.

We are also proud to report that at a recent local research conference, Enron's eSource was featured as an industry trailblazer for having invented itself into a combined virtual library and intranet-based research center capable of delivering a broad range of research products and services via the user's desktop.  Attendees from Reliant, Shell, Halliburton and ExxonMobil and others were duly impressed.

As for the future, watch for Version 2.0 of the eSearch website, http://esource.enron.com, scheduled to launch soon.  It will feature greater functionality and additional content.  Look for new features like "Industry Overviews" and links to information providers like Frost & Sullivan, Country Watch, and World Energy Markets.

IN THE NEWS

Chicago And Its Suburbs Pick Enron, ComEd For Power Deals
06/06/2001  Dow Jones Energy Service (Copyright (c) 2001, Dow Jones & Company, Inc.)
CHICAGO -(Dow Jones)-The City of Chicago and 47 suburban communities have decided to divide new deals for 400 megawatts of power between Enron Corp. (ENE) and local utility Commonwealth Edison Co., Chicago officials said Wednesday.
In the largest power purchase agreement in Illinois since the state choose to deregulate the industry in 1997, the local government groups will get 60% of their power from Enron and 40% from Exelon Corp.'s (EXC) ComEd. The municipalities use the power for public buildings and public transportation.
Chicago announced Monday that the group has picked ComEd to meet the renewable target by providing 80 megawatts of power created with landfill gas, wind and other sources. ComEd will also provide the coalition with another 80 megawatts of power generated with fossil fuel and nuclear plants, and Enron will provide the other 240 megawatts. The new contracts are expected to go into effect this year.
"We used our purchasing power as local governments to get the best price we could and at the same time to promote competition in Illinois. Enron gave us the most competitive price,"  Chicago Mayor Richard M. Daley said at a press conference.

WELCOME
New Hires
EGM  - Jennifer Morris, Mike Reen, Daniel Fuller, Jason Paterniti
ENA  - Craig Hawkins, Carol Langston, Mark Morrow, Harlan Murphy, Bruce Petitt, Emily Schwarzbach, Alice Wright, Allyson Zykorie

Transfers (to or within)
ENA - Thomas Kalb, Debra Brannen, Juan Camarillo, Richard Orellana
EGM - Joana Bekerman, Eric Tipp, Kellie Metcalf, Ricardo Charvel, Jason Andrade
EIM - Jaime Araoz, Gabriel Chavez, Enrique Cadena, Rosalinda Castillo, Kimberly Chick, Ana Morena, William Brown, Grisela Escamilla, Paul Burkhart, Jodi Coulter, Douglas McDowell, Catherine Pernot

NUGGETS & NOTES

Enron is hosting the Chicago Energy Risk Management Seminar at The Drake Hotel in Chicago on June 14, 2001.  Topics include: Power Outlook, Natural Gas Outlook, Hedging Strategies, Weather Risk Management and Pulp and Paper Risk Management. The RSVP deadline is June 8th so please contact Laura Pena as soon as possible at x 3-5376.  This is a great event for "new" as well as established customers.  There will be a cocktail reception immediately after the presentations.  Enron will also be hosting seminars in Atlanta, Houston, Denver and San Francisco.  Dates to be announced soon.

Congratulations to Kathy and Craig Taylor, manager in East Origination. They are the proud parents of a baby girl, Katherine Montgomery, born on May 25.

Travel tip of the week:
When booking through TAP or ClickTrip, use preferred domestic airline carriers to recognize special Enron discounts.
	American		28%		American West		15%
	Continental		17%		Delta			10-28%
	Northwest		20%		TWA			19-25%
	United			20%		US Airways		30%

Please note: discounts are confidential and should not be disclosed to anyone other than Enron employees.

EnronOnline Statistics
Below are the latest figures for EnronOnline as of June 5, 2001.

*	Total Life to Date Transactions > 1,045,000
*	Life to Date Notional Value of Transactions > $630 billion

experience Enron
Announcing enhancements to experience Enron:
?	To begin your customer's Enron experience, we will send out customized invitations with a Guest Check-In Card that contains detailed instructions about check in.
?	experience ENRON has partnered with the Plaza Reception Desk Staff to create a less stressful check in process for your customers.  Once they present their card, the Plaza Reception Desk Staff will welcome them and present them with a prepared experience ENRON name badge.
?	experience ENRON has also created a new look for your meetings.  Our new table tents, welcome folders, name badges, agendas and presentation templates all have the same look to maintain a consistent feel throughout the visit.
?	All of this is to ensure that your guest has a unique and customized experience that will exceed their expectations and help you reach your business goals faster.
For more information on experience ENRON, visit our website at experience.Enron.com.

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries.  It is intended for internal use only and should not be disclosed.


Here is  an update on the major discussion items:

Real Time Pricing:
Please review the enclosed proposed  decision of July 19. We need to have our
comments in by Thursday, July 25.

Conservation Voltage Reduction project:
At our last load  management subcommittee, we voted to recommend CEC to fund
a proposal from EPRI  to answer some critical issues related to conservation
voltage reduction so that  we all can make informed decisions. The project
required continual update on the  project from EPRI and our feedback to
EPRI/CEC. Please find the updated scope of  work on this project. If you have
any specific questions or issues that you want  addressed, please let us
know.

Energy baseline adjustment with ambient temperature:
Our  loads in the Silicon Valley are very temperature sensitive which can
have  enormous effects on ho baseline loads are calculated. I have some data
to share.  It is important to all who are participating or planning to
participate in any  demand responsive programs.

See you at 1:30PM!?
?

?Mukesh Khattar
Energy  Director
Oracle Corporation
(650) 506-6980; fax (650) 633-1638
?

 - RTP proposed decision 071901.doc
 - EPRI_SVMG_Draft_Proposal_to CEC_for_CVR_Rev072401.doc


Attention
     Cuiab? - Brazil
    The Phone numbers for Pantanal Energia
           and Gasocidente changed.

     From September 11, call:
   55-65-614-2200

 The old Number 55-65-668-4000 is still going
   to be operational until October 2nd.


Long term deals that are not going to AEP should be booked as ENA - IM
Lonestar.

Dave


Return Receipt

 Your         RFP dated June 25, 2001
 document:

 was received Dick Boerner/LSG/ENSERCH/US
 by:

 at:          04:15:49 PM Today


Tomorrow there will be a cleaning of the refrigerator, items will be thrown away if not claimed.  If you have any food or condiments you would like to keep please claim them by tonight (Thurs. 1/3/02), take them home or put a note on it that says please don't throw away with todays date.

Thank you,
Jill & Theresa


Dear Curt--
	thanks for your phone call this morning.  In light of our conversation, I have prepared the attached document, with help from our VP of Finance Kevin Howard, in order to help APS better understand the current and projected Transwestern credit situation.

After you and Tom Carlson have had a chance to review, please feel free to contact us with any questions.


- Enron Security Calculation 2002.xls


Mark - per our discussion, below is the Web site for Vector.

http://www.vector-pipeline.com/customer_services/tariff/service_agreement.html

Totransact business on Vector, ENA will need to enter into the following
"Vector Web Access Agreement", as well as IT-1 and PALS-1 Park and Loan
Service agreements.  The IT-1 and PALS-1 Park and Loan Service are listed on
the WEB site.  The remainder of the documents to be submitted are below.

 - Credit Request.doc
 - Request for Service Form.doc
 - Vector Web Access Agreement.doc

Does your group review all these or just the WEB Access Agreement.  Call me.

Chris
x31666

	Enron North America Corp.

	From:  Mark Haedicke @ ENRON                           03/02/2001 04:51 PM

Sent by: Enron Announcements@ENRON
To: All_ENA_EGM_EIM, Enron Global Assets
cc:
Subject: LEGAL REVIEW OF THIRD PARTY ELECTRONIC TRADING PLATFORMS

In order to ensure adequate, consistent legal review of on-line terms and
conditions governing use of third party electronic trading platforms, you
must have all registration documentation (including, for example, password
applications and access agreements) approved by the On-Line Trading Legal
Contact before such documentation is submitted or executed.  Any document
that requires acceptance by &clicking8 should be treated like any other legal
document.  You are not authorized to accept any such click agreement without
written approval of the On-Line Trading Legal Contact.  In addition, the
On-Line Trading Legal Contact must review and approve all product
descriptions and other on-line terms and conditions applicable to a product
before a password may be used to trade that product on a third party
electronic trading platform.  Accordingly, before any master user or subuser
uses a password to trade a product, he or she must confirm that the On-Line
Trading Legal Contact has approved all applicable product descriptions and
terms and conditions applicable to such product.

The current On-Line Trading Legal Contact is Mark Greenberg (extension 58897)
(or in his absence, Mark Taylor (extension 37459)).


I need to ask a quick question.  I was trying to get Pam to get Hope to confirm Nov. 5th as my start date so that there wouldn't be any surprises.  Pam said that Hope gave her the OK to call Bill to discuss my transition date but he wasn't there so she had to leave him a message.  I'm not sure if that was yesterday or day before but they are speaking a little more openly about me leaving now and she mentioned that he hadn't returned her call.  I think they know that 3 weeks is a bit much so I think the call that she made to Bill is more less to make sure that he doesn't need me any earlier.  What do you think?  Give me a call please to let me know if there is anything else that I need to be doing at this time.

Thanks,
Dana
X3-7520


piss off you should thank me.  i'll call you later

 -----Original Message-----
From: 	Arnold, John
Sent:	Wednesday, October 10, 2001 11:34 AM
To:	Robins, Bryan
Subject:	RE:

sorry, just got your msg.  cant go today.
by the way, you're a lousy friend.

 -----Original Message-----
From: 	Robins, Bryan
Sent:	Wednesday, October 10, 2001 10:31 AM
To:	Arnold, John
Subject:	RE:

are you up for todays game?

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, October 09, 2001 9:53 AM
To:	Robins, Bryan
Subject:

going to the game?


Hi Louise,

As requested, attached is a file that contains June YTD Originations by Originator.

We've arranged the file in the following sorts:

?	by team
?	by Originator (sorted alphabetically)
?	by Originator (sorted by value)
?	Top 10 Overall Originators by Value
?	Top 10 Originators- Gas
?	Top 10 Originators- Power

An item to note is that not all deals had a related individual's name (such as Enduser)- we left the listing as it appears in the Risk Book in these cases.

We'll send you an update if the DPR amounts move (the DPR isn't final yet.)

Please let me know if you need any additional information!


---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 07:48
AM ---------------------------
From: Ann M Schmidt@ENRON on 03/05/2001 08:23 AM
To: Ann M Schmidt/Corp/Enron@ENRON
cc:  (bcc: John Arnold/HOU/ECT)
Subject: Enron Mentions - 03-04-01

Utility Deregulation: Square Peg, Round Hole?
The New York Times, 03/04/01

3 Executives Considered to Head Military
Los Angeles Times, 03/04/01

Bush leaning toward execs for military
The Seattle Times, 03/04/01

Enron's Chief Denies Role as Energy Villain / Critics regard Kenneth Lay as
deregulation opportunist
The San Francisco Chronicle, 03/04/01

Enron boss says he's not to blame for profits in energy crisis
Associated Press Newswires, 03/04/01

The Stadium Curse? / Some stocks swoon after arena deals
The San Francisco Chronicle, 03/04/01

Money and Business/Financial Desk; Section 3
ECONOMIC VIEW
Utility Deregulation: Square Peg, Round Hole?
By JOSEPH KAHN

03/04/2001
The New York Times
Page 4, Column 6
c. 2001 New York Times Company

WASHINGTON -- IN the forensic pursuit of what caused California's power
failure, the Bush administration, the energy industry and many analysts have
granted immunity to deregulation.
Robert Shapiro, a managing director of Enron, the giant electricity marketer,
says the California mess should in no way affect deregulation in other
states, ''because California didn't really deregulate.'' Spencer Abraham, the
new energy secretary, said Californians simply goofed, setting up a
''dysfunctional'' system. It is the way California deregulated, not
deregulation itself, that should take the blame, they say.
Yet some economists argue that California's troubles should inform the debate
about whether -- not just how -- to deregulate. Among them is Alfred E. Kahn,
the Cornell University economist who helped oversee the creation of free
markets in the rail, trucking and airline industries.
''I am worried about the uniqueness of electricity markets,'' Mr. Kahn said.
He is still studying whether the design flaws in California's market explain
the whole problem. But he is sounding a note of skepticism.
''I've always been uncertain about eliminating vertical integration,'' he
said, referring to the old ways of allowing a single, heavily regulated power
company to produce, transmit and distribute electricity. ''It may be one
industry in which it works reasonably well.''
Mr. Kahn's comments might sound a little heretical. When this former Carter
administration official was pushing deregulation, it was still a novel and
politically risky concept. Today, getting government out of most businesses
is part of the Washington economic canon.
Moreover, few people believe that California, the first state to overhaul its
electricity sector from top to bottom, has proved a good laboratory. To
satisfy interest groups, the markets were designed in an awkward way, which
soured some deregulation experts on California before the first electron went
on the auction block.
Among the quirks: The state required utilities to buy nearly all their power
on daily spot markets, rather than arranging long-term contracts that might
have allowed them to hedge risk. Consumer prices were also fixed, making it
impossible for utilities to pass on higher wholesale costs.
Paul L. Joskow, an expert on electricity markets at the Massachusetts
Institute of Technology and a former student of Mr. Kahn's, remains hopeful
that the kinks can be ironed out.
In New England and the the Middle Atlantic states, as well in as Britain,
Chile and Argentina, all places that have restructured electricity markets,
regulators have had to adjust market rules to correct flaws. They have found
ways to check the tendency of power sellers to exploit infant markets and
charge high prices, Mr. Joskow said.
Regulators have also had to establish new markets that, through price
signals, encourage power companies to build enough generating capacity so
that they have reserves for peak hours. During peak hours, shortages and
price spikes can substantially raise average prices.
''If they can do it in Britain, Chile and Argentina, then I think we can do
it here,'' Mr. Joskow said.
Still, he warns that proper regulation requires tough political choices.
Allowing high prices to pass through to consumers is one. Making sure
Nimbyism does not prevent the construction of power plants is another.
''The political system must rise to the task,'' Mr. Joskow said, or the ''old
way might be the best we can do.''
Mr. Kahn knows a bit about the old way. In the mid-1970's, he headed the New
York Public Service Commission, which oversaw electricity and other regulated
industries. The drawbacks were legendary. Local utilities had an endemic
tendency to overestimate demand to justify new power plants, for which
consumers paid through steady rate increases. Nearly everyone assumed that
competition would slash prices.
But though free markets do a better job managing rail, phone and airline
prices, they have yet to match regulators' ability to juggle the complexities
of electricity, Mr. Kahn said.
Regulators tended to apply heavy political pressure on utilities to keep
prices as low as possible and profit margins steady but thin. The vertical
integration of electricity monopolies may have also had advantages, Mr. Kahn
said. Engineers coordinated power plants and transmission lines in ideal
ways. Planners who saw the need for new plants helped find a place for them
to be built. ''The players all depended on one another,'' he said.
California has probably not derailed deregulation efforts. But it has made
people wonder anew whether market forces work for kilowatts as they do for
widgets.

Photo: Alfred E. Kahn

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

National Desk
3 Executives Considered to Head Military
From Associated Press

03/04/2001
Los Angeles Times
Home Edition
A-25
Copyright 2001 / The Times Mirror Company

WASHINGTON -- Three corporate executives are under consideration to lead the
Air Force, Army and Navy, administration officials said Saturday.
The three have been interviewed by Defense Secretary Donald H. Rumsfeld, and
the White House was expected to announce this week that it will send their
names to the Senate for confirmation, the Washington Times reported, quoting
unidentified sources.
Gordon R. England, 63, who retired recently from General Dynamics Corp.,
would be nominated as Navy secretary; James G. Roche, 61, a vice president at
Northrop Grumman Corp., is the pick to head the Air Force; and the choice to
head the Army is Thomas E. White, 57, a retired Army general and an executive
with Enron Corp. White also once worked as an assistant to Colin L. Powell,
Bush's secretary of State.

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

News
Bush leaning toward execs for military
The Associated Press

03/04/2001
The Seattle Times
Sunday
A9
(Copyright 2001)

WASHINGTON--Three corporate executives are under consideration to lead the
Air Force, Army and Navy, administration officials said yesterday.
The three men have been interviewed by Defense Secretary Donald Rumsfeld, and
the White House was expected to announce next week that it will send their
names to the Senate for confirmation, The Washington Times reported
yesterday, quoting unidentified sources.
But two Bush administration sources, speaking on condition of anonymity, told
The Associated Press that President Bush has not made a decision and that the
nominations were not a certainty.
The Times said Gordon England, 63, who retired last week as a vice president
at General Dynamics, would be nominated as Navy secretary. England was
responsible for the company's information systems and international programs.
The newspaper also said James Roche, 61, a vice president at Northrop
Grumman, was the pick to head the Air Force. Roche, a retired Navy captain,
worked in the State Department during the Reagan administration and later was
Democratic staff director for the Senate Armed Services Committee.
The nominee for Army secretary was said to be Thomas White, 57, a retired
Army general and an executive with Enron, a Houston-based energy company.
White was executive assistant to Secretary of State Colin Powell when Powell
was chairman of the Joint Chiefs of Staff.

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

NEWS
Enron's Chief Denies Role as Energy Villain / Critics regard Kenneth Lay as
deregulation opportunist
David Lazarus
Chronicle Staff Writer

03/04/2001
The San Francisco Chronicle
FINAL
A1
(Copyright 2001)

Kenneth Lay is one of the energy "pirates" accused by California's governor
of fleecing consumers. As chairman of Enron Corp., the world's largest energy
trader, Lay is arguably the biggest, baddest buccaneer of them all.
But that's not how he wants to be seen. And he certainly doesn't like taking
knocks from Gov. Gray Davis for having contributed to California's energy
mess.
"It's very unfair," Lay said, his brown eyes taking on a puppy- dog quality.
"He's trying to vilify us. But we didn't make the rules in California. We had
nothing to do with creating the problem."
He gazed out from his plush, 50th-floor office. Houston's downtown
skyscrapers jutted like sharp teeth against the overcast sky.
"Everyone played by the rules," Lay said. "Now our reputations are being
maligned."
In a sense, he's right. The ultimate blame does rest with California
policymakers for deregulating the state's electricity market in such a
ham-fisted way that power giants like Enron cleaned up by exploiting
loopholes in the system.
But Enron was no innocent bystander during the restructuring process.
"Enron and Ken Lay were one of the major players behind the push for
deregulation in California," said Janee Briesemeister, senior policy analyst
in the Austin office of Consumers Union. "A lot of what's happening in
California was their idea."
Those familiar with the state's deregulation efforts said Enron was
especially eager to ensure that a newly created Power Exchange, where
wholesale power would be bought and sold, was separate from the Independent
System Operator, which would oversee the electricity grid.
"This fragmented the wholesale market, making it harder to monitor," said
John Rozsa, an aide to state Sen. Steve Peace, D-El Cajon, widely regarded as
the godfather of California's bungled deregulation measures.
"Enron isn't in the business of making markets work," Rozsa said. "They're in
the business of making a buck."
In an ironic twist, however, Enron now could play a pivotal role in helping
the state remedy past errors and find its energy footing. The company has
that much clout.
SEEKING LAY'S BLESSING
Thus, as the governor pushes ahead with a scheme to purchase the transmission
lines of California's cash-strapped utilities, he didn't hesitate to call
recently seeking Lay's personal blessing for the plan.
This must have been a sweet moment for the man who just weeks earlier had
been castigated by Davis in the governor's State of the State speech.
"I told him we couldn't support it," Lay said, a hint of a smile playing
across his lips. "It will lead to an even less efficient transmission grid
and, longer term, it could make things worse."
Why would Davis swallow his pride and court favor with Enron's big cheese?
Simple: Davis will need the Bush administration's backing to make the
power-line sale fly, and, many believe, there's no faster way to reach the
new president than via the Houston office of his leading corporate patron.
Lay, 58, and his company have donated more than $500,000 to Bush's various
political campaigns in recent years, and he placed Enron's private jet at
Bush's disposal during the presidential race.
So great is Lay's influence with the president that some insist he is now
serving effectively as shadow energy secretary, shaping U.S. energy policy as
he sees fit.
"There's a long history of Enron pulling the levers of its political
relationships to get what it wants," said Craig McDonald, director of Texans
for Public Justice, a watchdog group. "What Ken Lay thinks energy policy
should be isn't very different from what George Bush and Dick Cheney think it
should be."
ANOTHER VIEWPOINT
Lay, of course, sees things differently. At the mere mention of his close
rapport with the president, his eyes glazed over and he mechanically recited
the words he has repeated numerous times in recent months.
"I have known the president and his family for many years," Lay said. "I've
been a strong supporter of his. I believe in him and I believe in his
policies."
He insisted that reports of his having sway over Bush on energy matters are
"grossly exaggerated."
Still, it is striking that Bush's quick decision after taking office to limit
federal assistance in solving California's energy woes virtually mirrored
Lay's own thoughts on the situation. So, too, with the administration's
hands-off approach to resolving the crisis.
Whatever else, California's power woes have been very kind to Enron's bottom
line. The company's revenues more than doubled to $101 billion last year.
They haven't hurt Lay, either. According to company records, his pay package
more than tripled last year to $18.3 million.
Lay and other Enron officials steadfastly refuse to break out the company's
California earnings from other worldwide business activities. But Lay
conceded that Enron's profit from California energy deals last year was "not
inconsequential."
"We benefit from the volatility," he said.
CAPTIVE MARKETPLACE
That's putting it mildly. It could be said that California's energy mess was
tailor-made for Enron, which is almost uniquely positioned to prosper from a
captive marketplace in which electricity and natural gas prices are
simultaneously soaring skyward.
To understand why that is, one must look closely at Enron's complex business
model. The company is much more than just a middleman in brokering energy
deals.
Lay, with a doctorate in economics and a background as a federal energy
regulator, set about completely reinventing Enron in 1985 after taking over
what was then an unexceptional natural-gas pipeline operator.
As he saw it, the real action was not in distribution or generation of
energy, but in transacting lightning-fast deals wherever electricity or gas
is needed -- treating energy like a tradable commodity for the first time.
Enron is now the leader in this fast-growing field, and uses that advantage
to consolidate its position as the market-maker of choice for energy buyers
and sellers throughout the country.
It also exploits its size and trading sophistication to structure unusually
creative deals. For example, if electricity prices are down but natural gas
prices up, Enron might cut a deal to meet a utility's power needs in return
for taking possession of the gas required to run the utility's plants.
Enron could then turn around and sell that gas elsewhere, using part of the
proceeds to purchase low-priced electricity from another provider, which it
ships back to the original utility.
"We do best in competitive markets," Lay said. "These are sustainable
markets."
TRADING FRENZY
Enron's trading floors buzz all day long with frantic activity as mostly
young, mostly male employees scan banks of flat-panel displays in search of
the best deals. Rock music blares from speakers, giving the scene an almost
frat-party atmosphere.
The company's trading volume skyrocketed last year with the advent of an
Internet-based bidding system, which logged 548,000 trades valued at $336
billion, making Enron by far the world's single biggest e-commerce entity.
Kevin Presto, who oversees Enron's East Coast power trades, called up the
California electricity market on his computer. With a few quick mouse clicks,
he showed that Enron at that moment was buying power in the Golden State at
$250 per megawatt hour and selling it at $275.
"Some days we're at $250, some days $300 and some days $500," Presto said
over the steady thump-thump of the trading floor's rock 'n' roll soundtrack.
"There's truly a problem out there."
This is a recurring theme among Enron officials: California's electricity
market is broken and Enron would prefer it if things just settled down. As
Lay himself put it, "The worst thing for us is a dysfunctional marketplace."
In reality, California's dysfunctional marketplace means Enron isn't just
making piles of money, it's seeing profits both coming and going.
LOTS OF BUSINESS IN CALIFORNIA
The company's energy services division, which handles the complete energy
needs of large institutions, counts among its clients the University of
California and California State school systems, Oakland's Clorox Co., and
even the San Francisco Giants and Pac Bell Park.
Enron purchases electricity on behalf of these clients from Pacific Gas and
Electric Co., which by law must keep its rates frozen below current market
values. At the same time, Enron sells power to PG&E at sky-high wholesale
levels.
In other words, Enron is buying back its own electricity from PG&E for just a
fraction of the price it charges the utility.
"These guys are the pariahs of the power system," said Nettie Hoge, executive
director of The Utility Reform Network in San Francisco. "Why do we need
middlemen? They don't do anything except mark up the cost."
To be fair, energy marketers such as Enron can help stabilize an efficient
marketplace by promoting increased competition between buyers and sellers.
This has proven the case in Pennsylvania, where Enron actively trades among
about 200 market participants.
But in an inefficient market such as California, a company like Enron can
easily exacerbate things by exploiting loopholes in the state's ill-conceived
regulatory framework.
Sylvester Turner, a Houston lawmaker who serves as vice chairman of the state
committee that oversees Texas utilities, said he can't blame Enron and other
power companies for pursuing profits in California.
"California set up some bad rules, and these companies played by the rules
California set up," he said. "At the end of the day, they will behave to
enhance their bottom lines."
But as Texas proceeds toward deregulation of its own electricity market next
year, Turner said he has learned from California's experience -- and is
taking steps to prevent Texas' power giants from shaking down local
consumers.
LESSONS FROM GOLDEN STATE
He has written a bill intended to give the Texas Public Utility Commission
more authority in cracking down on market abuses. The power companies are
fighting the legislation as hard as they can.
Not least among Turner's worries is that Texas will see what California
officials believe happened in their state: A deliberate withholding of power
by leading providers until surging demand had pushed prices higher.
"I have that concern," he said. "I don't necessarily take these companies at
their word."
For his part, Lay insists that Enron has never deliberately manipulated
electricity prices.
"I don't know of any of that," he said. "It's so easy to conjure up
conspiracy theories."
As a sign of Enron's commitment to solving California's energy troubles, Lay
said he supported Davis when the state began negotiating long-term power
contracts on behalf of utilities.
So how many contracts has Enron signed?
Suddenly, the hurt, puppyish expression vanished from Lay's face, and a
harder, more steely look glinted from his eyes.
"None," he said. "We won't be signing until we're certain about recovering
our costs."
Consider this a shot across California's bow.

PHOTO; Caption: Chairman Kenneth Lay said Enron had "nothing to do with
creating the (energy) problem."

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

Enron boss says he's not to blame for profits in energy crisis

03/04/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SAN FRANCISCO (AP) - Yes, his business has profited handsomely from
California's energy crisis, but Enron Corp. Chairman Kenneth Lay says he
shouldn't be a scapegoat in California's energy crisis.
That hasn't swayed Gov. Gray Davis, who has skewered energy companies such as
Houston-based Enron for selling expensive power to California.
"Never again can we allow out-of-state profiteers to hold Californians
hostage," Davis warned in his State of the State address.
More recently, however, Davis called Lay to discuss negotiations as the state
looks to buy power transmission lines from troubled utilities.
"I told him we couldn't support it," Lay told the San Francisco Chronicle in
an interview at his Houston office. "It will lead to an even less efficient
transmission grid and, longer term, it could make things worse."
Lay is not just any private-sector energy czar - Enron Corp. is the world's
largest energy trader and Lay is a close friend of President George Bush. Lay
and his corporation have donated more than $500,000 to Bush's various
political campaigns in recent years and he offered Bush use of Enron's
private jet during the presidential race.
But Lay said it's economics, not politics, that matter in California's energy
crisis. And he thinks it unfair that Davis has blamed out-of-state energy
brokers for the protracted problems.
"We didn't make the rules in California," Lay said. "We had nothing to do
with creating the problem."
The problem, many analysts agree, began with the state's deregulation of the
power industry in 1996. Enron encouraged deregulation, and the state's
ensuing power crisis has been lucrative for the corporation.
Enron's stock jumped 86 percent in 2000 and its revenues more than doubled to
$101 billion. Lay, 58, was compensated accordingly - he received nearly $16
million in stock and cash beyond his $1.3 million salary last year, compared
with less than $4 million in bonuses in 1999.
Lay refused to say how much Enron has made off California's crisis, though he
conceded the profit was "not inconsequential."
"We benefit from the volatility," said Lay, who took over Enron in 1985 and
has helped turn the corporation into a major player in the trading of
electricity as a commodity.
But Lay rejected suggestions that Enron has manipulated prices upward by
insisting California pay dearly for last-minute power that has helped keep
the lights on in recent months.
"I don't know of any of that," he said. "It's so easy to conjure up
conspiracy theories."

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

BUSINESS
NET WORTH
The Stadium Curse? / Some stocks swoon after arena deals
Kathleen Pender

03/04/2001
The San Francisco Chronicle
FINAL
B1
(Copyright 2001)

Is buying the name of a big-league stadium the kiss of death for a company,
or does it only seem that way?
From Network Associates Coliseum in Oakland to the unfinished CMGI Field
outside Boston, the nation is dotted with sports venues named after companies
whose stocks have been sacked.
The Super Bowl champion Baltimore Ravens play in a stadium named after
PSINet, whose stock has fallen 92 percent to $1.25 a share since it bought
naming rights.
The problem names are not all tech.
The owners of the TWA Dome in St. Louis and Pro Player Stadium in Miami are
looking for new corporate sponsors because their current ones are bankrupt.
TWA is an airline. Pro Player was part of underwear-maker Fruit of the Loom.
The home of the Anaheim Angels could be in the market for a new name if
Edison International, parent of electric utility Southern California Edison,
runs out of juice.
Of course, these companies were not in trouble when they promised to pay tens
or hundreds of millions of dollars to have their names plastered on a
ballpark or arena.
In fact, many were at their peak.
Which begs the question: Should investors get worried when a company in which
they own stock puts its name up among the floodlights?
Brian Pears, head of equity trading with Wells Capital Management, wonders if
companies are susceptible to some weird strain of the "Sports Illustrated
curse." It seems as if any athlete who is pictured on the cover of SI
magazine invariably loses his next game or pulls a groin muscle.
Business celebrities suffer from a similar phenomenon: Amazon.com Chief
Executive Officer Jeff Bezos was named Time magazine's 1999 person of the
year just before his company's stock price tanked.
Don Hinchey, who advises buyers and sellers in naming-rights deals, doesn't
think the curse holds true in stadium and arena deals.
"You can make a case that a company is doing well when it acquires a naming
rights sponsorship, but you can't necessarily say it corresponds with a peak
in its business," says Hinchey, director of creative services for the Bonham
Group in Denver.
TRACKING NAMING FIRMS
To find out if Hinchey is right, I tracked the stock market performance of
publicly held companies since they bought naming rights to 47 big-league
sports venues in North America.
I excluded facilities named after subsidiaries of larger companies, including
Miller Park in Milwaukee (Miller Brewing is part of Philip Morris) and Pac
Bell Park in San Francisco (Pacific Bell is owned by SBC Communications,
which is putting its own name on an arena in San Antonio).
I used the announcement date as a starting point because stadium naming deals
are, after all, marketing endeavors. The announcement of a deal generates
tons of publicity, which is considered positive, even if the publicity is
negative and even if the stadium won't open for several years.
Then I compared each company's stock market performance with the Standard &
Poor's 500 index during the same period.
The bottom line: 29 of the 47 companies that bought stadium or arena names
are trading at a higher stock price today than when the deals were announced,
according to data from FactSet Research Systems. (Two companies each bought
two names and were counted twice.)
But -- and this is a big but -- only 13 of them beat the S&P 500 during the
period since their respective deals were announced.
So buying a stadium name might not be a curse, but it's no guarantee the
company will beat the market.
WINNERS, LOSERS
The companies that have done best since buying a name come from a wide
variety of industries.
The biggest winner is Qualcomm, a wireless telecommunications company.
Although its stock is down 65 percent from its peak, it's still up 746
percent since it agreed to slap its name on a San Diego stadium.
The next-biggest winners include Target (discount stores), Ericsson (telecom
equipment), Coors (beer), Fleet Financial (banking), Pepsi (soft drinks) and
Enron (energy).
The biggest losers are TWA, PSINet (Internet service provider), CMGI
(Internet incubator), Savvis Communications (telecom services) and Network
Associates (network security software).
Network Associates' stock peaked about three months after it bought naming
rights to the Oakland Coliseum in September 1998. Since then, it has suffered
a string of setbacks. After the Securities and Exchange Commission questioned
its accounting practices, it restated its financial results for 1997 and
1998. Its CEO resigned in December.
Network Associates is paying slightly more than $1 million per year for the
coliseum name. It can get out of its 10-year deal after five years.
The company "has been paying us," says Deena McClain, general counsel with
the Oakland-Alameda County Coliseum Authority. "We haven't had any
discussions with them" about changing the contract.
Most naming-rights contracts have "out clauses that allow the parties to
extricate themselves if they want, can or need to in the event of financial
difficulties or if a team moves," says Hinchey.
Although nobody likes to be associated with a loser, stadium owners may
benefit if a troubled company cuts out of a deal early.
That's because stadium name prices have skyrocketed since the mid- 1990s,
when $1 million a year -- give or take -- was average.
In 1999, FedEx agreed to pay $205 million over 27 years to be named home of
the Washington Redskins.
In 2000, CMGI agreed to pay $114 million over 15 years to have its name on
the new home of the New England Patriots. It's questionable what kind of
shape CMGI will be in when the stadium opens next year.
The "10-gallon hat of naming rights deals," says Hinchey, is in Houston,
where Reliant Energy will pay $300 million over 32 years to name the
Astrodome and a new football stadium after itself.
Some customers of Reliant's utility subsidiary were outraged when the deal
was announced because the company was also raising electricity rates.
Some shareholders also get perturbed when their company spends money on a
stadium instead of a new plant or stock dividends.
But Jim Grinstead, editor of Revenues from Sports Venues, says, "you have to
look at the (stadium) purchase in light of total marketing budget. It sounds
like big money, but frequently it's over 20 to 30 years. If you take out
things the company might buy anyway, like tickets and luxury suites, it's
small potatoes."
WHAT A DEAL IS WORTH
The main benefit of a stadium deal is the exposure a company gets when a game
is broadcast on TV or radio or mentioned in print.
"This is the biggest bang for your buck in terms of branding," says Jennifer
Keavney, a Network Associates vice president who negotiated the stadium deal.
She says the cost of her deal, about $1 million a year, "won't even buy you a
Super Bowl ad. It will buy five commercials on a nationally televised
football game, maybe."
The Coliseum, perched beside Interstate 880, also acts like a giant billboard
for the company, which frequently gets mentioned in traffic reports.
Hinchey says most naming deals also include tickets and luxury boxes; on-site
exposure through signage and kiosks; premium nights when the sponsor might
offer samples at the park; and inclusion in programs, tickets and flyers.
Most companies that strike stadium deals want to become a household name
because they sell consumer products or services.
But not always.
3Com sold nothing but corporate networking gear when it bought the name to
Candlestick Park in San Francisco in 1995.
"It was a good move for them," says Jim Grinstead, editor of Revenues from
Sports Venues. "They got the employees they were looking for, the visibility
they were looking for. At the time, they were a player in a crowded field,
and they wanted to look like a fun place to work."
Last April, 3Com extended its original 4-year contract for two more years.
The biggest risk companies run is that the team that plays in their facility
will be a loser.
"Companies invest in an entity that can enhance their brand, their sales and
hospitality efforts. Certainly that loses its luster if the team is not
performing well," Hinchey says. "But corporations realize the team's success
on the field fluctuates. It could be a champion one year, next year in the
dumps."
The same can be said about the corporate sponsors, which is something stadium
owners -- be they taxpayers or business tycoons -- must realize when they
sell a name.

PHOTO; Caption: Rich Gannon of the Oakland Raiders scored in Oakland's
Network Associates Coliseum last year. / Frederic Larson/The Chronicle 2000

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


sure.  any afternoon is fine with me.

Tammi DePaolis@ENRON
02/06/2001 09:58 AM
To: scott.neal@enron.com
cc:
Subject: confidential

Scott, can we meet briefly this week to talk about some things?   mainly my
reveiw, and a few other things  tha;nk you.


Agustin,

I have booked the trades below into the ENA system.  The deal numbers are as
follows.

Industrias Derivadas del Etileno  Q15730 (legs 1 & 2)
Poliestireno y Derivados  Q15730 (legs 3 & 4)
Sintesis Organicas   Q15730 (legs 5 & 6)

Susan

Agustin Perez@ENRON
09/27/2000 01:10 PM
To: Larry May/Corp/Enron@Enron
cc: Jaime Williams/NA/Enron@ENRON, Agustin Perez/NA/Enron@ENRON, Larry Joe
Hunter/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Paul
Radous/Corp/Enron@ENRON, Susan Helton/HOU/ECT@ECT, Max
Yzaguirre/NA/Enron@ENRON, Susan M Scott/HOU/ECT@ECT
Subject: IDESA data & trade info

Larry,

Here is today's trade info and the companies information.

Trade details:

Reference Price:  Average of Tetco South Tx, & PG&E
Total Volume:   170,000 mmbtu / month (this is going to be divided in 3
companies)
ENA position:   Sell $5.75 Call
    Buy $4.50 Put
Price:    $0.23 usd / mmbtu
Premium payment date:  Oct 9, 2000
Period:    Nov 00 - Feb 01
Origination:   $0.0125 usd / mmbtu

Volume detail by company:

Industrias Derivadas del Etileno  139,000 mmbtu / month
Poliestireno y Derivados  15,000 mmbtu / month
Sintesis Organicas   16,000 mmbtu / month

Contact:    Sergio Maruri

These companies are already in Global Counterparty database.

Let me know if you have any comments,

Agustin Perez
X-7-152-2413


Dear Eric,  I'm Washington Bureau Chief Peter Cook filling in for Jay Rickerts.   On Monday, International Correspondent Wolfgang Vale will be live from the 18th World Energy Congress in Buenos Aires, Argentina.  The focal theme this year is "Energy markets: The challenges of the new millennium."  Catch live reports from the first day of the 18th World Energy Congress on Monday.   Congress returns to Washington Monday amid continuing concern over the anthrax threat on Capitol Hill.  Both the House and Senate are expected to resume their normal schedule, which includes some action on energy.  There are hearings scheduled on the Price Anderson Act, reducing vehicle fuel consumption and MTBE.  The main action, however, will be behind the scenes in the Senate where Republicans and Democrats still differ on whether there's time to consider a comprehensive energy bill this year.  We'll bring you more details next week.    A summit on energy efficiency is also taking place next week from Washington.  Energy Secretary Spencer Abraham, Senate Energy Chairman Jeff Bingaman (D)-New Mexico and Representative  Ed Markey (D)-Massachusetts will be among the speakers at the event. We'll have all the details from the summit next week.   Houston Correspondent Kim Benestante will bring us a report Monday on Texas wind power projects.  Kim says federal and state laws helped get the idea off the ground, and now demand for wind power is allowing the market to do very well.  Kim will have all the details of wind generation success in Texas on Monday.      The Houston bureau will also have a report on how refiners will keep gasoline inventories well supplied once MTBE is phased out. Right now, MTBE makes up 10 percent of the U.S. gasoline pool.  Once the blending component is banned, refiners will look to isooctane to help supplement gasoline supplies.  Jacobs Consultancy's Dan Foley will talk about the role of isooctane on Monday.   Former U.S. Secretary of State George Shultz tells West Coast Correspondent Kym McNicholas, California's energy supply crisis is understandable, but the financial crisis is not.  Kym also talks one-on-one with former California Governor Pete Wilson.  He gives a reflective look into what went wrong with the state's deregulation plan and what the state needs to do to recover.   With earnings expected out October 31st, Calpine Corporation CEO Peter Cartwright will talk about his company's growth this quarter compared to this time last year.  He also reacts to word the state may attempt to renegotiate long-term power contracts.  We'll bring you details from the West Coast bureau on Monday.   Get the streamers and balloons ready - Energy News Live is turning one.  You'll want to be sure to log on Tuesday, October 23rd, because in celebration of ENL's one-year anniversary we've scheduled a  star-studded cast of energy industry guests.  Here's a little preview:   Former FERC Chairman James J. Hoecker, Ph.D.  Energy Daily Publisher Llewellyn King  FirstCall Director of Research Chuck Hill  Platts Global Director of Oil John Kingston  Petroleum Argus, Inc. President Dan Massey  American Association of Petroleum Geologists Director Rick Fritz   Keep in mind things are subject to change at a moment's notice. Occasionally guests cancel or change time slots.  We'll continue to do our best to keep you updated on future interviews and events.     Be sure to watch our newscasts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour.

	 	Peter Cook, EnergyNewsLive.com Washington Bureau Chief  View today's Energy Wrap video   (Requires Windows Media Player or Real Player )   Experience all that Williams Energy News Live has to offer!   If you are receiving this letter for the first time and wish to continue, subscribe now    To stop receiving this letter, unsubscribe now    If you are having trouble receiving this e-mail, please let us know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Comments? Suggestions? Let us  know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Copyright 2001 Williams Energy News Live, LLC. All  Rights Reserved.


I revised the language in the "Description of Transaction" section and where
the fee is and just wanted to make sure you were Ok before I sent it to your
customer.  I've already drafted my email, I just need your OK.

	Daniel Diamond
	03/14/01 05:23 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: United Fuels LOI

Tana,
Energy commodities is too broad.  You are correct, please limit it to say
U.S. Crude and U.S. Refined Products.

Thanks,

Dan
---------------------- Forwarded by Daniel Diamond/HOU/ECT on 03/14/2001
05:21 PM ---------------------------
From: Tana Jones on 03/14/2001 05:20 PM
To: Bob Shults/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT
cc: Mark Greenberg/NA/Enron@ENRON
Subject: Re: United Fuels LOI

Attached is the proposed form of LOI.  Please let me know if it meets with
your approval, and I will email it to the customer.  I kept the language in
the term sheet in the back pretty broad as it references "energy
commodities".  Your language re "US crude and products" wasn't clear to me.
Perhaps you meant US crude and crude derivative/refined products?  Will
energy commodities work, or do want to limit it to crude products and charge
more for other products?

	Bob Shults
	03/14/01 04:55 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Mark Greenberg, Daniel.Diamond@enron.com
		 Subject: United Fuels LOI

I need to get a Broker Client LOI for United Fuels

Price: $250 K
Products: US Crude and Products
Term: 1 year

I need this yesterday as I promised and didn't get it to him  ( I owe you big
time, how about an EnronOnline yo-yo to repay you).  I know you are in Canada
so can you coordinate with Mark Greenberg.  Please CC Dan Diamond on any
correspondence with United. Thanks
---------------------- Forwarded by Bob Shults/HOU/ECT on 03/14/2001 04:50 PM
---------------------------

From:  Bob Shults
01/19/2001 04:58 PM

To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Broker Client NDA

Tana please send a NDA for the broker client to

Ken Zito
United Fuels International Inc.
35 Corporate Dr Suite 150
Burlington, MA 01803

kzito@unitedfuels.com

Thanks Tana


Please skim through the attachment below to see if you have any concerns
about how the faults should trigger in the future.
---------------------- Forwarded by Mark V Walker/EWC/Enron on 04/16/2002
04:59 PM ---------------------------

Erik Ellis
04/16/2002 04:13 PM
To: mark.walker@enron.com
cc:

Subject: Re: downtime allocation document and parameter list

---------------------- Forwarded by Erik Ellis/EWC/Enron on 04/16/2002 04:27
PM ---------------------------

Garth Ripton
04/16/2002 12:33 AM
To: Erik Ellis/EWC/Enron@Enron
cc: Kim Nguyen/EWC/Enron@Enron

Subject: Re: downtime allocation document and parameter list

Hi Erik,

I worked on this for a little while last night but I couldn't get a modem
connection from the Hotel. I hope the timing is OK. The confirmed counters
are highlighted in green. The counters that need to be corrected are
highlighted in red. Most of the corrections are due to the fact that the
fault/status messages that are the result of enabling a "manual" operation
mode (for example, manual yaw) increment the maintenance counter not the
"turbine OK" counter. Unfortunately, there are many faults that we could not
confirm using the turbine simulator. If you have any questions Kim Nguyen is
the person who did the actual testing. I forwarded the results to Mark
Fischer and Mark Walker so they could check to see if this is the way we want
the counters incremented for the given fault conditions but have yet to get
any feedback. The faults that we could not test should be confirmed by
looking at the Bachmann software. Hopefully this will occur in the near
future. For now, this is the best information we have.

-Garth


Drake, Heather, Rasa and Jason:

I wanted to thank you for the time you took to meet with Mona Petrochko and
me regarding our commercial and industrial customers.  Each of you were very
helpful providing information in response to our questions.  We appreciate
your patience through the revision of our annual report.

As discussed, we will send you the label calculation (with the revised annual
reports) for the commercial and industrial product, the letter notification
to customers, the product registration and the revised monthly performance
reports by the end of the week.   Further, as requested, we will include a
1998 bill that notifies customers that their rates were reflective of the 1.5
cents p/kwh customer credit.

Again, we greatly appreciate your kind assistance.

Best regards,
Stacey Bolton
Manager, Environmental Strategies
Enron
1400 Smith Street
Houston, TX 77002
713-853-9916


Susan/Dale -

Attached for your review is an initial draft of the Agency Authorization
Form.  It will need to be reformatted a bit, but contains the general
language I believe we need from both the User and "Principal."

Please take a look at this at your convenience and let me know your thoughts.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


In response to the FERC Order on the California marketplace, Ridgeway Power
filed comments argueing for a waiver of QF regulations in order to incent
more power into the California marketplace.  IEP discussed this concept with
FERC Commissioners today and the Commission issued late today an Order
Granting Emergency Waiver of QF Regulations for the remainder of this year.
This order is attached as part of an additional order by FERC granting the
CAISO request for implementation of a $250 "soft cap" plus penalities for
failue to respond to CAISO dispatch orders during an emergency.

For QFs positioned to take advantage of the FERC Order, IEP suggests (1)
procure legal advice because in essense you have an existing contract with
the utility, (2) contact your utility/contract holder, and as appropriate
move to implement the FERC Order.  Your existing bilateral contract with the
utility provides for a SRAC based payment mechanism which appears to apply
under the FERC Order.   Note, however, that the waiver at this time only
applies through the end of this year.  You may have other options as well.

----- Original Message -----
From: Katie Kaplan <kaplan@iepa.com>
To: Steven Kelly <steven@iepa.com>
Sent: Friday, December 08, 2000 4:47 PM

>
>
> Katie Kaplan
> Manager of State Policy Affairs
> Independent Energy Producers Association
> (916) 448-9499
>
>

 - 12-8-00.wpd
 - 12-08-00-2.pdf
 - 12-08-00-3.wpd
 - ca-relief.pdf


Thanks.  I just sent a copy to Duke for their signature.....

 -----Original Message-----
From:  Greenberg, Mark
Sent: Tuesday, February 27, 2001 3:45 PM
To: Harrison, Susan
Cc: Gros, Thomas D.; Taylor, Mark
Subject: CL Beta Agreement

Susan -

Attached is a redlined version of the agreement and a clean version
incorporating all changes.

Please let me know if you should need anything further at this time.

 << File: Beta Test Agreement (2-27-01).doc >>          << File: Beta Test
Agreement (clean2-27-01).doc >>

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


Corrected summary


Here are some more questions.  These guys are only bidding on Lincoln, so all
of these should be just Lincoln questions.  Thanks again for your help with
these.
Ben
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 10/24/2000
11:17 AM ---------------------------

"Michael P Cazaubon" <michael.cazaubon@exeloncorp.com> on 10/24/2000 11:06:42
AM
To: benjamin.rogers@enron.com
cc: "David L Stewart" <david.stewart@exeloncorp.com>
Subject: More Lincoln Questions

Ben,

Thanks for the response on the first set of questions on Lincoln.  Attached
are some additional ones that we would appreciate your help on

Thanks!
Mike Cazaubon

(See attached file: Exelon Lincoln Q&A 10-24-00.doc)

************************************************************************
This e-mail and any of its attachments may contain Exelon Corporation
proprietary information, which is privileged, confidential, or subject
to copyright belonging to the Exelon Corporation family of Companies.  This
e-mail is intended solely for the use of the individual or entity to
which it is addressed.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution,
copying, or action taken in relation to the contents of and attachments
to this e-mail is strictly prohibited and may be unlawful.  If you have
received this e-mail in error, please notify the sender immediately and
permanently delete the original and any copy of this e-mail and any
printout. Thank You.
************************************************************************

 - Exelon Lincoln Q&A 10-24-00.doc


We are in the process of confirming that all traders are set up correctly and ready to trade when the system goes live.

We need to make sure that your Stack Managers are accessing the correct database. In order to do this, we need to know how you access Stack Manager:

1) Through Terminal Server (the one that opens up a desktop within a desktop and it actually appears that you have two Start buttons).
or
2) By opening the Stack Manager directly from your "native" desktop.

Please reply to this message with either a corresponding "1" or a "2" in the subject field.

If you're not sure which one you have, please contact myself x39673, Teresa Mandola x39807 or Jennifer McQuade x53614 and we'll come by your desk to help you.

Thank you,

Dan Diamond


Hey Kate! I received a phone call from a Jim Cross from Automated Power
Exchange. Now that we are confirming daily's he mentioned that he did not
want to receive dailys per the APX Master Agreement. He told me that all
trades are anonimus under the APX agreement and we should not be confirming
theses. Examples: #563948 and #563381. Some of the trader doing these trades
are Chris Mallory and Les Rawson. Could you ask them is we should continue to
confirm these daily's or not?

Thanks

Kimberly


I said on this AM's call that today is the deadline for Davis to sign or veto bills.
That was not entirely correct.
That deadline applies only to so-called "regular session" bills.
The bill in question (SB18XX--Burton) was passed as part of the Legislature's "emergency," or "special," session.
Apparently, "emergency session" bills do not fall under the October 15th deadline.
Davis has nonetheless said he intends to veto the bill, though the pressure to renegotiate the contracts is increasing from all sides.
We'll report back on signing deadlines for bills passed on as part of the "emergency" session.
Bottom line: Today's deadline for regular session bills does not apply to SB18xx, or to other emergency session bills.

Best,
Jeff


Mark - I believe our Real Time group is sending your group a spreadsheet
outlining all of the trades they do on behalf of EES each day. The first two
deals - 544537 and 544544 - should be included in that sheet. The only deals
recorded in the sheet I send are fixed price (and sometimes Dow Jones
index-forward) day-ahead trades done by the EPMI Short Term California desk.

The third deal - 553219 - is in EnPower at the correct price of $133.23. The
worksheet price was not updated from the day before, but it's been corrected.

The fourth deal - 553219 - again is a Real Time deal. It looks like it was
entered on 3/19 for 3/19 HE 1. It's a deal for 25 MW, not 150 MW, at $175.00.
I'm not quite sure why EES thinks this deal should be in for HE 1-6 on 3/16.
If you have any more information, please send that along to Bill Williams III
and me.

I hope this helps. Let me know if you have anymore questions.

Thanks,
Kate

Mark Confer
03/22/2001 06:40 AM
To: Kate Symes/PDX/ECT@ECT
cc: Virginia Thompson/PDX/ECT@ECT

Subject: EES Worksheet Question

Kate, these deal we believe my just need to be updated on your schedule.  If
you can please take a look and let me know.

1) 3-11-01 Buy 544537.1 not on your schedule

2) 3-11-01 Sell 544544.1 not on your schedule (Kate this one may not be part
of the schedule)  What all goes on it?

3) 3-15-01 Sell 550208.1 Price $133.23, Per EES the schedule is at $113.07

4) 3-19-01 Buy 553219.1 0-6 150 mwh @ $175.00 ST-Hourly, EES has this as a
real time deal on 3-16 @ $125

Thanks,

Mark


1.   Met with Ron Tapscott, Jim Studdert and Scott Laidlaw, primary subject
insurance claim status.  Scott Laidlaw gave Jim a letter from Siemens in
which Siemens says the generator is a total loss (or cost to repair is
greater than a new one).   Jim will use this to give to the adjustor to get
the survey and adjusting process going again.   Jim needs a point of contact
at Westinghouse to get access to the generator and get it unboxed for the
adjustor to look at.   The generator that is shown in the report is the 2nd
generator in the hold and is not ours.  Apparently our generator has not been
unboxed and thus not directly observed.   Rumor has it that the water line is
not as high on the Enron box as it was on the box of the generator that is
not Enron's.

In my conversation with Mark T this morning I asked him for the name and
telephone number of the Westinghouse point of contact for the adjustor so
that the adjustor can arrange to see the generator.   He stated he would have
SW PM provide us that point of contact.   I will sent Mark an Email reminding
him of such.

At the risk of making anyone or everyone nervous- but I think it is important
for everyone to understand, I believe getting the pay-out value from the
insurance adjustor is a vital element of the Calpine- SW deal.   If the
adjustor comes back with something less than the replacement value (other
than the deductible) because he asserts that the generator was not (as a
result of the water- but is now because it sat in a box unattended) a total
loss, or presently is not  viewed as a total loss then SW will go to full
battle stations asserting the loss occurred when Enron had risk of loss and
damage.

2. Mark T and I talked status.    Mark T asked if we thought that Calpine
would buy the Unit.   Mark T indicated that he spoke with Mike Costa and per
Mike C SW is one to two days away from reaching a deal with Calpine on the
Nov Unit.   I queried Mark on whether SW has other customers for the Nov
Unit.   He was properly evasive, indicated that SW did not, but said
opportunities always come along.  Mark T indicated he questioned whether the
April delivery would work for Calpine- he agreed that an April delivery of
the generator would get them on line in time, but as he saw it he wondered if
Calpine had an engineer in line to build the plant.   In the midst of the
conversation he wondered whether NEPCO would even have the capacity to get it
on line given other work.   I  am not sure whether that was a deliberate
query to see if we were interested in having NEPCO build the plant.

Ben  Summary of conversation-  if we Enron as sure we have a sale with
Calpine, then I think Mark was saying we can do the deal.   I think the ball
is our court to flush out Calpine  (am I spelling it correctly?)- within the
next 24 to 48 hours.

3.  Update on expedited shipment by air.   Cost would be in the order of
magniture of $275,000  +/-  (versus $30- $50K by vessel) , problem- latest
information is that as configured it will not fit on an airplane.  We had
people looking to see if anything can be taken off the generator to get it on
the airplane.   I mentioned this to Mark T, he questioned airplane transport
in that he felt SW transportation people would have already suggested it.

4.  Ron and James.   I queried Mark T to determine whether  SW had gone after
the shipper.  I put it in the context that we did not want to inadvertently
upset what SW might be doing with the shipper.  He did not know.  I doubt we
will get any information on that front.


This was great -- and I saw myself in a number of these!!  It must be too
long -- but that is who I am right now!  --Sally


Nedre:

We have interviewed four candidates so far and may be able to decide on one
of them - the group will be meeting early next week to discuss everyone's
reactions to the interviews.  If you have other resumes we would be happy to
look at them - my own view is that while these candidates would be OK, they
are not superstars (like the person we are losing).

Mark

	From:  Nedre Strambler                           04/21/2000 10:35 AM

To: Mark Taylor/HOU/ECT@ECT
cc:
Subject: candidates

Mark,

I was wondering how close you and your group are to making a decision
on the Paralegal position.   I know you have seen some candidates.  Would you
like
to continue to see more or do you want to choose from the pool that you have
already seen?

I haven't heard much feedback (evaluation sheets or email) from the
interviewing group, and
I need to know what you all think of the candidates.  Please let me know
where we are at your
earliest convenience.

Thanks,
Nedre Strambler
31659


Monica,

Please remove me from your distribution list.  I have moved to another job.

Thanks,
Robin


Attached is the TW Weekly for February 15, 2002.

Jan Moore
X53858


-----Original Appointment-----
From: 	Dozier, Melissa
Sent:	Wednesday, May 23, 2001 10:00 AM
To:	Dozier, Melissa; Arnold, John
Subject:	Interviews Wednesday May 30, 2001 2 - 6PM  - Trading Track Interviews
When:	Wednesday, May 30, 2001 2:00 PM-6:00 PM (GMT-06:00) Central Time (US & Canada).
Where:	TBD


Something to brighten your day!  And remember to keep in touch!

******************************************************************************************

Jake, the rancher, went one day to fix a distant fence.
The wind was cold and gusty and the clouds rolled, gray and dense.

As he pounded the last staples in and gathered tools to go,
The temperature had fallen and the snow began to blow.

When he finally reached his pickup, he felt a heavy heart,
From the sound of that ignition, he knew it wouldn't start.

So Jake did what most of us would do, if we'd have been there.
He humbly bowed his balding head and sent aloft a prayer.

As he turned the key for the last time, he softly cursed his luck.
They found him three days later, frozen stiff in that old truck.

Now Jake had been around in life, and done his share of roamin'.
But when he saw Heaven, he was shocked - it looked just like Wyomin'.

Of all the saints in Heaven, his favorite was St. Peter.
[Now, this line, it ain't needed but it helps with rhyme and meter.]

So they set and talked a spell or two, or maybe it was three,
Nobody was keeping' score--- in Heaven time is free.

"I've always heard," Jake said to Pete, "that God will answer prayer,
But one time I asked for help, and, well He just plain wasn't there.

Does God answer prayers of some, and ignores the prayers of others?
That don't seem exactly square - I know all men are brothers.

Or does he randomly reply, without good rhyme or reason?
Maybe, it's the time of day, the weather or the season.

Now I just ain't trying to act smart, it's just the way I feel,
And I was wonderin', could you tell me - what the heck's the deal?"

Peter listened very patiently and when Jake was done,
There were smiles of recognition, and he said, "So, you're the one!

That day your truck wouldn't start, and you sent your prayer a flyin',
You gave us all a real bad time, with hundreds of us a tryin',

A thousand angels rushed to check the status of your file,
But you know, Jake - - - we hadn't heard from you in quite a while.

And though all prayers are answered, and God ain't got no quota,
He didn't recognize your voice... and started a truck in South Dakota.

So, remember to keep in touch!

*********************************************************************************************


Start Date: 1/22/02; HourAhead hour: 6;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

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Jeffrey,

We all have so much to thank God for! My wife and I will be away this coming
week and so permit me to now take this opportunity to wish you and yours a
truly great Thanksgiving holiday!

Our predictive dialer has evolved into a world-class computer-telephony
server. Users may now easily add advanced inbound and call blending
functionality, voice monitoring, voice recording, automated messaging, touch
tone and interactive voice response (IVR), as well as email and web
integration capabilities. And being all on the same box eliminates so many of
the interface and support complexities associated with other alternatives.

Our strong growth and product enhancements continue unabated. Our
network-wide Graphical Manager and Dynamic Campaign Builder (DCB) are setting
entirely new thresholds of effectiveness and productivity! Also, we have just
made yet another release of our Graphical Manager software and will now also
shortly be releasing an even more expansive version of DCB.

We continue to add customer success profiles. You can view and print these
(and others) from www.noblesys.com under 'Customers'.

Jeffrey, please advise whenever I can be of any assistance to you and/or your
associates.

Again, Happy Thanksgiving!

Dan Donaldson
Noble Systems Corp.
407-248-3400, 888-434-2537


Buffalo

"Captain Norway" <gordongecho@hotmail.com> on 04/26/2001 10:41:49 AM
To:	hsalisbu@enron.com
cc:

Subject:	Stanley Cup Pool

Pick one winner in the following series.

EAST
Pittsburgh vs. Buffalo
Toronto vs. New Jersey

WEST
Los Angeles vs. Colorado
St. Louis vs. Dallas

the following people are still in the pool.

Everyone but myself and MARK are still in the pool.

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


Can you check and make sure this is the correct counterparty on this deal?
We did a deal in February (#533916) with a little different name.  Also we
will need a counterparty contact.

Thanks!


Dear Kate,

We are now ranking the findings - red or yellow.  Since these need to be done
immediately, I suggest that they are red findings.

Regards

Kate Agnew
08/15/2000 01:59 PM
To: Shona Wilson/NA/Enron@Enron, Donna Lowry/HOU/ECT@ECT, Richard
Lauer/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Wes Colwell/HOU/ECT@ECT, Ted
Murphy/HOU/ECT@ECT
cc: John Sorrells/AA/Corp/Enron@ENRON

Subject: Mariner Doorstep Report

Attached is the Mariner Doorstep Report.  Jim Brown indicated that the action
dates for the three findings should be immediately, we decided that October 1
was a realistic deadline for implementation.  Please let us know any comments
or questions.

Thank You
Kate


agree with contango story .   cash to futures pretty bullish but a picture
where agressive inj now are bearish later.  so curve should flatten.  also
back of curve (cal2,3) under a lot of pressure now.  customers will be buying
all the way down and will get fucked just like last year.  contango has been
under considerable pressure even with the front falling...any rally should
result in those snapping in to 4.  good scalp in my opinion.
definitely seeing your side on the $5 level.  surprised we havent gotten more
demand back as we sit at these lower levels.
off to cabo today for a long weekend.  kind of exhausted at work right now so
a much needed break.

slafontaine@globalp.com on 03/15/2001 07:50:59 AM
To: John.Arnold@enron.com
cc:
Subject: Re: utilites?

i wud think apr shud also start to find support from contangos, storage
players,
ie pretty attractive contangos given the bullsih mkt sentiment, and spec a
little short will eventually roll. i bullspd a little little at 5.5 just for a
scalp. if cash converges which it shud as we fall in px then shud see sprds
find
support at the 5-6 ct level/month? ?
    other than that-im still bearish-5 bucks not sustainable longer term and
nothing yet telling me otherwise. economy and oil curve also not going to help
ngas. buying 4.00 summer puts
  thanks for comments on utilites-i'll bet they buy all the way down but i
think
theyll have so much gas coming at em if we stay at these levels the mkt will
ultiamtely force em to back down.
  in ny yest and today-saw the red hot chili peppers last nite , was awsome,
small place about 1000 fans,maybe for a charity. also here for some of those
covert operations we talked about a while back. wkup.