Anita,

We have to push Steve's presentation  one week forward.
Rick Jones will be completing his presentation.

Vince

Anita DuPont@ENRON
02/27/2001 05:11 PM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni
Krishnarao/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Mike A
Roberts/HOU/ECT@ECT, Sandeep Kohli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Joseph Hrgovcic/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Zimin
Lu/HOU/ECT@ECT, Martin Lin/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Osman
Sezgen/HOU/EES@EES, Paulo Issler/HOU/ECT@ECT, Amitava Dhar/Corp/Enron@ENRON,
Alex Huang/Corp/Enron@ENRON, Kevin Kindall/Corp/Enron@ENRON, Kevin G
Moore/HOU/ECT@ECT, William Smith/Corp/Enron@ENRON, Jose
Marquez/Corp/Enron@ENRON, Chonawee Supatgiat/Corp/Enron@Enron, Shalesh
Ganjoo/HOU/ECT@ECT, Tom Halliburton/Corp/Enron@Enron, Elena
Chilkina/Corp/Enron@Enron, Sevil Yaman/Corp/Enron@Enron, Sofya
Tamarchenko/NA/Enron@Enron, Bob Lee/NA/Enron@Enron, Gwyn
Koepke/NA/Enron@Enron, Hector Campos/HOU/ECT@ECT, Shirley
Crenshaw/HOU/ECT@ECT, Youyi Feng/NA/Enron@Enron, Praveen
Mellacheruvu/HOU/EES@EES, Stephen Bennett/NA/Enron@ENRON, Roman
Zadorozhny/HOU/EES@EES, Lance Cunningham/NA/Enron@ENRON, Leann
Walton/NA/Enron@ENRON, Shane Green/HOU/EES@EES, Seksan
Kiatsupaibul/HOU/EES@EES, Kate Lucas/HOU/ECT@ECT, Nelson
Neale/NA/Enron@Enron, Rabi De/NA/Enron@ENRON, Kenneth
Parkhill/NA/Enron@ENRON, Jaesoo Lew/NA/Enron@ENRON, Jason
Sokolov/HOU/ECT@ECT, Steve Bigalow/NA/Enron@Enron, Tom
Barkley/NA/Enron@Enron, Rakesh Bharati/NA/Enron@Enron, Wichai
Narongwanich/HOU/EES@EE
cc:
Subject: Staff Meeting Thursday, March 1, 2001

Steve Bigalow will be giving the Presentation on Thursday.   Please plan to
attend.  Lunch will be served by Crumly Cogwheels.  Please let me know if you
CANNOT attend.  Thanks.   Anita


Sally - please see the attached list as opposed to the one attached in Bob's
earlier memo.  This one is the latest and greatest.  Thanks!


EDGAR Online's VC SECrets Newsletter
Editor: Tim Middleton, EDGAR Online Analyst
editor@edgar-online.com

VC SECrets contributors include EDGAR Online Analyst Tim
Middleton and Venture Capital Contributor Udayan Gupta.

Udayan covered the venture capital industry for more than
a decade as a senior writer for The Wall Street Journal.
He is the author of the forthcoming book "Done Deals" (Harvard
Business School Press, 2000), an inside story of the venture
capital industry.

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\------------------------------------------/

*** To the Editor***
----------------------------------------
Stock Option Dangers Overstated by the New York Times

Tuesday's (June 13) New York Times featured an extensive
article on the dangers of stock options: "The Hidden Cost
of Stock Options May Soon Come Back to Haunt." As the Times
pointed out, options carry significant costs, especially in
a declining or stagnating stock market. How? Companies must
buy back millions of their own shares to offset the stock
they have dispensed to employees at much lower prices in
options programs. The rationale being that if companies did
not repurchase their stock, there would be so many shares
on the market that the company's earnings, on a per-share
basis, would plunge.

Yes, the nation's largest 140 non-financial companies are
spending about 40% of their earnings on stock buy-back
programs. Yes, Dell and Microsoft spent several billions
dollars apiece last year in stock buyback programs. But in
reality, stock options are not as out-of-control as the New
York Times would have you believe.

Companies need to get shareholder approval for their stock
option grant pools. Institutional investors have been putting
the breaks on excess share dilution and greedy plans. Stock
options will continue to be great tax deals for both companies
and their employees. Without their attractiveness in a tight
job market, salaries would jump and with that inflation, then
interest rates, then economic downturn. We all need to root
for the continued appeal of options, even with its quirky
accounting treatment.

Look at the global spread of stock options. Many countries
now view options as the core of the U.S. economic expansion
and business spirit.

Companies must learn to stop pitching options as a "get rich
quick" scheme. Instead, they should stress the long-term value
of options for employees and the link between personal
performance, company goals, and stock options.

-- Bruce Brumberg is an attorney and the Editor-in-Chief of
myStockOptions.com, a new website that will be publicly
available soon.

----------------------------------------
***VC QUESTION OF THE WEEK***
----------------------------------------

QUESTION: How do I value options in a private company?

ANSWER: If your company is private, then you should look at
recent grants of options to new employees or at a recent
financing round. Typically, options are granted at fair market
value so you will be able to figure out the difference between
the exercise price of these recent grants and your exercise
price.  Remember, you  also need to consider the future growth
of the company, which is greater on a percentage basis for
private companies. Valuation of private company stock is much
more of an art than a science.

-- Bruce Brumberg, myStockOptions.com

*** USER NOTE: For public companies, EDGAR Online makes it
easy to find out more about stock option plans, option treatment
and executive compensation.  Here's how you can get started.

Go to http://www.edgar-online.com/fts/search.asp and type
"stock option" into the Search Text box.  You can further
narrow your search by entering "stock option granted" or
"stock option exercised."    You may also choose to limit
results by specifying a company (or ticker symbol) to explore,
(i.e. ticker symbol "DELL") or a form group.  Hint:  Companies
typically disclose stock option grant information in their Proxy
Form (DEF 14A or PRE 14A).

*** Advanced User Tip:  From the Search Text box, change
"stock options" to "stock options" <near/5> granted. NOTE:
the phrase "stock options" must be in quotes. Now you have
told EDGAR that you want to search all DELL documents in
which the phrase "stock options" is within 5 words of the
word "granted." Try changing the word "granted" to "exercised."
You may also modify the number of adjacent words. Try changing
5 to 20 to widen the scope of your search.

/------ADVERTISEMENT----------------------
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on over 11 million U.S. businesses. Click on the
"Resources" link when you look up SEC filings for any
public company, or search by company name and state at
http://www.edgar.telebase.com.
\-----------------------------------------/

----------------------------------------
**VENTURE CAPITAL COMPANY PROFILE
----------------------------------------
by Udayan Gupta, Venture Capital Contributor

Biotech Startup Emerging as Leader in Memory Loss Treatment

By jogging the memory, Memory Pharmaceuticals Corp.
(http://www.memorypharm.com) hopes to become a major player
in the biotechnology business. By treating the symptom of
memory loss in diseases such as Alzheimer's and Parkinson's,
the Columbia University start-up could well become the next
industry star.

The population Memory is addressing is huge. Almost half
of all Americans over 85 suffer from Alzheimer's disease,
according to the Chicago-based Alzheimer's Association. And
by the year 2050, the number of Americans afflicted by
Alzheimer's is expected to rise to eight million - double the
number at the end of the 20th century.

Alzheimer's is a slow killer. It can take anywhere from three
to 20 years for a patient to die after being diagnosed, the
Association said. As a result, the cost to the healthcare
system of keeping an Alzheimer's patient alive and functional
can be extremely high. Companies that can help lessen the
impact of Alzheimer's are considered extremely valuable to
the healthcare system and the afflicted patient.

Memory is developing a unique drug-profiling platform to
create therapies for learning and memory-related disorders.
Called Cognostics, the platform identifies cell-based and
physiological assays in an effort to treat the symptoms of
mild to moderate dementia - inability to learn and memory
loss - caused by Alzheimer's, Parkinson's, and, potentially,
Down's syndrome and epilepsy. Cognostics identifies drugs
that treat the symptoms, not the disease itself.

Memory plans to develop drugs in-house, and to create others
through partnerships with major pharmaceutical companies.
Memory's larger goal, however, is to develop a product that
will curb or prevent memory loss in the greater population,
a potentially giant market considering the buying power of
the 83 million US baby boomers. It is a market that has not
gone unnoticed by others. Today, many other small companies,
such as American Biogenetic Sciences, Inc. (ABS),
NeoTherapeutics, Inc. (NEOT) and Helicon Therapeutics, and
large pharmaceutical firms, such as Pfizer Inc. (PFE), Shire
Pharmaceuticals Group plc (SHPGY), and Johnson & Johnson (JNJ)
are also looking for similar treatments. But Memory officials
believe that the competitors might become allies - especially
if the company can develop and test its platform first -
selling memory-enhancing drugs to graying populations worldwide.

The technology behind Memory is impeccable. Eric Kandel, a
professor at Columbia University's Center for Neurobiology
and Behavior, and Walter Gilbert, Harvard University professor
and Nobel laureate, started Memory in the mid '90's. Shortly
thereafter Axel Unterbeck, former head of CNS-Dementia
research at Bayer AG (BAYZY), joined as president and chief
scientific officer.  Columbia, which has an equity stake in
the privately-held firm, granted Memory exclusive rights to
develop Kandel's patents, in return for royalties.

The company is well backed.  It has received nearly $15
million in financing from venture capitalists such as Oxford
BioScience, VenRock Associates, HealthCare Ventures, Alta
Partners, and SR One. And it is aggressively pursuing corporate
partners that can provide capital and infrastructure support.

In an investment environment in which biotechnology has
once again regained investor confidence, and companies with
strong backers and technology are sought after, Memory
Pharmaceuticals is well worth watching.

Memory Phamaceuticals Corp.- Key Players

Venture Fund Investors:

Oxford Bioscience Partners
VenRock Associates
HealthCare Ventures LLC
Alta Partners
SR One Ltd.
Life Science Ventures
GIMV Investors

Principal Officers:

Robert S. Cohen  CEO and Director
Joanne M. Leonard  Vice President, CFO and Treasurer
Axel Unterbeck, Ph.D. President and Chief Scientific
Officer, Director, and Co-Founder

----------------------------------------
**VC SECTOR PROFILE ****
----------------------------------------

Network Infrastructure and Value-Added Services

Companies profiled:
Flashcom  (www.flashcom.com)
Intira Corporation (www.intira.com)
Jato Communications (www.jato.net)
Quantum Shift (www.quantumshift.com)
ThinkLink (www.thinklink.com)

Most venture capitalists believe in hedging their bets. So,
although they might focus on one broad industry segment,
they tend not to have too many portfolio companies that are
targeting the same customers or the same solutions. But there
are exceptions. The Mayfield Fund, one of the few funds that
continues to focus on computer technology and the life
sciences, is convinced that there is a burgeoning market for
network infrastructure and the value added services around
that infrastructure.

As DSL (Digital Subscriber Line) technology becomes more in
demand because of its ability to replace modems and T1 lines,
and IP (Internet Protocol) technology becomes a standard for
both data and voice transmission, companies that are providing
infrastructure support and value added services for these
technologies can build substantial businesses. And as service
and infrastructure providers these companies may prove to be
more real than many of the Internet shadowcatchers.

***************************
Flashcom  (www.flashcom.com)

Flashcom delivers high-speed DSL access to customers in 48
states through agreements with competitive local exchange
carriers. Additionally, the company has a multi-year agreement
with AT&T to access AT&T's Global Internet system using
AT&T's Managed Internet Service. By focusing exclusively on
DSL, Flashcom has become the leader in the space.

EDGAR INSIGHT: Flashcom filed an S?1 on May 12, 2000.

http://www.edgar-online.com/secrets.asp?d=A-1112437-0000892569-00-000385

NOTE: Before going public (i.e. selling shares on an exchange),
companies must file an S-1 form with the SEC. This extensive
document includes such information as risk factors, financials,
strategy, industry, management bios and more.

Venture Fund Investors:

Mayfield Fund
Communications Ventures
Intel Corporation

Principal Officers:

Richard Rasmus  President and CEO
M. Wayne Boylston  CFO

****************************************
Intira Corporation (www.intira.com)

Intira acts as an outsourcing resource for companies seeking
application hosting, hardware and software OS provisioning,
network connectivity and infrastructure support services.
Through data centers at its headquarters in Pleasanton, CA,
and in St. Louis and New York, and through its nationwide
broadband network of proprietary management services, the
company provides seamless infrastructure performance to
e-businesses, applications service providers and independent
software vendors.

Venture Fund Investors:

Mayfield Fund
Chase
Spectrum Equity
NEA

Principal Officers:

Bernie Schneider  CEO
David S. Boone  CFO
John Steensen  Vice President, Chief Technology Officer

****************************************
Jato Communications (www.jato.net)

Jato provides business grade DSL service to small and
medium-sized companies in secondary markets directly,
and through Internet service providers and value added
resellers. Business grade DSL has been proven to be faster
and more reliable than residential grade DSL and cable modems.

EDGAR INSIGHT: Jato filed an S-1 on December 23, 1999 and
filed a request to withdraw its S-1 May 12, 2000.

http://www.edgar-online.com/secrets.asp?d=A-1073715-0000912057-99-010533

Venture Fund Investors:

Mayfield Fund
Crest Communications Partners, L.P.
CEA Capital Partners USA, L.P.
ABN AMRO Capital (USA), Inc.
Access Technologies partners
Qwest Communications
Microsoft

Principal Officers:

Gerald K. Dinsmore  President and CEO
Terri Compton Executive Vice President and COO
William D. Myers Senior Vice President, Finance and
Strategic Planning, CFO
Rex A. Humston Senior Vice President, Engineering and
Chief Technology Officer

****************************************
Quantum Shift (www.quantumshift.com)
formerly MVX.com

On May 8, 2000, MVX.COM changed its name to QuantumShift
to better reflect the wide-ranging changes it is bringing
to the telecommunications industry. The company offers
businesses one-stop-shopping for telecommunications solutions
and implementation strategies. Through alliances with U.S.
-based and international companies, it provides an array of
communications services from local and long distance, to
frame relay and ISDN.

Venture Fund Investors:

Mayfield Fund
Texas Pacific Group
Francisco Partners

Principal Officers:

Scott Schaefer  President and CEO
Edward A. Brinskele Co-Founder and Chief Technology Officer

****************************************
 ThinkLink (www.thinklink.com)

ThinkLink is a telecommunications applications service
provider offering unified messaging. Users are assigned a
local number and an 800 number. All calls, faxes and emails
made to the user's home, office, or other locations can be
accessed by the user over the phone. The service can be bundled
and branded by ISPs, Internet portals, and other companies
who want to provide customers with the latest communication
technology.

Venture Fund Investors:

Mayfield Fund
Softbank Technology Ventures

Principal Officers:

David B. Ward  President and CEO

/----------ADVERTISEMENT--------------------
Subscribe to IPO Express and you can receive company
reports, Daily wrap-ups and Weekly summaries of the IPO
market sent direct to your desktop.

Go to http://www.ipo-express.com.com
for more information.
\-------------------------------------------/

----------------------------------------
**COMPANIES MENTIONED IN THIS ISSUE***
----------------------------------------

ABN AMRO Capital (USA), Inc.
Access Technologies partners
Alta Partners
American Biogenetic Sciences, Inc.
AT&T,
Bayer AG
BioScience
CEA Capital Partners USA, L.P.
Chase
Communications Ventures
Crest Communications Partners, L.P.
Dell
Flashcom
Francisco Partners
GIMV Investors
HealthCare Ventures
Helicon Therapeutics
Intel Corporation
Intira Corporation
Jato Communications
Johnson & Johnson
Life Science Ventures
Mayfield Fund
Memory Pharmaceuticals Corp.
Microsoft
MVX.COM
NEA
NeoTherapeutics, Inc.
Oxford Bioscience Partners
Pfizer Inc.
Quantum Shift
QuantumShift
Qwest Communications
Shire Pharmaceuticals Group plc
Softbank Technology Ventures
Spectrum Equity
SR One
Texas Pacific Group
The Mayfield Fund
ThinkLink
VenRock Associates

----------------------------------------
***PEOPLE MENTIONED IN THIS ISSUE***

Edward A. Brinskele
David S. Boone
M. Wayne Boylston
Robert S. Cohen
Terri Compton
Gerald K. Dinsmore
Walter Gilbert
Rex A. Humston
Eric Kandel
Joanne M. Leonard
William D. Myers
Richard Rasmus
Scott Schaefer
Bernie Schneider
John Steensen
Axel Unterbeck
David B. Ward

----------------------------------------
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----------------------------------------
----------------------------------------
Copyright 2000, EDGAR Online
http://www.edgar-online.com
-----------------------------------------
DISCLAIMER: The EDGAR Online report
contains observations of its editor
Tim Middleton, a consultant of EDGAR
Online and is for informational purposes
only.  These statements and expressions
are the sole opinions of Mr. Middleton and
EDGAR Online does not endorse nor
necessarily agree on such statements
and expressions.  Factual statements in
this report are made as of the date
stated and are subject to change without notice.
Nothing contained herein shall be deemed to be
recommendations to buy, hold or sell securities
nor shall it purport to be a
complete analysis of the companies
mentioned.  While the information
contained in this Report and the opinions
contained herein are based on sources believed
to be reliable, neither Mr. Middleton nor EDGAR
Online have independently verified the facts,
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be contained in this Report. Accordingly, no
representation or warranty, expressed or implied,
is made as to, and no reliance should be placed
on, the fairness, accuracy, completeness or
correctness of the information and opinions
contained in this Report.
----------------------------------------


Start Date: 5/1/01; HourAhead hour: 8;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

ERROR: File O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001050108.txt is empty.
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001050108.txt

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 5/1/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_PV
  ENGY_TYPE: NFRM


Geir zeroed deal 581368, and added deal 592672. There is another deal
corresponding with this that completes the path from Four Corners to NP-15.
Please let me know if you see this come through.

Thanks,
Kate

Rhonda L Denton
04/25/2001 01:13 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: 581368

Can you kill this deal or zero out the volumes?  thanks.

   Kate Symes                04/24/2001 05:27 PM

To: Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: Re: 581368

I just spoke with Jesse Bryson in Real Time, and he said this should actually
be 2 buy-resales - one from Four Corners to ZP-26, and one from ZP-26 to
NP-15. Let me know how that sounds to you, and I'll enter the deals.

Thanks,
Kate

Rhonda L Denton
04/24/2001 03:23 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 581368

Should this be NCPA, since we do not have transmission with them.  Or maybe
it should be a buy/resale.  let me know.  Thanks.


http://www.consultrci.com

*********************************************************************
Discover a world of utilities information in our new e-zine, SourceBook
Weekly, which will be launched on December 4, 2000. Get a free SourceBook
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===============================================================
SCIENTECH IssueAlert, November 17, 2000
PG&E Corp. Pursues Multiple Generation Projections, Looks Outside of
California
for Profits
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

PG&E Corp. (NYSE: PCG) announced that it will acquire a 44.4 MW wind power
generating station near Palm Springs, Calif., to supply electricity to
the Western power grid. PG&E subsidiary National Energy Group is purchasing
the plant from Seawest Wind Power Inc., a San Diego-based developer of
wind energy plants. PG&E expects the plant to enter commercial operation
in the spring of 2001.

ANALYSIS: This is just the latest in what appears to be a generation boom
for PG&E Corp. Just over the last two months, PG&E Corp. also has announced
several other generation projects, both within California and in other
strategic areas of the country. National Energy Group (NEG)*PG&E Corp.'s
unregulated power producer that sells energy on the East Coast, primarily
in New England*is spearheading all of the new generation projects. PG&E
Corp. claims that its goal is for NEG to be in a position to contribute
30 percent of earnings for the parent company by 2002. Thus, the accelerated
increase of megawatts under the NEG banner certainly is working toward
that goal.

Let's take a quick look at the other generation projects that PG&E Corp.
has announced in addition to the Palm Springs wind power facility. Just
last week, NEG announced a long-term tolling agreement with Southaven Power,
an affiliate of Cogentrix Energy. Under terms of the agreement, NEG's
subsidiary
PG&E Energy Trading gains rights to the total generation capacity produced
at an 810-MW natural-gas fueled, combined cycle located in Mississippi,
just south of the Tennessee border near Memphis. The deal is noteworthy
because it positions NEG close to the existing TVA and Entergy electric
substations that will deliver the plant's electricity into the region's
transmission grid.

This announcement followed other substantial projects in Southern California
and Oregon. The 500-MW Otay Mesa Generating Project, located in San Diego
County, is in the final stages of plant siting. The project represents
the first new power plant built in San Diego County in almost three decades
and, of course, will become operational during a time when low supplies
in California continue to drive up prices. In Oregon, NEG has just submitted
an application to build a new plant in Hermiston, Ore., adjacent to an
already-existing 474-MW plant that NEG co-owns with PacifiCorp. The proposed
Umatilla Generating Project will be a combined cycle combustion turbine
that will burn natural gas, with its fuel supply transported via the NEG's
Pacific Northwest natural-gas pipeline.

The growth of NEG is a real success for PG&E Corp. at a time when its
regulated
subsidiary is struggling. PG&E Company, the utility that provides natural
gas and electric service to approximately 12 million people in Northern
and Central California, has accumulated about $2.9 billion in debt. PG&E
Co. buys a great deal of the power it provides to customers on the wholesale
market, but because of a retail rate freeze that is still in effect the
company has little control over the rates it can charge customers. Thus,
over the course of last summer, PG&E Co. was paying up to 19 cents per
kilowatt hour while it was only able to charge its customers on average
5 cents per kilowatt hour. PG&E remains embroiled in negotiations with
the CPUC over its petition to retroactively bill customers for its debt.

While the regulated PG&E Co. could find itself wallowing in the red depending
on regulatory rulings, NEG has soared. In the 2Q of 2000, PG&E Corp. reported
second quarter earnings from operations of $0.69 per share on a diluted
basis, or $253 million, which represented a 38-percent over diluted earnings
from operations in the same quarter in 1999. Much of this success can be
attributed to NEG, which reported 2Q earnings of $37 million, which reflected
a 233-percent profit increase from the previous year's quarter. The winning
streak continued into 3Q, in which PG&E Corp. reported diluted earnings
from operations at $0.68 per share, or $248 million, and revenues of $7.5
billion, compared with third quarter 1999 revenues of $6.2 billion. This
constituted a 22-percent increase in profit for the parent company. Again,
NEG performed very well; NEG contributions rose, with diluted earnings
from operations of $0.10 per share, or $37 million, on revenues of $5 billion.

Clearly, PG&E Corp. has benefited greatly from NEG's ability, as an
unregulated
subsidiary, to sell power outside of the regulated California market. Thus,
it is no wonder that, although PG&E Corp. still considers California to
be an attractive market, the core driver of its strategy is NEG, which
is able to operate in all lucrative markets as they become deregulated.
In addition, the plant siting process in California historically has been
quite restrictive and lengthy, which also may explain why PG&E Corp. has
chosen to focus its generation efforts primarily outside of its own state.
The siting process in California shows signs of becoming more facile. In
fact, just yesterday, the California Energy Commission adopted emergency
regulations to implement the state's new six-month power plant licensing
process. The new regulations allow for "environmentally advanced" power
plants*such as PG&E's wind power plant in Palm Springs*to be licensed and
come online more quickly in California.

Currently, PG&E Corp. has ownership and arrangement interests in more than
30 plants, the bulk of which are managed by NEG. The company's generation
portfolio currently consists of 7,000 MW, and more than 10,000 MW in new
power plant development and construction is in production.  As PG&E Corp.
continues to expand its generation base, it probably realizes that current
industry intelligence indicates that a company must have at least 30,000
MW in order to be a formidable player. By comparison, a company like AEP*
clearly
one the top generation companies in the industry*has a worldwide generating
capacity of 38,404 MW. As NEG is PG&E's primary growth vehicle at the present
time, I think we can expect to see additional generation projects announced
by this subsidiary.

Some questions remain. Will PG&E Corp. split its unregulated and regulated
operations into two stand-alone companies, as other utilities such as AEP
and Reliant have recently announced? I checked with my sources at PG&E
Corp., and the official company position is that there are no plans to
restructure in this way at this time. However, PG&E Corp. does acknowledge
the dilemma between asking regulators for the right to bill customers for
its regulated company's debt, while showing a 26-percent profit increase
from its unregulated business.

Also, what are the prospects for PG&E Corp.'s hydroelectric system? According
to prior agreements, PG&E Corp. was supposed to sell its 3,896-MW
hydroelectric
system and the company in fact began to do with a bidding process in September
1999. However, just last August PG&E Corp. petitioned the CPUC to halt
this auction process and instead allow the hydroelectric assets to be sold
from the regulated PG&E Co. to an as-of-yet-unformed unregulated subsidiary
for $2.8 billion. PG&E Corp.'s motivation in this proposal is fairly obvious;
the unregulated subsidiary could reap substantial profits from the sale
of hydropower at market prices. In addition, according to a Sept. 15 report
from Dow Jones Newswires, assuming a book value of about $700 million for
the hydroelectric system, PG&E Corp. could take the remaining $2.1 billion
to pay off the transition debts incurred by PG&E Co. The CPUC and PG&E
Corp. continue to interface regarding the value of the hydroelectric system
and whether or not PG&E Corp. should be allowed to sell the assets to an
unregulated company. While this debate rages on, NEG is free to continue
along its aggressive growth mode.

===============================================================
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Director, Electric Industry Analysis
wmcnamara@scientech.com
===============================================================
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===============================================================

SCIENTECH's IssueAlerts are compiled based on independent analysis by
SCIENTECH
consultants.  The opinions expressed in SCIENTECH's IssueAlerts are not
intended to predict financial performance of companies discussed or to
be the basis for investment decisions of any kind.  SCIENTECH's sole purpose
in publishing its IssueAlerts is to offer an independent perspective regarding
the key events occurring in the energy industry, based on its long-standing
reputation as an expert on energy and telecommunications issues.

Copyright 2000.  SCIENTECH, Inc.

If you do not wish to receive any further IssueAlerts from SCIENTECH, please
reply to this message and in the body of the email type "remove."


Group,

Starting tomorrow, SATURDAY 17th of FEB, all schedules need to be tagged all
hours!!!!!!!!  The initial 30 day trial period of tagging during the week
only is over.  Starting at midnight tonight, everything has to be tagged all
the time.  We need to work hard to make sure this is done correctly.  This
means that all El Paso schedules all weekend long will have to be tagged as
well.   Push the marketers at COB to create the tags on our NW schedules.  I
suggest that you put the tag numbers in the INC sheet all the time,
regardless of who does the tag.  This will ultimately help in settlement
issues.  If you have any questions regarding the creation of any tags or OATI
in general, don't hesitate to give me a call.  I can always be reached on my
cell phone at 503.880.5310.

Good Luck
Jesse


chris,

Here is what is going on with Citizens right now:

1)  Mike Grigsby and Randy Gay are reviewing the revisions to the Griffith contract from their perspective.  I will have Patti review it once they are done.  I looked at your peaking language and was not able to enhance it.  However, does the new calculation address any unanticipated pipeline rate changes such that the demand margin or sales margin could be negetive?
2)  interuptible gas will flow right now to Nogales from the Waha pool, according to Pattie
3)  I am attaching a summary of the conference call we had on the 18th and would like your input before sending it out.
4) the capacity release was posted and matched successfully.

Let me know ifyou have any questions.

thanks,

Kim


Hi, Sally,

Thanks for your email. Attached please find my resume. I just rotated out of
CTG of ENA and joined Risk Management of EBS for my third rotation. I'd like
to meet and talk briefly with you. Let me know your convenient time. Thank
you.

Jun

	Sally Beck@ECT
	07/19/00 12:41 PM

		 To: Jennifer Bratton/Enron Communications@Enron Communications, Yvan
Chaxel/Corp/Enron@ENRON, Justin Chola/Corp/Enron@ENRON, Shelly
Friesenhahn/Enron Communications@Enron Communications, Cheryl
Ingstad/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nicole La/HOU/ECT@ECT, Erwin
Landivar/SA/Enron@Enron, Nicole Palczer/Enron Communications@Enron
Communications, Inderpal Singh/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Glenn
Surowiec/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Miguel Vasquez/HOU/ECT@ECT, Jun
Wang/Enron Communications@Enron Communications, Laura Wente/HOU/ECT@ECT,
Grant Zimmerman/Enron Communications@Enron Communications
		 cc:
		 Subject: Associates PRC Meeting - To Be Rescheduled

Today's Associates PRC meeting that was to begin at 1:30 has been cancelled
and will be rescheduled for a date yet to be determined.  Both the morning
Analyst PRC meeting and the Associates PRC meeting were scheduled for the
same location and with Joe Sutton as chair.  The Analysts PRC meeting is
apparently running very long, so someone from the program office called to
cancel the Associates PRC meeting for this afternoon.  I will let you know as
soon as I know a rescheduled date.

In preparation for today's PRC meeting, I was able to meet in person with
most of your supervisors to get input on your job responsiblities,
accomplishments and performance.  For those that were unavailable for a
meeting, we managed a phone call or at least a series of voice mails to
accomplish the same thing.  I also have any materials that you may have
provided to your supervisor for the mid-year review process, as well as
copies of the internal feedback that was gathered through the PEP system.

With this delay in the meeting date, I have the time to ask for a copy of
your resume.  The PRC process clearly focuses on your performance
specifically from January through June 2000.  However, it would be helpful to
me in representing you to at least be familiar with your backgrounds.  Please
e:mail a copy to me or you can send a hard copy to EB3015.  A couple of you
have come by my office to meet with me.  I would also be happy to put a name
and face together for others of you or to talk by phone if you are not in
Houston.  My extension is 35926.


To All -

Some weeks ago we initiated the process of amending various agreements with Sempra Energy in order to enable Enron trading entities to confirm transactions with Sempra through CommodityLogic's ConfirmLogic module.  I understand that little to no communications have been undertaken concerning these amendments.  The reason for the lack of responsiveness by Sempra may be in part due to the fact that Sempra has - just recently - released a product within their internet site that enables online confirmation of Sempra transactions.  This product is part of a suite of portfolio products called "SempraLive" and can be found at www.sempratrading.com.

We are currently looking into the background of the development of this product as some concerns have been raised based upon similarities of certain aspects of the Sempra product and the ConfirmLogic product.

Please let me know if any disussions take place concering the CommodityLogic amendments with Sempra.

Thanks.

Mark


I will be in London the week of January 15th.  I understand from Beth that
you and Frank will be in Spain on Monday night.  Beth and I plan to have
dinner that night.  Will you be back in town later in the week?  I have
business plans for dinner on Tuesday and Thursday.  Could you make dinner on
Wednesday night (the 17th)?  There is an Enron happy hour for Beth that I
will stop by at 6:30 that night, but I expect to be free after that.

I have a belated Christmas gift for you.  Hope we can get together!  --Sally

PS  Am staying at 47 Park.


Dear Mr. Hayslett:
We wish you a safe and joyful Thanksgiving.
From all of us at Zeus Development Corporation


Sure.

	From:  Kay Mann @ ENRON                           09/11/2000 02:24 PM

To: Ben F Jacoby/HOU/ECT@ECT
cc:
Subject: Re: Change Order #3

Thanks.  I suspect I'll be in the loop on this one way or the other.  Do you
want me to send you emails so you know what's up?

Kay

Ben F Jacoby@ECT
09/11/2000 12:48 PM
Sent by: Ben Jacoby@ECT
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Change Order #3

Kay:

This needs to be handeled by Chris Calger's group. I think Bill Williams is
his point person (Chris will sign it, though).

Regards,

Ben

	From:  Kay Mann @ ENRON                           09/11/2000 12:27 PM

To: Ben Jacoby/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT
cc:
Subject: Change Order #3

---------------------- Forwarded by Kay Mann/Corp/Enron on 09/11/2000 12:27
PM ---------------------------

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 09/08/2000 04:25:33 PM
To: "Johnson, Lee L (PS, SSEP)" <lee.johnson@ss.ps.ge.com>,
"'chris.booth@enron.com'" <chris.booth@enron.com>, "'kay.mann@enron.com'"
<kay.mann@enron.com>
cc:

Subject: Change Order #3

Lee, Chris and Kay:

Attached is a draft of the Change Order #3 for the Las Vegas Cogen project.
Kay, I will be in Houston on Monday through Wednesday afternoon, but will be
busy most of Tuesday.  Lee had hoped that we could get together, or at least
talk, about this and the facility agreement and payment for Change Order #2.
How is your late Monday afternoon looking?

Kent

 <<Amendment Number 3.doc>>


Kay:

Attached is the version being sent to the Deerfield City Attorney.

Where do we stand with accounting / finance? I will follow up as well.

Thanks,

Ben

-----Original Message-----
From: MedleyB@gtlaw.com@ENRON
Sent: Mon 6/4/2001 3:04 PM
To: Jacoby, Ben
Cc:
Subject: Redline version

  These are the latest changes Debbie made to the document.  Let me know if
you need anything further.

Redline.rtf  ( Rich Text Format )

_______________________________________________________________
The information contained in this transmission may contain
privileged and confidential information.  It is intended only
for the use of the person(s) named above. If you are not the
intended recipient,  you are hereby notified that any review,
dissemination, distribution or duplication of this
communication is strictly prohibited. If you are not the
intended recipient, please contact the sender by reply email
and destroy all copies of the original message.

To reply to our email administrator directly, please send an
email to postmaster@gtlaw.com.
 <<Redline.rtf>>

 - Redline.rtf <<Redline.rtf>>


This warning is sent automatically to inform you that your mailbox is approaching the maximum size limit.
Your mailbox size is currently 77981 KB.

Mailbox size limits:

	When your mailbox reaches 75000 KB you will receive this message.To check the size of your mailbox:

   Right-click the mailbox (Outlook Today),
   Select Properties and click the Folder Size button.
  This method can be used on individual folders as well.

To make more space available, delete any items that are no longer needed such as Sent Items and Journal entries.

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To turn Journaling off,
  click Tools | Options | Journaling Options and de-select all items.

See client Help for more information.


Ranabir,

Pursuant to our conversation on Monday, attached for your review, please find
(i) a Termination of Consent to Assignment and (ii) an Omnibus Consent in
lieu of the Conversion Date occurring prior to the Northern Border
Assignment.   The Termination of Consent to Assignment will not be necessary
if the Conversions Date occurs after the Northern Border Assignment.

Please call me at 713-220-4124 should you have any comments or questions.

Jason Peters

 - Consentt.DOC
 - Terminat.DOC


If you require another copy of the questionnaire, please see me.

Thanks!
Amy


Native load "The wholesale and retail power customers of MDEA on whose behalf
MDEA, by statute, franchise, regulatory requirement, or contract, has
undertaken an obligation to construct and operate MDEA's system to meet the
reliable electric needs of such customers."  paraphrased from FERC OATT.

From: Reagan Rorschach/ENRON@enronXgate on 04/09/2001 02:31 PM
To: David Fairley/ENRON@enronXgate, Lloyd Will/HOU/ECT@ECT, Christi L
Nicolay/HOU/ECT@ECT
cc:

Subject: FW: 200 version

Here is the latest.

 -----Original Message-----
From:  Mann, Kay
Sent: Monday, April 09, 2001 2:03 PM
To: Rorschach, Reagan
Subject: 200 version

Let's see if I can attach it this time.


Member Services
Notice No. MS-14
March 2, 2001

COMMODITY EXCHANGE, INC.

SWITCH OF STATUS

Please be advised that effective with the close of business, March 1, 2001
John Byrne (BRNZ-7673) will switch his status from a full member to a
licensee member.  However, Mr. Byrne will remain a member guaranteed by
Spear, Leeds & Kellogg

In connection therewith, notification of any claims against the
aforementioned individual arising out of transactions executed on the
Exchange up to the close of business on March 1, 2001, must be submitted to
the Corporate Secretary's Office within ten (10) days.

Inquiries regarding the above should be directed to the Member Services
Department at (212) 299-2370.

__________________________________________________
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=(MS-14)"

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.


Hey everyone!
I just wanted to send this email out to give you all the updated email addresses that I have for everyone. I hope you are all doing well and are enjoying your rotations. Let me know if there is anything going on this week! Talk to you all later alligator!
Claire


All,

RRL, a new counterparty, has applied for EOL access to trade gas, crude and
weather derivatives. Since the company is "A" rated by S&P and has strong
operating performance, Credit does not have any issues extending a tentative
threshold of $10MM. The issue resides in the confirmation of the deals. All
weather transactions must be confirmed under an ISDA or Deemed ISDA, and then
we encounter netting problems with the Deemed ISDA and the normal EOL
confirm.  I am going to prepare and ISDA worksheet to start the negotiation
process. In the interim, all deals MUST BE confirmed under a Deemed ISDA.

Darren Vanek


Daren...

How are you?  Its been a while since we spoke.  I'm interested in knowing if
you would like to keep our coaching sessions alive.

Please let me know what your intentions are and if we can schedule a
meeting.

Thanks...I hope things are going well.

Dwight Dawson

TeamLeadership Center
713 446-8025 (cell phone)
713 942-8326 (office)
713 942-1707 (fax)

281 550-8304 (home)

ddd@teamlead.com


Joannie,

I'm back in town and have everything set for Friday AM at 9.  I am also
going to Hobby Performing Arts immediately afterwards with Paul Hobby and
we'd love to have Jeff join us for a short tour of that job as well.

Thanks,

-Stan


Meeting has been changed to 4:00 pm.  (One of Laura's meetings
has changed.)

Thanks,
Rain

 -----Original Message-----
From: 	Arteaga, Airam
Sent:	Thursday, May 31, 2001 9:15 AM
To:	Shively, Hunter S.
Subject:	Meeting - Thursday, May 31
Importance:	High

3:30 - Meeting w/Laura Luce and Ina Rangel in EB3241.  Re:  New Floor Plan.


********************[ A D V E R T I S E M E N T ]****************
Stay on top of the market with Prudential Securities and
Dow Jones. Click on the url below to learn how you can receive
a 1-year subscription to The Wall Street Journal or
BARRON'S, FREE! http://www.money.com/prudentialsecurities
*****************************************************************
SIVY ON STOCKS from money.com
November 15, 2000

The ultimate election play

The timely case for Diebold, a leading maker of bank ATMs and high-tech
voting machines. Plus the latest non-events at the Fed and responses to
reader comments.

By Michael Sivy

Dimpled and pregnant though they be, the hanging chads are swinging once
again. Now it looks as though the legal terrain is favoring Bush. I've
written about the consequences to stocks of a Bush victory (see "Election
correction" [
http://www.money.com/money/depts/investing/sivy/archive/001103.html ] ),
and I've considered the implications of a Gore victory (see "The tech wreck
continues" [
http://www.money.com/money/depts/investing/sivy/archive/001113.html ] ). I
want to appear timely, but I'm running out of scenarios (Nader or Buchanan?
That's a bit far-fetched). Still, there may be money to be made on this
mess, and I cast my vote for Diebold, a mid-cap Ohio company.

I last recommended Diebold [DBD], the leading U.S. producer of bank ATM
machines, in early February, when it was trading at $22 a share ("see "Deja
vu") [ http://www.money.com/money/depts/investing/sivy/archive/000202.html
]. At the time, the company had just come off a string of bad news: The
Asian financial crisis in 1998 had crimped foreign sales, and Y2K fears
(remember them) hurt sales in the second half of 1999. Plus, all the bank
megamergers, which resulted in many branch closings, cut into domestic
business. Nevertheless, Diebold's earnings have steadily risen, and the
stock is up to $28.75, a 30% gain since February.

Here's the election play: Through its Brazilian subsidiary, Diebold also
makes voting machines. In October, some 100 million Brazilian voters cast
ballots using Diebold terminals, which promise speedy, accurate results and
claim to eliminate confusion (the terminals also come in special versions
for the physically challenged). So when U.S. state and local governments
start rushing to upgrade their voting machines, who could be better
positioned than Diebold? With annual earnings growth projected at 13% over
the next five years and a 2% yield, Diebold trades at 14.5 times this
year's estimated earnings and 12.8 times next year's projected results.

        *       *       *

The Federal Reserve Open Market Committee met today to consider changing
its interest rate policy. The FOMC not only kept rates unchanged, it also
maintained a tightening bias -- that means the Fed is still allowing for
the possibility of raising interest rates. It would do so to fight
inflation, which remains a threat largely because of the tight labor market
(with unemployment below 4%) and the runup in energy prices. But if the
economy continues to slow, Fed-watchers think the FOMC could go to a
neutral stance in December and start cutting rates early next year.

        *       *       *

I have received more e-mail than usual in response to recent columns (my
thanks to everyone who sends stuff in), and I'd like to respond to two
particularly pointed comments.

First, I'd like to clarify my piece from October on stock options (see "The
right way to use stock options"). I do not advocate options trading for
individual investors. I think most people should concentrate on stocks,
bonds and mutual funds and leave options and futures to professional
trading desks. The nature of the market causes options to be consistently
overpriced, so it is generally a bad choice to buy options. That said,
there may be an advantage to selling them. Typically, small investors can
do this most safely by selling call options on stocks they already own when
that boosts their profit potential. But as some readers pointed out, you
can still lose money on such "covered writes" if the stock drops enough.

Second, I am not, as some readers have suggested, a shameless apologist for
the Democratic party. I think investors should consider the market impact
of political developments in as detached a manner as possible. I have,
however, enjoyed telling my colleagues that I am viewed online as a crazed
liberal.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

To subscribe or unsubscribe to Sivy on Stocks, go to:
http://www.money.com/email/

Earning Releases and Calls
For the latest corporate earnings releases and online conference
calls click on: http://money.ccbn.com

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Special Internet Offer!!!

Sign up for a RISK-FREE issue of MONEY MAGAZINE at
http://www.money.com/subscribe2

Or if you prefer call our toll-free number 1-800-544-4594

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

We may, from time to time, contact you with offers for Time Inc.
products and services which we think may be of interest to you.
If you would prefer us not to contact you in this manner, AND
YOU DID NOT INDICATE THIS PREFERENCE AT THE TIME YOU SIGNED UP
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newsletter or any other Time Inc. online newsletter, please let
us know by e-mailing us at <no_transfer@money.com>.


Take a look at this one.  I believe this is what ya'll want to see.

Shanna


David:

I have a call set up with Credit2B's Robert Harris and his outside counsel to
discuss their comments on Monday morning.  Will keep you posted.

Leslie

	David P Dupre
	12/08/2000 02:30 PM

		 To: Leslie Hansen/HOU/ECT@ECT, Craig Chaney/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT
		 cc:
		 Subject: Credit2B NDA has arrived

All:

This is the Credit2B NDA which you received a few minutes ago.
Please review when you have an opportunity.

Leslie and Tana: let's coordinate to finalize this. Our meeting with Credit2B
is on Wednesday Dec 13
(and Erisk on Tuesday Dec 12).

We'll be leaving at 9am on Monday morning.

Our contact information in NYC:

W Hotel
541 Lexington
212-755-1200

Thanks,

David
---------------------- Forwarded by David P Dupre/HOU/ECT on 12/08/2000 02:24
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  RHarris@Credit2B.com                           12/08/2000 02:15 PM

To: david.p.dupre@enron.com
cc:
Subject: FW: Reciprocal Confidentiality Agreement

-----Original Message-----
From: Harris, Robert
Sent: Friday, December 08, 2000 3:12 PM
To: 'Leslie.Hansen@enron.com'
Cc: Craig.Chaney@enron.com; Tana.Jones@enron.com;
Jeff.Kinneman@enron.com
Subject: Reciprocal Confidentiality Agreement

I think the changes look worse than they are.

I hope these are acceptable to you.

robert
 <<NDA with Enron_.doc>>

 - NDA with Enron_.doc


Sam,

I will have it later today or tomorrow.

Vince
-----Original Message-----
From: Smith, William
Sent: Monday, November 26, 2001 9:13 AM
To: Kaminski, Vince J
Subject: Newsletter Day

Good Morning, Vince!

It seems like it was newsletter day yesterday.   Time is indeed flying!  Will you have a Kaminski's Column today?

Sam


Mark

 FYI, as discussed.  Thought the agreement, which allows a client to trade
straight into our LIFFE account using a LIFFE Connect terminal, might be of
interest to Justin too.  Regards

Paul
---------------------- Forwarded by Paul Simons/LON/ECT on 12/12/2000 18:53
---------------------------

Paul Simons
12/12/2000 15:01
Sent by: Nina Edmonds
To: Paul Sentance/LON/ECT@ECT
cc:

Subject: Armajaro

Please see attached.


Chris,
 Just to confirm with you about activity with Egan Hub, there was nothing for
September production, however there was a park and loan deal for October.  If
this is correct, could you please forward you spreadsheet with the details?
I have not received anything from Egan confirming this or billing me for any
fees associated with this deal.   Also, just to let you be aware of the
imbalance left on the other storage activity that was bought from Columbia;
we had an ending imbalance of 101 mmbtu due ENA.  If you need a copy of the
Egan statement with this, please let me know, so I can forward a copy to you
or whomever may need it.

Thanks,
Marlo

Ps:  My daughter said thank you for her candy and pumpkins.  She enjoyed them
immensely.


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

----- Forwarded by Debra Perlingiere/HOU/ECT on 05/30/2001 03:40 PM -----

	Judy Thorne/ENRON@enronXgate
	05/30/2001 08:32 AM

		 To: linda.mikulec@cinergy.com@SMTP@enronXgate
		 cc: Debra Perlingiere/HOU/ECT@ECT, Judy Thorne/ENRON@enronXgate
		 Subject: Cinergy GISB

Linda,

Per our conversation yesterday, I am forwarding for your review the attached
sample of Enron Upstream Company, LLC's GISB.   Please do not hesitate to
give me a call with any questions you may have regarding the enclosed.

Thanks,
Judy Thorne
ENA Upstream Company, LLC


Can we discuss this on the MOnday call?

JMB <JBennett@GMSSR.com> on 01/05/2001 04:21:14 PM
To: "'jdasovic@enron.com'" <jdasovic@enron.com>, "'ryang@enron.com'"
<ryang@enron.com>, "'msmith1@enron.com'" <msmith1@enron.com>,
"'vsharp@enron.com'" <vsharp@enron.com>
cc: MBD <MDay@GMSSR.com>
Subject: PG&E Advice Letter Implementing Surcharge

Something I forgot to mention in the last e-mail regarding PG&E's Advice
Letter implementing the surcharge is that they  appear to have gone a step
beyond what the Commission directed them to do.

The Commission directed them to create a balancing account to track the
revenues obtained from the surcharge (just in case, in the unlikely event,
they have to refund them).  PG&E created the balancing account for this
purpose but also stated that they would transfer (on a monthly basis) any
ongoing procurement costs which were not recovered through the TRA (i.e.,
from ongoing revenues) to this new balancing account as well.  It is unclear
what PG&E's purpose is for doing such except  maybe to stop the
undercollection in the TRA from getting any bigger and hope that they will
have a better shot of recovering undercollections in the new balancing
account.

Again let us know if you want us to comment on the advice letter with
respect to this issue and the direct access issue mentioned in the previous
e-mail.  Energy Division only has five business days to review the Advice
Filing -- so any comments/protest of the filing must go in early next week.

Jeanne Bennett


Good Friday Morning - Comments From The Local Guys!

We read a great quote today. It was published by a technical newsletter
which we are privileged to receive.

"When people are emotional, it is difficult to envision a market environment
that is opposite of what is making them so emotional in the first place" -
Unknown..

We believe the market is in the early stages of repair. While we may have a
rally over the next few weeks, we are on the lookout for a successful retest
of the mid-September lows. If this were to occur, we would expect to see
this coincide with positive technical market readings.

What to do in the mean time?. This is the time to upgrade portfolios in
anticipation of a longer term recovery.

The 30 -year bond yield is 5.50%.
The 10-year is trading at 4.63%.
The 5-year is trading at 3.77%.
Spot crude oil is trading at $22.38 p/b.
Natural Gas - Henry Hub -  is trading at $2.24 p/mcf

IMPACT CALLS

Textiles; Apparel & Footwear Robert Drbul
Wait for the Sale
q Given the current uncertain economic climate, we believe that footwear and
apparel vendors face a
high degree of risk related to three issues: 1) probable order
cancellations; 2) lower than expected
reorder business; and 3) direct retail exposure through their own stores.
The timing of this
economic downturn is coming at a very inopportune time for footwear and
apparel vendors as
goods have already been shipped for fall/holiday 2001. All three issues will
lead to excess
inventory levels and in turn significant markdown exposure for all footwear
and apparel vendors
both at department stores and company owned retail stores.
q We are lowering many of our ratings to reflect both our lowered earnings
expectations as well as our belief
that many of the companies in our universe have further downside from
current levels. Overall, we have
reduced our average top-line estimate by 3% for 2001 and 2% for 2002 and our
average EPS estimate by
9% in 2001 and 11% in 2002. We have reduced our average 2H01 top-line
estimate by 5.5% and our
average 2H01 EPS estimate by 17%. Our new earnings estimates for the
majority of our companies are
considerably below consensus estimates and in many cases by far the lowest
numbers on the street.
While we recognize that the stocks have already depreciated substantially,
we believe that there could be
another leg down as earnings expectations still remain overly optimistic.

Chemicals		 Sergey Vasnetsov
Reducing rating on commodity chem stocks
q We have lowered our ratings on LYO from "Buy" to "Market Perform" and NCX
from "Strong Buy"
to "Buy" as they are the most leveraged ethylene players.
q We are currently maintaining our EPS estimates, but plan to review them
shortly.
q The recent attacks on the US will have significant, negative effects on
most industries as we forecast
demand to slowdown for at least the next 12 months.
q We expect chemical stocks to be negatively impacted by the volatility in
oil prices and believe the upturn in
the global chemical cycle will be delayed by a few quarters.

Cendant Corp		 Jeffrey Kessler
Thoughts Ahead of the Financial Update 1 - Strong Buy / 11.15 (USD)
q Cendant has announced that it will provide updated guidance tomorrow in a
10:30am conference
call with investors. Ahead of the call, we try to provide a quick
examination of the company's
sensitivity to much lower economic activity and the difficult travel
industry outlook.
q Avis (60% of vehicle services) and the Galileo acquisition clearly pose
the greatest downside earnings risk
because of their sensitivity to airline travel. We see lodging (30% of
hospitality) and real estate brokerage
(35% - 40% of real estate services) as moderately impacted, helped somewhat
by their franchise models.
q Trading at $11.20, Cendant shares seem to imply that the company will earn
$0.70-$0.80 in '02 (assuming
a 14-15x PE multiple). While we will wait for management's guidance, our
initial thoughts are that '02 EPS
are likely to be close to the '01 level, or somewhere around $1.

Advertising & Marketing Services	 Kevin Sullivan
Valuations Still Warrant Caution
q Heightened global economic uncertainty, corporate profit pressures and the
threat of a prolonged
U.S. military strike will continue to weigh on ad/marketing expenditure
growth over the coming
months. While the global ad holding stocks have pulled back some, we remain
cautious on the
group in the near term.
q We are lowering our U.S. ad forecasts following the events of Sept 11th.
We now expect -5% to -6%
growth in '01 vs. our prior forecast of -2.3%. Our '02 projection calls for
just 0 to 1% growth (vs. 2.5%).
q Concurrently, we are lowering our '01/'02 expectations for OMC and IPG,
following LB's revised forecast
for WPP on Sept 19th.
q While valuations have begun to discount these developments, the group is
still trading at 8.0x '02 EBITDA
estimates vs. historical trough forward year multiples of 7-8x in '92-'97
and 6x during the last advertising
recession ('90-'91).
q Growing concerns over a global recession should limit any meaningful
appreciation for the stocks in the
near-term. We will be looking for signs of economic stability and improved
consumer/business confidence
before getting more aggressive around the names.

COMPANY / INDUSTRY UPDATE

Integrated Oil Jeremy Elden
OPEC under pressure
q Last month, we asserted that commodity prices were past their peak for
this cycle. Since then, oil
prices, US natural gas prices and refining margins have continued to trend
down. Although we
expect ongoing volatility, events of the last two weeks should, if anything,
accelerate the cyclical
decline. This week's OPEC gathering took much longer to reach a common
position than in
previous meetings, highlighting rising pressures as demand and prices fall.
For the next year,
demand will be the biggest price determining factor. Our analysis of history
suggests this will not
be as weak as recent market sentiment suggests.
q OPEC quotas and targets reaffirmed
q Demand hit to be less than market sentiment suggests
q OPEC compliance likely to improve
q Oil price forecasts maintained
q Prices and margins trending down

Exelon 		Daniel F. Ford, CFA
Reiterating Our Buy Rating 2-Buy / $44.50
q Yesterday, EXC signaled 2001 EPS would likely fall 2-5% short of guidance
due to weaker energy
prices prompting a 12% sell-off (20% since 9/11). We reiterate our 2-Buy
rating and our target is
$54 which is 10.2x our revised $5.27 2002E.
q We are lowering our 2001 EPS outlook $0.16/share to $4.39 due to weaker
power prices, economic
slowdown, and a $0.07/share telecom write-off.
q We also lowered our 2002 forecast $0.33/share to $5.27. Specifics are: 1)
Weaker forward power prices (-$
0.21/share) and 2) 0% sales growth (-$0.12/share).
q EXC also set Q3 EPS at $1.10-$1.20 versus $1.27 pro-forma in 2000 and
raised layoffs by 450 people.
q The sell-off leaves EXC trading at 8.4x our revised 2002E or a 20% utility
group discount.
q While M&A risk and weaker EPS growth visibility post-2003 pose concerns,
we believe EXC stock
represents a reasonable risk/reward as: 1) Earnings are mostly regulated
(65% of EBIT); 2) Utility
execution is top decile; and 3) The yield is 3.8%.

Power Daniel Ford
LEHMAN BROTHERS POWER AND UTILITY WEEKLY
q We are previewing the calendar of events for the week of October 1 through
October 5
q On October 3, the Public Utility Commission of Texas is anticipated to
issue its final orders for the
unbundling rate cases of the incumbent utilities including TXU Inc, American
Electric Power and Reliant
Energy.

Bank of America		 Henry Chip Dickson
3Q01 Preview 2 - Buy / 55.75 (USD)
q We expect BAC to report 3Q01 earnings of $1.25. Reflecting the more
difficult operating
environment, we are reducing our 2001 estimate to $4.90 and 2002 estimate to
$5.60, on a new
GAAP basis. With the recent exit of the auto leasing and subprime real
estate, BAC appears to be
in the businesses it wants to be in. We continue to rate BAC 2-Buy.
q Management has been focusing on improving internal performance and the
challenge now is to execute.
We expect to see another quarter of steady confidence building versus
quick-fixes.
q Net interest income should rise, benefiting from greater than expected
rate cuts, while fee income growth
should be modest.
q We continue to expect a challenging credit environment.

JP Morgan Chase & Co		 Eileen Rooney
Earnings Preview 1 - Strong Buy / 32.58 (USD)
q We are lowering our 3Q01 estimate to $0.45 because we expect JPM once
again to have to take an
equity write-down and are assuming about $750 MM. We expect a turn in the
private equity
business to be pushed out and therefore next year's revenues should also
remain well below
trendline. We are reducing our 2001 estimate to $2.15 (-$0.40) and 2002
estimate to $3.60 (-$0.50),
on a new GAAP basis. We are reducing our price target to $50 but staying
with our 1-Strong Buy
rating.
q The current environment weighs on JPM as on other companies because of
market pressures on private
banking, investment banking, investment management and custody and
processing. Our estimates reflect
modest contribution from private equity, weaker capital markets, and higher
credit costs.

KeyCorp		 Eileen Rooney
Third Quarter Preview 3 - Market Perform / (USD)
q Third quarter earnings should reflect efforts to shed high risk and
non-strategic businesses. We
continue to rate Key Corp, 3 -Market Perform with a $27 price target.
q We expect KEY to report 3Q01 results of $0.57, $0.01 below below
consensus. Our 2001 and 2002
estimates are $1.75 and $2.40, respectively.
q For 2001, our operating estimate is now $1.75, a $0.05 reduction. This
assumes less balance sheet
growth, modestly higher credit costs, and lower levels of fee income.
Because we expect these conditions
to continue into 2002, we have lowered our 2002 estimate about $0.12 and on
a new GAAP basis we
believe KEY will earn $2.40.
q Third quarter earnings should be impacted by KEY's new strategic
initiatives announced in the middle of
May.

Mercantile Bankshares		 Kristin Nemec
Third Quarter Preview 3 - Market Perform / 39.00 (USD)
q MRBK should report October 15th. Unlike last quarter, where the company
pre-released lower than
expected results due to a sharp, 25 bp decline in the margin, we believe
there will be no fireworks
this qtr. 3 - Market Perform.
q We expect the margin, which was 4.84% in Q2 to remain under pressure and
drop by 10+ bps.
q Balance sheet trends should be mixed and we would not be surprised by a
decline in loan growth to
around 6% from 8%, given the industry trend of relatively high prepayments
and borrowers that are often
trying to pay down lines.
q Fee growth should be good, particularly on an annual basis with another
strong qtr from mortgage banking,
but maybe not as high as Q2.
q Expenses should be another strongpoint with incentive fees in the mortgage
banking area potentially offset
by lower directors fees in the form of deferred compensation accruals.

Northern Trust	 Eileen Rooney
Earnings Preview 2 - Buy / 48.76 (USD)
q Due to weak market conditions, we have reduced our 3Q01 EPS estimate to
$0.57, which is $0.01
below consensus expectations. We are reducing our 2001 estimate $0.03 to
$2.27 and reducing our
2002 estimate $0.10 to $2.50, due to weak market conditions. We continue to
rate NTRS 2 - Buy.
We lowered our price target to $60.
q Market conditions should restrict revenue growth in 3Q. However, operating
results should be aided by flat
to negative expense growth and a lower share count.
q Spread income should be up due to modest balance sheet expansion, with a
net interest margin that
should be wider than the prior quarter.
q Assets under administration and assets under management should decline in
the quarter.

Sky Financial Group 		Kristin Nemec
Third Quarter Preview 3 - Market Perform / 20.00 (USD)
q We have a $0.37 Q3 EPS estimate for Sky Financial, which is expected to
report October 16th. Our
full year estimates are unchanged at $1.45 and $1.55 for 2001 and 2002,
respectively. We are
comfortable with the attainability of this conservative, 7% EPS progression
and would highlight our
2002 estimate is $0.04 below consensus.
q We expect balance sheet trends to be largely in line with Q2 with 7-8%
loan growth with equivalent
percentage growth in deposits.
q Expense control, a historical strength at SKYF, should remain tight
brought about by the sale of the out-of-market
brokerage operations and greater integration of the remaining non-bank
subsidiaries.
q Along with general industry trends, we would not be surprised by further
upticks in NPA's to above 50 bps
and NCO's of more than 40 bps.

SunTrust Banks 	Eileen Rooney
Third Quarter Preview 2 - Buy / (USD)
q We continue to rate STI 2 - Buy, with a $70 price target. We expect the
company to report 3Q01
results of $1.21 in line with consensus.
q This should be the first quarter to include the acquisition of Robertson
Humphrey, which was acquired
during the middle of the quarter. Revenues and expenses are expected to be
about $30mm. Only the
optics of 3Q earnings should be affected. Like other investment banking
firms, RH's revenues should be
well below trend line this quarter.
q Third quarter results should also include approximately $30 mm in expenses
related to the attempted
merger with WB.

U.S. Bancorp		 Eileen Rooney
Earnings Preview 3 - Market Perform / 21.00 (USD)
q As a result of the continued economic deterioration, we are lowering our
2001 and 2002 estimates.
Our 3Q01 estimate remains $0.44, but that implies a modest contribution from
the NOVA
acquisition. For 2001, we are lowering our estimate $0.03 to $1.72
anticipating a down 4Q. For
2002, our estimate is $2.00 on a new GAAP basis, or $1.90 on an old GAAP
basis, a $0.10 reduction
of our estimate. USB remains rated 3 - Market Perform.
q 3Q results will include two months of operating performance from the
recent NOVA acquisition. In our
model, we increased credit card fees by $83mm, employee expenses by $53mm,
amortization expense by
$13mm and share count by 23mm share. 4Q results will include a full quarter
of NOVA results.
q The difficult market conditions should cause fee revenues from investment
management, investment
products and investment banking to be lower in 3Q and into 2002.
q Spread income should be up due to modest balance sheet expansion and a
modest expansion in the net
interest margin.

WestAmerica Bancorp	 Kristin Nemec
oied 3 - Market Perform / 40.00 (USD)
q Although not necessarily evident this quarter as it is a new initiative,
we believe WABC has
effectively turned over a new leaf by beginning to push for higher loan
growth through more
competitive pricing than it has in the past. This is important because
WABC's past strategy of
attaining roughly 10% EPS growth was heavily dependent on heavy share
repurchase and expense
savings as opposed to top line growth.
q We carry a $0.60 EPS estimate for WABC in Q3. WABC is expected to report
on October 16. This is two
cents above Q2 and a penny ahead of consensus.
q We believe the quarter will demonstrate additional NIM expansion, which
should be the largest driver of
spread income with funding costs continuing to drop faster than asset
yields.
q Non-interest revenue and expense dynamics should be in line with prior
quarters.

Wells Fargo		 Eileen Rooney
Earnings Preview 1 - Strong Buy / 43.17 (USD)
q Due to the deteriorating economic environment and difficult market
conditions, we have reduced
our 3Q01 EPS estimate to $0.68 and we are reducing our 2001 and 2002
estimates. These
reductions assume the impact of this environment on most bank results will
be slower loan growth,
weaker to declining investment management results into early 2002, higher
credit costs and even
weaker private equity results. The net interest margin should be modestly
stronger for most. We
continue to rate WFC 1 - Strong Buy.
q We are reducing our 2001 estimate $0.05 to $2.05 and reducing our 2002
estimate $0.15 to $3.35. For
WFC, the 2002 estimate is on a new GAAP basis and would be about $0.30
higher than an old GAAP
estimate.
q We lowered our price target $5 to $60 reflecting the more difficult
environment and our assumption of a
higher embedded equity risk premium.

Allmerica Financial 		J. Paul Newsome
EPS Estimates Reduced; Rating Affirmed 1 - Strong Buy / 42.30 (USD)
q ? We are maintaining our 1-Strong Buy rating on Allmerica following its
announcement of sharply
lower than expected third quarter earnings ($0.40 to $0.50) and our
subsequent conversations with
management. While our recent upgrade of Allmerica could not have come at a
worse time, the
thesis behind that upgrade is unchanged.
q In this environment most insurers are talking about how much their book
value will fall, but not Allmerica.
Its limited exposure to the World Trade Center disaster ($17 million
pre-tax), sustained (although greatly
reduced) profitability, and its limited general account common stock
exposure mean that it will see book
value maintained. We are projecting third quarter book value to be $47.60
per share.

Viacom Inc Stuart Linde
Quantifying the Risk 1 - Strong Buy / 32.05 (USD)
q Despite the fact that we are revising our estimates to reflect
macroeconomic factors, we believe
that VIAB's prominent brands, proven management team and strong balance
sheet position the
company to weather the storm. We believe VIAB will be one of the first
stocks to react to a media
resurgence.
q We are reducing our 2001 revenues to $23.0B from $23.6B on lowered ad revs
as large accounts pause to
reformulate campaigns, although solid ratings from the fall lineup could
help counter near-term weakness.

Eastman Kodak		 Caroline Sabbagha
Agfa Restructuring and Industry Comments 3 - Market Perform / 32.07 (USD)
q Yesterday Agfa announced a major restructuring plan and discussed industry
dynamics that
confirm some of our concerns about long-term industry fundamentals. Although
one could argue
that there are differences between Agfa's and Kodak's market positioning as
well as their
profitability profiles, we do fear that some of what Agfa discussed is
relevant for Kodak. We
maintain our 3-Market Perform rating on Kodak
q The industry dynamics include a tough pricing environment in film, the
need for further industry
consolidation and a digital transition that is occurring faster than
expected.

Microsoft Corp		 Michael Stanek
Expedia Deal May Have Erngs Impact to De 1 - Strong Buy / 50.27 (USD)
q Our Dec qtr estimate includes an $800M gain on the sale of Expedia (EXPE)
- MSFT's travel website
- to USA Networks (USAI), worth roughly $0.09 to EPS.
q Since the deal was announced in July 2001, Expedia shares have fallen
about 50% to $21.75, USAI
shares have fallen 30-35% to $17.88.
q Terms of the deal, set to close in Dec qtr: MSFT would sell 75% of its
stake in EXPE to USAI, mostly
completed in shares of common stock. There was a collar on the deal for
shares between $23-$31.

FSI International		 Edward White
Positive Develop. Outlined @Analyst Mtg. 3 - Market Perform / 8.00 (USD)
q FSII is doing all the right things during this downturn to preserve cash
and maintain suitable
infrastructure for rapid growth in the next upturn.
q On Wednesday, FSI held its annual analyst meeting at its headquarters in
Chaska, Minnesota. The
company highlighted that its focus during the current downturn is on (i)
preserving cash, (ii) developing
new technologies, (iii) forming key alliances, (iv) aligning management and
other employee interests with
those of shareholders, and (v) maintaining sufficient infrastructure for
rapid growth once the upturn
appears.

Enterasys Networks 		Timothy Luke
Ests & Rating Lowered 2 - Buy / 6.38 (USD)
q ETS reported an in-line 2Q02, but cautioned limited n-term visibility. To
reflect weakening in macro
conditions, we are lowering our ests & target. Maintain 2-Buy.
q Last night, ETS reported an inline qtr, with $240m in revs and $0.11 in
EPS vs our ests of $239m & 0.10.
Book to bill > 1. Channel inventory flat QoQ. Change fiscal year to Dec and
rev recog method.
q Mgmt commented business has "grounded to a halt" in Sept post 911 tragedy
and n-term visibility
significantly impacted by changes in macro. As a result, no guid provided
and will offer an update by end of
Oct.
q Against this challenging backdrop, we move our rev & EPS ests for 3Q02 to
$202m & $0.05 from $251m &
0.10. Our CY01 & CY02 revs move from $956m & $1.1b to $895m & $944m. Target
moves to $9, or 25x
CY02 EPS.

David C. Morris
Sr. VP Lehman Brothers
713-652-7112/800-227-4537
dcmorris@lehman.com

Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the
past three years a public offering of securities for this company. B-An
employee of Lehman Brothers Inc. is a director of this company. C-Lehman
Brothers Inc. makes a market in the securities of this company. G-The
Lehman Brothers analyst who covers this company also has position in its
securities.
Key to Investment Rankings: This is a guide to expected total return (price
performance plus dividend) relative to the total return of the stock's local
market over the next 12 months. 1 = Buy (expected to outperform the market
by 15 or more percentage points); 2=Outperform (expected to outperform
the market by 5-15 percentage points); 3=Neutral (expected to perform in
line with the market, plus or minus 5 percentage points); 4=Underperform
(expected to underperform the market by 5-15 percentage points); 5=Sell
(expected to underperform the market by 15 or more percentage points);
V=Venture (return over multiyear time frame consistent with venture capital;
should only be held in a well-diversified portfolio).
This document is for information purposes only. We do not represent that
this information is complete or accurate. All opinions are subject to
change.
The securities mentioned may not be eligible for sale in some states or
countries. This document has been prepared by Lehman Brothers Inc., Member
SIPC, on behalf of Lehman Brothers International (Europe), which is
regulated by the SFA. ?Lehman Brothers, Inc.

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Sure.  I would like to see your group participate in all of our meetings.  3:30 every day, tues power fundies, and 3:00 wed gas fundies .  Morning meetings would help you guys as well.

 -----Original Message-----
From: 	Tycholiz, Barry
Sent:	Monday, November 05, 2001 11:51 AM
To:	Grigsby, Mike
Subject:	Tues Meeting

Mike, from what I am hearing, we will not get into the 6th floor to show the staff around ( prior to the move in).  I still think it would be timely for all of us to get together for a drink but in light of this small logistical issue we may want to postpone until we move in and then go out next week.

Once things settle down ( assuming they do) I look forward to talking specifically to you regarding increased initiatives on our parts to ensure we are getting everything we can out of marketing and trading efforts.  It is my observation that we have not made the progress I would have liked in terms of information flow... and although there has been progress, there is a ways to go. This probably has as much to do with individuals as it does anything else.

Looking forward to those discussions.

BT


They are based out of Salt Lake City, Utah.

	Steve Pruett@ENRON
	01/25/2001 11:32 AM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: Re: TBI Gathering Agreement Form

Are Pruitt-Gushee in Midland or Houston?

Gerald Nemec@ECT
01/25/2001 10:55 AM
To: Steve Pruett/Corp/Enron@ENRON
cc:

Subject: Re: TBI Gathering Agreement Form

Steve,  I think we are going to use Bill Ward with Pruitt-Gushee. I am trying
to confirm this with Teresa.   He worked on the original Crescendo
transaction.  I talked to Ken and his is okay with this also.

	Steve Pruett@ENRON
	01/25/2001 09:34 AM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: TBI Gathering Agreement Form

Please review at your convenience.  Where are you on having the PSA reviewed?

---------------------- Forwarded by Steve Pruett/Corp/Enron on 01/25/2001
09:01 AM ---------------------------

"Harris, Kent" <Kent_Harris@kindermorgan.com> on 01/25/2001 08:52:52 AM
To: "'kkrisa@apex2000.net'" <kkrisa@apex2000.net>, "'mark.whitt@enron.com'"
<mark.whitt@enron.com>, "'steve.pruett@enron.com'" <steve.pruett@enron.com>
cc:

Subject: TBI Gathering Agreement Form

 - STD GATH AGRMT 01-15-01.doc


Please add 26 hours to Lindy Donoho, p505520 2002 vacation carryover.  26 hours were incorrectly coded last year as vacation, which was not taken.

Thanks in advance,

Fran Fagan
Sr. HR Rep
Enron Transportation Services
713.853.5219
fran.fagan@enron.com


Tomorrow's 10:00 - 11:00 a.m. P&L meeting with Philippe and Greg is canceled.

Thank you,

Tina Spiller
Assistant to Greg Piper
Chief Operating Officer
Enron Net Works LLC
Office 713.853.5746
tina.spiller@enron.com


Alex,

This is Marek's resume. Look forward tot he dinner
on the 14th of May.

Vince


Good Luck!  The day is not going so well!  I'll talk to you later.

 -----Original Message-----
From: 	megan rogers <megrogers_99@yahoo.com>@ENRON
Sent:	Tuesday, November 06, 2001 10:15 AM
To:	Rogers, Benjamin
Subject:	$9.92????????????

Yikes, that's scarey!
Hope you are having a good day.
I have class tonight.  I am not ready for this test!
Wish me luck!

Megan

__________________________________________________
Do You Yahoo!?
Find a job, post your resume.
http://careers.yahoo.com


let me know if you need my help.  I'd suggest leaving vince a voicemail....

Jeff

Piazze <Piazze@management.wharton.upenn.edu> on 10/02/2000 12:31:09 PM
To: "'jeff.shankman@enron.com'" <jeff.shankman@enron.com>
cc:
Subject: FAP

Jeff:

It was a pleasure to meet you last week at the Inn at Penn.  It sounds as
though Enron is doing some very exciting things with more to come in the
future.

I called Vince Kaminski a few times last week.  His secretary mentioned that
he was off again this week on a business trip returning on Oct 9th, I
believe.  I am confident that he will get a project proposal to us by the 13
Oct deadline.

Thank you for your support of the Wharton School.  We look forward to having
Enron host a Tiger Team Project.

Sincerely,
Donna Piazze
Program Director
Field Application Project
The Wharton School
Univ. of Pennsylvania
(215) 573-8394
(215) 573-5727 fax
fap@management.wharton.upenn.edu
piazze@wharton.upenn.edu


Start Date: 4/19/01; HourAhead hour: 17;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041917.txt


Mike,

When you evaluate your curves and scalars for the OG&E area, can you also make sure your Entergy long term curves and scalars are in good shape?  We will probably be using those for some load following possibilities and other long term deals such as heat rate options in the Entergy control area.  I assume the scalars would not be much different for either area, but I wanted to make sure they were both updated.

Thanks.

- Nick


Brent and Ed:  I'd like to take this opportunity to introduce you both to
each other (if you haven't already met!).  Ed:  Brent is handling Latin
America.  Brent:  Ed is part of our pulp & paper commercial group.  Can you
please respond to his inquiry?  Thanks.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 08/10/2000 04:31 PM -----

	Ed Quinn
	08/10/2000 02:43 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: CMPC

Sara,

Can we trade with counter-parties in Chile??  We have a strong credit in
Chile that wants to purchase an 18 month financial swap for newsprint.  See
note below for more in.  Let me know what we need to do...

Thanks.

Ed Quinn

---------------------- Forwarded by Ed Quinn/HOU/ECT on 08/10/2000 02:40 PM
---------------------------

Darren Gurner
08/10/2000 11:40 AM
To: Ed Quinn/HOU/ECT@ECT
cc:
Subject: CMPC

Ed

The full name of the company is Empresas CMPC based in Chile

web site is www.cmpc.cl

There might be a problem with the site only being in Spanish, but I know that
credit here got S+P data on them.

Sending the Report tonight.

Regards

Darren


Steve,

I know that these are trying times for you.  Just
wanted to let you know that I am pulling for you in
these difficult times.  If there is anything that I
can do to help you please let me know.  You
encouragement and support meant so much to me this
past summer that I just had to send you this quick
note of support.

Sincerely Yours

Bob Lane
415-713-4473

__________________________________________________
Do You Yahoo!?
Yahoo! GeoCities - quick and easy web site hosting, just $8.95/month.
http://geocities.yahoo.com/ps/info1


Is John there?

What do you want to do this weekend?  Should I thaw sausage for tonight?

ckm

"Neil Mann" <nmann@erac.com> on 09/15/2000 03:04:02 PM
Please respond to <nmann@erac.com>
To: "C. Kay Mann (E-mail)" <Kay.Mann@Enron.com>
cc:

Subject: offer

Sweetie,
Since you went in late today, would it help you if I picked up Michael? It
would not be a problem for me.
Love, NM


Chihuaha That (103 pts) defeated Quieres su papa? (65 pts)

Bye Weeks:
Jester's Molesters (56 pts)
BlitzKrieg (47 pts)
Di's Nasties (47 pts)
SOMFAW (56 pts)
GassHoles (63 pts)
El Mariachi (75 pts)
Chihuaha This (63 pts)
Dawg Mawlers (62 pts)
Joe Stepenovitch (80 pts)
Chum Runners (92 pts)
F-Bombs (82 pts)
Gore's Gangstas (32 pts)

The weekly report is available:
http://fflnet.myfantasyleague.com/fflnet2001/weekly?L=0205&W=16

Natural Gas Gridiron Address:
http://fflnet.myfantasyleague.com/fflnet2001/home/0205

Questions about this site?  Check out our FAQ (Frequently Asked Questions)
at http://www.myfantasyleague.com/fflnet2001/support_faq.html
or our detailed on-line help at
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ZIPPER, ANDREW A,

You have been selected to participate in the Mid Year 2001 Performance Management process.  Your feedback plays an important role in the process, and your participation is critical to the success of Enron's Performance Management goals.

To complete a request for feedback, access PEP at http://pep.enron.com and select Complete Feedback from the Main Menu.  You may begin providing feedback immediately and are requested to have all feedback forms completed by Friday, May 25, 2001.

If you have any questions regarding PEP or your responsibility in the process, please contact the PEP Help Desk at:
Houston:  1.713.853.4777, Option 4 or email: perfmgmt@enron.com
London:  44.207.783.4040, Option 4 or email: pep.enquiries@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a status of "OPEN."  Once you have submitted or declined an employee's request for feedback, their name will no longer appear on this list.  NOTE: YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

Employee Name:
SHELBY, REX
WAX, BRANDON


Not sure of the topic of our meeting but here's the Options filing in case
you need it.


Yes, I will be out of town on the fourth.  Mike Hendricks called today to
invite me to become a member of TCYC.  I accepted.  Thanks for all of your
help.  We will show our appreciation for your help when we get back from our
vacation.  Enjoy France.

Grigsby


I agree.   I spoke with Terrie Wheeler and Shawn Kilchrist about this and
they agreed.

If a payment is $1 million or greater and is supported by a contract, we only
require an Accounting Director's signature.  A copy of the contract can be
attached as support or you can write on the request that the "Payment request
is supported by and has been reviewed against an approved contract".

Let me know if you have any questions.

Larry

	Greg Whiting
	12/07/2000 05:03 PM

		 To: Larry Dallman/GPGFIN/Enron@ENRON, Ben Gwaltney/NA/Enron@Enron
		 cc: Wes Colwell/HOU/ECT@ECT, Georgeanne Hodges/HOU/ECT@ECT, Sally
Beck/HOU/ECT@ECT, Leslie Reeves/HOU/ECT@ECT
		 Subject: Updated - Approval Authorizations

Larry,

The ENA Accounting groups have had wires for our NYMEX and OTC margin calls
sent back due to improper signatures.  The timely flow of these monies is a
vital component to our trading organization.  I believe that these two items
fall under category "B" of the policy memo that was distributed (see email
below) and therefore should only require the signature of an Accounting
Director.

(B)  Those that ARE approved by an underlying contract or RAC require an
Accounting Director approval of the payment  and general ledger coding.

We have a contractual obligation to our brokers and OTC counterparties to
provide margin according to the guidelines set forth in our agreements with
them.  These margin calls / returns of margin are monitored and amounts
signed off on by the RAC Credit Group (Bill Bradford's area).   Backup from
the Credit group should  be and is included with each wire.

I would appreciate your consideration of the above arguments to facilitate
the movement of these monies on a go-forward basis.  I will call you tomorrow
to discuss the possibility of having this change in effect for Monday Dec.
11.  Thank you.

        Greg x35399

---------------------- Forwarded by Greg Whiting/Corp/Enron on 12/06/2000
02:54 PM ---------------------------

	From:  Larry Dallman                           11/07/2000 11:27 AM

To: Ben Gwaltney/NA/Enron@Enron, Andrew Zabriskie/Corp/Enron@ENRON, Linda
Martin/GPGFIN/Enron@ENRON
cc:

Subject: Updated - Approval Authorizations

---------------------- Forwarded by Larry Dallman/GPGFIN/Enron on 11/07/2000
11:24 AM ---------------------------

Richard Causey

11/07/2000 09:18 AM
Sent by: Sharron Westbrook
To: Michael K Patrick/NA/Enron@Enron, Brent A Price/HOU/ECT@ECT, Rod
Hayslett/FGT/Enron@ENRON, Jeffrey E
Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John Echols/Enron
Communications@Enron Communications, Carol
Howes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Howard Selzer/Corp/Enron@ENRON,
Kevin Hughes/HOU/EES@EES, Bob Butts/GPGFIN/Enron@ENRON, Wes
Colwell/HOU/ECT@ECT, Keith Marlow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kent
Castleman/NA/Enron@Enron, Fernley Dyson/LON/ECT@ECT, Beth Apollo/LON/ECT@ECT,
Ben F Glisan/HOU/ECT@ECT, Mary Perkins/HOU/ECT@ECT, Larry
Dallman/GPGFIN/Enron@ENRON, Judy
Knepshield/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jim
Gearhart/Corp/Enron@ENRON, Tod A Lindholm/NA/Enron@Enron, Shawn
Kilchrist/NA/Enron@Enron, Terrie Wheeler/GPGFIN/Enron@ENRON, John
Berggren/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lisa Sutton/FGT/Enron@ENRON,
Misty Barrett/HOU/EES@EES, Dave Duncan/AA/Corp/Enron@ENRON
cc:

Subject: Updated - Approval Authorizations

As mentioned in my previous memo regarding Cash Control Standards, approval
authorizations are critical to our cash control environment.  Corporate
Accounts Payable is actively pursuing a "Workflow" system to route invoice
images for approval and processing.  This workflow solution will not be
implemented until early 2001.  In the interim, an approval process will be
implemented by AP and Treasury to ensure invoices have proper approvals and
correct general ledger coding.  Effective Monday, November 20 the following
approval authorizations will be required for all invoices, payment requests
and wire transfer requests that are $1,000,000 or greater:

(A)  Those NOT approved by an underlying contract or RAC require two
approvals:  a Managing Director approval of the payment, and an Accounting
Director approval of the general ledger coding.

(B)  Those that ARE approved by an underlying contract or RAC require an
Accounting Director approval of the payment  and general ledger coding.

In both examples above, supporting documentation must be attached.  If not
attached, then the payment will not be processed.

To assist us with implementing this approval process, I'm requesting each of
you to accumulate signatures of the Managing Directors and Accounting
Directors in your business unit using the attached form.  Please forward this
information to Larry Dallman (JFR568) by Friday, November 10th.

This new process becomes effective Monday, November 20th.  It important to
provide this information or payments greater than $1,000,000 will not be
processed.


----- Forwarded by Sue Nord/NA/Enron on 03/01/2001 01:58 PM -----

	Eric Benson
	02/22/2001 02:19 PM

		 To: Sue Nord/NA/Enron@Enron
		 cc:
		 Subject: Federal Register Report for Period 2/10/01 to 2/21/01

Sue -

The following reports Federal Register notices for the period ending February
21, 2001:

DATE	AGENCY	SUMMARY	IMPORTANT DATES
2/12/01	Federal Communications Commission (FCC)	proposed rule to reexamine the need
for Commercial Mobile Radio Services (CMRS) spectrum aggregation limits;
seeking comment on whether the CMRS spectrum cap and the cellular
cross-interest rule should be eliminated, modified, or retained, based on the
public interest standard set forth under section 11 of the Commissions Act
comments are due on or before 4/13/01 and reply comments are due e on or
before 3/14/01
	FCC	final rule - document denies five petitions for reconsideration of the
Commission's Sixth Report and Order and Order on Reconsideration challenging
a number of the modifications to the C and F block service and auction rules
2/13/01	FCC	final rule resolves a number of issues concerning the transition of
digital broadcast television; issues resolved in the report include when to
require election by licensees of their post transition DTV channel; whether
to require replication by DTV licensees of their NTSC Grade B service
contours; whether to require enhanced service to the principal community
served by DTV licensees	effective 4/16/01
	FCC	final rule concerns rules and policies for attributing cognizable
interests in applying the broadcast multiple ownership rules, the broadcast
cable cross ownership rule, and the cable multipoint distribution service
cross ownership rule	effective 4/16/01
	FCC	proposed rule regarding DTV reception capability; propose to require
certain types of new television sets have the capability to demodulate and
decode over the air DTV signals by a date certain; also seeks comments on how
best to implement such a requirement, including alternatives for phasing in
DTV reception capability	comments are due 4/6/01; reply comments are due by 5/7/01
2/14/01	FCC	final rule - Commission adopts mechanisms and make determinations
intended to facilitate the clearing of the 740-806 MHz band to allow for the
introduction of new wireless services and to promote the early transition of
analog television licensees to digital television service	effective 2/14/01
2/15/01	FCC	FCC seeks comment about whether it should modify a program to
collect basic information about the status of local telephone service
competition and the deployment of advanced telecommunications capability,
also known as broadband	comments are due on or before 3/19/01; reply comments due on or
before 4/12/01
2/16/01	FCC	final rule permits non-geostationary satellite orbit (NGSO)
fixed-satallite (FSS) providers to operate in certain segments of the
Ku-band; NGSO FSS can provide a variety of new services to the public, such
as high speed internet access, plus other types of high speed data, video and
telephony services; document concludes that a new terrestrial fixed
multichannel video distribution and data service can share the 12.2-12.7 GHz
band with satellite operations w/out causing harmful interference	effective 3/19/01
	FCC	proposed rule to establish rules governing the migration to a 6.25 kHz
technology on the 700 MHz public safety band General Use channels	comments due
3/19/01; reply comments due 4/2/01
	FCC	commission amends its rules to establish operational, technical, and
spectrum requirements for the use of the interoperability portion of the 700
MHz public safety band	rules become effective 3/19/01
2/21/01	FCC	notice given that the charter of the National Coordination
Committee, a Federal Advisory Committee established by the FCC, has been
renewed for a 2 year period commencing 2/25/01	2/25/01
2/22/01	FCC	final rule amends the Table of Frequency Allocations by adding a
new footnote to permit use of the band 33-36 GHz by the Federal Government
fixed-satellite service (FSS) space to Earth; existing footnote revised to
denote that the Federal Government's use of this band is limited to military
systems	effective 2/22/01

Please advise if you would like copies of any of the notices referenced above.

Eric


Janie Tholt called Dynegy because of the .12 cent spread between SJ EOL and SJ ICE.  The Trader at Dynegy said that they were busy training two schedulers to trade cash, and that arbing the market was not the message they wanted to send to them.  They would like to focus on the "Big Picture" instead.

We tried.

Grigsby


Tom,
I am fine with this but our effective date is a call of fairness that depends
on your view of the middle east adjustment.  I don't want to be hard on this
and get back a bigger number on middle east by default.  Its up to you and
your judgement on what you think is appropriate and or a trade with Europe.
I am fine with your ultimate decision.
Mike

From: Thomas Myers/ENRON@enronXgate on 06/06/2001 06:55 PM
To: Mike McConnell/HOU/ECT@ECT
cc:
Subject: Enron Japan Plan Split

Mike,

Attached is the proposed plan transfer to EGM for Enron Japan.  These amounts
have been reviewed and approved by Joe Hirl.  We are still working with Enron
Europe to gain agreement on the effective date (April 1 or July 1)  - will
let you know as soon as this is settled.

Here's a summary of the Plan Amounts;

			 Split after 2Q

			 EGM
Margin*	1Q		                 -
	2Q		                 -
	3Q		      3,750,000
	4Q		      3,750,000
	2001		      7,500,000

Expense	1Q		                 -
	2Q		                 -
	3Q		      3,366,377
	4Q		      3,366,377
	2001		      6,732,754

EBIT	1Q		                 -
	2Q		                 -
	3Q		         383,623
	4Q		         383,623
	2001		         767,246

If we end up with an April 1 transfer, EGM will be kept whole on plan (will
be approx $3.4 MM expense, zero margin).

Please advise if you have any questions or wish to discuss this in further
detail.

Tom Myers 3-0475


Mark,

FYI, here is the latest update on our Q4.  We are making headway and the list
shows how we intend to make up the short fall.  As I stated on my voicemail
yesterday, upon our return from the holiday,  I will be even more proactively
managing the Q4 P&L.

Have a great holiday.
mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 11/21/2000
06:56 PM ---------------------------

Brent A Price
11/20/2000 09:14 AM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc: Thomas Myers/HOU/ECT@ECT
Subject: 4th Quarter Outlook - 11/17

Latest 4th Qtr. earnings outlook with changes from last week noted.  Call me
if you have any questions.


- Freedomburrito.pdf