Northwest Natural In Talks With Enron Over Portland Utility
The Wall Street Journal, 10/05/01

NW NATURAL CONFIRMS TALKS REGARDING PORTLAND GENERAL ELECTRIC
PR Newswire, 10/05/01

Enron in Talks to Sell Oregon Utility to Northwest Natural Gas
Bloomberg, 10/05/01

UK: Enron in talks to sell Portland to Northwest-WSJ.
Reuters English News Service, 10/05/01
Enron in talks to sell Portland General to Northwest Natural - report
AFX News, 10/05/01
Enron Considers Selling Utility Unit to Northwest Natural for $1.8 Billion
Dow Jones Business News, 10/05/01
Enron May Sell Portland for $2.8 Billion, WSJ Says (Update3)
Bloomberg, 10/05/01

USA: Northwest Natural increases quarterly common div.
Reuters English News Service, 10/05/01
Enron to eliminate 500 jobs in Europe
Houston Chronicle, 10/05/01
UK's BG Says Purchase Of Enron India Assets In Jeopardy
Dow Jones International News, 10/05/01
INDIA PRESS: Enron Offshore Field Sale To BG May Fail
Dow Jones Energy Service, 10/05/01
British Gas unlikely to get operatorship
Financial Express, 10/05/01
INDIA: India Tata to finalise Enron bid in 3 wks - papers.
Reuters English News Service, 10/05/01
INDIA PRESS: BSES Won't Buy Enron's Stake In Dabhol
Dow Jones International News, 10/05/01
Tata Power seeks 3 weeks to firm up Dabhol offer
Business Standard, 10/05/01
Tata Power, Enron set for time-bound talks on DPC stake sale
Financial Express, 10/05/01
Moody's Modi on Tata Power Plan to Buy Enron Unit: Comment
Bloomberg, 10/05/01

UK: Enron to cut up to 10 pct of European workers-WSJ.
Reuters English News Service, 10/04/01

Northwest Natural In Talks With Enron Over Portland Utility
By Wall Street Journal staff reporters Robin Sidel, Rebecca Smith and Nikhil Deogun

10/05/2001
The Wall Street Journal
B2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enron Corp. is in advanced discussions to sell its Portland General Electric utility unit to Northwest Natural Gas Co. for about $1.8 billion in cash and stock in a highly leveraged transaction that would eventually give Enron a minority stake in Northwest, according to people familiar with the matter.
The discussions are at a very delicate stage, and some important points need to be finalized, these people caution. The current environment could also make financing such a transaction quite difficult, and board approval isn't a certainty. However, should the two sides agree to terms, a deal could be announced in the next few days. Northwest Natural is also expected to assume roughly $1 billion in debt.
Enron and Northwest Natural declined to comment.
If a transaction is consummated, it would come nearly six months after the collapse of Enron's agreement to sell the utility to Sierra Pacific Resources. That transaction fell apart in part because of the California energy crisis.
A purchase of Portland General would be a very big bite for Northwest Natural, which has a market capitalization of just $650 million and supplies natural gas to more than 500,000 residential and business customers in Oregon and Vancouver, Wash. Portland General is an electric utility serving more than 1.4 million customers in Oregon.
The deal would bring together two Oregon utilities whose executives and employees know each other well. Richard G. Reiten, Northwest's chairman and chief executive, was president and chief operating officer of Portland General between 1989 and 1996, and also served on its board.
By buying a utility, Northwest would hope to have more bargaining power in its gas purchases, enabling it to buy more product and store it when prices are cheap. A deal would be accretive to Northwest's earnings, people familiar with the matter say. And the financial risk for Northwest Natural is somewhat muted because Enron is helping to facilitate and finance the transaction by agreeing to take common stock and convertible preferred stock in Northwest Natural in addition to cash. Northwest Natural would finance the transaction with debt and equity offerings.
Shares of Northwest Natural were trading up $1.04 at $25.99 in 4 p.m. composite trading on the New York Stock Exchange, while Enron stock was down 39 cents a share at $33.10.
For Enron, a deal with Northwest Natural would be the latest twist in a five-year ordeal that was supposed to help the nation's biggest energy trader break into California's deregulating electricity market. But the utility business proved less valuable than anticipated when Enron was prevented from selling off utility contracts that enabled it to buy electricity cheaply. And California's market developed serious problems last year that made it a less attractive place for Enron to do business.
Enron, which also owns a major gas-transmission pipeline system, has a history of buying assets and businesses, learning what it can from them, and then selling off the bulk of physical assets so it can reinvest capital elsewhere.
It isn't clear where Enron will put the capital to work that it garners from the sale. Its broadband telecommunications business is in the doldrums and it recently said it would invest $250 million in it this year, down from a formerly projected $750 million.

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

NW NATURAL CONFIRMS TALKS REGARDING PORTLAND GENERAL ELECTRIC
2001-10-05 08:39 (New York)

(The following is a reformatted version of a press release issued by NW Natural
and received via fax. The release was confirmed by the sender.)

October 5, 2001

NW NATURAL CONFIRMS DISCUSSIONS REGARDING PORTLAND GENERAL ELECTRIC

PORTLAND, Ore. - Northwest Natural Gas Company (NYSE: NWN) ("NW Natural"), in
response to press reports, today confirmed that it is engaged in discussions
with Enron Corp. (NYSE: ENE) regarding a potential acquisition by NW Natural of
Enron's wholly-owned subsidiary, Portland General Electric Company (PGE). There
can be no assurances that any transaction will result from these discussions,
NW Natural does not intend to make any additional comments regarding this matter
unless and until a formal agreement has been reached.

Enron in Talks to Sell Oregon Utility to Northwest Natural Gas
2001-10-05 08:37 (New York)

     Houston, Oct. 5 (Bloomberg) -- Enron Corp., the largest
energy trader, is in talks to sell its Portland General Electric
utility to Northwest Natural Gas Co., more than five months after
a planned sale to Sierra Pacific Resources collapsed.

     Northwest didn't give a price in a faxed statement. The Wall
Street Journal put the potential price at $2.8 billion in cash,
stock and assumed debt, citing unidentified people familiar with
the matter. Enron spokesman Mark Palmer declined to comment.

UK: Enron in talks to sell Portland to Northwest-WSJ.

10/05/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 5 (Reuters) - U.S. energy group Enron Corp is in advanced talks to sell its Oregon-based Portland General utility to Northwest Natural Gas Co for $1.8 billion, the Wall Street Journal's online edition reported.
Citing people familiar with the matter, it said talks were at a delicate stage and financing could be a problem for Northwest, which has a market value of only about $650 million.
But a deal could be announced in the next few days with Northwest assuming also some $1 billion of debt, it said.
Earlier this year, Enron's plans to sell Portland to Sierra Pacific Resources Corp broke down amid the California power crisis.
In the aftermath of that deal's collapse, industry sources said Britain's Scottish Power Plc , which owns another Oregon-based utility PacifiCorp, had also held talks to buy Portland.

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

Enron in talks to sell Portland General to Northwest Natural - report

10/05/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Enron Corp is in advanced discussions to sell its Portland General Electric utility unit to Northwest Natural Gas Co for about 1.8 bln usd in cash and stock, the Wall Street Journal reported, citing people familiar with the matter.
The highly leveraged transaction, under which Northwest Natural is also expected to assume roughly 1 bln usd in debt, would eventually give Enron a minority stake in Northwest.
The discussions are at a very delicate stage. The current environment could make financing such a transaction quite difficult, and board approval is not a certainty.
But should the two sides agree to terms, a deal could be announced in the next few days, the Journal said.
Enron and Northwest Natural declined to comment.
jms For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

Enron Considers Selling Utility Unit to Northwest Natural for $1.8 Billion

10/05/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enron Corp. is in advanced discussions to sell its Portland General Electric utility unit to Northwest Natural Gas Co. for about $1.8 billion in cash and stock in a highly leveraged transaction that would eventually give Enron a minority stake in Northwest, people familiar with the matter told The Wall Street Journal.
The discussions are at a very delicate stage, and some important points need to be finalized, these people caution. The current environment could also make financing such a transaction quite difficult, and board approval isn't a certainty. However, should the two sides agree to terms, a deal could be announced in the next few days. Northwest Natural (NWN) is also expected to assume roughly $1 billion in debt.
Enron (ENE) and Northwest Natural declined to comment.
If a transaction is consummated, it would come nearly six months after the collapse of Enron's agreement to sell the utility to Sierra Pacific Resources. That transaction fell apart in part because of the California energy crisis.
A purchase of Portland General would be a very big bite for Northwest Natural, which has a market capitalization of just $650 million and supplies natural gas to more than 500,000 residential and business customers in Oregon and Vancouver, Wash. Portland General is an electric utility serving more than 1.4 million customers in Oregon.
The deal would bring together two Oregon utilities whose executives and employees know each other well. Richard G. Reiten, Northwest's chairman and chief executive, was president and chief operating officer of Portland General between 1989 and 1996, and also served on its board.
By buying a utility, Northwest would hope to have more bargaining power in its gas purchases, enabling it to buy more product and store it when prices are cheap. A deal would be accretive to Northwest's earnings, people familiar with the matter say. And the financial risk for Northwest Natural is somewhat muted because Enron is helping to facilitate and finance the transaction by agreeing to take common stock and convertible preferred stock in Northwest Natural in addition to cash. Northwest Natural would finance the transaction with debt and equity offerings.
For Enron, a deal with Northwest Natural would be the latest twist in a five-year ordeal that was supposed to help the nation's biggest energy trader break into California's deregulating electricity market. But the utility business proved less valuable than anticipated when Enron was prevented from selling off utility contracts that enabled it to buy electricity cheaply. And California's market developed serious problems last year that made it a less attractive place for Enron to do business.
Shares of Northwest Natural were trading up $1.04 at $25.99 in 4 p.m. composite trading on the New York Stock Exchange, while Enron stock was down 39 cents a share at $33.10.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Enron May Sell Portland for $2.8 Billion, WSJ Says (Update3)
2001-10-05 06:34 (New York)

Enron May Sell Portland for $2.8 Billion, WSJ Says (Update3)

     (Adds sale of oil field in India in sixth paragraph.)

     Houston, Oct. 5 (Bloomberg) -- Enron Corp., the largest
energy trader, is in advanced talks to sell its Portland General
Electric utility unit to Northwest Natural Gas Co. for about $2.8
billion in cash, stock and assumed debt, the Wall Street Journal
said, citing unidentified people familiar with the matter.

     Houston-based Enron ``is getting close to another
transaction'' involving Portland General, Chief Executive Kenneth
Lay said at a conference in New York last month. Enron spokesman
Mark Palmer wasn't immediately available to comment.

     Enron has been trying to sell the utility for more than a
year as it focuses on trading. A $3.1 billion sale to Sierra
Pacific Resources collapsed in April because the California power
crisis made it hard to win approval. Northwest Natural Gas serves
more than half a million Oregon and Washington residents.

     Enron shares declined as much as 2.5 euros, or 6.6 percent,
35.5 ($33) in Germany. They've have fallen 60 percent this year
and dropped 1.2 percent to $33.10 in U.S. trading yesterday.

     Some terms of the transaction, which includes about $1.5
billion in assumed debt, still need to be completed, the newspaper
said. An agreement on the sale of the Portland, Oregon-based
utility may be announced in the next few days, the Journal said.

                          Shift in Focus

     Enron earlier this week agreed to sell oil and natural-gas
fields in India to U.K.'s BG Group Plc for $388 million as it
moves away from owning assets such as power plants and pipelines
to concentrate on trading and brokering energy and other
commodities.

     At a price of $2.8 billion, Portland General would fetch 1.2
times sales for Enron, less than the average of four times revenue
paid for U.S. utilities this year, Bloomberg data show.

     Mergers and acquisitions in the energy industry surged at the
start of the year as electricity and natural-gas prices reached a
record high. Since then, prices of power and gas have slumped, in
turn deterring companies from making purchases.

     U.S. natural-gas prices, after reaching a record high at the
end of last year, have since plunged 76 percent to $2.413 for each
million British thermal units on the New York Mercantile Exchange.

     Portland General, which Enron bought in 1997 as a platform to
sell power into California's deregulating market, has 725,027
customers in 51 cities, according to the company's Web site.
Portland, Oregon-based Northwest Natural said in July second-
quarter profit more than doubled to $4.3 million amid cooler
weather and customer growth.

USA: Northwest Natural increases quarterly common div.

10/05/2001
Reuters English News Service
(C) Reuters Limited 2001.

PORTLAND, Ore., Oct 5 (Reuters) - Northwest Natural Gas Co. , a utility serving Oregon and Washington, on Friday said its board has increased the company's quarterly dividend on its common stock to 31.5 cents from 31 cents a share.
All dividends, including regular quarterly dividends on the company's outstanding series of preferred and preference stock, will be paid Nov 15 to shareholders of record on Oct 31, Northwest Natural said in a statement.
Chairman and Chief Executive Richard Reiten said the higher dividend is supported by the company's positive financial outlook including solid customer growth, additional earnings potential from the natural gas storage and electric generation markets, and continuing cost savings.
The Wall Street Journal's online edition, citing people familiar with the matter, reported on Friday that energy group Enron Corp. is in advanced talks to sell its Oregon-based Portland General utility to Northwest Natural for $1.8 billion.
A spokesman for Northwest Natural, which serves about 530,000 customers in western Oregon and southwest Washington, could not be immediately reached for comment.
Shares of Northwest Natural climbed $1.04, or 4.17 percent, to $25.99 on Thursday.

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

Oct. 5, 2001
Houston Chronicle
Briefs: City & State
Enron to eliminate 500 jobs in Europe
LONDON -- Enron Corp. plans to cut 500 jobs in Europe, about 10 percent of its work force there, according to the company's chief executive in Europe, John Sherriff.
The cuts are the first significant retrenchment by Houston-based Enron since it arrived in Europe in 1989. Enron has been the most aggressive U.S. energy company to expand into Europe's deregulating markets, but its core energy trading businesses have been held back by the slow progress toward market liberalization in the European Union.

UK's BG Says Purchase Of Enron India Assets In Jeopardy

10/05/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LONDON -(Dow Jones)- U.K. oil and gas company BG Group PLC (BRG) Friday said a disagreement has broken out that threatens to scuttle its $388 million acquisition of the Indian upstream assets of Enron Corp. (ENE), the U.S. energy group.
Company spokesperson Nicole McMahon said BG's goal of acquiring Enron's operatorship of the offshore Tapti gas field and the Panna/Mukti oil and gas field was being challenged by the fields' two other partners - state-owned Oil & Natural Gas Corp. (P.ONG) and Reliance Industries Ltd.(P.REL) - which jointly hold a 70% stake in the assets.
The Indian government wants ONGC and Reliance to have first option on operatorship, which was being pursued by both companies, an Indian newspaper reported Friday.
When the transaction was announced Wednesday, BG made it clear it would walk away from the deal if it didn't get outright operatorship.
McMahon said negotiations are continuing with ONGC and Reliance who "have both expressed interest in being the operator of both fields."
"We believe we have the relevant skills and experience to be the operator," she said. She didn't, however, confirm that BG will pull out of the deal if didn't inherit Enron's operatorship of both Tapti and Panna/Mukti fields, located off India's west coast.
"We would have to assess the reasons and the outcomes and consider our options," she said
She said a decision will be made by the end of October.
BG has portrayed the purchase of Enron Oil and Gas Ltd., or EOGIL, as significant, both boosting the group's global hydrocarbon production by up to 7%, and diversifying its distribution and pipeline interests in the fast-growing Indian energy market.
About 1018 GMT, BG Group shares were flat at 272.75 pence.
-By Michael Wang, Dow Jones Newswires; +44-20-7842-9386; michael.wang@dowjones.com

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

INDIA PRESS: Enron Offshore Field Sale To BG May Fail

10/05/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- U.S.-based Enron Corp.'s (ENE) plan to sell its 30% stake in two offshore oil and natural gas fields to British Gas India Pvt. Ltd. may fall through, the Economic Times reports.
British Gas India is a unit of U.K.-based oil and natural gas company BG Group PLC (BRG).
According to the report, the Indian government has made it clear that the existing equity holders - Oil & Natural Gas Corp. (P.ONG) and Reliance Industries Ltd. (P.REL) - will have the option to decide on the operatorship of the field once Enron exits.
ONGC and Reliance together hold a 70% stake in the joint venture exploration project and have claimed operatorship rights over the Panna-Mukta and Tapti oil and gas fields located in India's western coast.
But British Gas India, which Wednesday announced its plans to take over Enron's offshore interests for $388 million, has made it clear that the deal would fall through if it didn't get the operatorship.
"The governments role is restricted to that of a facilitator. Enron has written to us regarding their decision to exit and the new deal struck with British Gas," the report says, quoted India's Petroleum and Natural Gas Minister Ram Naik.
"However, it is for ONGC and Reliance who are existing equity holders to take a decision on the operatorship," Naik said.
Naik said BG and Enron have struck the deal keeping in mind the existing condition and the possible consequences. "It is for them to find a solution," Naik said, according to the report.
Newspaper Web site: www.economictimes.com

-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dowjones.com

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

British Gas unlikely to get operatorship

10/05/2001
Financial Express
Copyright (C) 2001 Indian Express Newspapers (Bombay) Ltd.; Source: World Reporter (TM)

New Delhi, Oct 4: BRITISH Gas, which has bought Enrons stake in Panna-Mukta-Tapti oil and gas fields for a consideration of $388 million, is unlikely to get operatorship rights of the Panna, Mukta and Tapti oil and gas fields.
The whole deal may then fall apart as transfer of the operatorship rights for these fields was set as a major condition precedent by British Gas for acquiring Enrons 30 per cent stake in the oil venture.
Speaking to newspersons, petroleum minister Ram Naik said that British Gas would not have the first claim of becoming operator of Panna-Mukta-Tapti fields by just buying out Enrons stake. Enron is one of the partners in the in the joint venture oil property along
with Reliance Industries and
Oil and Natural Gas Corporation (ONGC).
\"Even before the deal was clinched, all the three joint venture partners i.e., ONGC, Reliance and Enron had entered into an agreement according to which, if the operator company quits the
joint venture, the first right of refusal lies with the other two partners.
Therefore, the option of becoming operator in the oil property is with the remaining two partners in the joint venture,\" Mr Naik said.
British Gas India CEO Nigel Shaw told The Financial Express that the company would not accept anything short of full operatorship right. On being asked whether rotatory operatorship would be acceptable to the company, he said, \"No. It is too messy.\"
Mr Shaw had stated on Wednesday that the deal with Enron, to be transacted by October end, would fall through if it was not given the operatorship of these oil and gas field.
Mr Naik said that ONGC, which holds a 40-per cent stake in these fields had staked its claims in these fields much before the deal was sealed between Enron and British Gas.
Asked on the role of the government in the controversy, Mr Naik said that the Centre will act as a facilitator to help the joint venture companies reach an agreement.

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

INDIA: India Tata to finalise Enron bid in 3 wks - papers.

10/05/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, Oct 5 (Reuters) - India's Tata Power Co will finalise a bid in three weeks for U.S. energy giant Enron Corp's 65-percent stake in troubled Dabhol Power Co, newspapers said on Friday.
Officials at Tata Power , India's largest private utility, were not immediately available for comment.
Earlier this week, Tata managing director Adi Engineer told Reuters the company was in preliminary talks to buy Enron's controlling stake in Dabhol Power, which runs a $2.9 billion power project on India's west coast.
A Dabhol spokesman said he had no comment.
Dabhol's 740-MW generator in Maharashtra has been shut since June after its sole buyer, a loss-making local utility, stopped purchasing power and defaulted on payments.
Enron then stopped work on a near-complete second phase generation unit that would have increased production capacity to 2,184 MW.
The Financial Express said Indian lenders, who have an exposure of $1.4 billion to the project, will also finalise a revival package in three weeks.
On Thursday representatives from the Industrial Development Bank of India (IDBI) , the largest lender to the project, met finance ministry officials.
Tata Power shares were down 3.16 percent at 93.60 rupees in early afternoon trade while the Bombay index was off 0.27 percent.
The Hindu Business Line said the government had agreed in principle to a set of concessions suggested by the lenders to make the project viable.
It said these included allotting special distribution zones which would buy at least half the power generated by the project's 1,444 MW second phase.
The daily said this would involve ending the state-owned National Thermal Power Corporation's 1,400 MW sale of power to Maharashtra.

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

INDIA PRESS: BSES Won't Buy Enron's Stake In Dabhol

10/05/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- India's BSES Ltd. (P.BSX) won't buy U.S. energy company Enron Corp.'s (ENE) 65% stake in Dabhol Power Co., reports the Business Standard.
BSES told the Bombay Stock Exchange it has no interest in the 2,184-megawatt Dabhol due to the "uneconomical parameters of the project," the newspaper said.
Costing $2.9 billion, Dabhol, located in the western Indian state of Maharashtra, is the single largest foreign investment in India to date. Newspaper Web site: www.business-standard.com

-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dowjones.com

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

Tata Power seeks 3 weeks to firm up Dabhol offer
Our Economy Bureau NEW DELHI

10/05/2001
Business Standard
1
Copyright (c) Business Standard

Tata Power is expected to firm up its offer for buying foreign equity in Dabhol Power Company in three weeks.
The Indian lenders to the project, which will meet the Centre after three weeks, have asked for a heavy discount on the equity besides several concessions for taking over the $2.9 billion power project, government officials said.
Tata Power had earlier informed the lenders that it would require four weeks from the time discussions were initiated with Enron for buying its equity in Dabhol.
At a meeting with the finance and power ministry officials here today, Indian financial institutions led by Industrial Development Bank of India (IDBI) said that payment by the prospective buyer for 85 per cent held by Enron, GE and Bechtel be made in instalments.
Enron had earlier proposed to sell the foreign equity to domestic lenders in three instalments of 40 per cent, 50 per cent and 10 per cent extending up to January 1, 2003. Indian institutions have an exposure of over Rs 6,000 crore to the 2,184 mega watt project.
Indian lenders have said that the dispute between all the stakeholders should be resolved before the sale of foreign equity. They have also suggested that the new promoter be provided relief like lowering the interest rate on borrowings, according DPC mega power project status and tax concessions. IDBI chairman PP Vora said after the three-hour long meeting that the lenders have been asked to explore alternatives and revert to the Centre after three weeks. Sources said that during the period, Indian lenders would prepare the roadmap for revival of the project. Negotiations with other possible suitors would also be initiated, they added.
The institutions have said that the sale of equity be directly negotiated between Enron and the prospective buyers. While BSES has finally decided not to go ahead with its plans to take over DPC, National Thermal Power Corporation has said the project was not economically viable for it. Akin to Godbole Committee recommendations, the institutions have also recommended conversion of dollar-denominated debt to rupee loans to prevent tariff escalation. With DPC having already initiated arbitration proceedings against Maharashtra State Electricity Board (MSEB), the Indian lenders would also look at the legality of sale while the issue was sub-judice.
Today's meeting, convened by finance secretary Ajit Kumar, was attended by power secretary A K Basu, Vora and other senior executives from IDBI, ICICI, IDFC and State Bank of India apart from government officials.

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

Tata Power, Enron set for time-bound talks on DPC stake sale

10/05/2001
Financial Express
Copyright (C) 2001 Indian Express Newspapers (Bombay) Ltd.; Source: World Reporter (TM)

Mumbai, Sept 28: Tata Power and Enron are understood to be close to an agreement on entering into time-bound negotiations for Tata Power to buy Enrons stake in the troubled Dabhol Power Company (DPC). A time-frame is being talked about in this connection, wherein no other party would be talked to and discussions would take place only between the two sides.
Industry sources said the Industrial Development Bank of India (IDBI), which is acting as a major facilitator to the stake sale, is a key player in the agreement between Tata Power and Enron. Discussions on the sale of the equity would directly take place between Tata Power and Enron, the sources said.
Tata Power managing director Adi Engineer confirmed his meeting with the Enron India managing director K Wade Cline in the presence of IDBI chairman PP Vora on Thursday. "We have had a preliminary meeting where both the parties were apprised of the situation. We will have to wait for further developments," he added.
According to sources, a time-bound agreement between Enron and Tata Power would provide an easy access to the various deals which Enron had struck at the time of commencment of work on the 2,184 mw Dabhol project. Tata Power would have to look into over 500 documents related to the Dabhol project and do the due deligence before giving a concrete offer to Enron.
Tata Power, in a bid to expand its presence across the state, is also keen to hold hard, bargaining over the "acceptable" tariff of the project which would have to be restructured. Investment banking major JM Morgan Stanley, which is understood to be advising the Tatas on the deal, has already swung into action and has started collecting necessary back-up information from various sources including the Maharashtra State Electricity Board, for Tata Power.
While no comment was available from Enron on the issue, financial institution sources said: "Tata Power is interested in talks. It is a good thing if things work out between the two sides." JM Morgan boss Nimesh Kampani had no comments to offer to The Financial Express when asked about the developments.
The FIs, led by IDBI, had been keen that they would play the role of facilitator in the sale of the Enron stake in DPC, since huge sums of money are stuck in the project for the borrowers. While even BSES Ltd was being mentioned earlier as one of the contenders, the company does not seem inclined to proceed with it now. That leaves Tata Power as the chief contender for the stake sale.
The FIs are also expected to play a role in roping in a partner for the LNG facility which is to be hived off. The names of some of the gas majors like British Gas, BP, Shell, Reliance in addition to the state-run Gas Authority of India (Gail) are being mentioned as potential partners in this connection, the sources said. The FIs are clear that any discussion on the LNG facility will have to include the new sponsor of the project.

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

Moody's Modi on Tata Power Plan to Buy Enron Unit: Comment
2001-10-05 06:20 (New York)

     Mumbai, Oct. 5 (Bloomberg) -- Chetan Modi, an analyst with
Moody's Investor's Services in London, speaks on plans by Tata
Power Ltd. to bid for Enron Corp's India unit, Dabhol Power Co.

     Tata Power is India's biggest power producer and has bonds
worth $240 million trading overseas. The bonds are rated at two
levels below investment grade by Moody's, at ``Ba2'' or same as
the country's sovereign rating.

     ``Its inevitable for Tata Power to be interested in buying
Dabhol. Power is their core business and they have the expertise.
I'd be surprised if they weren't interested.

     ``Tata Power management told us they've indicated an interest
but have had no formal discussions with Enron.

     ``We will look at the deal holistically if -- and that's a
big if -- Tata decides to buy Dabhol and its implications on the
company's finances, its debt levels.

     ``We don't see a need to flag (Tata's) bonds as nothing has
happened yet. Dabhol is a big project and the problem will take a
long time to resolve. There are a number of players involved and
all are adamant not to take a haircut.

     ``From Tata Power's point of view the tariff has to be
adjusted to a level that's accepted by its customers without
external supports. The project must stand on its feet.''

     Enron wants to sell Dabhol because of a payment dispute with
the Maharashtra State Electricity Board, its sole customer. MSEB
stopped buying the power in May, saying it was too expensive. It
owes Dabhol $64 million in unpaid bills.
     Dabhol unit is India's biggest foreign direct investment.

UK: Enron to cut up to 10 pct of European workers-WSJ.

10/04/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 5 (Reuters) - Enron Corp N) is looking to cut its work force in Europe by up to 10 percent, or around 500 jobs, in a move to cut costs and maintain earnings growth, the Wall Street Journal reported on Friday.
"We have around 5,000 employees in Europe and we are seeking to cut our headcount here by between 5 percent and 10 percent, but we will aim as far as possible to achieve this through a program of voluntary severance," John Sherriff, chief executive of Enron Europe told the newspaper.
The cuts are the first significant retrenchment by Enron since it arrived in Europe in 1989.
Enron has been the most aggressive U.S. energy company to expand into Europe's deregulating markets, but its core energy-trading businesses have been held back by the slow and piecemeal progress toward market liberalisation in the European Union, the paper reported.
The company declined to be more specific about how far it would scale back individual product lines or coverage of certain geographical areas, the Wall Street Journal said.
"Enron's business continues to grow in Europe in terms of traded volumes and numbers of transactions, but like any company we are constantly seeking ways to do more with less in order to maintain earnings growth," Sherriff told the paper.

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


Guys, how are the business units doing on the "talent pipeline" since we have
put this on auto-pilot?  Is HR still providing resumes?

Regards
Delainey


The meeting will be held in 3125A from 1:30 to 2:30.

D

Daren J Farmer
02/09/2000 01:51 PM
To: Gary A Hanks/HOU/ECT@ECT, Clem Cernosek/HOU/ECT@ECT, Thu
Nguyen/HOU/ECT@ECT, Howard B Camp/HOU/ECT@ECT, Aimee Lannou/HOU/ECT@ECT,
George Grant/HOU/ECT@ECT
cc:
Subject: Midtex

Please plan on meeting at 1pm on Thursday to continue discussions on the
Midtex line.  I will let you know the location when it becomes finalized.

D


I'm home today (Michael has strep again), but I will check email and you can
call me at home.  This is a good start!  Bear with AR, and call me about
Barbara.  Sheila knows all she needs to know.

ckm

ps YIPPPEEE!!!!


I checked into exercising options with Smith Barney, but Enron has some kind
of exclusive with Paine Weber.  I am starting to exercise now, but I am going
to use the proceeds to buy another apartment complex.
 What do you think about selling JDSU and buying SDLI?
 Also can you look at EOG as a play on rising oil and gas prices.

Thanks,

Phillip


----- Forwarded by Sue Nord/NA/Enron on 01/19/2001 05:45 PM -----

	Lara Leibman@ENRON COMMUNICATIONS
	01/15/2001 01:27 PM

		 To: Sue Nord/NA/Enron@Enron
		 cc:
		 Subject: EBS Connected

fyi.
----- Forwarded by Lara Leibman/Enron Communications on 01/15/01 01:32 PM
-----

	Internal Newsroom
	Sent by: EBS Announcements
	01/12/01 05:21 PM

		 To: All EBS Worldwide
		 cc:
		 Subject: EBS Connected

Market Close 1/12/01
70 7/16 + 1

Bandwidth Intermediation
(through 1/5/01)

YTD Transactions              24
Counterparties                  4

LTD Transactions          231
Counterparties                 31

January 12, 2001

SUNDANCE ONLINE FILM FESTIVAL
Enron Broadband Services will be sponsoring the first ever Sundance Online
Film Festival (SOFF), an exciting new addition to the popular Sundance Film
Festival in Park City Utah, January 18-28, 2001. The online festival will
feature dynamic works such as animation, documentary and interactive pieces
specifically designed for the Web. The Sundance Institute, a nonprofit
organization, is recognized for promoting innovative, independent film
projects and is promoting the Web as the next exciting new venue for
presenting these creative ideas.  To read more about Enron's participation in
the Sundance Online Film Festival, click here.

UPDATES ON PRC & BONUS
The Enron Year-End Performance Review Committees (PRC) concluded on January
9.  Employees should expect review meetings with supervisors in the coming
weeks.  If necessary, employees can take the initiative to schedule the
review with their manager.  Verbal notification of bonuses and compensation
increases should begin on January 26, and bonus checks will be distributed on
February 5.

EBS EMPLOYEE JOINS BUSH ADMINISTRATION
Quincy Hicks, manager in EBS Public Relations, has recently left the 45th
floor of the Enron Building for the East Wing of the White House.  Quincy has
been named the future First Lady's director of scheduling.  Prior to joining
EBS, Quincy had worked as chief of staff for First Lady Barbara Bush
following her White House years.  First Lady Elect Laura Bush is reportedly
filling her White House staff with veterans from her mother-in-law's
administration.

HOLIDAY HELPERS
EBS once again displayed its giving spirit.  During the month of December,
Kevin Hannon led a group of EBS volunteers to SEARCH, an organization that
responds to the needs of the homeless by providing them with job training,
housing, education, and medical support.  EBS volunteers wrapped and
presented holiday gifts to SEARCH clients.  The gifts, donated by EBS,
included jackets and other cold weather clothing.

To celebrate the season in Portland, the EBS office housed the Giving Tree.
The tree was decorated with tags bearing children's holiday wishes.  EBS
employees were able to select a tag and fulfill a child's wish.  The tree was
picked clean, and more than 125 gifts were sent to children at the Morrison
Center, a family services organization that focuses on breaking the cycle of
abuse.

EBS employees make a difference in their communities everyday in different
ways, including volunteering and donations to their favorite charities.
Enron has made it even easier for our employees to make a difference through
the Matching Gifts and Volunteer Incentive Programs (VIP).  Click here to
read more on Enron's giving programs.

EBS WELCOMES NEW EMPLOYEES

Surgient Networks Secures $57 Million in Second-Round Funding
Cisco Systems and Enron Broadband Services top the list of investors

Surgient Networks, an innovative company with a new architecture for content
delivery network applications, has received $57 million in second-round
funding as it moves ahead with its product development and planned deployment
in mid-2001.

Trade Route
As bandwidth prices plummet, some telecom players are betting on electronic
trading platforms to bring efficiency to the market.

For Kevin Hannon, chief operating officer of Enron Broadband Services,
falling bandwidth prices are welcome news.  With bandwidth becoming a
perishable commodity and prices in a free fall, the only hope for telecom
carriers is a trading platform where bandwidth can be bought and sold for
future delivery.  That way, they can hedge against price fluctuations and
quickly unload surplus bandwidth.  Enron is building such a platform.

The Longest Last Mile

...Processing power of PCs and set-top boxes in homes is increasing.  And
companies like Enron Broadband Services, Akamai Technologies, and Inktomi are
installing servers and routers all over the country to minimize the length of
fiber a movie must travel to get to the living room -- the so-called last
mile...

HOLIDAY TIME
  Enron offices will be closed January 15th in observation of Martin Luther
King, Jr. Day.


---------------------- Forwarded by John Hodge/Corp/Enron on 05/10/2001 01:20 PM ---------------------------

John Hodge
04/06/2001 03:22 PM
To:	Chris Germany/HOU/ECT@ECT, Scott Goodell/Corp/Enron@ENRON, Ruth Concannon/HOU/ECT@ECT
cc:

Subject:	Spreadsheets for TCO Parking and Lending


Stevens-

I just spoke to Stacy Dickson and she confirmed that the contract was mailed
out a week ago.  She will e-mail it to Molly and mail it again regular mail.
Sorry for the delay.

Susan


---------------------- Forwarded by David W Delainey/HOU/ECT on 11/28/2000
09:04 PM ---------------------------

	Enron de Mexico

	From:  Max Yzaguirre @ ENRON                           11/28/2000 08:15 PM

To: David W Delainey/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT, Ozzie
Pagan/HOU/ECT@ECT, Doug Gilbert-Smith/Corp/Enron@ENRON, Drew
Tingleaf/NA/Enron@Enron, Marc Sabine/NA/Enron@ENRON, Peggy
Banczak/HOU/ECT@ECT, Webb Jennings/HOU/ECT@ECT, Elizabeth
Johnston/NA/Enron@Enron
cc:
Subject: DeAcero

FYI, the DeAcero PPA was signed by David Gutierrez this evening.  Thanks to
each of you for all of the hard work and creativity so far - it's been a
pleasure working with this team and I look forward to continuing to do so as
we fill up the rest of the interconnect.

Best regards - Max


--------- Inline attachment follows ---------

From:  <Shawn Ridge <shawn@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>, Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>
Date: Wednesday, January 16, 2002 9:21:53 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <Shawn Ridge <shawn@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>, Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>
Date: Tuesday, January 15, 2002 10:29:59 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <Shawn Ridge <shawn@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>, Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>
Date: Monday, January 14, 2002 9:42:26 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <Shawn Ridge <shawn@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>, Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>
Date: Friday, January 11, 2002 8:21:55 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <Shawn Ridge <shawn@apbenergy.com>@ENRON>
To: Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>, Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Thursday, January 10, 2002 9:58:30 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <Shawn Ridge <shawn@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>, Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>
Date: Wednesday, January 9, 2002 9:19:34 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <Shawn Ridge <shawn@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>, Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>
Date: Tuesday, January 8, 2002 10:37:43 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <Shawn Ridge <shawn@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>, Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>
Date: Tuesday, January 8, 2002 1:46:55 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>, Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>
Date: Monday, January 7, 2002 1:50:38 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>, Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Friday, January 4, 2002 1:50:15 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>, Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Thursday, January 3, 2002 2:36:55 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Thursday, December 27, 2001 9:47:59 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Thursday, December 27, 2001 2:42:12 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>, Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Friday, December 21, 2001 6:56:39 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>, Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Friday, December 21, 2001 1:33:26 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Rabon, Chance </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CRABON>, Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Wednesday, December 19, 2001 6:57:33 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Tuesday, December 18, 2001 6:36:30 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Monday, December 17, 2001 2:03:00 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Thursday, December 13, 2001 1:39:19 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Tuesday, December 11, 2001 10:21:58 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Tuesday, December 11, 2001 2:13:48 GMT
Subject:

 -----Original Message-----
From: 	Greg Holtgrave
Sent:	Tuesday, December 11, 2001 9:08 AM
To:	Greg Holtgrave
Subject:	enequotes.xls

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Friday, December 7, 2001 6:23:52 GMT
Subject:

 -----Original Message-----
From: 	Greg Holtgrave [mailto:greg@apbenergy.com]
Sent:	Thursday, December 06, 2001 5:19 PM
To:	'Jonathan.Mckay@enron.com'
Subject:	updated 12/6/01 enequotes.xls

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Thursday, December 6, 2001 10:04:38 GMT
Subject:

 - enequotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Wednesday, December 5, 2001 9:44:54 GMT
Subject:

 - enronQuotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Monday, December 3, 2001 10:48:41 GMT
Subject:

 - Quotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
CC: greg@apbenergy.com
Date: Monday, December 3, 2001 10:47:13 GMT
Subject:

 - Quotes.xls

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Tuesday, December 4, 2001 11:23:12 GMT
Subject:

 - winmail.dat

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Tuesday, December 4, 2001 11:23:12 GMT
Subject:

 - winmail.dat

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Monday, December 3, 2001 11:02:41 GMT
Subject:

Jon:

Please review the following.  Let me know if you have any questions.

Greg

 - winmail.dat

--------- Inline attachment follows ---------

From:  <"Greg Holtgrave" <greg@apbenergy.com>@ENRON>
To: Mckay, Jonathan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JMCKAY1>
Date: Friday, November 30, 2001 1:14:00 GMT
Subject:

Jon:

I will  be more thorough as we continue to provide this service.

Thanks,
Greg

 - Quotes.xls


&The future is something which everyone reaches at the rate
of 60 minutes an hour(whatever he does, whoever he be.8  - C.S. Lewis

Watch the Enron Building lobby on Tuesday, April 24th, from 11:30am to 1:00pm
for information on innovative and futuristic technology!

Featuring:
Dr. Peter Bishop, Professor and Chair of the Future Studies Graduate Program
at the University of Houston
Mr. Clay Anderson, Astronaut at NASA
Gadgets & Gizmos by Oxford Technologies
Robotic Display by Students from Yates High School

Special Afternoon Workshop - 1:30pm to 3:30pm
"Images of Enron in 20208 with Dr. Peter Bishop & Amy Oberg
Join Amy Oberg with EES and Dr. Peter Bishop, Chair & Professor of the
University of Houston's Future Program,
to imagine Enron in the year 2020.  Attendees will actively engage in this
participatory workshop with the final summary
to be shared with Mr. Skilling's office.  "Futures tools" will be utilized to
consider Enron's characteristics, culture,
businesses and the world environment and participants will explore how the
future might play out for Enron.
The results of this session will be shared with Mr. Skilling's office.  RSVP
to Jessica at x31918 - space is limited

Word of the Day
prescience \PREE-shuns; PREE-shee-uns\, noun:
Knowledge of events before they take place; foresight.


Chris Ahn
Enron Power Marketing, Inc.
T: (713) 345 3613
F: (713) 646 8055


Thank you, Marcia.

	Marcia A Linton
	10/10/2000 02:57 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Conference Call re: Commissioner Massey's Questions

---------------------- Forwarded by Marcia A Linton/NA/Enron on 10/10/2000
02:56 PM ---------------------------

Marcia A Linton
10/09/2000 02:25 PM

To: Steve Walton/HOU/ECT@ECT, Tom Hoatson/HOU/EES@EES, Tom
Mcnamara/EFS/EES@EES, Dan Staines/HOU/ECT@ECT@ENRON_DEVELOPMENT, James D
Steffes/NA/Enron@Enron, Tom Delaney/Corp/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON
cc: Jeff Brown/NA/Enron@Enron
Subject: Conference Call re: Commissioner Massey's Questions

A conference call has been set up for Wednesday, October 11 at 10:45 am
Central time to discuss a response to Commissioner Massey's questions at the
Edison Electric Institute meeting.  The call in number is 877-322-9648, Host
Code (for Jeff only) is 620623, Participant Code (for everyone else) is
601911.  Conference room EB-47C1 has been reserved for this call.

If you have any questions regarding this call, please give me a call at Ext.
33226.

Thanks,
Marcia


Per my voicemail, the attached confirm is still a moving target with the tax
lawyers, I'll be in touch once we resolve the tax language.


FYI...please for my sanity, lets try and keep these to a minimum in the
future.  Thanks.
PL

P.S.  Thanks in advance for all of your help for me today and tomorrow.

---------------------- Forwarded by Phillip M Love/HOU/ECT on 01/25/2001
02:00 PM ---------------------------

Jeffrey C Gossett
01/25/2001 01:46 PM
To: Kam Keiser/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Phillip M
Love/HOU/ECT@ECT
cc: Hunter S Shively/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT
Subject: Killing physical deals

We have had a few recent instances where deals have been unwound in TAGG and
not in Sitara.  This, has,  in all cases resulted in a negative financial
impact.  Going forward,  no long-term physical deals will be unwound without
my signature,  and that of the physical trader responsible for trading the
area for which the deal was done.  Also,  all unwind tickets will require
the old TAGG and Sitara deal number to be written on the ticket.


This is the first file of avails for Devon production for Sept.  I'm sure
more will follow.

Thanks,
Beverly

---------------------- Forwarded by Beverly Beaty/HOU/ECT on 08/25/2000 01:09
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Steve Holmes" <Steve.Holmes@dvn.com>
08/25/2000 11:35 AM

To: <Beverly.Beaty@enron.com>, <Clarissa.Garcia@enron.com>
cc: "Cynthia Cantrell" <CantrellC.ACCT_MKT.DVNPRI@dvn.com>
Subject: September 2000 Availabilities

The attached reflects first of the month availabilities for September 2000.
I will send a revised copy with final numbers as soon as I am aware of any
changes.

Thanks,
Steve

 - EnronAvails0900.xls


Andrew,

I have an interview at 8:30. A meeting
at 8:00 on Friday would work for me. I can delay he interview
if we need more time.

Vince

Andrew Miles@ENRON
09/27/2000 10:56 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Meeting

Great Vince!

Thanks for replying.  This idea is really snowballing and we're getting a lot
of support - I can't wait to talk to you about it.  Are you available somtime
early in the morning on Friday?  Maybe around 8:00 or 8:30?

I'm attaching a one-page executive summary for you to look at if you get a
chance.

Looking forward to your reply,

Andrew

Vince J Kaminski@ECT
09/27/2000 08:29 AM
To: Andrew Miles/NA/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Meeting

Andrew,

I shall be glad to meet and discuss the project. It sounds intriguing.

Vince

Andrew Miles@ENRON
09/22/2000 01:34 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Meeting

Hi Vince!

Maybe you remember me, my name is Andrew Miles and we worked together on a
speech for Jeff Skilling this past July.  I am hoping that I can get on your
calendar for 30 minutes next week.  I have been working with 3 other Enron
employees for the past 6 months, developing a comprehensive innovation
acceleration process for use by potentially all Enron employees - and we
would really appreciate your input.  We have presented the idea to quite a
few people in the company, and some outside of the company (Strategos
Institute), all of which have really liked the idea and provided key input.
Many people have suggested that we run the idea by you.

If you have some time next week, would you mind allowing me to explain our
ideas to you?  I will follow up with a telephone call.

All the best,

Andrew


?
 - palmbeachvoter.jpg


Adrianne,

Thanks

Vince
-----Original Message-----
From: Engler, Adrianne
Sent: Wednesday, August 22, 2001 12:13 PM
To: Kaminski, Vince J
Subject: Jill Schoenemann

Good Afternoon Vince,

The HR Associate & Analyst program received Jill Schoenemann's resume from Beth Perlman earlier this month.

I spoke with Jill to discuss the program with her and conveyed to her that compared with other candidates, she would be suited more as an analyst.  Currently, we are only hiring at the Associate level.  I also told Jill that the HR Associate/Analyst program was not the only way to begin a career in HR with Enron.  Jill will be one of the first we consider when we are hiring at the Analyst level later this year.

Thank you for your further recommendation of a great candidate.  I will let you know when we are seeking to hire more HR Analysts.

Kind Regards,

Adrianne Engler
HR Analyst
713-345-7302


<http://mail.enron.com/exchweb/img/tool-send.gif>

If you are participating in the Bowl Pool, copies of the pool can be picked up in front of the trading reception desk.

Good Luck!


Here is our draft of the transaction description for the privatization of the
electrical distribution system at Edwards AFB.  Please edit to ensure that
the description matches what Edwards intends to do and email to me.  We will
use your edited version to characterize the transaction to the CPUC.

Thanks,
Bill Gang


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


Wes, I noticed that Laura Scott is not on the list for non-commercial VP
candidate but Georgiana and Sherman were - did you change your mind?

I think you have until the 4th to put up your candidates.

Regards
Delainey


Print Sale Think presents!  Today (12/4) you can take advantage of the Rice
University Art Department's Annual Print Sale!
 From 9:00 a.m. to 7:00 p.m., you may visit Room 201 at Sewall Hall on the
Rice campus.  Available items will include
 etchings and lithographs by Rice University students and faculty, as well as
prints from TEMBO Studios, Flatbed
 Press-Austin, and the University of Houston printmaking students.  Artists
Services will be present to assist with
 your framing needs and all proceeds benefit the art departments of Rice
University and the University of Houston.

Holiday Party at The Museum of Fine Arts Houston invites all Enron employees
to the 14th Annual Corporate Partners Holiday
the MFA! Party to celebrate the partnership of business and the arts.  Stroll
through exhibitions, sample a selection of delicious
 desserts, and enjoy festive holiday entertainment with your family.  Create
your own holiday craft and have a keepsake
 photograph taken of you and your family!  RSVP at 713-639-7585 and mark your
calendars for:

 Tuesday, December 12
 7:00 p.m. to 9:00 p.m.
 The Museum of Fine Arts - Caroline Wiess Law Building
 1001 Bissonnet

Galleryfurniture.com Enron is a proud sponsor of the Galleryfurniture.com
Bowl!  Come out and witness the bowl fever as it hits Houston
Bowl! on December 27 at the Houston Astrodome.  Come watch the Big XII
Conference face off against Conference
 USA.  All proceeds from ticket sales will go to AIDS Foundation Houston
(AFH) Investment of a Lifetime program,
 which benefits Houstonians with life threatening illnesses.  For more
information contact Greg Grissom at
 ext. 58741.

Vision Fair  SEARCH is having a Vision Fair every day this week from 8:00
a.m.-noon and needs volunteers for the morning
Volunteers! to take information from clients.  No previous screening
experience is necessary.  If interested contact Stefani Harris at
sharris@searchproject.org.

Texas Children's The Department of Social Work at Texas Children's Hospital
is looking for individuals, families, or departments that
Hospital Sponsorship would be interested in sponsoring needy
families/children for the holiday season.  If you would like to sponsor a
family,
 contact Veronique Vaillancourt at vsvailla@texaschildrenshospital.org or at
832-824-1967.

Enron Kids Gift It's time to bring in the wonderful gifts for your special
Burrus Elementary student.  Gift dropoff will occur at the Enron
Drop-off Building Lobby on December 4-8, from 11:00 a.m.-1:00 p.m.  To
volunteer with the Gift Drop-off, contact Geneva
 Davis (ext. 35517) or Lesli Campbell (ext. 35983).

Enron Kids Vans will be provided to transport sponsors beginning at 10:00
a.m. in front of the Enron Building - no reservations
Holiday Party! required, first come first served.  If you are on a tight
schedule that day, you may want to drive or carpool with friends to
 the school.  Maps and directions will be available at the Gift Drop-off
tables this week in the lobby.

Blood Drive Over 23,040 people need blood each day...You can help by donating
blood at the Enron Blood Drive
 on Thursday, December 7, from 7am-4pm in EB5C2.  Contact the Health Center
at ext. 3-6100 to schedule an
 appointment.  Walk-ins are welcome!

Flu Vaccine If you would like a flu shot, please email
Health_Center@enron.com.  You will be notified by email when the
Update vaccine is available.


Jaimie,
Did you get me as one of the 13?  If not, pls add me to your list.

Mike Yates
Peden/Stanford

-----Original Message-----
From: Jaimie Evans [mailto:evanscj@swbell.net]
Sent: Friday, March 01, 2002 9:25 AM
To: EMCA
Subject: *EMCA* sign-up for EMCA Citizen Patrol

Thanks for your interest and response to the previous message about the
EMCA Citizen Patrol.  About 13 people have volunteered to participate so
far.  In order to make this a successful endeavor we need around 20
people to show up for the introductory meeting.  More would be better as
there is always a natural attrition rate.

If we as a neighborhood sincerely want something like the Citizen Patrol
to become a reality then we are going to require the participation of
more than the usual people who come out for everything.  This is a
commitment to the security of our neighborhood.  Thugs and scum don't
care if you rent or own, if you've paid your dues or not.  If you are
interested in making this happen then you need to arrange your schedule
and your priorities and step up to the plate.

If we don't get the 20 people we need at the introductory meeting then
the Citizen Patrol will be a no go until someone else decides to bring
it up again.

Those of you who are holding back, please give it some thought.

regards,

Jaimie Evans

To unsubscribe from this group, send an email to:
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Phillip,
The Price Report file will display the information in the same columns as it
does on the site, so the format  should be the same.  I don't think it is a
problem to get it to the O:/ drive by 2:30.  The price reports will start
going to the folder on Monday, February 5.

To make things easier for now, is there a folder that you already have access
to on the O:/ drive that we can have this file sent to everyday?  Please let
me know when you get a chance, so we can get that folder name into the
scripts.

Thanks.
Julie
3-4890

Phillip M Love
01/23/2001 03:52 PM
To: Julie Ferrara/HOU/ECT@ECT
cc:
Subject: Re: EOL Gas Prices

Thanks for your help.  This sounds like a good fit for us.  The only issues I
have or need addressed is for this file to have the same name and have the
curves in the same cells so that we can just link to the file in our curve
file.  The other concern is that the data be there by 2:30 p.m.
everyday(prices for the next gas day).  Thanks so much for your help.
PL


fyi.

 -----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com]
Sent:	Thursday, December 27, 2001 10:22 AM
Subject:	Market Area IT Availability - January 1, 2002

December 27, 2001

To:	Transcontinental Gas Pipe Line Corporation Customers
	and Shippers

Re:	Market Area IT Availability - January 1, 2002

The available interruptible transportation service (IT and
secondary FT) on Transco for pipeline day Tuesday, January
1, 2002 and continuing until further notice is summarized
as follows:

Tier I and Tier II (only Sta. 90 through
Sta. 180 affected)					0   MDt/day

South Virginia Lateral Compressor Station 167	144 MDt/day

Tier III (Station 180 through East)			0   MDt/day

Leidy at Centerville Regulator Station
(Only deliveries downstream of Centerville
regulator affected)					100 MDt/day

Linden Regulator Station
(Located in Union County, New Jersey)		100 MDt/day

Mobile Bay Lateral			   		162 MDt/day

The above available interruptible transportation service
refers to deliveries into the affected area that have
receipts upstream of the bottleneck or affected area.

If you have any questions, please call John McGrath at (713)
215-2514 or Donna C. Long at (713) 215-4061.

J. E. McGrath
Manager
Operations Planning


Mike,

What is the status of the list we compiled a few months ago?  I had a few
items on that list, but I can't remember the details now.  Since I don't deal
with Unify as much as I used to, the only thing that I can remember is:

We need to add a column with the initials of the schedulers responsible for
each meter.

D


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Thanks very much, Rosalee.  Have a nice evening.

Best,
Jeff


Hey Colleen, how are thing going?  I haven't talked to you in a while.

I was trying to tie out a transportation deal in the books with my transport
model.  I found that the transportation spreadsheet that the books are being
closed out with was valuing extrinsic value over what my model valued it.  I
reconciled the differences and the main difference was due to the blending of
the volatilities.  I brought this problem up back in October of this year.
Do you remember?   When I talked to Greg Couch today, those changes were not
made.  I think that it is an issue with all the transportation deals.

The problem is related to the number of days that is used to weight the
daily/omicron volatility.  Basically, transportation is a daily spread option
and if you look at a month like November for instance, you have 30 different
daily options.  If you were to look at the number of days that the
daily/omicron volatility should be used you would have the first option with
1 day of daily vol, the second with 2 days of daily vol, the third with 3
days of daily vol and so on and so on.  The average number of days that
should be used to weight the daily/omicron volatility is 15 or the number of
days in each particular month divided by 2.  The transportation spreadsheet
is weighting that volatility with the total number of days in the month.
This usually overstates the extrinsic value since that the daily/omicron
volatility is usually higher than the monthly volatility.

Please let me know what you would like me to do.  I have a call into Zimin to
make sure that my logic is correct.  Thanks.

John Griffith
x.36247


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[IMAGE]


David:
Thanks so much.  I'd almost given up hope.  I will be distributing the
proposal immediately and attempting to garner support industry-wide, across
the nation.  Can't make any promises of support, but will be working hard to
try to bring people together.  I'll be in touch soon.  Don't hesitate to
contact me to discuss it further.  415.782.7822.

Best,
Jeff


The attached files (provided by Don Bender) contains key points from
three options for the conversion to 1.4 that was discussed at the
October 25th RMS meeting.  Please review these options with your
company.  We have an RMS workshop scheduled on October 31st and November
1st to come to consensus on the final conversion plan.  I will be
forwarding under separate email, the information that I have received
from Trish and Connie on the questions they have and information that
they would like to see.
 <<Version 1.4 Conversion Options.doc>>

Nancy A. Hetrick
Enron Corp.
Director, Government Affairs
Phone:  712-366-3399
Pager:   888-912-1426

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************

 - Version 1.4 Conversion Options.doc


Hey Martin this is Vassigh Willy D's friend.
I just started a project here at Enron this week.

I am working with the Global Settlements group on the 18th floor.

My phone extension is 5-8679 just thru tomorrow.  I am out of the office Thur and Friday and will get my permanent seat next week.

This project is going thru at Least Next August - so we should go to lunch sometime.

Let me know

Late
Brian


I'll get Kathleen to do it, as she has my current favorite form.  Thanks
anyway.

Kay

From: Sheila Tweed@ECT on 02/26/2001 06:03 PM
To: Kay Mann/Corp/Enron@ENRON
cc: Ed B Hearn III/HOU/ECT@ECT

Subject: Re: CA - Onondaga

The sale of the cash flow interest is a new deal that I am not working on and
I think that the CA that Fred needs is to cover bidders for the purchase of
the cash flow interest.  I will get Ed to prepare the CA if you wish.


Huh??  I'm confused.

Gabriel Monroy
11/16/2000 10:45 AM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Re: Shreveport

Hey hey,  I am here almost submitting a bid for this company and I am not
complaining.

Gabriel


You have received this message because someone has attempted to send you an e-mail from outside of Enron with an attachment type that Enron does not allow into our messaging environment. Your e-mail has been quarantined and is being held at the MailSweeper server.

Sender:
Date:  Tue, 15 Jan 2002 22:03:04 -0600 (CST)
Subject:  Warning: could not send message for past 12 hours
Attachment Type: Scenarios/Incoming/Inbound URL Catcher: A filename matching the file mask was detected: '~~dlnk0.url'.
Scenarios/Incoming/Inbound URL Catcher: A filename matching the file mask was detected: '~~dlnk1.url'.

If the intended email is of valid business-related content and you believe it requires Enron resources to retrieve it, you may call your Help Desk and ask to have it released from quarantine and delivered to your e-mail Inbox. Your message will be scanned and checked for viruses prior to requested release.  If it contains a virus or there is reason to suspect it is malicious code, it will not be delivered.

North American Resolution Center: 713 853 1411
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EES Help Desk: 888 853 9797
ETS Solution Center: 713 345 4745 (Houston) or 402 398 7454 (Omaha)

Please DO NOT reply to this address as it is not a monitored system mailbox.


Jana:  I would definitely like to have an analyst start as soon as possible.
Let me know what the procedure is (i.e. do I interview, will an anlyst just
be assigned to me, etc.)  I had already talked to Mason Hamlin before, and he
opted for another rotation, although he was perffectly acceptable to me.  So
let me know what I need to do and when I could expect an analyst.  Also, a
new hire analyst is acceptable.  Thanks.


don't want you to feel left out
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/22/2000 11:15
AM ---------------------------

"George Kutzschbach" <gkutzschbach@fulbright.com> on 12/22/2000 10:57:51 AM
To: kent.shoemaker@ae.ge.com, peterthompson@akllp.com, Kay.Mann@enron.com,
lee.johnson@ss.ps.ge.com
cc: DPedigo@INTERGEN.com

Subject: CA Devel I & II Facilityl Agreements

Although InterGen has not completed its review of the Facility
Agreements, at Kay Mann's suggestion and to expedite matters, I am
passing on changes which InterGen requires with respect to Sections
17.3(a) and 17.4.1 of both Facility Agreements:

1.  Section 17.3(a) should be revised to read as follows:

"promptly refund the Maximum Liability Amount (less any unpaid portion
of the Purchase Amount) and pay Cover Damages plus Termination Costs
described in Sections 17.4.2(i) and 17.4.2(iv) described below; or"

2.  The third and fourth sentences of Section 17.4.1 should be revised
to read as follows:

"If the Maximum Liability Amount (less any unpaid portion of the
Purchase Amount) is greater than the Proper Scope Value, the difference
between such amount and the Proper Scope Value (the "Refund Amount")
shall be settled between the parties in accordance with Section 17.4.4
below.  If the Maximum Liability Amount (less any unpaid portion of the
Purchase Amount) is less than the Proper Scope Value, the difference
between such amount and the Proper Scope Value (the "Scope Value Due")
shall be settled between the parties in accordance with Section 17.4.4
below."

It is InterGen's understanding that the Purchase Amount is currently
$1,829,000, subject to adjustment by future change orders, and that the
amounts previously paid plus the Purchase Amount are equal to the
Maximum Liability Amount of $14,352,000, subject to adjustment by future
change orders.  It is essential to InterGen that CA Development I and CA
Development II receive credit for the amounts previously paid and that
they not be required to go outside of the Facility Agreement to
determine such amounts.

George Kutzschbach
713-651-3702


---------------------- Forwarded by Carey M Metz/HOU/ECT on 06/13/2000 08:13
AM ---------------------------

"Maillet, Lisa" <LMaillet@anpower.com> on 06/13/2000 07:42:32 AM
To: Enron-Carey Metz <carey.m.metz@enron.com>, Peter Ash <PAsh@anpower.com>,
"PG&E-Biggs, Brian" <brian.biggs@gt.pge.com>, Sally Manning
<SMANNING@anpower.com>, Trey Christensen <TChristensen@anpower.com>,
TXU-David Avila <davila1@txu.com>, Vivian Liedtke <VLiedtke@anpower.com>
cc:
Subject: Midlothian forecast

 <<061300 short.xls>>

13th = 57,000
14th = 59,000

 - 061300 short.xls


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/29/99
10:13 AM ---------------------------

"Martin Jermakyan" <martin@electrapartners.com> on 12/27/99 11:12:06 AM
Please respond to "Martin Jermakyan" <martin@electrapartners.com>
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: An edited version

Dear Vince,

Attached please find an edited and slightly complemented version of my
paper.  I am being told that it will be included in the March issue of
Energy and Power Risk Management, which is going to be devoted to the
subject of power trading.  Your comments will be much appreciated.

Regards,
Martin

 - powerisk3.doc


Dan,

We may change the wire transfer to a check.......I am trying to find out why
they don't want to use the wire transfer option.
On section 5, I do not want to add the proposed sentences.
Section 8, I am explaining to WestPort that this would only be done fo good
and reasonable cause.
Section 9, Do we have a problem making the assignment language bi lateral??
Section 11, I am trying to find out why they want to add the sentence.

Mike

	Enron North America Corp.

	From:  Dan J Hyvl @ ECT                           12/21/99 07:28 AM

To: Michael J Legler/HOU/ECT@ENRON
cc:
Subject: Re: Westport

Mike,
 Are we sticking with wire transfer as the method for payment?  I assume that
we are.
 Section 5 Pressures -  Is there any need to include the two sentences they
proposed at the end of that section?  I assume there is not.
 I see no need to make any of the changes proposed in Sections 8,  9 & 11.
Do you agree?
 Assuming you are okay with the above I have attached a revised contract both
red-line and clean for your review.

Michael J Legler@ENRON
12/20/99 02:49 PM
To: Dan J Hyvl/HOU/ECT@ECT
cc:
Subject: Re: Westport

Dan,

The breakout of $0.20 for field gathering, $0.15 for compression plus actual
fuel and shrink, and $0.15 for Ft. Union gathering works for me.

The last line of Section 2.1 is a problem. We cannnot guarantee a Feb 15.
date. I would like to put that we will endeavor to install the facilities as
quickly as conditions allow after the required permits are received by Enron
.
Section 4.2 - I don't agree with 90 days......I would settle on 45 days.

In the General Terms and Conditions definitions we need to leave dehydrator
fuel and dehydrating terms in under Equivalent Quantities and Gathering.
Under Quality the 6% by volume of total inerts must stay.

Let me know what you have a problem with.

Thanks,
Mike

	Enron North America Corp.

	From:  Dan J Hyvl @ ECT                           12/20/99 12:25 PM

To: Michael J Legler/HOU/ECT@ENRON
cc:
Subject: Re: Westport

Yes,  Let me know if you agree with their breakout of the fee components.
20/15/15.  If so I will change the agreement back and incorporate their other
changes for comment.

Michael J Legler@ENRON
12/20/99 11:17 AM
To: Dan J Hyvl/HOU/ECT@ECT
cc:
Subject: Westport

Dan,

Westport will go along with breaking up the service into field gathering,
gathering and compression.
Let me know where to go from here.
Is this just a matter of changing everything back the way it was with the
exception of the Gathering Fee section and responding to their other changes?

Mike
303-575-6488


Mr. Nemec,

Here are copies of the decline letters I sent for your Summer Law Clerk
(req.# 108117)

Sorry, it has taken so long in getting these letters out.

Jennifer Whitney
X54717


(Connie Burns in Bill Hogan's office 617-495-1318)  Lunch will be served.


I did some checking with the settlements group.  Our experience has
been that they pay what we bill and they struggle to bill us.  We have had
to sent payment detail numerous times.  They have a hard time applying cash
and have billed as late because of system problems.

Looks like an oppuntunity.

thanks

bob


Progress

Working Group 1 (WG1) -- Forward Contracts
An interim report was prepared from the work done in the various subgroups
(attached)
By tomorrow, will have the final ready for the "principals" meeting
tentatively scheduled for Saturday.
Final will include draft RFP, very agressive schedule ending with contracts
signed by 1/31/01, draft standard contract, utilities' unmet load projected
for 15 years,  and description of four products: 24x7; 6x16; capacity with
monthly take or pays; and swing capacity.
The group will likely recommend two simultaneous RFP processes: (1) Davis'
proposal -- what term and volume will you give me for 5.5 cents; and (2) bids
with their own pricing and terms to meet the utilities' needs.

Working Group 2 (WG2) -- Utility Debt
Working on a forbearance agreement
No more information out of that group
Enron in attendence; Houston credit people on Friday.

QF Group
This group met for the first time Thursday evening.
Expected to try to negotiate less volatile (and lower) QF prices using
long-term gas tolling agreements.

Status of Major Issues from Long-Term Contracts

MAJOR ISSUE FROM WEDNESDAY:  Utilities revealed late on Wednesday that they
want the State to assume the role of their portfolio manager and claimed that
this had been their idea all along.  In their view, the utilities provide a
forecast and the State takes on the entire risk of meeting the unmet load of
the utilities. Rest of attendees oppose this approach.  No progress made.
Kind of Auction or RFP -- Seems to be resolved as discussed above.
Absence of Any State Officials -- Continues to concern participants.
Everyone standing firm that no deal can be struck without State buy-in and
relief from litigation and investigations.

Next Steps

WG1 reconvenes at 9am Friday to finish its report and work products.
Apparent joint meeting with WG2 at 10:00 am.
QF Group reconvenes at 2pm
Treasury and others will assess whether Saturday meeting with "principals"
(CEOs, Governore) should take place. Tentatively planned for 3:30 pm.


Start Date: 4/27/01; HourAhead hour: 12;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042712.txt


no poblem - i enjoyed it as well.  let's do it again sometime

	Enron Capital Management

	From:  David Baumbach                           11/27/2000 10:27 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Thanks again for the golf on Wednesday.  It was a lot of fun.

Dave


A 1/2-hour MAIN Board of Directors conference call to approve the ARTO
contract is scheduled for Monday, October 29, 2001 at 7:00 a.m CST.  Please
dial 1-800-860-2442 and give the operator the company name (MAIN) and the
host name (Richard Bulley).

R. A. Bulley


Carol I'm having trouble with a few counterparties who, like Enron require an
exclusion of "consequential" losses. Currently under our ETA  the exclusion
for  liability consequential losses/damage only applies to Enron. There is
however, a mutual exclusion of limitation of libility in the GTCs and our
ISDAs. The major issue  I see is to ensure that we are covered for trades
that are performed by persons with a password obtained through the
counterparty. If we cover that point have we some scope to exclude the
indemnity we require  from applying to  loss of profits?

"Creek, Peggy" <pcreek@ue.com.au> on 06/05/2000 04:56:36 PM
To: "David Minns (E-mail)" <david.minns@enron.com>
cc:

Subject: FW: Enron Agreement

David

Further to the Electronic Trading Agreement, hopefully the following can
move us closer to a resolution.

To summarise the position:
* I agree that we need to replace the deemed ISDA Agreement.  Please
forward a copy of the Schedule for our review.
* UE agrees to acknowledge a letter from Enron stating that the Deemed
ISDA Agreement is a master agreement for the purposes of the ETA.
* You have stated that counterparties can control their access to
Enron products, UE agrees to control the access to EnronOnLine so that at
this stage, UE only trades with Enron Australia Finance for Australian power
traders.  Prior to trading in other products, UE will ensure that a master
agreement is in place with the relevant Enron entity.
* With respect to Section 4(b) of the ETA, UE cannot agree to include
consequential losses.  As we have indicated before, we do not believe that
this is a risk which should be borne by UE, rather it is a risk that is
better dealt with by Enron in their insurances covering business disasters
etc.  Would it assist if further definition was included for consequential
loss to tighten this definition?  This would be along the lines of excluding
loss of profits etc.

Unfortunately this consequential loss clause appears to be holding trading
up.  If Enron is unable to agree to this amendment we may need to seek an
alternative method of trading.  For example, is it possible for UE to view
the EnronOnline site without any access rights - this may facilitate trading
albeit trading via the telephone?

Regards
Peggy


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Either I didn't fully understand the December Texas Eastern order or else
FERC has just put a new and unhelpful spin on it.  The Thursday rehearing
order dramatically changes how the "shipper must have title" rule applies to
acquisitions of upstream capacity.   I thought the Dec. order pretty clearly
allowed a pipe to acquire upstream capacity and then resell that capacity
under the acquiring pipeline's rate schedules.  FERC specifically held that
the "shipper must have title" policy won't be applied if the acquiring pipe
treats the acquired capacity "as though it were part of its own system".  (p.
61,886)  The Dec. order even cited TW's acquisition of park n ride capacity
from PG&E as an example of the type of transaction that (I thought) could be
done without advance Commission approval.   Now, FERC explains that it did
not intend a "blanket waiver" of the shipper must have title policy.   Pipes
can still acquire upstream capacity without advance FERC permission, but only
if the acquiring pipe is going to use the acquired capacity for operational
needs or to resell under the selling pipe's release mechanism.  If the
acquiring pipe wants to use the acquired capacity to support sales of service
under the acquiring pipe's rate schedules, a specific waiver of the "must
have title" policy is required (see FN 20 and text).   We are right back to
where we started.  I guess the orders signal that FERC is  much more likely
to grant waivers of the "must have title" policy than in the past, but I
don't think we are good to go to acquire upstream storage, for example, and
resell it as FDD or IDD until we get permission first.

Shelley--let me know if you hear any expressions of outrage from other
pipes.  This might be worth chasing on rehearing since it is such a clear
about face by FERC.