Enron's Net Soars, Despite Telecom Loss, Gaining 40% Amid Strong Energy Units
The Wall Street Journal, 07/13/01

Enron Net Rose 40% in Quarter
The New York Times, 07/13/01

Treasury Prices Climb as More Money Is Shifted To U.S. Bonds on Weakness of
Emerging Markets
The Wall Street Journal, 07/13/01

THE ENERGY CRISIS Some State Energy Consultants Own Generators' Stock Ethics:
They negotiate deals and buy electricity from power firms. GOP officials
claim credit for forcing the disclosure of potential conflict.
Los Angeles Times, 07/13/01

THE ENERGY CRISIS Plan Uses Public in Refund Demand Legislature: Democrats'
proposal to pressure 'greedy' firms is attacked by GOP as political ploy.
Los Angeles Times, 07/13/01

COMPANIES & FINANCE THE AMERICAS - Surging energy sales behind Enron advance.
Financial Times, 07/13/01

Lex - Enron.
Financial Times - FT.com, 07/13/01

UK: Paladin says Enron sells entire stake.
Reuters English News Service, 07/13/01

White House adviser targeted for dealings with Salvation Army
Associated Press Newswires, 07/13/01

UK: Bidder list for Southern Water grows-report.
Reuters English News Service, 07/13/01

DPC not to re-start work on Phase II work
Business Standard, 07/13/01

California Power Bills Exceed Refunds, Judge Says (Update4)
Bloomberg, 07/13/01

California Governor Casts Blame for Crisis, to His Benefit
Bloomberg, 07/13/01

Enron's Net Soars, Despite Telecom Loss, Gaining 40% Amid Strong Energy Units
By Rebecca Smith
Staff Reporter of The Wall Street Journal

07/13/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enron Corp. posted a 40% increase in second-quarter net income, reflecting
the enormous profitability of its energy marketing and trading enterprise,
which was sufficient to offset wider-than-expected losses at its
telecommunications unit.
The Houston company had net income of $404 million, compared with $289
million a year earlier, on revenue that nearly tripled to $50 billion.
Earnings per share rose 32% to 45 cents from 34 cents.
Enron was lifted by exceptionally strong electricity- and gas-trading
volumes. In North America, natural-gas volumes jumped 9% and
electricity-trading volumes jumped 71%. In Europe, where Enron is pushing
aggressively into newly deregulated markets, trading volumes for gas more
than doubled and for electricity leapt to almost five times those of before.
From practically nothing just two years ago, Europe generates one-quarter of
Enron's energy-trading volumes.
Profits from trading more than compensated for a $101 million loss posted for
the company's telecommunications business that analysts had, until recently,
proclaimed would soon generate more income than Enron's energy business. For
the quarter, bandwidth-service revenue was $16 million. The unit posted a
loss of $8 million for the year-earlier quarter.
Enron's chief executive, Jeffrey Skilling, said prices for capacity on
fiber-optic networks, such as the one Enron has built, have been "dropping
like a rock. . . . We've been shocked at the extent."
Mr. Skilling said the company is trying to boost revenue by focusing on
fiber-optic delivery of data and entertainment -- "a narrow piece of the
business but about all that's left" -- and is hoping the glut in capacity
will evaporate as competitors go broke. He said companies that continue to
invest, despite the "market meltdown," and keep their networks state of the
art will be rewarded eventually.
Enron's results beat analysts' expectations, but several said they fear
softening electricity prices throughout the nation, and particularly in the
West, could crimp third-quarter results. "Enron benefited from unusual price
volatility," during the quarter, said Raymond Niles, an energy analyst for
Salomon Smith Barney. But it is uncertain whether that will continue with a
general softening of natural-gas and electricity prices across the country,
most notably in the West.
Mr. Skilling said he thinks California may have seen the worst of its energy
crisis. He consistently has said he doesn't think Enron's earnings will be
significantly affected by possible refund orders from federal energy
regulators or other regulatory intervention.
He added that Enron was pleased with steps the Federal Energy Regulatory
Commission took this week to encourage the formation of four big
electric-transmission grid operators in the West, the Northeast, the
Southeast and the Midwest.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business/Financial Desk; Section C
Enron Net Rose 40% in Quarter
Bloomberg News

07/13/2001
The New York Times
Page 12, Column 4
c. 2001 New York Times Company

HOUSTON, July 12 -- The Enron Corporation, an energy trader, said today that
its second-quarter profit rose 40 percent as its sales of natural gas and
electricity surged in the United States and Europe.
Net income rose to $404 million, or 45 cents a share, from $289 million, or
34 cents, in the period a year ago, Enron said. Results beat analysts'
estimates by 3 cents a share.
Revenue almost tripled to $50.1 billion. Enron, which is based in Houston,
sold almost twice as much power in North America and five times as much in
Europe than in the quarter a year ago.
Although electricity and natural gas prices surged in California, Jeffrey K.
Skilling, the chief executive of Enron, said the state ''is just not a big
factor'' in Enron's increasing profits. The company bolsters earnings by
increasing sales of energy and other commodities like lumber and steel rather
than by raising prices, analysts said.
''That's the nature of the commodities business,'' said Zach Wagner, an
analyst with Edward Jones & Company. ''As markets open up, their volumes will
grow. Their margins are basically flat.''
Enron's profit margin was less than 1 percent last year and has averaged 2.1
percent the last five years, based on Bloomberg data. That compares with a
profit margin of 6.5 percent for Exxon Mobil, the largest publicly traded
energy company.
Shares of Enron have dropped 31 percent the last year, despite steadily
increasing earnings, and sales that now rival those of Exxon Mobil. Shares of
Enron rose 45 cents today, to $49.55.
Enron was expected to make 42 cents a share in the quarter, the average
estimate of analysts polled by Thomson Financial/First Call.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Credit Markets
Treasury Prices Climb as More Money Is Shifted To U.S. Bonds on Weakness of
Emerging Markets
By Michael Mackenzie and Andrew Gelfand
Dow Jones Newswires

07/13/2001
The Wall Street Journal
C12
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- Treasury prices closed higher as renewed weakness in emerging
markets prompted investors to shift more money into the U.S. bond market.
It is common for Wall Street traders to bid Treasurys higher when weakness in
other markets seems likely to spur flows into Treasurys, which are viewed as
a haven.
But yesterday's action involved more than just Wall Street firms and provided
substantial support, mostly offsetting the bearish influence of a stock
rally. "Argentina is keeping a good bid in the [Treasury] market," said Peter
Cordrey, managing director at Prudential Investment Management in New Jersey.
Much of the focus again was Argentina, whose long-term sovereign credit
rating yesterday was cut by Standard & Poor's to single-B-minus from
single-B.
S&P said the ratings outlook for Argentina remained negative and cited
"growing strain on the cohesion of the governing coalition and the risk that
it may impede efforts by Economy Minister Domingo Cavallo to implement
draconian measures to balance the federal budget."
That country is "just looking worse and worse every time you turn around,"
said Drew Matus, market economist with Lehman Brothers in New York.
Despite indications that Argentine officials are trying to win agreement on
spending cuts, investors remained nervous about the nation's ability to
service its large external debt burden. Prices of Argentine floating-rate
bonds fell about 103/8 points to 623/8.
In U.S. Treasury trading, meanwhile, the benchmark 10-year note at 4 p.m. EDT
was up 8/32 point, or $2.50 per $1,000 face value, at 98 6/32. Its yield fell
to 5.242% from 5.276% late Wednesday, as yields move inversely to prices.
The 30-year Treasury bond's price was up 14/32 at 96 1/32 to yield 5.652%,
down from 5.684% Wednesday.
Shorter Treasury maturities preformed less strongly than longer ones, and
analysts cited gains in stocks as a reason.
The Dow Jones Industrial Average surged 237.97 points to 10478.99, and the
Nasdaq Composite Index jumped 103.70 points to 2,075.74. Treasurys are being
"pulled in two directions, and the stock market is winning in the [short]
end," said Richard Gilhooly, senior bond strategist at Paribas Capital
Markets in New York.
Another factor bolstering Treasurys was economic news. In two early releases,
the Labor Department reported both a huge rise in claims for state
unemployment benefits and slightly lower prices for imported goods.
The number of workers filing first-time applications for jobless benefits
jumped by 42,000 to 445,000 in the week ended July 7, the highest level since
about mid-1992. That raised the four-week moving average to 410,750 claims.
Today, two other economic reports may dominate the attention of bond
investors: the producer price index and retail sales, both for June.
A Dow Jones Newswires/CNBC survey found that economists believe the PPI was
unchanged in June and will show a slight 0.1% increase in the month excluding
food and energy. "The friendly inflation news should help to keep a bid in
long [dated] Treasurys," said Gemma Wright, a bond-market strategist at
Barclays Capital in New York.
A separate Dow Jones Newswires poll found that economists expect to see a
0.3% rise in overall retail sales in June, or a 0.2% sales gain excluding
automobiles.
Corporate Bonds
Marlin Water Trust II sold $475 million and 515 million euros ($439 million)
of securities via Credit Suisse First Boston and Deutsche Banc Alex. Brown.
In 1998, Enron Corp. created a special-purpose entity, to finance the
purchase of water utility Wessex Water PLC of the United Kingdom. Yesterday's
issue was a refinancing of that debt, but was done in a way that keeps the
debt off Enron's balance sheet, underwriting officials said.
The U.S. portion of the deal was priced to yield 6.31%, or 2.25 percentage
points over Treasurys. In early trading, it was quoted at 2.25 percentage
points over Treasurys, which was "reasonably positive on a day when the
corporate market was so jittery," said Stephen Kane, portfolio manager at
Metropolitan West Asset Management.
Generally, investment-grade corporate bonds weakened on concerns about
emerging markets. Yield margins to Treasurys, an important performance gauge,
widened by 0.05 to 0.10 percentage point.
Separately, Citigroup Inc. tapped the market with $2 billion of two-year
global floating-rate notes priced to yield 0.09 percentage point over
three-month London interbank offered rate, or Libor.
Agency Securities
Fannie Mae sold $2.5 billion of callable benchmark securities, which traded
strongly afterward.
Its $1.5 billion of 5.5%, five-year notes yielded 5.5657%, or 0.05 percentage
point over the Fannie Mae benchmark level on an option-adjusted spread basis.
An additional $1 billion of 6.25%, 10-year notes yielded 6.408%, or 0.03
percentage point over the Fannie Mae benchmark level on an option-adjusted
basis.
Scott Graham, head of agency trading at Greenwich Capital Markets, said his
company saw "a number of customers" who don't typically consider callable
issues, but were nonetheless looking to buy some of the new securities.
---
Sonja Ryst, Richard A. Bravo and Tyler Lifton contributed to this article.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

California; Metro Desk
THE ENERGY CRISIS Some State Energy Consultants Own Generators' Stock Ethics:
They negotiate deals and buy electricity from power firms. GOP officials
claim credit for forcing the disclosure of potential conflict.
ERIC BAILEY
TIMES STAFF WRITER

07/13/2001
Los Angeles Times
Home Edition
B-10
Copyright 2001 / The Times Mirror Company

SACRAMENTO -- More than half a dozen consultants hired by the state to
purchase electricity and to negotiate long-term power deals own stock in
generating companies such as Calpine and Enron that have profited handsomely
during California's energy crisis.
The potential conflict of interest emerged Thursday with the release of
financial disclosure statements by consultants who have been hired by the
state since the start of the power crunch.
Among those disclosing stock ownership were two key negotiators of long-term
energy contracts and two workers hired to purchase electricity from
generators, including some of the firms in which they hold an interest.
Several other consultants who played key roles in the state's energy efforts
decided not to file financial disclosure statements, citing legal exemptions
under state law.
Among those who did not file the financial disclosure statements were a pair
of executives at two Wall Street firms that stand to make $14 million if the
state buys California's power grid. Of about 50 consultants hired by the
state in the past six months, 27 filed the disclosures.
The disclosures follow a firestorm in Sacramento last month over the hiring
by Gov. Gray Davis of two media consultants also employed by Southern
California Edison, the troubled utility that is negotiating with the state
over a bailout package.
Steve Maviglio, a Davis spokesman, said the governor's legal staff was
reviewing the financial disclosure forms for any potential conflicts of
interest.
"If there's anything inappropriate," Maviglio said, "then we'll deal with
it."
Republicans, however, said the hired workers had revealed overt conflicts
that clearly violated state law.
Secretary of State Bill Jones, a Republican running for governor against
Davis next year, said the revelations call into question the work performed
by the consultants on high-priced energy contracts that are "going to
mortgage our children's future for decades to come."
"If you show a conflict, the potential is there for collusion," Jones said.
"I'm not accusing anyone, but that's why you have disclosure."
Rob Stutzman, a state GOP spokesman, said he was particularly troubled
because the consultants had delayed filing the disclosure forms for months.
Under state law, the forms are supposed to be submitted within 30 days after
the consultants go to work for the state.
Most of the energy consultants, who could not be reached for comment,
reported owning relatively small amounts of stock in energy firms, generally
less than $10,000.
But one of the new workers, William Mead, disclosed that he owned between
$100,000 and$1 million in Calpine, a San Jose-based energy firm. Mead did not
report when the stock had been purchased.
Only one of the contractors reported selling off stock after coming to work
for the state.
Vikram Budhraja, president of Pasadena-based Electric Power Group LLC, on
Jan. 11 purchased between $10,000 and $100,000 in stock of Dynegy, a
electricity and natural gas producer. He sold it off on Jan. 29, 10 days
after he came to work for the state. Budhraja has been a top negotiator of
the state's long-term energy contracts, which have included a deal concluded
March 2 with Dynegy.
Richard Ferreira, a retired Sacramento Utility District executive hired by
the state to negotiate long-term power contracts, reported the purchase of
between $2,000 and $10,000 of stock in Calpine, a San Jose-based energy firm,
in August 2000. He also purchased a similar amount of stock in General
Electric Co., which produces power plant equipment, in April 2000.
Bernard Barretto, an energy trader, reported that he owned an undisclosed
amount of stock in Enron Corp., a big Texas-based energy firm. Elaine Griffin
purchased between $10,000 and $100,000 in Calpine stock on Feb. 1, less than
three weeks before she came to work for the state as an energy trader.
Constantine Louie, an energy scheduler, reported owning between $10,000 and
$100,000 in Calpine stock.
Republicans took credit for forcing the Davis administration to file the
reports, a charge the governor's office brushed aside.
Jones, the secretary of state, held a news conference Tuesday to complain
about the failure of nearly all the state's energy consultants to file any
sort of financial disclosure forms. The statements were only made available
late in the afternoon Thursday, months after many consultants went to work
for the state.
Maviglio, the governor's spokesman, said the delays were explained in part by
negotiations that began in March with the Fair Political Practices
Commission, the state's ethics watchdog, to determine if the consultants were
required to file the forms.
He also suggested that Jones' accusations were fueled more by campaign
politics than any devotion to constitutional duty.
"One needs to question why the secretary of state is using taxpayer money to
investigate something beyond his jurisdiction," Maviglio said. "That's why we
have an FPPC, to look at these kinds of things."

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

California; Metro Desk
THE ENERGY CRISIS Plan Uses Public in Refund Demand Legislature: Democrats'
proposal to pressure 'greedy' firms is attacked by GOP as political ploy.
CARL INGRAM
TIMES STAFF WRITER

07/13/2001
Los Angeles Times
Home Edition
B-10
Copyright 2001 / The Times Mirror Company

SACRAMENTO -- The Democratic-led state Senate intends to fill constituent
mailboxes with a taxpayer-financed appeal urging Californians to demand
nearly $9 billion in energy price refunds from "greedy out-of-state power
generators."
Senate leader John Burton (D-San Francisco) said the mailers will ask
Californians to join the Senate and Gov. Gray Davis in insisting that the
Federal Energy Regulatory Commission order the refunds of alleged overcharges.
Senate Democrats set the high target despite a federal mediator's ruling
against Davis earlier this week. The mediator said California would be
entitled to only about $1 billion in generator overcharges, not the $8.9
billion that Davis has fought for.
Senate officers said the cost of the mail campaign will be paid from the
budgets of senators, at taxpayer expense, as part of the Legislature's
constituent service mail program.
But Republicans attacked the mailer as political propaganda that may violate
state law and Senate policy barring issuance of "partisan" documents at
public expense.
Sketchy details of the quietly developed project surfaced on the Senate floor
Thursday. Staffers who worked on it said it was virtually impossible to
calculate the program's cost.
But they indicated that if all 26 Democrats agreed to send up to 30,000
mailers each to constituents, the postage alone would cost $140,400.
If each mass mailing exceeded 30,000 pieces, a higher postage rate would
apply, raising the cost, officials said.
In the mailer, constituents are asked to return an attached card to their
state senator, urging "full refunds of the outrageous prices charged by the
greedy out-of-state power generators."
Cynthia Lavagetto, manager of the Senate mail program, said each member will
decide what do do with the returned cards, including simply filing them or
sending them on to FERC.
Lavagetto said a prototype mailer was prepared with the help of the Select
Committee on Citizen Participation, a panel that has no chairman or members,
since it has not been activated this year. But it does maintain an office and
has three staffers on the Senate payroll.
Burton dismissed the Republican charges of partisanship as baseless. "We do
this all the time on a variety of issues," he said. "We're saying, 'Stop
stealing California's money.' "
But Sen. Ross Johnson of Irvine, the Senate's senior Republican, denounced
the mailing as clearly partisan. He said it appeared to reflect a developing
2002 election strategy of Davis and Democrats to blame the FERC and
out-of-state generators for California's energy mess.
"I seriously question the appropriateness of using taxpayer money to get
people to lobby [for the refunds]," Johnson said.
Johnson and Sen. Ray Haynes (R-Riverside) suggested that Democrats turn their
criticism to municipal utilities, including the Los Angeles Department of
Water and Power. Some utilities charged the state even higher prices last
winter than did private generators.
"Why are they not attacking the DWP?" Johnson asked.
He noted that S. David Freeman was running the DWP at the time some of its
highest prices were charged to the state, which is buying power for
California's financially crippled utilities. Later, Davis hired Freeman as
his top energy price negotiator.
"Doesn't David Freeman more properly belong in that same jail cell as the guy
called Spike than he does in the governor's office?" Johnson asked.
"Spike" has become a character in the California energy debate, thanks to
Atty. Gen. Bill Lockyer, who is investigating whether power sellers engaged
in price-gouging and antitrust behavior.
In an interview with the Wall Street Journal in May, Lockyer said he would
"love to personally escort [Enron Corp. Chairman Kenneth] Lay to an 8-by-10
cell that he could share with a tattooed dude who says, 'Hi. My name is
Spike, honey.' "

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

COMPANIES & FINANCE THE AMERICAS - Surging energy sales behind Enron advance.
By JULIE EARLE.

07/13/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved

Enron, the US energy trader, yesterday posted a 40 per cent rise in
second-quarter profits to $404m, due to surging gas and electricity sales in
North America and Europe.
The Houston-based company also said it would continue to grow aggressively in
Europe and seize any opportunities to expand in the US, after regulators on
Wednesday ordered the formation of an organisation to open the North American
electricity market.
Jeff Skilling, Enron chief executive, said the company had its sights set on
Europe for strong earnings growth, which it hopes will eventually match North
America.
The company's wholesale business unit, the group's main profit driver,
derives 70 per cent of its business from North America.
"We see more growth opportunity in Europe than in North America. Gas volumes
are up more than 100 per cent (in the quarter)," Mr Skilling said. "The gas
and electric market in Europe is almost as big as North America and we got an
early start."
Mr Skilling said a decision by the Federal Energy Regulatory Commission to
order the formation of four grid organisations to optimise the transmission
of electricity in parts of the US was hugely important.
He estimated only 20 per cent of the wholesale market for electricity could
be accessed and the decision would take this to 90-95 per cent.
Mr Skilling said Enron, which has transformed itself from a pipeline company
into a large energy trader, was focused on its volumes, not revenues, which
jumped to $50.1bn in the quarter, from $16.9bn a year ago.
The only poor performer was the broadband division, which trades space on
fibre-optic networks. The unit posted a loss of $102m in the quarter, against
an $8m loss a year ago, and the company said it would cut costs there.
Enron's result of $404m, or 45 cents a share, compared with $289m, or 34
cents, in the same quarter a year ago.
Analysts had been expecting 42 cents a share.
By the close in New York, the company's shares were trading 45 cents higher
to $49.55. See Lex.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Lex - Enron.

07/13/2001
Financial Times - FT.com
(c) 2001 Financial Times Limited . All Rights Reserved

Be careful of the company you keep. Having enjoyed its status as a
telecommunications play last year, Enron is now suffering with its new
friends. The US energy trader has dropped by 40 per cent since the start of
the year - underperforming the market by a third - despite the earnings
momentum in its core energy trading business.
A 40 per cent increase in net income in the second quarter, even allowing for
inevitable questions over earnings quality, is impressive. The strength of
the energy trading business, with volumes up by almost 60 per cent, is more
than enough to offset the misery in the broadband trading business.
However, the broadband division's $102m losses are shocking, even in these
difficult times. The market has collapsed, partly owing to credit problems in
the telecoms sector. Enron's cost base is completely out of kilter with the
opportunity. At least it should not be too hard to put that right. Actual
investment in assets is limited; and by reallocating staff to the
fast-growing energy trading divisions, restructuring costs can be kept to a
minimum.
Broadband is not the only worry. California's troubles have not affected
trading volumes, but regulatory risk remains, while promises on asset sales
have not been met. Trading on 23 times 2002 forecast earnings, the valuation
looks fair for a fast-growing trading company. The upside lies in convincing
investors to give the company more credit for its value-added risk management
services. The long-term potential of broadband trading, meanwhile, is thrown
in for free.
(c) Copyright Financial Times Group.
http://www.ft.com.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

UK: Paladin says Enron sells entire stake.

07/13/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, July 13 (Reuters) - UK oil and exploration company Paladin Resources
said on Friday that U.S. energy firm Enron had sold the whole of its 19
percent holding.
Enron, which was Paladin's largest shareholder, sold its stake of 40 million
shares at 44 pence via HSBC.
A Paladin spokesman said the move would increase liquidity and broaden its
shareholder base.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

White House adviser targeted for dealings with Salvation Army
By RON FOURNIER
AP White House Correspondent

07/13/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - Senior White House adviser Karl Rove, increasingly a target
of criticism from Democrats and Republicans, wound up at the center of a new
storm over his dealings with the Salvation Army.
White House aides rallied to his side, and Rove was unapologetic. But
Democratic National Committee chairman Terry McAuliffe called for
congressional hearings.
"I think the truth needs to come out," McAuliffe said Thursday. "Let's have
hearings and get to the bottom of this."
At issue was the Salvation Army's push for a regulation allowing religious
charities to practice workplace discrimination against gays, and Rove's
actions on behalf of the group. Rove said he was simply doing his job.
While McAuliffe called for hearings, Senate Majority Leader Tom Daschle,
D-S.D., seemed less riled. "Karl Rove is a very respected individual and I
wouldn't have any comment to make," Daschle said.
Thursday's flap was not the first for Rove, who oversees politics, strategy
and public liaison at the White House.
When Sen. James Jeffords bolted the GOP and turned the Senate over to
Democrats last month, Republicans accused Rove of alienating the Vermont
lawmaker during the tax-cut debate. He was fingered, too, for not warning
Bush earlier that Jeffords might jump ship.
When Rove sat in White House meetings on policy that could impact his stock
portfolio, Democrats demanded to know whether his holdings with Houston-based
Enron Corp. and Intel Corp. created a conflict of interest.
When Bush crossed some military advisers and suspended Navy bombing on the
Puerto Rican island of Vieques, Rove's involvement in the case was held up as
proof by critics that the decision was politically-motivated.
Rove's involvement in the Salvation Army case has stirred debate in
Republican and Democratic circles about whether he wields too much power and
is too political for the White House.
The White House rejected the Salvation Army's request Wednesday, but only
after the revelation of an embarrassing Salvation Army memo. The memo said
the administration had promised to issue a regulation protecting it and other
religious charities from efforts to prevent such discrimination in exchange
for the Salvation Army's support of Bush's plan to open government programs
to religious groups.
White House officials left the impression that no senior officials were
involved in the discussions, failing to point out Rove's activity until
Thursday.
In a telephone interview, Rove said he recalled having just three or four
brief discussions on the topic. He received a request from a Salvation Army
ally to looked into the rule, sent the ally to the White House faith-based
office, forwarded the written request to a government lawyer and was told
later by the lawyer, "We're not certain there's anything we can do."
The lawyer, Jay Lefkowitz, told reporters the request lay dormant after his
discussion with Rove.
Rove rejected the criticism. "My job is not to say, `Don't send me something
or call me.' My job is to keep my eyes and ears open and send things to the
appropriate departments," he said.
Some top Republicans outside the White House said Rove has become a
lightening rod.
"Part of his role is to be a deflection shield for the president," said GOP
consultant Rich Bond. "Everytime Karl takes a hit, it's one less hit the
president has to take. Karl knows that and he is a big boy."
Aides say the president is not troubled by Rove's actions, even joking about
the controversies.
White House chief of staff Andrew Card also defended Rove.
"I may be naive, but we have no problem of division on the senior level,"
said Card. "I was in the Reagan White House when we had three clear camps ...
We don't have that here."
Aides do acknowledge, however, that there is some resentment of Rove in the
lower ranks of the White House. Some grumbled that Rove did not let White
House press secretary Ari Fleischer know Wednesday about his involvement in
the Salvation Army case. Others, still tired from a tough campaign and
frustrated by their new jobs, said they resent Rove's wide reach.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

UK: Bidder list for Southern Water grows-report.

07/13/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, July 13 (Reuters) - More potential bidders have emerged that may
challenge Italian utility ENEL for Southern Water, the British regional
utility put up for sale by its parent Scottish Power Plc earlier this year, a
trade magazine reported on Friday.
Utility Week said British gas and homes services retailer Centrica had teamed
up with French utility Vivendi Environnement , which already owns UK water
assets, "to consider a bid".
But it cited unnamed sources saying the German-owned investment bank WestLB
Panmure, which was behind a management buyout of Southern Water's neighbour
Mid Kent Water earlier this year, had "emerged as front-runner in the past
week".
ENEL has said it is interested, and according to Reuters' industry sources
Scottish Power's floor price is 1.7 billion pounds ($2.4 billion) excluding
any attached debt.
Scottish Power said in March the business was for sale.
It needs the cash to help fund its own plans for expansion in the United
States, where industry sources say it has held talks on buying Portland
General, a power utility owned by Enron Corp , which neighbours the UK
group's own PacifiCorp arm.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

DPC not to re-start work on Phase II work
Our Regional Bureau NEW DELHI

07/13/2001
Business Standard
3
Copyright (c) Business Standard

Enron-promoted Dabhol Power Company (DPC) today said that Enron Corp chairman
Kenneth Lay during his meetings with the Centre and the Maharashtra
government had not agreed to any proposal to complete the construction of
phase-II of the power project.
"Dabhol Power Company believes that a decision to recommence construction
cannot be made unless various issues relating to the project are completely
resolved," DPC said in a statement.
It said that any discussion that Lay had on recommending construction of
phase-II was in the context of the current uncertainties surrounding the
project.
DPC said that contractors working on the project resorted to termination due
to non-payment of their dues as lenders had stopped disbursing funds.
"This decision was taken as a result of continuing defaults by MSEB
(Maharashtra State Electricity Board), including MSEB's repudiation of the
PPA, their failure to pay outstanding invoices and their stated unwillingness
to accept phase-II power, as well as failure of the government guarantors to
honour their payment guarantees," said the statement.
It added that the situation had not changed.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

California Power Bills Exceed Refunds, Judge Says (Update4)
2001-07-12 21:40 (New York)

California Power Bills Exceed Refunds, Judge Says (Update4)

     (Adds legislator comment in sixth paragraph, details from
judge in 11th paragraph, negotiator comment in 12th paragraph.)

     Washington, July 12 (Bloomberg) -- California's debts to
power sellers for electricity purchases exceed any refund the
state can claim for alleged overcharging, a judge overseeing
settlement talks said in a report to federal regulators.
     California and its utilities may be owed more than $1 billion
on claims generators overcharged them, Administrative Law Judge
Curtis Wagner wrote in a report to the Federal Energy Regulatory
Commission. California alleges power sellers like Duke Energy
Corp., Enron Corp. illegally inflated prices by $8.9 billion.
     ``While there are vast sums due for overcharges, there are
even larger amounts owed to energy sellers'' by California and its
utilities, Wagner wrote. He said the state is owed ``hundreds of
millions of dollars, probably more than a billion dollars.''
     The decision strengthens the generators' claim that the
state's request for billions isn't supported by the facts. Energy
companies have offered a total of $716 million in refunds to the
state, Wagner said.
     FERC-ordered negotiations between the state and the energy
sellers broke down without an agreement this week. FERC will
decide on the size of refunds within 60 days. California Governor
Gray Davis has said the state will sue if it does not receive the
refunds it demanded.
     ``I find it unlikely that someone will not be unhappy enough
to go to court,'' said State Senator Debra Bowen, a Democrat from
Los Angeles. ``There's too much money at stake.''

                         Wagner's Report

     FERC will use Wagner's report to calculate the size of any
refunds. California could receive refunds in the form of credit
against power-buying debts. In his report, Wagner didn't say how
much the state and its utilities owe to power companies.
     ``Can a cash refund be required where a much larger amount is
due the seller? The chief judge thinks not,'' wrote Wagner, who is
FERC's chief administrative law judge.
     Wagner provided suggestions to the FERC commissioners on how
to set any refunds. He urged that they calculate potential
overcharges beginning October 2000. California had urged the
settlement be figured from May 2000.
     Davis criticized that decision, calling it ``a $3 billion
free gouge for the generators'' in a statement released by his
office.
     The judge said California had rejected a settlement offer he
made during the talks. He did not say what that settlement offer
was. He said California would not budge from its initial demand.
He also said California did not provide him some of the background
information he requested until this week.
     ``If we had more time we might have been able to respond more
quickly, but we did the best we could,'' said Michael Kahn,
chairman of the Independent System Operator, the state's electric
grid manager. He led the state delegation.

                    Heart of Dispute

     At the heart of the dispute are federal regulations that
require power sellers to charge only those rates deemed by federal
regulators to be ``just and reasonable.'' FERC had price caps in
place when some of the disputed power purchases were made.
     Energy companies claim that rising natural-gas prices and a
lack of adequate supply pushed prices up. The state accuses the
companies reaping unreasonable profits.
     Davis has made attacks on power generators a staple of his
response to the energy crisis, and has accused them of gouging the
state in dozens of speeches since January. He said that if the
state isn't paid $8.9 billion, it would sue for up to $20 billion.
     Energy executives accuse Davis and California political
leaders of attempting to scapegoat the energy companies for a
failed deregulation plan that led to soaring wholesale prices last
year. The state's largest two utilities can't pay for their power.
     ``It's pretty clear that the state has no particular interest
in resolving this,'' Enron Chief Executive Jeffrey Skilling said
in an interview with Bloomberg News. ``It makes for good political
fodder, and so I think they'll spend a lot of time making a lot of
noise about it.''
     Several other energy companies praised the judge's
recommendations.
     ``We agree with the judge's position that the $8.9 billion
refund number is totally unsubstantiated,'' Duke Energy Corp.
spokesman Tom Williams said.
     PG&E Corp.'s Pacific Gas & Electric and Edison
International's Southern California Edison, the state's largest
investor-owned utilities, ran up more than $14 billion in debt
buying electricity last year. The state stepped in and began
buying power for them in January, and has spent more than $7
billion.

California Governor Casts Blame for Crisis, to His Benefit
2001-07-13 03:03 (New York)

California Governor Casts Blame for Crisis, to His Benefit

     San Francisco, July 13 (Bloomberg) -- California Governor
Gray Davis's popularity is bouncing back, and pollsters credit the
Democratic lawmaker's campaign to blame the state's energy
problems on out-of-state power companies.
     Davis has criticized Duke Energy Corp., Enron Corp. and other
power sellers as price gougers since January. This week, Davis
used a power-plant opening as a platform to claim that energy
sellers are ``bleeding us dry.'' The Democratic state attorney
general and Democratic-controlled state Senate are investigating
the firms for market manipulation.
     The governor is winning support because of his attacks. A Los
Angeles Times poll in June showed that 86 percent of Californians
believed power generators distorted prices. Davis's approval
rating rose to 52 percent of registered voters in June, from 46
percent in early April, his lowest since being elected in 1998,
his pollster, Paul Maslin, found.
     ``Gray Davis is very good at licking his fingers and seeing
which way the political winds blow,'' said Bruce Cain, a political
science professor at the University of California at Berkeley.
``And he's found good villains.''

                    Outlook for Settlement

     The politics may make it harder for the state to reach a
settlement with energy companies for claims they overcharged the
state by $8.9 billion, analysts say. A federal judge overseeing
settlement talks said the state is owed far less. Davis says the
state will sue for $18 billion if its demands aren't met.
     ``There is no way you are going to get any kind of agreement
from someone making such audacious claims,'' said Donato Eassey,
an energy analyst at Merrill Lynch & Co. in Houston.
     The refunds may be secondary to Davis's effort to be re-
elected in 2002, a victory that political analysts say position
him as a contender for national office in 2004.
     ``He's in good shape going into 2002, and if he wins, there's
the inevitable speculation about whether he eyes a run for
president in 2004,'' Cain said.
     Just months ago, Davis's public approval ratings were at
their lowest point since he was elected, according to a Field
Institute poll in April.
     PG&E Corp.'s utility, the state's largest, was in bankruptcy.
Wholesale-power prices were rising, and millions of Californians
lost power in a string of blackouts caused by reduced power
reserves.

                         Governor Rebounds

     The governor was widely criticized for failing to act swiftly
to end the crisis. Now Davis seems to be recovering, analysts
said.
     While vilifying the power companies, the first-term governor
has also been spearheading the state's response to the energy
crisis. He has created a team to negotiate a financial rescue
package to save Edison International's Southern California Edison
utility from bankruptcy, started an $800 energy conservation drive
and pushed for more power plants to be built.
     The energy companies lashed back at Davis this week. A
spokesman for Enron Corp., the world's largest energy trader,
accused Davis and California leaders of conducting a political
``witch hunt.''
     ``The last thing they want to do is take responsibility for
the problem they created,'' Enron spokesman Mark Palmer said.
``They set about looking for the biggest villains.''
     Enron filed suit against a California state Senate committee
investigating allegations of market manipulation, accusing the
panel and its Democratic chairman in a letter of seeking a
``scapegoat'' for a failed deregulation law.

                   Plotting his Response

     Davis began plotting his response to the crisis almost
immediately after it became public in January, said Garry South,
his chief political strategist. Step one, Davis aides said, was to
blame the energy companies that were profiting from the state's
woes. Davis targeted a half-dozen companies. In addition to Enron
and Duke, Mirant Corp., Reliant Energy Inc., and Williams Cos.
were placed in the crosshairs.
     ``There was a group of perpetrators from out of state
manipulating this system and screwing consumers,'' South said.
``We had to explain how this thing happened.''
     Republicans criticize Davis for inaction on the crisis, while
acknowledging he is favored to win re-election going into next
year's campaign.
     He leads three potential rivals -- Secretary of State Bill
Jones, banker William Simon, the son of former Treasury Secretary
William Simon, and former Los Angeles Mayor Richard Riordan,
according to the Times poll of 1,541 state residents conducted
June 23-26.
     ``He will be the favorite,'' said Rob Stutzman, a consultant
for the California Republican Party.

                         Worries Ahead

     Davis still has worries as the state struggles to address the
energy crisis, analysts say.
     PG&E Corp.'s Pacific Gas & Electric filed for bankruptcy in
April. Edison International's Southern California Edison, the No.
2 utility, is struggling to overcome legislative opposition to the
financial-rescue package negotiated by Davis.
     Davis may be blamed, analysts say, if the state Legislature
refuses to ratify the rescue plan for Edison and the utility files
for bankruptcy. Republicans and many Democrats in the Legislature
oppose the agreement, known as a memorandum of understanding.
     ``The MOU's dead, and the likely scenario is for the utility
is to go into bankruptcy,'' said Peter Navarro, an associate
professor of economics and public management at the University of
California at Irvine.
     California voters may receive unpleasant reminders of the
crisis all summer. The state has already suffered through six days
of rolling blackouts, and more are predicted.
     ``As soon as the lights go out, it's Gray's fault,'' Navarro
said.


Enjoy!
 - 20011121ERCOT_LOAD.XLS
 - 20011121ERCOT_FLOW.XLS


---------------------- Forwarded by Becky Pitre/HOU/EES on 10/23/2001 03:26 PM ---------------------------

"Garrity, Vicki" <vgarrity@iso-ne.com> on 10/23/2001 03:06:05 PM
To:	becky.pitre@enron.com
cc:
Subject:	FW: Termination Proceedings

Resending this - original e-mail came back with address error.

>  -----Original Message-----
> From: 	Garrity, Vicki
> Sent:	Monday, October 22, 2001 8:07 AM
> To:	Fowler, Leonard - NGRID
> Cc:	Allegretti, Daniel - ENRON; Hoatson, Thomas - ENRON; Belval, Paul -
> DBH; Bacon, Roger - MMWEC; Gerity, Patrick - DB&H; Doot, David - DBH;
> 'Becky_Pitre@EES.enron.net'; A. Ignatius (E-mail); Bekker, Michael -
> Wisvest CT, LLC; Biewlad, Bruce - Synapse Energy Economics; Bilus,
> Benjamin - Preti, Flaherty, Beliveau, Pachios & Haley; Bowie, Cal - Select
> Energy , Inc.; Cavanaugh, David; Fernandez, Robert - Sithe New England
> Holdings LLC; Fuller, Peter - Mirant New England, LLC; Hashem, Julie -
> State of Maine, Office of the Governor; Krawczyk, Paul - NSTAR; Liepe,
> Paul; Lynch, Michael- MMWEC; Schaefer, Marc - SESCO; Short, William -
> Indeck Maine Energy. L.L.C.; Sipe, Donald - Forster, Inc.; Smith, Debra;
> Smith, Hariph - Central Maine Power; Smith, Philip - USGen/PG&E Gen.;
> Taylor, Bill - TCPM; Zucco, Barbara
> Subject:	Termination Proceedings
>
> Please see the attached letter
>
>  <<Enron Energy Service 10-19-01.doc>>  <<Membership Termination
> Protocols. As approved by NPC on  April 6 2001.DOC>>

 - Enron Energy Service 10-19-01.doc
 - Membership Termination Protocols. As approved by NPC on  April 6 2001.DOC


FYI.

Bob

---------------------- Forwarded by Robert Cotten/HOU/ECT on 12/07/2000 10:12
AM ---------------------------

Nick Moshou@ENRON
12/07/2000 10:13 AM
To: Christy Sweeney/HOU/ECT@ECT, Gary Bryan/HOU/ECT@ECT
cc: Vance L Taylor/HOU/ECT@ECT, Robert Cotten/HOU/ECT@ECT
Subject: Re: Spinnaker - Supply Verification 11958SU - October 2000
production

Christy,

Per our conversation I have attached below the updated version of the
Reallocation difference.   Texas General Land received 21.8945% of the total
volume which was 55,645 mmbtu.  After updating the spreadsheet Spinnaker will
owe HPL approximately $36,000.

Thanks,
Nick


Kev,

Jacob Gurgevich

DP

-----Original Message-----
From: Kevin.M.Presto@enron.com
To: dpresto@clearskybroadband.com
Sent: 3/22/01 9:14 AM
Subject: Re: reminder

I need the name of Lisa's son to officially set up the Dr. appt. in Dr.
Ott's office.
---------------------- Forwarded by Kevin M Presto/HOU/ECT on 03/22/2001
11:13 AM ---------------------------

 (Embedded     Enron North America Corp.
 image moved
 to file:      From:  Kevin M Presto
 pic01752.pcx) 03/21/2001 07:14 AM

To:   Darin Presto <dpresto@clearskybroadband.com> @ ENRON
cc:
Subject:  Re: reminder  (Document link: Kevin M Presto)

Don't worry about a rental.   I can pick you up at the airport.   I am
trying to confirm an appt. today.   I'll let you know.

 <<pic01752.pcx>>


Attached please find the May issue of the President's Report.

To open it, click on read only.

Best regards,

Maria Elena Saade
Brand Management & Marketing
Voice:  713.685.2845
Fax:  713.685.5568
e-mail:  msaade@uwtgc.org <mailto:msaade@uwtgc.org>
United Way Website: www.unitedwayhouston.org
<http://www.unitedwayhouston.org>

 - MAY01.DOC


It appears that we are close to resolving outstanding legal issues regarding
the agreement to allow online bond trading through Buy Side Direct.   Sheila,
is your group the appropriate area to complete the Subscriber Application and
Attachment 2 documents provided below ?

We will also execute an agreement with Buy Side Direct's clearing firm
(Weiss, Peck & Greer) which will direct them to clear our trades through the
prime broker we designate.    Sheila, I will leave you a paper copy of the
preliminary version of this agreement.  Is your group the appropriate area to
complete the information this agreement requires on pages 7 and 8 -
essentially, tax ID # and account # ?

Eric / Tom, please handle any communication required with our prime broker
required before we initiate trading on Buy Side Direct.

Sara / Jason, please let me know if I am overlooking any other information
that we will require from Sheila's group related to Buy Side Direct.

(Approval from our Credit group is expected this week.)

Thanks.

Mike
x39990

To: <Mike.Fowler@enron.com>
cc: <jpeters@andrews-kurth.com>, <sara.shackleton@enron.com>,
"Lisa@Buysidedirect. Com" <lisa@buysidedirect.com>

Subject: RE: Enron-BuySideDirect Agreement

I made the two remaining changes:

1. added limits on clearly erroneous policy time limits.  We will promptly
notify other side and will make a decision within 4 hours of the issue being
raised or by 6PM whichever is sooner.
2. deleted first sentence from 5.4

I am still trying to get further resolution from WPG with regard to your
insert #6.

Please call with any questions.

Regards,

Mike
415-369-5016
---------------------- Forwarded by Mike Fowler/Corp/Enron on 09/14/2000
08:13 AM ---------------------------

"Michael Minnich" <minnich@imarkets.com> on 09/12/2000 07:00:10 PM
Please respond to <minnich@imarkets.com>
To: <mike.fowler@enron.com>, <jpeters@andrews-kurth.com>,
<sara.shackleton@enron.com>
cc: "Lisa@Buysidedirect. Com" <lisa@buysidedirect.com>,
<minnich@imarkets.com>

Subject: Enron-BuySideDirect Agreement

I apologize for the delay.  I made the changes as discussed except:

1.  I did not put a limit on the Clearly erroneous policy--not because I
didn't agree, but because I did not see an obvious answer in the Nasdaq
agreement.  I will look at it more tomorrow, but I wanted to get this to you
rather than delay further.
2.  Striking first sentence in 5.4--I have not heard back from our lawyers.
Hopefully tomorrow.

Also, I attach the broker dealer attachment 2 which you said you didn't
have.

I think we resolved most of your WPG questions.  WPG is OK with all of your
changes except Insert 6.  I will try to get further resolution as to why
they object so that you can negotiate further if you like.

If all goes well, hopefully this can be wrapped up tomorrow.

Regards,

Mike

___________________________________________
BuySideDirect LLC a subsidiary of
Intelligent Markets, Inc.

410 Jessie Street, Suite 602
San Francisco, CA 94103
(415) 369-5016 direct
(415) 369-5020 sales
(415) 369-5010 fax
minnich@imarkets.com

 - Enron BuySideDirect Subscriber Application, Version August 25, 2000.doc
 - BuySideDirect Attachment 2.DOC


See attached.

 - buy-sell1.doc
 - buy-sell2.doc
 - 636 excerpt.doc


Enron is pleased to announce our partnership with the PacWest Racing Team for the 2001 Texaco/Havoline Grand Prix.

As part of its sponsorship, Enron has secured discounted race tickets exclusively for Enron  employees and family members.  Discounted tickets for the Grand Prix will be available through http://www.enronsigshop.com beginning Monday, September 24 through Thursday, September 27 at 5 PM.  The race will be held in downtown Houston on October 5-7.

We also are holding a contest to give you a chance to win terrific Grand Prix prizes including a ride in the official pace car to start the Saturday qualifying race; the chance to serve as an honorary pit-crew member; a special autograph gift package; VIP hospitality packages and much more.

Simply drop your business card (one card per employee, please) in the box next to the Enron/PacWest Race Car located in the Enron Building lobby.

The car will be displayed from September 24-28.  Winners will be notified on Monday, October 1.

Good luck and we'll see you at the race.


One of your friends sent this email through our website.
Friend's name: Angela Barnett
Friend's IP address: 192.152.140.9
Date and Time: 10/30/00 6:32:00 AM EST
See the bottom of this message to report abuse.

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Compared to regular email, this is a better way to
recommend a website to your friends. That's because
information about the sender of the message is included
to prevent and catch abuse of the system.

To report abuse of this service: abuse-taf@mailbits.com


---------------------- Forwarded by Chris Germany/HOU/ECT on 03/28/2000 09:07
PM ---------------------------

Jerry W Germany <germanj@basf-corp.com> on 03/20/2000 08:33:23 AM
To: Chris Germany <Chris.Germany@enron.com>
cc:
Subject: Re: Hey

979-415-6314

New area code plus our prefix is also changing.

Chris Germany <Chris.Germany@enron.com> on 03/20/2000 06:48:12 AM
To:   Jerry W Germany
cc:
Subject:  Hey

What's your work number?  I'm updating my Lotus Notes Database and I left my
day
planner at home - too much weight in the backpack.


Dennis will be traveling in the Midwest 7/8 through 7/16 and will be back in
the office 7/17.  If you have any questions, concerns, or need to speak with
Dennis, please contact me at extension 6462 or 661-823-6462.


Hi Harpreet,

testing email id. pls acknowledge receipt.

Thanks
Gurdeep Kaur
Global Messaging Services (Lucent)
*            gkaur1@lucent.com
Phone	(732)949-6106


Ken Lay has a video message for you about the Chairman's Award on "Up Front."  Please go to "Up Front" at http://home.enron.com/upfront/ to access it.  An audio option and transcript are available for employees who cannot access the video.

"Up Front" will feature open, honest and timely video messages from the Office of the Chairman and Enron management about what's going on around the company.

If you encounter technical difficulties, please contact your IT technical support representative.


i'll try to reschedule the dinner if i can.

-----Original Message-----
From: Mara, Susan
Sent: Tue 8/28/2001 1:47 PM
To: Dasovich, Jeff
Cc:
Subject: RE: Black Caucus

You said you were on vacation that week.

 -----Original Message-----
From:   Dasovich, Jeff
Sent:   Tuesday, August 28, 2001 11:45 AM
To:     ""Mara, Susan" <Susan.J.Mara@ENRON.com>@ENRON" <IMCEANOTES-+22Mara+2C+20Susan+22+20+3CSusan+2EJ+2EMara+40ENRON+2Ecom+3E+40ENRON@ENRON.com>@SMTP@enronXgate; sgovenar@govadv.com; Hedy Govenar; Bev Hansen; Susan J Mara; Jeff Dasovich; Kaufman, Paul

Cc:     Joseph Alamo
Subject:        RE: Black Caucus

My understanding is that we'll all try to attend.

-----Original Message-----
From: "Mara, Susan" <Susan.J.Mara@ENRON.com>@ENRON
Sent: Tue 8/28/2001 1:23 PM
To: sgovenar@govadv.com; Hedy Govenar; Bev Hansen; Susan J Mara; Jeff Dasovich; Kaufman, Paul
Cc: Joseph Alamo
Subject: RE: Black Caucus

I think that day is fine from a childcare perspective.  I can be there.

Jeff, you OWE me!

-----Original Message-----

From: Scott Govenar [<mailto:sgovenar@govadv.com>]

Sent: Tuesday, August 28, 2001 11:24 AM

To: Hedy Govenar; Bev Hansen; Susan J Mara; Jeff Dasovich; Kaufman, Paul

Cc: Joseph Alamo

Subject: Black Caucus

The African American caucus would like to have dinner with us in

Sacramento

on September 6 from 7:00 to 8:30. The total number of caucus attendees

will

be dictated by how many of us can make it.  They will do the

coordination.

Any takers?


Chuck and I just got off the phone with Uriel Dutton about F&J's representation.  F&J's key concern appears to be a potential ethical conflict that may arise if (a) F&J continues to represent Enron Corp., as it is currently doing with respect to IP matters and some asbestosis litigation and (b) F&J is tendered litigation or arbitration adverse to Enron Corp, even if substantially unrelated to the current matters.  Dutton confirmed that he was aware of no such litigation or arbitration having been tendered to F&J.

	Dutton advises that while under the Texas rules of ethics, outside counsel can represent a party adverse to an existing client if the matters are not substantially related, that is not necessarily true if the matter is in federal court in Texas or brought in the courts of other states.  Further, even if a client such as Enron Corp. is willing to give an advance general ethical waiver, without knowledge of what future adverse matters F&J may take on, such "blind waivers (my term)" are often not upheld.  Dutton believes, however, that with respect to matter handled for former clients, it is generally the rule everywhere that there needs to be a "substantial relationship" between the matters for any potential ethical bar to arise.  In other words, it sounds like F&J wants to remove at least Enron Corp. from its list of current clients as soon as reasonably possible.

	Dutton did say that with respect to the other F&J matters, the bulk of which are related to Mariner, there may be some accommodation that may be reached.  Dutton will speak further with his colleagues and get back with us.  I will call Prof. Dzienkowski at the UT School of Law (our speaker for many years at the Unit CLE ethics seminar) and see if I can get some free advice about these issues.  I will of course only be speaking hypothetically.

	I will keep you advised.

	Britt


Attached is the regulatory filing summary.


I am attaching a revised draft notice of intent to exercise the purchase
option for the equipment for the CA transactions. We need two separate
notices - one for CA I and one for CA II.  Ben/Fred/Rebecca, could you please
prepare a draft of the two exhibits?

Lisa/Catherine/Rose, I revised the form of notice to make it track the
participation agreement and the development and construction management
agreement.

I've tentatively dated the notice as of this Friday.  By my calculations,
Monday is our drop dead date since a waiver of the 5 day period is not an
option, and the deal dies if not closed by the 15th.

Ben mentioned that I should be drafting a "release letter" for the banks
and/or DevCo. It would be a big help if someone could point me to the section
in the documents which set forth the requirements of the release, since I'm
still wading through it all and haven't found the relevant language yet.
Also, please advise of the results of the conference call which you had with
the lenders (?) and/or their lawyers regarding the issue.

I am working on the assignment and assumption agreement.

Thanks,

Kay


Enron in Action can be accessed through the new Community Relations web site at http://cr.enron.com/eia.html .  In this week's issue you will find out information regarding:

Enron Happenings
BEAR Holiday Fundraiser
2001 Holiday Shopping Card benefiting the American Cancer Society
Enron Kids 2001 Holiday Program
Support the Museum of Natural Science at the Crate & Barrel Opening Night Preview Party
Enron Night with the Houston Aeros
Free Carwashes for Enron Employees
American Heart Association "Heart Walk"

Enron Volunteer Opportunities
Volunteer for the 2001 Nutcracker Market "A World of Holiday Shopping"

Enron Wellness
CPR/First Aid Training
Mammogram Screening
November is Lung Cancer Awareness Month

Involved Employees
Par "Fore" Pets Golf Tournament

In addition, Enron in Action is available through a channel on my.home.enron.com.  To add this channel to your set-up click on the channels link at the top of the screen and under announcements check the Enron in Action box.

If you wish to add an announcement to Enron in Action, please fill out the attached form below and submit it to mailto:eia@enron.com no later than 12 PM Thursday each week.


----- Forwarded by Tana Jones/HOU/ECT on 05/25/2000 05:45 PM -----

	Tom Moran
	05/25/2000 05:40 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT
		 cc: Tom Moran/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT, Linda S Bryan/HOU/ECT@ECT,
Connie Sutton/HOU/ECT@ECT, Sylvia A Campos/HOU/ECT@ECT, Molly
Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON, Samuel
Schott/HOU/ECT@ECT, Mary G Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts
and Facilities, Stephanie Sever/HOU/ECT@ECT
		 Subject: EOL / Credit / GCP Responses 5/25/00

Please find attached Credit's EOL responses for 5/25/00

Regards
tm


I'll give them to Bugg. I will help move.

Chris


I sold 15,000 mmbtu for today's flow (jan 2) at the GDA midpoint - TWPL - west TX pool - $2.53

Scott will call tomorrow to see if he can buy it for gas day Jan 3.

Paperwork will get faxed to Gerald.

Please call if you have any questions.

Stephanie


calendar.
Also, I would like you to set up a meeting with me, Cindy Olson, Beth Tilney,
Kelly Kimberly, Mark koenig, Rick Causey, and Rick Buy.  I was thinking the
easiest way to get us all together would be to get a room at a restaurant for
6 or 6:30 some evening.  I have contacted Beth and Cindy already, so they
know what it is about, and I will leave messages for the others.  I just need
to check schedules for now.

Also,  I think it would be a good idea to have a get together after work once
a month or so for the Public Affairs organization.  Nothing fancy . .  .
Cadillac Bar or something similar. . .  spouses and significant others
invited.  Talk it over with a couple of people in the group and let me know
what you come up with.
---------------------- Forwarded by Steven J Kean/HOU/EES on 08/03/2000 06:47
PM ---------------------------

Marie Hejka@ENRON on 08/02/2000 05:51:00 PM
To: Maureen McVicker/HOU/EES@EES, Jo Ann Matson/Corp/Enron@ENRON, Peggy
McCurley/HOU/ECT@ECT, Amy Rios/HOU/ECT@ECT, Margarite
Cunningham/Corp/Enron@ENRON, Bobbie Power/Corp/Enron@ENRON
cc: Steven J Kean/HOU/EES@EES, Melissa Becker/Corp/Enron@ENRON, Philippe A
Bibi/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT, Richard Causey/Corp/Enron@ENRON,
Jeffrey McMahon/HOU/ECT@ECT, Cindy Olson/Corp/Enron@ENRON, Andrea
Yowman/Corp/Enron@ENRON
Subject: Knowledge Management Meeting

Good afternoon.  Cindy Olson requested a meeting with the following
attendees.  Would you be so kind as to review their calendars and let me know
if they are available during any of the suggested meeting times?

Meeting Topic:  Knowledge Management

Meeting Purpose:  Answer the following questions
What is Knowledge Management?  What Knowledge Management efforts are
established at Enron?  What is the value of a formal approach to Knowledge
Management?  What is essential to make a Knowledge Management effort at Enron
a  success?  Is it time to formally establish a KM group?  Is it time to
inaugurate a person to formally direct Enron KM initiatives?
Attendees:
Melissa Becker
Philippe Bibi
Rick Buy
Rick Causey
Marie Hejka
Steve Kean
Jeff McMahon
Cindy Olson
Andrea Yowman

Suggested Meeting Dates and Times:
Thursday - August 17 10:00 -11:00 a.m. or 11:00 a.m. - 12:00 p.m.
Friday - August 18  8:30 - 9:30 a.m. or 1:00 - 2:00 p.m. or 3:00 - 4:00 p.m.
Monday - August 21 Open (except 11:00 a.m. - 1:00 p.m.)


Charlotte,

I confirmed today with your colleague Stuart at  x34073 and he arranged for
the CPU to be removed.

Please call me if you have any questions. Thanks!

Martina  x34327

Vince J Kaminski
24/02/2000 15:28
To: Charlotte Baldock/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Anjam Ahmad/LON/ECT@ECT, Martina
Angelova/LON/ECT@ECT

Subject: Re: Loan PC

Charlotte,

I am back in Houston. Please, contact Anjam Ahmad and/or
Martina Angelova. They will be able to help you.

Vince Kaminski

Charlotte Baldock
02/24/2000 05:22 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Loan PC

Vince

Can you confirm that you will returning the loan PC to IT Support today
please?

Thanks

Charlotte


Jeff:
8 would work better for me and Alicia.  We will plan on calling you then
unless we here otherwise.
Carol


Please join me in welcoming Laura Mowbray to the staff in the London office.
Laura joined us during our London member update week, which of course was
overshadowed by the events in New York and Washington. Laura will work
initially on our European regulatory effort. She has studied European
government and is fluent in German, having been a reporter for a German
newspaper.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 02/16/2001
12:41 PM ---------------------------

Greg Couch
02/05/2001 01:01 PM
To: Kyle R Lilly/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT
cc:
Subject: Curve Fetch

Let me know if either of you have questions.

Greg


FYI
---------------------- Forwarded by Stacy E Dickson/HOU/ECT on 07/06/99 09:04
AM ---------------------------

	Enron Capital & Trade Resources
	Canada Corp.

	From:  Nella Cappelletto                           07/05/99 10:27 AM

To: Stacy E Dickson/HOU/ECT@ECT
cc:
Subject: Canadian form of GTC as requested


Please take a look at the attachment "changes" regarding credit language for
Articles 4.1 and 4.2  and advise.

Thanks!!!!!!!!

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

----- Forwarded by Debra Perlingiere/HOU/ECT on 03/16/2001 10:58 AM -----

	SRenken@markwest.com
	03/01/2001 11:44 AM

		 To: dperlin@enron.com
		 cc:
		 Subject: Master Firm Purchase/Sale Agreement

Debra,
Since my fax has not come through with either alternative number you
provided, attached please find the electronic version of my intended fax
and change requests.  Please feel free to contact me, as indicated in the
attachment, with any comments/questions.

Sarai Renken
MarkWest Hydrocarbon
Contract Administration

(See attached file: Enron NA 05-1146 - FAX.doc)(See attached file: Enron NA
05-1146 changes.doc)
 - Enron NA 05-1146 - FAX.doc
 - Enron NA 05-1146 changes.doc


This is good stuff, it really is rebuttal that the ALJ will appreciate.  I
don't have any specific comments.

John

BETA Consulting
Burkee@cts.com
(760) 723-1831 Voice
(760) 723-1891 FAX
----- Original Message -----
From: <Susan.Scott@enron.com>
To: Cherry, Brian - TPBKC <BCherry@sempra.com>; 'MBD' <MDay@GMSSR.com>;
'Leslie, John' <jleslie@LUCE.com>; 'Elsesser, Evie' <eke@aelaw.com>;
'McCrea, Keith' <kmccrea@sablaw.com>; 'Pocta, R. Mark' <rmp@cpuc.ca.gov>;
'Dasovich, Jeff' <jdasovic@enron.com>; 'Beach, Tom'
<tomb@crossborderenergy.com>; 'Burkholder, John' <burkee@cts.com>;
'Amirault, Paul' <paulamirault@aec.ca>; 'Alexander, Michael'
<alexanms@sce.com>; 'Chancellor, Craig' <craigc@calpine.com>; 'Dingwall, B.'
<bdingwall@unitedgas.com>; 'Douglass, Dan@SES' <douglass@arterhadden.com>;
'Fawcett, Jeff' <jfawcet@enron.com>; 'Porter, Doug' <porterdk@sce.com>;
'Rochman, Michael' <rochmanm@spurr.org>; 'Counihan, Rick'
<rick.counihan@greenmountain.com>; 'Bayless, David'
<david.bayless@utility.com>; 'Paul, Joe' <jmpa@dynegy.com>; 'Jimison, John'
<johnj@bcjlaw.com>; 'Foss, Robert' <rfoss@coral-energy.com>; McVay, Nancy
W - T
Sent: Tuesday, May 16, 2000 7:50 AM
Subject: Rebuttal testimony (draft) on behalf of TW

> Transwestern has drafted the attached rebuttal testimony in response to
> testimony filed by Kern River and the Post-Interim Settlement parties.
> Please let me know if you have comments.
>
> (See attached file: GIR Rebuttal.doc)


Yes. The position is still open. If you have a resume, please send it.


Thursday @ 4:00

Thanks

---------------------- Forwarded by Hunter S Shively/HOU/ECT on 09/08/2000
04:47 PM ---------------------------

Mark Frevert@ENRON
09/08/2000 10:09 AM
Sent by: Nicki Daw@ENRON
To: Alonzo Williams/HOU/ECT@ECT, Andrea Ring/HOU/ECT@ECT, Andrew H
Lewis/HOU/ECT@ECT, Andrew R Conner/HOU/ECT@ECT, Ashton
Soniat/Corp/Enron@ENRON, Bhavna Pandya/HOU/ECT@ECT, Bill
Berkeland/Corp/Enron@Enron, Bill Rust/HOU/ECT@ECT, Bob Crane/HOU/ECT@ECT,
Brad McKay/HOU/ECT@ECT, Brian O'Rourke/HOU/ECT@ECT, Bruce
Hebert/GCO/Enron@ENRON, Caroline Abramo/Corp/Enron@Enron, Chad
Starnes/Corp/Enron@Enron, Charles H Otto/HOU/ECT@ECT, Charlie
Jewell/HOU/ECT@ECT, Chris Gaskill/Corp/Enron@Enron, Chris
Germany/HOU/ECT@ECT, Chris Lenartowicz/Corp/Enron@ENRON, Clint
Dean/Corp/Enron@Enron, Colleen Sullivan/HOU/ECT@ECT, Corry
Bentley/HOU/ECT@ECT, Craig Breslau/HOU/ECT@ECT, Cyril Price/HOU/ECT@ECT, Dan
Junek/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT, Daniel Reck/HOU/ECT@ECT,
Darren Delage/HOU/ECT@ECT, David J Vitrella/HOU/ECT@ECT, David
Ryan/Corp/Enron@ENRON, David Zaccour/HOU/ECT@ECT, Dean Laurent/HOU/ECT@ECT,
Diana Allen/Corp/Enron@ENRON, Dick Jenkins/HOU/ECT@ECT, Don
Baughman/HOU/ECT@ECT, Douglas Miller/ECF/Enron@ENRON, ITH/ENRON@Gateway, Ed
Smith/HOU/ECT@ECT, Edward D Baughman/HOU/ECT@ECT, Elsa
Piekielniak/Corp/Enron@Enron, Eric Saibi/Corp/Enron@ENRON, Erik
Serio/Corp/Enron@Enron, Fletcher J Sturm/HOU/ECT@ECT, Frank
Ermis/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT,
Geoff Storey/HOU/ECT@ECT, George Hopley/HOU/ECT@ect, George
McClellan/HOU/ECT@ECT, George N Gilbert/HOU/ECT@ECT, George
Wood/Corp/Enron@Enron, Gerald Gilbert/HOU/ECT@ECT, Greg
Trefz/Corp/Enron@ENRON, Greg Whalley/HOU/ECT@ECT, Greg Woulfe/HOU/ECT@ECT,
Gretchen Lotz/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, James E
Terrell/HOU/ECT@ECT, Jane M Tholt/HOU/ECT@ECT, Janel
Guerrero/Corp/Enron@Enron, Janelle Scheuer/HOU/ECT@ECT, Jared
Kaiser/HOU/ECT@ECT, Jason Choate/Corp/Enron@ENRON, Jason
Crawford/Corp/Enron@Enron, Jay Reitmeyer/HOU/ECT@ECT, Jay
Wills/Corp/Enron@ENRON, Jeff King/Corp/Enron@Enron, Jeff
Kinneman/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Jennifer
Fraser/HOU/ECT@ECT, Jennifer Shipos/HOU/ECT@ECT, Jim Homco/HOU/ECT@ECT, Joe
Errigo/Corp/Enron@Enron, Corp/Enron@Enron, Joe Parks/Corp/Enron@ENRON, Joe
Stepenovitch/Corp/Enron@Enron, John Arnold/HOU/ECT@ECT, John
Berger/HOU/ECT@ECT, John Craig Taylor/HOU/ECT@ECT, John D Suarez/HOU/ECT@ECT,
John Grass/Corp/Enron@ENRON, John Greene/HOU/ECT@ECT, John
Kinser/HOU/ECT@ECT, John Llodra/Corp/Enron@ENRON, John M
Singer/Corp/Enron@ENRON, John Zufferli/HOU/ECT@ECT, John Zurita/HOU/EES@EES,
Juan Hernandez/Corp/Enron@ENRON, Judy Townsend/HOU/ECT@ECT, Kate
Fraser/HOU/ECT@ECT, Kayne Coulter/HOU/ECT@ECT, Keith
Comeaux/Corp/Enron@Enron, Keith Holst/HOU/ECT@ect, Keller
Mayeaux/Corp/Enron@Enron, Kelli Stevens/HOU/ECT@ECT, Kevin
Cline/Corp/Enron@Enron, Kevin M Presto/HOU/ECT@ECT, Kevin
McGowan/Corp/Enron@ENRON, Kyle Schultz/HOU/ECT@ECT, Larry
Jester/Corp/Enron@ENRON, Larry May/Corp/Enron@Enron, Larry
Valderrama/HOU/ECT@ECT, Laura Podurgiel/HOU/ECT@ECT, Lawrence
Clayton/Corp/Enron@Enron, Lisa Burnett/Corp/Enron@Enron, Lisa
Lees/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT, Lucy Ortiz/HOU/ECT@ECT, Madhup
Kumar/Corp/Enron@ENRON, l/HOU/ECT@ECT, Marc Bir/Corp/Enron@ENRON, Maria
Valdes/Corp/Enron@Enron, Mark Anthony Rodriguez/HOU/ECT@ECT, Mark Dana
Davis/HOU/ECT@ECT, Mark Smith/Corp/Enron@Enron, Mark Symms/Corp/Enron@ENRON,
Martin Cuilla/HOU/ECT@ECT, Matt Lorenz/HOU/ECT@ECT, Matthew
Arnold/HOU/ECT@ECT, Matthew Goering/HOU/ECT@ECT, Maureen Smith/HOU/ECT@ECT,
Michael W Bradley/HOU/ECT@ECT, Michelle D Cisneros/HOU/ECT@ECT, Mike
Carson/Corp/Enron@Enron, Mike Curry/HOU/ECT@ECT, Mike
Fowler/Corp/Enron@ENRON, Mike Grigsby/HOU/ECT@ECT, Mike
Maggi/Corp/Enron@Enron, Mitch Robinson/Corp/Enron@Enron, Nelson
Ferries/Corp/Enron@ENRON, Patrice L Mims/HOU/ECT@ECT, Patrick
Hanse/HOU/ECT@ECT, Paul Pizzolato/HOU/ECT@ECT, Per Sekse/NY/ECT@ECT, Peter F
Keavey/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Pushkar Shahi/HOU/ECT@ECT,
Randall L Gay/HOU/ECT@ECT, Richard Hrabal/HOU/ECT@ect, Robert
Benson/Corp/Enron@ENRON, Robin Barbe/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect,
Ronald Acevedo/LON/ECT@ECT, Sandra F Brawner/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON, Scot, t Hendrickson/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Steve Olinde/Corp/Enron@Enron, Steven Kleege/HOU/ECT@ECT,
Steven P South/HOU/ECT@ECT, Susan W Pereira/HOU/ECT@ECT, Susan
Wood/HOU/ECT@ECT, Sylvia S Pollan/HOU/ECT@ECT, Sylvia S Pollan/HOU/ECT@ECT,
Tammi DePaolis/Corp/Enron@ENRON, Terri Clynes/HOU/ECT@ECT, Theresa
Branney/HOU/ECT@ECT, Todd DeCook/Corp/Enron@Enron, Tom Donohoe/HOU/ECT@ECT,
Tom Dutta/HOU/ECT@ECT, Tom May/Corp/Enron@Enron, Tom Mcquade/HOU/ECT@ECT,
Tori Kuykendall/HOU/ECT@ECT, Troy Black/Corp/Enron@ENRON, Wayne
Herndon/Corp/Enron@ENRON, William Patrick Lewis/HOU/ECT@ECT, William
Stuart/HOU/ECT@ECT
cc: Janette Elbertson/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT
Subject: Sales Practices and Anti-Manipulation Training

Sales Practices and Anti-Manipulation Training has been scheduled for
Thursday, September 14, 2000 and Friday, September 15, 2000.  Attendance at
this training is mandatory.  The sessions will run about 2 hours.  Since each
session can only accommodate 50 people, please call Taffy Milligan at (713)
345-7373 to reserve a seat.

 Session 1 Thursday, Sept. 14  2:00 p.m.
 Session 2 Thursday, Sept. 14  4:00 p.m.
 Session 3 Friday, Sept. 15  9:00 a.m.
 Session 4 Friday, Sept. 15  2:00 p.m.

Location details will be forwarded upon registration.

If you have any questions, please contact Mark Taylor at (713) 853-7459.

Mark Frevert / Mark Haedicke


Yep!

	Mark Greenberg@ENRON
	01/18/2001 08:21 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: RE: ClickPaper

Tana -

Will you be able to prepare an NDA for Jake based upon the attached
information?

Please let me know.

Thanks.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com
----- Forwarded by Mark Greenberg/NA/Enron on 01/18/2001 08:20 AM -----

	Jake Staffel
	01/17/2001 07:48 AM

		 To: Mark Greenberg/NA/Enron@ENRON, Tana Jones/HOU/ECT@ECT
		 cc: rex_shelby@enron.net, david_berberian@enron.net, mike_haney@enron.net
		 Subject: RE: ClickPaper

Mark,

We finally got the information from Mr Hashimota.

Could you please give me a bilateral NDA by late morning or early
midafternoon if at all possible?  I realize this is a hurry up and wait
scenario and I apologize for  giving you such a short timeframe but I am
working around the client.

We will be discussing the figures for clickpaper and we will ask them
information on who they sell too how much etc.

Should you have any questions please feel free to call me at 30559

Thanks.

Jake

---------------------- Forwarded by Jake Staffel/NA/Enron on 01/17/2001 07:44
AM ---------------------------

Take Hashimoto <hashi25@attglobal.net> on 01/17/2001 03:33:57 AM
Please respond to hashi25@attglobal.net
To: Jake_Staffel@enron.net
cc: Anthony.Dayao@enron.corn, David_Berberian@enron.net,
Joseph_P_Hirl@enron.enron.net, Mike_Haney@enron.net,
Takashi.kimura@enron.com, Mark_Greenberg@ENRON.enron.net,
Tana_Jones@ECT.enron.net

Subject: RE: ClickPaper

Jake,

Sorry for delay in response.
Please fine following information;

1)  What is the full legal name of Itochu?

ITOCHU Corporation

2)  What is Itochu's main business address?

5-1, Kita-Aoyama 2chome, Minato-ku, Tokyo 107-8077 Japan

3)  Who do you want to be the Itochu business contact for these matters (if
someone other than yourself)?

Takehiro Hashimoto, Manager of Innovative Technology Team
Chemicals, Forest Products & General Merchandise Company
ITOCHU Corporation

4)  Who should we send the completed NDA to and do w send it by email, fax, or
physical mail and what would be the address or number?

First, draft by email to me, then signed copy by fax to +81-3-3497-6198 so
that we return
it by fax after countersign.

Best regards,

Take Hashimoto


No problem

----Original Message-----
   >From:      David Forster/Corp/Enron
   >To:          Greg Whalley/HOU/ECT@ECT
   >Cc:
   >Bcc:
   >Subj:      John Arnold Access to Crude
   >Sent:     Friday, December 29, 2000 7:46 AM
   >
   >Greg,
   >
   >At his request, John was set up this morning with the ability to do
internal transactions through EnronOnline against crude.
   >
   >Please advise if you have any objections.
   >
   >Thanks,
   >
   >Dave


Yes.

Stacey

 -----Original Message-----
From: 	Victorio, Tom
Sent:	Thursday, October 25, 2001 5:49 PM
To:	Evans, Casey
Cc:	Postlethwaite, John; White, Stacey W.
Subject:	RE: Enpower positions

Thanks Casey. Shouldn't these restrictions apply to all portfolios? (commodity only, and excluding ancillary curves)

 -----Original Message-----
From: 	Evans, Casey
Sent:	Thursday, October 25, 2001 5:36 PM
To:	Victorio, Tom
Cc:	Postlethwaite, John; White, Stacey W.
Subject:	RE: Enpower positions

Tom,

For East Power, when you do your extract, you should select "commodity" only as the deal category so you will not pick up any capacity positions, as they are included in neither Var nor our position reports.  Also, you should query by delivery point and exclude all of the following delivery points (region codes in parentheses) as they are ancillary and credit positions and not energy positions, per se:

10 Min Spinning (R1J)
10 Min Non-Spinning (R1K)
30 Min Op Reserve (R1L)
Op Cap (R1N)
Renewable Energy Credits (R6R)
Regulation Up (R6W)
Regulation Down (R6X)
Responsive Reserve (R6Y)
Non-Spinning Reserve (R6Z)

Let me know if you have any questions!
Casey

 -----Original Message-----
From: 	White, Stacey W.
Sent:	Thursday, October  25, 2001 3:40 PM
To:	Victorio, Tom
Cc:	Evans, Casey; Postlethwaite, John
Subject:	FW: Enpower positions

1) RisktRAC
2)Yes, except South America is not in EnPower yet.  The portfolio is set up, but no transactions are captured there.
3) The West looks close but the East is completely off.  Also, AlbertaENA should not be zero.
4) RetailEast & RetailWest are test Portfolios and should not be included!

Stacey
 -----Original Message-----
From: 	Victorio, Tom
Sent:	Thursday, October 25, 2001 12:52 PM
To:	White, Stacey W.
Subject:	Enpower positions

Hi Stacey.

We've generated the numbers below directly from EnPower/Adhoc (effective date 10/24). Just a couple of points I need to confirm before we can try to generate our DPR numbers from this query --

1) where can we get the spreadsheet positions from?
2) are these all the Enpower portfolios we should be picking up for Power?
3) do the numbers for NA look correct?
4) I will be sending the numbers daily to the "contacts" listed -- any other names I should add?

Thanks.
- Tom

 << OLE Object: Picture (Metafile) >>


FYI,  Draft that we sent to Peter with our comments.

----- Forwarded by Gerald Nemec/HOU/ECT on 04/19/2001 09:00 AM -----

	Lisa Mellencamp
	04/18/2001 07:04 PM

		 To: "Meier, Peter" <peter.meier@neg.pge.com>@ENRON
		 cc: Steve Van Hooser/HOU/ECT@ECT, Gerald Nemec/HOU/ECT@ECT
		 Subject: Re: AGREEMENT WITH RESPECT TO GAS TRANSPORTATION

peter, please see below. would like the lawyers  to see and then we can
redline v your draft.
do you have ucc run to confirm not pledged now?
gerald, can you confirm that now all in et gas as peter has heard it is?
assume you are ok with protective ucc filed on our part too.

Lisa J. Mellencamp
Enron North America Corp. - Legal
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com


Rob,
I find option 3 closest to what I was suggesting, and think that captures an
approach that keeps GSPP in the role of encouraging improved policy.
Any of the options are acceptable.  I think time is going to be an issue.
Thanks for putting this together.
Bill

gramlr@pjm.com on 08/30/2000 06:38:46 AM
Please respond to gramlr@pjm.com

To: jeff.dasovich@enron.com, lfried@uclink.berkeley.edu,
hcameron@uclink.berkeley.edu, amosher@appanet.org,
doornbos@socrates.berkeley.edu, William Hederman/TCO/ColumbiaGas@COLUMBIAGAS
cc:

Subject: Draft program

Shall we try to talk again Monday?  I think I will talk to Borenstein to see
what the Haas folks have in mind.

I tried to capture everyone's comments.  Allen, you might want to explain more
about your panel suggestions since I didn't do them justice.  As you'll see I
took the liberty of offering a new characterization of the panels that I
didn't
bring up on the call.  Everything on there is offered as a strawman to be
criticized and changed.
Rob <<Draft  program.doc>>

Rob Gramlich
PJM Market Monitoring Unit
(610) 666-4291
gramlr@pjm.com

 - Draft program.doc


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

Share information about yourself, create your own public profile at
http://profiles.msn.com.

 - BarAcquaintance.exe


Those have been corrected.  They tagg pieces have been moved but demand charges were not deleted.

KK

 -----Original Message-----
From: 	Ewing, Linda J.
Sent:	Tuesday, January 15, 2002 3:59 PM
To:	Keiser, Kam
Cc:	Baxter, Bryce
Subject:	CITY OF PALO ALTO     - November Production - Sales

   Mr. Raveen Maan with the City of Palo Alto called stating that all contracts were cancelled at the end of Nov..So why are
   Demand Charges being billed to them plus volumes -  I will work with Volume for the actuals on this.   Below listed are deal
   numbers for the Demand charges.  Please advise if these should have been billed.

   1051884
   851617
   912999
   913364
   936021
   948197
   951004
   984564
   1043230
   1002951 -  volumes

   Thanks

Linda J Ewing
Specialist - Settlements
Enron North America
(713) 853-5667 ph
(713)646-8420 fx
email: linda.j.ewing@enron.com


Hey Vince,

Since I saw you last, the "Real World Option Princing" paper has taken on
some more interesting results.  Tim Crack and I would certainly like your
comments on the previous version and current version because we feel there
are still more areas to explore, such as, Value at Risk.  Here is where you
can download the paper:

http://www.bus.indiana.edu/tcrack/gopop.pdf

I hope this e-mail finds you in air conditioned room away from the heat.

Tom


Dear Friends and Family,
We are down to the wire and the race couldn't be
closer. Every vote counts, even those of you in Texas.
Please, remember to vote and go early, polls open at
7am across the country and close at 7pm but don't put
it off until 7pm as there could be lines and the
supervisors are not required to keep the polls open
after 7pm for those in line.
Remind your friends and family to vote and if someone
needs transportation to the polls, give them a ride or
call your local Victory 2000 office (Republicans) or
your local Democratic campaign office, they will have
people available to transport people to the polls.
Keep an eye out while you are at the polls for
electoral fraud and report any suspicious activity
including inappropriate campaigning to the poll
watchers at the polls. The Democrats and the
Republicans will have representatives at most of the
polls, let them know if there is suspicious activity.
Finally, if you have time, call your local offices and
offer your time to make phone calls to encourage
people to get out and vote, pass out leaflets, or to
be available to help prevent of voter fraud.

Finally, enjoy the evening and watch the results come
in. There are election watch parties everywhere!!!

Just one more day (and no more mass political e-mail's
from me and everyone else)!
Take care and VOTE!
Liz

__________________________________________________
Do You Yahoo!?
Thousands of Stores.  Millions of Products.  All in one Place.
http://shopping.yahoo.com/


Richard, FYI.  I will be trying to set up a meeting today with Alan
Aronowitz,John Nowlan, you and me to discuss.  Deborah, please print out and
file.

        B.K.D.
----- Forwarded by Britt Davis/Corp/Enron on 08/02/2000 09:02 AM -----

	Matthias Lee@ECT
	08/02/2000 05:12 AM

		 To: Britt Davis/Corp/Enron@ENRON
		 cc: Alan Aronowitz/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT,
david.best@clyde.co.uk, ngregson@wfw.com, Angeline Poon/SIN/ECT@ECT
		 Subject: PACIFIC VIRGO - FRT CHASER

Britt

Would be grateful for your instructions on whether  we are authorised to
respond to Owners as regards freight in the manner suggested by David.

Regards
Matt
---------------------- Forwarded by Matthias Lee/SIN/ECT on 08/02/2000 06:05
PM ---------------------------

Eric Tan
08/02/2000 01:09 PM
To: Matthias Lee/SIN/ECT@ECT
cc: "Clifford Bennett" <minton@singnet.com.sg>, Richard
Slovenski/SIN/ECT@ECT, Angeline Poon/SIN/ECT@ECT, Victor
Santos/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John Chismar/SIN/ECT@ECT, Carol
Chew/SIN/ECT@ECT, ngregson@wfw.com, Michael J Gasper/HOU/ECT@ECT, John H
Harrison/HOU/ECT@ECT, James P Studdert/HOU/ECT@ECT, Alan
Aronowitz/HOU/ECT@ECT, Michael Philips/HOU/ECT@ECT, Michael A
Robison/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Graham Cane/LON/ECT@ECT,
Wietze Dingeldein/LON/ECT@ECT, Britt Davis/Corp/Enron@ENRON,
david.best@clyde.co.uk

Subject: PACIFIC VIRGO - FRT CHASER

Another  chaser from  Owners of Pacific Virgo requesting an immediate respond
from Enron on the freight payment.

---------------------- Forwarded by Eric Tan/SIN/ECT on 02/08/2000 13:05
---------------------------

"Helen Cheo"<tankers@ssysin.com.sg> on 02/08/2000 12:06:20
To:
cc:
Subject: PACIFIC VIRGO - FRT CHASER

Date: 02/08/2000 12:06:20
Ref: HC580581

02AUG00

PACIFIC VIRGO/ENRON  CP 13JUN00
===
FLWG  RCVD

//QTE//

TO : SSY SPORE
ATTN : MR. JOHN DWANE / MS. HELEN CHEO

ASPER BLW MSG YESTERDAY, OWNERS STRONGLY REQUESTING CHRTS
TO MAKE A REPLY BY RETURN.

QTE

Please pass the following to the Chtrs/Enron.

Qte;
Attn:Mr.Eric Tan - Director,Operations
     Enron Capital & Trade Resources Singapore Pte Ltd

Aug/01,2000

As per telecon this afternoon between Mr.Eric Tan and Ishibashi,
as Mr.Eric Tan promised, please explain the reasons of freight
payment
delayed for our Pacific Virgo - 2nd voyage(Batangas/Yosu)and advise
us
the date of such freight payment, by tomorrow(Aug/02)morning.

We as the Owners hereby reserve the right to claim all consequence(s)
of loss/damage arising from the delayed payment, including
the interest(s)payable from the due date of the freight.

Your immediate reply would be appreciated.

Thanks and Regards

Mitsubishi Corporation as Owners of Pacific Virgo
Unqte;

Regards.
M.Ishibashi / NF-C
Mitsubishi Corporation Tokyo

//UNQTE//

BRGRDS
HELEN CHEO


April 16, 2001

PR UPDATE

To: ???IEP PR Committee
Fr: ????McNally Temple Associates, Inc.
Re: ???PR Update

Key Messages

See attached memo (below)

Collateral Materials

California Journal Ad May . Conservation
California Journal Ad June . Topic: ?Open for discussion, Due May 9th
"Powerful Ideas" . At print. To be distributed to statewide media, capitol
press corps, legislature and key California policy makers, Key Washington
policy makers, congressional ?members
Senate Investigation Hand-outs/Press kits: ?

???????????Previous investigations (Including FERC handout, analysis of
Lynch/Kahn Report, ????????
???????????analysis of recent ISO report)
???????????CPUC long-term contract history
???????????Early Warnings
???????????A primer on California?s Restructured Electric Power Industry
???????????The Perfect Storm (What caused California?s Electricity Crisis)
???????????Powerful Solutions
???????????Vintage Power Plant Series-Utilizing Outage Standard Information
???????????Who Powers California
???????????Regional supply/demand chart

Web-site . www.turnonthetruth.com, continue to update

Research

Update provided on call

Earned Media

Teleconference briefings with press . On Fridays, or as needed. ?Next
scheduled for Tuesday, April 17 at 11:00 am. 1-800-374-2393, pass code:
?Independent Energy Producers
Statewide and national media outreach . Ongoing
Editorial Board Meetings . Met with Sacramento Bee (April 11) and San Jose
Mercury News (April 9). ?Will begin scheduling a round to preview "Powerful
Ideas" with: Sacramento Bee, San Jose Mercury News, San Francisco Chronicle,
San Diego Union Tribune, Los Angeles Times, Alameda News Group
"Powerful Solutions" . to be released week of April 23 with press briefing in
Sacramento and Los Angeles. ?Objective will be to promote IEP?s solutions,
while also incorporating Senate investigation key message points.
Response to Senate Investigation . available to respond to media in person at
during hearings
Electronic Media Summary .

???Governor Davis Speech Reaction: KXTV-10 Sacramento; KOVR-13 Sacramento;
KFBK-Am 1530 ???
???Sacramento; KMAX-31 Sacramento; KTVU-2 San Francisco; KPIX-5 Los Angeles;
KFMB-8 San
???Diego; KTTV-11; KNBC-4 Los Angeles ?
???PG&E Bankruptcy Reaction: KCRA-3 Sacramento; KXTV-10 Sacramento; KFBK-AM;
KCBS-AM; ?
???KGO-7 TV San Francisco; KPFA AM/FM Berkeley

KEY MESSAGES

Generators have been operating under the rules California established for its
electricity market. ?We did not create the market, nor did we write the
rules. ?In fact, the "big five" generators did not come to California until
AB 1890 invited them into the state, where they?ve since invested billions of
dollars buying, building and modernizing power plants.

. Energy companies, independent financial analysts and IEP warned that the
PUC was failing to implement AB 1890 properly, and that the market was being
set up to fail, especially the residential market.
. Last summer, generators were urging and offering long-term contacts. They
were flatly rejected. ?Had they been adopted, the crisis could have been
prevented or its severity dramatically lessened.
. This crisis was caused by three things . the failure to enter into
long-term contracts, forcing an over-reliance on the spot market; a supply
shortage, and no retail market. ?The market can be fixed. ?It should not be
abandoned.

We?re an important part of the solution.

. We?ve made extraordinary efforts to keep our plants running during this
crisis to supply California homes and businesses with electricity.
. We?ve offered solutions and been cooperative partners in legislative and
regulatory efforts to end the crisis.
. Rather than using tax money, we?re investing billions of private-sector
dollars to buy, modernize and build new power plants in California . to
generate electricity for California.
. Our new and upgraded power plants will help improve California?s air
quality and generate power more efficiently.

We?re hopeful that these hearing focus on facts, fairness and accountability.

. "Witch hunts," "scape-goating" and sensational headlines won?t solve the
problem or end the crisis.


Jan Erland has just called me from Oslo, he told me Brent & Bjorn are due
over there next week.

I guess I'm a touch surprised no one told me, as Jan Erland reports to me. He
is Local Office Controller.  I'm assuming it will be a 'post-Helsinki' type
review, right? Is there any particular things they/you would like to look at
or discuss?

As you know we operate some of the IBS functions from Oslo and some from
London. I'm happy to discuss this further. Do your people need an
introduction to the operation etc...?

Hope your well, Barry.


I will be getting a Visupro CD from Joe Chapman today.  We can install it
ourselves since it is an internal product and GEWE has the license.

JD


---------------------- Forwarded by Kate Symes/PDX/ECT on 03/23/2001 04:17 PM
---------------------------

"Winston Goodbody" <wgoodbody@hotmail.com> on 03/23/2001 04:20:30 PM
To: Kate.Symes@enron.com
cc:

Subject: Re: bananas and other things you can call me with

Hi Kate,

Thanks for the email.  Sorry it's taken me a while to respond but it's chaos
here as we prepare to head off for the next part of our trip today.  Glad to
hear the glow of the screen still has you enthralled.  Keep hitting F9 and
all will be well.  The bit when the screen flashes like a disco ball means
your pay is being cut.  I hope all those hideous applications I built that
you were using haven't blown sky high.  But you know I did put little bugs
in all of those things so that they would stop working about 4 months after
I left.  Sorry!  I neede to ensure there would be work for me to do when/if
I come back.

Your plans for a summer escape sound fun.  But what you should really do is
come out to Jackson with Elliot at the beginning of May.  We're planning a
debauched weekend here right after we finish a section of the trip.  Should
be fun.  Just the thing for relieving stress from staring at the screen.  By
the way, have you seen the movie Office Space?  I'd recommend it.

Please check that Elliot is actually working from time to time.  He does
this routine where he'll have a bunch of things up on his screen, but his
eyes are actually closed.  Whenever you see that, just throw something at
him.  Of call his phone and says it's Jeff Skilling.

Hope all is well in sunny Portland.  Keep me posted on any unseemly office
gossip.

Talk to you soon.

Winston

>From: Kate.Symes@enron.com
>To: wgoodbody@hotmail.com
>Subject: bananas and other things you can call me with
>Date: Thu, 22 Mar 2001 12:08:06 -0800
>
>Greetings from the land of watery-eyed, flat-assed office workers! How goes
>the burly mountain man thing? I've been hearing second hand from Elliot
>that you're faring extremely well mentally despite some poorly crafted
>sleeping bags and a bad case of frostbite on your toes. (That second part I
>made up, but it sounded appropriate given the sleeping bag situation.)
>All's well here. As you could imagine, and probably often do, the sweeping
>expanse of people staring at computers that is Enron has changed not at all
>since you left. There are still many computers, many of them have changed
>positions, some have gone away, most we are not sad to see go. That's just
>the nature of this cutthroat business. Also on the stagnantly invariable
>list is the status of my life in relation to Enron. I am still here. I
>still stare at the computer. Every once in awhile I meander over to the
>dark window-less corner that enshrouds the IT wizards and ask them silly
>questions like, "What does it mean when I hit this button and my screen
>starts flashing at me like a disco ball, then makes this awkward shrieking
>noise and finally goes black?" They are incredibly helpful. I am still
>pretty much clueless about most things, although I've learned to talk about
>them with a semblance of authority, as in, "No, you twit, the 25 megawatt
>off peak deal should clearly be flowing across SP-15 to NP-15 because of
>the illiquidity of SP's market right now. What kind of idiot wouldn't hedge
>their position in California at a time like this?" It all sounds very
>exotic and important to me, which is why I'm still here. But I'm infinitely
>jealous of your wild exploits in the great American outdoors. I suspect my
>forbearance for sitting in an office will run out right around the middle
>of the summer, so I'm planning a trip to coincide with that meltdown. I
>haven't decided between a road trip through the western United States or
>just a direct flight to Paris. Both sound good, and way beyond my budget,
>therefore equally attractive. Well, I've managed to say practically nothing
>for long enough now. I do hope you're having an amazing time, rambling on
>toward the next crazy adventure on the horizon as I believe Jack Kerouac
>once wrote. We're all very proud of you here and constantly refer to you as
>"my good friend Winston who's skiing across the state of Wyoming, which was
>my idea." I'd love to hear about your trip direct from the source, although
>I know you're extremely busy out there, skiing and killing wild animals for
>sustenance and whatnot. But please do write back....if you can still move
>your fingers.
>
>Sincerely,
>Kate
>(the slightly ditsy one who sits in the middle of the room and tries to
>look constantly busy)
>

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There is length for the offpeak scheduled in the North and South.   LET IT RIDE, no adjustment is necessary.

Ercot Asset is long 50 mw from 12-23 in the North.   We will monitor and sell hourly,  as needed.

Thanks,
JMF


See Schedule 2 for slide.

Jan


Guz, just let me know what your plans are as time get closer and we will
have to meet up.  Tell BUrns to get his butt in gear and plan out a night on
the town.  Since I have only been home for a short while I am not totally
familiar with the city night life yet but I am sure Burns knows where to go.
  Polyesters I heard is a great place to rally at but I don't know what
nights are good there.  And I am going to have to work early in the morning
so I will not be part taking in the binge drinking that normally occurs.  I
am down to have a drink or two to be social and head out back home that
night. So just keep me posted!!!

lots of love, kim

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