calendar
----- Forwarded by Steven J Kean/NA/Enron on 10/20/2000 09:59 AM -----

	Rob Bradley
	10/19/2000 12:53 PM

		 To: Michael Terraso/OTS/Enron@ENRON
		 cc: Steven J Kean/NA/Enron@Enron, Joe Allen/NA/Enron@Enron, Kenneth
Lay/Corp/Enron@ENRON
		 Subject: Economics Study on Proposed Houston SIP--Preliminary Results

You might mark your calendar for a lunch (12-1:30) at the Hyatt downtown on
Wednesday December 13 where Barton Smith of UH and George Tolley of the U. of
Chicago will present the findings of their economic study.  The Houston Forum
event will be part of the Kenneth L. Lay Lecture Series in Global Economics
at the University of Houston.  (I will have a table for Enron.)

The authors presented their preliminary results to us this week, and the
total benefits of the planned ozone reduction (all SIP measures as currently
proposed) are below $100 million (we are indoors most of the time that bad
air days are occurring since it is typically very hot), and the costs are
around $5 billion out to 2010.   Lots of caveats to this conclusion including
the assumption of today's best technology but no more.  The high costs
include a "last mile" problem that the proposal of the Partnership's Business
Coalition for Clean Air (BCCA) avoids (such as no noon-to-midnight
construction, a 75% average point source reduction to allow for trading and
future permits instead of a 90% reduction, etc.).

The effect on Houston is to reduce our forecast economic growth but not
eliminate it.  Real wages are forecast to fall by some 5% or more under the
current SIP versus without it.  Total job loss will be over 100,000--about a
1 and a half years of growth out to 2010.   This "shock" will be around
one-half of what Houston went through after the oil price crash in 1986
according to Dr. Smith.  One might say that slower growth and spreading the
pollution around (some of our refinery/petrochemical growth going elsewhere)
is not the end of the world, however, if a more cost-effective SIP is chosen.

It will be several weeks before the results are final (and the election
over), at which time an executive summary will be released.  The Mayor's
office and TNRCC will be briefed first.  The luncheon will be the formal
unveiling of the study with explanation, but I expect press coverage of the
study next month.

As head of the economics working group, I have tried to ensure that a
top-notch analysis was done without an industry bias.  The results are
considered conservative by the authors all things considered and in line with
the peer-reviewed literature on costs and benefits.  The study is not
intended to be a "whining" study but to give us realistic expectations and to
(naturally) bring into review some "last mile" problems where certain SIP
measures are the least cost effective.

These preliminary results are confidential given the political cycle we are
in and should not be shared externally.

- Rob


please print
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/20/2001 08:10 AM -----

	Randal Maffett
	02/16/2001 12:00 PM

		 To: Doug Leach/HOU/ECT@ECT, Douglas S Friedman/HOU/ECT@ECT, Marc De La
Roche/HOU/ECT@ECT, David A Terlip/Corp/Enron@Enron, Jennifer Fraser/HOU/ECT,
Don Schroeder/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Bill
White/NA/Enron@Enron, John L Wilson/NA/Enron@ENRON, Jim Goughary/HOU/ECT@ECT,
Adam Gross/HOU/ECT@ECT, Justin Cornett/NA/Enron@ENRON, Richard
Lassander/Corp/Enron@Enron, Jim Cole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Beth A Ryan/HOU/ECT@ECT, (bcc: Jeffrey A Shankman/HOU/ECT)
		 Subject: Crude/Products Strategy Meeting

As part of our process of developing a cohesive strategy for the crude &
products origination group, we are hosting a "Strategy Session" on Wednesday,
February 21 starting at 3:30 p.m.  It is expected to run about 3 hours.  The
location has not yet been determined but my assistant, Beth Ryan (x57161)
will confirm this next week.  This meeting replaces the prior meeting set up
for Thursday, 2/22 from 8 am to noon.  Representatives from McKinsey will
also participate/direct this meeting as facilitators to our strategic
process.  We're finalizing an agenda which will be forwarded to you once it
is complete.  (de la Roche/Terlip - please be sure this gets sent to all
attendees asap).

This will be a very important process which we feel your input is critical
and valuable.  I want to encourage everyone to not only attend but to be
proactive in the process as well.  This will start as somewhat of a
"brainstorming" session but our plan is to evolve into a definitive set of
priorities, opportunities and action items which we hope will create value
across both the trading and origination groups.  Given the size of the group,
it has been very challenging finding a convenient time and place to
accomodate everyone but I hope each of you will do what you can to attend.
We've purposefully started the meeting late to try and accomodate the
traders' schedule needs.

BETH:

WE NEED TO GET EITHER A CONF ROOM (preferably) OR RESERVE A MEETING ROOM AT
THE DOUBLETREE, HYATT OR WEDGE TOWER, ETC... FOR THIS MEETING.
PLEASE CHECK THE DISTRIBUTION LIST ABOVE AND COMPARE AGAINST YOUR LIST OF
ORIGINAL INVITES TO THIS MEETING.  IF I'VE MISSED SOMEONE, PLEASE BE SURE
THEY ARE NOTIFIED OF THE CHANGE IN DATE, TIME AND PLACE.  ALSO, BE SURE TO
LET MCKINSEY KNOW THE LOCATION AS WELL.


Thanx Sherry

 -----Original Message-----
From: 	"Sherry Sinclair" <ssinclair@simsfurniture.com>@ENRON
Sent:	Thursday, January 24, 2002 4:37 PM
To:	Dorland, Chris
Subject:	Re: Stickley Furniture

Hey Chris,

     How are you doing? Sorry I haven't gotten back to you sooner regarding
Stickley, but I was doing research to see if I could find any information
about the company.  Unfortunately, I had no success.  I have contacted Mega
group, (our buying group) to see if perhaps they had any information, but...
again another brick wall.  I cannot find a web site, or any listing in
"Furniture Today" (a listing of all manufacturers in the U.S.)  If I come
across anything I will let you know.  Do you know what pieces in particular
this fellow is looking for?  Perhaps we could source another vendor.??
     If I can be of further assistance, please feel free to call, email,
fax, or send message via messenger pigeon; whichever method you perfer.

Looking forward to your next contact.

E.T.   (better known as Sherry).
----- Original Message -----
From: <Chris.Dorland@enron.com>
To: <ssinclair@simsfurniture.com>
Sent: Tuesday, January 22, 2002 7:33 AM
Subject: Stickley Furniture

> Sherry,
>
> I haven't forgetten about the numbers on the pictures I will send them to
> you tommorow. A guy in my office was wondering if you can order Stickley
> furniture through you buying group. Can you let me know if you get a
> second.
>
> Thanx
>
> Chris
>
>
>
> **********************************************************************
> This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
> **********************************************************************
>


Professor Ronn:
 I would like to thank you for taking the time to recommend me to the MBA
Program.  In the end, the results were not favorable.  I understand that it
is a competitive process, but I felt that with my work experiences,
recommendations, extracurricular activities, etc., that this would help my
chances and possibly compensate for my disability.  After talking with you
and Professors Titman, Brown and Jemison, I was sure that UT was the right
place to continue learning about energy-finance.
  I am still sure that UT is the place for getting an excellent
graduate-level education, so I want you to know that I am going to do
whatever it takes to get in next year.  I plan on taking two or three
graduate level finance courses at the University of Houston this Summer and
Fall to demonstrate to the Admissions office that I can compete at this
level. I also plan on trying to retake the GMAT test.  Due to my disability,
this will be a monumental task, but I am determined to prove to the
Admissions commitee that I can excel with the work at The Texas University
Graduate School of Business.
 Thanks again for taking the time to listen and talk with me.  It has been a
pleasure meeting you and I hope we can continue to talk about energy and
finance in the future.  Also, if you can think of anything else I can do to
strengthen my overall application file for next year, please let me know.
Take care and hope to hear from you soon.

Sincerely,

Ben Rogers


FYI
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/16/2001
01:00 PM ---------------------------

	From:  Douglas S Friedman                           01/16/2001 11:17 AM

To: John L Nowlan/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: EnronOnline / Envera

The Agenda from our meeting with Andy on Nov 7.

Doug
---------------------- Forwarded by Douglas S Friedman/HOU/ECT on 01/16/2001
11:16 AM ---------------------------
From: John Viverito@ENRON on 11/07/2000 10:14 AM
To: Douglas S Friedman/HOU/ECT@ECT, Alan Engberg/HOU/ECT@ECT, Travis
McCullough/HOU/ECT@ECT, Mark Greenberg/NA/Enron@ENRON
cc: Michael A Robison/HOU/ECT@ECT
Subject:  EnronOnline / Envera

All-

Pursuant to our meeting yesterday, regarding the captioned matter, I have
prepared a brief summary of the general issues, which are likely to be of
interest to EOL and may be discussed in the meeting today with Andy Zipper.

Please feel free to add any points that you deem appropriate.

1.  The Links:

A link from Envera's site to EOL will be created.  The link would only be to
the home page of EOL.   There would be no effect upon normal EOL vetting
procedures for counterparties.

A link from Envera's site to Deal Bench will be created.  Again the link
would only be to the home page of Deal Bench.  The Envera member companies
would be required to follow normal Deal Bench registration of participants,
however, such parties during 1Q 2000, would be permitted to engage in two
free transactions on Deal Bench, with a maximum of 25 such free transactions
in total. Presently, it is still under consideration as to whether such
access would be to the auction area, or the collaboration area, or some
variation thereof.  The fees to be charged post 1Q 2000 are under
consideration.

2.  Trades

On a case-by-case basis, with no preexisting commitment, EGM would consider
requests from Envera customers to make trades on a contingent basis on EOL.
In the event that such trade is considered promising, then such pricing would
be posted on EOL.  This would be free for the first 12 months, but thereafter
such service would be provided for a fee.

3.  Envera Membership and Enron Services as Consideration for Envera Equity

EGM would pay between $300-500k for the ability to utilize the Envera hub to
do deals for the period of [one year].

Some portion of the fee may also be considered as payment for equity in
Envera LLC.  The Enron services provided (points 1. and 2. above, as well as
access to Enron risk management and utility outsourcing ) will also be
considered as payment for some portion of the Envera LLC equity.  The total
equity received, is anticipated to be around five percent and the
capitalization of the company is believed to be around $50,000,000.  The
breakdown for the consideration for the equity still needs to be reviewed
from the accounting side.

4.  Board Seat Considerations

Discussion regarding Enron obtaining an Envera Board seat has been
discussed.  The fiduciary risks need to be considered, as we may be
restricted in competing with Envera, unless certain steps are taken.  For
example, if Commodity Logic were to be considered a competitor to Envera,
unless we had the specific right to compete we could be subject to suit by
Envera.  These risks may be negated through negotiation.

The upside here would be the ability to have access to executives of certain
petrochemical companies who are also shareholders in Envera and have Board
seats.  It is believed that this type of access would likely lead to more
deals for EGM and potentially for other Enron entities.

Unrelated to the Board seat, other promotional activities relating to Enron's
services are foreseen through activities at Trade Shows and other networking
venues.

5.  Building Connectivity Between Envera and Enron

It will be necessary to consider what activities, from the technical side,
would be undertaken by Envera and what activities would be undertaken by
Enron, to achieve the stated objectives, i.e. linking.

6.  Press Release

Envera is likely to want to make a public statement regarding this
transaction with Enron.  The restrictions on the scope of such announcement
must be considered.

I hope this is helpful.

John
----- Forwarded by John Viverito/Corp/Enron on 11/07/2000 09:12 AM -----

	John Viverito
	11/06/2000 01:45 PM

		 To: Douglas S Friedman/HOU/ECT@ECT, Alan Engberg/HOU/ECT@ECT, Travis
McCullough/HOU/ECT@ECT
		 cc: Michael A Robison/HOU/ECT@ECT
		 Subject:  EnronOnline / Envera

Doug/Alan/Travis

I have reserved EB 38C1 at 4:00 p.m. today to discuss the captioned matter.

I look forward to seeing you there.

Thanks,

John Viverito


Good morning!

Effective Thursday, 3/29/01, Jaws and Tulip can be found in the following
locations:
 Jaws  3848 (Suzanne Adams' cubicle)
 Tulip  3858f (in the empty cubicle behind Taffy)

On April 4  both printers will be placed at EB29b.


Experience the best of the oil and gas world at  SPE 2001: An E&P Odyssey.

This premier industry event, SPE's Annual Technical Conference and Exhibition,

will be held on 30 September - 3 October at Ernest N. Morial Convention Center in New Orleans.

Professionals from around the world attend to advance their careers through

 13 technical  discipline tracks
 Eight one-day and ten two-day  short courses
 Presentations by industry leaders including the  Opening General Session ,

 "The Global Oil Industry in the 21st Century," which features speakers such as

 Harry Longwell, Senior Vice President/Director of Exxon Mobil Corp.,

and Nader Sultan, Deputy Chairman and CEO of Kuwait Petroleum Corp.
 Establishing relationships with more than 8,000 participants
 400 leading-edge E&P companies in the exhibition hall
 Hands-on demonstrations of SPE products and services at the SPE Pavilion
 Networking opportunities at the  Annual Banquet  and the  President's Luncheon

 Register now  to be part of SPE's premier event!


This message is for all continuing Evening MBA Students.

Please read the attached memo regarding the Transportation Commitment Forms
for Spring 2001. Then fill out the attached Form (or pick one up in the
Office) and return it to the Evening MBA Program Office by Friday, November
17.

Thank you very much for your time.? Please feel free to contact me with any
questions.

Meg St. John
Assistant Director, Evening MBA Program
(510) 642-1406
 - SpTransportation.doc


In connection with an internal audit regarding the safekeeping of margin
funds and securities, Enron Corp. has asked us to provide them with a list of
all the exchanges we trade on, what rules govern those exchanges and the
products we trade on them (in particular the clearing arrangements), and any
rules that govern brokers we may maintain funds or cash with.  This should
include all the products we may trade/hedge over an exchange including energy
commodities, interest rates, currencies, equities, etc.

Can you please provide this information no later than Friday of next week.
Much thanks!


I believe this advice letter has the windowing information I need.  It is no
longer available on their website (too old!)

Can someone in your office please get a copy?

Thanks

Stephanie


Notice # 02-46
February 7, 2002

TO:	All NYMEX Division Members
		All NYMEX Division Clearing Members

FROM:	J. Robert Collins, Jr., President

RE:		EFP/EFS PROCEDURES FOR NYMEX ACCESS
 CONTRACTS

Please be advised that the following procedures should be followed when
executing an EFP or EFS trade for any futures contract that trades
exclusively on NYMEX ACCESS
.

Orders should be sent to the floor and pitcards should be submitted to the
Late Pit-Card submission area.

Pitcards should be marked appropriately indicating that the trade is an EFP
(marked with and E) or an EFS (marked with an F).


Still under our Scheduled Maintenance Outage, Calpine will run the plant
Baseload testing the A unit using an estimated volume of 88,000 MMbtu/day.
Unit C will go off at Midnight Saturday. The estimate for Sunday and Monday
will be around 65,000 MMbtu/day. Please call if you have any questions.
Thanks.

 <<CALPINE DAILY GAS NOMINATION 1.doc>>

 - CALPINE DAILY GAS NOMINATION 1.doc


Joe,

I see you are on your Enron on Line. At this time the hourly desk @ DTET
is not authorized to trade PJM financials on line. I use IM, to keep up
with some PJM financial traders at this time then call to transact the
trades. I use "  steveatet  " on IM. Do you use it? I can always keep up
with your BOD bid/offers on EOL, then call you from that.

Thanks.

Stephen (Steve) Burgess
DTE Energy Trading (DTET)
Hourly Trader


I combined the tickets for the Southern Union plants at Port Arthur and
Galveston for April forward to accurately reflect the contract.  The new
Sitara number is 224490, and the old numbers are: 17832 and109216. This
change will allow for a more accurate estimate in our P&L as well as more
accurate invoicing. I believe that this change will reduce our monthly
variances due to these deals.   If you have any questions or concerns please
feel free to give me a call

Bryan

3-9195


Jeff,

I am available.

Vince

Jeffery Fawcett@ENRON
05/11/2000 06:14 PM
To: Zimin Lu/HOU/ECT@ECT
cc: Kimberly Watson/ET&S/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT,
Pinnamaneni Krishnarao/HOU/ECT@ECT
Subject: Option Sales Program- Valuation Model

Zimin, you and I are scheduled to meet in your office from 2:00 - 3:00 p.m.
on Tuesday, May 16.  As you can see from the above, I'm distributing this
note to Krishna and Vince in hopes that they can also join us along with Kim
Watson.

To review, Zimin and I have been working on a valuation model for purposes of
Transwestern (and later other GPG pipelines) selling options on pipeline
capacity.   However, I am also aware that Vince and his group are working on
the scientific/technical aspects of the Revenue Management initiative for
Transwestern.

Kim Watson and I spoke this afternoon and we thought it might be valuable for
the five of us (schedules permitting) to get together and see what are the
possible areas of overlap between Revenue Management and the Option Sales
Program.  In particular, I see the potential for a material benefit if we
could use some of the data import capability of the Revenue Management system
for use on the Option Sales Program.

Vince, Krishna, since I've already heard from Kim and Zimin and they're
available, will you guys let me know if you can get together for a short
meeting on Tuesday afternoon at 2:00 p.m.?  Thanks.

p.s.  Zimin, if we need more space [than your office] for all five of us, can
you arrange a meeting room or at least a work table somewhere in your area?
Thanks.


User ID:  enrondlr
PW:          bnaweb22

----- Forwarded by Sylvia Hu/Corp/Enron on 11/15/2000 08:20 AM -----

	"BNA Highlights" <bhighlig@bna.com>
	11/14/2000 11:07 PM

		 To: "BNA Highlights" <bhighlig@bna.com>
		 cc:
		 Subject: Nov. 15 -- BNA, Inc. Daily Labor Report

______________________________

DAILY LABOR REPORT
Highlights & Table of Contents
November 15, 2000
______________________________

ISSN 1522-5968

Registered Web subscribers can access the full text of these
articles by using the URL link supplied.

Information about becoming a subscriber or signing up for a
FREE Web trial is available at http://web.bna.com or call
BNA Customer Relations at 1-800-372-1033, Mon. - Fri. 8:30
am - 7:00 pm (ET).
__________

HIGHLIGHTS
__________

VOTE CAN BE CONTESTED AFTER NLRB OFFICER OVERSLEPT,
RESCHEDULED

A St. Louis waste hauler was justified in challenging a
representation election won by Teamsters Local 682, when the
National Labor Relations Board Officer in charge of the
initial vote overslept and then unilaterally scheduled a
second election, according to the Eighth Circuit  ("NLRB v.
Superior of Missouri, Inc., "8th Cir., No. 99-3648,
11/7/00).

Considering the circumstances surrounding the "hotly
contested election," the board officer's unilateral action
might have had an impact on the second vote and warranted an
NLRB hearing on Superior of Missouri's objections to the
election, the divided appeals court panel holds.

A dissenting judge finds that the objections raised by the
employer were insufficient to warrant an evidentiary
hearing. He rejects the employer's argument that the board
agent's conduct and the rescheduling of the election "caused
prejudice and destroyed the laboratory conditions necessary
for conducting a fair election."  . . . Page AA-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q5g1_

FACTORY WORKER EXPOSED TO PORNOGRAPHY HAS NO SEX HARASSMENT
CASE

An electronics factory maintenance specialist whose
co-workers left pornographic pictures around the workplace
for her to find because they believed she had complained
about a racy swimsuit calendar has no claim against her
employer for sexual harassment in violation of Title VII of
the 1964 Civil Rights Act, a federal trial court in Indiana
rules ("Garton v. Thomson Consumer Electronics Inc.,  "S.D.
Ind., No. IP99-1218-C-T/G, 10/25/00).

Plaintiff Aletha Garton "was subjected to boorish, crass and
offensive behavior in the workplace by her co-workers, but
the conduct of which she complains does not rise to the
level of actionable sexual harassment," says Judge Tinder,
granting Thomson Consumer Electronics Inc.'s motion for
summary judgment. . . . Page A-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1k7h8_

PAY PRESSURE UNLIKELY TO RECEDE, WTI PROJECTS

Despite evidence of slower growth across the U.S. economy,
key labor market measures pulled together in the Wage Trend
Indicator suggest wage pressures will remain strong into
next year, according to the latest report released by BNA.

"The new WTI figures suggest there will be no easing in wage
pressures into next year," said economist Joel Popkin, whose
firm developed the indicator for BNA. Labor shortages are
likely to make it hard for many companies to hire workers
over the next few months, the WTI report suggests. . . .
Page D-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1r3e9_

STATE RULES APPLY TO 'HYBRID' SUIT WHILE IN STATE COURT,
NINTH CIRCUIT SAYS

A suit by a member of the International Union of Bricklayers
& Allied Crafts alleging "hiring hall and collective
bargaining violations" by the union and various employers is
not barred by the six-month statute of limitations in
federal law, the Ninth Circuit rules ("Prazak v. Local 1
Int'l Union of Bricklayers & Allied Crafts, "9th Cir., No.
98-36129, 11/13/00). Reversing the decision of the U.S.
District Court for the District of Alaska, the court of
appeals holds that in a "hybrid" claim originally filed in
state court, "if the federal statute of limitations is
initially complied with, the state procedural rules apply
until the case is removed to federal court."

"[William] Prazak's complaint originated in state court,"
writes Judge Nelson. "Thus, state procedural rules should
have been applied until the case was removed to federal
court. The [defendants] could have avoided the application
of Alaska's procedural rules by immediately removing the
case to federal court. As a tactical matter, however, the
[defendants] chose to litigate Prazak's initial lawsuit in
state court. The [defendants] must live with that choice." .
. . Page A-6,  Text E-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1f3x6_

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1h7u1_

PHILADELPHIA SEIU LOCAL RATIFIES ACCORD WITH BUILDING OWNERS

Janitors and other building maintenance workers represented
by Service Employees International Union Local 36, whose
mail ballots were counted Nov. 14, overwhelmingly approve a
three-year contract with the owners of about 80 commercial
buildings in Philadelphia.

Local 36 Organizing Director Joseph M. Shields says the
agreement with Building Owners Labor Relations Inc., which
bargains for about 24 building owners, provides for wage
increases totaling 10.5 percent and a 70 percent increase in
pension contributions over term.

The contract runs from Oct. 15, 2000, through Oct. 14, 2003,
and covers 2,300 building service workers in Philadelphia. .
. . Page A-4

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q8g9_

SEVENTH CIRCUIT SAYS JURY MUST DECIDE IF NEUROPATHY VICTIM
IS DISABLED

A former employee of Sears, Roebuck & Co. may proceed with
her discrimination claims under the Americans with
Disabilities Act, the Seventh Circuit rules, holding that a
rational jury could conclude the employee was disabled
("EEOC v. Sears, Roebuck & Co., "7th Cir., Nos. 99-3734 and
99-4037, 11/8/00).  Reversing a lower court's grant of
summary judgment, the appeals court says a jury should
determine whether Judith Keane was disabled under the ADA
and therefore entitled to reasonable accommodations.

"It is not our role to come to a decision as to whether
Keane was disabled under the ADA," writes Chief Judge Flaum
on behalf of the panel. "Rather, we only need decide whether
a rational jury, viewing the evidence in the light most
favorable to the plaintiffs could come to such a decision.
We believe they could. Thus, we conclude that summary
judgment should not have been granted on the basis that
Keane was not disabled." . . . Page A-2

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q5v8_

________________

ALSO IN THE NEWS
________________

CONGRESS: The House and Senate agree to recess until Dec. 5,
leaving unresolved several appropriations bills, a proposed
minimum wage hike-tax cut measure, and disagreements over
the Occupational Safety and Health Administration's final
rule on ergonomics. . . . Page A-7

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1u2b8_

UTILITIES: Some 1,100 operating engineers working for
Wisconsin Public Service Corp. will receive wage increases
totaling 9.8 percent over three years as part of a contract
ratified by members of the International Union of Operating
Engineers Local 310. . . . Page A-7

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1t7t2_

SAFETY & HEALTH: State and local government workers will be
protected from the health risks of exposure to asbestos
under an Environmental Protection Agency final rule set for
publication in the Nov. 15 "Federal Register". . . . Page
A-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1g5h1_

EMPLOYMENT: The proportion of workers employed full-time for
the entire year climbed to 65.9 percent during 1999, the
highest level recorded since the data have been collected,
the Bureau of Labor Statistics reports. . . . Page D-7

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1g3f9_

____

TEXT
____

LABOR LAW: Decision of the "Ninth Circuit Prazak v. Local 1
International Union of Bricklayers & Allied Crafts". . . .
Page E-1

http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1h7u1_

_________________

TABLE OF CONTENTS
_________________

LEADING THE NEWS

LABOR LAW
   Eighth Circuit rules St. Louis waste hauler justified in
   challenging outcome of representation election where NLRB
   officer in charge of initial vote overslept and
   unilaterally scheduled second election . . . Page AA-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q5g1_

____

NEWS
____

AIRLINES
   Officers of Independent Association of Continental Pilots
   ask the Houston-based carrier to open wage negotiations
   in May of next year . . . Page A-9
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1v1x5_

BUILDING SERVICES
   SEIU-represented janitors and building maintenance
   workers ratify three-year contract with the owners of
   about 80 commercial buildings in Philadelphia . . . Page
   A-4
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q8g9_

CONGRESS
   House and Senate recess until Dec. 5, leaving unresolved
   several appropriations bills, proposed minimum wage
   hike-tax cut measure, and disagreements over OSHA's final
   ergonomics rule . . . Page A-7
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1u2b8_

DISABILITIES
   Seventh Circuit rules rational jury could conclude former
   Sears, Roebuck & Co. employee was disabled under ADA,
   despite use of cane . . . Page A-2
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q5v8_

ERGONOMICS
   Coalition of industry groups files suit in Court of
   Appeals for D.C. Circuit in effort to block OSHA's final
   ergonomics standard . . . Page A-10
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q8p0_

FMCS
   Federal Mediation and Conciliation Service schedules
   publication Nov. 15 in "Federal Register" of draft fiscal
   year 2001 Program Guidelines and Application to solicit
   applicants for Labor-Management Cooperation program . . .
   Page A-10
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1h9u7_

LABOR LAW
   Ninth Circuit rules union member's "hybrid" claim under
   LMRA and NLRA filed in state court is not barred by
   six-month statute of limitations in federal law . . .
   Page A-6
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1f3x6_

PENSIONS
   ERISA Advisory Council approves reports and
   recommendations of work groups on phased retirement,
   long-term care, and benefit continuity after
   organizational restructuring . . . Page A-8
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1u8w1_

SAFETY & HEALTH
   EPA final rule protecting state and local government
   workers from the health risks of exposure to asbestos
   published in Nov. 15 "Federal Register" . . . Page A-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1g5h1_

   U.S. attorney's office in Philadelphia files criminal
   charges against president of an Allentown, Pa., chemical
   company where an explosion killed five people in February
   1999 . . . Page A-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1g5p2_

SEX DISCRIMINATION
   Sixth Circuit reverses summary judgment for assistant
   county attorney fired to "placate" boss's wife, saying
   gender may not have been the motivating factor . . . Page
   A-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3q9v1m9_

SEXUAL HARASSMENT
   Federal trial court in Indiana rules factory worker whose
   co-workers left pornographic pictures around workplace
   does not have sexual harassment claim . . . Page A-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1k7h8_

TRADE
   Bipartisan U.S. Trade Deficit Review Commission report
   warns growing trade deficits must eventually come down
   but fails to reach common ground on labor, environmental
   issues in future trade negotiations . . . Page A-5
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1r9j3_

UTILITIES
   New contract for about 1,100 operating engineers at
   Wisconsin Public Service Corp. provides wage increases
   totaling 9.8 percent over next three years . . . Page A-7
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1t7t2_

_____________

ECONOMIC NEWS
_____________

COMPENSATION
   BNA's Wage Trend Indicator suggests wage pressures will
   remain strong into next year, despite evidence of slower
   growth across U.S. economy . . . Page D-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1r3e9_

EMPLOYMENT
   Labor Department's Bureau of Labor Statistics reports
   proportion of workers employed full-time for entire year
   climbed to 65.9 percent during 1999 . . . Page D-7
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1g3f9_

RETAIL SALES
   Commerce Department says retail sales rose just 0.1
   percent in October, held down by a decline in auto sales
   . . . Page D-4
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q5p8_

____

TEXT
____

LABOR LAW
   Decision of the Ninth Circuit in Prazak v. Local 1
   International Union of Bricklayers & Allied Crafts . . .
   Page E-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1h7u1_

______________

TABLE OF CASES
______________

EEOC v. Sears, Roebuck & Co. (7th Cir.) . . . Page A-2
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q5v8_

Garton v. Thomson Consumer Elec. Inc. (S.D. Ind.) . . . Page
A-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1k7h8_

Lococo v. Barger (6th Cir.) . . . Page A-3
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3q9v1m9_

NLRB v. Superior of Mo., Inc. (8th Cir.) . . . Page AA-1
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q5g1_

Prazak v. Local 1 Int'l Union of Bricklayers & Allied Crafts
(9th Cir.) . . . Page A-6
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1f3x6_

U.S. Chamber of Commerce v. OSHA (D.C. Cir.) . . . Page A-10
   http://pubs.bna.com/ip/BNA/dlr.nsf/id/a0a3r1q8p0_

   __________
   Daily Labor Report (ISSN 1522-5968) Highlights are
   published daily by The Bureau of National Affairs, Inc.,
   1231 25th St., NW, Washington, DC 20037.

   For account information and changes, contact
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   is prohibited.


Notice No. 01-98
March 20, 2001

TO:
All Exchange Members

FROM:
Neal Wolkoff, Executive Vice President

SUBJECT:
NYMEX Holdings, Inc. Chairman of the Board & Board of Directors Results

The shareholders of the NYMEX Holdings, Inc., and the New York Mercantile
Exchange, Inc., today elected Vincent Viola by a margin of 476 to 115 as
chairman of the board and the following individuals to other positions on the
Exchange board of directors: Gordon Rutledge, Madeline Boyd, Gary Rizzi, J.
Robert Collins, Kenneth Garland, Robert Steele, and Harley Lippman.

A resolution was also passed, by a vote of 469 for and 84 against, to add
three equity holder representative positions to the board. An election for
these positions will be scheduled shortly.

Mr. Viola, vice chairman of the Exchange from 1993 to 1996, is the founder
and sole owner of Pioneer Futures, Inc., which is currently a clearing member
of both divisions of the New York Mercantile Exchange, and the New York Board
of Trade. Mr. Viola also served on the Exchange board in the at-large
category from 1987 to 1990 He is a graduate of the United States Military
Academy at West Point and achieved the rank of major in the United States
Army Reserves. In 1983, he graduated from New York Law School with a juris
doctor degree.

In 1988, Mr. Viola formed the First Bank Group which operates community banks
in Dallas and the surrounding Texas area. In 1998, he formed MV Technologies,
a developer of fully integrated electronic platforms for trading futures,
options, equities, and derivatives.

Mr. Viola co-founded and was chairman of the National Children,s Educational
Reform Foundation, which is dedicated to the fundamental reform and
improvement of inner-city education with an emphasis on bi-lingual programs
in immigrant communities. Mr. Viola has served on the West Point Fund
committee, an arm of the board of trustees which supports academy cadet
programs. In 1997, Mr. Viola received a man-of-the-year award from the Eden
School for Autistic Children. In 1998, Mr. Viola was awarded the Ellis Island
Medal of Honor by the National Ethnic Coalition of Organizations. In 2000, he
was honored with the community service award from the Futures and Options for
Kids charitable organization.

Mr. Rutledge was elected as the board representative in the floor broker
category. Mr. Rutledge, who is co-founder and owner of Onyx Brokerage Inc.,
has been a floor broker on the Exchange since 1981, after working for Merrill
Lynch as a newswire editor and technical analyst. Prior to starting Onyx, he
also worked for MercOil and J. Tafaro Brokerage. He serves on the membership,
technology, arbitration, adjudication, floor broker advisory, and political
action committees. Mr. Rutledge has a bachelor of arts cum laude from Harvard
University.

Ms. Boyd was elected as the local representative to the board. Ms. Boyd has
been the at-large representative to the board for the past three years and a
member of the executive committee for the past year. She has traded gasoline
for her own account for more than 16 years. She is has been chairman of the
NYMEX Charitable Foundation since 1992 and is also co-chairman of the local
advisory committee and the petroleum products advisory committee, and a
member of the coal advisory committee. She also serves as a director of the
Commodity Floor Brokers and Traders Association and Futures and Options for
Kids and holds a bachelor of science in business from Fairleigh Dickinson
University.

Mr. Rizzi was reelected for the third time as a futures commission merchant
(FCM) representative to the board. In addition to serving on the board for
the past six years, Mr. Rizzi has served two terms on the executive
committee, including the past year. He has been a member of the floor
community for 22 years. After working for Dean Witter for a year as a clerk,
Mr. Rizzi joined A.G. Edwards and became floor manager in 1982. He has been
an officer of the company and a conferring member of the Exchange for 17
years. He is also a member of the COMEX Division and both divisions of the
New York Board of Trade. He is the chairman of the membership, FCM advisory,
and technology committees and vice chairman of the facilities committee.

J. Robert (Bo) Collins, Jr., ran unopposed to fill the trade slot. Mr.
Collins is senior vice president of natural gas trading at El Paso Merchant
Energy, a division of El Paso Energy Corporation, the largest pipeline
operator and the third largest producer of natural gas in North America. Mr.
Collins directs the natural gas derivatives portfolio. Before joining El Paso
in 1997, Mr. Collins was a natural gas and crude oil options market-maker
with Pioneer Futures on the Exchange trading floor. A graduate of Texas A&M
University, his first professional experience was in commercial banking with
the Dallas Federal Reserve Bank.

Mr. Collins has been a member of the Exchange since 1995 and has served on
the options advisory committee since 1996.

Mr. Garland was elected to his first term as the at-large representative to
the board. After receiving a masters degree in audiology from Long Island
University, Mr. Garland worked as a private and industrial audiologist for
eight years. He began trading at the New York Mercantile Exchange for his own
account in 1981. In 1982 and 1983, he also acted as a floor broker. Since
purchasing his seat in 1983, he has exclusively traded for his own account,
concentrating most of his time in the gasoline ring. He is vice chairman of
the Exchange floor and settlement committees; panel chairman on the
arbitration and adjudication committees; and also serves on the following
committees: membership; local advisory; and petroleum product advisory. Mr
Garland was also recommended by the Exchange in 1994 to represent it on the
National Futures Association membership appeals subcommittee, a position he
continues to hold to this day.

Mr. Steele and Mr. Lippman were elected to three-year terms as public
directors of the Exchange. Prior to the Exchange,s demutualization in
November 2000, the public directors were appointed by the board and served
two year terms.

Mr. Steele served as a public director of the Exchange from 1988 to 1994, and
was re-appointed to the board in 1999. He is vice chairman of John Ryan
Company, an international financial services marketing firm, and is director
of the Merlin Retail Financial Center in Stamford, Conn. He previously served
as president and chief executive officer of the Norwich (CT) Savings Society
from 1975 to 1981, and as president and chief executive officer of Dollar Dry
Dock Bank of New York from 1985 to 1990.

Mr. Steele was a U.S. congressman (Second District, Conn) from 1970 to 1974,
and was the Republican candidate for governor of Connecticut in 1974. While
in Congress , he served on the House Foreign Affairs Committee, was the
ranking minority member of the Latin American subcommittee, and chaired or
co-chaired Congressional task forces on international drug trafficking and
problems of the aging. Following Congress, he was appointed chairman of the
Social Security committee of the White House conference on aging. In addition
to the Exchange, Mr. Steele serves on the board of directors of SmartServ
Online (web and wireless transaction platform services provider), Scan
Optics, Inc. (document processing systems and information management
solutions), and NLC Insurance Companies. He is also chairman of the board of
Moore Medical Corp. He served as a Soviet affairs specialist in the Central
Intelligence Agency from 1963 to 1968. He was a visiting lecturer in
government at the United!
 S!
tates Coast Guard Academy and is the recipient of an honorary doctor of laws
degree from Sacred Heart University in Connecticut.

Mr. Lippman is a major contributor to Feed The Children, sponsoring their
Christmas event in Harlem in December 2000. He also serves on the advisory
board of the Columbia University School of International and Public Affairs.
He is a member of the Information Technology Association of America and a
former trustee of The Washington Institute. He is also active politically as
a fund-raiser for both the Republican and Democratic parties, including
hosting fund-raising events at his home.

Last week, Michael Devaney was elected to replace John Moore as chairman of
the COMEX governors committee, a two-year term in which he will head the
committee which advises the board on matters uniquely pertinent to COMEX
Division members. In that capacity he will attend all Exchange board meetings
to represent the views of the COMEX Division members.

Mr. Devaney has served as vice chairman of the COMEX governors committee for
the past two-and-a-half years; has served on the governors committee since
1994; and has been a member of the Exchange since 1985. He is the owner of
Great Lakes, Inc., an independent floor brokerage operation, and has served
on the Exchange membership, floor, facilities, business conduct, compliance
review, marketing, margin, political action, and rules committees.

Editor,s note: There will be a press luncheon to meet Mr. Viola at 1:30 PM,
Wednesday, March 21, on the 10th floor of the New York Mercantile Exchange
headquarters, One North End Avenue.

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

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-98)"

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


Daren:

I have been informed that this meter has been disconnected.  The 215 has a
nom of 74/day at this meter.  The first day I have a -0- flow is 2/12/00.

Let me know if you have other information.

Thanks!

Charlotte


(281) ?292 5957 ??Bryan

Complete Landscaping


Mike

I'm coming down this week.  We'll talk about it then.

John


Hey, can you see if these basis and index have moved since the last time we checked and refresh the nymex for me.

Thanks,
Joe

NYMEX
indication on the nymex for jun 02/dec 07 is 3.651
Basis:
indication for the trunkline s tx jun 02-dec 07 is -13/-10, trunkline,la. jun 02-dec 07-10/-8
apr 02-oct 02 trunkline s tx indication -12/-9, nov 02-mar 03 -13/-9
apr 02-oct 02 trunkline, la indication -8.5/-7.5, nov 02-mar 03 -8.5/-7.5
Index:
 trunkline s texas is index-1/ index+1 for jun 02/ dec 07, and the trunkline, la index indication is index flat/ index +1 jun02/ dec07


Couple of minor changes.  Looking good!

Jeffery Fawcett
11/21/2000 11:25 AM
To: Susan Scott/ET&S/Enron@ENRON
cc:

Subject: Re: Caithness proposal

I took all of your good suggestions and incorporated them.  I also reordered
a few of the paragraphs and trimmed some of the language.  Look at it again
and see if we've got a pretty good work product.  Thanks!!!

Susan Scott
11/21/2000 11:13 AM
To: Jeffery Fawcett/ET&S/Enron@ENRON
cc:

Subject: Re: Caithness proposal


---------------------- Forwarded by Janelle Scheuer/HOU/ECT on 09/20/2000
02:23 PM ---------------------------

"Carey, Michael" <Michael.Carey@nypa.gov> on 09/20/2000 01:52:12 PM
To: "'Janelle.Scheuer@enron.com'" <Janelle.Scheuer@enron.com>
cc:
Subject: NYPA's Guaranty

Janelle: We'd like to use the attached Guaranty prepared by NYPA.  OK? MIKE
 <<GUARANTY.doc>>

 - GUARANTY.doc


Jeff, here is Gary's review.  It is still on the wrong template and I'll
correct today.  Please review carefully and make changes and return.
tx
m


Given the emphasis from all quarters on the need for retail competition to
make California work, would seem useful to strike a balance between the
degree to which the comments emphasize wholesale and retail reforms.  And for
the record, Sue, no I don't talk like that.

Best,
Jeff

	Susan J Mara
	11/02/2000 03:50 PM

		 To: Mary Hain/HOU/ECT@ECT
		 cc: Alan Comnes/PDX/ECT@ECT, carrrn@bracepatt.com, Christopher F
Calger/PDX/ECT@ECT, Dave Parquet@ECT, Donna Fulton/Corp/Enron@Enron, James D
Steffes/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Joe Hartsoe@Enron, Mona
L Petrochko/NA/Enron@Enron, Sarah Novosel/Corp/Enron@Enron, Tim
Belden/HOU/ECT@ECT
		 Subject: Re: November 9 FERC Comments

Gang,

I didn't get Jim's e-mail but .....  Here are my comments

This looks good as a bottomline message, but I'd like to dress it up and take
it out on a date first (doesn't dasovich talk like this?)

I'm afraid we'll look greedy unless we focus strongly on the RETAIL affect of
the low price cap and how raising it would ultimately allow retail customers
to save money and wholesale markets to work more efficiently.  there is some
stuff we can quote in the iso's market surveillance com report.  we also have
some real world experience to draw upon (i'm told that FERC occasionally
really likes to hear about the real world) -- we had a number of customers on
demand responsiveness plans in the east and we sent them checks for BIG BUCKS
this summer.  To the contrary, in the west, we were working with some
customers (a  few hundred MWs)  to participate in the ISO's program -- after
the Board voted to lower the cap to $250 -- the customers all said sayonara
-- could no longer justify the expense and the interference in their
operations.  These are powerful examples of how price caps influence retail
demand response.

This only goes so far, however...

The FERC could easily eliminate the problem by exempting demand side bids
from the price caps.  SO, we need more...

I think we should focus on the practical effects of a "soft" cap (not simple
and not certain) -- and how stable markets need stable price caps -- "soft"
caps are not a stable price and do not send a stable signal for investment in
new generation (the market may never know the real price since it doesn't set
the MCP). The staff report provides some good evidence on why the caps are
too low and we could also use the ISO's calculation of prices for short-term
peaking capacity.  Then mention the issues Mary discussed below (information;
cap mechanism bad for power marketers in particular)

Sue

	Mary Hain@ECT
	11/02/2000 01:03 PM

		 To: Susan J Mara/NA/Enron@Enron, Mona L Petrochko/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@Enron, Alan Comnes/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT,
Dave Parquet, Christopher F Calger/PDX/ECT@ECT
		 cc: James D Steffes/NA/Enron@Enron, Joe Hartsoe@Enron, Sarah
Novosel/Corp/Enron@ENRON, carrrn@bracepatt.com, Donna Fulton/Corp/Enron@ENRON
		 Subject: November 9 FERC Comments

In response to Jim's E-mail  - here's is my proposed list of issues for
Enron's November 9 comments.  We have to send our issue list to FERC tomorrow
so please comment on this ASAP.

We should discuss price signals including:
price caps and
market information

Here's my rationale.  Since we'll only have five to ten minutes to talk, our
comments should focus on the most important commercial issues to us: removing
or improving price caps and improving market transparency by providing market
information to market participants.  We could summarize the positions we took
in the white paper about why the Commission shouldn't allow a price cap at
all and why we need information.  In addition, we should assume that they
will adopt price caps anyway and may reaffirm their own proposal, so we
should also tell them how the $150 cap will be too low to incent investment
in new generation, how the reporting requirement will create special problems
for power marketers  (we don't have marginal costs and the Commission has yet
to determine what opportunity costs are), and how they still have not
addressed the problems created by OOM.

In addition, although I don't think we need to tell FERC this, our comments
could briefly congratulate the Commission for removing the buy/sell
requirement, addressing underscheduling of load, creating independent
governance and directing the ISO to file generation interconnection
procedures.  Although our written comments will probably want to discuss any
clarifications of this measures as well as the long term measures the
Commission discussed (reserve requirements, alternate auction mechanisms,
balanced schedules, enhanced market mitigation, congestion management
redesign, demand response programs, RTO development and compliance) our oral
comment time is too precious to use on these issues.  In addition, our
written comments will want to beef up the legal support for the Staff's
conclusion about refunds and perhaps request rehearing of the Commission's
decision to move the refund effective date.  I'm sure we'll find more issues
as we go.


done

	Enron North America Corp.

	From:  Megan Parker @ ENRON                           10/17/2000 08:09 AM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Duke Exchange 2/00

Daren:
Please change the demand charge for deal 157278 for 2/00 to $1,247.90.
Katherine did not include the excess fee when she gave you the cashout.

$1,008.87 cashout
   $239.03 excess
$1,247.90 Total

Thanks,
Megan


Attached is an e-mail that I sent to my management earlier this week.

A also have a couple of questions and observations.  First, do we have
anything in writing from PG&E when they refused to comply with our request to
revise their Roll-off Matrix?

Also, I spoke with Jeff who informed me of the various variables that the
market has to work with to negotiate with PG&E.  I agree with the following
variables:
extend the rate freeze beyond 2001, but no later than the end of 2004.
a $3.5 to $4.0 billion hydro valuation on January 1, 2002 to cover TRA and
TCBA undercollections at that point in time, with future payments based on a
revenue requirement calculation and a fixed rate of return.  These fixed
payments will be offset by the wholesale market revenues for the hydro
output.  Ratepayers will have to make up the difference in the future through
a balancing account and fixed surcharge or surcredit; in financial derivative
terms this is is the equivalent of a negative index (fixed revenue
requirement - market revenues presumed to be the PX).  This essentially NPVs
the cashflows to payoff shortfalls today at the risk of creating shortfalls
in the future to the extent that the value is too high.
increase the level of the frozen rate at some modest amount.  Keep in mind, a
$10 per mWh increase in PG&E's rates beginning January 1, 2001, translates to
a $155 million hit to the book for 2001 through 2010, so we would need an
offsetting benefit.  We could probably offset this hit if the rate freeze was
extended through March 31, 2002.
allow PG&E to hedge procurement costs for the extended frozen time period.
it is critical that the rate freeze does not end before July 1, 2001 for all
customers, including large and small and DA and SO.  Preferably the rate
freeze would end no earlier than December 31, 2001 or 2002.  They can also
extend the rate freeze for a longer period of time for small customers or
change the freeze to an SDG&E type of mechanism beyond December 31, 2001.
The following is PG&E's situtation.

As you can see that they will be trying to cut their losses, even though they
have still not fully collected all outstanding undercollections.
Undercollections are projected to grow through next year.  What PG&E will be
looking for is a way out or a swaption to switch customers from the fixed to
index asap.  I don't think they will be so quick to do give up $500 million
at this point and will be interested in some type of settlement that would
protect this amount.  There is still the political hot potato about rolling
off early and selling out customers and the only way they could do this is
with a quick valuation of hydro.  Maybe they would be willing to take some
loss even in a settlement to avoid upsetting politicians and customers.  If
the process is delayed, PG&E's exposure will probably be over $1 billion by
the end of the year and possible $2 billion by the end of 2001.  So you see,
there would be a need for some combination of a slight increase in rates,
extension of the freeze to capture the backwardation in commodity price, and
a higher hydro valuation with ratepayers incurring the risk for the higher
valuation in the future, in exchange for a deal that insulates ratepayers
from volatility and rate shock today.
It is key that the extended Rate Freeze equitably treats DA customers in the
form of today's rate freeze with a PX credit that is not capped.

Roger
---------------------- Forwarded by Roger Yang/SFO/EES on 09/21/2000 01:52 PM
---------------------------

Roger Yang
09/19/2000 10:28 PM
To: Dennis Benevides/HOU/EES@EES, Scott Stoness/HOU/EES@EES
cc: Marty Sunde/HOU/EES@EES
Subject: PG&E Strategy to End the Rate Freeze Early and Potential Book Impact

PG&E filed Advice Letter 2010-E-A on September 15 requesting to revise its
hydro value estimate of a $1.0 billion previously filed in June to $2.8
billion, retroactively effective on June 23, 2000.  Although PG&E does not
state the intent to end the rate freeze, effective July 1, 2000, it is clear
that PG&E will claim that the $2.8 billion interim valuation will render the
rate freeze as having ended retroactively on July 1, 2000 if the CPUC
approves this advice letter.  Our estimates show that this is viable;
however, PG&E will be undercollected by $682 million in its Transition
Revenue Account.  It is unclear whether PG&E is willing to forego this
undercollection in order to avoid incurring higher undercollections from the
run-up in electric commodity prices under a rate freeze, or if PG&E has some
other plan to recover this undercollection as a post-freeze rate adder.  Even
though Decision Nos. 00-02-048 and 00-06-004 adopt ratemaking methodologies
to establish an interim valuation that triggered PG&E's Advice Letter
filings, this decision states that "[the CPUC] will address the impact of
this accounting on the end of the rate freeze at the appropriate time and in
the appropriate proceeding." (p. 10)  Hence, there is no conclusive decision
that states that this interim valuation should be used to end the rate
freeze.  In fact, the utilities had argued the contrary, it could not be used
in this manner.

Since PG&E has already sent out bills for August and should alreay wdy have
sent out bills for September by the final resolution of this Advice Letter, I
believe the earliest implementation date for ending the rate freeze would be
October 1, 2000.  In addition, I would have to believe that allowing PG&E to
implement an end to the rate freeze effective July 1 would violate codes on
retroactive ratemaking since it would result in an immediate increase to
PG&E's customers.  The book impact to EESI for a termination date of October
1 would be a $127 million loss.  A delay to an October 1 end date would
result in an undercollection for PG&E greater than $1.2 billion.  PG&E will
try to recover this undercollection in future rates if the end date is
October 1.  To the extent that such recover is delayed and recovered over an
extended period of time, the impact on the book could be minor due to the
expiration of many of our contracts in 2002.

AB1890 Section 368.a states, "These [frozen] rate levels for each customer
class, rate schedule, contract, or tariff option shall remain in effect until
the earlier of March 31, 2002, or the date on which the commission-authorized
costs for utility generation-related assets and obligations have been fully
recovered.  The electrical corporation shall be at risk for those costs not
recovered during that time period."  I interpret this to mean that the
utility does not have the option to artificially end the rate freeze
earlier.  However, PG&E may be trying to end the rate freeze early through an
interim valuation of hydro assets.  AB1890 Section 367.a.5 states, "For those
assets subject to valuation, the valuations used for the calculation of the
uneconomic portion of the net book value shall be determined not later than
December 31, 2001, and shall be based on appraisal, sale, or other
divestiture.  The commision's determination of the costs eligible for
recovery and of the valuation of those assets at the time the assets are
exposed to market risk or retired, in a proceeding under Section 455.5, 851,
or otherwise, shall be final, and notwithstanding Section 1708 or any other
provision of law, may not be rescindeded, altered or amended.  PG&E's
original position was an interim valuation could not end the rate freeze when
PG&E had thought it could overcollect CTCs before the run-up in market
prices.  Now PG&E is trying to rewrite history after the fact by using an
interim valuation that is higher than their original estimate.

Per Decision No. 99-10-057, PG&E and SCE were ordered to "file an advice
letter three months prior to the earliest forecasted date that the rate feeze
will end or Sepetmeber 2001 if the rate freeze does not end early....The
Advice Letter implementing rate changes shall become effective within 30 days
of the end of the rate freeze subject to Energy Division determining the
Advice Letter is in compliance." (Ordering Paragraph 1)  To the best of my
knowledge, PG&E has yet to file an advice letter providing 3 months notice of
an end to the rate freeze.  This demonstrates that PG&E is taking desperate
actions.  In that same decision, the CPUC ordered that "PG&E and SCE shall
provide to interested parties estimates of the date the rate freeze will end
and file advice letters to effectuate the end of the rate freeze as set forth
herein." (Ordering Paragraph 2)  To date, every estimate filed with the CPUC
showed that the rate freeze would end no earlier than January 1, 2001.  In
fact, Enron has notified PG&E on prior occasions of the possibility of a
potential earlier end date and PG&E dismissed our concerns about the
misinformation perpetrated by PG&E's filings.  This demonstrates a willful
act on PG&E's part to commit fraud if they were to end the rate freeze before
2001.  This would not be the first time that PG&E has manipulated the
regulatory process.  In its General Rate Case, PG&E was communicating an
expectation of 35 to 40% rate drops at the end of the freeze, which were
later revised to 20% drops.  The effect was to paralyze customers from
choosing an alternate supplier, which turns out was not in the customers best
interest.  Finally, the decision states, "the end of the rate freeze shall
not occur before the generation assets of each utility have been
market-valued except as the law or the Commission determine otherwise."
(Ordering Paragraph 2)  This provision clearly demonstrates that despite all
of PG&E's acts, it will be the final decision of either the Legislature or
Commission as to whether they will allow PG&E to end the rate freeze
retroactively without any advance notice and causing an immediate increase in
utility bills to half of the customers of investor-owned utilities in
California.  If the Legislature or Commission is willing to commit this type
of political suicide, then PG&E's grip on these bodies is tighter than we
could ever imagine.

As opposed to PG&E's desperate plans that would negatively impact California
customers, we willl pursue a win-win strategy.  Amongst various strategies
would be to extend the rate freeze up to December 31, 2004.  A freeze ending
any period between July 1, 2001 and December 31, 2004, will have a positive
impact on our book.  Estimates from a month ago showed a positive impact in
the ballpark of $156 million if the rate freeze were to end on December 31,
2004.  Of course our preference would be to end earlier than 2004 so as to
avoid a potential negative impact on future sales; however, we believe this
PG&E would require at least this time frame in order to mitigate its
undercollections that it would incur for the next few years.  PG&E will
benefit by the opportunity to maximize recovery, especially given an
opportunity to now hedge this risk and with the hedge funded by ratepayers.
ENA will have the opportunity to sell to PG&E.  Customers get a reprieve and
will have an additional four years to prepare for the new market structure,
knowing what they may expect from the scare from this summers.  With a better
informed customer, we may even be able to still sell in California.  The
Governor, Legislature, and Regulators, can defer the concerns to someone
else's term in office.  At a minimum, we should try to negotiate some joint
proposal with PG&E that would extend the rate freeze to December 31, 2001 or
March 31, 2002, with guaranteed recovery of undercollections for PG&E for
some time period beyond those dates.  If adopted by CPUC, PG&E would get the
P&L protection they need and customers can benefit from the reprieve from
higher rates.  I think the key is to preserve the current AB1890 rate freeze
mechanism versus a mechanism similar to that enacted by the Legislature for
SDG&E, because that legislation does not adequately protect all customers and
competitors equally.  The only solution will be a win-win solution.  The Wall
Stree Journal speculates that PG&E will be reluctant to be too aggressive in
selling out customers and may be positioning itself to negotiate a win-win
solution.  We need to make sure we are part of that winning solution, if not
influence that solution.  Moody's Investor Services Inc. issued a negative
outlook on PG&E and PG&E's stock price has dropped $4 from $30 to $26 in the
last week.  Government Affairs is on top of this issue.

Roger


Power Indices - IntercontentalExchange

                                                                                IntercontinentalExchange
                                                                                Firm Power Price Bulletin
                                                                                For Power Delivered on Monday, November  19, 2001
                                                                                (Trade Date of Friday, November  16, 2001)
Click here to access index history


Well, I have definitely taken a turn for the worse -- lots of drainage and
coughing up green/yellow stuff.  No fever at all, though.  I go to the doctor
tomorrow and hopefully will be on the road to recovery before Saturday.

Received Jim's capilene shirts; they are nice.  But I wanted to double check
with you to make sure I got the right ones -- he wanted the medium-weight
ones that are sort of like long-sleeved t-shirts, right?  The reason I am
asking is that Patagonia also makes a capilene that is more like a fleece
fabric and comes in a v-neck style...

I will hold off on the bathtub spa for Mema.  The last thing I want to do is
buy her something she does not need!  Will stick to my pedicure gift
certificate idea.

So glad you are doing better.  Too bad there was a delay in the flu vaccine
this year or we both could have avoided a lot of trouble!

Camp2scott@aol.com on 12/04/2000 04:04:44 PM
To: Susan.Scott@enron.com
cc:

Subject: p.s.

The doc thinks I probably had the flu.


FYI.
----- Forwarded by Jeff Dasovich/NA/Enron on 04/10/2001 08:48 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	04/10/2001 08:47 PM

		 To: Diane Dimeff <dimeff@Haas.Berkeley.EDU> @ ENRON,
tambornino@haas.berkeley.edu
		 cc:
		 Subject: Wrong Number

Greetings Diane:

Could you check the work phone for Joseph Brophy.  I've got 408.390.5291 on
my list of admitees to call and I'm getting the "not a valid number"
recording.  Thanks a bunch.

Best,
Jeff


looks good to me

 -----Original Message-----
From: 	Neal, Scott
Sent:	Wednesday, January 30, 2002 10:56 AM
To:	Vickers, Frank
Subject:	floor plan

take a look and  make changes

 << File: 6th floorplan 01.30z.xls >>


Noon works really well for me.
When did you make partner?

LC

"Joe Jong" <jmjong@hotmail.com> on 09/28/2000 10:41:30 AM
Please respond to "Joe Jong" <jmjong@hotmail.com>
To: <Larry.F.Campbell@enron.com>
cc:

Subject: Re: BP

tentatively, we'll leave Houston at about noon and get back to Houston at
about 10. we're still finalizing the BP plans and we'll let you know ASAP.

Regards,

Joe Jong

Thomason, Moser, Patterson, & Jong L.L.P.
3040 Post Oak Blvd. # 1500
Houston, Texas 77056
(713) 623-4844
fax (713) 623-4846
www.tmpjlaw.com

**CONFIDENTIAL INFORMATION**
This transmission contains information from the law firm of Thomason, Moser
& Patterson, L.L.P., which is confidential or privileged. The information is
intended to be for the use of the individual or entity named on this
transmission. If you are not the intended recipient, be aware that any
disclosure, copying, distribution or use of the contents of this information
is prohibited. If you have received this transmission in error, please
notify us by telephone immediately so that we can arrange for the retrieval
of the original documents at no cost to you. Alternatively, notify the
sender by replying to this transmission and delete the message without
disclosing it. Thank you.
----- Original Message -----
From: <Larry.F.Campbell@enron.com>
To: Joe Jong <jmjong@hotmail.com>
Sent: Thursday, September 28, 2000 9:13 AM
Subject: Re: BP

>
> do you have specific time info for saturday's activities?
> i might be tied up in the morning.
>
> LC
>
>


As was announced in today's Jones News, the school wide events calendar has
moved from Yahoo to the Jones School's web site.  The Yahoo calendar will
be disabled this afternoon.

The address of the new calendar is http://jonesgsm.rice.edu/calendar  As
with the rest of the web site the calendar is an evolving project so check
back often for the latest events and features.  This is a publicly
available calendar so please tell friends and family to check here to see
what's up at the Jones school.

Linda Werckle is still the primary point of contact to have your event
placed on the calendar.  The best way to contact her to have your event
placed on the calendar is by e-mail to werckle@rice.edu or telephone
713-348-3463
------------------
David Kilgore               Jones Graduate School - Rice University
kilgore@rice.edu          6100 S. Main - MS 531
713-348-5378               Houston, TX 77005


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The Word of the Day for January 20 is:

blithesome   \BLYTHE-sum\   (adjective)
     : gay, merry

Example sentence:
     The celebration was a blithesome scene: men and women
dancing to the lively tunes of an impromptu band, children
running and playing, the air filled with joyous shouts and
laughter.

Did you know?
     "Blithesome" comes from "blithe," a word that has been a
part of English since before the 12th century. "Blithe" can mean
"casual" and "heedless" as well as "joyful" and "lighthearted,"
but "blithesome" obviously makes use of only the "joyful,
lighthearted" sense. "Blithesome" didn't show up in print in
English until 1724, and is now relatively uncommon, but you'll
find it in the works of such authors as Charles Dickens, Sir
Walter Scott, Mark Twain, and Henry Wadsworth Longfellow.

----------------
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ISDA PRESS REPORT - MAY 4, 2001

* Fed's McDonough sees global strains from slowdown - Reuters
* McDonough Advocates Flexible Approach To Prevent, Cope With
Financial Crises - BNA
* Gramm Says Changed Markets Demand Dramatic Review, Reform of
Securities Laws - BNA
* Lack of banking safeguards in HK - Financial Times
* Japan 'risks slide into downward spiral' - Financial Times
* Accounting Shift Lifts Deutsche Profits - American Banker
* Argentina's strife not over yet - Financial Times

Fed's McDonough sees global strains from slowdown.
Reuters English News Service - May 4, 2001

NEW YORK, May 3 (Reuters) - Federal Reserve Bank of New York President
William McDonough said on Thursday the international financial system is
showing some signs of strain from a slowdown in global growth.

McDonough, in remarks prepared for delivery to a banking group in Frankfurt,
Germany, said there is no broad agreement on how to handle international
financial crises.

"During the latter part of the 1990s, the international financial system has
endured perhaps its greatest stress in the post-war period, and currently we
again are seeing signs of strain associated with the global slowdown in
growth," McDonough said in a text of his speech released in advance.

The New York Fed chief did not comment further on the global economy or
discuss the U.S. economy in the speech, which focused on global financial
stability. McDonough is also chairman of the Basel Committee on Banking
Supervision which recently completed a new accord on bank capital standards.

There is a broad consensus on the need to strengthen financial institutions
at the national and international level in order to create more crisis
resistant economies, McDonough said. But there is no comparable degree of
consensus on how to best handle international financial crises once they do
erupt.

"In particular, there is unease that the current approach to crisis
management that has evolved out of the experiences in Mexico and Asia,
notwithstanding its successes in some cases, entails solutions that are
potentially too costly," he said.

Critics feel the solutions entailed repeated reliance on large-scale support
packages, introduced adverse incentives, or moral hazard, and were in
themselves a source of uncertainty and potential instability, McDonough
added.

He advocated a flexible case-by-case approach to crisis management, adding
that regulators should strive for minimalist intervention.

The role of regulators is not to limit banks opportunities for growth and
profit. "At the same time, if we encourage responsible behavior, we must not
create the illusion that we will rescue every institution that does not
succeed," he said.

McDonough Advocates Flexible Approach To Prevent, Cope With Financial Crises

BNA - May 4, 2001
By Jeffrey Goldfarb

A flexible, case-by-case approach, with minimal intervention by regulators,
is the best way to prevent and cope with financial crises, said William
McDonough, the president of the Federal Reserve Bank of New York and
chairman of the Basel Committee on Banking Supervision.

Speaking May 3 in Frankfurt, Germany, McDonough said bank supervisors around
the world should be working to enable banks to better manage their
businesses and their risks. "At the same time, if we are to encourage
responsible behavior, we must not create the illusion that we will rescue
every institution that does not succeed," he said.

McDonough said that disclosure practices by banks, although improved over
the past decade, have not kept up with the many changes in the way they
manage their risk. He recommended that banks rethink what they consider
proprietary information.

"It is critical to approach the question of disclosure as users of financial
statements," he said. "Shareholders, creditors and counterparties cannot
understand the risks of their own exposures to a bank until they first
understand that bank's appetite for risk and its approach to, and
methodologies for, managing risk. What should drive this debate is market
participants' need for information to make sound and secure credit and
investment decisions, rather than the concerns some have about what was once
considered secret."

Amidst his remarks, an advance text of which was released in New York,
McDonough briefly commented on the state of the global economy, saying there
are some unfavorable signals. "During the latter part of the 1990s, the
international financial system has endured perhaps its greatest stress in
the post-war period, and currently we again are seeing signs of strain
associated with the global slowdown in growth," he said.

McDonough explained that the solutions to recent crises in Mexico and Asia,
even though successful, may have led to certain currently held tenets that
are too costly, introduce adverse incentives or moral hazards, and are in
themselves a source of uncertainty and potential instability.

"But the alternatives," he said, "look even more unpalatable in their
implications. Notwithstanding considerable efforts at the public and private
level to search for a better way, no magic bullet formula has been found.
Nor is one likely to be available."

In essence, McDonough said, the quest for some broad, universal solution to
financial crises is a Pollyannalike pursuit. "If history is any guide," he
said, "new developments in markets and practices quickly will render
obsolete those measures that might seem well attuned to today's
circumstances."

For that reason, McDonough encouraged a "supremely tactical" and creative
case-by-case approach to handling crises.

He specifically argued against standstill solutions, which suspend debt
service, usually in conjunction with the imposition of capital controls.
McDonough said that approach, in his opinion, could make investors skittish
and make it harder to generate support for honoring contractual commitments.
Standstills also undermine market discipline of and ownership by the local
authorities, he said.

"To sum up, I believe the one size fits all disposition inherent in the
standstills approach risks making situations much worse than they need to
be," he said. "The only thing that strikes me as predictable under such an
approach would be that market access would be harmed across the board. Just
as bailouts may encourage too much risk taking, efforts to orchestrate
preemptive bail-ins may encourage too little."

Gramm Says Changed Markets Demand Dramatic Review, Reform of Securities Laws

BNA - May 4, 2001
By Rachel Witmer

Senate Banking Committee Chairman Phil Gramm (R-Texas) said May 3 that the
changes in the U.S. securities markets since the 1930s, and especially in
the last 10 years, demand a "dramatic review and reform" of securities
regulation.

Gramm had previously announced his intention to conduct a top-to-bottom
review all of the securities laws with the intention of modernizing them.

Speaking at a meeting of the Security Traders Association, Gramm said that
the review will be open-ended, and that he will not prejudge the conclusions
from the effort. The senator said that the question he asks in looking at
laws and regulations is "Are the benefits of this regulation in the market
as it exists today worth what we're paying for them?"

In addition, he emphasized that there will continue to be "dramatic" change
in the markets and said, "I want the change to be dictated by the markets
and not the government." One change that he suggested might come "in the
long run" is that securities markets, per se, could become a thing of the
past. "I'm not certain that markets are not obsolete," he said.

Later in his remarks, Gramm clarified his statement, saying "I don't know if
markets make sense any more." He made an analogy between markets and
traditional book stores, which have serious competition from online book
stores. "The Internet has revolutionized the book market," Gramm said. He
then asked, "Is a centralized market necessary?"

NYSE's Survival

At another point in his remarks, Gramm suggested that as all-electronic
markets are proliferating and changing competition in the securities
markets, the New York Stock Exchange's "survival is not guaranteed."

In other comments, Gramm emphasized that while he may refer an individual to
the White House for consideration as a potential nominee for the
chairmanship of the Securities and Exchange Commission, "the president is
going to name the chairman and not me." Asked about the length of time it is
taking for the White House to nominate someone for that position, Gramm
said, "I don't see that any great harm is coming from it."

Gramm told reporters after his remarks that he hoped the administration will
nominate someone who was "knowledgeable, open-minded and free market."
Finding all those qualities on one person is "hard," he said.

On the topic of decimals, Gramm said that he did not see the recent
decimalization of the securities markets as a "fundamental reform." As of
April 9, all securities are priced and traded in decimals instead of
fractions. While on the House side there is some interest in exploring the
effects of decimalization, Gramm said "I don't see anything in it now that
would induce me to want to go back and hold hearings about it."

Lack of banking safeguards in HK
Financial Times - May 4, 2001
By Joe Leahy

Hong Kong lacks many of the formal safeguards in place in the UK and
Australia to protect banking consumers, said a study yesterday by the
territory's de facto central bank, Joe Leahy reports from Hong Kong.

Hong Kong has no general competition law, no regulator with an explicit
mandate for protecting banking consumers and no ombudsman scheme to process
complaints, the consultative study by the Hong Kong Monetary Authority
(HKMA) found.

"As the Hong Kong market is becoming more sophisticated and more
competitive, and as consumer issues are coming more to the fore, it is
timely to consider whether the current arrangements in Hong Kong remain
appropriate," it said. .

Despite its pro-business bias, Hong Kong has been forced to re-examine the
issue of depositor protection following moves to deregulate the banking
sector.

Japan 'risks slide into downward spiral'
Financial Times - May 4, 2001
By Gillian Tett

Falling exports to Asia and the US and the fragility of its banking system
mean Japan risks sliding into a downward spiral with severe regional
consequences for trade, the Organisation for Economic Co-operation and
Development warned yesterday in its latest half-yearly report.

The OECD report says Japan may need to bail out the banks, a move the
government has ruled out.

The report comes at a critical time for the new government of Prime Minister
Junichiro Koizumi. The Paris-based think-tank attracts considerable respect
in Japan, and Mr. Koizumi is due to make his inaugural speech to parliament
on Monday, in which he will set out the government's economic policy.

The OECD report asserts that the level of bad loans is probably larger than
the government admits, meaning that some banks may not have sufficient
capital to write off their bad debts. "In some cases, (realistic write-offs)
might even wipe out the capital altogether, requiring banks to reduce the
scale of their operations, raise capital in the market or seek public
financial support," it says.

The condition of the banking system is likely to be a key focus of Mr.
Koizumi's speech. He has pledged to introduce measures to clear out the bad
loans rapidly, under pressure from countries such as the US. The government
insists the banks have sufficient capital to complete this task.

"Public funds should be injected only when the financial system faces a
crisis," Hakuo Yanagisawa, financial reform minister, said recently. Some
Y7,450bn (Dollars 61bn) of public funds were injected into the largest banks
in 1999.

But many analysts and diplomats fear that without government help the banks
will be too weak to write off their bad loans rapidly.

The mountain of bad loans has damaged corporate confidence and left the
financial sector reluctant to lend.

However, forcing banks to cut their loans to unviable borrowers could lead
to more bankruptcies and rising unemployment in the short term, the OECD
admits. "Managing the loan clean-up will be a huge task for the authorities,
in particular as flagging confidence may dictate that it will have to be
carried out in a short period of time," it says.

The timing of the clean-up is unfortunate, since Japan is suffering the
knock-on effects of the slowdown in the rest of the global economy, through
lower exports.

The OECD suggests that if more funds are injected into the banks, that the
bank managers should be sacked and the shareholders should not be rescued.
However, any fresh injections of public funds could trigger strong public
protest. It could also fuel Japan's spiraling debt burden which is projected
to hit 158 per cent of GDP in 2006 - and 138 per cent next year.

The OECD calculates the government will need to tighten fiscal policy by 10
percentage points of GDP by 2010 simply to stabilise the debt.

This is currently equivalent to Y55,000bn, a sum exceeding total central
government tax revenue. On current growth trends, tax revenue would
therefore need to be doubled if the adjustment occurred on the tax side
alone.

The OECD added that monetary policy would need to be highly supportive. It
expects to see 1 per cent growth in calendar 2001 and 1.1 per cent growth
next year, higher than many analysts are projecting.

Accounting Shift Lifts Deutsche Profits
American Banker - May 4, 2001

FRANKFURT- Deutsche Bank AG, Europe's largest bank, said Thursday that
first-quarter earnings rose 7%, fueled by lower taxes and a new accounting
rule for derivatives, even as revenue from investment banking declined.

Net income climbed to $920 million, or $1.68 a share. The results included a
gain of $208 million from the accounting change.

Chief executive Rolf Breuer is trying to reduce Deutsche Bank's reliance on
investment banking and emphasize businesses such as fund management and
consumer banking. Rivals in the securities business, including Goldman Sachs
Group Inc., reported lower profit in the first quarter. Deutsche Bank said
its investment banking revenue declined 1%.

Another rival reported a similar expectation. "I expect to see growth from
asset management and personal banking this year7 said Helmut Hipper, who
helps manage about $53.4 billion at Union Invest GmbH in Frankfurt.
"Investment banking won't be the main driver."

Deutsche Bank shares fell Thursday by 0.75%, after having risen 2.8% in
early trading.
Without the accounting gain, profit was down 17% in the first quarter. Under
a new International Accounting Standards Board rule called IAS 39, changes
in the value of certain derivatives were included in trading income for the
first time.

"If we take away the accounting change, profit was down in the first
quarter," said Manfred Bleijenberg, an analyst at Delta Lloyd Bank in
Amsterdam, who is recommending that clients "accumulate" shares of Deutsche
Bank.

The company said its tax bill in the first three months declined 38%.
Germany cut its corporate tax rate this year to 25% from 40%.

However revenue from the bank's private client and asset management division
declined slightly, to $1.79 billion from $1.87 billion, and revenue from
corporate and investment banking declined to $4.47 billion from $4.52
billion.

In a letter sent to shareholders Thursday, Mr. Breuer said, "We want to
expand our market position in all important areas of business in the current
financial year. He added, "We expect from this an improvement in our profit
situation compared with our competition."

Argentina's strife not over yet
Financial Times - May 4, 2001
By Thomas Catan

For the past six months, Argentina's markets have been dominated by a single
question: can the country restart its economy in time to avoid a default on
its Dollars 128bn in debt?

The answer is not yet clear. In his first six weeks back in charge of the
economy, Domingo Cavallo has done much to improve a bad situation after
nearly three years of recession.

He has transformed a fractious political scene and restored the backing of
the International Monetary Fund.

His task was complicated by the fact that Argentina missed its first quarter
fiscal target.

Mr. Cavallo has taken a range of measures to rein in the burgeoning fiscal
deficit to meet the Dollars 6.5bn target agreed with the IMF for this year.

Most recently, he moved to eliminate virtually all exemptions on value added
tax, cut Dollars 900m in spending and increased a tax on financial
transactions from 0.25 per cent to 0.4 per cent.

But those steps have only increased concern that Argentina will not climb
out of recession, in spite of his prediction this week that the economy will
be growing at a 5 per cent clip in the last quarter of the year.

Mr. Cavallo's strategy is unconventional. To restart growth, he has
eliminated import tariffs on capital goods to encourage investment, as well
as cut VAT on those items from 21 per cent to 10.5 per cent.

He will also unveil a series of "competitiveness plans" for sectors of
industry that have been hurt by the overvaluation of the peso over the past
couple of years.

The aim is to regain competitiveness without breaking the decade-old peg to
the dollar, which would be disastrous in a country where the vast majority
of public and private sector debt is denominated in dollars.

But investors still question whether the strategy can work, and have pushed
interest rates up to astronomical levels.

Because of those rates, Argentina has long been unable to borrow on
international markets.

Last week it was forced for the first time to cancel a bi-weekly auction of
treasury bills.

Investors will be watching closely to see if Argentina can hold its next
scheduled auction on May 8. If it cannot, then the fears that the country
will have to restructure its debt will again grow stronger, stoking
volatility throughout emerging markets.
Following a brief rally at the start of the year, Argentina's stock market
has again languished.

But razor-thin trading volumes make the country's Merval a poor indicator of
market sentiment. Over the past couple of months it has hovered in a range
of 400 to 460. Yesterday by mid-session the Merval slipped 6.59 to 416.74.

It is the country's bonds that investors will be looking at. They account
for nearly a quarter of the benchmark emerging market debt index, and any
restructuring could spell trouble for such markets around the world.

Scott Marra
Administrator for Policy & Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org

Scott Marra
Administrator for Policy & Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org


Start Date: 4/16/01; HourAhead hour: 4;  No ancillary schedules awarded.
Variances detected.
Variances detected in Energy Import/Export schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041604.txt

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 4 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/16/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_LUCKY
  ENGY_TYPE: WHEEL

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 4 / Preferred:   1.93 / Final:   1.77)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 4/16/01
  SC_ID: EPMI


Happy Monday - or whenever it is that you are blessed with the receipt of
this message. A funny thing happened to me on my way to upload the PX deals
on Friday. I went to process the data and was rudely stopped by an error
message stating the following:

Error establishing lock on Trader ID and Trader Date: Trader Already Locked
(_InboxAC11AC92.913Aoc376A1622250.4)

Interesting, isn't it? So I entered the PX deals manually and went along my
merry way. Just thought you should know.


Victoria,

Thank you for your Pre-Enrollment Application for our Enron Kid's Center.

If you have questions related to the care of your child, lottery, room
capacity, tuition, wait-listing, etc...please email your questions to
gwing@knowledgebeginnings.com.  If you have questions related to enrollment
information, please email cfranklin-rhem@klcorp.com.

Thanks again!

Catherine