Applied Finance - May 31-June 1, 2001
in EB552   Cost:  $700.00

The objective of this program is not to teach you how to do a deal, but
rather, to give you a better understanding of how basic financial principals
contribute to the structure of a deal.    It will also provide you with
insight to Enron deals in order that you can make a contribution to the work
that goes into putting one together.

When you leave the program, you will have:

R An understanding of basic financial and accounting issues relevant to
Enron's transactions.
R A basic understanding of how Enron structures deals - the "deal space" and
how the financial principals discussed  relate to  Enron deals.
R The ability to take the financial principals and apply them to an Enron
deal.

Please login and enroll through the InvestInMe website,
http://www.corptraining.com/index.cfm?company=enron.  If you have any
questions, please call 713 853-0357.


The EWS Legal Year End PRC Meeting will begin at Noon and last until all PRC matters are completed.   (Mark Haedicke, Sheila Tweed, Elizabeth Sager, Jeff Hodge, Peter Keohane, Richard  Sanders, Mark E. Taylor, Lance Schuler, Julia Murray, Alan Aronowitz, Bruce Lundstrom, John Novak)


Thank you for your request. You will be notified by email when your request
has been processed. You can check the progress of your request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000034916&Page=
MyReq.


________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com

 - goggles1.exe


SK - I printed this out and put it with the other responses.  mm

Steve,

The attached memo outlines the working groups that I was leading.

Jeff


no worries.  How is the week going?  Good I hope.  I just interviewed a guy
from Auburn and hopefully got him a job.  We will see.
PL


Except that my understanding of the SCE model is that the CTC structure will continue beyond 3/31/02 (and may then apply for PG&E).  I agree that if you were to go to a bottom's up, it would require the CPUC to put in place a surcharge for remaining stranded costs (non-generation, for example QFs) and a second surcharge for Negative CTC "overpayment".  Key question is who will pay the Negative CTC "overpayment"?

On trying to understand the PX Credit algorithim, my concern is that to understand how much the "overpayment" was during Oct - Feb, we need to understand how costs hit the structure during that time period.  Otherwise we don't know what form or amount of discount is required in the Settlement talks.

Jim

 -----Original Message-----
From: 	Comnes, Alan
Sent:	Wednesday, November 14, 2001 7:24 PM
To:	Steffes, James D.
Subject:	RE: PG&E PX Credit Calculation -- CONFIDENTIAL ATTY CLIENT WORK PRODUCT

After 3/31/02, the CTC should no longer be a function of the PX credit, no?  So a customer's CTC payments should not be affected by refunds.

If refunds are distributed prospectively, we do not need to really know the PX credt algorithm and can instead simply estimate PG&E's expected refunds, divide it by total load, and assume that the PX credit will be depressed by that amount.  This is more akin to a lower shopping credit than a higher CTC.

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Wednesday, November 14, 2001 4:32 PM
To:	Comnes, Alan
Subject:	RE: PG&E PX Credit Calculation -- CONFIDENTIAL ATTY CLIENT WORK PRODUCT

Alan --

The only way to collect the "overpayment" is to artificially reduce the PX Credit going forward to thereby allow for more CTC.

Jim

 -----Original Message-----
From: 	Comnes, Alan
Sent:	Wednesday, November 14, 2001 6:15 PM
To:	Steffes, James D.
Subject:	RE: PG&E PX Credit Calculation -- CONFIDENTIAL ATTY CLIENT WORK PRODUCT

I am not sure I understand your second paragraph.  If PG&E reduces going-forward procurement costs to reflect FERC-ordered refunds, I do not understand why it would affect already-issued CTC charges.  The cost of power would be cheaper going forward.

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Wednesday, November 14, 2001 3:24 PM
To:	Comnes, Alan; Dasovich, Jeff; Tribolet, Michael; Curry, Wanda; Mellencamp, Lisa; 'Jan Paul Acton (E-mail)'; Swain, Steve; Mara, Susan
Cc:	Alvarez, Ray
Subject:	RE: PG&E PX Credit Calculation -- CONFIDENTIAL ATTY CLIENT WORK PRODUCT

Thanks for the thoughts.  I fully agree on BF costs and DWR costs.  I believe that you are right on Est RT$ = CAISOM Imbalance, but I need to check.

On the question of retroactive ratemaking, it is my understanding that you are correct.  PG&E probably won't rebill, but will need to put in place an adjustment to the going forward PX Credit to "collect" the overpayment of Negative CTC.

All of this means that the impact of the FERC refund is less than 100c on the $ for the Negative CTC.

Jim

 -----Original Message-----
From: 	Comnes, Alan
Sent:	Wednesday, November 14, 2001 4:35 PM
To:	Steffes, James D.; Dasovich, Jeff; Tribolet, Michael; Curry, Wanda; Mellencamp, Lisa; 'Jan Paul Acton (E-mail)'; Swain, Steve; Mara, Susan
Cc:	Alvarez, Ray
Subject:	RE: PG&E PX Credit Calculation -- CONFIDENTIAL ATTY CLIENT WORK PRODUCT

I assume that if an hourly PX market clearing price is mitigated per a FERC order it would affect variable "HC" in the formula laid out in the attachment.

It is not clear to me which  variable represents hourly ISO imbalance energy costs, but I assume its "Est RT$".  If I am right, that variable would be affected by  the mitigated market price (MMP) for CAISO imbalance energy.

My comments are:

The FERC is able to only order refunds to jurisdictional entities and, given appeals, it may take years before the full extent of thre refunds are known.  Therefore there will be a significant difference between the change in the mitigated market price (MMP) as declared by FERC and the PX credit.  That is, a 10% reduction in the MMP should not be construed as having a 10% effect on the PX credit, assuming it can be recalculated at all.  Specifically, only some of the "HC" or  "Est RT$"  costs can  be adjusted per FERC refund orders.

Also, the PX credit is a tariffed rate.  I do not believe the PU code allows for retroactive adjustments to tariffed rates unless there was an explicit cost tracking account (e.g. a balancing A/C).  To my knowledge, no such account exists here.

Finally, I do not see a relationship between MMPs and (1) block forward costs on any date and (2) PG&E and/or DWR's procurement costs for the net short position post January 19.  So, those PX credit costs should be unaffected by any FERC refund order.

Alan Comnes

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Wednesday, November 14, 2001 7:22 AM
To:	Dasovich, Jeff; Tribolet, Michael; Curry, Wanda; Mellencamp, Lisa; Jan Paul Acton (E-mail); Swain, Steve; Mara, Susan; Comnes, Alan
Subject:	PG&E PX Credit Calculation

Attached is a summary of PG&E's notes on how they calculate the PX Credit (until January 19, 2001 when they hardwired $150/mwh).  We continue to try and get a handle on how the FERC Refund case will impact the PX Credit and Negative CTC.  If anyone has any issues or comments, please let me know.

Thanks.

Jim

 << File: PG&E PX Credit Calculation.doc >>


All,

Please plan to attend the project status meeting for the ERMT database migration to Oracle 8i, scheduled for July 14.  If you're unable to attend, please send a representative on your behalf.

Thanks & regards,

Karima Husain
Project Manager, TAGG/ERMS
(713) 345-7252


Any room at the inn?  I am looking for a spot for Beth Apollo.  She will be
working with me, starting on January 29th in Houston.  --Sally

I am in London this week, but if you have any ideas Patti can follow through
while I am out.
---------------------- Forwarded by Sally Beck/HOU/ECT on 01/16/2001 06:47 PM
---------------------------

	Enron North America Corp.

	From:  Patti Thompson                           01/16/2001 12:41 PM

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Beth's location

Sally,

Beth's assistant is wanting to know where Beth will be sitting - where they
are to ship her boxes.  Any ideas or anything you want me to do regarding
this?

PT
---------------------- Forwarded by Patti Thompson/HOU/ECT on 01/16/2001
12:42 PM ---------------------------
From: Janine Treader on 01/16/2001 06:29 PM GMT
To: Patti Thompson/HOU/ECT@ECT
cc:
Subject: Beth's location

Hi Patti,

This will probably be the first of many emails in the next couple of weeks.

Do you have a location as to where Beth will be sitting over there?  We'll be
packing up her boxes soon to ship over and for future post etc.

Also, she will need a new extension number.  She would most definately prefer
an 853 number and if you can use her VP status to help her get one if they
refuse (her words) then that would be great.  Her old number was 853-5521
although someone else may have that now.

Thank you for your help.  It is very much appreciated.

Janine


PLEASE FIND ATTACHED THE AGENDA FOR THIS AFTERNOON'S ENERGY COMMITTEE
MEETING WHICH WILL BE HELD AGAIN AT EPRI, LOCATED AT 3412 HILLVIEW AVENUE IN
PALO ALTO.  IF YOU NEED DIRECTIONS OR A MAP TO EPRI PLEASE CONTACT ME BY
RESPONDING TO THIS E-MAIL OR BY CALLING 408-501-7870

 - Energy Committee Agenda April 23.doc


======================================================
        VENTUREWIRE --- Wednesday, October 25, 2000
======================================================
           Private Company Business News
------ Published Daily by Technologic Partners -------
           http://technologicpartners.com
======================================================

Top Stories:

o Schroder Ventures Closes Second European Fund At $3 Billion
o Construction Services Firm BuildNet Pulls $230 Million IPO
o Early Stage VC Fund Diamondhead Launches with $135 Million
o HealthCentral Acquires Assets of Troubled More.com

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Also in This Issue:

     New Money:
o Mobile Info Access Tech Firm Raises $15 Million in Series A
o Net Security Firm Securify Raises $20 Million in Series A
o Optical Networking Firm Raises $40 Million in Series A & B
o e-Commerce Tech Firm AristoCart Lands $4.5 Million Round One
o Net Infrastructure Firm Lightspeed Has $11 Million Round One
o Optical Services Firm Optidtech Gets $250,000 in First Round
o Supply Chain Service ecIndx Adds $7.5 Million to Round One
o Web Developer Angel Engineers Raises $6.11 Million Series A
o Wireless Services Firm Incurrent Has $3 Million Round One
o Critical Care Tech Firm Visicu Lands $15 Million Round Two
o Groove Networks Closes  Round Three With $41 million
o Web App. Management Firm Aptegrity Has $30 Million Round Two
o Wireless Tech Firm LinkAir Secures $20 Million Second Round
o Image Monitoring Firm LookThatUp Gets $4.1 Million Round Two
o Marketplace Enabling Software Developer Raises $33.5 Million
o Mobile Tech Firm Portelco Gets $9.4 Million Second Round
o Laser and Optic Amplifier Manufacturer Raises $15 Million
o College Marketer AroundCampus Lands $3 Million Third Round
o Job Interview Firm Fitability Gets $1.5 Million Second Round
o Mobile ASP Wapmagic Raises Additional $10 million
o Internet Infrastructure Firm eMikolo Secures $4.5 Million
o Motorola Invests in Phone-to-Web Application Firm Lineabox
o e-Commerce Solutions Raises $4 Million Fourth Round

     New Products:
o Beacon Photonics Launches Operating Company Beacon Telco
o Investors Form Online European Construction Market Asite
o Network Service Firm Yo.net Launches First Product
o Outsourcer HeyMax Interactive Launches Product Line

     M&A:
o ICG-Backed B2B Market IndustrialAmerica and eCatalogs Merge
o MobileLogic Acquires Wireless Platform Eyeshake with Stock

     New Directors:
o Hockey 's Bourque Joins Board of Retailer 1800FaceOff.com
o PrintCafe Adds G4 Managing Partner to Board of Directors
o Broadband Firm Cambridge Adds Analysys Founder to Board
o Content Translator, Localization Firm Uniscape Adds to Board
o Netkey Adds Bankers Trust Executive to Board of Directors

     New People:
o Former iXL Chief to Head Web Content Delivery Firm Avienda
o Hosted Applications Firm Eality Appoints New CEO
o Convenience Store Marketplace RMX Names First President, COO
o Former AirTouch Exec Joins CreSenda Wireless As President
o Loan Processing Firm Keystroke Names New President & CEO
o Construction Industry Rental Service RentOntheDot Names Head
o Digital Imaging Firm Altamira Replaces President, Names CEO
o Merchandise Application Tech Firm Mercari Names President

     VC Fund News:
o GKM Launches First Venture Fund with $60 Million
o OffRoad Forms Joint Ventures to Expand into Europe and Korea

     VC Personnel:
o CMEA Ventures Adds Former Sun Microsystems Exec as Partner
o Labrador Ventures Adds New Director, Opens New York Office

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Steve Stephansen, President & CEO, WebV2

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|||||||||||||||||||||||||||||||||||||||||||||||||||||||

======= Top Stories =======

o Schroder Ventures Closes Second European Fund At $3 Billion

LONDON -- Schroder Ventures, which provides venture
capital services internationally, said it closed
its second European fund with EUR 3.5 billion ($3
billion) in capital holdings. The fund announced
its first close at EUR 3 billion in May. The fund
is already 25% invested in 5 portfolio companies,
including several management buyouts. The fund focuses
on global acquisitions and investments in developing
technologies and the new economy.
http://www.schroders.com/
_____________________________________________

o Construction Services Firm BuildNet Pulls $230 Million IPO

RESEARCH TRIANGLE PARK, N.C. -- BuildNet, which
provides online business, technology, and project
management systems for the home building industry,
withdrew its planned $230 million initial public
offering. The company, which originally filed for
its IPO in March, cited unfavorable market conditions
in a filing with the SEC. The move comes one week
after company president Bayard M. Atwood left the
company to pursue other opportunities. BuildNet
is backed by BancBoston Ventures, Barnard & Co.,
Encore Venture Partners, GE Appliances, GE Capital,
Global Technology Investors Fund at Bessemer Trust,
Halifax BuildNet Investors, John Hancock Global
Technology Fund, J. & W. Seligman, Piedmont Venture
Partners, SG Capital Partners, South East Interactive
Technology Fund, and The CIT Group/Equity Investments.
http://www.buildnet.com/
_____________________________________________

o Early Stage VC Fund Diamondhead Launches with $135 Million

MENLO PARK, Calif. -- Diamondhead Ventures, and
early-stage venture capital fund that specializes
in information technology and Internet infrastructure
companies, said it launched with $135 million. The
firm will make initial investments of between $1
million and $5 million and invest a total of $8
million to $10 million in each portfolio company.
The firm's portfolio companies will be related to
Internet and business-to-business infrastructure
technology and primarily come from research laboratories
at educational institutions including Stanford University,
Cal Tech, and Carnegie Mellon. Diamondhead Ventures
was founded by managing directors Raman Khanna,
who was until recently chief information officer
at Stanford University, and David A. Lane, co-founder
of Alpine Technology Partners and former investment
officer at Harvard Management Co.  Diamondhead Ventures'
corporate partners includeFoxconn, Fujitsu, HCL
Technologies, Oracle Systems, Sonera, and Sun Microsystems.
The firm's fund was raised from corporate backers,
other financial institutions such as American Family
Insurance and Moore Capital, and individual investors.
http://www.dhven.com/
_____________________________________________

o HealthCentral Acquires Assets of Troubled More.com

EMERYVILLE, Calif. -- Publicly traded HealthCentral.com,
a provider of online healthcare commerce, said it
acquired assets of online health and beauty retailer
more.com. The acquisition was made with 5 million
shares of HealthCentral.com common stock, which
is valued at approximately $6.5 million, according
to Tuesday's closing price. HealthCentral.com acquired
 more.com's Web site, trademarked names, and customer
lists, and also acquired more.com's subisidiary
Comfort Living. The company will retain all of Comfort
Living's approximately 27 employees, but none of
more.com's remaining 20 employees. More.com cut
its staff this summer by 20% after pulling its planned
IPO in May. More.com's backers include Bain Capital,
Boston Millennia Partners, Galen Partners, Health
Business Partners, HealthCare Ventures, J&W Seligman
& Co., Rho Management, Star Ventures, Swander Pace
Capital, Softbank Technology Ventures, and 21st
Century Internet Venture Partners.
http://www.healthcentral.com/
http://www.more.com/

======= New Money =======

o Mobile Info Access Tech Firm Raises $15 Million in Series A

AUSTIN, Texas. -- Austin Ventures said it has invested
$15 million in Exelano, which provides end-to-end
mobile information access technology, as part of
the startup's Series A funding round. Ross Cockrell,
a partner at Austin, will take a seat on the Exelano's
board of directors. Austin Ventures previously provided
Exelano with seed financing.
http://www.exelano.com/
_____________________________________________

o Net Security Firm Securify Raises $20 Million in Series A

PALO ALTO, Calif. -- Securify, which provides Internet
security technology, said it has raised $34 million
in its Series A round of funding led by Spectrum
Equity Investors, which provided $20 million. Pequot
Capital, GemVentures, the venture arm of Gemplus,
and Bayview Investors, an affiliate of Robertson
Stephens, also participated in the round. The company
said it will use the funds to expand its sales and
marketing and for the further development of its
Internet security protocol. Benjamin Coughlin, principal
at Spectrum, and Karen White, principal at Pequot
Capital, will join Securify's board of directors.
http://www.securify.com/
_____________________________________________

o Optical Networking Firm Raises $40 Million in Series A & B

WALTHAM, Mass. -- GiantLoop Network, which provides
optical networking services for large businesses,
said it raised a total of $40 million in two rounds
of funding. GiantLoop secured $20 million in both
its Series A and Series B financings. The funds
were provided by Greylock, Roger Marino, co-founder
of EMC, and Optical Ventures. In addition to the
funding, Giantloop announced its management team,
which is led by company co-founders Harry Dixon,
chairman and CEO, Mark Ward, president and COO,
Chris Riley, executive vice president of sales and
marketing,and Randy Seidl, managing director.
http://www.giantloop.com/
_____________________________________________

o e-Commerce Tech Firm AristoCart Lands $4.5 Million Round One

WILMINGTON, Del. -- AristoCart, which designs and
develops e-commerce technology for online shopping
companies, said it raised $4.5 million in its first
round of financing. AIG Orion led the round with
participation from eXseed Technology Investments.
The company will use the funds for product development,
hiring additional staff, and  marketing.
http://www.aristocart.com/
_____________________________________________

o Net Infrastructure Firm Lightspeed Has $11 Million Round One

PLEASANTON, Calif. -- Lightspeed Interactive, which
provides Internet infrastructure software, said
it has secured $11 million in its first round of
funding from Ticonderoga Capital and Millenium Technology
Ventures. The company said it will use the funding
to support its business growth, product development,
and marketing.
http://www.lspeed.com/
_____________________________________________

o Optical Services Firm Optidtech Gets $250,000 in First Round

BOSTON -- GenuOne, a provider of brand protection
programs, said it invested $250,000 in Optidtech,
a provider of optical services for identification
systems, as part of its first round of funding.
Optidtech's first product is Conacs, a contactless
access control system which provides control of
fast-flowing traffic and can operate covertly. Optidtech
is also backed by J.C. Technologies, an Israeli
venture capital firm, and its incubator, Patir R&D.
GenuOne co-founder and CEO, Jeffrey Unger, will
take a seat on Optidtech's board of directors.
http://www.genuone.com/
_____________________________________________

o Supply Chain Service ecIndx Adds $7.5 Million to Round One

ATLANTA -- ecIndx, a provider of supply chain services
to the hardware and electronic industries, said
it received an additional $7.5 million from Vector
Development as part of its first round of financing.
The company announced a $2 million investment from
Optio Software in August. Vector will have two representatives
on the board.
http://www.ecindx.com/
_____________________________________________

o Web Developer Angel Engineers Raises $6.11 Million Series A

SUNNYVALE, Calif. -- Angel Engineers, which builds
custom Web applications for startups, spin-offs,
and established enterprises looking to conduct business
via the Internet, said it received $6.11 million
in its Series A round of funding led by Global Internet
Ventures. InveStar Capital, Pac-Link Management,
and technology entrepreneur Ken Leonard also participated
in the round. Angel Engineers will use the financing
to further expand its sales and marketing and to
continue to develop its technology infrastructure.
The company previously received seed funding of
$800,000.
http://www.angelengineers.com/
_____________________________________________

o Wireless Services Firm Incurrent Has $3 Million Round One

PARSIPPANY, N.J. -- Incurrent Solutions, a provider
of Internet and wireless services to card-issuing
banks and transaction processors, said it received
$3 million in its first round of financing from
the Edison Venture Fund and individual investors.
Bruce Luehrs, a general partner at Edison, will
be taking a seat on Incurrent's board. Incurrent
said the funds will allow it to accelerate its acquisitions
and expand product development.
http://www.incurrent.com/
_____________________________________________

o Critical Care Tech Firm Visicu Lands $15 Million Round Two

BALTIMORE -- Visicu, provider of a network monitoring
system that aims to give hospitals constant physician
oversight of critical care, completed its second
round of financing for a total of $15 million. The
second round, led by Pacific Venture Group, included
Series A investors Abell Foundation and Cardinal
Health Partners and also included Partech International,
Sterling Venture Partners, Pacific Life, and Envest
Ventures. Michael Bronfein, managing partner of
Sterling Venture Partners, will join Visicu's board
of directors. Visicu's system provides direct video
and audio links, and enhances the capture, analysis,
and presentation of patient data. The company will
use the financing for sales and marketing, research
and development, and operations. The company has
raised $18 million to date.
http://www.visicu.com/
_____________________________________________

o Groove Networks Closes  Round Three With $41 million

BEVERLY, Mass. -- Groove Networks, which provides
an interactive peer-to-peer platform for networking
small groups of personal computers, said it closed
$41 million in its third round of financing. The
company officially launched earlier this week. Financing
for this round included investments from Accel Partners,
Intel Capital, and private investors, bringing the
total raised to date to over $60 million. The company
was founded in October 1997 by Ray Ozzie, the creator
of Lotus Notes.
http://www.groovenetworks.com/
_____________________________________________

o Web App. Management Firm Aptegrity Has $30 Million Round Two

FAIRFIELD, N.J. -- Aptegrity, which provides Web
application management services, said it has secured
$30 million in its second round of funding led by
ABS Capital. GE Equity, the Hearst Corp., and Trident
Capital also participated in the round. The company
said it will use the new capital to help fund  international
expansion, and to support strategic investments
in operation, business development, and marketing.
Ian MacLeod and Tim Weglicki of ABS Capital will
join Aptegrity's board of directors.
http://www.aptegrity.com/
_____________________________________________

o Wireless Tech Firm LinkAir Secures $20 Million Second Round

SAN JOSE -- LinkAir Communications, which develops
wireless technology designed to advance the performance
and capacity of wireless telecommunications, said
it has secured $20 million in its second round of
funding from The Carlyle Group's Asia Technology
Venture Fund, and previous investors, IDG Technology
Venture Investment, Intel Capital, and New World
Infrastructure. The company said it will use the
funding to continue its development and testing
of its technology and to fund resources needed to
complete user trials around the world.
http://www.linkair.com/
_____________________________________________

o Image Monitoring Firm LookThatUp Gets $4.1 Million Round Two

PARIS -- LookThatUp, a European Internet infrastructure
provider, said it secured $4.1 million in a second
round of financing from Galileo Partners and Mars
Capital. The company plans to use the financing
to increase its business development efforts and
establish offices in the US. This investment follows
an $800,000 first round  from Mars Capital last
November, which the company used to complete the
engineering of its technology. LookThatUp's image-recognition
technology platform aims to give Web sites the ability
to analyze an image from any source, recognize what's
in the image, and act on it. The company's products
include Image-Filter, for detecting and filtering
objectionable images, Image-Shopper, for simplifying
purchases, and Image-Seeker, for image-based searches.
http://www.lookthatup.com/
_____________________________________________

o Marketplace Enabling Software Developer Raises $33.5 Million

BRUSSELS -- Reef, which provides software for the
development of online business portals, intranets,
and extranets, said it raised EUR 40 million ($33.5
million) in its second round of funding. Investors
in the round include Goldman Sachs, 3i, and Vivientures.
The company, founded by the former president of
Cisco's European, Middle Eastern, and African operations,
raised $10 million in its first round of funding
from Viventures, Cisco Systems, Net Fund Europe,
and other private and individual investors.
http://www.reef.com/
_____________________________________________

o Mobile Tech Firm Portelco Gets $9.4 Million Second Round

HONG KONG -- Portelco, which provides technology
that enables consumers to receive personalized information,
and conduct electronic commerce transactions on
mobile devices, said it has raised $9.4 million
in its second round of funding led by ChinaVest,
a new investor in the company. HSBC Private Equity,
part of HSBC Holdings, and AsiaTech Ventures, both
new investors, also participated. The company said
it will use the funding for product development
and sales and marketing. Portelco also named its
board, which includes Eduard Mayer, the vice president
of Strategic Alliance for Z-Tel Technologies; Michael
Latimer, chief operating officer and group director
of international operations at Orange Plc; Patrick
Keen, managing director and chief financial officer
of ChinaVest; and Marcus Thompson, chief investment
officer of HSBC Private Equity (Asia).
http://www.portelco.com/
_____________________________________________

o Laser and Optic Amplifier Manufacturer Raises $15 Million

LONDON -- IPG Photonics, which develops and manufactures
fiber optic amplifiers and lasers, said it raised
$15 million in its latest round of funding. Apax
Partners was the sole investor in the round. The
company said it will use the funding for its planned
European expansion. IPG has four product groups
high-power amplifiers for telecommunications, high-power
fiber lasers for marking, the printing industry,
and material processing, high-power fiver lasers
for free space communication, and fiber lasers for
laboratory and medical applications, test instruments,
and other industrial applications. Telephone +44-207-872-6495

_____________________________________________

o College Marketer AroundCampus Lands $3 Million Third Round

CONSHOHOCKEN, Pa. -- AroundCampus, which provides
local merchants with integrated offline and online
marketing resources and distribution channels to
reach college communities, said it secured $3 million
in its third round of funding from H.F. (Gerry)
Lenfest, founder of the former Suburban Cable T.V.
Company, which was acquired by Comcast earlier this
year. AroundCampus will use the funds to expand
its local merchant services and grow its distribution
channels. AroundCampus consists of two wholly-owned
subsidiaries: College Directory Publishing, a publisher
of campus telephone directories, and Aroundcampus.com,
which provides Web-publishing tools for faculty
and student organizations, information management
tools for students, and local yellow page search
engine technology. Mr. Lenfest will receive a seat
on the company's board of directors. Previous investors
include Harron Capital, Gamma Investors, RG Internet
Partners V, and Kimmelcorp. AroundCampus has raised
$10 million to date.
http://www.aroundcampus.com/
_____________________________________________

o Job Interview Firm Fitability Gets $1.5 Million Second Round

ATLANTA -- Fitability Systems, a provider of online
interviewing and assessment services, said it completed
a $1.5 million second round of financing.  New investor
Southeastern Technology Fund, which led the round,
was joined by Orchard Capital, also a new investor,
and previous  individual investors. The money will
be used to complete an acquisition that has not
yet been announced, to accelerate sales and marketing,
and to launch a new interview module that assesses
values, integrity, and ethics at work. Fitability
provides a remotely administered online interview
system that delivers detailed reports on job candidates
prior to the first face-to-face interview. This
round adds to the $1.3 million first round of seed
funding from individual investors including Cam
Lanier and Bill Scott of ITC Holding Company. Other
individual investors, all of whom participated in
both first and second rounds, include Don Burton
of South Atlantic Capital, Don Weber, former CEO
of Contel, T. Forcht Dagi, chairman of Cordova Ventures,
Charlie Paparelli of Paparelli Ventures, James Davis,
the former president of Harbinger, Rod Knowles,
the former CEO of Chattahoochee Bank, and Tom Wylly,
executive vice president of SmallBusiness.com.
http://www.fitability.com/
_____________________________________________

o Mobile ASP Wapmagic Raises Additional $10 million

AMSTERDAM -- Wapmagic, a wireless application service
provider, said it received $10 million in additional
financing from ABN AMRO Corporate Investments, Advent
International, and previous investor Glide IT Fund.
The company will use the funds to expand its staff
and technology. The company has raised $12.5 million
to date.
http://www.wapmagic.com/
_____________________________________________

o Internet Infrastructure Firm eMikolo Secures $4.5 Million

NEW YORK -- eMikolo, an Internet infrastructure
provider that offiers end-to-end network services,
said it has secured $4.5 million from Israel Seed
Partners and previous individual investors. Craig
Donato, the former senior vice president at Excite@Home,
participated in the round, as did other individuals.
Israel Seed Partners' Michael Eisenberg has joined
eMikolo's board of directors. The company said the
funds will help to accelerate the deployment of
its point-to-point networks.
http://www.emikolo.com/
_____________________________________________

o Motorola Invests in Phone-to-Web Application Firm Lineabox

MIAMI -- Dorado Investments, the Latin American
branch of One Motorola Ventures, the venture capital
arm of Motorola, said it made an undisclosed equity
investment in Lineabox, a voice-to-Web access provider
aimed at the Hispanic community. Lineabox will use
the funds for product development. Lineabox is developed
by Fonbox, a Spanish-and Portuguese-language unified
messaging system backed by eVentures Group.
http://www.lineabox.com/
_____________________________________________

o e-Commerce Solutions Raises $4 Million Fourth Round

NEW YORK -- e-Commerce Solutions (ECS), which develops
and manages outsourced e-commerce applications and
systems, has received $4 million in its fourth round
of financing led by Connecticut Innovations with
a $2 million investment. Previous investor Davenport
Capital Ventures provided the rest of the funding.
Landmark Capital Ventures arranged the financing.
ECS develops and manages outsourced e-commerce applications
and systems. The company said it will use the funding
to expand its existing product line, staffing, business
development, marketing, acquisitions, and to improve
its technology. ECS is also backed by Growth Capital
Partners.
http://www.ecsnetwork.com/

======= New Products =======

o Beacon Photonics Launches Operating Company Beacon Telco

BOSTON -- Beacon Photonics, a holding company that
creates venture capital development companies for
photonics related markets, said it launched Beacon
Telco, which will create or invest in optical and
broadband networking companies. Beacon Telco will
also provide venture capital and accelerator support
to early-stage companies. Beacon Photonics is a
joint venture between Boston University's photonics
center and Globalvest Management Co.
http://www.beacontelco.com/
_____________________________________________

o Investors Form Online European Construction Market Asite

LONDON -- Asite, a consortium that provides an online
European construction marketplace, announced itself.
Property companies Stanhope and Rotch and technology
companies Microsoft and Commerce One led the investment
in the new venture. The company is also backed by
Aurora, a Kohlberg Kravis Roberts & Co. fund, as
well as Aspect Internet, Attenda, Compaq Computer,
and Intel. Stanhope director Peter Rogers serves
as chairman of Asite. PremiSys Group began developing
the site in March. The site is scheduled to launch
in early 2001.
http://www.asite.com/
_____________________________________________

o Network Service Firm Yo.net Launches First Product

NEW YORK -- Yo.net, a provider of network services
infrastructure technology, announced the launch
of its company and first product, Persista, an Internet
service delivery platform. Persista enables Internet
service providers to deliver context-sensitive services
that are integrated within persistent and familiar
applications on desktops and other connected devices.
Yo.net is funded by Canadian Internet incubator
Itemus.
http://www.yo.net/
_____________________________________________

o Outsourcer HeyMax Interactive Launches Product Line

HERNDON, Va. -- HeyMax Interactive, which provides
outsourced applications and management services
said it launched its first product line. The company
said its suite consisted of online community tools
and services aimed at customer support and retention.
HeyMax is backed by company founder and CEO Eric
Carbone, founder of Realfans.com, which was acquired
by America Online.The company said it is raising
a round of between $3 million and $5 million that
it expects to close in the next three to six months.
HeyMax Interactive products and services include
chat and message boards, administrative tools, custom
design, and integration services.
http://www.heymax.com/

======= M&A =======

o ICG-Backed B2B Market IndustrialAmerica and eCatalogs Merge

RESTON, Va. -- IndustrialAmerica, a business-to-businesss
marketplace for industrial supplies, and eCatalogs,
a catalog service provider, said the two companies
have merged to form MROLink. President and chief
executive officer of IndustrialAmerica, Chuck Sheridan,
will head the newly merged company. Ariel Hazi,
the co-founder and chief technology officer of eCatalogs,
will become the CTO. Both eCatalogs and IndustrialAmerica
have received funding from Internet Capital Group,
which maintains a majority stake in MROLink. MSC
Industrial Direct and VerticalNet have also invested
in MROLink.
http://www.mrolink.com/
_____________________________________________

o MobileLogic Acquires Wireless Platform Eyeshake with Stock

NEW YORK -- MobileLogic, a provider of services
that enable secure wireless access to corporate
data, said it acquired Eyeshake, a Boston-based
developer of a wireless application development
and delivery platform for mostly stock and some
cash.  The stock constitutes between 10% and 15%
of MoblileLogic, which will completely absorb Eyeshake.
All of Eyeshake's employees have been retained and
will remain in Boston. MobileLogic raised $25 million
this past March and is backed by Allen & Co., Apollo
Management, CMGI @Ventures, Hikari Tsushin, Investcorp,
and Odyssey Investment Partners.
http://www.mobilelogic.com/
http://www.eyeshake.com/

======= New Directors =======

o Hockey 's Bourque Joins Board of Retailer 1800FaceOff.com

DENVER -- 1800FaceOff.com, a consumer and wholesale
marketer of hockey equipment, said renowned hockey
player Raymond Bourque joined the company as an
investor and a board member. Mr. Bourque will also
participate in promotional appearances and charity
work with the company. Rollingsford, New Hampshire-based
1800FaceOff.com is backed by United Investors Group
and has raised a Series A round of funding.
http://www.1800faceoff.com/
_____________________________________________

o PrintCafe Adds G4 Managing Partner to Board of Directors

PITTSBURGH -- PrintCafe, a provider of Internet-based,
business-to-business products and services for the
printing and publishing industry, said it will add
the managing partner of G4 Partners, Thomas Gill,
to its board of directors. PrintCafe is backed by
Mellon Ventures, Menlo Ventures, Olympic Venture
Partners, Key Principal Partners, BancBoston Capital,
and CreoScitex.
http://www.printcafe.com/
_____________________________________________

o Broadband Firm Cambridge Adds Analysys Founder to Board

CAMBRIDGE, U.K. -- Cambridge Broadband, a developer
of broadband wireless technology, said David Cleevely
joined the five-member board of directors. Mr. Cleevely
is founder of Analysys, a U.K.-based telecom and
new media advising firm, and managing director of
Analysys Group, the venture capital arm of Analysys.
Cambridge is backed by Amadeus Capital Partners,
Pino Ventures, and Adaptive Broadband.
http://www.cambridgebroadband.com/
_____________________________________________

o Content Translator, Localization Firm Uniscape Adds to Board

SUNNYVALE, Calif. -- Uniscape, a provider of translation
and localization of Web content for international
markets, said it named Silicon Valley executive
Gayle Crowell and Joe Prang, former president and
COO of Aspect Development, to its board of directors.
Ms. Crowell is also on the boards of E.piphany,
eGroups, Outcome.com, and EchoPass. Uniscape's backers
include Acer, Taiwan-based Jin Sun Securities, Sequoia
Capital, and Singapore's Technology Development
Fund.
http://www.uniscape.com/
_____________________________________________

o Netkey Adds Bankers Trust Executive to Board of Directors

BRANFORD, Conn. -- Netkey, an end-to-end software
provider for Internet kiosks, said Bankers Trust
chairman emeritus  Frank Newman will join its board
of directors. The addition of Mr. Newman raises
board membership to seven. Netkey is backed by Atlanta-based
incubator Cyberstarts, iXL Ventures, and ZeroStage
Capital.
http://www.netkey.com/

======= New People =======

o Former iXL Chief to Head Web Content Delivery Firm Avienda

ATLANTA -- Avienda Technologies, a point-to-point
Web content delivery company, said it appointed
Bill Nussey to president and CEO. Mr. Nussey previously
served as president and CEO of iXL, a publicly traded
Internet business consulting firm. He is already
a member of Avienda's board of directors and was
one of the initial investors in the company. Current
CEO Aaron Shapiro, Avienda's co-founder and chairman,
 will assume the role of chief strategy officer.
President David Bloom, also a co-founder, will become
senior vice president of corporate development.
The company is backed by Draper Fisher Jurvetson,
Neocarta Ventures, ePlanet Partners, Labrador Ventures,
Gray Ventures, and Imlay Investments.
http://www.avienda.com/
_____________________________________________

o Hosted Applications Firm Eality Appoints New CEO

FOSTER CITY, Calif. -- Eality, which provides hosted
business applications to small and medium-sized
businesses, said it named Gary Roberts as the company's
president and chief executive officer. Mr. Roberts
has served as interim CEO after former CEO James
Buckley left the company in February. Before joining
the company, Mr. Roberts was senior director of
customer service for the Palm computing division
at 3COM. Eality is backed by Foundation Capital,
Bessemer Venture Partners, and Sequoia Capital.
http://www.eality.com/
_____________________________________________

o Convenience Store Marketplace RMX Names First President, COO

WALNUT CREEK, Calif. -- RetailersMarketXchange,
an online marketplace for convenience store owners
and suppliers, said it appointed its first president
and chief operating officer Nancy D. Reyda. Prior
to joining the company, Ms. Reyda was manager of
the brand development center at Chevron. RMX is
funded by Phillip Morris, Chevron, Oracle, and McLane
Co.
http://www.rmx.com/
_____________________________________________

o Former AirTouch Exec Joins CreSenda Wireless As President

LOS ANGELES -- CreSenda Wireless, which delivers
business information to handheld devices, said it
has appointed Douglas Dobie, the former group director
of strategy and product development for AirTouch/Vodafone
(now Verizon Wireless) as the company's new president.
He joined CreSenda last year, as vice president
of sales and marketing. Company founder Jonathan
H. Siegler, who was serving as president, has been
appointed vice chairman of the company's board of
directors. Cresenda, which is raising Series C funding,
 is backed by Pointwest Capital, Triumph Holdings,
and Chase H & Q.
http://www.cresenda.com/
_____________________________________________

o Loan Processing Firm Keystroke Names New President & CEO

SEATTLE -- Keystroke.com, a provider of online loan-processing
software for the financial services industry, said
it named Michael W. Hart to the position of president
and chief executive officer. Mr. Hart was previously
the vice president of product marketing at BGS Systems.
Keystroke.com has received backing from CSFB Private
Equity, Encompass Ventures, Cascadia Capital Partners,
Madrona Venture Group, Seattle Northwest Securities,
and Washington Mutual.
http://www.keystroke.com/
_____________________________________________

o Construction Industry Rental Service RentOntheDot Names Head

ATLANTA -- RentOnTheDot, a company which provides
the construction industry with a real-time rental
reservation system, said it named William D. Swisher
as its first president and chief customer officer.
Prior to joining RentOnTheDot, Swisher was division
vice president of sales and marketing, North America,
for the Hertz Equipment Rental Corporation. The
company offers a Web site and a toll-free number
which contractors can use to access a network of
available equipment from national equipment rental
companies. RentOnTheDot is backed by Discovery Capital.
http://www.rentonthedot.com/
_____________________________________________

o Digital Imaging Firm Altamira Replaces President, Names CEO

BURBANK, Calif. -- Altamira Group, a provider of
digital imaging software, said it named a new chief
executive officer and president. Charles Mauzy,
formerly the company's executive vice president
of business development, is now the company's CEO.
Prior to joining Altamira, Mr. Mauzy was vice president
of business development at EyeWire, a stock image
Web site. Bob Goldstein, also formerly VP of business
development, was promoted to president, replacing
Martin Silverman, who left the company. Mr. Goldstein
was president and founder of ZZYZX Visual Systems,
an imaging service firm. Altamira is funded by East
West Venture Group and Wasserstein Perella.
http://www.altamira-group.com/
_____________________________________________

o Merchandise Application Tech Firm Mercari Names President

WASHINGTON -- Mercari Technologies, a merchandise
application technology provider, said it promoted
Stephen J. Wain to president. Mr. Wain will also
continue to serve as chief operating officer. The
title of president was previously held by D. Randy
Laney, who will remain company chairman and CEO.
The company's backers include ABS Ventures, the
venture capital arm of DB Alex Brown, North Bridge
Venture Partners, Southeast Interactive Technology
Funds, Diamond State Ventures, New Meadows Capital,
Westwood Ventures, United Capital Group, and individual
investors including David Peterschmidt, president
and CEO Inktomi.
http://www.mercaritech.com/

======= VC Fund News =======

o GKM Launches First Venture Fund with $60 Million

LOS ANGELES -- Gerard Klauer Mattison & Co. (GKM),
an institutional research and investment banking
firm, said it has launched its first venture capital
fund with $60 million. GKM said it will invest in
and help to develop start-up and early-stage growth
companies. Already, the company has invested in
HealthTrio, an interactive, Web-based health management
firm, and Hello Networks, a streaming media firm.
The company said it will make typical investments
of between $2 million and $4 million, and will seek
to assemble a portfolio of approximately 20 companies.
The company said Lance Horn, former European director
of broadcast services at Yahoo, has joined GKM as
a managing partner of the fund. He joins Jonathan
R. Bloch, who has been managing partner at GKM Los
Angeles since Janaury.
http://www.gkm.com/
_____________________________________________

o OffRoad Forms Joint Ventures to Expand into Europe and Korea

NEW YORK -- OffRoad Capital, which operates a network
of high-net-worth individuals for later-stage private
investment, said it formed joint ventures with European
and Korean firms in order to expand into those markets.
OffRoad formed a joint venture with Partners Group,
a European private equity investment manager based
in Zug, Switzerland and with Samjong Consulting
Group, a Seoul, Korea-based professional services
provider. The firm's Partners Group partnership
enables OffRoad's U.S.-based investors to fund startups
in Germany and Switzerland with the possibility
of expansion to other countries in Europe. The Samjong
joint venture enables OffRoad to invest in Korean
companies. European and Korean investors will also
have access to U.S. investment through OffRoad.
OffRoad has formed partnerships with Charles Schwab,
the Mayfield Fund, and Robertson Stephens.
http://www.offroadcapital.com/

======= VC Personnel =======

o CMEA Ventures Adds Former Sun Microsystems Exec as Partner

SAN FRANCISCO -- CMEA Ventures, which focuses on
early-stage high-tech companies in the information
technology and life science fields, said Vlad G.
Dabija joined the firm as a partner. Mr. Dabija
formerly worked for Sun Microsystems for five years
in IT product development management, software architecture
and corporate development. Mr. Dabija is also the
co-author of a book on artificial intelligence,
"Planning for Real Time Event Response Mangagement."
CMEA has more than $310 million in capital under
management.
http://www.cmeaventures.com/
_____________________________________________

o Labrador Ventures Adds New Director, Opens New York Office

REDWOOD CITY, Calif. -- Labrador Ventures said it
opened an office in New York that will be run by
Polly Schneck, a new director. Ms. Schneck was most
recently with Scripps Ventures and has been involved
in co-investments with Labrador. She has also served
as a consultant with PricewaterhouseCoopers and
worked with Comcast Cellular Communications in new
business development. Ms. Schneck will direct East
Coast operations for the firm. Labrador usually
invests between $1.5 million and $2 million in information
technology companies. The firm is currently raising
a fifth fund for $180 million. Labrador Ventures
portfolio companies include Digital Impact and iSyndicate.
http://www.labrador.com/

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i had to go to a wedding saturday night, so i didn't get much of a halloween.
what did you do?
i only have one more week until the exam....you'll have to come party with me.
-----Original Message-----
From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com ]
Sent: Monday, October 29, 2001 5:01 PM
To: Jilallen
Subject: RE:
how was the weekend?  did i miss anything on saturday night for halloween?
    -----Original Message-----
   From:   "Allen, Jill (US - Houston)" <jilallen@deloitte.com>@ENRON
   Sent:   Monday, October 22, 2001 11:05 AM
   To:     Lenhart, Matthew
   Subject:  RE:
   i'm not sure where that place is yet, but i'll let you know.
   -----Original Message-----
   From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com  <<
   File: mailto:Matthew.Lenhart@enron.com  >> ]
   Sent: Monday, October 22, 2001 10:44 AM
   To: Jilallen
   Subject: RE:
   definately.  let me know.
       -----Original Message-----
      From:   "Allen, Jill (US - Houston)" <jilallen@deloitte.com>@ENRON
      Sent:   Monday, October 22, 2001 10:38 AM
      To:     Lenhart, Matthew
      Subject:  RE:
      oh - i forgot you said that you were going to N.O.
      i'm not driving in for the game either.  a lot of people are though.
      let me know what ya'll do for the game.
      some people are going to a happy hour at Baker Street Pub on
   Wednesday -
      if any of you
      are interested.
      -----Original Message-----
      From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com  <<
   File: mailto:Matthew.Lenhart@enron.com  >>  <<
      File: mailto:Matthew.Lenhart@enron.com  << File:
   mailto:Matthew.Lenhart@enron.com  >>  >> ]
      Sent: Monday, October 22, 2001 9:47 AM
      To: Jilallen
      Subject: RE:
      i was in new orleans for tim blanchard's wedding.  we watched it and
      then
      went out in the french quarter.  i will probably watch the game this
      saturday at woodrows.  i don't think i want to drive in for the game.
          -----Original Message-----
         From:   "Allen, Jill (US - Houston)" <jilallen@deloitte.com>@ENRON
         Sent:   Monday, October 22, 2001 8:32 AM
         To:     Lenhart, Matthew
         Subject:  RE:
         the weekend was pretty good.  one of my friends was in from austin
      and
         some of us went to Cafe Adobe and Sherlock's on Friday night.
         saturday night i had a date - dinner and then to downing street.
         i had to work all day on sunday.
         what did you do?  did you watch the game at woodrow's?
         -----Original Message-----
         From: Matthew.Lenhart@enron.com [mailto:Matthew.Lenhart@enron.com
   << File: mailto:Matthew.Lenhart@enron.com  >>  <<
      File: mailto:Matthew.Lenhart@enron.com  << File:
   mailto:Matthew.Lenhart@enron.com  >>  >>  <<
         File: mailto:Matthew.Lenhart@enron.com  << File:
   mailto:Matthew.Lenhart@enron.com  >>  << File:
      mailto:Matthew.Lenhart@enron.com  << File:
   mailto:Matthew.Lenhart@enron.com  >>  >>  >> ]
         Sent: Monday, October 22, 2001 7:54 AM
         To: Jilallen
         Subject: RE:
         thurs night was ok.  we went to taco milagro.  that place is full
   of
      old
         folks now.  how was the weekend?
         - This message (including any attachments) contains confidential
         information intended for a specific individual and purpose, and is
         protected by law.  - If you are not the intended recipient, you
      should
         delete this message and are hereby notified that any disclosure,
         copying, or distribution of this message, or the taking of any
   action
         based on it, is strictly prohibited.
   **********************************************************************
      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.
   **********************************************************************
      This message (including any attachments) contains confidential
      information intended for a specific individual and purpose, and is
      protected by law.  If you are not the intended recipient, you should
      delete this message.  Any disclosure, copying, or distribution of
   this
      message, or the taking of any action based on it, is strictly
      prohibited.
   This message (including any attachments) contains confidential
   information intended for a specific individual and purpose, and is
   protected by law.  If you are not the intended recipient, you should
   delete this message.  Any disclosure, copying, or distribution of this
   message, or the taking of any action based on it, is strictly
   prohibited.
This message (including any attachments) contains confidential information intended for a specific individual and purpose, and is protected by law.  If you are not the intended recipient, you should delete this message.  Any disclosure, copying, or distribution of this message, or the taking of any action based on it, is strictly prohibited.


As suspected, the Senate Environment Committee's scheduled markup of MTBE
legislation will not take place on Wednesday, July 26.

The next possible Committee markup dates include:  September 7, 2000, or more
likely, some time during the week of September 11, 2000.

We will be working during the month of August to refine our proposed
amendments, and to work with Senate staff and other stakeholder groups
(refiners, environmentalists) to gain support for our positions.

I will keep you posted as developments occur.

Jeff Keeler
Director, Environmental Strategies
Enron
(202) 466-9157


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TODAY'S HEADLINES
The New York Times on the Web
Monday, October 22, 2001
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com

New From NYTimes.com
Get DealBook -- your daily briefing on the latest and most
comprehensive news about market-moving mergers and
acquisitions, IPOs, private equity transactions, venture
capital deals and Wall Street maneuverings, all delivered
before the market's opening bell. Get analyst
presentations, SEC filings, press releases and more.
http://www.nytimes.com/services/email/email.html#dealbook

QUOTE OF THE DAY
=========================
"We are saying we want to go to the gates of Kabul and stop
there."
-HARON AMIN, the senior Washington envoy for the Northern Alliance.

http://www.nytimes.com/2001/10/22/international/asia/22MILI.html?todaysheadlines

NATIONAL
=========================
Postal Employee in Washington Has Anthrax in Lungs

A worker at the office that handles mail in the capital was
infected with a dangerous form of anthrax, health officials
said.
http://www.nytimes.com/2001/10/22/national/22ANTH.html?todaysheadlines

-----

Sept. 11 Attacks Led to Push for More Smallpox Vaccine

Officials say the terrorist attacks prompted President
Bush's decision to greatly expand the nation's smallpox
vaccine stockpile.
http://www.nytimes.com/2001/10/22/national/22SMAL.html?todaysheadlines

-----

Air Control Has New Role in Spotting Trouble

The F.A.A. has overhauled the way air traffic controllers
respond when planes change course or lose normal
communications with the ground.
http://www.nytimes.com/2001/10/22/national/22PLAN.html?todaysheadlines

-----

MORE NATIONAL NEWS:
http://www.nytimes.com/pages/national/index.html?todaysheadline

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INTERNATIONAL
=========================
Soldiers of the Northern Alliance Prepare for a Ground
Battle

American warplanes carried out their first   substantial
attack on the Taliban's front-line troops north of Kabul on
Sunday.
http://www.nytimes.com/2001/10/22/international/asia/22MILI.html?todaysheadlines

-----

Bush and Putin Declare They Can Alter ABM Pact

President Vladimir V. Putin of Russia and President Bush
said they could reach agreements that would alter the 1972
Antiballistic Missile Treaty.
http://www.nytimes.com/2001/10/22/international/22PREX.html?todaysheadlines

-----

A Youth Is Slain in Bethlehem, and Passions Flare

Israel is embarked on its biggest military strike in many
years against the Palestinians, in what it describes as an
effort to protect its citizens.
http://www.nytimes.com/2001/10/22/international/middleeast/22MIDE.html?todaysheadlines

-----

MORE INTERNATIONAL NEWS:
http://www.nytimes.com/pages/world/index.html?todaysheadline

BUSINESS
=========================
ABC Cancels a Planned Reality Show

ABC's cancellation of "The Runner" suggests that such
reality television programs may have run their course.
http://www.nytimes.com/2001/10/22/business/media/22REAL.html?todaysheadlines

-----

News Media Risk Big Losses to Cover War

There is never a good time for a war, but   for big media
and news companies, the   timing of the current crisis is
especially   poor.
http://www.nytimes.com/2001/10/22/business/media/22COST.html?todaysheadlines

-----

Newsweeklies Run to Keep Up Without Losing Balance

The news media are confronting a changed world and coverage
is a special challenge for a newsweekly.
http://www.nytimes.com/2001/10/22/business/media/22MAG.html?todaysheadlines

-----

MORE BUSINESS NEWS:
http://www.nytimes.com/pages/business/index.html?todaysheadline

TECHNOLOGY
=========================
Microsoft's New Operating System Is the First Part of
Expanded Internet Services

Windows XP is part of a broader Microsoft strategy that
leans on the PC business but reaches to deliver a range of
Internet services.
http://www.nytimes.com/2001/10/22/technology/ebusiness/22SOFT.html?todaysheadlines

-----

Aggressive Strategy Brought On Inquiry of Recording Industry

Rivals of the major record companies say the labels may have
moved online too aggressively, and the government is
exploring whether the recording industry is trying to
illegally dominate distribution on the Web.
http://www.nytimes.com/2001/10/22/technology/ebusiness/22TUNE.html?todaysheadlines

-----

Registration for .Biz Is Delayed

Open registration for Internet addresses ending in .biz,
scheduled to begin tomorrow, has been postponed to Nov. 7,
according to the company that manages the .biz database,
NeuLevel.
http://www.nytimes.com/2001/10/22/technology/ebusiness/22DOMA.html?todaysheadlines

-----

MORE TECHNOLOGY NEWS:
http://www.nytimes.com/pages/technology/index.html?todaysheadline

POLITICS
=========================
Bush and Putin Agree to Agree

For Vladimir Putin and President Bush, the road to the
tantalizing goal of rewriting the rules of arms control may
have rounded its last corner in Shanghai.
http://www.nytimes.com/2001/10/22/international/22TREA.html?todaysheadlines

-----

Postal Employee in Washington Has Anthrax in Lungs

A worker at the office that handles mail in the capital was
infected with a dangerous form of anthrax, health officials
said.
http://www.nytimes.com/2001/10/22/national/22ANTH.html?todaysheadlines

-----

Sept. 11 Attacks Led to Push for More Smallpox Vaccine

Officials say the terrorist attacks prompted President
Bush's decision to greatly expand the nation's smallpox
vaccine stockpile.
http://www.nytimes.com/2001/10/22/national/22SMAL.html?todaysheadlines

-----

MORE POLITICS NEWS:
http://www.nytimes.com/pages/politics/index.html?todaysheadline

SPORTS
=========================
Homers by Williams and Soriano Beat Seattle

Yankees' rookie Alfonso Soriano hit a dramatic two-run homer
in the bottom of the ninth inning to beat the Seattle
Mariners, 3-1, in Game 4 of the A.L.C.S.
http://www.nytimes.com/2001/10/22/sports/baseball/22YANK.html?todaysheadlines

-----

Diamondbacks Capture N.L. Title

Randy Johnson lasted seven innings and closer Byung Hyun Kim
survived the last two innings to send Arizona to its first
World Series with a 3-2 win over Atlanta.
http://www.nytimes.com/2001/10/22/sports/baseball/22BRAV.html?todaysheadlines

-----

Rams Have a Field Day Against Jets

In an exhibition of a running game without its star running
back, sprinkled with a dash of showmanship, the Rams beat
the Jets soundly on Sunday.
http://www.nytimes.com/2001/10/22/sports/football/22JETS.html?todaysheadlines

-----

MORE SPORTS NEWS:
http://www.nytimes.com/pages/sports/index.html?todaysheadline

ARTS
=========================
New York City Heroes Steal Thunder From Stars

The performers got applause at "The Concert for New York
City," but shouting and standing ovations greeted uniformed
workers and Mayor Rudolph W. Giuliani.
http://www.nytimes.com/2001/10/22/arts/music/22MADI.html?todaysheadlines

-----

In England, 1937, They Said War Is Coming

PBS's upscale melodrama about a family in the English
countryside offers an absorbing twist on cliches about
wartime England.
http://www.nytimes.com/2001/10/22/arts/television/22JAME.html?todaysheadlines

-----

Elliott Carter's Latest, Proudly Complex

An engrossing new commissioned work by Elliott Carter for
Yo-Yo Ma had its first New York performance at Carnegie
Hall, and it was riveting.
http://www.nytimes.com/2001/10/22/arts/22CARN.html?todaysheadlines

-----

MORE ARTS NEWS:
http://www.nytimes.com/pages/arts/index.html?todaysheadline

NY REGION
=========================
Defense Dept. Aids a Busy City Health Agency With Tests

The Department of Defense has dispatched specialists to
assist city health officials test for anthrax, Mayor
Giuliani said.
http://www.nytimes.com/2001/10/22/nyregion/22YORK.html?todaysheadlines

-----

Where Guests Used to Visit, Anxiety Sets In

Hotels and cafes are losing money as travelers stay home.
http://www.nytimes.com/2001/10/22/nyregion/22HOTE.html?todaysheadlines

-----

Auto Rates Are a Campaign Issue Again as Insurers Prepare to
Leave

Bret D. Schundler says the system badly needs change. And
characteristically, his positions are more sharply drawn
than James E. McGreevey's.
http://www.nytimes.com/2001/10/22/nyregion/22JERS.html?todaysheadlines

-----

MORE NY REGION NEWS:
http://www.nytimes.com/pages/nyregion/index.html?todaysheadline

OP-ED
=========================
Advance the Story
By WILLIAM SAFIRE
Veteran reporters and creaking  commentators have a single
goal in  writing about great events: advance  the story.
Allow this journageezer to dodder in.
http://www.nytimes.com/2001/10/22/opinion/22SAFI.html?todaysheadlines

-----

Democrats Make Nice (Finally)
By BOB HERBERT
The city's leading  Democrats finally decided that
fratricide was not a reasonable  option. They united behind
the mayoral candidacy of Mark Green.
http://www.nytimes.com/2001/10/22/opinion/22HERB.html?todaysheadlines

-----

The Ultimate Hatred Is Nuclear
By BRUCE G. BLAIR
The  need for nuclear safety and security   has never been
clearer.
http://www.nytimes.com/2001/10/22/opinion/22BLAI.html?todaysheadlines

-----

MORE OP-ED  NEWS:
http://www.nytimes.com/pages/opinion/index.html?todaysheadline

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---------------------- Forwarded by Susan M Scott/HOU/ECT on 04/05/2000 04:14
PM ---------------------------

Stephen Plauche@ENRON
03/30/2000 01:11 PM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Take me out to the ...

Susan,
 I find that you have a midly attractive sense of humor and a cynical side to
you that separates you from the rest of the tribe.  Its funny you mentioned
the Astros game.  I was actually thinking of inviting you (since I have two
tickets to tonight's game and all) but you have turned me down so many times
in the past I decided to go with a more conservative pick.  Anyhow, since I
absolutely detest Woody's and all of my bold suggestions for other venues
consistently gets dissed by the group's brain trust, please take me off of
this distribution list.  Have a nice day.

Steve

Susan M Scott@ECT
03/30/2000 12:38 PM
To: val.generes@ac.com, Timothy Blanchard/HOU/EES@EES, Robert
Norton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Benjamin
Freeman/Corp/Enron@ENRON, Lisa Gillette/HOU/ECT@ECT, Kyle Etter/HOU/ECT@ECT,
Victor Guggenheim/HOU/ECT@ECT, Daniel Falcone/Corp/Enron@ENRON, Shanna
Husser/Corp/Enron@Enron, Yvette Parker/Corp/Enron@ENRON, Christopher
Coffman/Corp/Enron@Enron, Stephen Plauche/Corp/Enron@Enron, Dan
Feather/Enron_Development@ENRON_DEVELOPMENT, Eric Bass/HOU/ECT@ECT, Nick
Hiemstra/HOU/ECT@ECT, Chad Landry/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT,
Misti Day/HOU/ECT@ECT, Benjamin Markey/HOU/ECT@ECT, Carrie
Southard/HOU/ECT@ECT, Christa Winfrey/HOU/ECT@ECT, Brian Hoskins/HOU/ECT@ECT,
Bryan Hull/HOU/ECT@ECT, Heather Alon/HOU/ECT@ECT, Sheetal Patel/HOU/ECT@ECT,
Hang Bui/HOU/ECT@ECT, Kreg Hall/HOU/ECT@ECT, Michael Kolman/HOU/ECT@ECT,
Mason Hamlin/HOU/ECT@ECT, Jennifer Reside/HOU/ECT@ECT, Tobin
Carlson/HOU/ECT@ECT, Alicia Perkins/HOU/ECT@ECT, Nicholas J
Stephan/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT, Kyle Etter/HOU/ECT@ECT,
Victor Guggenheim/HOU/ECT@ECT, Sunil Dalal/Corp/Enron@ENRON, Wilson
Kriegel/Corp/Enron@ENRON
cc:

Subject: Take me out to the ...

Oh wait, I can't go to the ball game because I couldn't take a day off from
work to stand in the Enron lobby (or send my secretary to do it for me).

For all of you who have managed to snag tickets for tonight's game
congratulations and you suck.  For the rest of us stuck out in the cold I
suggest the only viable alternative before us is to drown our sorrows in a
cold bottle of beer (or two, or three...).  I realize the mass email has been
MIA the last two weeks.  For some this may have been a welcomed relief.  For
others there may have been some concern that they had been cut-off from the
distribution.  At present no one has been removed from the distribution, but
it is undergoing an audit.  Should it be determined that it is necessary to
remove an individual from the list for any reason that individual will be
notified and given an explanation.  If anyone would like to know the causes
for expulsion you can write to:  I CAN'T BELIEVE ANYONE CARES IF THERE ON
THIS DISTRIBUTION OR NOT BECAUSE THE ONLY PLACE WE SEEM TO GO IS WOODY'S
EVERY THURSDAY BETWEEN 9:30 AND 10:00.

On that note, see you guys at Woody's tonight around 9:30 or 10:00.


I am finalizing the documentation for Jeff's signature now.  The resolution (Jeff does not sign) will have to follow.

Please provide me with the contact information so that I can forward the documents to CSFB (phone, fax and courier delivery address).

Marie

 -----Original Message-----
From: 	Doukas, Tom
Sent:	Thursday, October 18, 2001 9:04 AM
To:	Shackleton, Sara; Heard, Marie; Panus, Stephanie
Cc:	Kinneman, Jeff; Pizzolato, Paul; Wall, David
Subject:	CSFB agreement
Importance:	High

Sara,

Jeff Kinneman has suggested that perhaps legal could scan the executed document and edit the signature pages as opposed to recreate it since CSFB cannot provide the word document we requested.

However we decide to pursue this is still a priority as we are now shut off from trading.

Please advise as to what time frame we can expect the document to be completed.

Thanks,

Tom


Congratulations to the ECP team - we signed the Transaction Agreement
yesterday afternoon!  Thanks to everyone for their concerted efforts in
bringing this transaction to this important milestone.

Financial close of the sale is dependent upon several factors - the most
important of which are:

1.  Rating Agency reaffirmation of the rating on ECP's Senior Notes - both
Moody's and S&P have indicated that they will announce reaffirmation upon our
notification to them of the closing of the sale.

2.  ISRA certificate of non-applicability - This is the New Jersey
environmental condition which according to our NJ counsel, LeBeouf, "is on
the last desk".

3.  Minority partner consent at Bayonne - EPG wishes to complete a buyout of
the remaining two minority interests which ECP does not own rather than
obtain an explicit consent to our transaction.  We completely concur with
this approach and have granted EPG (a) an incentive if financial close occurs
this year - $500k price reduction, and (b) an extension to 22-Jan-01 of the
maximum time allowed for financial close.  Though negotiations with Calpine,
the largest minority partner at Calpine, are well advanced, it is certainly
more likely that financial close will occur in early January than next week.

4.  Transition Services Agreement - We need to finalize the terms of and the
specific services to be provided by ENA to ECP on behalf of EPG during a
short transition phase beginning with financial close.

From time to time I will attempt to keep you informed of progress on these
major items.

Attached are two files summarizing:

(i) our estimate of 4Q00 P&L results assuming a sale of the SubNotes to
Condor on 21-Dec and using an estimate of financial close on 27-Dec -
"ECPmemotable_bka.xls" (Please note - If financial close is delayed until
January the $500k incentive fee will not be paid to EPG and moving the
valuation date from 27-Dec to 31-Dec will actually increase P&L for the
quarter), and

(ii) an update to the overall transaction results and monetization
sensitivities - "epgofferanalysis (12-18-00)4Q.xls" (Please note -  the
estimate of 1Q01 P&L is slightly negative for offering costs associated with
monetizing the swaps; however, under current market conditions it is quite
possible that we could realize a monetization rate better than the forecast
rate of 8.50% and more than sufficient to offset these expenses in their
entirety).

Please call with any questions.

Thanks again everyone.


Attached is a revised IEP draft FERC Filing related to CAISO amendment no.
31.  Based on comments from the members, we have revised the document in two
primary areas: (1) added language emphasing the position of FERC as
articulated in the Morgan Stanley decision as to the nature of the purchaser
price caps, (2) sought Commission clarification as to the temporary nature
of any purchaser price caps, and referenced MSC comments to that effect, (3)
urged FERC to direct the CAISO to develop their market power critieria by
November 30, 2000, and establish a term for the extension of the price caps
for one year from that date (which will allow the MSC market refors to be
implemented and tested next summer).

IEP needs to file this document at FERC tomorrow (i.e. Thursday).
Accordingly, please provide any comments on this latest draft no later than
9:00 a.m. on Thursday, October. 5.  Forward comments to me and Andy Brown
[abb@eslawfirm.com].  Thank you,.

----- Original Message -----
From: Andy Brown <ABB@eslawfirm.com>
To: Steven Kelly (E-mail) <steven@iepa.com>
Cc: <andybrwn@earthlink.net>; Douglas Kerner <DKK@eslawfirm.com>; Eric
Janssen <EricJ@eslawfirm.com>
Sent: Wednesday, October 04, 2000 6:45 PM
Subject: Final draft IEP FERC filing on price cap

> Steven: attached is the draft filing in redline/strikeout which includes
the
> revisions members sent to you as we discussed.  I will need to send the
> filing out from our office in the morning on Thursday, therefore I must
have
> any comments by 9:00 am to have it timely filed in DC.  Comments should be
> made directly to me, preferably by telephone.  ABB
>
> Andrew B. Brown
> Ellison, Schneider & Harris, LLP
> 2015 H Street
> Sacramento, CA  95814
> Phone: (916) 447-2166
> Fax: (916) 447-3512
> mailto:abb@eslawfirm.com
>
> CONFIDENTIALITY NOTICE:  This communication and any accompanying
document(s)
> are confidential and privileged.  They are intended for the sole use of
the
> addressee.  If you receive this transmission in error, you are advised
that
> any disclosure, copying, distribution, or the taking of any action in
> reliance upon the communication is strictly prohibited.  Moreover, any
such
> inadvertent disclosure shall not compromise or waive the attorney-client
> privilege as to this communication or otherwise.  If you have received
this
> communication in error, please contact the sender at the internet address
> indicated or by telephone at (916)447-2166. Thank you.
>  <<IEP_Mo_Interv_ER00-3673_ISOT_Am_31.ver1_rdln.doc>>
>

 - IEP_Mo_Interv_ER00-3673_ISOT_Am_31.ver1_rdln.doc


CALENDAR ENTRY:	EVENT

Description:

Date:		7/25/2000
Duration (days):	1

Chairperson:	Outlook Migration Team

Detailed Description:


calendar and meeting file
----- Forwarded by Steven J Kean/NA/Enron on 09/28/2000 05:31 PM -----

	epsa@mindspring.com
	09/27/2000 02:32 PM
	Please respond to epsa

		 To: skean@enron.com
		 cc:
		 Subject: EPSA Fall Membership Meeting, October 24-25,2000

 - fax to members 3_1.TIF
 - fax to members 3_2.TIF
 - fax to members 3_3.TIF
 - fax to members 3_4.TIF
 - fax to members 3.doc


Made a few slight changes to correct company's name.


FYI

 -----Original Message-----
From: 	Garcia, Ava
Sent:	Thursday, October 04, 2001 5:17 PM
To:	Watson, Kimberly; Blair, Lynn; Anderson, Gary E.; Dietz, Rick; Corman, Shelley; Scott, Donna; Donoho, Lindy; Holmes, Bradley; January, Steven; Lindberg, Lorraine; Lohman, TK; Lokay, Michelle; Schoolcraft, Darrell; Buchanan, John; Kowalke, Terry; McCarty, Danny; Armstrong, Julie; Adele Zuroff; Amy Gold; Becky Wells; Beth Dahncke; Bill Lyons; Bob Mattice; Bob Woody; Brad Brigham; Candace Karpakis; Carla Johnson; Cathy Bulf; Charles Hough; Cheri Weyman; Chris Kim; Chuck Thompson; Cindy Doeschot; Cindy White; Corky Briscoe; Corny Boersma; Craig Carley; Craig Lipke; Dabid Taylor; Darla Hogan; Darren Brown; David Lanning; Dawnell Pace; Debbie Fortman; Dennis Boucher; Diana Dechilly; Diane Dluhos; Doug Allen; Ed Meaders; Elsa Johnson; Elsa Johnston; Evans, Ted; Gary Raines; Gina Schwartz; Grace Elkassed; Henry Robledo; J.H. Cathey; Jaime Ford; James Tabacco; Jan Joniker; Janette Arreguin; Jason Kelm; Jay Glaubitz; Jeff Goforth; Jeramy Gaskins; Jill Roberson; Jim Vallillo; Jim Wade; Jody Oberman; Joe Cammarano; John cogan; John Lopez; Jorge Rojas; Josh Chapa; Julia Clevenger; Julie Burton; Julie Reames; Karen Dopson; Karen Swett; Kathy Royal; Kenny Holdridge; Kevin Foley; Kirk Ketcherside; Kristi Birdsall; Lad Lorenz; Larry Black; Larry Kelly; Leane Catron; Linda Miller; Lindsay McMurray; Mark Fenton; Mark Harmon; Mark Kraus; Maryanne Schneider; MaryKay Olson; Mat Martindale; Mike Davis; Mike Keen; Mike Odonnell; Miller, Stephanie; Natalie Curtis; Nick Thomas; Pam Steigerwald; Pat Davidson; Patrick Abercrombie; Sullivan, Patti; Pauline Wah; Penny Barry; Phil Richarson; Rex Bigler; Rich Hall; Richard Moore; Rick Monccleg; Rick Wadle; Rob Cooper; Ron Youell; Russ Boone; Sally Prentice; Sandy Hawk; Sara Davis; Scott Harrison; Scott Walker; Sean Breen; Sharon Park; Sheryl Moronas; Sissy Jenkins; Stacey Pogue; Stepanie Katz; Susan Coppock; Susan Jones; Suzie Horton; Teresa Murray; Terri Dickers; Terry Reyna; Theresa Cline; Thompson; Tim Wickersham; Tom Carlson; Tom Simpson; Tommy Thompson; Van Johnson; Veronica Esparza; Waymon Pon; Wayne Hawkins; Will Van Der Boom; Williams; Giambrone, Laura; Hernandez, Bert; McEvoy, Christine; Miller, Chris L; Minter, Tracy; Mulligan, Amy; Ward, Linda
Subject:	Agenda: Transwestern Pipeline Company 2001 Customer Update


Pearce,

I shall be in my office, receiving many calls during the course.
Some of the calls may be confidential. This makes it a bit
difficult.

Vince

	Enron North America Corp.

	From:  Pearce W Hammond @ ENRON                           01/08/2001 11:49 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: PJM Training

Vince,

I was interested in signing up for the 2/27 PJM training, but found out the
class was full.  After calling PJM, they told me that you were the only other
person at Enron signed up for the course.  I was just curious, if I could sit
with you and do the training at the same time since it is done over the
computer.

If this is a problem, I understand.  Just thought I would ask.

Thanks,

Pearce Hammond
Associate
Northeast Power Origination
x37379


Stephanie:  Please see me so that we can finalize.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 12/04/2000 08:15 AM -----

	"Weiss, Richard" <rweiss@lehman.COM>
	12/01/2000 12:47 PM

		 To: "'sara.shackleton@enron.com'" <sara.shackleton@enron.com>, "Rosica,
Paul" <prosica@lehman.com>
		 cc:
		 Subject: Master Agreement

Sara:

All of your comments in regard to the guarantee are fine.  I am enclosing a
copy of the legal opinion that we will provide.

 <<LBF-Opinion5.doc>>

Please forward an execution copy of the master agreement.  We are ready to
sign.

regards,
Richard

 - LBF-Opinion5.doc


The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=12/06/2001>, published as of 12/06/2001 is now available for viewing on the website.


You're the best!!!!!!!!!!!!!!!!!!!!

Heads up... Chris will be calling you about the billing/invoicing process
that CNR does. We are trying to get the stuff set-up in Sitara.

To ensure everyone is on the same page. TCO does not consider CNR gas as an
agency deal. TCO just allocates the wellheads to the appropriate pools. There
may be an agency agreement between CNR and CES and now Enron. Chris will talk
to Heidi about that.

To: Joan Veselack/Corp/Enron@ENRON
cc:

Subject: Re: CNR - CES producers to Enron

Hi Joni.  Just wanted to let you know that those agency designation forms
went out yesterday.
Thanks,
Heidi

Joan Veselack@ENRON
03/06/2000 10:37 AM
To: John M Singer/Corp/Enron@ENRON, James T Javins/DUB/EES@EES, Heidi
Griffith/DUB/EES@EES, Mary Theresa Franklin/HOU/ECT@ECT
cc: jlinken@colcnr.com, Chris Germany/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON, Victor Lamadrid/HOU/ECT@ECT, Katherine L
Kelly/HOU/ECT@ECT, Robert Allwein/HOU/ECT@ECT, Joann Collins/Corp/Enron@ENRON
Subject: CNR - CES producers to Enron

Okay... to ensure we are all on the same page. I've talked to Jill
Linkenauger and Heidi Griffith... and the following will be done.

Jill has forwarded to Heidi the CNR file for CES customers and their
addresses. Jill also forwarded the appropriate form that needs to be sent to
the producers, signed, and return to Enron.

Terry Franklin will be the Enron North America contact on the form for these
CNR producers (Jill estimates about 50 CES producers).

Later this week, Heidi will send the form to the CNR's CES customers. Heidi
will put Terry's phone number and address on the form.

We will need the Appalachian Traders (John Singer, Jim Javins, Jill
Linkenauger) to encourage the producers to sign this paper work and get it
back to Enron ASAP. We want the change over done by April estimates.

Jill said if the change did not happen in time for April estimates, she would
help send out the ascii file one more time. At the end of March, Jill will
end her employment with CES... so we can't depend on her in the future months
for this ascii file.

Thanks again for everyone's help in getting the change over done ASAP.


Neal:

Thanks for the message.  We are tracking the developments in Washington very
carefully.  Have Dan give me a call, if he would like.  Hope you and your
family are doing well.

Take care.

Mark


-----Original Message-----
From: 	Denne, Karen
Sent:	Monday, September 10, 2001 11:29 AM
To:	Palmer, Mark A. (PR); Kean, Steven J.; Shapiro, Richard; Steffes, James D.; Dasovich, Jeff; Mara, Susan
Subject:	FW: DWP Far Exceeded Profit It Reported

fyi...

 -----Original Message-----
From: 	syamane@marathon-com.com@ENRON [mailto:IMCEANOTES-syamane+40marathon-com+2Ecom+40ENRON@ENRON.com]
Sent:	Monday, September 10, 2001 10:01 AM
To:	Denne, Karen
Subject:	DWP Far Exceeded Profit It Reported

From: Sandra Yamane

Karen:
Don't know if you saw this article

--------------------
DWP Far Exceeded Profit It Reported
--------------------

Energy: An independent audit finds the utility's return was double the 15% the agency said it made selling power during the crisis. Officials deny price gouging.

By DOUG SMITH, RICH CONNELL and ROBERT J. LOPEZ
Times Staff Writers

September 10 2001

During the peak of California's power crisis, the Los Angeles Department of Water and Power earned far greater profits selling electricity to the rest of the state than agency officials have previously acknowledged, according to a newly completed independent audit.

The document, obtained by The Times under the California Public Records Act, seems sure to reinforce charges by some consumer advocates that the public power company effectively helped its customers at the expense of those suffering blackouts and rate hikes.

The audit also undercuts efforts by Gov. Gray Davis and others to pin the blame for rising energy costs mainly on private, out-of-state generating companies.

For months, DWP officials have deflected questions about their prices by insisting that the agency sold power for just 15% above its costs.

As recently as July, former DWP chief S. David Freeman, who now heads Davis' new statewide power authority, repeated that assurance in a letter to U.S. senators probing the energy meltdown.

But the audit findings show that DWP's profits from electricity sales to power-starved areas of the state averaged 56% last year under Freeman's stewardship.

Overall, during the worst 13 months of the crisis ending in May, records show that the DWP profited $200 million on sales of $680 million. It says it is still owed $180 million.

Beyond those higher profits, the DWP included expenses in its cost component that have little to do with generating electricity.

They include a $34-million cut for the city's general fund--essentially a bonus for the utility's owner--and an additional $42 million in overhead for such things as debt payment and return on the agency's capital investments.

These overhead charges are three times higher than the amount considered reasonable by federal regulators.

In effect, unsuspecting ratepayers across the state, whose utilities have been battered by debt, are helping to pick up the tab for services that DWP consumers and city taxpayers would otherwise have to pay.

In an interview late last week, Freeman defended those costs and DWP's profits, saying the agency went out of its way to help the state avert blackouts by cranking up its output from costly plants.

He insisted that he had issued "standing orders" to sell power at a profit of no more than 15%.

"We made a fair amount of money. It was not price gouging," said Freeman, who contends that he led efforts to cap spiraling wholesale prices last year.

Freeman said he has not seen the audit but if profits were higher than 15%, then "I'm not embarrassed about it. It says nothing more than there's enterprise at [the] DWP."

The DWP's new general manager, David Wiggs, said that his staff had found no documentation as of Friday to confirm the existence of a strict pricing policy within the agency during Freeman's tenure.

"Maybe in hindsight," Wiggs said, "it would have been better not to be so specific, but to say, 'Look we're gonna limit our recovery to a reasonable return for our customers.' "

Still, Wiggs said, even if the profit margin was higher than publicly stated, it was not excessive. "We charged just and reasonable rates," he said, adding that the DWP now offers the state electricity with no profit margin.

Wiggs ordered the audit in May as questions intensified about the role of the DWP and other public power agencies in driving up the price of wholesale electricity during periods of scarcity.

Conducted by the auditing firm of PricewaterhouseCoopers, the study targeted a 13-month period beginning in May 2000. The results have provided critics with new ammunition.

"Taking advantage of residents in one part of the state to benefit residents in another part is not fair," said Harry Snyder, senior advocate for Consumers Union. "This kind of behavior is what we expect from banks, savings and loans and insurance companies--not a public agency."

Sen. Fred Thompson of Tennessee, the ranking Republican on the Governmental Affairs Committee, which is investigating the crisis, was one of those recently assured by Freeman in writing that DWP's profits were limited to 15%.

"This is a cause for concern and deserves greater scrutiny," he said after learning of the audit. "It would be ironic if it turns out that the L.A. Department of Water and Power was charging more than Gov. Davis' 'Texas Pirates,' " said Thompson.

The DWP became a key player in the energy crisis last year when the state's deregulation of electricity began to backfire, with supply from the private generators contracting and wholesale prices exploding.

To keep the power flowing, the DWP--which had opted out of deregulation--cranked up its generating capacity and sold the extra electricity into the California market.

This helped avert even more extensive blackouts than the state experienced.

At the same time, however, the DWP and other publicly owned utilities in California and elsewhere charged some of the highest prices during the crisis, official reports would later show. Freeman repeatedly said the utility's prices were high because it was forced to use its most costly, inefficient plants.

But the audit raises such serious questions about the DWP's behavior that the matter has spilled into the 2002 gubernatorial contest.

Former Los Angeles Mayor Richard Riordan, a possible Republican challenger to Davis, last week moved to distance himself from the profits racked up by the DWP during his City Hall tenure.

In a letter to his successor, James K. Hahn, the former mayor said he only recently learned that the agency may have exceeded its stated profit ceiling.

If so, he said, the city should consider cutting a deal with the utilities and the state to reduce the estimated $180 million the city says it is still owed from earlier sales.

A Riordan spokesman said the former mayor deferred to the DWP to set prices for its electricity.

"The mayor never directed them to generate a profit from these sales," said Jaime de la Vega, a senior advisor to Riordan's campaign committee.

Freeman, now squarely in the Davis camp, disputes Riordan's account. He said the mayor repeatedly questioned the agency's pricing strategy.

He wanted to charge more, according to Freeman, in case the city only got a partial payment from Pacific Gas & Electric and Southern California Edison, which were slipping into insolvency.

Freeman described Riordan's view as: "If we're gonna continue to sell it to them, we ought to get a lot of money. He was thinking of it the way a good businessman thinks of it."

For the most part, the Davis administration has gone light on public agencies that have profited in California's haywire energy market. Freeman contends that other suppliers drove prices higher through aggressive bidding practices that lifted the entire market, including his agency.

But according to a report by the state's grid operator, DWP was one of the most aggressive, along with the trading arm of BC Hydro, the government-owned utility in British Columbia.

Yet another report--this one by the state's power-buying agency--found that the DWP and some other public utilities charged higher than average prices during the first quarter of this year.

The report said DWP charged an average of $292 per megawatt hour, asking more than many private generators.

It could not be determined how much the utility was charging per megawatt hour last year when its profit margin was even higher.

Even after the market problems cited by Freeman were corrected earlier this year, the DWP collected profits more than 40% higher than it claimed to have netted, records show.

Overall, during the 13-month period audited, profits averaged 29%, double the return the agency has publicly stated it was receiving.

Although Davis and his aides have tried to keep the focus on Texas-based energy suppliers, Republican lawmakers in Sacramento and Washington have been broadening the debate to include the conduct of government-owned utilities.

One key question is whether those agencies, like private suppliers, should be forced to refund excess profits.

The primary venue for refund orders has been the Federal Energy Regulatory Commission, which is expected to rule in December on whether the state should receive the billions of dollars it claims to have been overcharged.

DWP insists it is outside the commission's jurisdiction. But some California legislators argue that state law may give them authority to demand refunds from public utilities.

The leading proponent of that course is state Sen. Ray Haynes (R-Riverside).

In a letter to a Senate investigating committee last month, he said he fears that the continuing disclosures about the DWP and others are "merely the tip of the iceberg relating to greed of in-state public utility agencies."

The chairman of that committee, Sen. Joe Dunn (D-Santa Ana), said his panel will examine the activities of these agencies in the months ahead.

For information about reprinting this article, go to http://www.lats.com/rights/register.htm


Elena,

Please, prepare for Mulong NG and power price series.
We can use  Henry Hub for NG, Cinergy, Cobb and PV for electricity.

We can send him NG price right away. Electricity prices are different: he has
to obtain
permission from FT (Megawatts Daily). I shall cc you on my msg to him.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/16/2001
02:03 PM ---------------------------

mulong wang <mlwang@uts.cc.utexas.edu> on 04/15/2001 03:43:26 AM
To: vkamins@ect.enron.com
cc: Richard MacMinn <macminnr@uts.cc.utexas.edu>
Subject: Weather and energy price Data

Dear Dr. Kaminski:

I am a PhD Candidate under the supervision of Drs. Richard MacMinn and
Patrick Brockett. I am now working on my dissertation which is focused on
the weather derivatives and credit derivatives.

Could you kindly please offer me some real weather data information about
the price peak or plummet because of the weather conditions?

The past winter of 2000 was very cold nationwide, and there may be a
significant price jump for natural gas or electricity. Could you
please offer me some energy price data during that time period?

Your kind assistance will be highly appreciated and have a great day!

Mulong