Gentlemen:

The info below is a little confusing.  I was never informed until now that anything of EGAS was in Rawhide.  If this is true and Enron has conveyed these assets to a structured vehicle, then we have breached transfer obligations on almost every deal, our debt may be in default and we need to understand the consequences asap as Subic and Batangas are the subject of current negotiations.

Jim Hughes

-----Original Message-----
From: Konur, Sanjay
Sent: Mon 11/26/2001 5:21 PM
To: Hughes, James A.
Cc: Ji, Lian; McIntyre, Kelley
Subject: Rawhide project

Jim,

Because of the nature of what they asked, I just wanted to keep you informed on this.

Global Finance has requested models, historicals, timings for disposal on the Rawhide assets.  These assets include Subic, Batangas, Guam, Gaspart, Centragas, PQPC, and TGS.  I was going to get them the info on the models and ask for Carol Howes' help on the historicals.  If neccessary, I will also set them up with people over here who can help explain the valuations.

Sanjay


- angel.jpg


FYI

Vince

 -----Original Message-----
From: 	Schultz, Cassandra
Sent:	Wednesday, July 18, 2001 5:36 PM
To:	Kaminski, Vince J
Subject:	FW: Changes at EBS

Vince - FYI; also it's now out in the market - see Dow Jones article link right on our my.home.enron.com website.

Regards,
Cassandra.

 -----Original Message-----
From: 	Zipter, Rudi
Sent:	Thursday, July 12, 2001 5:29 PM
To:	Port, David; Schultz, Cassandra
Subject:	FW: Changes at EBS

To:		All EBS Employees Worldwide

From:		EBS Office of the Chairman

Subject:	Changes at EBS

Date:		July 12, 2001

Since its inception, EBS has seen dramatic changes in the communications industry.  The growth and opportunity anticipated in this industry two years ago has significantly changed in the past nine months.  While Enron remains committed to extending our business model into telecom, we need to quickly respond to these changes in the market to achieve our objectives.

The Enron Corp. earnings release issued today states that we will be adjusting the EBS business to better match the revenue opportunities.  This means that we must reduce our overall cost structure and better focus our commercial efforts.

To achieve this, we will take the following steps:

EBS will become a business unit within Enron Wholesale Services.  This will involve the integration of all EBS commercial support functions into those units within EWS, and will enable us to better manage the resources and costs of the support functions.

All EBS commercial functions will be consolidated into the following units:

Europe - headed by Matthew Scrimshaw
Asia - headed by Anthony Duenner
Americas - headed by Rich DiMichele
We will consolidate the North American EBS origination teams into one group, led by Stewart Seeligson.
North American trading and risk management will continue to report to Paul Racicot.  Paul will also oversee the global portfolio from a risk management perspective.

Global Network Operations will continue to report to the EBS Office of the Chairman.

All EBS asset positions will continue to be reviewed and repositioned to most effectively meet the future needs of EBS.

The Portland office will be closed by October 1.  Portland employees will be advised by their supervisors of their relocation or redeployment status by July 27.

These changes will affect many EBS employees through relocation, redeployment, severance or movement to another part of Enron.  We have not yet worked out all of the details of these changes, but your supervisor will apprise you of how this affects you as soon as possible, and no later than July 27.


Tina - We have no agreements with either bank to the best of my knowledge.
 -----Original Message-----
From:  Jones, Tana
Sent: Friday, June 01, 2001 2:40 PM
To: Young, Kay
Subject: Two NDA's request

Can you please confirms NDAs for the two companies below.  Much thanks!
----- Forwarded by Tana Jones/HOU/ECT on 06/01/2001 02:38 PM -----

	Justin Rostant/ENRON@enronXgate 06/01/2001 11:39 AM 	   To: Tana
Jones/HOU/ECT@ECT  cc: David Forster/ENRON@enronXgate  Subject: NDA request

As per our discussion, can you please send a draft of an NDA to the following
entities:

TD Securities Inc.
222 Bay St.
Toronto, Ontario. M5K1A2
Send to:cliff.feehan@tdsecurities.com

Scotia Capital
Scotia Plaza
40 King St West
Box 4085 Station A
Toronto, Ontario. M5W2X6
Send to: garry_fredrickson@scotiacapital.com

Tana, since you are going to send the NDAs to these individuals, can you also
ask them to confirm the full legal entity's name and address?
Also, please copy David Forster and myself when sending the NDAs
Thanks so much

Justin Rostant
EnronOnline LLC.
Phone: 713-853-6460
Mobile: 832-264-6333
Fax: 713-646-2126


Someone must be cleaning out their office, because a notice of a
restructuring from Black Stone Holdings Parnership mysteriously showed up on
my desk, with no note.  I have no idea if Credit knows about this BECAUSE IT
IS SO OLD!

The notice dated 4/19/99, says effective 7/1/98, Black Stone Holdings
Partnership transferred all of its assets and liabilities to Black Stone
Minerals Company L.P., a Delaware Limited Partnership.

Let me know whether or not Credit knew about this already...if not, I'll send
a copy down to you.  It was my understanding from way back when that they
were no longer trading under the Blackstone financial master, so this may be
moot.  If we are trading with them again, we never did get the corporate
documents on the partnership from them and we may want to use this as an
excuse to get them.


Jeff,

Good job !   We thank you for your help.

Zimin

 -----Original Message-----
From: 	Ford, Jeff
Sent:	Tuesday, June 05, 2001 1:35 PM
To:	Lee, Bob; Lu, Zimin
Subject:	FEA has been upgraded

Zimin, Bob -

FEA has been upgraded to 2.1.
Also, I have added an icon, "FEA 2.1 - Storage Demo", that specifically loads Excel with the storage demo.

Please check and make sure that everything is running as it ought.

Jeff Ford
x36782


Effective February 1, 2001 Duke Energy Field Services (DEFS) will begin
operating TECO Pipeline under the name Duke Energy Guadalupe Pipeline Inc.
We are attempting to make this transition as seamless as possible with a
minimum of changes.

The only meter number change will be at the El Paso Field Services Waha
header.   In the past shippers have nominated at 00501723 whereas starting
February 1st you will nominate at 8000007.

For the time being, use the same nomination form you have used in the past.
Be sure to include both upstream and downstream contract numbers on your
this form.  Attached is a file which will list, with a description, all the
meters on the Duke Energy Guadalupe Pipeline.

Operational contacts are as follows:

Eileen Ponton - Senior Representative  Marketing Operations  (Responsible
for Daily Business)
Office nbr:  713-627-6206
Pager:        800-976-2802
Fax:             713-627-6273

Donna Spencer - Manager Marketing Operations  (will back up Eileen)
Office Nbr:  713-627-6224
Fax:               713-627-6273

Gas Control:  888-204-1781 (staffed 24 hours/day, 7 days/week)

Attached is a list of all contacts for the Duke Energy Guadalupe Pipeline.

Please remember February 1st noms are to be faxed to DEFS, ATTN: Guadalupe
Pipeline, at 713-627-6273.  If I can be of any further help, please do not
hesitate to call me.

(See attached file: Shipper Meter List.xls)
(See attached file: DEGP CONTACT LIST.doc)
 - Shipper Meter List.xls
 - DEGP CONTACT LIST.doc


Daren,

Thank you for your prompt attention to this matter.   Just a reminder for you
to roll the first six days of December 1999 for 98-9789 Sitara #108246.

Carlos/Tom,

Please apprise when you've completed your research with Producer Services
referencing the below meters that Daren have referred to as "Contract
Terminated".

Daren J Farmer
01/18/2000 12:38 PM
To: Jackie Young/HOU/ECT@ECT, Carlos J Rodriguez/HOU/ECT@ECT, Tom
Acton/Corp/Enron@ENRON
cc: Pat Clynes/Corp/Enron@ENRON, Rita Wynne/HOU/ECT@ECT
Subject: Re: 12/99 K's Needed and 1/2000 K's Needed

See notes in red below.  In each case where the contract has been terminated,
Tom and/or Carlos will need to get with Producer Services to determine what
we need to do (set up a GTC, renegotiate the term deal, etc).

D

Jackie Young
01/18/2000 11:24 AM
To: Daren J Farmer/HOU/ECT@ECT
cc: Pat Clynes/Corp/Enron@ENRON, Rita Wynne/HOU/ECT@ECT
Subject: 12/99 K's Needed and 1/2000 K's Needed

Daren, can you help me with placing K's @ the below listed meters?  I don't
know if these deals should be rolled or if new ones were set up.

I'll need a K @ each specified meter for the month following the noted month
that had a K @ it.

Thanks in advance for your help.
-Jackie-
3-9497

98-1534 (Delivery) Last flowed w/ a K was 12/99 on 215K Sitara #95541(Stop
Date 12/99)  New deal added for January #151694
98-6563 (Receipt) Last flowed w/a K was11/99 on 203K Sitara #26511, then new
sitara #130913(which was killed) Evergreen was checked on         this one.
Contract terminated.
98-6614 (Receipt) Sitara #130917-this deal's stop date is 2/29/2000.  The
deal amount is for 1487 mmbtu's but the estimated vols. are "0".  Did not
want to change anything in Sitara without your knowledge.  This is a good
deal. For the first part of the month, you should nom the zero to POPS.
Beginning tomorrow, we will have volume out there on this ticket.

98-9758 (Receipt) Last flowed w/a K was 12/99 on 96026573 Sitara #133088(Stop
Date 12/99) Evergreen was checked on this one.  Contract terminated.
98-9651 (Receipt) Last flowed w/a K was 12/99 on 96026573 Sitara #51491(Stop
Date 12/99) New Deal #136744 (Deal Killed)  Contract terminated.
98-9789 (Receipt) Last flowed w/a K was 11/99 on 012-41500-02-203 Sitara
#108246 (Stop Date 11/99)  Deal rolled for six days to cover flow.
98-5789 (Receipt)  Last flowed w/a K was 12/99 on 96026573 Sitara #26569
(Stop Date 12/99)  Contract terminated.
98-6855 (Receipt) Last flowed w/a K was 12/99 on 215K Sitara #94120 (Stop
Date 12/99)  Deal was rolled for Jan.
98-6725 (Receipt) Last flowed w/a Kwas 12/99 on 215K Sitara #138332 (Stop
Date 12/99)  This was a spot deal.  We will have to renegotiate the price to
cover the flow.  I will work with Craig Faulbaum on this.
98-9676 (Receipt) Last flowed w/a K was 12/99 on 215K Sitara #95912 (Stop
Date 12/99)  New deal 151669 for Jan
98-4548 (Receipt) Last flowed w/a K was 12/99 on 96026573 Sitara #94147 (Stop
Date 12/99)  New deal 151666 for Jan


---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 10/28/99
05:27 PM ---------------------------

	Enron North America Corp.

	From:  Kevin M Presto                           10/28/99 04:57 PM

To: James B Fallon/HOU/ECT@ECT
cc: Christi L Nicolay/HOU/ECT@ECT, Richard Ingersoll/HOU/ECT@ECT, Lloyd
Will/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect
Subject: NERC Control Area Letter

FYI - Below is a nice gesture from an Aquilla representative at the SERC
Board Mtg.  He obviously agrees wholeheartedly with the position Enron staked
out at the meeting.

Jim - This is the same guy from Aquilla I was antoganizing at the FPL offices
on Tuesday evening.
---------------------- Forwarded by Kevin M Presto/HOU/ECT on 10/28/99 04:51
PM ---------------------------

"James, Jeff" <JJames@utilicorp.com> on 10/28/99 03:27:00 PM
To: Kevin M Presto/HOU/ECT@ECT
cc:
Subject: Control Area

Kevin,

Thanks for the NERC letter you provided me yesterday.  I have share that
with some people around here and no one can figure out how anyone can
interpret it different that you did.  It appears to us the issue has clearly
been resolved.  I have passed your name onto our VP of assets should he want
to pick your brain on dealing with TVA on these issues.  Once again congrats
on your victory against TVA and thanks for the info you shared with me.

Regards,
Jeff


Please print and  make file folder "Genuity" for EBS.  Thanks!  Kay

 -----Original Message-----
From: 	Heffernan, Amy
Sent:	Tuesday, November 06, 2001 4:45 PM
To:	Sarkissian, Arshak; Mann, Kay
Subject:	Genuity Solutions

Amy Heffernan
Trading/Risk Management
Office:  713.853.7646
Fax:     713.646.8103
Cell:     713.962.1520


Can't make it.  Thanks.  DF

Virginia O'Neill

02/03/2000 02:29 PM

To: John Dushinske/ET&S/Enron@ENRON, George Fastuca/ET&S/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Mike
McGowan/ET&S/Enron@ENRON, Kent Miller/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@Enron, Rockey Storie/ET&S/Enron@ENRON, Julia
White/ET&S/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Michel
Nelson/ET&S/Enron@ENRON, Sheila Knudsen/OTS/Enron@ENRON
cc: Martha Benner/ET&S/Enron@ENRON, Lisa Costello/ET&S/Enron@ENRON, Rosemary
Gracey/ET&S/Enron@ENRON, Judy Kudym/ET&S/Enron@ENRON, Audrey
Robertson/ET&S/Enron@ENRON, Sharon Solon/ET&S/Enron@ENRON, Linda
Wehring/ET&S/Enron@ENRON, Ricki Winters/ET&S/Enron@Enron, Deb
Cappiello/ET&S/Enron@ENRON, Julie McCoy/ET&S/Enron@ENRON, Marilyn
Lee/HR/Corp/Enron@ENRON

Subject: Market Affiliate Presentation

Did you attend the Market Affiliate presentation?   If you didn't have the
opportunity to make it to one of the sessions held in Houston or Omaha, Dari
Dornan is planning to hold a make-up session for the officers.  The video
conference room has been reserved for February 10 beginning at 2:00 PM.  Tthe
meeting will last approximatel 35 - 40 minutes.

Please let me know if you plan to attend.   If there only a few of you who
have't attended, I'll schedule the meeting accordingly.  Thanks,

Virginia


Thanks for your note. Let me know if their is anything I can do.

	Bruce Lundstrom@ENRON_DEVELOPMENT
	01/08/2001 08:59 AM

		 To: Richard B Sanders@ECT
		 cc: Gail Brownfeld/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Dabhol - An Update on Legal Efforts

Richard -

Gail's participation has been very helpful to this effort.  Her presence in
Bombay will help us with the likely "real time" India action to be taken in
the next week or so.

Bruce

---------------------- Forwarded by Bruce Lundstrom/ENRON_DEVELOPMENT on
01/08/2001 09:02 AM ---------------------------

Bruce Lundstrom
01/08/2001 08:56 AM
To: Stephanie Harris@ENRON, Mark E Haedicke@ECT
cc: Rob Walls/NA/Enron@Enron

Subject: Dabhol - An Update on Legal Efforts

Gentlemen -

We are currently in the processing of serving/delivering the GOM Guarantee
demand and the PPA Meet and Discuss Letter.  Ken Lay approved the delivery in
a conference call this morning.  Our attention will then turn to the GOI
Guarantee demand (can be served a week from today), the Notice of Arbitration
under the GOM Guarantee and anticipation of injunctive relief being sought by
our counterparties to stay any arbitration and collection/payment on the
guarantees.

We are scheduled to meet with the lenders in NY tomorrow.

Bruce

---------------------- Forwarded by Bruce Lundstrom/ENRON_DEVELOPMENT on
01/08/2001 08:54 AM ---------------------------

Bruce Lundstrom
01/05/2001 01:57 PM
To: Stephanie Harris@ENRON, Mark E Haedicke@ECT
cc: Rob Walls/NA/Enron@Enron

Subject: Dabhol - An Update on Legal Efforts

Jim/Mark -

I know that Rob has been keeping you generally apprised, but I thought that I
would update you both on the quickly evolving Dabhol situation.

The commercial situation at Dahbol Power Company is deteriorating pretty
rapidly.  MSEB is now approx. 45 days late on payment in full of the October
invoice.  They have paid only a relatively modest portion of that bill.
Payment on the November bill is about 15 days late.  The MSEB Chairman says
that MSEB can't pay these invoices.

At present, the Governments of Maharashtra and India are refusing to engage
in a constructive dialogue on solving the non-payment issue and the 1400 MW
that will come on line as part of Phase II.  They say that they recognize
their obligations as guarantors of MSEB's obligations but are not interested
in helping in any different capacity (e.g., GOI buys some or all of Phase II).

Until just a few days ago, the lead India bank was refusing to fund even
their own ongoing interest obligation.  At present, they are refusing to
continue funding any other Phase II draw request.  The India banks have a
great deal to lose and, in our opinion, should strongly consider continuing
to fund Phase II.  It would seem that the lead India bank is scared, knaive
or, worse yet, very pessimistic about Dabhol's future -- perhaps there are
other reasons for their current position.

We are meeting with the international banks in NY on Tuesday.  Our main goal
is to convince them to continue to fund and to use their influence to have
the India banks do the same.

The current India legal crisis team is nearly identical to the 1995 India
legal crisis team.  The same law firms and lawyers (both Indian and
international) are continuing to play much the same roles.

We have not identified any particular "holes" in Dabhol's legal position.
While the India newspapers have offered up various theories that might allow
MSEB to cancel the PPA (frustration of purpose, etc.), none seem compelling.
No counterparty has offered up any of these theories directly to DPC.

In the short term, we are preparing (1) a demand under the GOM guarantee and
(2) a "meet and discuss" letter under the PPA.  The current plan is to serve
these next week.  We are also preparing (3) an arbitration notice under the
GOM guarantee, (4) a demand under the GOI guarantee and (5) an action against
MERC.  MERC is the Maharashtra Energy Regulatory Commission.  They have
issued "orders" over the last year limiting the amount of power that MESB
buys from Dabhol.  We do not believe that they have jurisdiction to do so.
We may or may not ultimately file this action.

Let me know if I can provide any further information.

Bruce


Start Date: 4/24/01; HourAhead hour: 20;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042420.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 20 / Preferred:   0.00 / Final:   0.00)
  TRANS_TYPE: FINAL
  SC_ID: EES
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  UNIT_ID: BADLND_7_PL1X2

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 20 / Preferred:   9.71 / Final:   9.47)
  TRANS_TYPE: FINAL
  LOAD_ID: SCE1
  MKT_TYPE: 2
  TRANS_DATE: 4/24/01
  SC_ID: EPMI


Well what about this?.
---------------------- Forwarded by Dana Davis/HOU/ECT on 02/15/2001 10:26 AM
---------------------------

tony.sumbler@weatherford.com on 02/15/2001 09:55:38 AM
To: dana.davis@enron.com
cc:
Subject: FW: reminder

Just a friendly reminder:
"We are hard pressed on every side, but not crushed; perplexed, but not in
despair; persecuted, but not abandoned; struck down, but now destroyed."
II Corinthians 4:8-9


I have prepared the attached memorandum to set forth all of Enron's
investments in NSM as reflected on McDonald's records.

 <<Enron Investments.doc>>

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - Enron Investments.doc


No time out for Tana.
----- Forwarded by Tana Jones/HOU/ECT on 05/10/2001 01:57 PM -----

	Holly Keiser@ENRON_DEVELOPMENT
	05/10/2001 11:07 AM

		 To: Anne C Koehler@ECT, Brent Hendry@Enron, Carol St Clair@ECT, Cheryl
Nelson@Enron, Esmeralda Gonzalez/ENRON@enronXgate, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Holly
Keiser/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kaye Ellis@ECT, Mark
Greenberg@ENRON, Mark Taylor@ECT, Mary Cook@ECT, Robert Bruce@Enron, Samantha
Boyd@Enron, Sara Shackleton@ECT, Sheri L Cromwell/Enron@EnronXGate, Stephanie
Panus/NA/Enron@Enron, Susan Bailey@ECT, Taffy Milligan@ECT, Tana Jones@ECT,
Theresa Zucha/NA/Enron@Enron
		 cc: Taffy Milligan@ECT
		 Subject: Timesheets

I will be on vacation when time sheets are due (Tuesday, May 15); therefore,
please send your exception time to Taffy Milligan.

Thank you!

Holly Keiser
Enron Americas
Legal Department - EB 3887
713-345-7893 (ph)
713-646-3490 (fx)
Holly.Keiser@enron.com


Any value in this?

 -----Original Message-----
From: 	Grace Jr., James
Sent:	Tuesday, November 20, 2001 10:00 PM
To:	Presto, Kevin M.
Subject:	FW: Real-time weather data

K evin:

A friend of a friend is selling the product described below.  It looks like something in which your guys would be interested, but I wasn't sure to whom I should send it.  Michelle Parks suggested that I send it directly to you.  Please let me know if you want more information about the product or Saaty.

Jim Grace

 -----Original Message-----
From: 	"John Saaty" <jsaaty@aws.com>@ENRON
Sent:	Monday, November 12, 2001 2:39 PM
To:	Grace Jr., James
Subject:	Real-time weather data

Jim,

Thanks for the help.

As I mentioned, AWS (originally Automated Weather Source) has more than 5500 weather stations deployed around the US.  This is the most dense real-time weather network in the country.  We gather data from all of these stations through the Internet, and can feed it out as live data streams.  We also have an 8-year historical repository of the data that was gathered as the network was built out.  As an example, in the Houstonarea we have 82 weather stations.  The National Weather Service has 6.  Each of our stations measures windspeed and direction, temperature, relative humidity, rainfall, light, and barometric pressure and 400 of our stations have digital cameras.  We can analyze 27 different weather parameters in real-time.  Check out www.aws.com

Our current products are consumer-oriented.  We sell our services to TV broadcast stations, i.e. KPRC in Houston.  We also wrap the data in advertising and offer it as the WeatherBug.  AWS' WeatherBugproduct is now the largest weather destination in the USas measured by Media Metrics.

We are now exploring how our data might be applied to the Energy industry.  Examples include offering real-time weather data to energy trading operations which shows in  real-time the deviation from forecast.  This can be at the national, regional, metropolitan or local levels.  You could watch a weather front move into a metropolitan area and see how it is shaping up as compared to the forecast to aid in energy purchases, bids, etc.  The data could be used with basis risk in derivative contracts.  It could also be used to forecast what a specific NWS station was going to forecast in the near future.  You may have more uses.  Most of our sites are located in and around metropolitan areas which is a positive for energy demand.

We would like to talk with the folks running Enron's trading area to discuss if this data could be used and what products might be built for the industry.

Thanks and regards,

John Saaty
AWS
301-258-8390 x1622
jsaaty@aws.com


Grant,

Would you take a look at the following correlation matrix? Does it make sense?

PS: This is an updated correlation matrix with gold and silver correlations.
I used Bloomberg's generic closest month gold and silver contract prices for
the correlation analysis.


I am so happy and relieved to see that Al Sharpton and Jesse Jackson are in town and have joined in the fight to right all the injustices and inequities brought upon you guys by the dastardly power mongers @ Enron. I will sleep better now that I KNOW your interests are being so protected.-Dad   p.s.-sure hope they also look out for the interests of those of us that "invested" in ENE.


Sold Op 8 stuff to CES (deal 155238)  28th thru 31st.  Bought 28th-31st  from
CPA (deal 155237)


SERC-   For Saturday we sold 200MW (HE15-19 for a 5 hour take) @ $80.00.
SCEG and DUKE were bidding in the mid 40's.  Due to TLR's power from the
North could not flow to SERC.  Off-peak bids for Saturday were in the low
teens.  SOCO was an $11 bid for off-peak.  Everyone else in SERC was flat or
a low teen bid.  For Sunday SOCO was a $26 bid during the afternoon peak.
SCEG was a $34 bid.  TLR's prevented any deals getting done with SCEG during
the afternoon.  DUKE, SCEG and SOSO will be on the bid for Monday.

FRCC-   For Saturday we sold power to Florida in the morning but were cut due
to TLR's starting HE11.  Bids in Florida got to as high as mid 60's.  FPL and
FPC were the one's bidding in the mid 60's.  TLR's were not lifted until H/E
1, for H/E 1 we sold FPL $22(100mw's) into JEA.  For Sunday FP&L and TALL
were both on the BID @ $26-35 Hourly in the morning and  BOD @ $ 55-65.00.
Sunday morning we began buying  power from CE  and selling it to FPL and
TALL.  TLR's were called startng H/E 11.  Florida was bidding in the mid 40's
for a 16-hour schedule for Monday.    Offpeak bids were in the mid teens for
both Saturday and Sunday night.

ERCOT-  For Saturday bids were in the low to mid 30's.  Offers were in the
high 40's(CSW and HLP) to mid 50's(TU).  We sold the City of GARLAND $54 for
he 23 and 24.  Their bid was high due to trans. contraints from the south to
north.  They had bought power from San Antonio and Reliant which ended up
being cut.  We ended up buying from CSW(wtu-$48) thinking this was north
enough.  The ISO killed the deal.  They told us that as of Friday WTU will
not be allowed to send out any power when south to north transmission is set
to -0-.  For Sunday bids were in the 30's again.  Reliant and TU told us they
will be bidding for HE 14-21.  We purchased trans. into ERCOT for these
hours.


----- Forwarded by Jeff Dasovich/NA/Enron on 12/22/2000 03:02 PM -----

	Scott Stoness@EES
	12/22/2000 02:54 PM

		 To: Vladimir Gorny/HOU/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Roger
Yang/SFO/EES@EES, Don Black, Marty Sunde/HOU/EES@EES, Gordon
Savage/HOU/EES@EES, Wanda Curry/HOU/EES@EES, Scott Gahn/HOU/EES@EES, Mark S
Muller/HOU/EES@EES
		 cc:
		 Subject: Ken Lay and Testimony for California Meeting

Call in # 1 800 713 8600  Pass=80435


I, too, thought EOTT MTBE LP was a bit much.  Sounds like a bad sitcom.

Dana wants to use EOTT Energy Liquids, L.P.  If no one objects, I will give that name to Ann Ballard on Friday to put in the letter to State Street.  We will form the partnership as soon as we clear up the structure issues, which I hope will be next week.

Molly

	Stanley Horton/ENRON@enronXgate 06/07/01 08:12 AM 	   To: Molly Sample/Houston/Eott@Eott, Dana R Gibbs/HOU/ECT@ECT, Lori Maddox/Houston/Eott@Eott  cc:   Subject: RE: Name that partnership!!

The name sounds ok to me.  Better than EOTTMTBE<LP et al.

 -----Original Message-----
From: 	Sample, Molly
Sent:	Wednesday, June 06, 2001 5:09 PM
To:	Gibbs, Dana; Maddox, Lori; Horton, Stanley
Subject:	Name that partnership!!

For Project Timber, we need to pick the name for the partnership.  It does not have to be formed by Friday, but we need a name to put in the letter to State Street Bank and Trust.   What about EOTT Clean Fuels, L.P.?  Please let me know as soon as possible.  Note:since this partnership is only in Texas, we do not need to spell out Limited Partnership.  Thanks.

Molly Sample
VP & General Counsel
EOTT Energy Corp.
713-993-5027
fax 713-402-2806


---------------------- Forwarded by Scott Vonderheide/Corp/Enron on
10/13/2000 06:54 PM ---------------------------

Cedric Burgher
10/06/2000 04:22 PM
To: Kenneth Lay/Corp/Enron@ENRON, Jeff Skilling/Corp/Enron@ENRON, Joseph W
Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Koenig/Corp/Enron@ENRON,
Paula Rieker/Corp/Enron@ENRON, Scott Vonderheide/Corp/Enron@ENRON, Kathryn
Corbally/Corp/Enron@ENRON, Cedric Burgher/Corp/Enron@ENRON, Rosalee
Fleming/Corp/Enron@ENRON, Sherri Sera/Corp/Enron@ENRON, Katherine
Brown/Corp/Enron@ENRON, Joannie Williamson/Corp/Enron@ENRON, Yorleni
Mendez/Corp/Enron@ENRON, Laura Valencia/Corp/Enron@ENRON
cc:

Subject: ENE Friday Peer Group Report

Attached are the Friday peer group reports.
DO NOT UPDATE LINKS WHEN THE FILE IS OPENED!
Please call if you have any questions.

Investor Relations


John,

Thanks.

Vince

"John H Herbert" <jhh1@email.msn.com> on 07/14/2000 11:00:18 AM
To: "Vince J Kaminski" <Vince_J_Kaminski@enron.com>
cc:
Subject: See page 1

Best regards,

JHHerbert

 - gd.pdf


ATTENTION ALL ANALYST UP FOR ROTATION WITHIN THE NEXT TWO TO THREE MONTHS -
Look for new listing below

Portland is a small ENA office with approximately 100 employees in power and
origination for the western region of the United States. The office is
managed by Tim Belden and  Chris Calger with the following business units:
West Power Trading, Scheduling, Middle Market, Real Time, Fundamental
Analysis, Settlements, Risk Management, and Western Origination.

Because of the size and lay-out of the Portland office, Analysts are
presented with some unique opportunities which may not be experienced in
other departments at Enron:
strong sense of teamwork.
ability to interact with other departments on a regular basis.
strong commitment to the development of  talent.
ability to rotate within the Portland office to other key functions.

Please see the following job descriptions for available positions:

NEW ADDITIONAL LISTING:  ENA - Transaction Group - Jonalan Page
     - Assist Originators with analysis, evaluation and structuring potential
deals
     - Modeling
     - Interacting with support functions such as tax, accounting and legal
     - Support divestiture efforts regarding the sale of Western
Origination's assets

ENA - West Power Trading - California Trading Desk - Scheduling Position -
Jeff Richter
 -Schedule physical power
 -Analyze the western power market
 -Make market decisions
 -Work with the California ISO to make sure the physical book is flat everyday

ENA - West Power Trading - Real Time Trading - John Forney
 -Trade energy in hourly markets
 -Confirm purchases and sales of power
 -Gather essential market information for day traders
 -Aid in preparation of price and deal reports and assist in resolution of
volume/price discrepancies

ENA - West Power Trading - Middle Market - Chris Foster
 -Collect key data in the WSCC including information about generation
sources, load, transmission, company contacts and organizational structure
and  compile this data into a database
 -User experience with database software such as MS SQL Server or Oracle is
useful

If you are interested in one or all of these rotations, please contact me at
x39233 or Amy FitzPatrick in the Portland office at (503) 464-7404.

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

Listed below is a brief description of each of the departments located in
Portland:

West Power Trading
West Power Trading buys and sells wholesale electric power in the western
US.  Wholesale power is a billion dollar industry involving utilities,
municipalities, federal power agencies, and new market participants such as
independent generators and energy services providers.  West Power Trading
enters into a wide variety of financial transactions including forwards and
options and is also an integral part of delivering physical energy within the
western grid.

Scheduling
This group is responsible for scheduling all of Enron's WSCC deals.  Other
responsibilities include:
Verify day-ahead balance with traders and communicate with courterparties to
determine bookouts and physical paths.
Create NERC tags and complete internal communication and accounting.
Purchase transmission, co-ordinate options, enter daily deals, and balance
the deal accounting system.

Fundamental Analysis
Fundamental  Analysis is managed by Tim Heizenrader and is mainly responsible
for the following:
Identify, evaluate, and acquire fundamentals data from commercial and public
sources.
Design and develop data acquisition, storage and display systems, and
negotiate vendor contracts as needed to accomplish projects.
Use advanced statistical analysis software, such as S-Plus, to perform
exploratory data analysis on topical trading issues, including supply and
demand anomalies and price movement.
Build a comprehensive electricity trading decision support system based on
market fundamentals.

Settlements
This group is responsible for settling physical wholesale transactions with
the California ISO and the California PX.  The group's primary function is to
estimate revenues and expenses based on scheduled volumes, settle with the
ISO based on actual volumes, and provide the accounting support to reconcile
differences between scheduled and actual volumes.

Risk Management
Primary responsibility is the daily administration of West Power trading risk
books, including P&L, position reporting and trader support.  Also,
individuals in this group are responsible for analyzing and reconciling daily
and month-end P&L, preparing options reports, daily and month-end management
reports, and setting up new trading books.

Middle Market
The Middle Market group is managed by Chris Foster and has the following main
responsibilities:
Collect key data about utility and large industrial market participants.
Manage service accounts for customers who have outsourced certain trading,
scheduling and accounting functions to EPMI.
Interact very closely with Cash Trading, Real Time Trading, and Volume
Management groups.

Real Time Trading
This group is managed by John Forney and is responsible for the physical and
financial integrity of prescheduled energy transactions.  Specifically, this
includes re-supplying curtailed schedules and preserving  Enron's financial
rights with non-performing trading counterparties.  The group is required to
maintain records which explain such supply/market interruptions in order to
minimize customer billing dispute issues.  In addition, Real Time Trading is
responsible for the hourly trading of energy in the California ISO and
bilateral markets.

Western Origination
This team is managed by Chris Calger and has offices in Portland and San
Francisco.  The main responsibility of Western Origination is to develop
business in the western United States specifically identifying and
originating large commodity, asset and service transactions with investor and
municipal owned gas and electric utilities.


Ken:  Just heard that the House Agriculture Subcommittee plans oversight
hearings on the President's Working Group Report on February 8 and 9 with the
first day hearing from the Administration and the second day hearing from
industry.   However, the Hill does not expect to be asked to introduce the
Administration's legislation by request until March, and, to date, they have
seen nothing other than the Report .....although the CFTC has indicated that
release of their position on CEA reform is imminent.

I am contacting the head of PG&E's D.C. office to ask them to join the group
and will keep you posted of their interest.

RAISLERK@sullcrom.com on 01/06/2000 04:40:23 PM
To: mcadammj@bp.com, Mark E Haedicke/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT,
chuck_a_attal@email.mobil.com, Cynthia Sandherr/Corp/Enron@ENRON, Jeffrey
Keeler/Corp/Enron@ENRON, laurie.ferber@gs.com, hall2r@kochind.com,
lanced@kochind.com, schindlg@phibro.com, mgoldstein@sempratrading.com
cc:

Subject: Draft Position Paper

Attached is a draft position paper for your review.  I would appreciate any
comments you may have.

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

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

 - 2#$H01!.WPD


No thanks.  I have a bunch from work already.  Are you going to any of it?

E

"Larry W. Bass" <lwbthemarine@bigplanet.com> on 04/27/2000 03:23:31 PM
To: Jason <jasnbass@swbell.net>
cc: eric preston bass <Eric.Bass@enron.com>
Subject: golf tourney

Hi Sons: I have 2 Season Gallery passes to the  Shell Houston Open. They are
good for today, Friday, Sat. and Sun. Let me  know if either of you would
like these passes.  Love-Dad


I will email you with the insurance info tomorrow.


Attached below is the notice of disagreement by Border to the post closing
purchase price adjustment
----- Forwarded by Shonnie Daniel/HOU/ECT on 02/13/2001 04:53 PM -----

	Cynthia Mayes@ENRON
	12/28/2000 03:53 PM

		 To: karry.kendall@enron.com, shonnie.daniel@enron.com, Brian
Bierbach/NA/Enron@Enron, Eva Neufeld/NPNG/Enron@ENRON, Jerry
Peters/NPNG/Enron@ENRON, Janet Place/NPNG/Enron@ENRON, Gaye Lynn
Schaffart/NPNG/Enron@Enron
		 cc:
		 Subject: Notice of Disagreement

Hello, everyone -

Patty asked me to send the attached documents to Karry as well as the rest of
you, so here you are.


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

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Oil Retainer Client <eileen@pira.com>
Date: Friday, December 21, 2001 9:42:19 GMT
Subject:

Attached is PIRA's latest "World Oil Market Forecast."

If you have any questions regarding the report's content, please contact
Dr. Gary Ross at (212) 686-6808, email: garyross@pira.com.

Contact Client Services regarding PIRA report distribution and address
changes at (212) 686-6808, email: support@pira.com.

NOTE: Circulation of the "World Oil Market Forecast" outside a Client's
licensed distribution area is strictly prohibited. Clients that are
unsure of their licensed distribution or require an extension of their
current license should contact their PIRA sales representative, or email
to sales@pira.com.

PIRA Energy Group

 - oildec01.pdf

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

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Western Grid Retainer Client <vwatkins@pira.com>
Date: Friday, December 21, 2001 4:36:52 GMT
Subject:

Dear PIRA Western Grid Client:

Attached is PIRA's revised "Western Grid Market Forecast" for December 2001.

Tables showing supply and demand balances on the last two pages of the
December report have been replaced due to an error in the original report
sent to you on Thursday, December 20. Attached is the complete report with
the correct tables. Everything else in the report is the same as the
original version.

If you have any questions regarding the report's content, please contact
Morris Greenberg (email: morris@pira.com), Allan Stewart (email:
astewart@pira.com), Victoria Watkins (email: vwatkins@pira.com), or Alastair
Stevenson (email: alastair@pira.com), at (212) 686-6808.
Contact Client Services regarding PIRA report distribution and address
changes at (212) 686-6808, email: support@pira.com.

NOTE: Circulation of the "Western Grid Market Forecast" outside a Client's
licensed distribution area is strictly prohibited. Clients that are unsure
of their licensed distribution or require an extension of their current
license should contact their PIRA sales representative, or email to
sales@pira.com.

We apologize for any inconvenience this might have caused you.

Electricity Team
PIRA Energy Group
3 Park Ave., 26th Floor
New York, NY 10016
(212) 686-6808, ext. 315

 - westdec01.pdf

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

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Natural Gas Retainer Client <cathy@pira.com>
Date: Friday, December 21, 2001 10:08:29 GMT
Subject:

Attached is PIRA's latest "Monthly Gas Forecast."

If you have any questions regarding the report's content, please
contact: Greg Shuttlesworth (email: greg@pira.com), Richard Redash
(email: Rich@pira.com), Nobu Tarui (email: nobuo@pira.com) or Jane Hsu
(email: jane@pira.com), at (212) 686-6808.

Contact Client Services regarding PIRA report distribution and address
changes at (212) 686-6808, email: support@pira.com.

NOTE: Circulation of the "Monthly Gas Forecast" outside a Client's
licensed distribution area is strictly prohibited. Clients that are
unsure of their licensed distribution or require an extension of their
current license should contact their PIRA sales representative, or email
to sales@pira.com.

PIRA Energy Group

 - gasdec01.pdf

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

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Oil Retainer Client <eileen@pira.com>
Date: Friday, December 21, 2001 10:50:30 GMT
Subject:

Attached is a slideshow summarizing PIRA's latest "World Oil Market
Forecast."

If you have any questions regarding the report's content, please contact
Dr. Gary Ross at (212) 686-6808, email: garyross@pira.com.

Contact Dyana Rothman regarding PIRA report distribution and address
changes at (212) 686-6808 x341, email: support@pira.com.

NOTE: Circulation of the "World Oil Market Forecast" outside a Client's
licensed distribution area is strictly prohibited. Clients that are
unsure of their licensed distribution or require an extension of their
current license should contact their PIRA sales representative, or email
to sales@pira.com.

PIRA Energy Group

 - Slidesh122101.pdf

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

From:  <webmaster@cera.com@ENRON>
To: clients@cera.com
Date: Saturday, December 22, 2001 3:00:13 GMT
Subject:

Title: Hydro and Gas Storage Dampen Western Winter Markets
URL(s):

http://www.cera.com/eprofile?u=35&m=2908;

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

CONTINUED WESTERN MARKET SOFTNESS
High gas storage levels and western power storage in the form of growing
hydroelectric reserves will dampen prices for both commodities through
the winter and potentially deep into next year. Milder weather, retail
electricity price increases, economy-related demand reductions, improved
western hydroelectric conditions, generating capacity additions, and a natural
gas price decline will keep winter markets soft. Henry Hub prices have held
relatively strong in the face of extremely bearish fundamentals. Over the
next month, gas storage inventories will eventually weigh down prices, as that
near-term impact overshadows long-term concerns about declining US production
and weakening rig counts.

* Compared to first quarter 2001, power fundamentals in first quarter 2002 will
be characterized by 30 percent higher hydroelectric output and 8 percent lower
electricity demand.

* Western gas storage inventories remain very strong and increasing supply in
the Rockies and exports from western Canada will lower Rockies and San Juan gas
prices.

* Poor winter 2000/2001 precipitation left the Pacific Northwest vulnerable to
tight power supplies at the start of this winter, recent storms have eliminated
reliability concerns.

**end**

Follow above URL for complete CERA Monthly Briefing (11 printed pages).

E-mail Category: Monthly Briefing
CERA Knowledge Area(s): Western Energy

*****************************************************************************************
CERAWeek2002 - February 11-15, 2002 - 21st Annual Executive Conference and
Related Events REGISTER ONLINE TODAY AT:  http://www.cera.com/ceraweek
** Two- and Four-day Passes Available
** Special Enrollment Programs
** Partnership Opportunities
** CERAWeek Online Premium Access
*****************************************************************************************

To make changes to your cera.com profile go to:
http://www.cera.com/client/updateaccount

Forgot your username and password? Go to:
http://www.cera.com/client/forgot

This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.
Terms of Use: http://www.cera.com/tos
Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates

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

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Western Grid Retainer Client <vwatkins@pira.com>
Date: Wednesday, December 26, 2001 9:30:55 GMT
Subject:

PIRA Western Grid Market Forecast Clients:

Attached are replacement pages for the last two pages of PIRA's December
2001 Western Grid Market Forecast:
WSCC Load/Resource Balance (Thousands of Average MW)
WSCC Load/Resource Balance (Thousands of MWhs)

The entire report is attached for your convenience.

PIRA's Electricity Team
PIRA Energy Group
3 Park Ave., 26th Floor
New York, NY 10016
(212) 686-6808, ext. 315

 - westdec01.pdf


Attached is the ETS IT Statement of Work template.  It has not been changed
yet to reflect the GPG to ETS name change.


ALLEN, PHILLIP K,
?
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:
GIRON, DARRON
SHIM, YEUN SUNG


Pat --

Please keep Jean Ryall and Thane Twiggs in the loop on these activities.  Specifically, they need to let the desk know before we take any formal actions.

Thanks,

Jim
 -----Original Message-----
From: 	Kingerski, Harry
Sent:	Monday, August 27, 2001 8:17 AM
To:	Steffes, James D.
Subject:	FW: TXU

fyi
 -----Original Message-----
From: 	Keene, Patrick
Sent:	Monday, August 27, 2001 7:53 AM
To:	Kingerski, Harry
Subject:	FW: TXU

fyi

 -----Original Message-----
From: 	Eric Letke/DUB/EES@EES [mailto:IMCEANOTES-Eric+20Letke_DUB_EES+40EES@ENRON.com]  On Behalf Of Letke, Eric
Sent:	Sunday, August 26, 2001 7:36 PM
To:	Hamb, Edward; Dietrich, Janet; Wood, James; Keene, Patrick
Cc:	Blachman, Jeremy; Sharp, Vicki
Subject:	RE: TXU

I will get with Hamb and Patrick to strategize before we take any definitive action.  This may be an opportunity to negotiate access to systems that have been previously blocked.
---------------------- Forwarded by Eric Letke/DUB/EES on 08/26/2001 07:31 PM ---------------------------
From:	Patrick Keene/ENRON@enronXgate on 08/24/2001 05:02 PM
To:	Edward Hamb/HOU/EES@EES, Janet R Dietrich/HOU/EES@EES, James M Wood/HOU/EES@EES
cc:	Eric Letke/HOU/EES@EES, Vicki Sharp/HOU/EES@EES
Subject:	RE: TXU

We believe the interface between the AREP (Reliant and TXU Energy Services) and the utility may constitute a violation of the respective utility Code of Conduct.  However, my initial thought is to insist that we have the same access to the data that TXU and Reliant use for their statistics and product offerings.  I have contacted both the utility and the energy services company (only Reliant so far) to find out how our IT folks can obtain the same data.  As expected, Reliant has been less than willing to answer the question directly.  I have left voice mail with the Regulatory VP twice.  He gets one more chance.

Here are the sites.

  https://www.reliant.com/SolutionsPortal/MainPage/1,1964,,00.html

https://www.txuesgateway.com/portal/

 -----Original Message-----
From: 	Hamb, Edward
Sent:	Friday, August 24, 2001 4:45 PM
To:	Dietrich, Janet; Wood, James
Cc:	Letke, Eric; Sharp, Vicki; Keene, Patrick
Subject:	Re: TXU

Janet,

I placed a called into Pat in Reg. Affairs and he  is currently investigating this issue and the possible infractions to the Code of Conduct.  My experience in govt. affairs warrants full investigation..

Will keep you posted
Ed

 << OLE Object: Picture (Device Independent Bitmap) >>
Janet R Dietrich
08/24/2001 11:46 AM
To:	Eric Letke/HOU/EES@EES, Edward Hamb/HOU/EES@EES
cc:	Vicki Sharp/HOU/EES@EES
Subject:	TXU

I pulled up TXU Energy Services' website and did a little browsing. Do you think the retail energy services group is utilizing information re: customer accounts that the regulated utility has? i.e. consumption data, current pricing, etc? If so, isn't this illegal under the electricity Code of Conduct rules in Texas? If any end user in TU's territory could access that type of information through the retail website, I would think it would be a problem.

Any thoughts?


Rod,  attached are the Oregon Public Utility Commission Division 21 Rules.
The "establishment of credit"  is covered in section 860-021-0200.   I
apologize for sending the whole document, however,  I wasn't sure if you may
need other sections that relate to credit establishment.  Division 21 Rules
are used for the majority of PGE retail customers.  If you need additional
information or need some deciphering of this document, please contact Bruce
Trout at (503) 612-3548.  Bruce is a manager in PGE's Customer Service Center
with retail credit accountability.

Bill Valach
Manager of Finance
(503) 464-7395

>>> Hayslett, Rod 07/02/01 01:25PM >>>
Would each of you send me a copy of your credit policies or the rules relative
to granting of credit (credit extended to customers)?     I would expect that
it will be in the tariff or some other regulatory document, or even a charteer
or license.    I don't need the whole document, only the portion relative to
credit.    Please fax or email to me.
Thanks.
Rod Hayslett
EB4054
713-853-6178
FAX 713-646-3708


Paul, let's try to find some time on Friday to discuss next steps.

BT

 -----Original Message-----
From: 	Lucci, Paul T.
Sent:	Wednesday, September 19, 2001 4:22 PM
To:	Whitt, Mark; Tycholiz, Barry
Subject:	RE: Crestone Restructure

Mark and Barry

I have talked to Crestone about backing us in a Northern Border transportation deal.  Basically they are on board, however I have not shown them any economics.  What I believe needs to take place is to identify Northern Border shippers who would be willing to release their capacity.  Once we are able to put the capacity release economics together, which will be driven by the Northern Border shippers, we will be able to
show Crestone a deal.  I do not have any potential parties willing to release Northern Border capacity.  I have talked to the Central desk about this opportunity, they informed me that they had no interest in this type of an arrangement.  I personally believe we can manage ENA's current Northern Border position more efficiently but have been unable to convince others of this.  Any ideas you can provide would be helpful.

Paul

 -----Original Message-----
From: 	Whitt, Mark
Sent:	Friday, September 14, 2001 7:46 AM
To:	Lucci, Paul T.
Subject:	FW: Crestone Restructure

Where are we on the Northern Border deal?
 -----Original Message-----
From: 	Tycholiz, Barry
Sent:	Friday, September 14, 2001 7:17 AM
To:	Whitt, Mark
Subject:	Crestone Restructure

Mark, Good Morning.

Any updates on Crestone structure ( re-price of deal), also, Paul discussed the Northern Border deal with potentially the producers underpinning... pls keep me posted on status.

BT


I would like for you to get 3 or 4 bids for the Iroq Zone 2 capacity.  And later, I may ask you to get bids for the Iroq/Tenn capacity.

 -----Original Message-----
From: 	Barbe, Robin
Sent:	Tuesday, February 12, 2002 8:44 AM
To:	Germany, Chris
Subject:	RE: Iroq capacity

	what is my role in this?

 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, February 06, 2002 4:20 PM
To:	Barbe, Robin
Cc:	Concannon, Ruth; Garza, Maria
Subject:	Iroq capacity

Following are the contract terms for Iroquois and Tennessee.  I am more interested in getting numbers on Iroq contract 1250-05.  I believe we should not consider releasing the capacity for any term less than a year.

Pipeline			Iroquois
ENA Contract		125005
Rate Schedule		RTS12
MDQ			2,017
Receipt Point		Waddington
Delivery Point		South Commack
Beginning Term		3/1/2002
Ending Term		10/31/2006

Pipeline			Iroquois
ENA Contract		125008
Rate Schedule		RTS1
MDQ			35,465
Receipt Point		Waddington
Delivery Point		Tennessee Wright
Beginning Term		3/1/2002
Ending Term		3/31/2007

Pipeline			Tennessee
ENA Contract		29667
Rate Schedule		Net 284
MDQ			35,000
Receipt Point		Wright #012181  -      35,000 MDQ
Delivery Point		Clinton #020110  -        1,000 MDQ
Delivery Point		Leominster #020111  -  1,000 MDQ
Delivery Point		Revere #020116  -      11,200 MDQ
Delivery Point		Spencer #020191  -     1,800 MDQ
Delivery Point		Mendon #020285  -    20,000 MDQ
Beginning Term		3/1/2002
Ending Term		3/31/2001


LM's # 1-6, 19-20, plus a couple of ABB transformers.


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Want to help?  Forward this e-mail to your friends, and have them
sign-up @ http://www.bushetrain.com  - AOL link at bottom.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Contents:

 1  Majority of Americans Think Bush Behaving More Presidential

 2  Gore Claims to Want Every Vote Counted, but Refuses to Stop
    Democrats Trying to Throw Out Legal Votes for Bush

 3  FL Supreme Court Rules Palm Beach "Butterfly" Ballot Legal

 4  Gore Asked Miami Mayor Why Miami-Dade Recount Stopped

 5  Notable Columns
_________________________________________________________________

1
MAJORITY OF AMERICANS THINK BUSH IS BEHAVING MORE PRESIDENTIAL
Fox News/Opinion Dynamics Poll, 11/29-30
900 registered voters nationwide

Over the last 3 weeks, which candidate do you think has behaved
in a more presidential manner?
50% Bush
29% Gore

Who do you believe won the election?
56% Bush
25% Gore

Do you think Gore should concede the election or do you agree
with his decision to contest the Florida election results?
56% Gore should concede
39% Gore should contest the Florida election results

Al Gore says he's contesting the Florida vote count of behalf
of voters and democracy.  Do you think Gore is fighting for
recounts in Florida more for democracy or is he fighting for
himself?
19% Gore is fighting for democracy and the voters
66% Gore is fighting for himself

Which do you think is the more accurate, unbiased way to count
votes - by machine or by hand?
67% Machine counting of votes is more accurate
19% Hand counting of votes is more accurate

Do you have a favorable or unfavorable opinion of George W. Bush?
Date_____Favorable_____Unfavorable_____Net Favorability
12/1________60%____________34%_______________+26
11/3________56%____________36%_______________+20

Do you have a favorable or unfavorable opinion of Al Gore?
Date_____Favorable_____Unfavorable_____Net Favorability
12/1________46%____________47%_______________-2
11/3________54%____________39%_______________+15

Do you think Al Gore is better described as a fighter or a
whiner?
37% Fighter
48% Whiner

If the election were held over again tomorrow, for whom would
you vote: Bush, Gore, Nader, or Buchanan?
Now - 12/1_________Then - 11/3
36% Gore___________43% Gore
49% Bush___________43% Bush
3%  Nader__________3%  Nader
1%  Buchanan_______1%  Buchanan
_________________________________________________________________

2
GORE CLAIMS TO WANT EVERY VOTE COUNTED, BUT REFUSES TO STOP
DEMOCRATS TRYING TO THROW OUT LEGAL VOTES FOR BUSH

Al Gore, News Conference, CNN, 11/27/00:
"Ignoring votes means ignoring democracy itself, and if we ignore
the votes of thousands in Florida in this election, how can you or
any American have confidence that your vote will not be ignored in
a future election?"

THE TRUTH:
 ~ If Gore wants all votes counted, ought to urge dismissal of
   their case.

 ~ The voters did nothing wrong - it was the result of computer
   error.  In an effort to make sure that voters received their
   ballots, local Republicans asked the Supervisor of Elections
   if they could manually fix the misprints - suit would
   disenfranchise 15,000 voters.

 ~ Democrats are trying to throw out all 15,000 absentee votes in
   Seminole County, even though less than 5,000 of the absentee
   ballot applications required correction, just to obtain a net
   gain of votes for Gore in Seminole County.

 ~ The number was on an APPLICATION, not on a ballot.

 ~ Both parties sent out materials like this.  A computer glitch
   caused approximately 5,000 Republican absentee requests to
   contain incorrect voter registration numbers.

 ~ This has NOTHING to do with the integrity of the ballots or the
   validity of votes.

LEGAL INFORMATION

 ~ No traction for the legal claim.

 ~ State law in no way bars what took place.

 ~ Merely corrected a Voter ID Number on an application.

 ~ Control on application is voter's signature and last four digits
   of Social Security Number which must be included and is provided
   by the voter.

 ~ Voter ID Numbers are public information
_________________________________________________________________

3
FLORIDA SUPREME COURT RULES THE PALM BEACH BALLOT IS LEGAL

Florida Supreme Court Ruling:
"[W]e conclude as a matter of law that the Palm Beach County
ballot does not constitute substantial noncompliance with the
statutory requirements mandating the voiding of the election."
 - Andre Fladell v. Palm Beach County Canvassing Board, 12/01/00

Gore's Legal Team Insisted The Ballot Was Illegal:

Former Secretary of State And Gore Advisor Warren Christopher:
"...there are serious and substantial irregularities resulting
from the ballot...that ballot was confusing and illegal, and that
rising out of this is the need for redress in order to make sure
that the will of the people can be properly honored..."
   - News Conference on Florida Recount, CNN, 11/09/00
_________________________________________________________________

4
GORE ASKED MIAMI MAYOR WHY MIAMI-DADE RECOUNT STOPPED

Miami Herald's Manny Garcia and Joseph Tanfani, 12/01/00:
"Hours after the Miami-Dade canvassing board called off its
recount, Gore phoned county Mayor Alex Penelas (D) asking for an
explanation.  Penelas said Gore 'asked him if 'there was anything
I could do to provide extra resources' to help the count go
forward.' Penelas also said 'Gore 'never pressured me''"

Full 12/1/00, Miami Herald Article:
http://www.herald.com/content/today/news/national/digdocs/064082.htm
_________________________________________________________________

5
NOTABLE COLUMNS

Washington Post
COUNTING ON SOME SLIPPERY LANGUAGE
George F. Will
11/30/00

"...despite the supposed sophistication of Boies, Gore &
Lieberman, all its arguments have rested on two braided
assertions, each too weak to gain significant strength from the
braiding:

"First, anything done with a ballot constitutes a cast vote.
Second, no vote can be considered counted until a presidential
intent has been ascribed to it, even if the ascription involves
intuiting the meaning of 'marks...barely discernible to the
human eye' (the words of Judge Charles Burton, who presided over
Palm Beach County's recount).

"Beneath such result-oriented lawyers' artistry lurks a
pernicious premise. It is that casting a ballot is a task so
challenging for many voters that the task cannot be completed
without the intervention of lawyers-as-intuitors.  This soft
bigotry of low expectations infused Al Gore's eerie speech
Monday evening."

Full Column:
http://www.washingtonpost.com/wp-dyn/articles/A4816-2000Nov29.html

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

Miami Herald
HUNDREDS OF FELONS CAST VOTES ILLEGALLY: Since 1868, it has been
illegal for felons to cast ballots in Florida.
David Kidwell, Phil long and Geoff Dougherty
12/01/00

Excerpts:
"At least 445 Florida felons voted illegally on Nov. 7...

"The tainted votes -- found in a review of nearly half a million
votes cast in 12 Florida counties -- provide evidence that the
presidential race was influenced by thousands of ineligible
voters. Nearly six million voters in Florida's 67 counties cast
ballots.

"Nearly 75 percent of the illegal ballots discovered by The
Herald were cast by registered Democrats.

"The votes could be seized upon by the Bush campaign to argue
that a large number of illegal votes were probably cast for his
opponent, outweighing the effect of any recount.

"'It's a very powerful argument,' said Robert Jarvis, a law
professor at Nova Southeastern University.

"The Herald found 62 robbers, 56 drug dealers, 45 killers, 16
rapists and seven kidnappers who cast ballots. At least two who
voted are pictured on the state's online registry of sexual
offenders.

"Clarence Eden Williams, 77, of Pahokee, also voted. His picture
is posted on the state registry of sexual offenders for his
crimes against children. His son was surprised his father cast a
ballot.

"'He's got Alzheimer's, and he can't even carry on a
conversation anymore,' said Clarence Williams III.

"The Herald review included...8 percent of the 5.9 million votes
cast on Nov. 7. It encompassed all votes cast in Palm Beach and
Pasco counties, most votes cast in Duval County, and only
absentee votes in Miami-Dade, Broward, Lee, Leon, Hillsborough,
Clay and the Panhandle counties of Escambia, Okaloosa and Bay.

"To find felony voters, The Herald compared a list of voters in
those counties with a Department of Corrections database listing
felons who had served at least a year in prison. If the pattern
found in the study is the same statewide, more than 5,000 felons
likely cast illegal ballots."

Full Article:
http://www.herald.com/content/archive/news/elect2000/digdocs/080337.htm

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

RealClearPolitics.com
THERE IS NO MORAL EQUIVALENCY
John McIntyre
11/30/00

For the past three weeks all we have heard from Democrats and
the media about the struggle in Florida is that "both sides are
at fault," "neither candidate has been presidential," and "a pox
on both your houses." This case for moral equivalency between
Bush and Gore is critical to the Democrats' argument. If, as the
rationale goes, both sides are to blame and the election ended
in a tie, then "why can't we just have a compromise that affords
both sides with a 50/50 chance win the Presidency?" This would
seem like a reasonable solution, provided those underlying
suppositions were true. The problem for Gore is that the
suppositions are not even close to being true. Both sides are not
to blame. And this election, while ridiculously close, did not
end a tie.

Vice President Gore had a right to conduct a recount of the
votes. He has had that recount of votes. When the recount upheld
the original result, that should have been the end of this
fiasco. However, even before the original recount was finished,
Gore, and his partner in crime Senator Lieberman, decided in
their minds that they really won the election. What has followed
has been their all-out assault to change what happened on
election day in Florida.

Full Column:
http://www.realclearpolitics.com/Commentary/com-11_30_00_JM.html

_________________________________________________________________

AOL link: E-mail Update Sign-up

_________________________________________________________________

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Thanks.  No apologies necessary.  I'm in NYC, but will try to call you to
catch up.  When does the Dean get back from Davos?  Have you heard any
fallout from the "manifesto?"  I'm conerned that Davis & Co. will be agitated
by it.  Thanks a million for all your efforts.

Best,
Jeff

	<schub@socrates.Berkeley.EDU>
	01/29/2001 11:42 AM

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: Re: Final Version-Manifesto

Dear Jeff:

Sorry I didn't get back to you last week. I was sick on Thursday and
Friday and only dealt with a couple of things.  Unfortunately, not much to
report.  Letter sent to Governor's office.  Not even a courtesy call in
return.  I spoke with Lynn Schenk on Thursday.  She told me point blank
that the Governor and his staff had already solved the energy crisis and
that it was too late to convene a meeting such as LDT was
suggesting.  Please DO NOT pass on this informationto anyone else in the
"Berkeley group."  We'll probably try to reach Schenk again
today.  Marybeth

On Wed, 24 Jan 2001 Jeff.Dasovich@enron.com wrote:

>
> Mary Beth:
>
> For what it's worth, I've read this, and if Laura Tyson or Larry Summers
> sign it, I have serious concerns about the effect it would have on their
> ability to play the role that we envision in moving our proposal forward
> (understanding that our odds of success are somewhat meager).  While I
> don't disagree with the language, it is strong and therefore very likely to
> make the Governor and his staff very uncomfortable.  I would recommend that
> they do not sign.
>
> Best,
> Jeff
> ----- Forwarded by Jeff Dasovich/NA/Enron on 01/24/2001 11:32 AM -----
>

>                     David
Teece
>                     <teece@Haas.Ber        To:
tyson@haas.berkeley.edu,
>                     keley.EDU>
tom_campbell@law.stanford.edu,
>                                            shmuel@euler.berkeley.edu,
willrichm@aol.com,
>                     01/24/2001             george_barker@lecg.com,

>                     10:56 AM
cdanner@wilkandassociates.com,
>                                            gilbert@econ.berkeley.edu,
scott_harvey@lecg.com,
>
jscadding@wilkandassociates.com,
>
spiller@haas.berkeley.edu,
>
mwilk@wilkandassociates.com,
>                                            phillip_mcleod@lecg.com,
berk@haas.berkeley.edu,
>                                            john_chandley@lecg.com,
jdasovic@enron.com,
>                                            lfried@uclink.berkeley.edu,

>
william_hogan@harvard.edu,
>
rmichaels@fullerton.edu,
>
richard.rumelt@anderson.ucla.edu,
>                                            rschmidt@lecg.com,
pverleger@compuserve.com,
>                                            joseph.mullinix@ucop.edu,
steven@stoft.com
>                                            cc:
peter.gosselin@latimes.com
>                                            Subject:     Final
Version-Manifesto
>

>
>
>
>
> TO:;; Colleagues
>
> SUBJECT:; Final Version
>
> I've done my best to include your very helpful comments.; The document now
> also contains a summary.
>
> I would like your endorsement, by noon PST (Wednesday) if possible.; A
> number of you have already indicated you would sign it.; Also, Tom Campbell
> has indicated he will try to recruit Ken Arrow.; I believe one of you
> agreed to recruit Dan McFadden.; Laura is working on Larry Summers.; Solow
> would be a great addition, too.
>
> Can we agree on the following division of labor from here out:
>
> 1.; Recruiting others:; All
>
> 2.; Media representatives:; Campbell, Tyson, Spiller, Verlerger, Wilk,
> Teece, and Hogan (This is by no means meant to preclude anyone contacting
> the media after we go public.)
>
> ;;; On media, we are giving the LA Times a 24-hour exclusive.; We won't
> release to other media sources until 9:00 AM Thursday.
>
> Many thanks for your involvement and endorsements.
>
>
>
>
> (See attached file: Manifesto-final version.doc)
> ======================================
> David J. Teece, Director
> Institute of Management, Innovation and Organization
> F402 Haas School of Business #1930
> University of California, Berkeley
> Berkeley, CA  94720-1930
> Phone:  (510) 642-1075
> Fax:  (510) 642-2826
> http://haas.berkeley.edu/~imio
> ======================================
>


Kay, I have told Rob that we are not pushing GE for this point.  WestLB is
plenty protected without it.  If GE gives a yes to the change on Monday -
Great!  If no answer or answer is no - we take what we have.  Therefore,
please log  call into GE on Monday am and let them know we need an answer on
Monday and would appreciate if they would accomodate us.

Lisa

Kay Mann
12/10/2000 02:25 PM
To: Roseann Engeldorf/Corp/Enron@ENRON
cc: "Taylor, Rob" <robtaylor@akllp.com>, "Kay Mann (E-mail)"
<kay.mann@enron.com>, "Lisa Bills (E-mail)" <Lisa.Bills@enron.com>, "Roseann
M Engeldorf (E-mail)" <Roseann.Engeldorf@enron.com>, "Bunk, Sean"
<seanbunk@akllp.com>, "Sheila Tweed (E-mail)" <Sheila.Tweed@enron.com>

Subject: Re: Winston & Strawn Comment: Consents to Assignment

I forwarded the email to GE and received no comment back.

Kay

From: Roseann Engeldorf on 12/10/2000 02:22 PM
To: "Taylor, Rob" <robtaylor@akllp.com>
cc: "Kay Mann (E-mail)" <kay.mann@enron.com>, "Lisa Bills (E-mail)"
<Lisa.Bills@enron.com>, "Roseann M Engeldorf (E-mail)"
<Roseann.Engeldorf@enron.com>, "Bunk, Sean" <seanbunk@akllp.com>, "Sheila
Tweed (E-mail)" <Sheila.Tweed@enron.com>

Subject: Re: Winston & Strawn Comment: Consents to Assignment

Kay mentioned to me (I think it was on Friday) that she may be talking to GE
about this - don't know if she did or what the outcome was, so stay tuned.

Thanks,

Rose

	"Taylor, Rob" <robtaylor@akllp.com>
	12/08/2000 12:12 PM

		 To: "Roseann M Engeldorf (E-mail)" <Roseann.Engeldorf@enron.com>, "Kay Mann
(E-mail)" <kay.mann@enron.com>, "Sheila Tweed (E-mail)"
<Sheila.Tweed@enron.com>, "Lisa Bills (E-mail)" <Lisa.Bills@enron.com>
		 cc: "Bunk, Sean" <seanbunk@akllp.com>
		 Subject: Winston & Strawn Comment: Consents to Assignment

Winston & Strawn has asked that the following be added to the Consents
to Assignment (e.g., in the "Successors and Assigns" paragraph):

"WestLB is an express third-party beneficiary of this Consent."

Please forward the revised draft of the GE Consent to Winston & Strawn
(toxley@winston.com).

Regards,

Rob Taylor
Andrews & Kurth L.L.P.
600 Travis Street
Suite 4200
Houston, Texas  77002

Tel: (713) 220-4436
Fax: (713) 238-7273
e-mail: robtaylor@andrews-kurth.com

This e-mail is privileged and confidential and is intended only for the
recipient(s) named above.  If you are not the intended recipient, please
(i) do not read, copy, use or disclose the contents hereof to others
(any of the foregoing being strictly prohibited), (ii) notify the sender
immediately of your receipt hereof, and (iii) delete this e-mail and all
copies of it.


Dear Eric,

We scored a major victory for election integrity this past
Sunday when Florida certified the election results in George
W. Bush's favor.  I want to thank you for being one of the
325,000 plus Americans who joined the petition campaign at
ElectionIntegrity2000.com to "Certify the Bush
Victory."

Unfortunately, Al Gore has flatly refused to accept the fair
and just election results.  Instead, he is pursuing a
calculated course of action intended to overturn the will of
the voters and the CERTIFIED election results.  Included in
these actions are his attempts to attack and discredit
military absentee votes cast for George W. Bush while
simultaneously using manipulative "hand-counting" techniques
to convert so-called "dimpled chads" into votes for Gore.

This is not fair, it is not right, and the American people
won't be fooled by the attack dogs and spin-doctors sent by
Al Gore to crowd the airwaves on his behalf.

What Gore is doing is WRONG.  And every day that he continues
to contest this election -- whether it be in the courts or in
the media or anywhere else -- further frustrates and angers a
clear majority of American citizens.

That's why Election Integrity 2000 has started up a new
campaign to collect online letters and send them to Al Gore
urging him to concede the election NOW!

Al Gore always claims to be "listening to the will of the
people."  The fact is, WE are the people, and he is about to
hear from us in a big way.

But just in case this isn't enough, we'll also be sending daily
press releases to the leaders in the House and Senate as well
as the major news media informing them about the overwhelming
response we are receiving from American people demanding that
Al Gore concede.

Eric, this is a personalized message just for you.
Please go to the link at the bottom of this message to sign your
letter to Al Gore.

Do NOT forward this e-mail.

In the couple of hours, I'll send you another e-mail for you
to forward to every friend who might be interested in sending a
message to Al Gore that America wants him to concede.

For Election Integrity,

Bruce Eberle

============================================================
                      PERSONALIZED LINK
------------------------------------------------------------
http://www.electionintegrity.com/home/g348.cfm?L=EB184392&P=N4FCO3

AOL FRIENDLY:
Lett
er to Al Gore
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Phillip, Scott, Hunter, Tom and John -

Just to reiterate the new trading guidelines on PG&E Energy Trading:

1.  Both financial and physical trading are approved, with a maximum tenor of
18 months

2.  Approved entities are: PG&E Energy Trading - Gas Corporation
    PG&E Energy Trading - Canada Corporation

    NO OTHER PG&E ENTITIES ARE APPROVED FOR TRADING

3.  Both EOL and OTC transactions are OK

4.  Please call Credit (ext. 31803) with details on every OTC transaction.
We need to track all new positions with PG&E Energy Trading on an ongoing
basis.  Please ask the traders and originators on your desks to notify us
with the details on any new transactions immediately upon execution.  For
large transactions (greater than 2 contracts/day or 5 BCF total), please call
for approval before transacting.

Thanks for your assistance; please call me (ext. 53923) or Russell Diamond
(ext. 57095) if you have any questions.

Jay


Seems like something which takes time to implement particularly as we do not have margin contracts with our counterparty - this changes the function of EnronOnline to a margin exchange mechanism.  Long run not a short term solution.

 -----Original Message-----
From: 	Eichmann, Marc
Sent:	Wednesday, November 21, 2001 2:51 PM
To:	Kitchen, Louise; Lavorato, John
Cc:	Richter, Brad
Subject:	VMAC Transaction

Louise and John:

Here is a general description of the transaction we are negotiating with VMAC (Virtual Markets Assurance Corporation)-FSA (Financial Securities Assurance). FSA is an AAA rated insurance company large enough to provide us with a credible deal.

Here are the deal highlights:

FSA would wrap Enron's credit exposure as follows:

1) In case of default FSA would liquidate the contracts sleeved to them by Enron and use the proceeds of in the money transactions to pay for out of the money transactions.

2) In case Enron is out of the money in the portfolio of trades sleeved to VMAC. FSA would pay the counterparties with the 100% collateral previously posted by Enron and managed on a day to day basis.

FSA has mentioned the possibility of extending a line of credit to Enron based on its net collateral position (~$1.3 billion as of today) and the net mark to market position (~ $1.4 billion to date). Haircuts on the line of credit would have to be negotiated and might be significant.

FSA-VMAC would receive as compensation the fee structure described under terms and conditions. Under the current structure the only risk FSA- VMAC is exposed to is the risk of simultaneous default by Enron and another counterparty and the operational risk of marking to market the positions and liquidating the contracts.

Please find enclosed the following:

1) Transaction structure : 	Describes the payment logic in case of default
2) Terms and conditions :	Describes the terms and conditions under negotiation for the contract
3) Collateral Haircuts : 		Describes the collateral haircuts on the securities posted to FSA to guarantee our net mark to market position (if out of the money)
4) FSA snapshot
5) FSA rating: 			AAA qualification of FSA by Moody's

Please feel free to contact me or Brad Richter to clarify any doubts with respect to this,

Marc Eichmann
Work 713 345-8422, Cell 713 870-2696
Manager Transaction Development
EnronOnline LLC

 << File: VMAC Transaction structure.doc >>  << File: VMAC Term and Conditions.doc >>  << File: Collateral Haircuts.doc >>  << File: FSA snapshot.doc >>  << File: FSA rating.pdf >>


Special Thanks to Anthony and Tana for the quick response today. You helped
clarify our position very quickly which was important given the confusion
with the counterparty.

FYI - We will be negotiating an up-to-date ISDA for ECTRIC.

Thanks again.

Matthew Allan
European Contracts Manager


Christi L Nicolay@ECT
	11/10/2000 03:22 PM

		 To: Ginger Dernehl/NA/Enron@Enron
		 cc:
		 Subject: FERC Staff Investigations on Midwest and Southeast Bulk Power
Systems

Please forward this to Rick's group.  Thanks.

Please note that these FERC staff reports contain some potentially helpful
information that can be used at the state PUC level, including information on
the increase in generation in the Midwest that market participants attribute
to lack of price caps following the summer 1998 price spikes; better
preparation for summer 2000 through the use of forward contracts and
transmission problems that may have resulted in keeping cheaper power from
particular markets.

On 11/1/00, FERC Staff issued reports on its Investigation of Bulk Power
Markets in the Eastern Interconnection.  These reports were the result of a
Commission order earlier this summer.  Enron's Federal regulatory staff
(Christi, Charles Yeung, and Sarah Novosel) provided a great deal of
information for this investigation and Joe Hartsoe and Donna Fulton discussed
many of the problems with the grid with the new head of Staff, Scott Miller
(who recently joined FERC from PG&E Gen).    While the Commission is under no
obligation to take any of Staff's recommendations, the Commission typically
looks to Staff for guidance on transmission and market issues.  Importantly,
Staff concludes that the Commission should consider these options for the
Southeast and Midwest -- all of which Enron has been asking FERC to implement
for several years:

Reduce the advantages of network service over point to point service by
requiring that native load be served under the same tariff as other
transmission services to eliminate the current incentives that VIUs have to
favor their native load through the calculation of ATC and handling of
interconnection requests.

While the Staff Hotline is used productively, the Commission can direct Staff
to conduct formal investigations into entities that have a pattern of
complaints.

The Commission could require TPs to submit tariff provisions containing a pro
forma interconnection process specific to interconnection, rather than simply
relying on the Tennessee Power order that utilizes the OATT timelines and
procedures.

Require TPs to retain real-time transmission data on market functions
pertaining to daily load, internal generation to meet that load, and imports
and exports.

RTOs should submit the basis and methods for calculating ATC and TTC, as well
as standardized criteria for curtailment.  In addition, since even such
standardized criteria might not "get to the root of the problem" -- that
control area still control generation -- the Commission could require that
each RTO set a date certain by which it will create one control area.
Regardless of the implementation of these two options, the Commission could
standardize ATC and TTC methodology.

Staff finds that while electricity is a commodity with market characteristics
similar to many other commodities, it is still viewed as "different," with a
reaction of price caps.  Staff encourages that basic decisions about the
regulatory model be made in order to complete the transition from a
traditional cost-of-service model to a model that uses markets to price the
commodity and services.

DETAILS  (Also, the reports contain good summaries of the generation,
transmission, state retail, federal reg. and other issues for the region):

Midwest:  The Midwest is dominated by vertically integrated Transmission
Providers ("TPs") that control transmission, generation and load.  "As such,
they have weak economic incentives to provide access to transmission service
to third-parties and strong incentives to favor their own services."  Staff
received numerous complaints; however, due to the lack of information
available from TPs, Staff cannot conclude whether these are isolated
incidents or wide-spread.  At the very least, the complaints indicate a lack
of confidence in the bulk power market and the ability of market participants
to rely on transmission access, thus harming the liquidity of the market.

TLRs are the most important transmission issue in the Midwest, with an
"enormous" increase in 2000.  The region showed a decline in peak load from
1999 to 2000 and a growth in new generation since the 1998 price spikes.
Even though there was an increase in generation and mild weather with
virtually no price spikes, TLRs climbed to record numbers.  The TLRs were
highly concentrated:  only 5 flowgates account for 41% of ECAR TLRs and
another 5 flowgates in MAIN account for 42% in that region.  Notably, even
though the NERC procedures for Level 3 TLRs mandate transaction curtailment,
78 of the 191 TLRs in the Midwest do not show any curtailment amount.  The
total amount of relief that these curtailments are intended to produce are
not posted.  Staff notes that TLR rules are established by NERC, whose
procedures are voluntary and not enforced by penalties.  While the Commission
has required certain NERC standards and procedures to be placed in Open
Access Transmission Tariffs ("OATT") where the Commission has the power to
enforce provisions under the Federal Power Act, in practice the Commission
has generally deferred to NERC on transmission reliability questions,
including the propriety of TLRs.

TLRs inhibit optimal functioning of the transmission system and market
because load is not served by the least cost supplier.  TLR procedure is an
inefficient instrument in mitigating constraints -- curtailment by fiat.  In
addition, the NERC IDC can result in inappropriate curtailments or increased
loading on the affected flowgate.  The impact could be mitigated by one
control area per RTO.

Staff notes that the Midwest state commissions did not petition FERC for
price caps following the 1998 price spikes.  Some market participants believe
that the absence of price spikes is the single reason that NUG construction
increased in the Midwest.

Market participants must keep track of, and follow, a plethora of information
in order to make energy deals, submit reservations and provide schedules for
service.  Staff received many complaints about barriers to transmission
access, including TLR curtailments and a lack of standardized information and
protocols, particularly for ATC and interconnection requests, and
discriminatory conduct.  Unbelievably, key data was unavailable to Staff,
such coincident peak load data, system-wide snap shots for days when TLRs
were called, and import/export data.  This lack of data creates a market
inefficiency, because neither market participants nor regulators can fully
analyze market conditions in real time.  As such, the market is risk adverse,
eschewing long-term deals for short-term transactions.  Staff also noted that
because the Security Coordinators often work for the IOU, there is a mixed
incentive to enforce reliability on the grid and maximize profit for the
IOU.  (Staff cites Richard Tabors' paper, "Transmission Markets, Stretching
the Rules for Fun and Profit.")

Staff cites the lack of information on OASIS or on the NERC web site,
particularly about real time TLRs and curtailments.  Examples were provided
to Staff of transmission refusals when there were no TLRs posted and improper
implementation of TLRs causing substantial financial loss.

The currently proposed Midwest RTOs may mitigate some problems; however, all
three retain existing control areas with the favortism for generation and
native load.  These incentives will continue to remain until the RTO
exercises complete autonomy over transmission control and security
coordinator functions.  Staff notes that the Midwest is a balkanized region
of 61 control areas with no uniform method for calculating ATC and CBM.  The
result is that ATCs can be different on 2 different sides of an interface.
Staff notes examples in inaccurate ATCs and states that Staff's own ATC audit
this summer was consistent with market participant complaints.  Staff is
weighing follow-up options.  The result of these problems is a lack of
liquidity.

Staff next noted the problems with unfiled "business practices," especially
on the next hour market.  Staff's audit of OASIS sites revealed several areas
of non-compliance.

Information transparency is necessary for a market to function efficiently,
with equal and timely access to data, including ATC, CBM, TRM, and load flow
input data.  TPs have incentives to resist efforts to make this information
transparent because of native load.  This incentive will still exist under
RTOs if utilities are allowed to calculate their own ATC.  ***  "As a
consequence, the Commission may wish to eliminate the native load exemption
and have all transactions under the same tariff."  ***  The Commission could
benefit by having access to existing transmission data and should require the
TPs to retain data, including current real-time network status.

Interconnection Issues:  IPPs need to be compensated for VAR support.  Also,
Staff cites a number of Hotline complaints about TPs seeking large deposits
or failing to complete System Impact Studies timely.  One solution is to have
the RTO handle this function to eliminate the disincentive the utilities have
against IPPs.  The current practice of requiring IPPs to deal with a wide
variety of procedures inhibits the free flow of transactions within the
region.

Network service has inherent advantages over point-to-point, citing the
Entergy source and sink order.  The Commission has relied on "passively"
receiving informal and formal complaints to determine if discriminatory
behavior has occurred rather than actively canvassing market participants.
While Staff cannot conclude that discriminatory practices are widespread,
there is evidence of discriminatory instances.

Southeast:  The traditional vertically integrated utility ("VIU") model has
largely persisted in the SE.  This continued control has vastly reduced the
economic incentives to facilitate IPP activities.  In many cases, the VIUs
have dampened IPP involvement without violating any Commission regulation due
to the inherent flexibility of the current rules.

Staff cites examples of delays in performing system impact studies,
transmission hoarding in the name of serving native load growth and
manipulation of ATC.  TPs have shown little inclination to improve the
transmission system and use many TLRs.

There is also a lack of market information that has stymied the development
of markets in the SE.  ATCs change constantly that leads to uncertainty and
there is no clearinghouse for electric power prices.

TVA, despite having taken steps to participate in reformed markets, has acted
as a bulwark against the development of competitive energy markets in the
SE.  This is significant because of TVA's size and location.  IPPs have
reported TVA's discouragement of siting in TVA through excessive time to
perform studies, excessive fees, and rejection of requests to perform
interconnection studies.

In addition, Staff cites the Florida Sup. Ct. decision against merchant
plants as significantly impeding the competitive market in Florida.

Staff discusses the significant flow of power from the Midwest to the SE this
summer.  Much of this resulted from the import of cheaper coal power, than
the use of gas fired peakers due to higher gas prices.  Peak prices were
radically lower this summer because utilities appear to have been better
prepared for peak events through the use of forward contracts, increased
generation capacity on line and reduced number of forced outages.

SE utilities reported that they have not used market-based rates to
extensively increase sales.  (Less used than in the midwest.)

The SE region lacks information, which has retarded the Staff's efforts to
discern the truth about the numerous complaints about transmission in the SE
(including ATC and TLRs).  Market participants seem to have less confidence
in the SE market than in any other market region.  This appears to be
justified based on Staff's investigations.  This lack of confidence
discourages investment and participation in the markets.  Staff concludes
that the Commission may need to be more prescriptive in terms of how
transmission is allocated in the SE RTOs, since there are market concerns
that the incumbents will continue to dominate operations.  The investigation
found numerous problems in bad ATCs and TTCs and poor OASIS postings.  In
addition, several OASIS audit logs actually erased historical data.  Staff
thinks that additional affiliate transaction information should be posted.
Staff could not obtain summer demand data and the Commission's lack of
jurisdiction over TVA made it difficult to obtain transmission access
information.

The Staff investigation revealed unclear interconnection procedures and lack
of adherence to schedules and arbitrary cost estimates and deposits.  In
addition, the TPs have reserved a huge amount of network transmission
capacity, much of it reserved shortly after the IPP approached the TP to
interconnect.  Staff cites the recent Skygen order in which Southern denied
Skygen's request for transmission stating that the only option was the
construction of an 80 mile 500 kv line that would take 8 years to complete.
Staff solutions include allowing network requests by IPPs and limiting
self-build capacity in the incumbent's territory.

ATC variations are a big problem in the SE.  SERC coordination of a
standardized ATC is a long process and may not be resolved soon without
direction from the Commission.  An improved method and improved communication
are needed.

The SE experienced a 354% increase in TLRs this summer.  This increase raises
the issue of whether curtailment has become an impediment to the competitive
operation of the market in the SE.  Staff cites information provided by
Charles Y. that an Ameren TLR was not implemented according to NERC
criteria.  Staff also wonders if transmission is being oversold since TPs do
not generally refund transmission revenues when TLRs are implemented.  RTOs
must have a broad geographic area to internalize much of the constraints.  In
addition, RTOs will adopt pricing mechanisms that obviate recourse to TLRs.
However, if control areas are retained, VIUs will retain mixed incentives.

*** As noted in the Midwest report, the manner in which load is calculated
weighs heavily on the value of this information.  This is an issue that the
formation of RTOs may not resolve.  Eliminating native load exceptions -- ie,
treating all load equally -- and placing all transactions under the same
tariff may be an option that provides the right incentives for the provision
of transparent and standardized information.

Finally, Staff describes specific problems with TVA and FP&L, TVA is a
"problem area" for the Eastern Interconnect grid.  TVA is a transmission
bottleneck due to the many TLRs called this summer.  The current federal law
and lack of Commission jurisdiction are impediments to the development of
deep and robust power markets in this area.  TVA simply has no strong
incentive to provide effective and efficient transmission service.  In
addition, the Commission does not have full information on TVA.  Staff lists
a number of complaints against TVA, including unjustifiably increasing the
tag deadline and allowing TVA Marketing, but not others, to sink and park
power.  Staff concludes that recent proposals by TVA to enhance the
development of markets and its system do not appear to have great potential.

A Staff audit of FP&L revealed violations of standards of conduct, including
confidential information on FP&L's transmission system (including interchange
information for other entities) posted on EMS systems that were available to
FPL's merchant function.  Staff's report found that FP&L does not have an
established procedure for review of EMS to ensure that information is not
displayed in error.  It is "up to individual Managers discretion."  ((FRCC
web site report dated 9/8/00)).  Violations such as these undermine
competition.

The reports are attached below.

 - southeast.pdf
 - midwest.pdf


On behalf of the Enron Litigation Unit, I would like to thank you for your
enthusiastic response to our November 9, 2000 CLE in-house ethics seminar.
At last count, 55 attorneys have RSVP'd.

 Some of you have asked whether out-of-state credit is available for this
seminar.  We will only be obtaining ethics credit of 1.00 hour from the Texas
Bar.  However, we will be happy to make our registration materials,
hand-outs, etc. available to those of you who wish to pursue out-of-state
credit.

 All of us in the Unit look forward to seeing you on November 9.

Britt K. Davis
Enron Litigation Unit


-----Original Message-----
From: Scanlon, Kristen
Sent: Thursday, November 30, 2000 2:14 PM
To: Combs, Chris; Karkour, Randa; Westbrook, Brenda
Subject: FW: Holiday funny

Too funny!!!

-----Original Message-----
From: Dibble, Denise
Sent: Thursday, November 30, 2000 1:28 PM
To: 'nannerh@aol.com'; 'jddayco@aol.com'; 'DaraB'; Sanker, Jennifer;
Scanlon, Kristen
Subject: FW: Holiday funny

Yes, it's the largest time of the year!  :)
===========================================

>I hate this time of year. Not for its crass commercialism and forced
frivolity, but because it's the season when the food police come out
with their wagging fingers and annual tips on how to get through the
holidays without gaining 10 pounds.
>
>You can't pick up a magazine without finding a list of holiday eating
do's and don'ts. Eliminate second helpings, high-calorie sauces and cookies
made with butter, they say. Fill up on vegetable sticks, they say.
>
>Good grief. Is your favorite childhood memory of Christmas a carrot
stick?  I didn't think so. Isn't mine, either. A carrot was something you
left for Rudolph.
>
>I have my own list of tips for holiday eating. I assure you, if you
follow them, you'll be fat and happy.
>
>So what if you don't make it to New Year's? Your pants won't fit
anymore,anyway.
>
>1. About those carrot sticks. Avoid them. Anyone who puts carrots on a
holiday buffet table knows nothing of the Christmas spirit. In fact, if
you see carrots, leave immediately. Go next door, where they're serving rum
balls.
>
>2. Drink as much eggnog as you can. And quickly. Like fine single-malt
scotch, it's rare. In fact, it's even rarer than single-malt scotch. You
can't find it any other time of year but now. So drink up! Who cares
that it has 10,000 calories in every sip? It's not as if you're going to
turn into an eggnogaholic or something. It's a treat. Enjoy it. Have one for
me.  Have two. It's later than you think. It's Christmas!
>
>3. If something comes with gravy, use it. That's the whole point of
gravy.  Gravy does not stand alone. Pour it on. Make a volcano out of your
mashed potatoes. Fill it with gravy. Eat the volcano. Repeat.
>
>4. As for mashed potatoes, always ask if they're made with skim milk or
whole milk. If it's skim, pass. Why bother? It's like buying a sports
car with an automatic transmission.
>
>5. Do not have a snack before going to a party in an effort to control
your eating. The whole point of going to a Christmas party is to eat
other people's food for free. Lots of it. Hello? Remember college?
>
>6. Under no circumstances should you exercise between now and New
Year's.  You can do that in January when you have nothing else to do. This
is the time for long naps, which you'll need after circling the buffet table
while carrying a 10-pound plate of food and that vat of eggnog.
>
>7. If you come across something really good at a buffet table, like
frosted Christmas cookies in the shape and size of Santa, position
yourself near them and don't budge. Have as many as you can before becoming
the center of attention. They're like a beautiful pair of shoes. You can't
leave them behind. You're not going to see them again.
>
>8. Same for pies. Apple. Pumpkin. Mincemeat. Have a slice of each. Or,
if you don't like mincemeat, have two apples and one pumpkin. Always have
three. When else do you get to have more than one dessert? Labor Day?
>
>9. Did someone mention fruitcake? Granted, it's loaded with the
mandatory celebratory calories, but avoid it at all cost. I mean, have some
standards, mate.
>
>10. And one final tip: If you don't feel terrible when you leave the
party or get up from the table, you haven't been paying attention. Reread
tips.  Start over.
>
>But hurry! Cookieless January is just around the corner.


The Payment status has changed on the following report:

Status last changed by: Kerry Harrington
Expense Report Name: emclaughlin42401
Report Total: $78.00
Amount Due Employee: $78.00
Amount Approved: $78.00
Amount Paid: $0.00
Approval Status: Pre-Approved
Payment Status: Authorized

To review this expense report, click on the following link for Concur Expense.
http://xms.enron.com


?

?
ftp://csf.colorado.edu/ipe/Thematic_Archive/documents/nafta/nafta_analysis/naf
ta.job.report.950904
 - nafta.job.report.950904.url