USA: UPDATE 1-Enron CEO says stock hit because of high multiple.
Reuters English News Service, 03/28/01

USA: ICE to offer Internet products trade off Colonial Pipeline.
Reuters English News Service, 03/28/01

US FERC To Seek Input On Regional Pwr Grid Coordination
Dow Jones Energy Service, 03/28/01

Top Enron executives reap bonuses for strong 2000 performance
Associated Press Newswires, 03/28/01

USA: Enron CEO says stock hit because of high multiple.
Reuters English News Service, 03/28/01

USA: Viacom nixes plan to spin off rest of Blockbuster.
Reuters English News Service, 03/28/01

``Plumbers'' for Today's Economy Dominate Online Investor Tournament
Sponsored by Fast Angels; Eight Companies Work Behind-the-Scenes to Help
World Act Faster and Smarter
Business Wire, 03/28/01

NIGERIA: Nigeria will break up state power monopoly - minister.
Reuters English News Service, 03/28/01

Enron's unit presents thermal power plan to Aomori gov.
Kyodo News, 03/28/01

Regulators grant rate hike for utilities
Rates could rise almost 50 percent under CPUC plan
CBS MarketWatch.com, 03/27/01

Hefty payday for Enron's top execs
$7 mln bonus for chairman, $5.6 mln to CEO for 2000
CBS MarketWatch.com, 03/27/01

USA: UPDATE 1-Enron CEO says stock hit because of high multiple.
By C. Bryson Hull

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW ORLEANS, March 28 (Reuters) - Wall Street's stampede away from stocks
with high price to earnings (PE) ratios is finally catching up with Enron
Corp. and hurting its share price, the energy giant's top executive said on
Wednesday.
"I think the stock price dropped because of multiple compression," Enron
President and Chief Executive Jeff Skilling told an audience of institutional
investors at the Howard Weil Energy Conference in New Orleans.
Enron currently trades at about 41 times earnings, a value Skilling said he
considers "low and clearly sustainable moving forward."
His comments came as Enron shares dropped as much as 5 percent Wednesday,
before closing down $2.36, or 3.9 percent, at $58.10 in trading on the New
York Stock Exchange. Enron's fall outpaced the less than one percent drop in
the Standard & Poor's Utility Index.
Skilling pointed to the wave of companies whose prices have dropped sharply
in the last year because investors thought they were overvalued, with PE
multiples above 30 times earnings range.
"We kept our multiple and felt a little like the last duck in the pond and
there was still a lot of ammo with the hunters," Skilling said.
Enron's stock remained immune to the trend against high PE ratios until last
week, when it dropped under $60 for the first time since January 2000. It
lost 8 percent over a two-day period, March 21-22, prompting Skilling to hold
a conference call last Friday to assuage investors and analysts.
One analyst said several Enron-specific issues have more to do with the
recent decline in the company's share price than the broader market disregard
for high PE ratio stock.
"He is exactly right that high multiple stocks have sold off, and you see
that particularly in the NASDAQ. Telecoms and the tech sector have been hit
hard and Enron had a large part of its valuation in the telecom sector with
broadband," Commerzbank securities analyst Andre Mead said.
The market took that value out as telecoms weakened across the board and as
some doubts arose about Enron's timing on its broadband initiative and other
issues, he said.
"The bottom line is there are some market dynamics at work for at least a
portion of the sell-off, but a good deal of it is Enron-specific, because the
market is valuing the broadband (part) less," Meade said.
The fall in its shares last week followed a rapid string of negative news
about Enron, including continuing word that India's Maharastra State
Electricity Board could not pay Enron for power from its Dabhol power plant;
the termination of the broadband unit's marquee 20-year video deal with
Blockbuster Inc. ; and false rumors of layoffs at the broadband unit.
Enron has peaked at $90.56 and touched a low of $51.55 over the past 12
months.

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

USA: ICE to offer Internet products trade off Colonial Pipeline.

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, March 28 (Reuters) - Internet-based IntercontinentalExchange (ICE)
plans to offer trading in U.S. refined products off the Colonial Pipeline in
the second quarter of this year, a company official said Wednesday.
The Houston-to-New York Colonial Pipeline is the largest refined products
pipeline in the United States, pumping a total of 2.35 million barrels per
day of gasoline, heating oil, diesel and jet fuel.
Refined oil prices for the nation's refining hub on the Gulf Coast are set by
trade into the pipeline.
ICE however would not elaborate on which products exactly it will trade.
"That's the plan, but we don't really have any further details," said a
company official.
With backing from major banks and energy groups, ICE (https://www.intcx.com)
has become one of the most widely distributed online energy marketplaces,
despite only launching trading last fall.
It hosts a range of energy and precious metal 'over the counter' (OTC)
contracts - those traded outside regular futures exchanges. Oil derivatives
traded on ICE include crude oil, fuel oil, heating oil, jet fuel, gasoline
and naphtha.
But with an average of $3.5 billion in daily trade volume, rival Enron Corp
(ENE.N) subsidiary EnronOnline (www.enrononline.com) has been the most
successful online energy trading platform.
While it does not currently offer trading of Colonial Pipeline products, an
EnronOnline official did not rule out such a move in the future.
"We have been making additions pretty much every month," the official said.
"If we get demand for Colonial, I'm sure we'll add it. We're making large
efforts to expand that product area."
This week, EnronOnline launched trading in WTI crude options and spread
trading in Light Louisiana Sweet/St. James, West Texas Sour/Midland and West
Texas Intermediate/Midland crudes.

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

US FERC To Seek Input On Regional Pwr Grid Coordination
By Bryan Lee

03/28/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

OF DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- The U.S. Federal Energy Regulatory Commission agreed
Wednesday to seek comment on whether it should hold a technical conference on
the coordination of wholesale power transactions among the regional
transmission organizations, or RTOs, that it seeks to develop.
FERC is in the midst of implementing a sweeping order that will direct the
utilities it regulates to turn over control of their transmission assets to
RTOs.
The order aims to promote more liquid regional wholesale power markets by
creating independent power-grid operators, removing the remaining ability of
vertically integrated utilities to use control of transmission to competitive
benefit in power markets.
In December, competitive power suppliers and industrial consumers petitioned
the commission to convene a technical conference on what was termed the
"seams" issue involving wholesale power transactions from one
RTO-administered grid area to another.
"The transmission grid for electricity is interstate and inter-regional,"
said John Anderson, executive director of the Electricity Consumers Resource
Council, or ELCON, which represents large industrial power users.
"We must be sure that, first, RTOs coordinate transmission facilities of
different utilities, but, second - and probably more important - we must
ensure that transmission facilities coordinated by each RTO are also
coordinated" among one another, Anderson said.
If the "seams" issue isn't addressed, "RTOs could soon resemble huge speed
bumps which could not just slow down, but do permanent harm to the vehicle of
competition," he said.
ELCON was joined in the petition by the Electric Power Supply Association,
which represents competitive power producers and marketers, and by Enron
Power Marketing Inc. (ENE), Reliant Energy Power Generation (REI) and Dynegy
Inc. (DYN).
FERC commissioners noted Wednesday that they soon will issue a notice seeking
comment on the issues raised by the petition, and whether the commission
should grant the request for a technical conference.
Commissioner William Massey welcomed the decision, noting that the lack of
standardized procedures could pose "an impediment to trade."
Massey called for FERC to shepherd an industry-wide effort to develop
consistent standards for information and terminology regarding scheduling and
reservation of transmission capacity among RTOs, - including the development
of "generic interface procedures."
FERC spurred a similar standardization process in the natural gas industry,
which resulted in creation of a Gas Industry Standards Board, or GISB.
GISB produced uniform communications protocols for reserving pipeline
capacity and standardized business practices, Massey noted, expressing the
desire for the electric industry to do the same.
ELCON was reserved in reacting to FERC's response to the petition, since the
commission could ultimately decide against holding the technical conference.
"We think recent events in California and the possibility of additional
supply disruptions in other areas of the country highlight the need for
inter-regional coordination," said Marc Yacker, ELCON's director of
government and public affairs.
"We continue to hope that FERC will address this issue," Yacker said. "The
closer we get to larger, more liquid regional wholesale power markets, the
better off we'll be."
The issue arose as FERC Wednesday approved an RTO for Florida. Ordinarily,
FERC wouldn't approve a single-state RTO, but did given that the state is a
peninsula.
However, the Electric Power Supply Association, for which the bottleneck for
sales into Florida is a big concern, raised the "seams" petition in that
proceeding.
The commission also must confront the issue in hashing out an RTO for the
U.S. Midwest. FERC has approved two different grid entities in the region,
the Alliance Regional Transmission Organization and the Midwest Independent
System Operator.
FERC has granted RTO status to the for-profit Alliance effort, in which
participating utilities aim to spin off their transmission assets to create
an independently traded transmission company.
Earlier this year, FERC issued an order establishing an administrative
proceeding designed to develop a merger agreement between the for-profit
Alliance and the nonprofit Midwest ISO.
The commission must act in the near future on an agreement struck in that
proceeding that would maintain the Alliance and Midwest ISO as two separate
entities, but operating under a single design for providing transmission
services across the two entities.
An attorney involved in the negotiations, who asked to remain anonymous, said
the agreement illustrated that such "seams" arrangements could obviate the
need for FERC to order establishment of RTOs encompassing broad geographic
regions.
-By Bryan Lee, Dow Jones Newswires; 202-862-6647; bryan.lee@dowjones.com

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

Top Enron executives reap bonuses for strong 2000 performance

03/28/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

HOUSTON (AP) - Energy marketing powerhouse Enron Corp. rewarded chairman
Kenneth Lay with a $7 million bonus for the company's performance last year,
a 79 percent increase from the year before.
According to a March 2 filing with the Securities and Exchange Commission,
the compensation committee of the Enron board of directors decided Lay, who
was chief executive officer until last month, get an increase from his $3.9
million bonus in 1999.
"We believe that Enron's executive compensation program has contributed
significantly to the increase in shareholder value from 1991 to 2000, during
which time a shareholder who invested $100 in Enron common stock would have
received $1,497 or a 1,397 percent increase in value, compared to 391 percent
for the S&P 500 and 534 percent for industry peers," the committee explained
in the company's proxy statement.
Lay's base salary remained flat at $1.3 million.
Similarly, Enron president Jeffrey Skilling - who took over as chief
executive officer in February - saw his bonus increase to $5.6 million from
$3 million in 1999. Skilling's salary remained flat at $850,000.
Enron, the nation's largest natural gas and wholesale electricity marketer,
saw a 32 percent increase in 2000 profits to $1.3 billion.
Shares of Enron were down $2.44 to $58.02 in afternoon trading Wednesday on
the New York Stock Exchange.

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

USA: Enron CEO says stock hit because of high multiple.
By C. Bryson Hull

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW ORLEANS, March 28 (Reuters) - Wall Street's stampede away from stocks
with high price to earnings (PE) ratios is finally catching up with Enron
Corp. and hurting its share price, the energy giant's top executive said on
Wednesday.
"I think the stock price dropped because of multiple compression," Enron
president and chief executive Jeff Skilling told an audience of institutional
investors at the Howard Weil Energy Conference in New Orleans.
Enron currently trades at about 41 times earnings, a value Skilling said he
considers "low and clearly sustainable moving forward."
His comments came as Enron shares dropped nearly 5 percent Wednesday, off
$2.84 at $57.62 in midafternoon trading on the New York Stock Exchange. Enron
's fall outpaced the less than one percent drop in the Standard & Poor's
Utility Index.
Skilling pointed to the wave of companies whose prices have dropped sharply
in the last year because investors thought they were overvalued, with PE
multiples above 30 times earnings range.
"We kept our multiple and felt a little like the last duck in the pond and
there was still a lot of ammo with the hunters," Skilling said.
Enron's stock remained immune to the trend against against high PE ratios
until last week, when it dropped under $60 for the first time since January
2000. It lost 8 percent over March 21-22, prompting Skilling to hold a
conference call last Friday to assuage investors and analysts.
One analyst said several Enron-specific issues have more to do with the
losses than the broader market disregard for high PE ratio stock.
"He is exactly right that high multiple stocks have sold off, and you see
that particularly in the NASDAQ. Telecoms and the tech sector have been hit
hard and Enron had a large part of its valuation in the telecom sector with
broadband," Commerzbank securities analyst Andre Mead said.
The market took that value out as telecoms weakened across the board and as
some doubts arose about Enron's timing on its broadband initiative and other
issues, he said.
"The bottom line is there are some market dynamics at work for at least a
potion of the sell-off, but a good deal of it is Enron-specific, because the
market is valuing the broadband less," Meade said.
The fall last week followed a rapid string of negative news about Enron,
including continuing word that India's Maharastra State Electricity Board
could not pay Enron for power from its Dabhol power plant; the termination of
the broadband unit's marquee 20-year video on deal with Blockbuster Inc. and
false rumors of layoffs at the broadband unit.
Enron hit a high of $90.56 and a low of $51.55 over the past 12 months.

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

USA: Viacom nixes plan to spin off rest of Blockbuster.
By Derek Caney

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, March 28 (Reuters) - Entertainment titan Viacom Inc. confirmed on
Wednesday it will scrap plans to spin off its remaining about 82 percent
stake in Blockbuster Inc. , saying it was happy with the performance of the
video retail unit and wanted to keep it in the Viacom family.
A spokeswoman said the company, which owns the CBS television network,
Paramount Pictures and MTV among other entertainment properties, would
disclose its plans in filings with the Securities and Exchange Commission in
the next couple of days.
"We're very happy with Blockbuster's performance," the Viacom spokeswoman
told Reuters. "We're pleased with the cash it generates. Blockbuster provides
a lot of free cash flow for Viacom."
The spokeswoman declined to comment on the possibility of Viacom buying back
the outstanding 18 percent of Blockbuster shares, which total about 175
million as of the end of December.
The Wall Street Journal reported on Wednesday that Viacom was giving up on
plans to split off Blockbuster, which has about 4,800 retail stores.
Viacom took the minority Blockbuster stake public in August 1999 at $15, but
it failed to generate much enthusiasm. Company executives said later that
year it would not offer any remaining stock until its share price hit the
$20-range.
Viacom executives have said repeatedly in the past that they believed
Blockbuster's shares were undervalued.
Blockbuster reached a high of $17 in November 1999, before crumbling against
the backdrop of investor belief that technology would dramatically change the
movie distribution business and would leave retailers, who rely on customers
visiting video stores, in the dust. Shares dropped to a low of $6.88 in
October 2000.
The increased popularity of satellite television and new digital cable
technology, which compresses cable signals to allow hundreds of cable
channels, and the specter of video-on-demand from a variety of services also
has scared many investors away from Blockbuster, analysts said.
"Blockbuster has been something of a conundrum to investors," said SG Cowen
analyst Ed Hatch. "Its shares have suffered under a cloud that technology
will make its stores obsolete."
But Gerard Klauer Mattison & Co. analyst Jeffrey Logsdon noted that despite
the threat of technological advances, the company has made considerable
strides.
"The company has dramatically redesigned its capital spending in the last
couple of years," he said, citing the retailer's revenue sharing deals with
film studios, in which the company shares video rental revenue in exchange
for cheaper prices for the new video releases it buys.
Logsdon also noted that the company has cut its new store additions, "which
has potentially added between $100 million and $150 million a year in free
cash flow.
"With those two elements, Blockbuster becomes a significant cash cow and it
becomes perhaps less necessary to have Blockbuster separate," he added.
Indeed, in the last few months, Blockbuster has staged something of a
turnaround, rebounding to its current level of $13.98, up 5 percent, or 68
cents, in Wednesday's trading on the New York Stock Exchange.
Earlier in 2000, Blockbuster announced several initiatives to take advantage
of its brand name. It signed a deal with electronics retailer RadioShack
Corp. to open up a "store-within-a-store" within RadioShack shops.
It also struck a marketing agreement with satellite television provider
DirecTV in which the two companies would jointly offer pay-per-view movies
via DirecTV, while Blockbuster will promote and sell the satellite systems
and services in its stores.
DirecTV is owned by General Motors Corp.'s Hughes Electronics Corp. .
Blockbuster's video-on-demand joint venture with Enron Corp. , however, was
less successful, unravelling earlier this month with both companies saying
they would pursue separate services.
Viacom shares were off 3.5 percent, or $1.60, to $44.65 in Wednesday's NYSE
trading, although analysts attributed the weakness to pessimism in the media
sector overall following Walt Disney Co.'s announcement late Tuesday that it
would slash its work force by 4,000, or 3 percent.

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

``Plumbers'' for Today's Economy Dominate Online Investor Tournament
Sponsored by Fast Angels; Eight Companies Work Behind-the-Scenes to Help
World Act Faster and Smarter

03/28/2001
Business Wire
(Copyright (c) 2001, Business Wire)

LOS ALTOS HILLS, Calif.--(BUSINESS WIRE)--March 28, 2001--The eight
quarterfinalists in March Money Mayhem, an online investment tournament of 64
investment options, are in a neck-to-neck battle as the nation's favorite
investment. Surprisingly, all provide "plumbing" for key sectors of the
nation's economy. Winners include literal plumbing suppliers like Home Depot,
but also Internet plumbers (Cisco and Microsoft), transportation plumbers
(Boeing, UPS), energy plumbers (Exxon Mobil and Enron) and body plumbers
(Merck).
Asked "where would you put $1,000?" today, voters in the investor parody of
college basketball March Madness (www.fastangels.com/marchmayhem/) were
bullish on the building-block stocks of the economy over the new technology
companies (e.g. Ariba, eBay, Amazon.com) and non-stock alternatives (e.g.
cash, Roth IRA, and trips to Disneyland). A prize of $1,000 will go to a
random on-line voter who predicts the most winners over the three-week
contest. Voting ends April 2. The contest is sponsored by Fast Angels
Ventures (www.fastangels.com), a new seed fund for technology entrepreneurs,
and CBS MarketWatch (www.cbsmarketwatch.com).
"We're seeing the same focus on plumbing in the recent deluge of business
proposals. Today's entrepreneurs aren't pushing faddish dot-com or
speculative edge technologies, but new methods to help companies work faster
and work smarter," said Mark Breier, Fast Angels(TM) Ventures managing
partner, who has reviewed more than 300 business plans in the three weeks
since announcing the fund. "Key trends include ideas to move data faster,
share computers simultaneously and empower mobile users."

CONTACT: For Fast Angels Ventures Gary Hanauer, 510/895-4482 GarHan@aol.com
13:10 EST MARCH 28, 2001

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

NIGERIA: Nigeria will break up state power monopoly - minister.

03/28/2001
Reuters English News Service
(C) Reuters Limited 2001.

ABUJA, March 28 (Reuters) - Nigeria said on Wednesday it would end the
monopoly of state electricity giant NEPA and split it into many different
companies by the end of the of the year.
Minister of Power and Steel Segun Agagu told reporters the cabinet approved
the plan which had been incorporated in a bill to be presented to the
national assembly.
"The centrepiece of the proposed policy is the unbundling of NEPA into
several generation, distribution and marketing companies," he said.
Nigeria suffers from a chronic power shortage that leaves whole areas blacked
out sometimes for weeks.
NEPA is already slated for privatisation. The government's formula is to sell
40 percent to a core investor, retain 40 percent for the state and sell 20
percent to the public.
Its target is to generate 4,000MW of electricity by the end of this year
compared with a current 2,500MW.
Agagu said eight companies would be created in NEPA's power generation and
over 20 companies in distribution and marketing.
"Interested local and foreign companies will be given franchises for
distribution and marketing of electricity in some states or a combination of
states," he added.
Nigeria has 36 states and in Lagos, the richest and most populous, U.S.
energy giant Enron Corp is already working on a project to supply 270MW of
electricity.
The Nigerian minister said in the generation sector, Kainji and Jebba, both
hydro power stations on the River Niger could be constituted into one
company.
"There is no reason why we cannot generate energy in huge quantum in this
country and sell the same in other countries in the West African sub-region,"
Agagu said.
"The essence of the new policy is to create a competitive market for
electricity supply in all the states of the federal republic of Nigeria.
"We are trying to move away from the inefficient public sector control
monopoly which NEPA is towards a deregulated market where we have private
sector participation," he added.

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

Enron's unit presents thermal power plan to Aomori gov.

03/28/2001
Kyodo News
Copyright Kyodo News International Inc. 2001

AOMORI, Japan, March 28 --
A unit of U.S. energy company Enron Corp. on Wednesday submitted to Aomori
Gov. Morio Kimura its plan for building a large thermal power plant in the
village of Rokkasho in the northern Japan prefecture.
Encom Corp. (Japan) President Carey Sloan visited the governor and presented
the 60-hectare project for a 2-million-kilowatt power plant to be fueled by
liquefied natural gas (LNG), according to the plan.
The New York-based affiliate of the Houston-based Enron for power business in
Japan plans to start constructing the facility in 2004 upon necessary
administrative approvals and launch its operations in 2007.
Rokkasho is known as the site of the country's first full-scale nuclear waste
reprocessing plant. The facility run by Japan Nuclear Fuel Ltd. is set to
start reprocessing in July 2005.
According to Encom's plan, the company now is waiting for a reply -- expected
around June -- from Tohoku Electric Power Co. in order to connect its
transmission lines to those of the local electric power monopoly.
Sloan said in a press conference he expects Tohoku Electric to give nod to
his company's bid to link the lines.
Kimura issued a statement saying he expects the plan to spur the national
project to develop the village's 5,300-hectare Mutsu-Ogawara area, where the
reprocessing plant is located, into an industrial park.
It is also expected to contribute to boosting the regional economy and
creating jobs, the statement said.

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

Regulators grant rate hike for utilities
Rates could rise almost 50 percent under CPUC plan

By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 5:59 PM ET Mar 27, 2001

?
SAN FRANCISCO (CBS.MW) - California power regulators agreed Tuesday to raise
electricity rates by almost 50 percent to help the state's cash-strapped
utilities buy adequate power for their customers as the peak summer usage
season approaches.

"Today's rate increase is long over due," said Commissioner Richard Bilas,
prior to the actual vote. The vote came despite objections from hoards of
protesters outside the meeting in San Francisco to keep power rates stable.
The increase, which was approved 5-0, adds 3 cents per kilowatt hour to rates
and makes permanent an emergency one cent per kilowatt hour surcharge
approved on Jan. 4.
Pacific Gas & Electric (PCG: news, msgs, alerts) and Southern California
Edison (EIX: news, msgs, alerts) have been unable to buy electricity for
their California customers because they've run up debts of about $13 billion
paying for power on the open market well above what they received under
state-capped retail rates.
Adding another 3 cents per kilowatt hour will "comprehensively address" the
revenues needed in California to keep the state's lights on, CPUC President
Loretta Lynch said.
She stressed that the order gives the utilities the right to collect the
funds immediately, but that customers won't see the increase "until we design
new rates."
"Over 45 percent of residential customers will not experience a further rate
increase," Lynch said.
The rate hikes are expected to generate an additional $2.5 billion in annual
revenue for PG&E and $2.3 billion for Edison.
California Gov. Gray Davis attempted to distance himself from the move. "The
PUC's action today was premature because we do not have all the appropriate
financial numbers necessary to make a decision," Davis said in a statement.
"If it becomes clear that a rate increase is absolutely necessary for the
good of the State, I will support one that is fair and do my duty to convince
Californians of its necessity."
In January, the commission, which is dominated by Davis' appointees, denied
rate hikes of 26 percent being sought by the utilities. The state instead
began buying power itself on the expectation it could negotiate better prices
with out-of-state generators.
Since then California has spent about $4 billion buying power, wiping out
more than half of the state's budget surplus.
Analysts were cautious.
The order "still leaves important questions unanswered and comes with some
strings attached," Steven Fleishman, an analyst at Merrill Lynch said in a
research note. The order "deliberately restricts" the extra revenue from
being used toward the utilities' past power purchase costs, he said.
Consumer activists said the move is only the beginning and more rate hikes
can be expected. ?Watch interview.
The commission's meeting Tuesday brought hoards of protestors, whose presence
and chants of "Rate hikes go away. Make the energy companies pay!" caused
delays to the proceedings.
But the CPUC's decision will help the power crisis in California, Enron (ENE:
news, msgs, alerts) CEO Jeff Skilling said Tuesday at the Southern Methodist
University's Cox School of Business management briefing series in Dallas.
"There's been a need to balance supply and demand and to date I don't think
anyone has been willing to let the prices rise to help balance supply and
demand," Skilling said. "So this is a huge step forward in reducing the odds
of shortfalls."
Davis said Monday that the "tiered pricing could promote the conservation
California needs if structured properly but was not convinced of that by the
data made available to him last week." He had hoped that the state's energy
crisis could be resolved without a rate hike.
CPUC orders QF payments
The CPUC also ordered California's two biggest utilities to make payments to
small independent generators, or qualifying facilities, for energy within 15
days of delivery.
The order directs the utilities to resume payments to QFs within 15 days of
end of billing period, Commissioner Carl Wood said. If they don't comply, the
utilities will suffer from penalties equal to the amount owed to the QFs, he
said.
Wood withdrew, on Monday, his idea for a fixed price payment of $79 per
megawatt hour.
During a conference call to note holders late Tuesday, Edison's CFO Ted
Craver, Jr. said SoCal Edison plans to make interest payments on some of its
defaulted debts, with the first payment on some commercial paper outstanding
made around the end of next week.
Craver also said that with the utility's planned payments and its commitment
to make interest payments, starting this week, as they come due, SoCal Ed
will become current on all outstanding interest rate payments.
Meanwhile, the CPUC's order regarding payments to QFs came just as the
state's power grid operator issued a "Stage Two" power alert throughout
California, calling for increased consumer conservation. The Independent
System Operator said 10,500 megawatts of power were offline due to
maintenance Tuesday and another 2,900 of QF generation remained unavailable.
The CPUC also ordered Tuesday that the utilities hand over the money they've
collected for power through retail rates in order to cover the costs of the
state's Department of Water Resources, which has been buying power on their
behalf since early this year.
The commission will discuss the details of the issue at its continuation
meeting next Tuesday, Lynch said.
Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco.

Hefty payday for Enron's top execs
$7 mln bonus for chairman, $5.6 mln to CEO for 2000

By Lisa Sanders, CBS.MarketWatch.com
Last Update: 5:22 PM ET Mar 27, 2001

?
DALLAS (CBS.MW) -- Enron's ability to continually transform itself has
generated strong results for the Houston-based energy company, CEO and
President Jeffrey Skilling said Tuesday.

His remarks, made to members of the Dallas business community attending
Southern Methodist University's Cox School of Business management briefing
series, came on the same day that Enron (ENE: news, msgs, alerts) filed its
annual proxy statement.
In the proxy, Enron's financially robust 2000 translated into healthy bonuses
for both Skilling and Chairman Kenneth Lay. Lay's bonus shot up to $7 million
in 2000 from $3.9 million in 1999, while Skilling took home $5.6 million in
bonus pay, up from $3 million the previous year. Enron named Skilling CEO in
February.
The No. 1 buyer and seller of natural gas in the U.S. and the leading
wholesale power marketer had $100.8 billion in sales in 2000, up from $20.36
billion in 1997. During the same period, its earnings-per-share increased to
$1.47 from 87 cents a share, a 25 percent gain, and its market cap climbed to
$62.5 billion from $12.8 billion.
Last week, Enron's market cap declined on rumors, which the company denied in
a press release and subsequent conference call, of problems in its broadband
business. Shares of Enron, which set a 52-week low of $51.51 a share on March
22, shed $1.02 to close at $60.46 on Tuesday.
On Tuesday, Skilling said he expected bandwidth trading, now a nominal part
of Enron's overall business, to contribute 10 to 15 percent to the company's
bottom line in the next four to five years.
In a conference call Friday, Skilling reiterated that Enron remains
comfortable with its previously announced profit target of $1.70 to $1.75 a
share in 2001. The average estimate of analysts polled by First Call/Thomson
Financial is $1.74 a share.
On Tuesday, Skilling maintained his view and also said the company is
comfortable with expectations for a profit of 45 cents a share in the March
quarter.
Enron a business maverick
"Enron has changed the way a lot of people think about the energy business,"
Skilling said. "The one good idea is that the traditional, rigid,
capital-intensive vertically integrated business structures...are breaking
down."
Skilling, who received a bachelor degree from SMU, said its better to search
for the highest quality products and assemble them into a package for
delivery to customers rather than owning them all. He said that the business
model is superior because it's cheaper and more flexible.
"Virtual integration will beat vertical integration every day," said
Skilling, predicting that in the future people will work for the system,
rather than the product, and that physical capital will be replaced with
intellectual capital. Enron, he said, created the packaging concept back in
the late 1980s and assembled it in a way that enables energy to be delivered
at lower costs.
"That's what led to the growth at our company," he said. Skilling said he
intends for Enron to be the most innovative company in America for years to
come.
Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com.


no to all


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

Sierra Power Corporation 2/28/2001
The City of Oakland, a municipal corporation acting by and through its Board
of Port Commissioners-2/27/2001

Copies will be given to Legal and Credit.


Here are some recent pics of the "little man"....

 - blueshirtFenOrgReT.jpg
 - HappyHarris122101.jpg


Eggcellent!!!  Yes, I did have your watch.  However, due to lean times on the
Nemec ranch, I was forced to see what the cash equivalent of your watch would
be.  Does $10 sound fair.  Anyway I took the ten bucks, which thankfully
acounted for both my beers last night.   Chalk up another one to the Nemec
leisure activity fund.

	"Waldrop, Barbara (CBI-Houston)" <Barbara.Waldrop@cox.com>
	04/03/2001 12:09 PM

		 To: "'gerald.nemec@enron.com'" <gerald.nemec@enron.com>
		 cc:
		 Subject: FW: Easter Egg decorating contest!

Will you help me decorate an egg?

By the way, have you seen my watch laying around your house?? I am thinking
that I left it over there Sunday night.

Thanks

?-----Original Message-----
From: ? Sachan, Kim (CBI-Houston)?
Sent:?? Tuesday, April 03, 2001 12:08 PM
To:???? Sachan, Kim (CBI-Houston)
Subject:??????? Easter Egg decorating contest!

Okay, we have decided to have an EASTER EGG decorating contest!
You decorate your own egg - don't go buy a decorated one!
Judging will be at the BBQ & prizes will be won ... 1st, 2nd and 3rd place
honors!

So, be creative!

Kim Sachan
Office & HR Manager
Cox Radio Houston
KHPT-KKBQ-KLDE-KTHT
Direct:? 713-963-1231? Fax: 713-963-1212


13:48:57 Synchronizing Mailbox 'Hodge, Jeffrey T.'
13:48:57 Synchronizing Hierarchy
13:48:57 Synchronizing Favorites
13:48:57 Synchronizing Folder 'Inbox'
13:49:02 	   7 item(s) added to offline folder
13:49:02 	   1 item(s) deleted in offline folder
13:49:02 Synchronizing Folder 'Outbox'
13:49:02 Synchronizing Folder 'Sent Items'
13:49:02 Synchronizing Folder 'Calendar'
13:49:04 	   1 item(s) added to offline folder
13:49:04 	   2 item(s) updated in offline folder
13:49:04 Synchronizing Folder 'Contacts'
13:49:04 Synchronizing Folder 'Drafts'
13:49:04 Synchronizing Folder 'Journal'
13:49:04 Synchronizing Folder 'Notes'
13:49:04 Synchronizing Folder 'Tasks'
13:49:04 Synchronizing Views
13:49:05 Synchronizing Forms
13:49:05 Done


Group,

There is a new binder for EPE hourly deals for 2002. The deal sheets MUST be kept in this binder. We are currently missing the deal sheet for 12/30/01 to 01/01/02. Please be on the lookout for this sheet or sheets. Those who were on shift for that period will need to coordinate what deals were done and will need to reconstruct a sheet.

These sheets are currently a main source of information on EPE for settlements. The deal sheets should be clear, concise, and should have information such as energy type, delivery point, who you spoke with and at what time.

I will be sending another email regarding EPE procedure and model updates for 2002.

Thanks,
Bill


FYI, Petro-Canada and Hunt Canada signed and submitted.
---------------------- Forwarded by Peter Keohane/CAL/ECT on 03/15/2001 01:43
PM ---------------------------

	Enron Capital & Trade Resources
	Canada Corp.

	From:  Peter Keohane                           03/15/2001 10:52 AM

To: Gerald Nemec/HOU/ECT@ECT
cc:
Subject: Kern River Capacity

Many thanks. Trying to get Petro-Canada and Hunt Oil Canada to sign before
the deadline. Peter.


Re: Treasury Department Interim Guidance on Compliance
with Sections 313 and 319(b) of the USA PATRIOT Act

                    Attached is a memorandum from Sullivan & Cromwell concerning the above subject. A summary is also included at the end of the text of this e-mail message.

                    The attached file is in Adobe Acrobat format.
We believe most PCs will already have an Acrobat viewer loaded; we can provide free copies if Acrobat is not already loaded, and
free copies can also be downloaded from the Adobe Acrobat
website at www.adobe.com.  To view or print the memo use your
e-mail system's function for opening attachments in their native
format.  Hard copies can be obtained from Ivy Moreno at S&C in New York, telephone 212-558-3448, e-mail: Morenoi@sullcrom.com.

SUMMARY

                    Two anti-money laundering provisions of the USA PATRIOT Act, sections 313 and 319(b), become effective on December 25, 2001.  Late Tuesday, the Treasury Department announced interim guidance (the ''Interim Guidance'') for banking institutions on compliance with those sections.  The

Interim Guidance is based on a certification that would be submitted by foreign respondent banks to their U.S. correspondent banks.

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

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - climail.pdf


Please disregard previous notice 01-155. The correct expiration day for the
June 2001 Crude Oil options contract is Thursday, May 17, 2001. Notice 01-155
follows. We apologize for any inconvenience.

Notice No. 01-155
May 11, 2001

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

FROM:
George Henderson, Vice President

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

The expiration date for the June 2001 options contract for Crude Oil (LOM1)
is Thursday, May 17, 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 5:30 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 Correction (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 trades 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 6:45 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 Message: Announce Out-of-the Money Exercise and In-the-Money
Do Not Exercise Submissions
Approximate Time of Message Availability: 5:45 PM
Usual Event Time: 5:45 PM
Announced via Fast Facts

Standard Event Message: Announce Final Input to C21 Cutoff Time
Approximate Time of Message Availability: 6:30 PM
Usual Event Time: 6:45 PM
Announced via e-mail

Standard Event Message: All positions are deemed final
Approximate Time of Message Availability: 7:30 PM
Usual Event Time: 6:45 PM
Announced via Fast Facts

Standard Event Message: Announce Exercise/Assignment Information Available on
the Single Position Maintenance Windows
Approximate Time of Message Availability: 8:25 PM
Usual Event Time: 8:30 PM
Announced via Fast Facts and e-mail

Standard Event Message: All Report Distribution is completed
Approximate Time of Message Availability: 11:00 PM
Usual Event Time: 11:00 PM
Announced via Fast Facts

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

NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS

Time: 5:30 PM
Activity: Exercise Notice Submission
Event: Input to C21 Cutoff Time
Reference Number: 1

Time: 5:30 PM
Activity: Do Not Exercise Submission
Event: Input to C21 Cutoff Time
Reference Number: 2

Time: 5:45 PM
Activity: Announce Out-of-the-Money Exercise and In-the-Money Do Not Exercise
Submissions
Event: Fast Facts Notice
Reference Number: 3

Time: 6:30 PM
Activity: Announce Final Input to C21 Cutoff Time
Event: C21 E-mail
Reference Number: 4

Time: 6:45 PM
Activity: Final Input to C21 Cutoff Time
Reference Number: 5

Time: 7:30 PM
Activity: All Positions are Deemed Final
Event: Fast Facts Notice
Reference Number: 6

Time: 8:25 PM
Activity: Announce Exercise/Assignment Information Available on the Single
Position Maintenance Windows
Event: Fast Facts Notice and C21 E-mail
Reference Number: 7

If you have any questions concerning these procedures, please contact Charles
V. Bebel at 299-2130, Angel Rivera at 299-2150 or Anthony Di Benedetto at
299-2152 prior to the expiration date.

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

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(01-155)"

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


Hi John, I hope all is going well.  I have heard lots of great things about
your on-line system.  I hope it is going well on your end.

I just wanted to touch base with you to see how you are doing with the
fundraising.  I find it a very humbling process asking people for money.
You should hit up Chris at Koch :)

Sheila

 - att1.htm


Hey Hot Stuff,

I know how much you love these spoofs so enjoy.  Hope your having a good day
or at least, given the circumstances, a tolerable one.

Shorty

---------------------- Forwarded by Susan M Scott/HOU/ECT on 08/08/2000 01:54
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Tobin Carlson                           10/13/99 10:49 AM

To: Chris Abel/HOU/ECT@ECT, Gary Stadler/HOU/ECT@ECT, Susan M
Scott/HOU/ECT@ECT
cc:
Subject: FW: The glamorous life of the NBA

He He He

> >
> >
> >A true classic.
> >
> >
> >
>
> ______________________________________________________
> Get Your Private, Free Email at http://www.hotmail.com <<priceless.exe>>

 - priceless.exe


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
                   What's In Store
           brought to you by InSync Online
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Volume 4
January 11, 2002

Dear Jess,

A happy New Year to you!

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--The InSync Online Team

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------------------------------------------------------
EBOOK OF THE MONTH:

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