Chris,

Per your request, I have included the information on the BPA contracts. All of the values listed below are as of the curves on 12/17/2001. I have asked Fran to run the MTM as of the curves yesterday to further update the information.

Former Analysis - including deals through 12/31/2001:
WAUNA or '97 Letter - $ 22.3 mm (one deal 10/1/2001 thru 12/31/2005 - long position 102 MW)
Firm Purchase Agr.   - $ 55.9 mm (one deal 1/1/2002 thru 12/31/2006 - long position 144 MW)
'97 Enabling Agr.       - $   7.0 mm (longest deal thru 12/31/2003 - net long position of 48 MW)
'00 Enabling Agr.       - $301.8 mm (longest deal thru 12/31/2006 - net short position of 89 MW)
TOTAL                      - $387    mm (net long position of 204 MW)

TODAY - No deals ending 12/31/2001; includes one deal ending 1/31/2002
WAUNA or '97 Letter -  TERMINATED (97PB 10123)
Firm Purchase Agr.   -  TERMINATED (98PB 10227)
'97 Enabling Agr.       - $   6.8 mm (longest deal thru 12/31/2003 - net long position of 100 MW)
'00 Enabling Agr.       - $301.2 mm (longest deal thru 12/31/2006 - net short position of 239 MW)
TOTAL                      - $308.1 mm (net short position of 139 MW)

Regards,
Laura

Laura L. Wente                            Tel.: 503-464-3830
Enron North America                      Cell: 503-816-9842
121 SW Salmon 3WTC0306            Fax: 503-464-3740
Portland, OR 97204                        Laura.Wente@enron.com


kate, can you pls check on these fees when you get a chance.

477212 .0075
468440 .0075
468444 .0075
474434 .005

thanks


Steve

I have validated the curve shift data against the official internal daily position and p&l reports (which report total p&l) and am generally comfortable with the original curve-shift numbers. The differences betweeen the two are due to the following components of profit and loss, i.e. those which price moves against a day's closing position do not capture:

1    Intra day positioning (in the forward and cash markets)
2    New deals against our mid curve
3    Liquidity and other reserve movements
4    Liquidation (i.e. where forward mark-to-market value drops out of the forward book and into cash)

The data set you have is the one we use to test the efficacy of our VaR models and I would be cautious in their use for predicting profitability. Hence total p&l is the best indicator since it includes all the value changes in the book.

I imagine you are using some measure of return on risk to predict p&l (RoVaR, for example). We have done similar studies for presentation to our Board, amongst others. Let me know if this analysis would be useful to you - we would be happy to provide it.

Regards
David

-----Original Message-----
From: steve allen [mailto:allenste@rcn.com]
Sent: Sunday, December 09, 2001 4:20 PM
To: Port, David
Subject: Spreadsheet from teve Allen


ELECTRIC / HYDRO REPORT

New York State Reliability Council, ER00-1671-000 -- [2/22/00]  Revisions to
the Installed Capacity Requirement for the New York Control Area for the
Capability Year beginning on May 1, 2000 and ending April 30, 2001.

North American Electric Reliability Council, ER00-1666-000 -- [2/22/00]
Revision of NERC's Transmission Loading Relief Procedures.

The United Illuminating Company, EC00-58-000 -- [2/24/00]  Application for
authority to implement UI's proposed holding company structure and the
resulting disposition of facilities pursuant to the corporate reorganization.

NATURAL GAS / OIL Report:

Petal Gas Storage, L.L.C., CP00-59-001 -- [2/18/00]  Amended application to
eliminate the transportation facilities and associated environmental review
considerations associated with Petal's December 28 application by seeking
authority to construct storage-related facilities on, and adjacent to, the
Petal salt dome storage plant and to expand Petal's current interconnection
with Tennessee Gas Pipeline Company's 500 line.

National Fuel Gas Supply Corporation, CP00-91-000 -- [2/22/00]  Application
for authorization to replace National Fuel's Lines S-1 and AM-60; for the
abandonment in place of Line L; and the relocation, modification or
abandonment of certain appurtenant stations in Warren, McKean and Elk
Counties, Pennsylvania.  National Fuel also seeks to add approximately 360 hp
of compression at its Roystone Compression Station in Warren County.
National Fuel states that the proposed facilities would enable the provision
of additional firm transportation service to its affiliated local
distribution company, National Fuel Gas Distribution Corporation.

CNG Transmission Corporation, CP00-92-000 -- [2/22/00]  Application for
necessary authorizations to allow CNG to plug and abandon Bridgeport Storage
Well 9081 and associated facilities, and drill up to five new replacement
storage wells, necessitated by the proposed construction of the Bridgeport
Bypass project by the West Virginia Department of Transportation.

Honeoye Storage Corporation, CP00-93-000, CP00-94-000, CP00-95-000 --
[2/22/00]  Applications for abandonment of service to Providence Gas Company;
certificate authority to expand Honeoye's storage facilities in Ontario
County, NY; and blanket certificate authority to offer open access service at
market based rates.

Kinder Morgan Interstate Gas Transmission, GT00-19-000 -- [2/25/00]  Revision
to entire FERC Gas Tariff to reflect a name change from K N Interstate Gas
Transmission Co. to Kinder Morgan Interstate Gas Transmission.

[To request a copy of any of the above listed  filings, please call
202-255-4771 or toll-free, 1-800-664-8477; or e-mail rgadsden@grsenergy.com]

-------------------------------------------------------------------------
-----------------------------------------------------------------------------

The GRS EGO Alert (electric, gas, oil) e-mail notification is a free courtesy
service of Gadsden Research Services, Inc., Washington's regulatory research
specialists.  Periodically (generally once or twice weekly), GRS will
broadcast the EGO Alert with descriptions of major FERC issuances or filings
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 - att1.htm


If I'm remembering correctly, it could be Connecticut.  That narrows it down quite a bit.

-----Original Message-----
From: Raab, Eric
Sent: Friday, November 02, 2001 10:01 AM
To: Mann, Kay
Subject: FW: Ces lease/USTELENET DMS

Here it is.  As mentioned, I have not seen an executed copy, and there may not be one.

TPC is a Delaware corp. HQ'd in Danbury, CT.  Would that mean the Ch. 11 was filed in Delaware?

Eric

-----Original Message-----
From:	Patrick Dessein
Sent:	Mon 10/22/2001 9:40 PM
To:	Raab, Eric
Cc:
Subject:	Fw: Ces lease/USTELENET DMS

Patrick Dessein
COO
UsteleNet
Tel : (203) 341 0620
Cel : (516) 241 7858
----- Original Message -----
From: Patrick  <mailto:pdessein@ustelenet.com> Dessein
To: eric.raab@eron.com
Sent: Monday, October 22, 2001 6:23 PM
Subject: Ces lease/USTELENET DMS

Eric,

See attached.
Switch description will follow tonight .
Best Regards
Patrick Dessein
COO
UsteleNet
Tel : (203) 341 0620
Cel : (516) 241 7858


Start Date: 1/19/02; HourAhead hour: 9;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011909.txt
Error: dbCaps97Data: Cannot perform this operation on a closed database
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Error: dbCaps97Data: Cannot perform this operation on a closed database


Hi, everybody,
I ran the smoothing procedure for R8 forward volatility curve (effective date
Nov. 8, 00), which is:
1. For each of 12 forward volatility curves (corresponding to DEC, JAN, etc.
find parameters a, A, B, beta, such that function
a+A*(t+B)(-beta)?has the best fit.?2. Calculate forward forward curves from each of 12 fitted functions with ?bootstrapping routine.?3. Reconstruct the forward forward vol curve.??The figures below illustrate the results. Please let me know, if we need to ?see more results before starting to implement this smoothing in the test ?environment.???????Regarding the function class a+b*exp(-tc) there should be the following  ?restriction on the coefficients satisfied in order to?guarantee bootstrapping procedure to work:??a/b>2*exp(-1.5) ??We can try to use this type of function as well.??Tanya?????Tanya Tamarchenko?11/20/2000 08:31 AM?To: Naveen Andrews/Corp/Enron@ENRON?cc: Alex Huang/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, Vasant ?Shanbhogue/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT ?Subject: Re: smoothing methodology for extracting forward forward ?volatilities  ??Naveen,?your function class a + b(t+c)(-1) corresponds to my beta=1. If we are going
to use certain class of functions we have to specify the range of parameters
a, b, c, beta, etc. that guarantees us to be able to do out bootstrapping
procedure for extracting ffvol. That's what  I did  for the function
a+A*(t+B)(-beta) (see my previous e-mail below). I'll try to come up with ?parameter ranges for a+b*exp(-cx) as well.??Tanya?????Naveen Andrews@ENRON?11/17/2000 04:41 PM?To: Tanya Tamarchenko/HOU/ECT@ECT?cc: Alex Huang/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, Vasant ?Shanbhogue/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT ?Subject: Re: smoothing methodology for extracting forward forward ?volatilities  ??Tanya,?            The exponentials we tried earlier (a+bexp(-cx), etc, fit well but ?gave negative numbers in the bootstrapping.?            I tried a + b(t+c)(-1) , a standard power law, and as the
accompanying graph shows (for the 12 months), the fits are quite good.
            In this case, the ffvols do not become negative (I believe this
corresponds to your 0 beta).
  I would have preferred exp(-t) and variants (can explain owing to
mean-reverting vols), but the power law might be a practical alternative
(from an implementation standpoint).
Naveen

Tanya Tamarchenko@ECT
11/17/2000 02:59 PM
To: Naveen Andrews/Corp/Enron@ENRON, Alex Huang/Corp/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Vladimir
Gorny/HOU/ECT@ECT

Subject: Re: smoothing methodology for extracting forward forward
volatilities

Following up on our discussions I implemented one method for creating forward
forward curve
from implied vol curve.
I sorted out 12 forward curves from an original forward vol curve, each of 12
curves corresponding
to certain month. Then I fitted each of 12 curves with a function:

y=a+A/power(x+b, beta)

I figured out that when beta is from (0, .5) the above function is suitable
for performing our bootstrapping
routine of deriving ff vols from implied, because:

y(x+t) * y(x+t) * (x+t) - y(x) * y(x) * tx> 0                  for all x, t.

(I have to double check on this again. Also when beta>0.5 there are some
combinations of parameters a, A, b, beta
for which above equality holds). Even with restriction on beta this class of
functions represents quite a variety of shapes.

Below you see the example of fitting as well as the example of ff vol curve
constructed from implied vol curve for NG.

I'll try this for power as well.

Any comments?


I was working on getting the right sign-off before I approved or denied.  I should know no later than tomorrow.

Stacey

 -----Original Message-----
From: 	Cox, Chip
Sent:	Monday, October 29, 2001 12:18 PM
To:	White, Stacey W.
Subject:	E-Request 70996

Could you please check on Request number #70996 for Maria Van Houten? Are we waiting for an approval from someone? I really appreciate this Stacey, talk to you later - Chip


Lindy, FERC has consistently held that pipelines may make "operational" sales
of gas.  Specifically this has included occasional sales of gas resulting
from cashout requirements and the buying and selling of gas to maintain
linepack levels.  TW's sale of excess linepack gas would probably be fine.
By contrast, buying gas then turning around and reselling it would be suspect
as it would look too much like our unbundled merchant function.

Let me know if you have further questions.

Lindy Donoho
09/20/2000 04:43 PM
To: Steven Harris/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON
cc:

Subject: TW Buy/Sell Gas For Operations

In our Plan meeting, we were discussing UAF and Operation's objective to
reduce it.  Operation's objective is a volumetric goal, but we are at risk
for the gas price.  It started me thinking about our whole fuel expense.
TW's fuel expense is valued on our books at the TW systemwide index.  Should
TW be hedging the fuel that we burn?  Jan-Aug, 2000 (acctg months) Y-T-D fuel
expense is at $21MM ($2.6MM/month) at a total volume of 6.7 Bcf.  This
summer, with high gas prices and Gallup in service, our fuel has been ranging
$3.4-3.8MM a month.  Operations has objectives to minimize the fuel use, but
not the price.

How could we hedge our fuel used?  Would we sell all the fuel retained (hedge
it as high as possible) and manage our fuel expense separately through its
own purchasing and hedging (as low as possible) effort?  Could we have hedged
some portion of our fuel usage last year for this year at $2.36 (like we
hedged our excess fuel) and not be subject to the high prices we're seeing
this summer?

Do you think there is an opportunity here to manage our fuel expense more
effectively?

Susan,
I think you had looked at TW's ability to buy/sell gas a few months back
(when we were looking at fuel monetization).  What did the FERC Order say
about under what circumstances TW could buy/sell gas?


Jeff and Bob,

At Tradition's request, I put together a one-page explanation of CAISO Firm
Energy.  I thought you might find it handy to have it to hand when discussing
this with counterparties.

----- Forwarded by Shari Stack/HOU/ECT on 08/07/2000 03:57 PM -----

	Shari Stack
	08/07/2000 03:56 PM

		 To: kkelly@tfsbrokers.com@ENRON
		 cc: Kerri Thompson/Corp/Enron@Enron
		 Subject: Re: FW: CAISO Energy vs. "Schedule C"

Here is the explanation for CAISO Firm Energy.  As discussed, if asked,
please tell people that it was prepared by a market participant at
Tradition's request.  I'd rather keep Enron's name out of it.

Thank you in advance for helping us with this.

Shari


Just a reminder that your current Reliant Energy HL&P statement is ready
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Thank you.

	Teresa Janus <tj@Haas.Berkeley.EDU>
	11/16/2000 02:57 PM

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: Re: Registration

Thanks Jeff!

We'll confirm in about a week,
TJ

At 09:31 AM 11/15/00 -0600, you wrote:
>My apologies.  I've been meaning to come in, but figured that at some point
>the Telebears on the Web would work.  But no luck.  Here are the courses
>that I'd like to register for.   SID:    84054310G1.
>
>    Competitive Strategy (E210):     #09250
>    Corporate Finance (E234):        #09301
>    Securities Markets (E233):       #09292
>    Internet Strategy (E262B):       #09373
>    Pricing (E296-10):               ???
>    Speaking for Management (E291B-1)---I believe that Diane has already
>    listed me for this one.
>
>Please let me know that you've received so that I don't delay anything any
>longer.  And thanks so much for your help.  If there's anything else that
>you need, please don't hestitate to let me know.
>
>Best,
>Jeff
>
>


Laurie-

No. I have not put a new ticket in the system.  I wrote up a paper ticket and Alejandra Chavez adjusted the term  of the existing sitara ticket.  I'm not sure how it is supposed to be handled.  You might check with Alejandra and Kam Keiser.  Apparently, we've had some similar deals with other counterparties.  The NYMEX desk people told me that Credit doesn't want us paying one lump sum for unwinds.  Do you have any instructions concerning this, given our current financial situation??

Thanks,

Susan Pereira

 -----Original Message-----
From: 	Ellis, Laurie
Sent:	Tuesday, November 06, 2001 10:17 AM
To:	Pereira, Susan W.
Subject:	Superior-Unwinding of Sonat Trigger Deal

Susan, I just got an invoice from Superior for the unwinding of the Sonat trigger deal.  The invoice covers production months 12/01 through 08/02 and is for $3,761,900.00.  Have you put something in the system for this?

Thanks
Laurie Ellis
Specialist - Gas Settlements
Enron Net Works LLC
Phone: (713) 345-9945
Fax:  (713) 646-8420
email:  laurie.ellis@enron.com


Jarrod:  Attached is a "form" letter for you to send (with adjustments as
indicated) or let me know and I will sign and send with the Vitol confirms.
Separately, I have faxed to you the first page changes.  Call if you have
questions.  Please be sure that we have included the additional reps.  Sara


Louise, also, I meant to ask you in my previous correspondence,  Craig and I would like to see if we couldn't catch you for an early dinner one night in the near future. Just pick a night and we promise not to keep you out late. Thanks, Fred.


Dara

I received the following details from Graham. I hope it is enough.

CEII $71.2 verse CEI $64.2 = $7.0m increased at EBIT.

Gross Margin - up $13.3m
Outsourcing $12.5m due to Sainsbury's MtM being higher than forecast
Middle Market - additional $1.0m from EDNL
Other - ($0.2m)

Net Operating Expenses - up $6.3m
Outsourcing - Increased Goodwill Amortisation on Erpag due to accounting policy change to accruals accounting $0.6m
Increased ED costs $6.4m (due to ETOL resolution centre, increased bad debts, increased headcount)
Other - ($0.7m -mainly savings on reduced outsourcing headcount in London)

Jas

 -----Original Message-----
From: 	Flinn, Dara
Sent:	02 August 2001 01:02
To:	Somrah, Jas
Cc:	Fischer, Mary
Subject:	Analysis of 1st CE to 2nd CE Variances

Jas- We have been requested by Corporate to provide an explanation of the variances between the 1st Current Estimate and the 2nd Current Estimate.  I see that total estimated EBT for  Europe for 2001 has increased by about $8 million. Please send me an explanation of this adjustment to the estimate; Corporate is asking that we turn in our explanations by noon tomorrow my time, so it would be very helpful if you could respond tomorrow morning your time. Let me know if you have any questions- my number is 713-853-0338.

Thanks,

Dara


Shirley,

Yes.

Vince

Shirley Crenshaw
11/13/2000 10:20 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Subscription Renewal

Vince:

Do you want to renew?

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 11/13/2000
10:15 AM ---------------------------

From: Susan L Kennedy on 11/13/2000 10:13 AM
To: Shirley Crenshaw/HOU/ECT@ECT
cc:
Subject: Subscription Renewal

Dear Shirley:

Please let me know if Vince would like to renew these publications:

Journal of Finance
Journal of Financial & Quantitative Analysis

Thank you

Susan


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/23/2000
12:48 PM ---------------------------

Scott Yeager@ENRON COMMUNICATIONS
06/23/2000 10:29 AM
Sent by: Sue Wadsworth@ENRON COMMUNICATIONS
To: Vince J Kaminski/HOU/ECT@ECT, Richard DiMichele/Enron
Communications@Enron Communications, Ravi Thuraisingham/Enron
Communications@Enron Communications, John Bloomer/Enron Communications@Enron
Communications, Arshak Sarkissian/HOU/ECT@ECT
cc:
Subject: Mark Keeter Presentation - Proposal - Solution

The July 6th meeting from 2:30 till 4:30 is being held in EB45C1


how'd it go?  and how you doing?

 -----Original Message-----
From: 	Tribolet, Michael
Sent:	Tuesday, November 20, 2001 1:41 PM
To:	Dasovich, Jeff
Subject:	RE:

yes, lisa went to their lawyer (david) this morn

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Tuesday, November 20, 2001 1:28 PM
To:	Tribolet, Michael
Subject:

Looks like the market ain't crazy about our 10Q.
You get the go ahead from Whalley on PG&E?


Wayne, that would be fine.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 08/14/2000
04:19 PM ---------------------------

Wayne Mays
08/14/2000 03:39 PM
To: David W Delainey/HOU/ECT@ECT
cc: Robert P Virgo/HOU/ECT@ECT, Mark Dobler/NA/Enron@Enron
Subject: Re: Technical Risk Reports

Dave, I will set up the meeting.  Should we also include Tammy Sheppard?
Thanks.  Wayne.

David W Delainey
08/08/2000 08:50 AM
To: Wayne Mays/PDX/ECT@ECT, Robert P Virgo/HOU/ECT@ECT, Mark
Dobler/NA/Enron@Enron
cc:
Subject: Technical Risk Reports

Guys, I would like to schedule a quarterly meeting to review our technical
risk as a part of this reporting procedure.  Wayne can you set up a meeting
for the four of us over the next few weeks.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 08/08/2000
10:49 AM ---------------------------

	Enron North America Corp.

	From:  Tammy R Shepperd                           08/03/2000 02:07 PM

To: Wayne Mays/PDX/ECT@ECT, Raymond Bowen/HOU/ECT@ECT, Robert P
Virgo/HOU/ECT@ECT, Andrea V Reed/HOU/ECT@ECT, Richard
Lydecker/Corp/Enron@Enron, Steve Pruett/Corp/Enron@Enron, Charles
Vetters/HOU/ECT@ECT, Mark Dobler/NA/Enron@Enron, Kyle Kitagawa/CAL/ECT@ECT,
Charles Ward/Corp/Enron@ENRON, Mike Mazowita/Corp/Enron@Enron, Christopher A
Helfrich/HOU/ECT@ECT, Jesse Neyman/HOU/ECT@ECT, Jesus
Melendrez/Corp/Enron@Enron
cc: David W Delainey/HOU/ECT@ECT
Subject: Technical Risk Reports

Attached are first drafts of reports for Dave Delainey that detail assets
that may or may not pose a technical risk for ENA. The current draft was
developed with input from Wayne Mays, Mark Dobler and Andrea Reed.

I would be most appreciative if each of you would review these reports at
your earliest convenience and respond back with your comments/updates.
Please note:   In the Technical book dated 8/03 there are 2 tabs - Risk and
No risk.

Dave has asked for this report to be updated monthly for inclusion in a
reporting package for ENA's Office of the Chair.  After we are satisfied that
this is the proper format and is all inclusive I will communicate a process
for monthly updates.

Thanks in advance for your assistance.
Tammy Shepperd
x36589


Deal numbers 769081, and 769083 have failed in teh bridge due to cross
commodity trading.  EPMI Long Term SW hit a gas deal.  These deals will need
to be manually booked to PWR-LT-SW

Thanks
TARA


Richard,

attached please find the english version of the letter to be sent out
tomorrow, as well as the enclosures to that letter.

Later today you can also reach me on my mobile phone at : 0049-173-6525931

Regards,

Michael


you are not going to let it go are you?


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Attached is the Briefing Book for the 10:00 AM (EDT) Cheney meeting on
Tuesday, April 17, 2001.

We will be making additions to this book over the weekend, and a final
document will be ready for Ken Lay and Steve Kean on Monday evening.

By fax we are sending the attachment documents which were not available to us
electronically.


Brian,

Would you or someone in your group please investigate the allegations raised
by Janeth Rodriguez-Philhower?  Based upon her voice mail message, there is a
strong possibility of litigation.  Your investigation into her allegations
thus would be conducted in anticipation of litigation.

Once you have conducted the investigation, please provide me with the results.

Thank you.

Michelle

------------------------------------------------------------------------------
---------------------------

Michelle Cash
Enron North America Corp.
1400 Smith Street, EB 3823
Houston, Texas  77002
(713) 853-6401
michelle.cash@enron.com

This message may contain confidential information that is protected by the
attorney-client and/or work product privileges.


As you guys go through working up a severance program, I started thinking about some equity issues.  If the average tenure of an employee at Enron is about 3 years, why not come up with 2 plans--1 for long serving employees who have been long dedicated to the company, and a second one for the more recently hired?  It doesnt' make sense to me that someone who has been here under a year at $100,000 base should be entitled to 11 weeks even before they sign the waiver.  I would also not change the program in whatever form you ultimately settle on for the longer serving employees, rather just scale back the program for the newer employees.

Regards,

Jeff


Start Date: 4/26/01; HourAhead hour: 6;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042606.txt

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 6 / Preferred: 104.00 / Final: 103.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/26/01
  TRADING_SC: PWRX
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 6 / Preferred:  46.69 / Final:  46.48)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/26/01
  SC_ID: EPMI


Please attend discussion about legal properties of ERCOT products in the future market format.


SEMPRA -  Renegotiated K#27293 for April-October 2001.  Received an additional $.07 on 14,000 mmbtu/day for moving primary delivery POI from PG&E Topock to Southwest Gas.  Earned incremental of revenue of $209,720.


PLEASE NOTE SPECIAL HOURS

Notice No. 01-349
October 23, 2001

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

FROM:     George Henderson, Vice President

RE:       CORRECTED: Options Expiration Operational Procedures for the
Trading             Floor and Clearing Members - Revised Hours
________________________________________________________________

The expiration date for the November 2001 options contract for Unleaded
Gasoline (GOX1), Heating Oil (OHX1) and Natural Gas (ONX1) is Friday,
October 26, 2001.

GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 4:40 p.m.
until released by the Exchange staff as specified below.  All adjustments
and/or corrections, must be accompanied by relevant supporting
documentation
prior to being incorporated into expiration processing, in essence making
the expiration processing an extension of the afternoon trade resolution
procedures.  All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.

Exchange Clearing (299-2110), Floor Trade Processing (299-2068 and
299-2169)
personnel, as well as a representative of the Floor Committee will be
available to assist with the processing of notices of Exercise and
Abandonment, position transfers, trade corrections and other questions or
problems you may have.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option
Expiration Reports will be provided. The following screens will assist you
through the Option Expiration process:

MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trade=s adjusted for the previous 4 business
days by adjustment date.

SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.

REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers TO your firm and the status of
each transfer.

REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer FROM your firm and the status of
each transfer.

EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the
number
of long positions you wish to exercise.

DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the
number
of long positions you wish to abandon.

POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system.  This input may be made at any time prior to 5:55 p.m.  Any PCS
input via transmission for that contract series will be disregarded.

ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.

EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.

All Clearing Members are required to have an authorized representative(s)
at
their C21 workstations in preparation for any communication during the
expiration process.

FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.

E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.

The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:

STANDARD EVENT           APPROXIMATE TIME            USUAL   FAST
FACTS(F)
  MESSAGES                       OF MESSAGE        EVENT TIME
E-MAIL    (E)
                           AVAILABILITY
BOTH      (B)

Announce Out-of-the                 4:45PM          4:45PM        F
Money Exercise and In-the-Money
Do Not Exercise Submissions

Announce Final Input to C21         5:40PM          5:55PM        E
Cutoff Time

All positions are deemed final      7:00PM          7:00PM        F

Announce Exercise/Assignment        7:30PM          7:30PM        B
Information Available on the Single
Position Maintenance Windows

All Report Distribution is         10:00PM         10:00PM        F
completed

The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.

If you have any questions concerning these procedures, please contact
Anthony Di Benedetto at 299-2152 or John Ramos at 299-2142 prior to the
expiration date.

 <<EXPFORMSPEC.XLS>>

(See attached file: EXPFORMSPEC.XLS)

 - EXPFORMSPEC.XLS


We need another request for confidentiality.  Please call me.
---------------------- Forwarded by Mary Hain/HOU/ECT on 10/02/2000 08:48 AM
---------------------------
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: Request for Confidential Information by the GAO

---------------------- Forwarded by Tim Belden/HOU/ECT on 09/29/2000 06:31 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  <Terri_L_Ponce_de_Leon@calpx.com>                           09/29/2000
03:53 PM

To: Market_Participant_AB1@calpx.com, Market_Participant_CD2@calpx.com,
Market_Participant_EG1@calpx.com, Market_Participant_HJ1@calpx.com,
Market_Participant_KL2@calpx.com, Market_Participant_MN1@calpx.com,
Market_Participant_MN2@calpx.com, Market_Participant_OR1@calpx.com,
Market_Participant_OR2@calpx.com
cc: PX_Marketing_Services@calpx.com
Subject: Request for Confidential Information by the GAO

To All California Power Exchange Participants:

Notice is hereby provided pursuant to Section 19.3.4 of the California Power
Exchange Tariff that the United States General Accounting Office (GAO), as
part
of the ongoing investigation of California markets, has requested the same
information to be provided to the Federal Energy Regulatory Commission (FERC).
Such information may be confidential under Section 19.3.2 of the Tariff.   The
manner in which the GAO will treat such confidential information is outlined
in
the attached letter.  The GAO states that it has authority under 31 U.S.C. 717
to evaluate programs or activities of the Federal Government, in this case,
deregulation of the electricity markets initiated by FERC.

The GAO has requested the California Power Exchange to provide such
information
no later than Thursday, October 5, 2000.  If you desire to assert a claim of
privilege or confidentiality pursuant to legal authority, the California Power
Exchange will include your written assertion of that claim together with its
submittal to the GAO, provided that it is timely received.  Your written
statement should be directed to the GAO as follows:

     Mr. Jim Wells
     Director, Energy Resources, and Science Issues
     United States General Accounting Office
     Washington, DC 20548

You may deliver your statement to the California Power Exchange as follows:

     Karen Koyano
     California Power Exchange
     1000 S. Fremont Avenue
     Unit 20
     Alhambra, CA  91801
     626.537.3173 facsimile

Any written statement must be received by Ms. Koyano no later than Wednesday,
October 4, 2000, 5:00 p.m. Pacific Daylight Time, to be included with any
information delivered to the GAO.  You are also free to take any other legal
action you may deem appropriate in the circumstances of this investigation.

Thank you.

(See attached file: GAO Letter 9-22-00.doc)

 - GAO Letter 9-22-00.doc


I think that this note did you receive you the first time...

Sorry, BT
 -----Original Message-----
From: 	Tycholiz, Barry
Sent:	Tuesday, September 18, 2001 6:00 PM
To:	'rwxc@pge.com'
Subject:	Gas Purchases and Transportation

Ray... seems like its been a while since we met in San Fransisco, ....  and of course so much has happened since then.

I have been talking with our in house legal and with Canada and I know Eric and yourself have also been talking. I believe that the door has been pushed open a little and if everyone tries to get these agreements cleaned up  and executed that PG&E and Enron ( Canada & US ) can start to transact.

With that being said, there are two areas which I would like to refresh from our discussions..

1.  Did you give any further thought to the utilization of Daily gas sales as a collateral.. I truly believe that this vehicle is a very efficient,easy way for PG&E to enhance the credit with ENA and once we have a 30 day bucket... we can get you trading access to EOL.  Lot's of details to work out, but I would like to keep this discussion at the forefront. I can send the details of how this proposal would work if required. ( let me know )

2.  As discussed, ENA holds some 5 year El Paso capacity. I am looking to assign this capacity and possibly and would like to investigate your supply requirements and possible alternatives such that you can consider our capacity.

I trust all is well and look forward to talking to you soon.

Barry Tycholiz


Did we ever include the terms of this credit worksheet into a confirmation?
I cannot find a confirmation in TAG.

Thanks
brant


Tana,

Sorry to hassel you, both is it possible to have an update on these access
requests.

Many Thanks

Sandra.
---------------------- Forwarded by Sandra Freeman/LON/ECT on 18/05/2000
10:46 ---------------------------

Sandra Freeman
17/05/2000 10:52
To: Tana Jones/HOU/ECT@ECT
cc:

Subject: Re: New Master Swaps Agreements Database

Both Legal.

Rgds,

Sandra.

From: Tana Jones on 16/05/2000 13:08 CDT
To: Sandra Freeman/LON/ECT@ECT
cc:

Subject: Re: New Master Swaps Agreements Database

Are Micheal Khajeh-Hoori and Deepak Sitlani in Credit?  I know Michael Schuh
is in Legal.

	Sandra Freeman
	05/16/2000 11:37 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: New Master Swaps Agreements Database

Tana,

I have had a request from Michael Khajeh-Noori, Deepak Sitlani (London) and
Michael Schuh  (Frankfurt) to access to the NEW Master Swap Agreements
database, can you please confirm if they are allowed to access this database,
and if so what level of access they should have.

Thanks & Regards

Sandra Freeman
European Notes Administration


FYI - I faxed latest CSA and correspondence to you for our conference call
tomorrow.  SS
P.S.  Do you know what the problems are?  I haven't heard a word.


The following file contains a graphical view of the North American Gas
average deal count by Trader and Product for EOL. This information is for
comparative analysis only.  Do not update links when opening this file.

If you have any questions regarding this breakout, please let me know .

Thanks,
Adam Johnson
x54877
EnronOnline


I just received this from Stoner.  Tanya:  I haven't reviewed this agreement,
but my guess is that it may change some of the additional definitions
contained in our March draft.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 08/22/2000 11:22 AM -----

	"Stoner, John E." <JStoner@gdclaw.com>
	Sent by: "Reynolds, Carmen A." <creynolds@gdclaw.com>
	08/22/2000 11:16 AM

		 To: "'sara.shackleton@enron.com'" <sara.shackleton@enron.com>
		 cc:
		 Subject: FW: Standby Loan Agreement with Wells Fargo HSBC

-----Original Message-----
From: Emblin, Ben [mailto:Ben.Emblin@allens.com.au]
Sent: Monday, August 21, 2000 9:40 PM
To: 'phillip.morley@jameshardie.com'; John E. Stoner (E-mail)
Cc: Don Cameron (E-mail)
Subject: Standby Loan Agreement with Wells Fargo HSBC

 <<LoanAg>>

Dear Phillip and John

As requested by Don, I attach a copy of the executed draft of the Standby
Loan Agreement with Wells Fargo.

Regards

Ben Emblin
 Senior Associate
 Allen Allen & Hemsley

 Tel:  (+612) 9230 4092
 Fax: (+612) 9230 5333
 Email : Ben.Emblin@allens.com.au
 www.allens.com.au

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

This email (including all attachments) is intended
solely for the named addressee. It is confidential and
may contain legally privileged information.
If you receive it in error, please let us know by reply
email, delete it from your system and destroy any copies.

This email is also subject to copyright. No part of it
should be reproduced, adapted or transmitted without the
written consent of the copyright owner.

Emails may be interfered with, may contain computer viruses
or other defects and may not be successfully replicated on
other systems. We give no warranties in relation to these
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an email purportedly sent by us, please contact us immediately.

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

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

This message may contain confidential and privileged information.  If it has
been sent to you in error, please reply to advise the sender of the error and
then immediately delete this message.

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

 - LoanAg.doc


The Elwood Bank Balance is not correct, but it will be corrected on Monday.


Although Ken did not have an opportunity to raise steel directly with the
Vice President because of time constraints, Ken did take an opportunity to
speak with Bob Zoellick directly and at length about steel.  We ran into
Zoellick in the West Wing as we were departing.  Zoellick told Ken that he
understood our position.  He indicated general agreement with us, but did say
that if he is able to "trade" steel for a larger political deal on fast track
or something of that level, he would entertain putting steel into play.
Zoellick indicated that he would glad to have his senior staff visit with us
further on the issue.  Zoellick did not want to meet officially with us,
given his former role as a Member of Enron's Advisory Committee.


Tana -

May I get a copy of this?  Our fax number is 713-646-2308 or my location is
EB2642B.  Please advise on how you will send so I can be on the "look-out".

Thanks!

Lorraine

---------------------- Forwarded by Lorraine Becker/HOU/ECT on 05/31/2000
06:38 AM ---------------------------

Michael Danielson
05/25/2000 10:58 AM
To: Lorraine Becker/HOU/ECT@ECT
cc:
Subject: Yahoo Non-Disclosure Agreement

Yahoo signed this nondisclsure agreement.  And fax'd it back to Tana Jones.
Will you call Tana, make sure we executed the document and fax'd back to
Yahoo, and get a copy for our files.  We also need to set-up and new file for
Yahoo.

Thanks...

---------------------- Forwarded by Michael Danielson/HOU/ECT on 05/25/2000
10:54 AM ---------------------------
From: Tana Jones on 05/24/2000 03:06 PM
To: davidt@yahoo-inc.com
cc: Michael Danielson/HOU/ECT@ECT
Subject: Yahoo Non-Disclosure Agreement

At the request of Mike Danielson, I am attaching our form of NDA.  If you
have any questions please do not hesitate to call me at (713) 853-3399 (fax
no 713/646-3490) or Mike at (713) 853-9052.  We look forward to hearing from
you.


Hi Everybody.

Please stop by the front desk between now and next Tues. (8/14) to sign the get well card we will be
sending to Graeme on Tuesday evening.

Thank you,
April

 -----Original Message-----
From: 	Enron Announcements/Corp/Enron@ENRON [mailto:IMCEANOTES-Enron+20Announcements_Corp_Enron+40ENRON@ENRON.com]  On Behalf Of STEVE ROY- DIRECTOR, HUMAN RESOURCES, TEESSIDE POWER STATION@ENRON
Sent:	Friday, August 10, 2001 9:18 AM
To:	All Enron Worldwide@ENRON
Subject:	UPDATE: TEESSIDE POWER STATION

UPDATE ON GRAEME WHITE

We are pleased to be able to give you a progress report on the condition of Graeme White who was injured in Wednesday's explosion at Teesside Power Station.  Graeme has now been moved from the Intensive Care Unit at Middlesbrough General Hospital to Ward 46 - a specialised skincare unit - where he is receiving treatment for burns.  He has been able to open his eyes now and is taking food.  His condition is still described as "stable".

Please don't send flowers, but cards and messages for Graeme will be welcome.  They should be sent to the address below or c/o Julie Webster at Enron's Stockton office who will ensure they are promptly delivered.

Graeme was visited last night by Jeff Skilling and Brian Stanley and they also met members of his family.  Other colleagues planning a visit should contact Julie Webster (+44 1642 623004) or Graham Moore (+44 1642 442133) who are coordinating the program.

Address for cards and messages:

Graeme White
Ward 46
Middlesbrough General Hospital
Ayresome Green Lane
Middlesbrough  TS5 5AZ
UK

Julie Webster
Enron Power Operations Ltd.,
Merchants Wharf
Westpoint Road
Stockton on Tees
Cleveland TS17 6BF
UK

With thanks,
Steve Roy


FYI
---------------------- Forwarded by James Derrick/Corp/Enron on 12/01/2000
03:19 PM ---------------------------

"Dilg, Joe" <jdilg@velaw.com> on 12/01/2000 02:52:55 PM
To: "Derrick, James (Enron)" <james.derrick@enron.com>
cc:

Subject: FW: Rumors of Eni / Enron Merger Abound, Despite Denials from Eni

Diamond, enjoyed lunch. Here is the rest of the e-mail.  Joe

-----Original Message-----
From: IssueAlert [mailto:IssueAlert@scientech.com]
Sent: Friday, December 01, 2000 5:17 AM
Subject: Rumors of Eni / Enron Merger Abound, Despite Denials from Eni

http://www.consultrci.com

*********************************************************************
Find out more about SCIENTECH'S most popular competitive tools, including
the Mergers and Acquisitions and E-Commerce InfoGrids at:
http://www.consultrci.com or call Chris Vigil (505) 244-7605
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===============================================================
SCIENTECH IssueAlert, December 1, 2000
Rumors of Eni / Enron Merger Abound, Despite Denials from Eni
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

Eni, the Italian oil and gas group, is expected to complete the sale of
its Italian property interests next week as part of its strategy to focus
on its core activities of natural-gas and oil production. Vittorio Mincato,
Eni's chief executive, confirmed that the group is on the verge of
finalizing
the sale of its Immobiliare Metanopoli property subsidiary (Eni's real
estate company) with assets valued between $856 million and $1.3 billion.
Eni's decision to divest its property assets has been viewed by many
observers
of the company as an attempt to release funds to facilitate a merger with
another company. Enron Corp. has been among those on a rumored short list
of merger prospects for Eni.

ANALYSIS: Is the foundation being established for a mega-merger between
Eni and Enron? It is not too difficult to formulate a theoretical argument
in that direction.

Eni is Italy's state-owned, multi-faceted energy company, operating in
the oil and gas, power generation, petrochemicals, oilfield services, and
engineering industries. The company has a market capitalization of about
47 billion euros (approximately $40 billion), is present in over 70
countries
and produces more than one million barrels of oil equivalent a day. Across
the European energy market-which once it has fully privatized will represent

an arguably larger market than the United States-Eni is unquestionably
one of the Continent's leading champions.

Illustrating this point, Eni has taken several important steps within Europe

to, as it says, "play an increasingly important role" in the Continent's
competitive energy market. For instance, earlier this month, Eni inked
a deal to sell 2 billion cubic meters of natural gas to Gaz de France.
This deal followed a previous agreement in which Eni agreed to sell 4
billion
cubic meters of natural gas to Italy's largest private energy supplier,
Edison. With both agreements, Eni has given a substantial kick start to
the opening of the European natural-gas market. CEO Mincato has said that
Eni would recoup the losses made by giving up its market hold in Italy
by "focusing on international markets."

One move that Eni has made outside of Europe also came earlier this month.
Eni made a bid for Australia's Petroz NL, which wields an 8.25 percent
stake in Bayu-Undan, the giant gas and liquids project located off the
northern coast of Australia. Eni already owns 6.7 percent of Bayu-Undan
and apparently is attempting to gain a majority ownership over the project.
It is no wonder why-the Bayu-Undan field has recoverable reserves of 400
million barrels of liquefied petroleum gas and gas reserves of 3.4 trillion
cubic feet. Petroz has not yet accepted Eni's offer, but a favorable
decision
is expected shortly. Thus, whatever Eni may be divesting in Italy it is
trying to regain in other key areas of the world. In fact, Mincato recently
confirmed that Eni plans to increase its daily output of oil from a current
level of 1.2 million barrels to 1.5 million barrels by 2003.

Moreover, Eni has been making aggressive attempts at expansion, both within
Europe and beyond. Along with that expansion comes the development of merger

strategy. Eni does not want to be left as a target for a takeover, which
could be a strong possibility given its recent divestitures and the fact
that its profits remain strong. Net income for the company for the first
half of 2000 was 2,606 millions of euros (equivalent to approximately $2.2
billion), representing a 119-percent increase. Eni is largely considered
one of the best buys among the big oil stocks, but it would rather merge
with an equal partner than be sold to another company. As consolidation
of the oil industry continues, Eni reportedly believes that the only way
to remain a top player is to marry an equally large player on the world
stage.

Enron may be at the top of Eni's list of merger partners. Negotiations
with Spain's largest oil company, Repsol, appear to have stalled, as was
confirmed when Mincato stated that any "link-up with Repsol would not be
a merger of equals." French oil company TotalFina is also interested, but
is preoccupied with its own acquisition of fellow French oil company Elf.
Other companies that have been mentioned include Conoco and Phillips
Petroleum.
It is quite obvious that Eni's merger prospects are predominantly oil
companies,
which is quite clearly the company's intention. Thus, it may seem odd that
Enron is also included as a top prospect. Enron, while unquestionably a
world player, is known for its unorthodox approach to hard assets. Put
succinctly, Enron believes that it doesn't need to own physical assets
in order to be a major player, but rather it only needs to rely on strategic

contractual agreements.

However, if Eni wants to continue to expand globally, it arguably could
not find a better partner than Enron, generally considered North America's
biggest buyer and seller of electricity and natural gas. Enron's gas trading

and distribution activities in particular-along with its electricity
production,
raw material trading and broadband expansion-would all appear to be good
compliments to Eni's portfolio. Reports of talks between the two companies
first appeared in the Italian financial paper iL Sole 24 Ore, based on
input from an unnamed source. The report indicated that Enron is being
targeted by Eni for an equity partnership or even a full merger. Mincato,
as recently as Tuesday of this week, continues to adamantly deny that any
deal with Enron is being studied.

Not surprisingly, Enron is remaining mum on the rumors and has not even
mentioned Eni in any recent disclosures. However, the incorporation of
Eni's power production portfolio would support Enron's expansion into new
markets such as Japan, for example. Back in March, the Japanese government
began allowing non-utility firms to supply power to industrial and
commercial
end-users. Almost simultaneously, Enron established a new subsidiary, Enron
Japan Corp., to capitalize on new opportunities in the country. Enron
Japan's
first offer is a 10-percent discount off current electricity prices for
customers who sign on with Enron for two to four years. Operating against
its North American strategy, Enron also plans to build a power station
in northern Japan, beating to the punch several of its key rivals, including

Vivendi, Texaco and Royal Dutch Shell, which also have expressed interest
in establishing operations in the country.

Enron's proposed power plant should give the company prime access to
companies
in the Tohoku and Kanto regions, as well as Tokyo, the "big catch" of the
Japanese market. In my opinion, herein lies the primary synergy that would
make the partnership between Eni and Enron a strategic step for both
companies.
As Eni attempts to position itself in various key markets, Japan seems
like a natural location, and I've seen no reports that indicate Eni is
moving into Japan on its own. The fact that Enron is already there, along
with most other lucrative international markets, must certainly be appealing

to Eni. Regarding Enron's perspective on any potential partnering, Eni's
substantial oil and natural-gas generation assets, along with its current
lock on the European market, must be very attractive.

Enron's current market capitalization is about $48 billion, which actually
makes it larger than Eni. This raises the question of which company would
be the buying partner if a merger were to indeed take place. All of the
rumors flying around currently speak of Eni pursuing Enron, but it could
just as easily be the other way around. Those of us who follow Enron closely

may find it hard to believe that the powerhouse company would ever be the
target for a takeover or even a merger. In any case, the rumors continue
to fly as Eni responds to claims of "thou doth protest too much." Whether
or not any such merger between Eni and Enron, which appears smart on paper,
will materialize remains to be seen. However, it certainly seems like Eni
is lining up its chess pieces to cement some kind of partnership in the
very near future.
==============================================================
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to complex problems, our experts and consultants will get results. Learn
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named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You


hey, i changed your speadsheet a little.

thanks
joann

Joan Veselack
05/01/2000 10:04 AM
To: Joann Collins/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT
cc: vlamadr@enron.com, Chris Germany/HOU/ECT@ECT

Subject: STOI - Overinjection Spreadsheet

Decided to formalize this process. Attached is a very simple spreadsheet that
the TCO team can use to document Gas Control's approval for overinjections.
You are welcome to modify it.

It's purpose is to keep track of who requested, who approved, and volumes for
overinjections.

Thanks


Susan:  We need to set up this account for funding on or before 5/30.  Please
call our rep at Morgan and let's get the paperwork signed.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 05/22/2000 01:13 PM -----

	Sheila Glover
	05/22/2000 11:50 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: ketan@ms.com, Trena McFarland/LON/ECT@ECT
		 Subject: Enron Investments PLC

Sara,
I left a message for Ketan and spoke to our service rep at Morgan.
He said there should not be a problem setting up a new company, Enron
Investments PLC, which is UK based, and holding UK shares in that account
which are fully funded.
Sheila


A loss notification memo will be circulated to Jeff Skilling.

Additionally, Rick said that he will leave Jeff a voice mail, but decided that calling the Board would not be appropriate this time.

Vlady.


Hi Jeff.  I just wanted to tell you why I was upset last night.  I feel like
recently, when I try to talk to you, you,re so quick to jump on me and start
criticizing or yelling at me.  It makes it much harder to talk to you about
things that are difficult for me to talk about in the first place.  It seems
to me that people who care about each other would give each other the
benefit of the doubt and listen, and not just attack someone the first
chance they get.  Is it possible for you to be a little more patient and
supportive when I,m trying to tell you something?  It would make me think
you actually do care.

I hope you,re having a good time in Colorado.  Dennis Sidbury emailed me
back and said he has no idea what goes on on the Securities side of Pru.  I,
m talking to them at 9 tomorrow morning.  Call me if you get a chance.  I
miss you.


Lloyd,

Yes, this would be very useful. I was told that we should not do any official
business with
MG until July 15. I don't want to violate those rules of engagement and go
beyond casual contacts.
After the 15th all the stops are off.

Vince

	From:  Lloyd Fleming                           07/07/2000 01:51 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re:

No problem - I do think this could wait until MG are more closely integrated
in any case.   A useful first step might be an email to relevant trading
staff at MG outlining briefly what Maureen does and how she can provide a
service to them.  Would you like me to send her a list of potential people to
email?

Regards

Lloyd

Vince J Kaminski
06/07/2000 23:39
To: Lloyd Fleming/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT

Subject: Re:

Lloyd,

I think that we can arrange a few video conference meetings instead.
I don't see a  justification for extending the stay over the weekend if we
have an alternative solution.

Vince

	Enron Capital & Trade Resources Corp. - Europe

	From:  Lloyd Fleming                           07/06/2000 12:37 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc: Maureen Raymond/HOU/ECT@ECT
Subject:

Vince

I met Maureen yesterday and had a useful discussion on her role within
Enron.  I think it would be very helpful to promote the Research group
function of the company, particularly given Maureen's background,  if she
could be introduced to some of the main traders down at MG.  Unfortunately
she won't have time to meet with MG unless we can schedule some meetings on
Monday.

Would you be happy for her to extend her stay here till Monday to allow the
meetings to take place?

Regards


Ehud,

I am flying back in the evening and dinner would be difficult.
I shall be glad to join you for lunch,

Shirley, as I understand gave you my requirements for the AV.

My flight arrives at 8:30 a.m. I can meet you at your office in the morning
and
we can talk about the conference and other issues.

Vince

"Ehud I. Ronn" <eronn@mail.utexas.edu> on 10/09/2000 09:23:55 AM
To: vkamins@enron.com
cc:
Subject: Planning for Your Energy Finance Class Presentation Wed., 10/11

Vince,

Good morning.

Further to your forthcoming visit this Wed., I write to clarify last-minute
details:

1.  Your ETA/ETD.  Will you be available to join us for lunch and/or dinner?

2.  Your AV requirements, if any.  Should you need either, we have an
overhead projector as well as laptop capability (either YOUR laptop, or we
can with advance notice reserve a laptop if you bring floppies).

BTW, any developments re Jeff Skilling's 2/22 conference keynote?

Best,
Ehud

==============================================
     Ehud I. Ronn
     Jack S. Josey Professor in Energy Studies
     Department of Finance
     McCombs School of Business
     University of Texas at Austin
     Austin, TX. 78712-1179
     Voice:  (512) 471-5853
      FAX:   (512) 471-5073
      Internet:  eronn@mail.utexas.edu
=================================================


Homer,

Please find attached the Dow deals as of Dec. 31, 1997.

Thanks,

Errol McLaufglin, X5-8274


Shirley

yes.

Vince

Shirley Crenshaw
03/05/2001 02:25 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Institute of International Finance - Annual Subscription

Vince:

Is this ok to pay?

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 03/05/2001
02:19 PM ---------------------------
From: Sharon Purswell/ENRON@enronXgate on 03/05/2001 12:53 PM
To: Shirley Crenshaw/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Institute of International Finance - Annual Subscription

Robert Johnston has asked me to charge Vince's department for 1/3 of the cost
of the annual subscription to IIF.  The annual cost is $47K.  Therefore the
cost for 1/3 is $15,666.67.  This information is for Maureen Raymond's use.

I will be happy to process the invoice for payment but in order for me to do
so, I will need the proper coding for Vince's department.

Please let me know if you are agreeable to this.  If you have questions, you
may wish to contact Robert Johnston directly at 3-9934.

Thanks,
Sharon
5-7212


For the record!!!

 -----Original Message-----
From: 	Hickok, Kim
Sent:	Thursday, October 18, 2001 11:55 AM
To:	Sweet, Twanda
Subject:	RE: Thanks for the flowers - they are beautiful!

You are totally worth it!  We greatly appreciate all you do for us.  You are truly an asset to the Enron Legal team.
Have a super day,
Kim

 -----Original Message-----
From: 	Sweet, Twanda
Sent:	Thursday, October 18, 2001 11:53 AM
To:	Funkhouser, Shanna; Hickok, Kim; Hill, Dave (HR); Domonoske, Sarah
Subject:	Thanks for the flowers - they are beautiful!


-----Original Message-----
From:  Gay, Rob
Sent: Thursday, February 22, 2001 9:32 AM
To: Weidler, Peter; Daniels, Eddy; Bestard, Jose; Powell, Laine; Novak, John
Subject: RE: Strictly privileged & confidential

I had a call today with the John Gardiner of Sadden and Fernando Serec at
Tozzini about various issues including a response to the Furnas letter.  John
will circulate a draft response which we believe should be a brief
acknowledgement of receipt, with the notation that EPE still considers Furnas
in default and extends the period to cure another 30 days.  The Furnas letter
seems to us to indicate that Furnas is preparing for litigation, hence we do
not intend to respond to each point which could cause deterioration of
negotiations, plus it limits our ability to change positions later if we want
to. I also don't want to get into a letter writing battle which is not
particularly productive.  Let's plan to send the letter a week from Monday to
give everyone time to review and comment and it buys us a little more time.
Next week is Carnaval anyway. Please call me with any questions x56159.
Regards,
Michelle
---------------------- Forwarded by Rob G Gay/NA/Enron on 02/22/2001 04:37 AM
---------------------------

"Boehm, Barbara" <bboeh@opic.gov> on 02/21/2001 06:23:42 PM
To: "'Rob.G.Gay@enron.com'" <Rob.G.Gay@enron.com>
cc: "'Kluesener, Frank'" <frank.kluesener@kfw.de>

Subject: RE: Commitment extension

Thanks for the update.  The sooner the better I think; it would be helpful
for us to know what defaults exist as we assess the whole "consent"
situation.

Thanks
Barbara

 -----Original Message-----
 From: Rob.G.Gay@enron.com [SMTP:Rob.G.Gay@enron.com]
 Sent: Wednesday, February 21, 2001 10:54 AM
 To: Boehm, Barbara; Kluesener, Frank
 Subject: Re: Commitment extension

 Yes, we have not been able to pull Laine and Jose away from their
very
 important activities on the Ridges, the Siemens negotiation and the
Furnas/
 Brazil Inc. efforts.  I think Eddie Daniels is going to try and
start
 pulling the scedule together this week and next.  Thanks for the
follow up.
 Please let me know if the passage of time is endangering this
effort.

 Regards,

 Rob

 "Boehm, Barbara" <bboeh@opic.gov> on 02/20/2001 05:44:24 PM

 To:   "'rob.g.gay@enron.com'" <rob.g.gay@enron.com>
 cc:

 Subject:  Commitment extension

 Rob
 I forgot to ask you about this this morning: can you  please give me
an
 update on the status of Amendment #2 (the commitment extension).  I
believe
 we are waiting for an update of the attached schedule.
 Thanks
 Barbara


Mr. Gay,

My name is Daniel Lisk, your new Gas Scheduler.  I'm slated to begin work on
the Monday the 18th, and must say I am VERY excited to get started.  It will
be an honor to work for Enron.  I know I am just beginning a long and
productive career with an amazing company.

I received your email address from Molly Magee.  I had a few questions
regarding Holiday plans and start-day preparation and she directed me to
this email address.  I know you are very busy, so please reply at your
convenience.

My first question regards holiday planning.  If I remember correctly, it was
mentioned someone was working or on call one weekend a month.  It may be too
early to tell, but if I'm scheduled to work that weekend (December 22nd -
25th) I would like to make plans accordingly.  My mother in Missouri can be
very persistent (aka annoying) and wants to know my plans.

Also, I would like to put my name first on volunteers to work that weekend.
However, I understand my lack of experience may prevent me from accepting
that responsibility this soon.  If I will not be working, may I ask that you
tell me what days I will have off.  I need to know if I should buy a plane
ticket, get my car serviced for the drive, or make plans in Houston.

Finally, I've bought a training video covering Excel and begun reading a
book titled "Trading Natural Gas", by Fletcher J. Sturm (former senior
trader of natural gas derivatives for Enron Capital and Trade).  I want to
start contributing from day one and would like to know if there is anything
I can do to facilitate that.  Any other programs, books, push-up and
crunches, you could suggest would be aggressively pursued.

I look forward to seeing you again next week Mr. Gay.  My schedule on Monday
appears to be; "New Hire Training" from 8:00 am to 4:00 pm.  If possible, I
can be on your floor early to observe, leave for training from 8 to 4, then
return at 4:10 pm and stay until the close of business if you like?

Thank you.

Respectfully,

Daniel D. Lisk
Vinson & Elkins
IPTL Project Assistant II
713-758-2213
dlisk@velaw.com

          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You


Well, the origination tickets are up for grabs if you want them. I have been
informed by Mollie, Oh Holy Keeper of the Tickets, that you must, and I
quote, "come over here and beg me" if you want to procure free seats to
tonight's game.

The ball is now in your court. I'd suggest driving down the middle, faking to
the left, butt-kissing to the right, and taking it straight to the hole for a
slam dunk. Good luck!

Kate "Nothin' But Net" Symes


The above transaction was presented to the Board on 1-29-2001. There was
considerable discussion which I have summarized below.

Returns: were the returns sufficient to syndicate the risk. I answered
positively, which is what the capital price addresses. The dash return is a
blended debt and equity return.(?)

Was the $19 million excess proceeds enough to allow the company to operate. I
answered yes since 85% of reserves are producing and little capital will be
needed to develop pdnp and pud reserves.

Is management capable of operating or will they be in chapter 11 again soon.
I answered that the bankruptcy was a result of overpaying for Wyoming deal
and low commodity prices last two years which resulted in a bb decrease below
outstanding. We will have to watch this issue carefully.

Are banks reluctant to support KCS and could this cause a liquidity problem?
Answered that all creditors were made whole and likely that someone will come
into credit but it was a risk, although for the time being they had enough
cash to operate.

This feedback is just for fyi but it does indicate that board is active and
not a rubber stamp.

 Rick


what do you think?  why don't you give him a call
---------------------- Forwarded by Greg Whalley/HOU/ECT on 02/28/2001 05:22
PM ---------------------------

James A Hughes@ENRON_DEVELOPMENT
02/26/2001 10:32 AM
To: Greg Whalley@ECT
cc:
Subject: Paul Nelson

Greg:

This is the resume of my friend that I dropped you a note about last week.
Let me know if you think we might be interested in talking to Paul.

Jim
---------------------- Forwarded by James A Hughes/ENRON_DEVELOPMENT on
02/26/2001 09:47 AM ---------------------------

"Paul A. Nelson" <PAN@iowagrain.com> on 02/26/2001 09:21:19 AM
To: "'jhughes@enron.com'" <jhughes@enron.com>
cc:

Subject: thanks

Jim, thanks again for your help.  Paul

 <<Paul Nelson Enron 2-26.doc>>

 - Paul Nelson Enron 2-26.doc


---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 03/12/2001
09:09 AM ---------------------------

Phillip M Love@ECT
03/12/2001 09:10 AM
To: Souad Mahmassani/Corp/Enron@ENRON, Victor Guggenheim/HOU/ECT@ECT, Bruce
Mills/Corp/Enron@ENRON, Andres Balmaceda/NA/Enron@ENRON, Sladana-Anna
Kulic/ENRON@enronXgate, Eric Bass/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT,
Bryan Hull/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES, Jimmy
Simien/Corp/Enron@ENRON, Kevin Bosse/HOU/ECT@ECT, Jeffrey C
Gossett/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT,
O'Neal D Winfree/HOU/ECT@ECT, Patrick Ryder/NA/Enron@Enron, Ryan
O'Rourke/ENRON@enronXgate, Jason Wolfe/NA/Enron@ENRON, Gregory A
Mausser/HOU/ECT@ECT, John Valdes/HOU/ECT@ECT, Kyle R Lilly/HOU/ECT@ECT, B
Scott Palmer/HOU/ECT@ECT, Jeff Royed/Corp/Enron@ENRON, Bradley
Jones/ENRON@enronXgate, Jody Crook/Corp/Enron@ENRON, Denver
Plachy/NA/Enron@Enron, Jackson Logan/HOU/ECT@ECT, Gary W
Lamphier/HOU/ECT@ECT, Willie Stewart/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT,
Errol McLaughlin/Corp/Enron@ENRON, Luchas Johnson/NA/Enron@Enron, Anne
Bike/Corp/Enron@Enron
cc:

Subject: NCAA tournament

I am getting a tournament bracket together for the group. Here are the
important details - $10 per entry, bonus points per upset predicted are the
differential between the seeds(i.e. 12 beats a five you get 1 pt for the
victory and seven points for the upset), first round games worth 1 pt., and
the points for each subsequent round are the round plus 1 pt. (championship
game worth 7 pts., sixth round plus 1 pt.), tie breaker is total points
scored in final game.  Brackets are due on my desk or in my email box by 8
a.m. CST Thursday March 15th.  Here is a link to a bracket.  Please forward
to anyone you think may be interested.
PL

http://cbs.sportsline.com/u/madness/2001/brackets/men_printable.htm


Mark, when you send out documents can you put the counterparty's name in the
subject line so when I'm looking for the documents I can find them easier.
Much thanks.

	Mark Greenberg@ENRON
	05/16/2001 11:42 AM

		 To: IGoldsmith@NatSourceTullettEurope.com
		 cc: Bob Shults/Enron@EnronXGate, Tana Jones/HOU/ECT@ECT
		 Subject: BrokerClient

Mr. Goldsmith -

At the request of Bob Shults and consistent with your e-mail to Bob, attached
are the documents for the BrokerClient products - the BETA and Fee Agreement.

If you should need anything further, please let either me or Bob know.

Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com


Steve,

It makes sense to meet with Abacus. Retail marketing is very data intensive.
If you set up a meeting with them,
please, let me know.

Vince

Steven R Meyers@EES
04/11/2000 08:17 AM
To: Timothy Edward Vail/HOU/EES@EES
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Resco Database and Customer Capture

Tim,

I hope things are going well in Resco.  I think somebody from Resco (or
Research) may be interested in the email I received below from Brad Davids.
Brad is now working at Abacus who works with residential customer patterns as
well as predictive modelling.  He's going to be here the 25 and 26 of this
month.  I'm not sure who is responsible for Resco Marketing, but I think they
would find this interesting.  Who should I send this to?   Please let me know
if anybody in Resco may have any interest.

Thanks,

Steve

PS:  Vince, simply an FYI since they do focus on modelling and research.

---------------------- Forwarded by Steven R Meyers/HOU/EES on 04/11/2000
08:14 AM ---------------------------

Bradley Davids <Brad.Davids@abacus-direct.com> on 04/10/2000 08:35:32 PM
To: "'Steven.R.Meyers@enron.com'" <Steven.R.Meyers@enron.com>
cc:
Subject: RE: Possible Meeting?

Steve:

I'll see if I can get in on the 25th . . . will let you know, but I think
it'll work.

Just to give you a very brief overview so you can think about who might be
interested, Abacus has the largest transactional database of consumer buying
behavior in the world (89 million US households, 3 billion+ purchases),
along with sophisticated modeling capabilities to help predict customer
response to various offers at the household level. Given the critical need
to reduce customer acquisition costs in retail energy markets, we believe
that our data and modeling can help energy retailers target their direct
marketing efforts toward the residential customers most likely to respond to
whatever the offer is--improving the efficiency of mailings and other
promotional campaigns (so there is an efficiency angle, see!)

Because our data allow the modeling of future buying behavior based on
actual purchases, our results tend to be significantly more predictive than
demographic-based models. So far, the the response from utilities and "new
entrants" I've been talking to so far has been quite positive, and we have
some tests of our data underway, but we're interested in talking to as many
players in the market as possible as we develop specific products to meet
utility needs.

I can provide more background if desired to whoever might be interested, but
I guess the key immediate question is whether it might be worthwhile to
arrange a short meeting sometime on the 25th of April with whoever at Enron
might have interest in hearing what we're up to, and (most importantly)
listening to what your data needs might be as you enter new markets.

Thanks very much for any help . . . I look forward to catching up and
hearing how things are going for you.

Regards,

Brad Davids
303-410-5531

-----Original Message-----
From: Steven.R.Meyers@enron.com [mailto:Steven.R.Meyers@enron.com]
Sent: Monday, April 10, 2000 12:13 PM
To: Brad.Davids@abacus-direct.com
Subject: Re: Possible Meeting?

It'd be great to meet on the 25th in the afternoon.  I have a flight in the
evening.  I'm interested in hearing about life at abacus.  I too have heard
that Enron is getting back into the residential market.  What type of
database do you have?  I might be able to find somebody for you to talk
with here.

-Steve

Bradley Davids <Brad.Davids@abacus-direct.com> on 04/10/2000 12:04:00 PM

To:   "Steve Meyers (E-mail)" <smeyers2@enron.com>
cc:
Subject:  Possible Meeting?

Steve:

Sorry we've been unable to hook up . . . I can probably get down there on
the 25th, if you're going to be in town that afternoon? Would love to catch
up--both on how things are going with EES and tell you about my new life.

Also, I'm hearing rumors that Enron is about to get back into the
residential market in a big way--you know anything about that? Anybody I
should talk to there about my huge database of consumer buying behavior?

Thanks--looking forward to connecting . . . I'll be travelling most of this
week, but you can leave a VM and let me know when I can call you, or try me
on the cell at 303-886-3458.

Best,

Brad Davids

--------------------------------------------

Bradley J. Davids
Associate Vice President, Utilities

Abacus Direct, a division of DoubleClick, Inc.
11101 West 120th Avenue
Broomfield, CO  80021  USA

e-mail    brad.davids@abacus-direct.com
tel       303.410.5531
fax       303.410.5300

www.doubleclick.net
www.abacus-direct.com

(See attached file: C.DTF)


FYI.
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/28/2000 10:24
AM ---------------------------

Gregg Penman
09/28/2000 09:38 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: enovate - yes or no?

Thanks.

Re: Manlove - we are trying to get a meeting scheduled with key senior execs
at Peoples to discuss the structure in more detail.  My guess is that it will
happen some time after their Board meeting on October 4th.

Gregg

	From:  Kay Mann                           09/28/2000 09:22 AM

To: Gregg Penman/Corp/Enron@Enron
cc:
Subject: Re: enovate - yes or no?

I'm headed to a lengthy conference call, but I wanted you to have this info.

Anything going on with Manlove?

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/28/2000 09:21
AM ---------------------------

Deb Korkmas@ECT
09/28/2000 08:49 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: enovate - yes or no?

Yes, name change was filed on Sept 15.  Deb

Deb Korkmas
Enron North America Corp.
ENA Legal Dept.
1400 Smith Street, Room 3819
Houston, TX  77002
Phone:  713-853-5448
Fax:  713-646-3393

	Kay Mann@ENRON
	09/27/2000 06:29 PM

		 To: Deb Korkmas/HOU/ECT@ECT
		 cc:
		 Subject: enovate - yes or no?

So do we now have an Enovate/enovate?

Thanks,

Kay


We have received the following EEI Master Power Purchase and Sale Agreements:

Utah Associated Municipal Power System (8/10/2001)
TransCanada Power Marketing Ltd. (7/30/2001)
Electrical District Number Two, Pinal County (7/23/2001)

Copies will be scanned into Livelink.


Mary--Do they want to see filings in the East?  If so, do we send to you for
coordination with PGE or send directly to Jay Dudley (or someone else at
PGE)?  Thanks.

Mary Hain
03/15/2001 06:47 PM
To: James D Steffes/NA/Enron@Enron
cc: Susan J Mara/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Joe Hartsoe@Enron, Steve Kean, Sarah
Novosel/Corp/Enron@ENRON, Richard Shapiro, Sandra McCubbin/NA/Enron@Enron,
Alan Comnes, Christi Nicolay

Subject: Draft re Interactions with PGE

In response to PGE's request that we coordinate more on various regulatory
and legislative proceedings and our conversation today, we have agreed as
follows:

Due to code of conduct concerns and tight deadlines for regulatory filings,
it is typically difficult to coordinate in advance.  However, provided there
are no code of conduct concerns, we will attempt to provide to PGE finalized
drafts in advance of filing.
RTO negotiations are one area we can clearly coordinate because they do not
involve code of conduct issues but instead involve broad policy issues.
On litigation matters, if ENA legal and PGE want to coordinate, Richard
Sanders should be responsible for the coordination.


This is the process of assessing impact and priorities I mentioned
---------------------- Forwarded by Mike Jordan/LON/ECT on 04/10/2000 14:23
---------------------------

Mike Jordan
26/09/2000 19:18
To: Fernley Dyson/LON/ECT@ECT, Mark Pickering/LON/ECT@ECT, Richard
Sage/LON/ECT@ECT
cc: Steve Whitaker/LON/ECT@ECT, Sandip Joshi/LON/ECT@ECT

Subject: Preparation for tomorrow 's meeting at 9 am ( Fernley FYI )

This is a note we should send to John, Richard, Joe and Michael - explaining
HOW we are going to justify the program beyond our current agreement in
principal!

We should go back to them with 1 and 2 reasonably quickly ( Joe and Richard
will be big buyers of 1 at least )

Introduction
Enron is expanding rapidly and continuing to grow, both in its current
business and in acquiring new business lines
This has highlighted a number of problems, not least of which is the lack of
transparency in the underlying cost structure within Enron
We need to focus on the root causes of these costs rather than the symptoms.

Objectives
CURRENT COSTBASE - We need to establish each business units' End to End
Direct Support costs.   See spreadsheet below an example - worksheet "E2E
Direct Support Headcount"
MODEL OF COSTBASE AS WE MOVE FORWARD  - We need to develop a cost model that
will provide
A qualitative description of the cost drivers within the organisation, which
answers
What are we doing - What are the key activities/ functions within each
business unit and functions across all business units
Why are we doing this - what are the main cost/ activity drivers for carrying
out these activities/functions
What headcount cost is attributable to each activity/function  - Establish a
quantitative cost measure
We need to be able to report on current Operational Leverage and Efficiency
ratios
Efficiency ratio - what is the percentage of rework for each
activity/function - implies an estimate of how far we are from STP process
Operational Leverage - Ratio of headcount increase to activity increase
USE COSTBASE MODEL TO PREDICT QUANTIFIABLE BENEFITS - using headcount cost
data and ratios
We need to understand how many quick hits will accrue from business process
changes to current environment  - impact on efficiency ratio
We need to understand how functionality developments will change required
headcount cost - impact on operational leverage ratio
INVESTMENT COST - the specific costs associated with changing the operating
platform
Development costs - people [and hardware]
Business analysts, time
Line management time
User time (including time for UAT)
Consulting costs
[Opportunity cost]
PREPARE COST BENEFIT ANALYSIS  - use 3 and 4
IDENTIFY QUALITATIVE BENEFITS
reduction in operating risk - process will be exception based with up front
controls
reduction in number of operational errors
Trading errors that should be charged to the Middle Office
Client costs
Funding errors
MO and IT support base focused on value adding tasks
More effective management.
Better management information.
Quicker identification of exceptions should leader to quicker resolution.
People benefits - increased job satisfaction as processes are now more
investigative
Improved control standards as standard processes will stretch across all
businesses.
Eliminates costs and difficulty of maintaining various systems, e.g.
spreadsheets.
Easier to cross train staff and provide cover.

UTILISE ALL INFORMATION ABOVE TO CALCULATE AN ACTUAL AND TARGET UNIT COST PER
TRANSACTION ( VANILLA AND COMPLEX ) AND MONITOR AS KEY SUCCESS FACTOR FROM
PROGAM

The spreadsheet below shows what we should be looking to complete - worksheet
"Costs Model Input".  We need to do this by product - ONE SPREADSHEET PER
PRODUCT

EXAMPLE!! - Sally, this is updated now

Next steps -

Confirm Scope
E2E direct support costs - Enron Europe Limited
Cost model
Middle office
Products
Gas
Power
Credit
Structured Commodities
IT
Not in scope - although could be expanded
EGM
Metals
EES
EBS
EIM
Steps and responsibilities - for 1and 2
E2E direct support costs - FinOps
Establish and agree scope - Mike Jordan/ Steve Whitaker
Define departmental activities - Initial draft - Steve Whitaker/ Sandip Joshi
Confirm Departmental activities - Department heads - James New, Ian Sloman,
Gail Hill etc.
Determine key drivers for each activity for each product - departmental heads
Add weightings to each driver - Departmental Heads
Collate information - Sandip Joshi
Consolidate spreadsheets and send back for comments - Sandip Joshi
Plan for steps 3+

Steve and Mike


Received: from scs-abz-g01.abz.stoltcomexseaway.com	(scsfw1.datamarine.net [212.39.161.74])	by mail.cajunusa.com; Mon, 17 Sep 2001 10:16:17 -0500
Subject: FW: It will be rebuilt
To: jmccormick@cajunusa.com,	markm@cajunusa.com,	davem@cajunusa.com,	richard.maestas@stoltoffshore.cc,	william.knapp@stoltoffshore.cc,	kelly.kuylen@stoltoffshore.cc,	steve.racca@stoltoffshore.cc,	annie.ransonet@stoltoffshore.cc,	debbie.battaglia@stoltoffshore.cc,	cheryl.wright@stoltoffshore.cc
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----- Forwarded by Ponciano Sauceda/HOU/SCS on 09/17/2001 10:02 AM -----

                    Charlie
                    Schroeder              To:     "Charles E Harvey [ceharve@ppco.com] (E-mail)"
                    <cschroeder@hah        <ceharve@ppco.com>, "Cscott (E-mail)" <cscott@lockwoodint.com>, "Dale
                    nclay.com>             Christiansen (E-mail)" <DChristiansen@eprod.com>, "Karl McCormick
                                           [Karl_McCormick@RohmHaas.Com] (E-mail)" <Karl_McCormick@RohmHaas.Com>,
                    09/17/2001             "Ken [itsken1@swbell.net] (E-mail)" <itsken1@swbell.net>,
                    10:02 AM               "Jaywilliam_Johnson (E-mail)" <jaywilliam_johnson@petronas.com.my>,
                                           "Lbell (E-mail)" <lbell@mail.mdanderson.org>, "Mark C Drake
                                           [drakem@ppco.com] (E-mail)" <drakem@ppco.com>, "Mike. Robbins (E-mail)"
                                           <mike.robbins@us.abb.com>, "Nick. Alexander (E-mail)"
                                           <Nick.Alexander@kvaerner.com>, "Randy RF SCC Ingebretson
                                           [RI106781@MSXSCC.SHELL.COM] (E-mail)" <RI106781@MSXSCC.SHELL.COM>,
                                           "Ponce. Sauceda (E-mail)" <ponce.sauceda@stoltoffshore.cc>, "Troy Bettes
                                           [TBettes@eprod.com] (E-mail)" <TBettes@eprod.com>
                                           cc:
                                           Subject:     FW: It will be rebuilt

-----Original Message-----
From:           Donna Moses
Sent:           Friday, September 14, 2001 2:30 PM
To:        'Bubba "OT" Gunnels'; 'Connie & Steve'; 'Dorothy Burgmaier';
'Larry Yount'; 'Shelley & Chris'; Aaron Green; Andrea Martinez; Arthur
Diaz; Brian Merryman; Candace Reeves; Charlie Schroeder; Lee Draehn; Mike
Escamilla; Raymond Byrd; Robert Kieschnick; Phillip West
Subject:        FW: It will be rebuilt

-----Original Message-----
From:           Sherman, Jill [SMTP:JSherman@knust.com]
Sent:           Friday, September 14, 2001 1:52 PM
To:        Donna Moses (E-mail)
Subject:        FW: It will be rebuilt

-----Original Message-----
From: Leslie_Pritt@AcordiaNational.com
[mailto:Leslie_Pritt@AcordiaNational.com]
Sent: Friday, September 14, 2001 12:49 PM
To: Scott_Geyer@AcordiaNational.com; Lora_Denny@AcordiaNational.com;
Scott_Easterling@AcordiaNational.com; Tim_Kyle@AcordiaNational.com;
Korin_Riggall@AcordiaNational.com; Sherman, Jill;
MSkeens@mail.dep.state.wv.us
Subject: Fwd: It will be rebuilt

Leslie M. Pritt
Account Representative
800-332-4732 ext 8778
Leslie_Pritt@acordianational.com
----- Forwarded by Leslie Pritt/AcordiaNational on 09/14/01 01:51 PM -----

                    Debbie Pritt

                    <DPRITT@bowles       To:
Leslie_Pritt@acordianational.com
                    rice.com>            cc:

                                         Subject:     Fwd: It will be
rebuilt
                    09/14/01 11:40

                    AM

----- Message from John Woods <JWOODS@bowlesrice.com> on Fri, 14 Sep 2001
11:37:20 -0400 -----

      To: jwoods@bowlesrice.com

 Subject: It will be rebuilt

It will be rebuilt and our country will go boldly forward as always.

John  Woods
e-mail : jwoods@bowlesrice.com
telephone: (304) 347-1127
fax:  (304) 343-2867

(See attached file: new.jpg)

 (Embedded image moved to file: pic14181.jpg)

 - pic14181.jpg


Dear Mr. Kaminski,

Attached, there are 2 new samples of our daily market research: today's
issue of the morning faxes Fixed Income Today and Financial Markets Today.
We also have intraday market coverage, on Bloomberg: IDEA>GO, Reuters: IDUS,
and Bridge/Telerate.

If the info looks useful, we'd like to arrange a free 30-day trial for you
and your colleagues.  For your reference, please find our price list
attached.  I look forward to your reply.

Best regards,
Vadim Pokhlebkin
Account Manager
vpokhlebkin@ideaglobal.com
tel. + 1 212 571 4332
fax  + 1 212 571 4334

IDEAglobal.com
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any way. Please destroy it and contact the sender via the IDEAglobal.com
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 - FIT0317a.pdf
 - Fmt0317n.PDF
 - onesheet.doc