BUSINESS HIGHLIGHTS

Enron Industrial Markets
Enron Industrial Markets announced the signing of definitive agreements with
Huntco, Inc. under which over a 15-year period Enron will provide inventory
price risk management services and will eventually provide more than 600,000
tons per year of hot-rolled, cold-rolled and galvanized steel products to
Huntco Steel.  The agreements provide Enron access to Huntco,s network of
steel distribution centers nationwide.  The agreements also provide for Enron,
s acquisition of Huntco,s cold rolling and certain coil pickling operations
in Blytheville, Arkansas.

These transactions with Huntco have the potential to fundamentally change the
way steel is bought and sold in the United States.  It gives Enron immediate
access to physical steel and positions Enron geographically to serve the
steel industry in a variety of ways.  In addition to providing physical
products on both a spot and term basis, EIM,s goals for the steel industry
include developing commodity risk management products, providing structured
finance products and establishing the market-making capabilities that Enron
has brought to the natural gas, power and other commodity markets.

Enron North America-Upstream Products
Upstream Products has partnered with Duke Energy Field Services (DEFS) to
close a 20-year NGL exchange and transportation deal with Formosa
Hydrocarbons and Williams Energy Field Services to handle raw make product
from the Williams Markham plant. Formosa Hydrocarbons is building a 40,000
BPD fractionator to handle this and other Gulf Coast NGL production.  The
accompanying pipeline will be known as the Seabreeze pipeline system and will
be constructed by DEFS. Texas Brine LLC will provide NGL storage services for
Formosa Hydrocarbons on this system. Primary production for this system is
coming from the Boomvang Nansen field in the deepwater GOM and will be the
first deepwater GOM production to come onshore in Texas.
Upstream Products has also worked to arrange a 20-year transportation lease
agreement on the Dean Pipeline (owned by TEPPCO) for refinery grade propylene
service to be utilized by Formosa Plastics. Coupled with this transaction,
Enron Clean Fuels has entered into a propylene storage agreement with Formosa
Plastics to utilize ECF,s Mt. Belvieu storage facilities.  In addition, Enron
Global Markets has been able to amend its current transportation agreement
with TEPPCO to prematurely terminate a take-or-pay obligation and realize
additional transportation revenues from interim NGL production coming from
the Williams Markham to be delivered to Mt. Belvieu.
Upon close, Upstream Products was monetized out of its initial position by
DEFS and retained a risk-free net profits position on the Seabreeze Pipeline
going forward for an additional 20,000-40,000 BPD of excess capacity on the
system.
ENA West Power
Southwest Power, an ENA affiliate, signed a 222MW 15-year tolling agreement
with Allegheny Energy Supply for all of the output of Southwest's Las Vegas
expansion project, scheduled for completion in September, 2002.  With the
tolling agreement done and construction underway, the project will now be
marketed to qualified generators.

IN THE NEWS

&To truly understand Enron,s Jeffrey Skilling ) the hypersmart,
hyperconfident chief executive of what may now be the largest energy trading
company on the planet ) head to your local video store and check out that
classic American cinema, Wayne,s World.  At 15, Skilling helped launch a
no-budget television station in Aurora, Illinois ) the very thing that Mike
Myers and Dana Carvey so famously spoofed on Saturday Night Live and in two
movies.  The TV skit even begins with a sketch of a teenage cameraman, the
role of the real-life Skilling.8 )-- Randall Lane, Worth Magazine. May 2001.

Calgary, Alberta -- Enron Canada has settled its lawsuit with NGX, Canadian
Enerdata, OM Gruppen and Richard Zarzeczny, regarding the compilation and
methodology for calculating the Alberta natural gas price indices published
by the Canadian Gas Price Reporter.  By the terms of the settlement there
will be a joint press release issued regarding the settlement, which is to be
the only public communication regarding the matter unless agreed to by all
parties. Otherwise the settlement is confidential to the parties.
Accordingly, there is to be no formal or informal discussion with media,
colleagues, competitors, counterparties or otherwise.

WELCOME
New Hires
EGM  - Salil Pradhan, Randy O,Conner, Ricardo Charvel, Greg Fields, Ken
Newman, John Ashman, Rick Cantrell, Tim Klaiber, Trevor Woods,
EIM   - Tim Asterman, Maxine Leclaire, Jerry Newton, Philip Siewert, Janamon
Johnson, Darralyn Briskey, Theodore Rogers,
ENA  - Rae Meadows, Tiffany Winship, Adrianne Engler, Kimberly Yates, Jackie
Verity,

Transfers (to or within)
ENA )Christa Winfrey, Mario Alonso, Paul Rizo-Patron, Nick Ploitis, Misti
Day, Robert Cothran, Susan Wilson, Diane Cutsforth, David Owen
EGM ) Mark Friedman, John Groves, Deirdre McCaffrey, William Windle

EnronOnline Statistics

Below are the latest figures for EnronOnline as of May 9, 2001.

* Total Life to Date Transactions > 963,575
* Life to Date Notional Value of Transactions > $579 billion

NUGGETS & NOTES

Reminder:  Brown Bag Lunch, Thursday, May 17 at 11:30 AM in 5 C2. The speaker
is Michael L. Miller discussing Principal Investments.

&Historically, Newsprint has been sold under strong relationships as a highly
differentiated, branded product to &very discriminating8 buyers at newspaper
publishers. EIM believed differently.  By the end of March, EIM had succeeded
in closing on its 2nd Newsprint mill, making it the 7th largest Newsprint
manufacturer in North America.  Remarkably, in just 2 months, EIM,s Newsprint
team has succeeded in closing $100MM total notional value &Enron commodity
style8 fixed price contracts with terms of 1 to 5 years(..and they said it
wasn,t a commodity.8
Rodney Malcolm ) Vice President, Forest Products Sales and Marketing

Travel Tip of the Week:  Book flights 7 days in advance.  The cost savings
can be considerable if you plan ahead ) at least 7 days.
 For example:  Houston to Portland
       Less than 7 days:  $ 1,652
       7 day advance ticketing $    324

Congratulations to Kimberly and Eric Thode, director of ENA Public
Relations.  They are the proud parents of Whitney Marie, born on May 3.  She
weighed 8 lbs. 8 oz.

Congratulations to proud parents Nettelton and Louise Kitchen, COO, Enron
Americas. Their son, Scott William, was born on May 9 and weighed 9 lbs.1 oz.

NEWS FROM THE GLOBAL FLASH

Enron closes major coal deal in Germany
After almost six months of negotiations, Enron's coal team has signed a
contract with Stadtwerke Bremen to supply this major German municipality with
coal until 2006. Under the deal structure, Enron will deliver a total of 4.6
million tonnes of coal - equivalent to an overall contract volume of almost
$200 million  (DM 440 million).

The agreement represents Enron's first significant long-term coal supply deal
in Germany. The annual contractual volume amounts to around 3% of total
German coal imports and provides us with continuous volume flow in Northern
Germany, enabling us to grow our position in the market.

Parallel to this deal, Enron also entered into a separate agreement with HMS
Bergbau Agentur, a company specialising in Polish exports. Under this
agreement, HMS will be the handling agent and a potential supplier of Polish
coal to us over the lifetime of the contract.

Congratulations to the whole team involved: Sven Becker, Manfred Ungethum,
Cornelia Luptowitsch, Peter Bradley, Jez Peters and Michael Schuh.

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only
and should not be disclosed.


Daren, EOG  called and said that the well behind 986296 which has been down
for a week from 7100 to 4400 for the last week or so needs to stay at the
4400  for the rest of the month.  I  changed the ticket for that.  This was
per Suzanne Saldivar.  Also Shoreline reduced the meter 6722 from 30 to 24.
also changed that. last Cody went from 7666 to 7600 at meter 6722.  Both
Shoreline and Cody were per customer request.


My T1 is down

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308


I share your perceptions of Jose, though I don't have as much contact as you
do.  I know also from some recent discussions with Rick (who has also had a
fair amount of contact with Jose) that he has very positive views on Jose's
work.  I think we should make a concerted effort to get the feedback and have
a good discussion about Jose at year end to ensure that he is properly ranked.

	James M Bannantine@ENRON_DEVELOPMENT
	10/03/2000 07:13 PM

		 To: Steven J Kean@EES
		 cc:
		 Subject: Re: Questions for Executive Business Review- URGENT

---------------------- Forwarded by James M Bannantine/ENRON_DEVELOPMENT on
10/03/2000 06:13 PM ---------------------------

Delivery Failure Report
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because:	User Steven J Kean (Steven J Kean@enron.com) not listed in public
Name & Address Book

What should you do?
You can resend the undeliverable document to the recipients listed above by
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EDC_NMAIL01/ENRON_DEVELOPMENT, EI-NHUB01/ENRON_DEVELOPMENT, EESHOU-HUB/EES,
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________________________

To: Steven J Kean@EES
cc:
From: James M Bannantine/ENRON_DEVELOPMENT
Date: 10/03/2000 10:18:08 AM
Subject: Re: Questions for Executive Business Review- URGENT

This is a good summary of the scope of Jose's responsibilities and the value
he manages.  This obviously takes a lot of my time as well because of its
importance, in some ways  like you or Stan Horton, in terms of drivers of my
P&L.  However, Jose manages this pretty much on his own without much
involvement from Houston (it is a local effort by its nature), which was the
point I was making at the PRC.  He has a good grasp of the commercial,
regulatory and political elements of all of this and keeps them all balanced
well.  He is methodical and systematic (which can also be perceived as not
especially dynamic), and English is really his second language, which may
have hurt him in the PRC.  He is on the job I would wager as much as 80 hours
a week.  Do we have anyone at his level with as much or more responsibility
elsewhere in the company?
---------------------- Forwarded by James M Bannantine/ENRON_DEVELOPMENT on
10/03/2000 10:11 AM ---------------------------

Jose Bestard
10/03/2000 09:05 AM
To: James M Bannantine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: Questions for Executive Business Review- URGENT

FYI-  For  Steve Kean to prepare for their Executive Business Review with
Jeff Skilling and Ken Lay on this Wednesday, Oct 4th
---------------------- Forwarded by Jose Bestard/ENRON_DEVELOPMENT on
10/03/2000 09:03 AM ---------------------------

Jose Bestard
10/02/2000 11:02 PM
To: John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Gia Maisashvili/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James D
Steffes/NA/Enron@Enron

Subject: Re: Questions for Executive Business Review- URGENT

John.

1) I am attaching a power point file of the key issues we are following in
the regulatory group as of now. I highlighted a few to further discuss.  See
below.

2) I am enclosing the descriptors for the items I highlighted.

Jose

From: John Neslage on 10/02/2000 10:13 AM
To: Jose Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gisele S
Braz/SA/Enron@Enron
cc: Gia Maisashvili/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James D
Steffes/NA/Enron@Enron

Subject: Questions for Executive Business Review- URGENT

Jose:

Jim Steffes, Gia Maisashvili and I  are helping Rick Shapiro and Steve Kean
prepare for their Executive Business Review with Jeff Skilling and Ken Lay on
this Wednesday, Oct 4th.  Some of the "success stories" that we want to
include have originated in your region, and we want to be sure that we have
the proper information on each of the listed activities.

We need to talk today because of the time sensitivity involved here - I will
give you a call this morning.

Thanks, Jose-

John

Regulatory Risk Management   -   Firm Numbers

Elektro EBIDTA Recovery     $50,000,000

Cuiaba Bolivian Natural Gas Export Permit   $91,000,000

Transredes Deferred Account      $100,000,000

Transredes Administrative Rule 411/99 + 412/99  $21,600,000

Puerto Suarez Brazilian Electricity Import Permit  $150,000,000


I will definitely!!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, February 04, 2002 10:16 AM
To:	Rybarski, Amanda
Subject:

let me know if you have any freetime


[IMAGE]	 	[IMAGE]	[IMAGE]

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(AMCC) (Nasdaq:AMCC) today announced that Kevin Kalkhoven, co-founder of Kalkhoven, Pettit & Levin Ventures LLC and previous chief executive officer of JDS Uniphase Corp., has been elected to AMCC's board of directors.   "Kevin's years of experience, and in particular his success in developing JDS Uniphase into the leading supplier of fiber optic components and modules, will be extremely valuable to AMCC as the relationship between optics and electronics increases in importance," said Dave Rickey, chairman and chief executive officer of AMCC. "His vision, energy and demonstrated business leadership will be a great asset to our company, and I am very pleased to welcome Kevin as the newest member of AMCC's board of directors."   Prior to co-founding the venture firm of Kalkhoven, Pettit & Levin Ventures LLC, Kalkhoven led Uniphase Corp. as president, CEO and chairman and oversaw its transformation from a privately held manufacturer of industrial lasers into a publicly held leading global supplier of components and modules. As Chief Executive Officer of Uniphase, he oversaw its merger with JDS FITEL in 1999 and the emergence of the combined entity, JDS Uniphase Corporation, as a leader in the fiber optic components and modules marketplace.   Kalkhoven is a regular keynote speaker at technology conferences and was noted in the May 2000 Worth magazine as one of America's Top 50 CEOs.   About AMCC  AMCC designs, develops, manufactures, and markets high-performance, high-bandwidth silicon solutions empowering intelligent optical networks. 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----- Forwarded by Gerald Nemec/HOU/ECT on 05/29/2001 08:12 PM -----

	Gerald Nemec
	05/29/2001 08:07 PM

		 To: ktycholiz@houston.rr.com
		 cc:
		 Subject: Agency Draft

Barry, For your review.


Revised Ferc total for 1997 by Desk (created by John Zurita/HOU/ECT on
3/29/99)


your guys are probably seeing this as well, but, 50 cents higher our customer
biz was 95/5 from buy side.  now it's 50/50.  can almost smell blood among
the producers.  only problem is trade is sooooo short they cant see
straight.  were the market still not so fundamentally overvalued right now
i'd be looking for a 25 cent move up.  just can't see that happening at this
level though.


Sally / Beth,

As we discussed when I was in Houston I have put together a draft on
Valuation Methodology Changes and Model Approval. I had a meeting arranged
for today to go through my proposal with Ted Murphy and Tani Nath (she heads
up research and structuring here in London) but Ted cancelled at the last
minute (again). Tani and I met and are broadly in agreement, but before we
can go any further we need Ted's input. He is now away for 2 1/2 weeks so
there is going to be no further progress on this front.

In the mean time I would appreciate your comments on what I have put
together. I would prefer it if it is not circulated around Houston at this
stage until I can accurately say that Ted is happy from a global RAC
perspective. Likewise I still need to get Houston research comfortable but I
am going to wait until Ted has had a chance to add his feedback so I can at
least say that it is only Houston research that is outstanding. Others will
also need to be consulted (and I would like to agree a list of key people
with you) but I can't see their being any real contention. Can you ?

I am assuming that resourcing is likely to be an issue for you in Houston
(and it may well be here too) and this has been added to the outstanding
list. I am envisaging that some of the risk management work could be
completed as part of the curve validation

If there are any questions or feedback please let me know.

James


>

 - img[3].jpg


I thought that was classic.  Shamu Club.  Haven't gotten the articles yet.  Looking forward to our Vail trip to celebrate our anniverary this weekend.  Nadine comes to our house today.  When you come to our house for Xmas try to be here by Saturday afternoon.  The party that Lenny and Laurie usually have may be at our house since they are in the middle of building their house.  They are driving to Florida after xmas and want to stop and see you either on the way or on the way back.  I gave the Dad's 1-800 number.

-----Original Message-----
From: John & Martha Jo Whitt [mailto:jwhitt@gvec.net]
Sent: Wednesday, November 14, 2001 4:51 PM
To: Whitt, Mark
Subject: Re: Shark Repellent

Okay, I got one the other day that I thought was too gross to send; if I can find it , i'll forward it...if not, just picture Osama bin Laden under that gal and the caption was something like how to get rid of Osama.  Hope all is well...what's the news?  Did you get all the articles from the Houston paper?  Happy anniversary...Mom

----- Original Message -----
From: Whitt, Mark <mailto:Mark.Whitt@ENRON.com>
To: jwhitt@gvec.net <mailto:jwhitt@gvec.net>
Sent: Wednesday, November 14, 2001 4:55 PM
Subject: FW: Shark Repellent

-----Original Message-----
From: Christina Rawlings-Curtis [ <mailto:christina_122367@hotmail.com>]
Sent: Tuesday, November 13, 2001 10:22 AM
To: Whitt, Mark
Subject: Fwd: Shark Repellent

Have you seen this one?  :) Christina

_________________________________________________________________
Get your FREE download of MSN Explorer at
http://explorer.msn.com/intl.asp

**********************************************************************
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.
**********************************************************************


Thank  you.  Please let Michael know that we'll be coming in business casual  attire. Hope that's OK.

Best,
Jeff
-----Original Message-----
From: Amie King  [mailto:ACK@a-klaw.com]
Sent: Tuesday, October 23, 2001 5:21  PM
To: 'jdasovic@enron.com'
Subject: 10-24-01  Meeting
This email will confirm that I left voice mail for you today at 3:20 confirming  your meeting with Michael Alcantar tomorrow at 9:00 a.m. here in our San  Francisco office.  If you have any questions please don't hesitate to  contact me.  Thank you.
Very truly  yours,
Amie C. King
Alcantar &  Kahl
415-421-4143


Gentlemen:

The following appeared on Reuters today.  I actually think it is fairly
helpful to our cause.

Jim

BOMBAY, Jan 7 (Reuters) - The Indian government has asked the western state
of Maharashtra to work out ways to pay outstanding dues to U.S. energy giant
Enron Corp (NYSE:ENE - news), media reports said on Sunday.

Enron has threatened to invoke letters of credit (LC) and the federal
government's counter guarantee.

``The state government has to work on the issue,'' the Press Trust of India
said, quoting unnamed official sources.

The Economic Times on Sunday said that the lenders to Enron's local unit,
Dabhol Power Company, were meeting on Tuesday in New York to discuss the
inability of the Maharashtra State Electricity Board (MSEB) to clear its dues.

``As a result of MSEB's mounting dues Enron said it would be forced to invoke
the LC,'' the newspaper said.

The report said the MSEB had outstanding dues worth 2.62 billion rupees
($56.15 million).

Enron's local unit said on Friday it will lower tariffs from next month in a
bid to defuse criticism that it charges higher rates for the electricity it
produces in Maharashtra state.

Last month, the Maharashtra government decided to review the rate at which it
buys power from Enron's Dabhol Power, saying the high cost was threatening
its finances.

Enron is spending about $1.9 billion to build a facility to generate 2,184 MW
of electricity.

India, which needs to generate an additional 100,000 MW of power within the
next decade to meet growing demand, is desperate to attract foreign capital.
But after nearly a decade of liberalisation, Enron is among the few private
power companies to begin generating power in India.


Scott,

I ran a redline comparing the version we sent last Thursday and their new
clean draft.  It shows a different number of changes.  Here's the Enron
redline:

Too much paper!

Kay


Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 05/15/2001 02:20 PM -----

	Rhonda L Denton
	05/15/2001 02:03 PM

		 To: jtucciarone@aeglobalmarkets.com
		 cc: Carol St Clair/HOU/ECT@ECT, Elsie Lew/HOU/ECT@ECT
		 Subject: Merrill/Allegheny Deals

Here is a spreadsheet of deals done since 3/19/01, the closing date for the
transfer.  Locke indicated that the deals in yellow are the ones that are
Merrill deals.  The ones in blue were traded the day of the closing and were
supposed to be netted and were not included on the transfer exhibit.
Therefore, they stayed as Merrill in our books.  Please confirm which are
Merrill deals and which are Allegheny.  We will need confirmation after this
review with our attorney as to where these deals will be booked.

Another question that has arisen is whether Allegheny traders are trading for
Merrill Lynch.  These issues need to be resolved so that we do not continue
to have these questions when our settlements people try to check out at month
end.  Thanks for your help.


Kay,

This appears to be relatively simple ( and I know that we wanted to have ABB
haul and install) but I am not at all familiar with the ABB Contract.
Would you mind taking a quick look to make sure that the letter is properly
drafted?  Also, I wonder whether this document still needs to be signed given
that the transformers are already in Austin at the site.  Maybe it has
already been executed.

Stuart

	Kay Mann@ENRON
	11/13/2000 08:53 AM

		 To: Stuart Zisman/HOU/ECT@ECT
		 cc:
		 Subject: Authorization for Haul & Install Option at Austin Project

If it says Austin, it must be yours....

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 11/13/2000 08:52
AM ---------------------------
From: Kathleen Clark@ENRON_DEVELOPMENT on 11/13/2000 08:04 AM
To: Mike.coleman@enron.com
cc: Eric Booth/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Roger.tietz@enron.com,
Kay Mann/Corp/Enron@ENRON

Subject: Authorization for Haul & Install Option at Austin Project

Mike:

Attached is a draft letter which provides authorization to ABB for the haul &
install option at Austin.

After it has been signed, please send me a copy for my files.

Thank you.
Kathy


Following are the CEOs Ken is scheduled to meet with on Thursday to discuss
our comprehensive solution:

SAN JOSE
Scott McNealy - Chairman & CEO, Sun Microsystems
Piper Cole - Vice President Global Public Policy, Sun Microsystems
Mavis Toscano - Manager State & Local Government Affairs, Sun Microsystems
Tony Ridder - Chairman, President & CEO, Knight-Ridder, Inc.
Steve Kirsch - Founder & CEO, Propel Technologies
Ken Oshman - Chairman, President & CEO, Echelon Corporation (also on Sun,s
Board)
Fred Anderson - CFO, Apple Computer
Dan Scheinman - Senior Vice President of Corporate Affairs (and general
counsel), Cisco
Michelle Mallory Peacock - State Government Affairs Manager, Cisco
Casey Beyer - Vice President Government Relations, Exodus Communications

LOS ANGELES
Mayor Richard Riordan
Eric Moses - Assistant Deputy Mayor
Kevin Sharer - Chairman & CEO, Amgen Inc.
Sarah Jensen - Vice President of Engineering and Operations, Amgen Inc.
Ray Irani - Chairman & CEO, Occidental Petroleum Corp.
Robert Day - Chairman, CEO & Managing Director, The TCW Group
Bill Simon - Founder, William E. Simon & Sons
Selim Zilkha - former CEO, Zilkha Energy
Tom Patterson - Partner, Sidley & Austin
Robert Sinnott - Senior Managing Director and Chief Investment Officer, Kayne
Anderson Investment Management, LLC
Arnold Schwarzenegger - President, Oak Productions
Richard Ferry - Chairman, Korn/Ferry International
Bruce Karatz - Chairman, President & CEO, Kaufman & Broad
Ken Lombard - President, Magic Johnson Theaters & Johnson Development


Serious.

-----Original Message-----
From: Dasovich, Jeff
Sent: Monday, September 10, 2001 6:19 PM
To: Shapiro, Richard
Subject: RE: FW: for Board review and comment

Seriously?  (I'd be happy to.)

-----Original Message-----
From: Shapiro, Richard
Sent: Monday, September 10, 2001 5:35 PM
To: Dasovich, Jeff
Subject: Re: FW: for Board review and comment

Call Hap and tell him I said he should back off!!!
--------------------------
Rick S.


The list looks good.  Let me just make sure my understanding of the titles is correct...

Lara
 -----Original Message-----
From: 	Shults, Bob
Sent:	02 October 2001 21:12
To:	McKinney, Lara
Cc:	Greenberg, Mark; Jones, Tana
Subject:	Norwegian Energy and First Energy

Lara,

We are finalizing a Broker Client deal with the referenced companies.  We are giving them access to European Gas, European Power, European Weather, European Bandwidth, European Coal and Brent Crude.  Is it appropriate to use the following as the exhibit for this transaction?

UK and European Gas
UK and European Power [McKinney, Lara]   - In this case 'European Power' does NOT include Nordic Power?
European Coal [McKinney, Lara]   - Do you mean ONLY European Coal and do not want to include US as well?
European Weather [McKinney, Lara]   In this case 'European Weather' does NOT included Nordic Weather?
European Bandwidth [McKinney, Lara]   There is an initiative to launch Asian Bandwidth products.  This is a ways from launch yet, but do you want it included?
Brent Crude [McKinney, Lara]   This one is pretty broad - since you have not listed a country, can I assume that you mean US, UK, and Asian Brent products?

Bob Shults
EnronOnline LLC
Houston, Texas 77002-7361
713 853-0397
713 825-6372 cell
713 646-2126
bob.shults@enron.com


pls get the Quarter Forecast Meeting on my schedule.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 03/29/2001
12:42 PM ---------------------------
From: Michael P Moran/ENRON@enronXgate on 03/29/2001 10:15 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: FW: June Quarter Forecast Meeting and Commercial Business Review

FYI
 -----Original Message-----
From:  Geaccone, Tracy
Sent: Wednesday, March 28, 2001 10:11 AM
To: Hayes, Robert; Harris, Steven; Neubauer, Dave; Lowry, Phil; Corman,
Shelley; Fossum, Drew; McCarty, Danny; Smith, Gary; Cordes, Bill; Prentice,
James; Hayslett, Rod; Hotte, Steve
Cc: Weitekamp, James; Armstrong, Julie; Stark, Cindy; O'Neill, Virginia;
Moran, Michael P.; Brassfield, Morris; Concklin, Elaine; Peters, Jerry;
Keiser, John; Barnes, Caroline; Meers, Thomas; Guthrie, Robert; Saunders,
James; Campos, Kathy; Alder, Amelia; Hogan, Janice; Gilbert, Steve; Rice,
Greek
Subject: June Quarter Forecast Meeting and Commercial Business Review

Please note the following changes:

Commercial Business Review originally scheduled for Friday, June 22 at
1:30-3:30 has been moved to Wednesday,
June 20 from 1:30-3:00 in 49C2.  This meeting is for commercial and
commercial support people only.

Quarter Forecast Meeting originally scheduled for Wednesday, June 20 from
1:30-2:30 has been moved to 3:00 that same day in 49C2.

Thanks

Tracy


Yes.

From: Suzanne Adams@ECT on 05/16/2001 10:03 AM
To: kay.mann@enron.com
cc:

Subject: Re: GE- Standard Domestic Contract- Need your help

Kay, can you join them late?
----- Forwarded by Suzanne Adams/HOU/ECT on 05/16/2001 10:03 AM -----

	Sheila Tweed
	05/16/2001 09:08 AM

		 To: Suzanne Adams/HOU/ECT@ECT, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt
		 cc:
		 Subject: Re: GE- Standard Domestic Contract- Need your help

Any way we could do this at 2pm and Kay can join us late?
----- Forwarded by Sheila Tweed/HOU/ECT on 05/16/2001 09:07 AM -----

	Kay Mann@ENRON
	05/16/2001 09:03 AM

		 To: Sheila Tweed/HOU/ECT@ECT
		 cc:
		 Subject: Re: GE- Standard Domestic Contract- Need your help

Between 11-130; 215-400 today, almost anytime Friday, other than 2-3.

From: Sheila Tweed@ECT on 05/16/2001 08:59 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: GE- Standard Domestic Contract- Need your help

When will you not have conflict?

	Kay Mann@ENRON
	05/16/2001 08:54 AM

		 To: Sheila Tweed/HOU/ECT@ECT
		 cc:
		 Subject: Re: GE- Standard Domestic Contract- Need your help

I have a conflict at 130. Rose has been reliable at showing up and
participating, so I suggest that she be included, although it sounds like she
'll be with John.

ckm

From: Sheila Tweed@ECT on 05/16/2001 08:49 AM
To: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kay Mann/Corp/Enron@Enron

Subject: Re: GE- Standard Domestic Contract- Need your help

Yes. Let's do 1:30 for an internal call.  I'll get Suzanne to send out the
dial-in instructions.  Let's make sure that the GE guys know NOT to call in.
Thanks!.  I know that John Schwartzenburg will be late since he is
TurboParking until 2 pm but let's proceed at 1:30.

	Scott Dieball@ENRON_DEVELOPMENT
	05/16/2001 07:15 AM

		 To: Sheila Tweed/HOU/ECT@ECT
		 cc: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kay
Mann/Corp/Enron@Enron@ECT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: Re: GE- Standard Domestic Contract- Need your help

Read your notes re scheduling a call w/ or w/o GE.  From John's and my
perspective, it seems that we should first have an internal call re the
consolidation of our assignments from weeks past  into Peter's draft contract
and then send to GE for their review and follow up call either later this
week or next.  Steve Swift is OK with this approach.

At the moment we seem to be knee deep w/GE and Owner on Arcos and suspect
that 9:30 CST (3:30 London time) will be difficult for us to call in.
Instead, 1:30 CST would work better for us.

If this works for the Houston gang could you let us know soonest and we will
let Mike and Steve know as well.

	Sheila Tweed@ECT
	05/15/2001 04:18 PM

		 To: John G Rigby/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Kay
Mann/Corp/Enron@Enron
		 Subject: Re: GE- Standard Domestic Contract- Need your help

Would you all be in a posiotion to get together tomorrow morning at 9:30 am
Houston time to review the issues list and  talk about how we get to the end
of this process with GE.  We immediately need to start the drafting of the
Longview turbine contract and I'd like to see if we are close enough to get
that started.  Scott, today the extension to the Agreement in Principle
expires and we need to extend.  Can you tee this up with Steve Swift?  Our
meeting tomorrow will be in lieu of the regularly scheduled GE call.  I'll
let them know we will call them later this week or we'll talk next Wednesday,
but I would like to get through whatever we need to in order to get the
Longview Turbine Contract going.
I've talked to John Schwartzenburg about this and he is available tomorrow
morning.


Sean and Diana do not recognize this deal. They tried to check with the
brokers, but couldn't get a hold of anyone. I'll let you know first thing in
the morning whether or not this is good and what the deal number is.

Kate

Evelyn Metoyer@ENRON
11/30/2000 03:08 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Missing Trade for 11-30-00

Prebon sent over a confirmation for the following trade for Sean Crandall
Enron buys from Aquila January  Mid-C 25 mw at $300.00


Mike:
A few thoughts:
Conference calls on issues of this size don't generally seem very constructive, and I'd suggest that we push for a face-to-face with Edison.
If the Legislature doesn't get the MOU out well in advance of September 14th, Edison won't be focused, and I'd suggest that we try and reschedule.
No matter the forum, the proposal will be tough to get through, even though it makes alot of economic sense.  It's a big change, and big changes don't come easy, no matter the benefits.  That said, no shots, no ducks.  We ought to make a push.
The proposal may not be contingent on Legislation. It might be possible to make it happen at the California PUC.
Assignment to DWR would be significant and might require legislation (need to ask a QF lawyer).
The proposal makes sense for both the IOUs and DWR, since both want as much "headroom" as possible in rates to cover their respective revenue requirements.
Given the pending rate agreement between the CA PUC and DWR, and the utilities' messed-up financial position, DWR is clearly the preferable counter party from credit perspective.
All that said, none of the above matters much unless the utility, a critical mass of QFs and the PUC's consumer advocate ("ORA") buy into the idea.
I'd propose that we continue with Edison. If Edison bites, then go jointly with Edison to persuade the QFs. If the QFs bite, then go jointly with Edison and QF to try to persuade ORA.
On the issue of sleeving through the IOU or DWR, it seems useful to remain flexible on that, though absent general support from the IOUs, QFs and ORA, the entity will be academic.

Some preliminary thoughts.  Happy to discuss further.

Best,
Jeff

 -----Original Message-----
From: 	Etringer, Michael
Sent:	Tuesday, August 28, 2001 10:44 AM
To:	Dasovich, Jeff
Cc:	Parquet, David; Calger, Christopher F.; Tribolet, Michael
Subject:	Timing for QF meeting with Edison

Jeff - I believe we currently on scheduled for a September 13th conference call with John Fielder to discuss QF proposals.  One of the concerns I have is that the timing is such that it is unlikely, given the legislative session end of September 15th(??), that we are going to get much traction.  (Aside from the fact that it seems difficult to convey the nuances of this deal over a conference call).  It may not be relevant in this environment, but this idea makes sense.  It is an issue of who will listen and who will act.  It seems to make sense to propose the structure to DWR.  Given the dilemma of how to marry both the Utilities' revenue requirement with that of DWRs on a go forward basis, anything that proposes to lower a portion of either of these revenue demands should be addressed.

The proposal to DWR could go as follows:  Either  Edison and PG&E could separately participate in the dual auction process to buy out the QF agreement and replace with market energy or the contracts could be assigned to DWR and DWR could conduct the dual auction.  Assignment of the contracts to DWR would be contingent on a successful auction process.  A buyout of the high priced QF agreements would provide for added head room under the rate caps and thus provide a basis for the higher cost DWR contracts.

In addition, it appears for our analysis, the savings would be such that you could roll in the outstanding debt owed to the QFs and not exceed the existing payment to the QF under the current capacity plus SRAC pricing.  As such it seems that it could be construed as a restructuring of contracts and not a BAIL OUT of SCE.  (I say this because my understanding of SB 78 is that a portion of the debt is to pay the back payments owed QFs.  Is this portion of the bill being viewed by the radical contingent as a bail out?)

Let me know your thoughts.

Michael Etringer
West Power Origination
Phone: 503-464-3836
Cellular: 503-701-4516


what about football


----- Forwarded by Steven J Kean/NA/Enron on 10/09/2000 10:45 AM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	10/02/2000 05:53 PM

		 To: skean@enron.com, Tim Belden/HOU/ECT@ECT
		 cc:
		 Subject: Letter to Lynch from Us Describing Info ISO should release sooner


Enerfax Daily
NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
              Tuesday, February 26 2002 No. 949
Visit: http://www.enerfax.com to view our web version or for Oil
Prices & News http://www.enerfaxgold.com

PHYSICAL NATURAL GAS PRICES ??
Gulf/Eastern Region
| Agua Dulce              | 2.30  |
| ANR SE                  | 2.37  |
| Carthage Tailgate       | 2.38  |
| Chicago Citygate        | 2.45  |
| Columbia Gulf Onshore   | 2.39  |
| Dominion South Point    | 2.61  |
| Henry Hub               | 2.40  |
| Houston Ship Channel    | 2.41  |
| Katy Tailgate/Exxon     | 2.39  |
| NGPL LA Pool            | 2.36  |
| NGPL - Midcontinent     | 2.31  |
| NGPL STX                | 2.32  |
| NGPL TX/OK              | 2.36  |
| NNG Demarc.             | 2.43  |
| Niagara                 | 2.56  |
| Sonat Tier 1            | 2.38  |
| TCO IPP Pool            | 2.50  |
| Tetco ELa               | 2.33  |
| Tetco M-3               | 2.66  |
| Tetco STX               | 2.30  |
| TGP Zone 0              | 2.34  |
| TGP Zone 1 (500 Leg)    | 2.38  |
| TGT Zone SL             | 2.39  |
| New York Citygate       | 2.66  |
| Transco Station 65      | 2.40  |
| Transco Zone 6 (NY)     | 2.66  |
| Trunk ELa               | 2.38  |
| Western Region
| California Border       | 2.29  |
| El Paso Keystone        | 2.21  |
| El Paso San Juan-Blanco | 2.18  |
| Waha Hub                | 2.32  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.29  |
| Dawn Hub/Union          | 2.49  |
| Northwest Stanfield     | 2.28  |
| Wyoming Pool            | 2.05  |
| Opal                    | 2.06  |
| PGT-Malin               | 2.29  |
| Sumas                   | 2.22  |
         Flow Date 2/26
-------------------------------------------------------------
OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR
Holdings, L.L.C., is conducting an open season for firm storage
services at its new high-deliverability, salt cavern, natural gas
storage facility, known as the Southern Pines Energy Center. The open
season will begin at 9:00 a.m. CDT on February 4, 2002, and will
continue until 5:00 p.m. CDT on March 4, 2002. The project is located
at the border of Mississippi and Alabama with access to the major
pipelines serving the Mid-Atlantic and the Southeastern United
States. The facility is ideally located to serve as a transportation
and storage hub for shippers on any one of nine major pipelines that
will be interconnected directly or indirectly to the project.
Information on the facility and the Open Season is available on our
web site at
http://www.sgr-holdings.com
or contact us at 713-914-8188.
--------------------------------------------------------------
NATURAL GAS FUTURES
Henry Hub
12 Month Strip ?2.6959  -0.1105 ? ? ?
18 Month Strip ?2.8108  -0.0976? ?
| Month | High  |  Low  | Close | Change |
| MAR   | 2.380 | 2.290 | 2.307 | -0.142 |
| APR   | 2.415 | 2.330 | 2.348 | -0.143 |
| MAY   | 2.480 | 2.400 | 2.414 | -0.133 |
| JUN   | 2.520 | 2.470 | 2.478 | -0.123 |
| JUL   | 2.585 | 2.530 | 2.536 | -0.120 |
| AUG   | 2.630 | 2.580 | 2.588 | -0.115 |
| SEP   | 2.640 | 2.590 | 2.598 | -0.110 |
| OCT   | 2.680 | 2.625 | 2.633 | -0.105 |
| NOV   | 2.930 | 2.895 | 2.895 | -0.095 |
| DEC   | 3.170 | 3.130 | 3.133 | -0.087 |
| JAN   | 3.280 | 3.238 | 3.238 | -0.082 |
| FEB   | 3.210 | 3.180 | 3.183 | -0.075 |
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Natural Gas Futures Tumble Lower

   Natural gas futures for March delivery on the NYMEX tumbled 6%
yesterday, losing $0.142 to $2.307 per MMBtu. The April contract
dropped $0.143 to $2.348 per MMBtu. The market, caught between heavy
open interest concentrated at $2.00 and $2.50, sold downward into the
$2.20s. The market opened down and moved lower. When the midmorning
cash trading closed, the market  sold down to its intra-day low.
Trade and local selling left the market caught in the middle of the
open interest concentrations. Look for the market to continue down
this morning with expiration likely between $2.00 ? $2.15. With open
interest spread all over everywhere, options expiration yesterday was
a non-event.  Look for a withdrawal of about 90 Bcf ? 100 Bcf
reported by the AGA tomorrow afternoon. A year ago, 101 Bcf was
withdrawn from storage, and the 3-year average is 91 Bcf. Estimated
volume yesterday was about 110,000 contracts, about 35,000 of which
were considered spreads. The market still carries a very high $0.94
forward carry between March-January 2003. Natural gas for next day
delivery across the US and Canada was generally flat to $0.05 higher
yesterday. Natural gas for next day delivery at the Henry hub was
even at $2.40 per MMBtu.
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Today's Power Bulletins
 * Senate May Take Up Comprehensive Energy Legislation Debate on
Floor Today
 * Lawmaker Wants Federal Bureau of Audits to Take Over Corporate
Audits
 * Senator Harry Reid of Nevada Joining GAO Lawsuit Against White
House Hoping to Gather Information on Administration's Plan to
Dispose of Nuclear Waste in State
 * Entergy's Offer to Buy Vermont Yankee for $180 Million Likely Best
Deal Obtainable
 * Xcel Energy Announces Pricing of 20 Million Shares of Common Stock
Offering at $22.50 per Share
 * Fitch Rates Austin Energy Bonds `A'
 * Calpine Confident FERC Review Will Find California Contracts Just
and Reasonable
 * Western Spot Power Prices Rise on Weather Related Demand
 * Northeast Spot Power Prices Mixed; Market Anticipates Forecast
 * Midwest Power Prices Rise on Cold Weather and Unit Outages
 * Southeast Spot Power Prices Jump Higher
-------------------------------------------------------------
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 California Asks FERC to Terminate Power Deals

     California plans to petition the FERC to void 32 long-term, high-
priced power contracts the state signed last year. The California PUC
has filed petitions under a section of the Federal Power Act charging
that contracts the state has with 22 sellers are at prices and terms
that are unjust and unreasonable. With the contracts valued at $43
billion, the state committed to overpayments of about $21 billion for
the 32 of the long-term power contracts. Calpine says it is confident
that the FERC will find the company's long-term contracts with the
state are just and reasonable. The PUC is asking the FERC to void the
32 contracts.  The contracts were designed to rescue California from
having to pay spot-market prices of $300 per MWh or more. Now, the
average price of the contracts, $88 per MWh, is about 3 times more
expensive than the spot market. FERC Chairman Wood is planning to
investigate whether Enron and other companies manipulated
California's power market and inappropriately influenced the prices
of long-term power contracts. The contracts also have become an issue
in the state's governor's race, where the 3 main Republicans have
criticized the handling of the state's energy crisis.
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Visit us at http://ww.epis.com or call (503) 722-2023.

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-------------------------------------------------------------
UtiliCorp Receives Most from MIM Accounting

    UtiliCorp United received the highest percentage profits last
year from mark-to-market accounting adjustments not yet realized in
cash among 15 companies surveyed by ABN AMRO. UtiliCorp's earnings
per share was $2.42 last year, about $0.81, or a third, came from
MTM. Of that, about 80% relates to contracts to be realized in cash
within one year, and 87% within 2 years. MTM accounting which allows
company to take a commodity position and calculate the fair market
value of
the position at a specific point in time, despite actual earnings
that may be years away. However, ABN gave UtiliCorp its highest
rating for its level of disclosure. Williams, at 37%, had the highest
percentage of earnings per share in the survey, but that is based on
estimates, and excludes Enron-related write-offs. Williams has not
yet reported 2001 results. Pinnacle West Capital was next at 22%,
then Duke Energy at 21%. On Duke's $1.5 billion MTM book, 38% would
be realized within a year, 53% in 2 years, and 64% in 3 years.
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--------------------------------------------------------------
Natural Gas NYMEX Volume
02MAR   37,964
02APR   18,219
02MAY    6,322
02JUN    1,864
02JLY    1,398
02AUG    3,452
02SEP    2,351
02OCT    3,242
02NOV    2,966
02DEC    2,806
03JAN    5,421
03FEB    1,071
03MAR      457
03APR      214
03MAY        9
03JUN      742
03JLY       55
03AUG    1,050
03SEP      351
03OCT       14
03NOV        1
03DEC       21
04JAN    3,020
04FEB      379
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PHYSICAL POWER PRICES
|            | High  |  Low  | Average |
|            | $/MWh | $/MWh |  $/MWh  |
| Cinergy    | 26.50 | 21.50 |  23.15  |
| ECAR       | 26.50 | 19.80 |  23.15  |
| ERCOT      | 23.50 | 22.00 |  23.15  |
| Entergy    | 21.75 | 21.25 |  21.35  |
| TVA        | 28.15 | 26.05 |  27.60  |
| ComEd      | 22.50 | 20.00 |  21.65  |
| Nepool     | 29.35 | 27.00 |  28.45  |
| PJM West   | 23.00 | 22.00 |  22.65  |
| Main       | 24.25 | 20.00 |  22.35  |
| MAPP       | 23.50 | 21.00 |  22.35  |
| Palo Verde | 24.50 | 23.25 |  23.70  |
| Mid C      | 24.00 | 22.50 |  23.05  |
| COB        | 24.50 | 24.00 |  24.15  |
| 4 Corners  | 24.00 | 23.50 |  23.90  |
| Mead       | 25.00 | 23.75 |  24.30  |
| NP 15      | 26.25 | 25.50 |  25.80  |
| SP 15      | 26.00 | 25.00 |  25.45  |
            Power Delivered 2/26
-------------------------------------------------------------
Many Andersen Partners May Be Leaving

     Executive recruiters say that more than a thousand Arthur
Andersen partners have inquired into getting new jobs due to concerns
about the accounting firms exposure to lawsuits stemming from the
collapse of Enron. Andersen has about 4,700 partners and 85,000
employees world-wide. Andersen contends that it is only experiencing
a normal turnover so far. One recruiting company claims that it has
received over 10,000 calls from Andersen employees since Enron filed
for bankruptcy. A mass exodus by its staff may impact Andersen's
ability to attract customers, especially during investigations by
Congress, the SEC and the Justice Department into its role in
establishing limited partnerships that hid debt and losses from Enron
investors. Andersen has admitted that its employees shredded
thousands of documents after the SEC inquiry began. Andersen is
attempting to settle over $26 billion in lawsuits from Enron
shareholders and employees who claim it failed to warn investors
about the questionable accounting that led to Enron's downfall.
Andersen plans to make a nonnegotiable offer this week to settle the
suits. A published report said that the plaintiffs rejected an offer
of up $800 million last week. Any settlement could significantly
lower a partners net worth, and those who were directly involved in
the Enron account could be sued for their personal assets.
--------------------------------------------------------------
Todays Gas Bulletins
 * Enron Executives Sherron Watkins and Jeff McMahon and Former CEO
Jeff Skilling Expected to Testify Today Before Senate Commerce
Committee
 * Pemex January Natural Gas Output at 4.462 Bcf per Day Vs 4.575 Bcf
per Day One Year Ago
 * KWI Adds More Gas Functionality to kW3000; Deal Adds GMSL Gas
Scheduling Technology to kW3000 and Creates Powerful European Product
 * Calling Fuel Cells and Hybrid Cars `Wave of the Future' President
Bush Also Urged Drilling in Arctic Wildlife Refuge Yesterday
 * Congress and SEC Consider Post-Enron Credit Rating Reforms
 * NUI Energy Brokers Acquires Option on Property the It Plans to
Develop Into Natural Gas Storage Facility in Perry County,
Mississippi; Will Have Working Capacity of 10 Bcf
 * Sasol Explores for Natural Gas Offshore South Africa
 * Nicor Services Introduces Fixed Natural Gas Bill
-------------------------------------------------------------
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-------------------------------------------------------------
Skilling Tape Raises New Questions

    Congressional investigators reportedly have an October 3, 2000
videotape in which former CEO Jeffrey Skilling vigorously defends
Enron's accounting methods and touts the partnership deals now linked
to its collapse. The tape raises questions about Skilling's recent
testimony to lawmakers in which he said he knew of nothing wrong with
Enron's finances when he resigned last August, citing personal
reasons. In a transcript of the tape, Skilling responds to an Enron
employee's concern about a Wall Street Journal article. The September
20, 2000 story discussed Enron's use of an accounting method that
books long-term contracts as current income. The article also said
Enron would have had a 2nd quarter loss if not for $747 million in
unrealized gains from risk management activities. However, Skilling
says the story is just totally without merit, adding that Enron's
accounting is conservative and the company provides more data in its
annual report than anyone in a transaction-based industry. He then
concludes that the company is in a strong position from an accounting
basis. During the same meeting, Skilling tells employees the company
will be bringing in partners to help Enron leverage its capital in
its new Enron Net Works division. Earlier this month in testimony
before the House Energy and Commerce Committee, Skilling said he was
not aware of any inappropriate financing arrangements designed to
conceal liabilities, or overstate earnings. Skilling is likely to be
asked again about Enron's partnerships at the Senate consumer affairs
subcommittee hearing today. He is also likely to be questioned about
other discrepancies congressional investigators have found since he
testified before the House committee. Also testifying will be Jeffrey
McMahon, Enron's new president, and Sherron Watkins.
-------------------------------------------------------------
POWER FUTURES ?
| Month |   COB   | Change |   PV    | Change |
| MAR   |  20.00  | +0.00  |  22.50  | +0.00  |
| APR   |  20.25  | +0.00  |  24.00  | +0.00  |
| MAY   |  19.75  | +0.00  |  25.00  | +0.00  |
| JUN   |  21.00  | +0.00  |  28.50  | +0.00  |
| JUL   |  28.75  | +0.50  |  39.75  | +0.00  |
| AUG   |  37.50  | +0.00  |  45.25  | +0.00  |
| SEP   |  33.50  | +0.00  |  34.50  | +0.00  |
| OCT   |  29.50  | +0.00  |  29.50  | +0.00  |
| NOV   |  29.00  | +0.00  |  28.50  | +0.00  |
| DEC   |  30.50  | +0.00  |  29.00  | +0.00  |
| JAN   |  30.50  | +0.00  |  29.50  | +0.00  |
| FEB   |  29.00  | +0.00  |  29.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| MAR   |  20.00  | +0.00  |  21.10  | +0.00  |
| APR   |  20.00  | +0.00  |  21.60  | +0.00  |
| MAY   |  22.50  | +0.00  |  24.70  | +0.00  |
| JUN   |  27.50  | +0.00  |  30.00  | +0.00  |
| JUL   |  34.50  | +0.00  |  38.25  | +0.00  |
| AUG   |  34.50  | +0.00  |  38.25  | +0.00  |
| SEP   |  21.50  | +0.00  |  22.90  | +0.00  |
| OCT   |  21.85  | +0.00  |  22.90  | +0.00  |
| NOV   |  21.85  | +0.00  |  22.90  | +0.00  |
| DEC   |  21.85  | +0.00  |  22.90  | +0.00  |
| JAN   |  24.10  | +0.00  |  25.90  | +0.00  |
| FEB   |  24.10  | +0.00  |  25.90  | +0.00  |
------------------------------------------------------------
Power Futures
| Month |  PJM  | Change |
| MAR   | 25.10 | +0.00  |
| APR   | 25.10 | +0.00  |
| MAY   | 28.25 | +0.00  |
| JUN   | 35.00 | +0.00  |
| JUL   | 46.15 | +0.00  |
| AUG   | 46.15 | +0.00  |
| SEP   | 27.15 | +0.00  |
| OCT   | 26.00 | +0.00  |
| NOV   | 26.00 | +0.00  |
| DEC   | 26.00 | +0.00  |
| JAN   | 30.25 | +0.00  |
| FEB   | 30.25 | +0.00  |
-------------------------------------------------------------
Williams Communications Considers Bankruptcy

    After Williams Communications Group, which is $5.2 billion in
debt, said it may file for bankruptcy protection, shares of its
former parent, Williams Companies, dropped $1.46, or 9%, to $14.84
per share. Shares of Williams Communications lost over half their
value, tumbling $0.29 to $0.22 per share. However, Williams
Communications stressed that filing for bankruptcy was only one
possibility being considered to reorganize the company. The
announcement by Williams Communications increased Williams' investors
concern that bankruptcy could lead to a sizable shareholder dilution,
or trigger a ratings review. Williams spun off 95% of Williams
Communication in April 2000, but could be liable for up to $2.6
billion if the communication group defaults on its debt. The company
backed $1.4 billion of Williams Communications debt and a $750
million lease by agreeing to issue shares if its former unit
defaults. Some investors have filed lawsuits accusing Williams of
misleading them about its liability for the communications company
before the spin-off. After a change in the way credit agencies handle
energy companies rating, Williams may stand to lose long-term
contracts until it settles the Williams Communication debt due to
credit concerns by its trading partners. A lowering of Williams debt
rating could also trigger an immediate pay back Williams
Communication debt.
-------------------------------------------------------------
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----------------------------------------------------------------------
----------------------------------------------------
Centrica to Buy NewPower Holdings

    NewPower Holdings, in which Enron holds a 23.5% stake, has agreed
to a takeover by UK's Centrica for about $130 million. The deal is
designed to keep the financially troubled NewPower in business.
NewPower Holdings has just reported a 4th quarter loss of $154
million, compared with a $57 million loss for the same period a year
ago. It reported a net loss for 2001 of $327 million, compared with a
loss of $170 million for 2000. Enron stake in NewPower would rise to
43.8% when warrants to buy outstanding shares are included. Other
major investors are investment banking firm DLJMB Partners, GE
Capital Equity Investments, the California Public Employee's
Retirement System and Ontario Teachers' Pension Plan Board.
----------------------------------------------------------------------
-----------------------------------------------------
Nymex Natural Gas Option Volatility
Supplied by "The Daily Hedger"
Http://www.energy-institution.org

	       Futures	                Implied
Month	Settlement	Days Left
Volatility
Apr	 $2.348	       27       58.7%
May	 $2.414	       58	    49.9%
Jun	 $2.478	       91	    46.0%
Jul	 $2.536	      119	    45.8%
Aug	 $2.588	      150	    45.5%
Sep	 $2.598	      182	    45.4%
Oct  	 $2.633	      211	    45.3%
Nov	 $2.895	      244	    45.4%
Dec	 $3.133	      272	    46.5%
Jan	 $3.238	      303	    47.5%
-------------------------------------------------------------
Calpine Ratings Remain Stable

    Standard & Poor's has retracted an announcement that it was
considering reducing Calpine's credit rating, saying the statement
was based on inaccurate information. Calpine's stock and debt rallied
after the retracted a statement that Calpine planned to secure its
new line of credit with assets, which would make bondholders less
secure. The company's 8.5% note due in 2011 closed at $0.67 on the
dollar. The notes sold a year ago at $0.998 on the dollar. The stock
price has dropped 85% in the last year. Shares fell to $6.15 from
$6.56 following the initial announcement, but after the correction,
the stock rose to close at $6.83 per share, down $0.28. S&P said the
company's ratings remain at `BB+' and the outlook for the rating is
stable.
-------------------------------------------------------------

???????????Progas Storage and Services, Inc.

Progas can custom build gas storage in the Upper Midwest.

? Design to your specifications
? Close to your markets
? Unregulated storage
? Lower transportation fees
? Lower storage rates

Progas is now accepting proposals and orders for years 2002-2007 for
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Progas Storage and Services, Inc.
8610 South Highway 277
Abilene, TX 79606
Phone: 915-698-3699
Fax: 915-698-2859
Email: gastorage@aol.com
-------------------------------------------------------------
Dynegy to Sell Shares in Limited Partnership

    Dynegy has filed with the SEC to sell 8.75 million common shares
in Dynegy Energy Partners. The partnership will operate or acquire
processing plants, storage tanks and terminals for Dynegy's natural
gas liquids business. Dynegy Energy Partners expects to use the
$165.2 million in projected proceeds to pay $148.3 million owed to
Dynegy and use $13.7 million for working capital. Dynegy owns 55% of
the partnership. In a move to improve its balance sheet, Dynegy is
looking to raise $1.25 billion by cutting costs, selling assets and
issuing stock. The partnership will allow Dynegy to raise capital and
reduce debt while maintaining control of its pipeline system.
Dynegy's natural gas liquids business had a profit of $41.5 million
last year from $3.9 billion in sales. Since limited partnerships are
not required to pay income tax, they retain more of their profit.
Dynegy said it expects the partnership to have quarterly dividends of
about $0.44 per share, or $1.76 per year.
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 increased 85.82 points to 7512.46
The CRB Index lost 1.80 points to 189.91
The US Dollar added 0.65 points to 119.13
The Dow advanced 177.28 points to 10145.71
The S&P 500 gained 19.59 points to 1109.43
The Nasdaq was up 45.34 points to 1769.88
April NYMEX Crude Oil fell 0.59 to 20.48
Canadian-US Exchange rose 0.0073 to 1.6016
-------------------------------------------------------------
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Very impressive.  We don't have to read these, do we?


----- Forwarded by Jeff Dasovich/NA/Enron on 01/12/2001 07:40 PM -----

	Scott Govenar <sgovenar@govadv.com>
	01/12/2001 01:24 PM

		 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, Bev
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara
<smara@enron.com>, Joseph Alamo <JAlamo@enron.com>, Paul Kaufman
<paul.kaufman@enron.com>, David Parquet <David.Parquet@enron.com>, Marcie
Milner <mmilner@enron.com>, Tim Belden <Tim.Belden@enron.com>, Rick Shapiro
<rshapiro@enron.com>, Jim Steffes <james.d.steffes@enron.com>, Alan Comnes
<acomnes@enron.com>, Chris Calger <ccalger@enron.com>, Mary Hain
<mary.hain@enron.com>
		 cc:
		 Subject: ABX 5 / ABX 6

ABX 5 and ABX 6 both passed out of the Assembly this morning.

ABX 5 ) Regarding ISO/PX governance, passed off of the Assembly floor on
a vote of 60-9.  All 9 &no8 votes were cast by Republicans.  The only
legislator to speak against the bill was Assemblyman Phil Wyman who
objected to the idea of giving Governor Davis the sole authority to
appoint ISO and PX members.

ABX 6 ) Regarding retention of IOU generation assets, passed off of the
Assembly floor on a vote of 60-10. All 10 &no8 votes were cast by
Republicans.  Three legislators spoke against the bill: Assemblyman John
Campbell, who indicated that he could support the bill if it had a
sunset provision, and Assemblyman Sam Aanestad and Assemblyman Rod
Pacheco, both of whom objected to the idea of giving the CPUC more
authority.  Assemblyman Aanestad indicated that he does not believe
deregulation is the cause of our current situation, but rather, previous
decisions by the CPUC.


I face the one that is on the way up to 6.  I am at 05145.

 -----Original Message-----
From: 	Rodriguez, Cecilia
Sent:	Monday, November 26, 2001 10:00 AM
To:	Love, Phillip M.
Subject:	RE:

how close are you tot he escalators?

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Monday, November 26, 2001 9:57 AM
To:	Rodriguez, Cecilia
Subject:	RE:

I will be at my desk for a while if you want to stop by.
PL

 -----Original Message-----
From: 	Rodriguez, Cecilia
Sent:	Monday, November 26, 2001 9:11 AM
To:	Love, Phillip M.
Subject:	RE:

Ok. No time frame we are just hanging in there and just waiting like most people.
I already have an offer from a law firm and I'm waiting to hear back from Baylor College of Medicine for
the second interview.  So I know I will find something, I just wasn't ready to leave here yet.  Let me know
when you are least busy today and I'll come by.
C

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Monday, November 26, 2001 9:06 AM
To:	Rodriguez, Cecilia
Subject:	RE:

Have they given you guys any time frame?  I am up on five, you get a chance, stop by.
PL

 -----Original Message-----
From: 	Rodriguez, Cecilia
Sent:	Monday, November 26, 2001 9:00 AM
To:	Love, Phillip M.
Subject:	RE:

I'm in the new building as well.  We were on of the first groups to move in back Oct.  I'm on 4.
My group is definitely out the door.  Credit Trading is the name of my group and I think the name speaks for
itself....

 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Monday, November 26, 2001 8:55 AM
To:	Rodriguez, Cecilia
Subject:	RE:

good idea coming back.  It is a zoo around here.  Looks like D-Day is today.  We will see.  At least I got to move into the new building and see it for a few days.  Where are you currently sitting?
PL

 -----Original Message-----
From: 	Rodriguez, Cecilia
Sent:	Monday, November 26, 2001 8:43 AM
To:	Love, Phillip M.
Subject:	RE:

I came back the 5th of this month because of what is going on.  I was planning on staying out till Dec. but I figured I better get in here and get my resume updated.
The baby is doing great, thanks for asking.
I was just bugging like always.
C


As you are aware, Enron utilizes temporary staffing services to satisfy
staffing requirements throughout the company.  For the past several months, a
project team, representing Enron,s temporary staffing users, have researched
and evaluated alternative Managed Services programs to determine which source
would best meet our current and future needs in terms of quality, performance
and cost containment objectives.  The Business Unit Implementation Project
Team members are:

Laurie Koenig, Operations Management, EES
Carolyn Vigne, Administration, EE&CC
Linda Martin, Accounting & Accounts Payable, Corporate
Beverly Stephens, Administration, ENA
Norma Hasenjager, Human Resources, ET&S
Peggy McCurley, Administration, Networks
Jane Ellen Weaver, Enron Broadband Services
Paulette Obrecht, Legal, Corporate
George Weber, GSS

In addition, Eric Merten (EBS), Kathy Cook (EE&CC), Carolyn Gilley (ENA),
Larry Dallman (Corp/AP), and Diane Eckels (GSS) were active members of the
Selection Project Team.

As a result of the team,s efforts, we are pleased to announce the beginning
of a strategic alliance with CORESTAFF,s Managed Services Group.  This group
will function as a vendor-neutral management entity overseeing all staffing
vendors in the program scope. They will also provide a web based online
technology tool that will enhance the ordering and reporting capabilities.
The goal of our alliance with CORESTAFF is to make obtaining a temporary
worker with the right skills and experience easier while protecting the best
interests of the organization.

We plan to implement Phase I of this improvement effective January 2, 2001.
This Phase I of the implementation will encompass administrative/clerical
temporary workers at the Houston locations only. If you currently have
administrative/clerical temporary workers in your department, the enhancement
will not affect their position. In an effort to preserve relationships, all
current staffing vendors will be invited to participate in this enhanced
program.  CORESTAFF shares our commitment to minimize any disruptions in
service during this transition.

We expect to incorporate the administrative/clerical workers in Omaha,
Seattle and Portland in Phase II, which is scheduled for February, 2001.  The
scope and timing of any additional phases will be determined after these two
phases have been completed.

Realizing the impact that the temporary workforce has in business today, we
selected CORESTAFF,s Managed Services Group based on their exceptional
management team, commitment to quality service, and creative solutions to our
staffing needs.  The relationship promises to offer Enron a cost effective
and simple means for obtaining temporary employees.

In the coming weeks, Enron and CORESTAFF,s Managed Services Group will be
communicating to Enron,s administrative/clerical temporary staffing vendors
about the new process.

There are many benefits to this new Managed Services program, which are
outlined on the attached page.  More details on how to utilize CORESTAFF,s
Managed Services program will be announced soon and meetings will be
scheduled to demonstrate the reporting system and to meet the Managed
Services team.

What is Managed Services?

CORESTAFF,s Managed Services program includes:

? Vendor-neutral management model
? Equal distribution of staffing orders to all staffing partners
? Web-based application with online ordering, data capture and customized
reporting
? Benchmarking and performance measurement for continuous improvement
? Methodologies for accurate skill-matching and fulfillment efficiencies

Key Benefits

? More vendors working on each order from the outset ) faster access to
available talent pools
? Standardized mark-ups and fees to manage costs more effectively
? Online access to requisition status for users
? Robust databases offering managers enhanced tracking and reporting of
temporary usage and expenditures
? Standard and customized reporting capabilities -- online
? Tenured, experienced Managed Services team on-site to assist users in
accessing web site, identifying usage trends, preparing specialized reports,
etc.

Corestaff/Managed Services/Staffing

Joseph Marsh ) Lead / Operations (josephm@corestaff.com; 713-438-1400)
Amy Binney, Sharon B. Sellers ) Operations
Cherri Carbonara ) Marketing / Communications
Cynthia Duhon )Staffing Partner management


Jordan Mintz has requested that his global finance group be provided with a
lunch time seminar on the basics of swapping.  I thought your basic swap
discussion, together with a set of your basic materials would be just the
right thing!  Could you coordinate with Jordan to set a date?  I am happy to
assist in the presentation etc. if you like.  Thanks.  Mary

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


Bill, for approximately 2 and a half hours on (2:20-5:00am MST)  the scrape
was completely down.  There was no access to it at all.  To maintain the
model and also to properly run the units i maintained 15 minute verbal
contacts with Generation, and updated the scrape based on the numbers that
they gave me.  The numbers appeared good and there were no problems for those
hours.  Apparently this also happened to Holden earlier on 12/23.  I also had
one hour on 12/23 (HE 24) that was not working correctly either.  Thought I
should let you know.  Thank you for your attention to this matter.


Over the next few weeks there will be crews working in the North and South
buildings installing new computer and telephone network wiring.  This effort
is part of an overall project to upgrade the network and add capacity to the
computer infrastructure in Tehachapi .  The wiring effort will include all
offices, cubicles, conference rooms, and trailers.  The wiring will be all
new and will not disrupt current network service during the transition.

The wiring will start in the North and South buildings later this week and
will continue through to July 24.  The crews will be working from 7:00AM to
7:30PM throughout the weeks.  Please be aware that the crews will need access
to offices, cubicles, and conference rooms.  They will attempt to hold
disruptions to a minimum, but will be removing ceiling tiles and installing
new outlets for data and voice service in each of your areas.  Transition to
the new network will be completed by July 15.  The crews will then go through
and remove all of the old wiring.

Your cooperation is appreciated with this effort as we work to improve the
computing and network infrastructure in the Tehachapi campus.  Any questions,
please direct them to Bob Grant, X6850.

Bob


Steve,

I can pick up the cost of your trip from the Research Group budget.

The more I think about  it, the more I am convinced it would be difficult
to justify 2 trips per person. I think that we should go for one contiguous
stay per person and make a good
effort to make these trips productive.

Vince

Steven Leppard
05/11/2000 03:41 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Dale Surbey/LON/ECT@ECT
Subject: Summer visits

Vince

Thanks for offering to look my presentation over.  The deadline for
submission has been extended until tomorrow (Friday), so there's less of a
hurry.

As regard our summer visits, we'll need to speak to Dale over the budget.
Personal commitments mean it's difficult for me to take two whole months to
visit, so if the cost is prohibitive I may need to make just one shorter
visit.  I'd obviously like to spend longer, and two visits seems to be the
only way I can do it.  I believe the situation is similar for Kirstee.

I've persuaded Richard to pay for Matt's visit in its entirety, and I've no
doubt that RAC/Credit Trading will pick up the bills for Ben and Kirstee.
It's difficult to think who'd be the natural group to pay for me.  I honestly
think I'll have difficulty persuading, e.g. Richard, that it's worth his
while to pay for my visit.  I get the impression he thinks I'm doing OK
without the need to go to Houston for further training.

I'm interviewing a candidate for Bjorn's model review role during today's
videoconference, so we'll need to speak beforehand or perhaps Friday.

All the best,
Steve

Vince J Kaminski
05/10/2000 01:54 PM
To: Steven Leppard/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Grant
Masson/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT

Subject: Conference

Steve,

I am tied up at the Power2000 conference.
I shall get back to you with my comments on Thursday morning.

I also want to talk to you tomorrow about finalizing the dates of the summer
rotations. We are talking to HR here about apartments, car rentals,
and other arrangements  for the London team for the summer. I promised
to give them the names and dates by the end of the week.

Sorry for the delay in sending you my comments.

Vince


John, I just spoke with Dan Walker, Vice President  of Development for the
Rocky Mountain Elk Foundation about Enron's initiative for a corporation
partnership.  After we had discussed our interest and desire and what
opportunities are available with the Foundation for Enron, Dan stated that
will be visiting with the Foundation's CEO next week and one of the issues to
be discussed will be development of  an MOU or Agreement between Enron and
the RMEF.  Looks like things are beginning to progress.

Im having quite a bit of interest from some of the Houston based Enron
employees about how they can get involved.  Any suggestions on how I can
"advertise" opportunities within the Corporation for employee involvement
with the RMEF?


---------------------- Forwarded by Jane M Tholt/HOU/ECT on 01/16/2001 09:58
AM ---------------------------

	Enron North America Corp.

	From:  ClickAtHome Project Team @ ENRON                           01/11/2001
09:12 PM

Sent by: Enron Announcements@ENRON
To: ClickAtHomePilot3 mailing
cc:
Subject: ClickAtHome Pilot 3 Program - An Invitation

Want to Get Innovative at Home?

We are excited to extend an invitation to you to participate in Pilot 3 of
Enron's new ClickAtHome program.

The ClickAtHome program is Enron's innovative solution to provide eligible
employees with a high-end computer and high-speed internet connection.

If you are interested in participating in the ClickAtHome pilot program,
please read about  "How to get started in Pilot 3" by clicking the link below.

http://home.enron.com:84/messaging/pilot3.ppt

Details pilot member expectations, commitments, and a tentative pilot time
table.

Ordering will begin on Friday, January 12th.    To get more information about
the program or place your order, visit http://clickathomepilot.enron.com

Dell will be in Houston to assist you with any questions you may have :
 1/16/2001  8:00:00 AM-5:00:00 PM
 1/17/2001  8:00:00 AM-5:00:00 PM
 1/18/2001  8:00:00 AM-5:00:00 PM
 1/19/2001  8:00:00 AM-2:30:00 PM
 Location: EB568 and EB560

If you have questions, please send them to clickathomepilot3@enron.com.

We look forward to enabling you to Get Innovative at Home!

ClickAtHome Project Team


the size of the trade and the curve adjustment are a wash just let me know when you want to close and i can get you a number

dutch

 -----Original Message-----
From: 	Boyt, Eric
Sent:	Friday, November 30, 2001 1:06 PM
To:	Quigley, Dutch
Cc:	Cramer, Christopher
Subject:	Bobwest Unwind

Dutch,

Need your offer.  Let me know.

Thanks,

Eric

 << File: Bobwest - NX3 Offer (D.Quigley).xls >>


Attached please find the log report for the week of Dec 10-17th, as of Dec
12th.  Should you have any questions please feel free to contact me at  ext.
54751.


SIVY ON STOCKS from money.com
May 11, 2001

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Special situations

These tips for identifying investment opportunities will help you find
stocks that can move up even when the stock market is flat on its back.

By Michael Sivy

As long-time readers of this column know, I like to focus mainly on the
biggest, most financially healthy companies. Such blue-chip growth stocks
are well-followed by Wall Street analysts and by the media, so their
prospects are generally reflected in the share price. Occasionally,
however, those stocks get undervalued -- but they generally return to fair
valuations within a few years. If you buy them when they're down, odds are
you'll at least match -- and probably slightly outpace -- the general
market over a decade or longer. (For a list of the stocks I think are most
worth tracking, see the Sivy 100.)
[ http://www.money.com/sivy100/ ]

There are, however, smart ways to enhance that basic strategy. Some
investors, for example, search for so-called "special situations," stocks
that will rise or fall based on unique events, like a takeover bid or a
corporate restructuring. Anticipating such events takes some savvy, but
there are guideposts that can help. One excellent source for those tips is
The Superstock Investor, a new book by Charles LaLoggia and Cherrie Mahon,
published by McGraw Hill.

I've known Charlie for more than a decade and he's spotted a lot of great
opportunities, particularly among midcap and smaller stocks that aren't
well followed by analysts. In fact, I featured one of his recommendations
in Sivy on Stocks last November 8 -- United Industrial [UIC], a small
defense-related company with little debt. Since then, the stock has risen
40 percent to $16 a share.

Since every special situation is different, the best way to learn about
them is to read through a lot of case studies -- and Charlie's book is full
of them. But he also lists a number of signs to watch for that can help you
identify a stock poised for big gains. The most important thing to remember
is that a special situation needs a catalyst that can unlock its value.
Here are 10 potential triggers:

* An outside investor files a 13-D form with the Securities and Exchange
Commission, revealing that it has accumulated more than 5 percent of a
company's stock.

* A company with one outsider that owns more than 5 percent of the stock
attracts other investors who buy big stakes.

* An outside owner announces that it is seeking ways to enhance shareholder
value or expresses an interest in selling its stake.

* A dispute about the best way to get the stock price up breaks out between
a company's management and a major outside shareholder.

* A company with one or more large outside owners announces a stock buyback
program, giving more influence to the biggest shareholders who will push to
get the stock price up.

* A company in a consolidating industry sells or spins off non-core assets,
thereby turning itself into a pure play that is likely to be even more
attractive to potential acquirers.

* A company in a consolidating industry announces a restructuring charge
that causes its share price to decline substantially, making the stock
highly attractive to potential acquirers.

* A company in a consolidating industry is partially owned by a brokerage
or buyout firm that could devise a strategy to boost the value of its stake.

* The founder of a company who owns more than 10 percent of the stock
passes away, removing potential opposition to an acquisition.

* A company that owns a stake in another company is itself acquired,
leading the acquirer to try to raise cash by selling the stake and putting
the company in play.

None of these factors by itself is a reason to invest in a company. But if
the stock is attractive on fundamental grounds, the chance that it will
turn out to be a special situation provides an enormous kicker.

###

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

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

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We may, from time to time, contact you with offers for Time Inc.
products and services which we think may be of interest to you.
If you would prefer us not to contact you in this manner, AND
YOU DID NOT INDICATE THIS PREFERENCE AT THE TIME YOU SIGNED UP
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Feast your eyes on Enron Business' cool and colorful new look.  You'll find
it in your mailbox at home and online at home.enron.com under Publications,
Enron Business, and "Volume 2, 2001".  (And if you're in Houston, you might
find a few extra copies at the Plaza Java in the lobby of the Enron Building.)

In this issue:
? Enron Direct plays hard to win small customers
? Extreme Enron debuts with exciting stories about employees who ride the edge
? Meteorologists brew science with good business
? Enron's new Vision ) how will we do it?
? Enron fights to keep the California energy crisis from spreading
? Driving business profits where you'd least expect them
? The Insider: Sprechen Zie security?
? Assisting earthquake victims in India
? Find out who won the Word Search ) and enter our Cartoon Craziness Contest
for a chance to win a $200 American Express gift certificate!  Don't dally )
the deadline for entries is Friday, May 11