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Start planning your training for 2001 with The Oxford Princeton Programme.
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 - Automotive Fuels, Oxford Nov. 13-17

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* Princeton Energy Programme (Silver level) Courses:

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

Power juggling ramped up price
Insiders say manipulation also strained equipment

Christian Berthelsen, Scott Winokur, Chronicle Staff Writers    Sunday, May
20, 2001

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

Large power companies have driven up electricity prices in California by
throttling their generators up and down to create artificial shortages,
according to dozens of interviews with regulators, lawyers and energy
industry workers.

Those sources say the unusual maneuvers not only jacked up prices but also
wore down equipment and contributed to the record levels of plant shutdowns
that are depriving the state of much-needed electricity. The accounts are
supported by an independent review of shutdown data by The Chronicle.

The California Energy Commission calculates that an average of 14,990
megawatts of generating capacity, nearly a third of the state's total, was
unavailable each day in April because of plant shutdowns, more than four
times as much as a year ago.

Such shutdowns are the subject of increasing scrutiny as California enters
another period of high demand, the warm spring and summer months of May to
September, when electricity usage normally grows by a third.

Loretta Lynch, president of the California Public Utilities Commission, said
last week the agency has found considerable evidence of suspicious plant
shutdowns. And the California Independent System Operator, which manages the
state's power grid, says plant shutdowns have now become the primary means of
constricting supply.

But an extensive investigation by The Chronicle has found that not only were
generators shut down to boost prices but these "gaming" tactics contributed
to the plants' deteriorating condition.

"We suspected it," said Jim MacIntosh, the manager of grid operations for the
ISO. "It was a sure factor in driving up prices." Such swings in unit output,
he said, "would only make sense in a scenario when they're trying to game
something. Otherwise, why would they do that? They're tearing their units
up."

Unusual phone calls

Operators at a San Bernardino County power plant owned by Reliant Energy Inc.
say a complex plan to manipulate the California energy market began early
last year with a series of unusual telephone calls from the company's
headquarters in Houston.

According to the accounts of three plant operators, Reliant's operations
schedulers on the energy trading floor ordered them to repeatedly decrease,
then increase output at the 1,046-megawatt Etiwanda plant. This happened as
many as four or five times an hour. Each time the units were ramped down and
electricity production fell, plant employees watched on a control room
computer screen as spot market energy prices rose. Then came the phone call
to ramp the units back up.

"They would tell us what to do, and we would do it," said one of the men, who
only agreed to speak on condition they not be identified because they fear
being fired. "Afterward, we would just sit there and watch the market
change."

The workers said frequent and large swings in electricity output began at a
number of California power plants just as the state's power crisis began in
earnest. The workers and state power authorities assert the swings were one
of the primary means of gaming the wholesale energy market.

"It appears the control rooms are responsive to direction from the trading
floors in Houston, rather than the reliability needs of the ISO," said Carl
Wood, a commissioner with the utilities commission who is overseeing that
agency's investigation into plant outages. "Instead of being responsive to
demands for reliability, they're responsive to demands for profitability."

Corporate denial

Reliant officials adamantly deny using this tactic or any other mechanism to
game the California energy market. They and other power companies, including
AES Corp. and a partnership between NRG Energy Inc. and Dynegy Inc., have
asserted that skyrocketing electricity demand forced them to run aging,
decrepit power plants harder than ever to meet California's needs.

While acknowledging that the company issued changes in output levels as
frequently as every 10 minutes, company officials said it was done at the
instructions of the ISO to maintain supply-demand balance.

"As a part of routinely doing business within California and the California
market design, we are required to do that," said Kevin Frankeny, an
operations official with Reliant. "When the ISO (issues dispatch orders),
they dispatch on a 10-minute basis. It can go up and down many times within
an hour."

Frankeny said he was not aware of any instances in which Reliant schedulers
in Houston ordered dispatch changes without the ISO directing them to do it
first.

The ISO refused to comment on operations at any specific facility, but
Stephanie McCorkle, an ISO spokeswoman, said the ramping tactics were used
beyond dispatch instructions during periods of tight supply. And one of the
plant operators said the orders to vary output came independently of the grid
managers. "ISO was not calling Reliant every 10 minutes for that," said one
of the operators. "Not for an individual unit."

Officials with the California attorney general's office declined to comment
on the legality of the ramping practice, citing a continuing investigation
into whether wholesale energy prices are being manipulated. One source
familiar with the state of various inquiries said the ramping, if proved to
have been done to drive up prices, could violate the state's unfair business
practices laws.

Invisible practice

How could companies such as Reliant tinker with output and not get caught?

One of the plant workers said the practice was designed to be virtually
invisible to regulators and grid operators.

When power companies bid on hourly contracts, they agree to produce a certain
amount of electricity over the given hour. Generators are paid based on an
average of the spot market prices for that hour. By driving up the spot
price, they can increase their hourly profits and still produce the total
amount of energy required.

The plant worker said the units would be ramped down immediately after their
output measurement, which was performed at the top of each hour by the ISO.
Then, he said, it was brought back up as the spot market price of electricity
rose in response to the reduced output. By the time the ISO measured again,
the output was back at the expected level.

Another operator said the units were not always ramped up and down - that if
the price reached a satisfactory level, generators would raise output and
remain at that level as long as the price was right. Other times, if the
price was low, output was brought down and kept down.

The same operator said the amount of ramping appeared to be a matter of
individual will of the company schedulers in Houston, with some being more
aggressive than others.

"What they would do, especially late at night, is if the price tanked, they
would undergenerate," an operator said. "Then, mysteriously, the price would
go up.

"Then, if the schedule was at 70 (required megawatt hours of output), they'd
say, 'Go up to 90.' That would cause the price to tank. And they'd say,
'Bring it down again.' "

Rapid changes

These fluctuations occurred within time spans of as little as 10 to 15
minutes, the operators said. But acceptable rates for bringing a unit from
minimum to maximum levels when the plant was owned by Southern California
Edison were more like 80 minutes, to avoid stressing the machinery, one of
the workers said. Moreover, they were typically run at constant levels, which
also reduced wear and tear.

"They were basically ramping up as fast as they can, and then slamming the
brakes on," said one of the operators. "They were increasing the fatigue on
the units."

ISO officials say they changed market operations last fall to crack down on
gaming tactics, including instituting a so-called 10-minute market, rather
than the hourly market, so that it could be more easily detected when
companies were withholding power.

But the ISO says generator outages have now become the primary tactic in
driving up energy prices.

A computer analysis by The Chronicle of shutdown data over a recent 39-day
period shows Reliant and three other generating companies topped the list of
plant shutdowns. Reliant also represented the largest amount of wattage lost
among those companies.

Plants owned by Reliant, AES, Mirant Corp. and Duke Energy Inc. accounted for
more than half of the state's unplanned shutdowns, even though their
generating capacity was no more than 25 percent of the state's total capacity
from all sources.

Reliant, one of California's largest and most profitable out-of-state
generators, reported 319 shutdowns during the period in March and April. It
was followed by Mirant Corp. of Atlanta (310), AES Corp. of Arlington, Va.
(278) and Duke Energy North America of Charlotte, N.C. (261).

Reliant's unplanned shutdowns deprived the system of more than 53,000
megawatts over the 40-day period, an average of 1,368 per day - enough power
for 1.4 million homes for one hour.

Its Ormond Beach plant in Oxnard, with one generating unit down for 26 days,

accounted for more than 30,000 of those missed megawatts. However, an
operator who worked in that plant said the outages there appeared to be the
result of legitimate equipment failures.

Reliant says there are valid reasons for its plants now to be in need of
repair. They are old: At 48, Etiwanda is the oldest of Reliant's five
California plants. And the company says routine maintenance was deferred so
the plants could remain in service during times of high summer demand.

But the operators said the issue is not so clear-cut. One problem at
Etiwanda, a tube leak, had been present for about a month and was previously
reported to management, they said, but it had not deteriorated much, it was
operating at full capacity and there was no immediate need to take the unit
offline because of the problem.

Moreover, at the time of the shutdown, the ISO had expressly asked Reliant to
keep the unit online, the operators said. Richard Wheatley, a spokesman for
Reliant, denied that any Reliant unit was taken offline for unnecessary
maintenance.

Ramping may be rampant

Sources say Reliant was not alone in using the ramping practice. A source
familiar with the state utilities commission investigation said output logs
obtained from AES' Alamitos plant also reflected production fluctuations. And
an operator who has worked at the El Segundo plant co-owned by NRG and Dynegy
said the practice was used there, although less frequently. The scheduling
calls came from Dynegy's trading floor in Houston, rather than NRG in
Minneapolis, he said.

Steve Stengel, a spokesman for Dynegy, said changes in output at El Segundo
were a normal function of changing demand levels throughout the day, and
denied the company was engaged in gaming the California market.

In a May 2000 report, the California Energy Commission cited Reliant's
Etiwanda plant, as well as the Alamitos and El Segundo plants, as some of the
"major beneficiaries of high real-time prices" that spring.

One way to obtain those high prices, the plant workers said, was the simple
method of demanding a sky-high price and refusing to deliver power if that
price was not met.

On one occasion, one operator said, Reliant ordered a unit at Etiwanda to be
shut off because the ISO would not meet the price of $1,000 per megawatt
hour, even though the legal price cap at the time was $750.

"The operator said, 'It's our unit, shut it off,' " the source said.

E-mail Christian Berthelsen at cberthelsen@sfchronicle.com and Scott Winokur
at swinokur@sfchronicle.com.


Hi E234 Corporate Finance students,

As of Monday, April 2, Corporate Finance will be meeting in room C110
(instead of C135).

The new Masters in Financial Engineering program required additional space,
so that is why we had to move you again.

Thanks!
TJ


Creedon@rff.org writes:
>Roger,
>
>We regret that Fred Malek has decided to not pursue talks with you and
>Paul Portney about the RFF Board.
He is just under water right now and might reconsider a year or more from
now.
>Thanks, though, for trying.  When the
>Nominating Committee met back in October, they also thought that Steve
>Rales and Frank Pearl would be good candidates.  Would you be willing to
>try to set up a meeting with one or both of them now?
 I will, but I'm not sure when. I'll try giving each a call.
> Also, Paul and I
>will be in Atlanta on Jan 3-4 and would have time to meet with Walter
>Massey if he was available.  Please let me know how you'd like to
>proceed and how I can be of assistance.  And thanks, in advance, for
>your help -- we know how busy you are and appreciate any effort you can
>make at this time.
>
>Lesli Creedon
>


---------------------- Forwarded by Andrea Ring/HOU/ECT on 03/29/2001 03:51
PM ---------------------------

	From:  Karen D McIlvoy                           03/29/2001 01:10 PM

To: ragan.bond@bhlp.com
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: Fwd: THE CUCKOO CLOCK

Subject: The cuckoo clock
>
>
>The other night I was invited out for a night with "the boys". I told my
wife that I would be home by midnight ..promise!
>
>Well, the hours passed and the beer was going down way too easy. At around
2:30 a.m., drunk as a skunk, I headed for home. Just as I got in the door,
the cuckoo clock in the hall started up and cuckooed 3 times. Quickly, I
realized she'd probably wake up, so I cuckooed another 9 times. I was really
proud of myself, having a quick-witted solution, even when smashed, to escape
a possible conflict.
>
>The next morning my wife asked me what time I got in, and I told her twelve
o'clock. She didn't seem disturbed at all. Whew! Got away with that one!
>
>She then told me that we needed a new cuckoo clock. When I asked her why,
she said, "Well, last night our clock cuckooed three times, then said "oh
shit," cuckooed 4 more times, cleared its throat, cuckooed another 3
times,giggled, cuckooed twice more, and then farted.
>
>


see attached.


Ludmilla:

Here is Vince's travel itinerary for Sunday to New York.

                                           DATE 06SEPTEMBER00
                                           BOOKING REF ZE56TX

                                           KAMINSKI/WINCENTY  S0C0011R10

  ENRON CORP                               KAMINSKI/WINCENTY
                                           EB 1962
                                           E-TKT RECEIPT
                                           **REVIEW UPGRADE BELOW**

SERVICE               DATE  FROM           TO             DEPART  ARRIVE

CONTINENTAL AIRLINES  10SEP HOUSTON TX     NEW YORK NY    539P    1000P
CO 1672    A          SUN   G.BUSH INTERCO LA GUARDIA
                            TERMINAL C     TERMINAL M
                            DINNER                        NON STOP
                            RESERVATION CONFIRMED         3:21 DURATION
                  AIRCRAFT: BOEING 737-800
                            SEAT 01F NO SMOKING CONFIRMED KAMINSKI/WINCEN
                    FIRST CLASS UPGRADE IS CONFIRMED

HOTEL                 10SEP HILTON MILLENIUM
                      11SEP 55 CHURCH STREET
                            NEW YORK, NY 10007
                            UNITED STATES OF AMERICA
                            TELEPHONE: 212-693-2001
                            FAX: 212-571-2316
                            TELEX: TLX NONE
                            CONFIRMATION: 3110994415
                            SINGLE ROOM QUEEN SIZE BED
                            RATE: RA1 USD 339.00 PER NIGHT
                            GUARANTEE GIVEN
                            NONSMOKING KING ENRON CORP
      TO AVOID BILLING CANCEL 24 HOURS PRIOR TO ARRIVAL HOTEL TIME

CONTINENTAL AIRLINES  11SEP NEW YORK NY    HOUSTON TX     745P    1033P
CO 1963    A          MON   LA GUARDIA     G.BUSH INTERCO
                            TERMINAL M     TERMINAL C
                            SNACK                         NON STOP
                            RESERVATION CONFIRMED         3:48 DURATION
                  AIRCRAFT: BOEING 737-300
                            SEAT 01F NO SMOKING CONFIRMED KAMINSKI/WINCEN
                    FIRST CLASS UPGRADE IS CONFIRMED

MISCELLANEOUS         10NOV HOUSTON TX
                      FRI   ** THANK YOU FOR USING THE TAP **

KAMINSKI/WINCENTY  S0C0011R1000

CO  FREQUENT FLYER COWT472179
SHIRLEY CRENSHAW: 853-5290
INTL TVLRS: CARRY SOS WALLET CARD W/ENRONASSISTANCE INFO
CALL SOS: IN U.S 800 523-6586/INTL 215 245-4707 (COLLECT)
*******************************************
THIS IS THE PASSENGER RECEIPT FOR YOUR ELECTRONIC TICKET


is this on  the calendar?
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/07/2000
09:30 AM ---------------------------

Cheryl Blissitte <bliss@camh.org> on 11/01/2000 09:54:17 AM
Please respond to Cheryl Blissitte <bliss@camh.org>
To: Edward Allen <eallen@eagleglobal.com>, Bernard Arocha <barocha@msn.com>,
Ellie Beard <ecabeard@aol.com>, Toni Beauchamp <TONIBEAUCHAMP@YAHOO.COM>,
Fran Berg <fberg@swbell.net>, Deborah Brochstein <deborah@brochsteins.com>,
Brad Bucher <brad@gcchem.com>, Jeff Daly <jeffrey.daly@gs.com>, Chadwick Dodd
<cdodd@Jwortham.com>, Sara Dodd <sfpdodd@aol.com>, Stephen Finley
<steve.finley@bakerhughes.com>, Heidi Gerger <HMG60@aol.com>, William
Goldberg <wgoldberg@kpmg.com>, John Guess <jfguess@usa.net>, Dana Harper
<danarharper@aol.com>, Rachel Hecker <ritexdog@aol.com>, Bruce Herzog
<bherzog@velaw.com>, Louise Jamail <RobotRob@aol.com>, Jill Jewett
<TheJewetts@msn.com>, Leonard Jones <ljones@rfp-co.com>, "I.H. Kempner III"
<ihkempner@imperialsugar.com>, Carmen Knapp <sailby2@aol.com>, Elwyn Lee
<ECLee@uh.edu>, Marley Lott <marley_lott@bakerbotts.com>, Ginni Mithoff
<gmithoff@infohwy.com>, Evi Newar <EviNew@aol.com>, Roy Nolen
<roy.nolen@bakerbotts.com>, Robert Palmquist
<robert.p.palmquist@us.arthurandersen.com>, Annise Parker
<aparker@cnl.ci.houston.tx.us>, Jeff Shankman <jshankm@enron.com>, Charles
Smith <RSMCES@aol.com>, Reginald Smith <rsmith@kslaw.com>, Stephen Susman
<ssusman@susmangodfrey.com>, Laura Walls <lmorwalls@aol.com>, Kenneth
Williams <kmwilliams@frostbank.com>, Michael Zilkha <michael@zilkha.com>
cc:
Subject:

Marti asked me to poll the Board to see if there is a strong preference for
meeting at a different time of the day than we have previously been meeting.
Board meetings would still have to be scheduled for Mondays, since the Museum
is closed to the public on that day, but could you indicate below if you
would like to keep the meeting at 4 pm or possibly change it to Noon:

I would prefer that Board meetings be scheduled for Noon

I would prefer that Board meetings be scheduled for 4 pm

The results of the poll will be discussed at the November 20 meeting (still
scheduled for 4 pm in Cullen).


-----Original Message-----
From: 	Moon, Eric
Sent:	Monday, October 29, 2001 12:59 PM
To:	Griffith, John
Subject:	FW: America's new weapon

 -----Original Message-----
From: 	Boyt, Eric
Sent:	Monday, October 29, 2001 10:41 AM
To:	Fitzwater, Loftus; Diamond, Russell; Little, Kelli; Calcagno, Suzanne; Moon, Eric; Cramer, Chris
Subject:	FW: America's new weapon

[Boyt, Eric]  You have to turn up the volume a little

This just cracked me up.................................................

http://members.sigecom.net/theclan/Taliban.html


Stan, Mike and Dana-
Attached is the schedule for the equity analyst meetings on February 24.  We
have reserved rooms for the night of February 23 and have made all
transportation arrangements in New York and St. Louis.

Plan to meet at the Enron hangar on Wednesday, February 23rd for a 5:30 PM
departure.

Please call me at x34863 if there are any questions.

Scott Vonderheide


Please see the following message from Tom Shelton:

---------------------- Forwarded by Katherine Benedict/HOU/ECT on 12/16/99
03:34 PM ---------------------------

	Enron North America Corp.

	From:  Tom Shelton                           12/16/99 02:37 PM

To: Katherine Benedict/HOU/ECT@ECT
cc:
Subject: Click Trading demo

Mark your calendar for Thursday, January 20, at 3:00 p.m. in EB5C2.  That's
when Dan Diamond is going to give an Enron "Click Trading" presentation for
anyone in the ENA Asset Group who is interested seeing how this new business
works.


Sally,

Thanks a lot. Please let me know her extension as soon as she gets one and I
will then talk to her. My contact numbers are 91 22 2881788 (Office) and
91 98202 82571 (Mobile).

Thanks and Regards.

To: Milind Laad/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: Enron Trading

My new employee who will be working with me on global standards for
operations for all trading/origination locations started with Enron
yesterday.  Her name is Shona Wilson, and I do not know her extension.  She
was in orientation yesterday, and I will be meeting with her today from 9:30
to 10:30 to discuss her initial assignments, of which working with India is
one.   I will have her contact you later today.  Although she is new to
Enron, she has had extensive experience with Price Waterhouse Coopers in
internal audit, controls and process redesign for trading firms, both in the
US and in Europe.  She will work with other seasoned professionals on my team
to set up the infrastructure that is needed in India.   --Sally

To: Wanda Curry/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Bill Gathmann/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Enron Trading

Wanda/Sally,

Can I talk to the person sometime today or tomorrow?. Please provide me with
the name and tel no. Thanks and Regards.

Milind

Wanda Curry@ECT
19-05-2000 08:49 PM
To: Milind Laad/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Sally Beck/HOU/ECT@ECT

Subject: Re: Enron Trading

I had a chance to review your presentation.  Bill and I have been working
with Sally Beck, Global Energy Ops and she will identify a  resource to help
insure all internal controls (specific to  trading activities) are in place
in India.   As I understand the plan for coal, India will function mostly as
an origination unit  with the London office being responsible for supplying
the coal.  Therefore, the net Enron position will probably be carried in the
London books.   However, risk books will still be required in India to
determine the net  MTM  for the 3rd party sales commitments in India.  These
books should include both the intercompany purchase from London  and the 3rd
party sales.  The commercial group in India  will be responsible for local
curves  (location (basis) specific - usually transportation costs), and
energy operations (this will probably be you  initially until the trading
activity has grown) will be responsible for the deal capture process
(including contract administration), a settlement process and risk management
administration (daily valuation and reporting of risk books).   Accounting
will be responsible for the reconciliation of risk books to the general
ledger and financials.    There will also be a logistics process.   The
following questions need to be addressed:

  With the increased  coal volumes will an increase in trading limits be
required?
      My understanding that the London coal group will be responsible for
determining this and working with Ted Murphy to change the
      policy, if necessary.
  What trading activities will be performed in India vs. London?
      The answer to this is needed to determine the control infrastructure
required for the India office.

Sally's employee starts on Monday,   I will let you know who she is and
arrange a call.    You can rest assured, that although this may seen
complicated (and it is), Sally's Energy Ops team will be able to hold your
hand all the way through this process.    It will be critical that we
demonstrate the control infrastructure is in place, before we can obtain
sigh-off for trading from Rick Buy.

Looking forward to helping you get this ready for a July 1 start date.

Thanks,
Wanda Curry

To: Wanda Curry@ECT
cc: Bill Gathmann/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Enron Trading

Wanda,

It was nice talking to you on the conference call. Have you had a chance to
review my presentation?. Your comments would be extremely helpful to me. When
we setup the Risk/Credit/Accnt/MIS/Internal Control function, I want to make
sure we do it RIGHT the FIRST time, keeping in mind that there is always room
for improvement later.

In addition, I would like to discuss with you certain thought I have on the
accounting, budgeting,internal controls and internal audit areas in EIPL. Do
you plan to travel to India in the near future. Please let me know.

Thanks and Regards.


Please provide me with any comments to the letter.  I can work with Lorie to get it revised and send it out once we receive a consensus.

 -----Original Message-----
From: 	Leigh, Lorie
Sent:	Thursday, December 20, 2001 5:23 PM
To:	Tapscott, Ron; Jacoby, Ben; Mann, Kay; Zisman, Stuart; Schneider, Chip
Subject:	Morris Letter

 << File: morris_ltr_122001.pdf >>

Lorie Albrecht
Senior Admin. Asst.
Enron East Power Generation Development
Office: 713-853-1696


Thank you, Julie!  Kim.

 -----Original Message-----
From: 	Armstrong, Julie
Sent:	Thursday, September 20, 2001 8:14 AM
To:	Watson, Kimberly
Subject:	FW: SECURITY TRAVEL UPDATE

FYI

 -----Original Message-----
From: 	Enron Announcements/Corp/Enron@ENRON [mailto:IMCEANOTES-Enron+20Announcements_Corp_Enron+40ENRON@ENRON.com]  On Behalf Of Enron Corp Business Controls@ENRON
Sent:	Wednesday, September 19, 2001 8:12 PM
To:	All Enron Worldwide@ENRON
Subject:	SECURITY TRAVEL UPDATE

As we return to our regular business activities following last week's tragic events, we wanted to disseminate as widely as possible the following information on security and travel.  Updates will be posted as necessary under "bulletins" on the Corporate Security website located at www.home.enron.com.

We do not believe that any terrorist groups will target Enron's employees or facilities.  As a precautionary measure, however, we have increased security in and around our facilities.  We urge all employees to maintain a heightened sense of awareness and to immediately report any suspicious activity to Enron Corporate Security in Houston at (713) 345-2804.

All non-essential business travel should be postponed until further notice.   Airline schedules and flights will be disrupted for some time - and bomb hoaxes, false alarms, and increased security measures will result in additional delays and disruptions.  In addition, all carriers, particularly U.S. carriers and those of U.S. allies such as Israel and NATO member countries, may be at risk for copycat hijackings.

	We realize that, as Enron conducts its business, some air travel is unavoidable.   Enron employees who wish to discuss their travel options should contact Corporate Security at (713) 345-2804 or via email at CorporateSecurity@enron.com.

	U.S. military action in retaliation for the terrorist attacks may result in violent Islamic extremist reactions in a number of countries, particularly in Afghanistan, Yemen, and Pakistan, as well as in Egypt, Iran, Iraq, Israel, Gaza/West Bank, Jordan, Kuwait, Lebanon, Libya, Saudi Arabia, Sudan, Syria and Tajikistan.  Reactions could take the form of acts by individuals or organized groups against U.S. government or commercial facilities.  All travel to or through these countries should be canceled.

Most of the U.S.' busiest airports have implemented the FAA's stepped-up security measures and are open and operating, with the exception of Washington Reagan National Airport.  If you are traveling by air, allow plenty of time to check in under these new security procedures.  Contact your carrier directly to find out about flight schedules and specific boarding requirements.  You can find more information on the new security standards as well as a list of airports that have certified they can meet the new security standards on the FAA's website at http://www.faa.gov.


Hi Fellow  Divers and Friends of the Houston HammerHeads,

There are?seven  announcements in this email:
?

???Monthly Socials  -?March 29, April 26, May 31
??? You Are Invited to  Join
?? Club Volunteers  Needed
?? Dive In Day - May  20
?? Local Diving at Balmorhea  State Park - May 26-28
?? Sea Space - June 9 &  10
?? Other Events
???

If you have any questions or  need additional information, please email.

Best Wishes and  Fishes,
Kristi Foster
King Crab  (President)
_____________________________
MONTHLY  SOCIAL
The last Thursday of each month  (March 29, April 26 and May 31)? is the date
of the monthly social at  Surfer's Paradise, located?across from the theater
in the MarqE complex on  I10 off of 610 from 7:30 - 9:30 pm.? Tell the
host/hostess you're with the  HammerHeads - we'll be in the party room.? For
more information, please  contact Kristi Foster at panacea1@swbell.net.
_____________________________
YOU ARE INVITED TO  JOIN
The Houston HammerHeads has open  enrollment.? You are invited to join any
time throughout the year.?  Annual membership dues are only $20.? In return,
you get a club T-shirt,  stickers and decals (while supplies last) and
continued updates on diving events  in and around Houston.? Membership forms
are available at every social and  most other club functions.? For more
information, please contact Kristi  Foster at panacea1@swbell.net.
____________________________
VOLUNTEERS  NEEDED

We need your help and participation to make this club fun!? Now that  the
officer elections are over, we need to appoint committee chairpeople and get
committee members.? If you'd like to get involved, please respond to this
email prior to the upcoming social on March 29.?
?
Here's what we still need...
Group Dive Trips - Chair is OPEN
Other Club Events - Chair is OPEN
In addition, we need committee members for all committees:? Guest  Speakers,
Continuing Education, Local Dives, Environmental  Awareness,??Non-Diving
Events, Public Relations, Communications  and?Fundraising/Sponsorship
_____________________
DIVE-IN DAY?- May  20
3rd Annual International Dive-In Day -  It's time to make history again!
Thousands of divers across the world will  invade beaches, rivers and lakes
in a bold attempt to break the World Record for  the largest group dive for
our 3rd Annual International Dive-In Day.? We  expect dives to take place in
more than 100 locations simultaneously all over  the world, making
International Dive in Day the World's biggest and most  significant dive
event.? The Houston Chapter will be diving at the Blue  Lagoon (we must be in
the water at 10:00 am to qualify for the dive!)? For  more info, contact OJ
Strickland at sorris@hotmail.com.

_____________________
LOCAL  DIVING AT BALMORHEA STATE PARK - Memorial Day Weekend, May  26-28
Balmorhea State Park is about an 8-9  hour drive from Katy, page # 7 in
the "Texas, Dive Site Book".??  Since we're going over the long weekend,
we?should have ample time to try  and find?Balmorhea's (2) two endangered
fish species, the Comanche Springs  Pupfish
and the Pecos Mosquito fish,?along with all the Mexican Tetras,  Minnows,
Perch, Catfish, crawfish, turtles and the "bubbling sands" of the  springs.
Please RSVP?so we can calculate how things need to be arranged
(ride sharing, sharing big tents, food, stoves, etc.) .? We plan on  doing
combined food cook outs, night dives and just have a ton of? FUN.
For more info, contact OJ Strickland at  sorris@hotmail.com.?

_____________________
SEA  SPACE- June 9 & 10
Houston's biggest dive expo - open to  the public.??For more information,
check out the  website?at?www.seaspace.org.
_____________________
OTHER  EVENTS
The Houston HammerHeads are part of the  Texas Gulf Coast Council of Dive
Clubs.??Here is a partial list of  diving-related activities sponsored by the
other council member  clubs...
Mar.  23-25?????Gulf Restoration  Network annual meeting, New Orleans,
www.gulfrestorationnetwork.org? 504 525-1528
Mar.31???? ???????????????  Fins UP fundraiser for Texas Marine Mammal
Stranding Network, Galveston,  www.tmmsn.org or 800-9MAMMAL
April 7??? ???????????????  Scubadillos San  Marcos River cleanup,
www.divesanmarcos.com
April 28? ???????????????  Galveston Island Scuba Club, mini-TrashFest
cleanup, Christi Atkinson, 409 741-1068, dcdivers@aol.com
June  9-10????????????Texins  Underwater Safari, Lake Tenkiller, Ok. Pamela
Stickney, 972 344-3630?p-stickney@raytheon.com
July  21-22???????????????  Texins Hotter'n' Hell Dive,?  Possum Kingdom, Tx.
Pamela Stickney, 972 344-3630 p-stickney@raytheon.com
July  28-29???????????????  Nubian Canyon Lake dive and rafting trip, Lydia
Locke 281 498-5953 or  Locke_Knest@yahoo.com
Aug.  4-5? ???????????????  Texins Land Lubber's Luau, Lake Texoma, Tx.
Pamela Stickney, 972 344-3630  p-stickney@raytheon.com
Aug.  7-12?????????????????Flower Gardens, expected date for coral spawning,
http://www.flowergarden.nos.noaa.gov/
Aug.  16-19???????????????  BAD annual Spearfishing Contest,
www.bayareadivers.org or 713  684-6544
Sept.7-12?????????????????Flower Gardens, possible second spawningfor late
bloomers, http://www.flowergarden.nos.noaa.gov/
Sept.  15? ???????????????  HUC BAD TGCC--& the whole alphabet -- picnic at
Tom Bass Park, Robyn  Rhea, 713 792-7748, robyn@dielectrophoresis.org
Sept.29-Oct.1???????????????  Proposed TGCC trip to Sonnier Bank on the Sea
Searcher II, Larry LaBorde,  281 496-4687? larry@laborde.cc
Oct. 6???? ???????????????  Trashfest, TGCC  river cleanup in New Braunfels,
Tx. www.tgccdiveclubs.org
Oct.  13-14???????????????  Texins Wet Willie Wrap-up, Lake Whitney, Tx.
Pamela Stickney, 972  344-3630 p-stickney@raytheon.com
Oct.  20??? ???????????????  BAD Scuba Flea Market, www.bayareadivers.org or
713  684-6544
Nov.   ??? ???????????????  2nd annual BAD ScubaOlympics,  Williams Indoor
Pool, www.bayareadivers.org or 713  684-6544.

?


Hi Mom,

Where are we staying in Telluride again?  I have been looking at some
restaurants on telluride.org - it looks like they have some nice places.
Maybe we should look into doing a sleigh ride or snowmobile dinner outing one
night.

-Eric


PLEASE KEEP CONFIDENTIAL

FYRvw - Based on my notes, attached is an initial recap of individuals to be
included in "Accounting", and their current function. I have preliminarily
left gas accounting in accounting, and as discussed, left Clean Fuels out -as
a dotted line.

Please edit/comment as necessary.

I hope to work with Rod, Jerry and the Accounting Director team (Wiederholt,
Chandler, and Cobb) to finalize the organization.

Tracy and John K were going to work the Planning-side some more; and I will
also discuss the other issues mentioned, with Rod at the Management
conference.

Stay tuned...


Thank you for your request. You will be notified by email when your request
has been processed. You can check the progress of your request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000034072&Page=
MyReq.


Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 04/24/2001 08:44 AM -----

	Chris Long@ENRON
	04/24/2001 08:33 AM

		 To: Mark Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Teresa G
Bushman/HOU/ECT@ECT
		 cc: Linda Robertson/NA/Enron@ENRON, Larry Decker/NA/Enron@Enron
		 Subject: Bankrutpcy Update

No. 79
Tuesday April 24, 2001	Page A-33
	ISSN 1523-567X
	Regulation, Law & Economics

	BankruptcyDaschle Says Bankruptcy Reform Stuck
As Party Roles in Conference Still in Limbo

Bankruptcy legislation (S. 420/H.R. 333) that separately passed the Senate
and House earlier this spring remains in limbo, as the Senate still cannot
agree on how to proceed to conference with the House, Senate Minority Leader
Thomas Daschle (D-S.D.) told reporters April 23.
The question of party representation in conference continues to stall efforts
to bring the issue of bankruptcy reform to a close. Democrats, who occupy
half of the Senate's seats, are insisting upon equal representation in
conference, while Republicans oppose it.
Efforts to forego a conference with the House are unlikely to succeed given
House leadership concerns about a number of controversial amendments the
Senate made to S. 420 before passing it. In particular, many Republicans
object to provisions opposed by President Bush that are intended to make it
harder for debtors to shield assets by purchasing expensive homes in states
that bar creditors from seizing the homes in bankruptcy auctions.
"There has been no resolution yet," Daschle said. "I would say that I think
both [Senate Majority Leader Trent Lott (R-Miss.)] and I and our staffs are
working to try to resolve his concern, which is what do you do in a tie ...
You know, I think what happens in a tie is [that] you just keep talking until
you break the tie."
Daschle said he is looking for an "opportunity to break through," but has yet
to find one. Regardless, Daschle said he does not think "tie votes are all
that big a problem, either in conference or in committee."
With Daschle voting in the affirmative, the Senate March 14 approved 80-19 a
cloture motion Lott filed late March 12. Sen. Paul Wellstone (D-Minn.), the
bill's most outspoken opponent, argued passionately against cloture and Sen.
Harry Reid (D-Nev.) foiled an attempt by Lott to secure unanimous consent to
prepare the bill for a conference with House members after the bill passed
the Senate March 15.
In general, the bills aim to force more bankruptcy filers to file under
Chapter 13, which requires some repayment of debts, instead of Chapter 7. The
bills are a copy of last year's conference report worked out between the
House and the Senate, which former President Clinton pocket-vetoed in
December.

Copyright , 2001 by The Bureau of National Affairs, Inc., Washington D.C.


The following reports have been waiting for your approval for more than 4 days.  Please review.

Owner: Jane M Tholt
Report Name: November 21, 2001
Days In Mgr. Queue: 4


Larry,

Thanks. Can you forward the resume to Mike and/or other finance professionals
in Enron
who could use James?

Vince

Larry Lawyer@ENRON
11/21/2000 03:10 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: TAGE Resume Submittal

Vince,

Thanks for forwarding the resume.  We have generally had great success with
ex-Koch people.
He sounds might like he may be a good fit for Michael L. Miller in principal
investments.  At this point
I have very recently inherited two other stron VPs from EI and therefore will
probably focus on a few
Manager and Associates for the near term but I would like to keep James'
resume for further opportunities.
He sounds like someone we should at least meet with and figure out a spot
within Wholesale Services.
What do you think?

Regards,

-Larry-


----- Forwarded by Mark Whitt/NA/Enron on 12/07/2000 10:52 AM -----

	Chris Meyer@ECT
	12/07/2000 10:28 AM

		 To: Mark Whitt/NA/Enron@Enron, Julie A Gomez/HOU/ECT@ECT, Jean
Mrha/NA/Enron@Enron
		 cc: Stephanie Miller/Corp/Enron@ENRON
		 Subject: Trailblazer Expansion FERC Filing

The Trailblazer partners have not finished their review of the FERC filing.
The currently estimated filing date is by the end of next week.

chris
x31666


I have prepared a handout which I will make available at today's meeting.; I
am also distributing it with this email.
;
Alan Comnes


http://www.google.com/search?q=cache:www.essential.org/monitor/hyper/mm0997.04
.h tml+GE+%2B+Enron+%2B+collusion&hl=en


Enron employees may find the current circumstances stressful.  We want to remind you that Enron's Employee Assistance Program (EAP) is still available and currently offering services to assist you and your family.

Group Discussions
Beginning this week, Enron's EAP provider, Innovative Resources Group, will be facilitating group discussions for employees who are interested in attending. These sessions are designed to address the challenges employees may be facing and to suggest ways to minimize the impact of stress on employees and their families. These sessions will be held on Wednesday, January 30 and Thursday, January 31 at the following times in EB32C2:

	9:00 am -- 10:00 am
	11:00 am -- 12:00 pm
	1:30  pm --  2:30 pm
	3:30 pm --   4:30 pm

No advance registration is necessary -- simply come to EB32C2 at the scheduled day and time that is most convenient for you.

Onsite Confidential Counseling / 24 Hour Hotline
EAP Counselors are available for individual, confidential appointments onsite in the Enron Building or at a variety of neighborhood locations.  Counselors are also available via telephone 24 hours a day, seven days a week for Enron employees in all locations.  The EAP counseling service is provided at no cost to employees and their family members.  To schedule an appointment or speak with a counselor, please call the onsite office at 713-853-6057 or the 24-hour number at 1-800-345-1391.

Informational Brochures
Additional information about EAP programs will be available in the Body Shop, the Health Center on the third floor of Enron Center North and soon in the common kitchen areas on all floors of the Enron Buildings.

Websites
The following links may also provide helpful information:
www.stress.org -- This is the website of the American Institute of Stress. The site provides general information on stress management and links to other related sites.
www.wellnessjunction.com -- This website has been developed by Health Resources Publishing and provides targeted information on trends in wellness and health promotion.


Vicky,

My affiliation is Enron Corp. My assistant, Shirley Crenshaw, will send you
an updated version of my bio.
Here are the bullet points:

PRACTICAL TECHNIQUES TO PRICE EXOTIC ENERGY  OPTIONS

Definition of an exotic option
 - pay-off profile
 - price process assumptions
 - different sources of risk

Different types of exotic options used in the energy industry
 - Asian options
 - spread options
 - basket options
 - swing options

Evaluating methodologies for pricing  exotics
???  - assessing the pros and cons  of different techniques
  - approximations of closed-form formulas
  - Monte Carlo techniques
  - trees
  - numerical solutions of PDEs
???  - applying multi-factor models  to price exotic energy derivatives
???  - building trees for pricing  and hedging exotics

Practical examples
?
ANALYSING APPROACHES TO WEATHER DERIVATIVES  VALUATION
?
Definition of a weather derivative

Why does energy industry need weather derivatives?
 - hedging volume/price  risk as opposed to hedging exclusively price risk
 - the energy industry's exposure to weather: numerical estimates

Different types of weather derivatives used in the energy industry
???  - heating and cooling degree day  swaps and options
???  - precipitation contracts
 - hurricane contracts
 - financial options contingent on weather
 - digital options

Valuation controversy: actuarial valuation vs. valuation based on the
Black-Scholes paradigm

Use of Monte Carlo techniques in valuation of weather derivatives

Valuing long term transactions

Practical example

Please, feel free to edit my bullet points to improve my English.

It was a  pleasure working with you and I hope our roads will cross at some
point.
The best of luck to you.

Vince

"Vicky Windsor" <vicki@risk.co.uk> on 04/13/2000 01:00:18 PM
Please respond to "Vicky Windsor" <vicki@risk.co.uk>
To: <vkamins@enron.com>
cc:
Subject: Maths course

Dear Vince,
?
I just wondered whether you have had chance to  look at your bullet points
and bio for the maths course. If so please could  could email them to me as
soon as possible. Could you also let me know whether  your company
affiliation should now be Enron North America.
?
Thanks Vince and best regards,
?
Vicky


Attendees:	Scott Neal
		Tom Martin
		Mike Grigsby
		John Arnold
		Pete Keavey


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

Bush Recount News
http://www.georgewbush.com

Contents:

1    Talking Points: Summary of Florida Supreme Court Decision

2    Help the Bush Cheney Florida Recount Effort

3    Dissenting Opinion of Chief Justice Charles J. Wells

4    Statement By Secretary James Baker

5    What They're Saying...

"Well, if you're a fan of chaos, you're in Nirvana."
- John Shubin [Florida Elections Expert] MSNBC, 12/08/00

_________________________________________________________________

1
SUMMARY OF FLORIDA SUPREME COURT DECISION

~ A deeply divided Florida Supreme Court has opened up a Pandora's
  box of inconsistent standards, flawed hand counting, and delays
  that call into question Florida's ability to be represented in
  the Electoral College.

~ Further, the court's narrow, liberal majority has made a mockery
  of the idea of "counting every vote" by selecting only certain
  ballots and providing no standard to count them.  The four
  activist justices rewrote Florida's election laws after the
  election -- a clear violation of federal law.

~ Florida Supreme Court Chief Justice Wells offered a stinging and
  forceful dissent; concluding:

  ~ "The majority's decision cannot withstand the scrutiny which
    will certainly immediately follow under the United States
    Constitution"

  ~ "The majority's decision to return the case to the circuit
    court for a count of the under-votes from Miami-Dade County or
    all counties has no foundation in the law of Florida as it
    existed on November 7, 2000..."

  ~ "I have a deep and abiding concern that the prolonging of
    judicial process in this counting contest propels this country
    and this state into an unprecedented and unnecessary
    constitutional crisis.

  ~ Judge Wells said the county-by county decision-making on the
    "clear indication of the intent of the voter":  "is fraught with
    equal protection concerns which will eventually cause the
    election results in Florida to be stricken by the federal courts
    or Congress."

~ For example, in Miami-Dade County, the justices reinstated 168
  votes that were awarded to Gore as the result of manual recounts
  conducted in only some precincts - all of them overwhelmingly
  Democratic. This would be the ultimate in treating some votes
  differently from others.

~ The Court ordered a recount of all counties' undervotes, but
  there are five major problems:

  ~ First, in many counties the undervotes aren't even segregated,
    so they will have to be machine tabulated and separated. We
    know this causes chads to fall off ballots and other
    degradation of ballots.

  ~ Second, 16 counties don't even know which of their non-votes
    are undervotes and which are overvotes.

  ~ Third, even in counties that have attempted to separate the
    undervote, there are serious problems. In Miami-Dade, the
    number of undervotes submitted to the Circuit Court is
    different from the number identified in the November 8
    machine recount. There can be no confidence that the pool of
    undervotes is untainted and consistent.

  ~ Fourth, the majority accepted two different standards (the
    liberal Broward standard and the more objective Palm Beach
    standard) further proving votes are treated differently in
    each county.

  ~ Fifth, as Chief Justice Wells said, the liberal court
    majority failed "to make provision for: (1) the
    qualifications of those who count; (2) what standards are
    used in the count-are they the same standards for all
    ballots statewide or a continuation of the county-by-
    county constitutionally suspect standards; (3) who is to
    observe the count; (4) how one objects to the count; (5)
    who is entitled to object to the count; (6) whether a
    person may object to a counter; (7) the possible lack of
    personnel to conduct the count; (8) the fatigue of the
    counters; and (9) the effect of the differing intra-county
    standards.

_________________________________________________________________

2
HELP THE BUSH-CHENEY FLORIDA RECOUNT EFFORT

Want to help? Forward this e-mail to your friends.  Then, if you
have not yet given to the Bush Cheney Recount, contribute online
using our secure servers here:
https://www.econtributor.net/Contribution/Contribution.cfmAID=IVFFBXFAZHGH

AOL Users: Bush Cheney Recount

_________________________________________________________________

3
DISSENT OF CHIEF JUSTICE CHARLES J. WELLS

"I...believe that the majority's decision cannot withstand
scrutiny which will certainly immediately follow under the United
States Constitution."

Excerpt:

"I want to make it clear at the outset of my separate opinion that
I do not question the good faith or honorable intentions of my
colleagues in the majority.  However, I could not more strongly
disagree with their decision to reverse the trial court and
prolong this judicial process.  I also believe that the majority's
decision cannot withstand the scrutiny which will certainly
immediately follow under the United States Constitution.

"My succinct conclusion is that the majority's decision...has no
foundation in the law of Florida as it existed on November 7, 2000,
or at anytime until the issuance of this opinion.  The majority
returns the case to the circuit court for this partial recount of
under-votes on the basis of unknown or, at best, ambiguous
standards with authority to obtain help from others, the
credentials, qualifications, and objectivity of whom are totally
unknown.  That is but a first glance at the imponderable problems
that the majority creates.

"This case has reached the point where finality must take
precedence over continued judicial process.  I agree with a quote
from John Allen Paulos, a professor of mathematics at Temple
University, when he wrote that, "[t]he margin of error in this
election is far greater than the margin of victory, no matter who
wins."  Further judicial process will not change this self-evident
fact and will only result in confusion and disorder.  Justice
Terrell and this Court wisely counseled against such a course of
action sixty-four years ago.  I would heed that sound advice and
affirm Judge Sauls.

Full Opinion:
http://a388.g.akamai.net/f/388/21/1d/www.cnn.com/ELECTION/200/resources/fla.sc
.opin1208.pdf

_________________________________________________________________

4
STATEMENT BY FORMER SECRETARY OF STATE JAMES A. BAKER, III
December 8, 2000

Ladies and Gentlemen,

This has been a rather eventful day here in Tallahassee.  Two
Circuit Court opinions throwing out challenges to absentee ballots
in Seminole and Martin counties.  A federal judge ordering the
counting of overseas absentee ballots in many counties that were
not counted for technical reasons.  And of course, the
disappointing 4 to 3 decision of the Florida Supreme Court just
announced, which will require manually recounting tens of
thousands of non-votes and undervotes in all Florida counties that
have not yet had a manual recount - and trying to do so by
December 12.

This is what happens when for the first time in modern history, a
candidate resorts to lawsuits to try to overturn the outcome of
an election for President.  It is very sad.  For Florida, for the
nation, and for our democracy.

Today's ruling by four justices of the Florida Supreme Court is of
course a disappointment.  Its reasoning and result place the Court
once again at odds with sound judgments of Florida's lower courts,
the Florida Legislature, local election officials, and, in our
view, the US Supreme Court.  This action will unfortunately
produce ongoing uncertainty and could ultimately disenfranchise
Florida's votes in the Electoral College.

The ruling of the Florida Court's four justices is flawed in much
the same way we think as its November 21 ruling that was vacated
unanimously by the United States Supreme Court.

Let me read you what Chief Justice Wells said in part of his
dissent today:
"I...believe that the majority's decision cannot withstand the
scrutiny which will certainly immediately follow under the United
States Constitution...  [T]he majority's decision to return this
case to the circuit court for a count of the under-votes from
either Miami-Dade County or all counties has no foundation in the
law of Florida as it existed on November 7, 2000, or at any time
until the issuance of this opinion...  [T]he prolonging of
judicial process in this counting contest propels this country and
this state into an unprecedented and unnecessary constitutional
crisis.  I have to conclude that there is a real and present
likelihood that this constitutional crisis will do substantial
damage to our country, our state, and to this Court as an
institution." [pp. 41-42]

We agree with the three justices who dissented from the action of
the other four.  We believe this ruling is inconsistent with
Florida law, federal law, and the United States Constitution.
Therefore, we have no alternative other than to appeal once again
to the United States Supreme Court for relief.  We have already
put in motion the process to do so.

_________________________________________________________________

5
WHAT THEY'RE SAYING...

Judge Andrew Napolitano  [Fox News Legal Analyst]:  "...what is
this doing?  Changing the rules yet again, in the face of a federal
law that says you can't change counting procedures and rules after
six days prior to the election."
-Fox News Channel, 12/08/00

Jim Axelrod [CBS News Correspondent]: "One of the first people I
saw after the Supreme Court ruling was Dexter Douglass, a member of
the Gore legal team.  I asked him what was next.  He said, 'Chaos.'
So far, nothing's been done to help clarify the situation."
-CBS Evening News, 12/08/00

Tim Russert  [NBC News]:  "...we could have chaos and a
constitutional crisis...This is as close to a political civil war
as I've ever witnessed."
-NBC Nightly News, 12/08/00

Mike Isikoff  [Newsweek Magazine]:  "...The Republicans got a bit
of a shot in the arm.  I was just reading the dissent of Chief
Justice Wells on this case, and he is pretty stinging.  It is
surprising language from a chief justice of a state court.  He
pretty much says flatly that his colleagues were wrong as a matter
of law.  They're going to be reversed by--he predicts they will be
reversed by the U.S. Supreme Court, and also projects--talks about
a constitutional crisis that is going to flow from this.  So if
the Republicans need some leg to hang their position on, they've
got it in this dissent..."

John Gibson:  "Mike Isikoff, a crucial question is here.  What
standard is this recount going to be counted under?  Any clue?"

Mike Isikoff:  "No.  That is exactly the question that I think is
going to loom largest over the next few days."

-Fox News Channel, 12/08/00

_________________________________________________________________

Paid for by Bush-Cheney Recount
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BUSINESS HIGHLIGHTS

Enron Industrial Markets
The Transaction Development group (TD) is responsible for corporate development, transaction execution and portfolio management activities within EIM.  TD is responsible for asset and corporate acquisitions to support EIM's efforts in the Forest Products and Steel industries.  TD works with EIM's Forest Products and Steel Origination groups to structure and execute complex transactions for EIM's customers.  TD also manages EIM's equity investments, such as EIM's ownership position in Papier Masson, Ltee, a paper mill in Quebec, Canada.

TD is comprised of approximately 20 professionals with a wide range of backgrounds including investment banking, commercial banking, management consulting, law, project development, accounting and engineering.  In addition, the majority of the analysts and associates within EIM work in TD since it provides a strong base of deal experience for junior members of our organization.

Enron Freight Markets
Enron Freight Markets has continued to expand the transportation services offered to its customers and completed several flatbed truck moves outbound from Georgia this week.  There was a shortage of flatbed equipment supply in this market and EFM was able to obtain more than three times the normal margin on each move.

IN THE NEWS

"Enron's bilateral internet trading platform, EnronOnline, was launched in November 1999 and is the largest e-commerce site on the planet based on the value of its transactions.  As EPRM went to press, it had average daily trading volume of $3.5 billion, accounting for nearly 50% of the company's revenues from wholesale marketing activities." -- Energy Power Risk Management, May 2001

WELCOME
New Hires
EIM   - Cheryl Lindeman
ENA  - Chris Bystriansky, Paula Craft, Eugene Lee, Bhalachandra Mehendale, Sarah Wooddy

Transfers (to or within)
ENA - Grace Taylor, Steven Irvin, Dina Snow

NUGGETS & NOTES

Enron is hosting the Chicago Energy Risk Management Seminar at The Drake Hotel in Chicago on June 14, 2001.  Topics include: Power Outlook, Natural Gas Outlook, Hedging Strategies, Weather Risk Management and Pulp and Paper Risk Management. The RSVP deadline is June 8th so please contact Laura Pena as soon as possible at x 3-5376.  This is a great event for "new" as well as established customers.  There will be a cocktail reception immediately after the presentations.  Enron will also be hosting seminars in Atlanta, Houston, Denver and San Francisco.  Dates to be announced soon.

Travel tip of the week:
Flights reserved through Travel Agency in the Park provide you with $150,000 of flight insurance at no additional charge.

EnronOnline Statistics
Below are the latest figures for EnronOnline as of May 29, 2001.

*	Total Life to Date Transactions >  1,015,000
*	Life to Date Notional Value of Transactions > $610 billion

NEWS FROM THE GLOBAL FLASH

Enron arranges first gas pipeline import into Italy
Enron has continued its pioneering activities in the Continental gas market by arranging the first gas import into Italy.  The Italian team worked with the Continental Gas desk to arrange this strategically important agreement with Blugas SpA., the wholesale gas company formed by the municipalities of Cremona, Lodi, Mantova and Pavia in north-eastern Italy.  Enron has sourced 100,000 cubic metres per day of natural gas from northern Europe to transport to Italy, transiting it through Germany and Switzerland, despite fierce resistance from Ruhrgas and TransitGas respectively.

Aside from isolated LNG imports by incumbent monopolies this is the first time that any company has managed to import natural gas by pipeline into Italy since the Italian gas sector was officially liberalised in August 2000. The gas, which started flowing at 06.00 on Thursday 17th May 2001, will be used to meet the needs of two thirds of Blugas' residential customers within the four municipalities. The current contract lasts for five months.

Congratulations to Fabio Greco, Carsten Haack, Didier Magne, Michael Schuh, Marco Lantieri and Daniela Uguccioni.

Enron in the Middle East
Enron has relinquished its stake in Dolphin Energy, the joint venture company formed to develop gas reserves in Qatar.
Enron has agreed to transfer its 24.5 per cent stake in the project to the United Arab Emirates Offset Group (UOG), the majority shareholder. The agreement allows Enron to deploy capital elsewhere and gives UOG the opportunity to seek new partners before the project moves into its next phase.

Development of the Emden/Oude gas hub moves ahead fast
An important milestone in the evolution of the new gas trading hub on the Dutch-German
border was reached last week. Last Friday some of the major European gas players held a meeting to officially establish the Emden/Oude gas hub. Although Enron had already initiated the development of the Emden/Oude hub by making a market through EnronOnline as early as December 2000, the goal of this meeting was to set up a working group similar to the Zeebrugge focus group who can  work on setting a legal framework for the Emden/Oude hub.

Enron was elected as the only new market entrant in this group, reflecting the high level of respect industry peers have for Enron as a major player in the Continental gas market -- even from incumbents!

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

<Embedded Picture (Metafile)>


ADMINISTRATIVE

Japan National Television - John Ambler and Mike Terraso were interviewed
regarding Enron's Climate Change iniatives and statement.

Enron Campus - Ken Lovejoy and Clifford Salawage of ETS (manager Health and
Industrial Hygiene) met employees in the Enron building that have concerns
about the indoor air quality in their work area.  The issue is being
evaluated to determine an action plan.

EUROPE

Poland, ENS Power Plant - Alan Stringer conducted EHS gap analysis audit of
the facility and made recommendations on additional procedures required to
meet Enron Guidelines and provided advice on EHS aspects for exit strategy of
the site.

UK, Project McCook - Alan Stringer participated in a conference call with
Susan Worthen, Don Stevens, and Robert Brooks to discuss environmental issues
related to indemnification.  This deal is estimated to be signed next week..
Susan,s Team will need to conduct a due diligence within 60 days.

Japan, Brownfield Site  - Alan Stringer provided technical assistance and
requested historical information on potential brownfield site that EEOS are
considering in Japan.

UK, EPOL - TPS -    Alan Stringer and Henry Van are preparing the final list
of EHS issues from the O&M audit to be presented to Mike Terraso for
resolution.

ENRON GLOBAL ASSETS
(Central America, South America, India and Asia)

San Juan Gas Remediation - field evidence indicates that the tar has migrated
off-site to the neighbor,s property.

ENA

N. York, Edison Mission Brooklyn Navy Yard Facility - Bill Curra completed
the environmental due diligence evaluation of the Edison Mission cogeneration
plant for NE Power Origination.  Indications are favorable that the
acquisition will go forward, and further risk management assistance relating
to environmental issues will be required.

ACQUISITIONS

Sithe Independent Power Partners - 1000 MW combined cycle natural gas fired
cogeneration facility located in the Town of Scriba, County of Oswego, NY.
ECT is interested in entering into a 40% limited partnership with no O&M
responsibility.  Don Stevens has learned that ECT has submitted their bid to
Sithe and is awaiting a response.

GREENFIELD CAPITAL PROJECTS

Offshore LNG Vaporization Terminal - California - Gus Eghneim (Enron Corp)
has been asked to manage environmental permitting for an offshore LNG
vaporization terminal in California.  Gus has agreed to keep Joe Kolb
informed and involved at the next meeting.  The project is in the very early
stages of consideration.

DEPARTMENT PROJECTS

Social Responsibility Risk Assessment Tool - Gavin Dillingham met with Lauren
Iannarone and they decided to add some more functionality to the database.
They will add a section for case studies, transaction cost and industry type.
Once this is done it will be populated and the prototype will be demonstrated
to interested Enron business units.

REGULATORY TECHNICAL ANALYSIS

Enron IT Employee Receives Ergonomics Relieve - Russell Tucker located a
workstation solution to allow the raising of the desk top in selectable
increments to provide back strain relieve to an Enron IT employee that is 6'
8" tall. The replacement desk will also allow the employee to remain in his
present location within his work group with the desk fitting within the
original desk space.

COMPETITIVE INTELLIGENCE & BUSINESS OPPORTUNITIES

California Power Development -- NEPA Review -  Jeff Keeler and Mary Schoen
held a meeting with EWS/ENA West power developers to discuss a proposed
project in Roseville, CA.   Since the project must connect to the Western
Area Power Administration (WAPA) through a substation, WAPA is suggesting
that it may need to perform not only a NEPA analysis from the Enron project
to the substation, but on the entire WAPA grid, due to NEPA's mandate to
analyze "all downstream impact."   Jeff and Mary are working on strategies to
determine:  1) if it is legally feasible to conduct NEPA review just for the
Enron project portion so that Cal. Energy Commission process is not delayed
and 2)  if agencies involved in NEPA review will comply with Bush executive
orders mandating expedited review of power project permit applications.

Emissions Control Technology -- Clean Coal Funding - Jeff Keeler discussed
with EGM a preliminary strategy for pursuing DOE clean coal program funding
for a demonstration project or commercialization grant for the Clean
Solutions Group's "NOx Tech" pollution control technology.

Voluntary Greenhouse Gas Emissions Target Analysis - ; Lisa Jacobson and
Susan Worthen offered recommendations and analysis on voluntary greenhouse
gas emissions commitments to Mike Terraso.; Lisa continued to identify
opportunities and business activity related to greenhouse gas emissions
issues (Climate Neutral Network conference, GEMI conference).

Global Climate Change -  Lisa Jacobson continued to provide intelligence to
business units and corporate groups on climate change policy developments,
including:
Canada's negotiations with the EU and announcement that it may work to
support the Kyoto protocol
Japan's discussions with the US and EU, and resulting announcement that Japan
will not move forward with any climate change agreement without the US.
Delay in release of EU climate change policies (coordinated with Govt.
Affairs, Brussels/London)
US congressional activity on climate change

Sterling Energy/Renewable Desk - Stacey Bolton followed up w/CEO and COO from
Sterling Planet regarding the renewable desk potentially supplying them green
tags. Organized call between Sterling and ENA West for next week to explore
business opportunities.;; Stacey is working with Sarah Novosel (Reg Affairs,
Washington) to detail Enron's position before FERC regarding intermittency.;
Elliot Mainzer is speaking at;a FERC hearing;in July, and coordinating
position w/ Sarah.

ADVOCACY & COMMERCIAL SUPPORT

Multipollutant & New Source Review Strategies - Jeff Keeler and
representatives of the power generation industry met with EPA concerning its
90-day review of the NSR program and its proposed recommendations to the
White House.   The group briefed EPA staff from the Administrator's office,
Office of Air and Radiation, NSR Enforcement office and White House Council
of Economic Advisors on NSR concerns for new power development and our
proposed multipollutant solutions that could offer and alternative to NSR.

Global Climate Change - Lisa  Jacobosn and Jeff Keeler continued work on a
number of initiatives with commercial and corporate groups:
Congressional advocacy - Lisa represented Enron at a Climate Change lobby day
sponsored by several environmental groups. Enron was the only company to make
a formal presentation on its position on global climate change.  About 100
delegates were present, representing the scientific, religious, business and
environmental communities from Washington, New Mexico, Ohio, Florida,
Illinois, Indiana, Iowa, Louisiana, Maine, New Hampshire, Michigan, and
Maryland.


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Ted,

Getting back to work has been a bit of a challenge after a weekend of
indulgence and excess.  It took everything I had to get in the car and start
the drive back to Houston Tuesday night (especially since I stopped by my
sister's and tooled around on Lake Austin in the boat for a while before
heading out).  As for the birthday shot, you are quite welcome - it was the
least I could do.

After my expenditures over the holiday, I will definitely be in town this
weekend.  So, dinner Saturday sounds good.  As it stands right now, I am
having a very pleasant day and I hope you are as well.

Susan

-- (H) 713-622-2788

Ted Noble
07/06/2000 09:46 AM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject:

Susan,

How is getting back to work after living the high life in Austin?  Thanks
again for the birthday shot and I wanted to see if you were free this weekend
for dinner - say Saturday night (being the well organized guy that I am - I
lost your home number otherwise I would have called).  Hopefully, you are
having a good day and I'll talk to you later.

Ted


On hydro, Dennis Benevides told Sue that because the hydro was was not valued
this year, EES made an additional $80 million.

On DASF Settlement.  This is REALLY rough.  But, our settlement, which was
filed on Wednesday, is with San Diego.  Considering that we have about 5,000
accounts in San Diego (20,000 state wide), we could stand to be charged
upward of about $750,000 additionally annually, based on San Diego's filing.
This assumes roughly $100 of additional costs per account per year over an 18
month period.  Our settlement has reduced that charge to nearly nothing.
Extrapolating to if our proposal were applied to both SCE and PG&E, it would
be approximately $3 million of avoided costs through the term of agreement
(12/02).  I would apply a 50% discount factor, therefore value should be
between $375K and $1.5 million.

Mona L Petrochko
09/10/2000 05:46 PM
To: Jeff Dasovich/SFO/EES@EES
cc: Paul Kaufman/PDX/ECT@ECT, Susan J Mara/SFO/EES@EES, Sandra
McCubbin/SFO/EES@EES, John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gia
Maisashvili/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Valuation of GA Activities

Some additional items:

Pending:

1.  Revenue Allocation Proceeding (Sue Mara, principle)
Determine amount of embedded retail cost will be avoided by direct access
customers (PX credit).  Judge's decision is $.0007/KWh saying short-run and
long-run costs are equivalent.  Cmmr. Neeper issued an alternate that
differentiated long-run from short-run costs and provided $.0034/KWh.  Cmmr.
Neeper's alternate will be revised, however, likely to be lower.

2.  Revenue Cycle Service/Direct Access Service Fee (Mona Petrochko,
principle)
Determine the unbundled costs of utility provided meter/bill service on a
long-run marginal cost basis.  Existing credits are based on short-run
avoiced costs.  Provided that UDCs could propose fees for providing DA
service to ESPs or DA customers, including DASR processing, ESP
administration, rebills, etc.

Awaiting an ALJ Decision on RCS portion of case.  Expect that existing
credits will increase.
Enron, as part of ARM, filed a settlement w/ SDG&E, ORA, DGS and the Golden
State Cooperative that eliminated direct charges to ESPs for DASR processing
and other market facilitation roles that only the UDC can provide and spread
those costs across all customer classes.  Clarify charges and applicability
to significantly reduce fees to encourage "better" ESP behavior with regard
to providing bill data, rebills, etc.  Clarified that "special" services
requested by ESP from UDC would be provided on a charge basis, with terms
agreed to in advance.

3.  Continue to monitor Hydro so as to reflect EES interests.

4.  OII SDG&E:  participate in meetings w/ SDG&E to facilitate DA market.
Advice Letter approving SDG&E's facilitation role adopted which included
clarification offered by Enron on the obligation to serve for ESPs.

Working w/ SDG&E in proposing mechanism which will not disadvantage DA
customer's relative to bundled service in the application of the rate cap.
Working w/ SDG&E to insure that the voluntary opt-in program for large C&I
will not disadvantage DA customers.

5.  Implementation of AB 811 (Bruno Gaillard)

AB 811 provided that DA customers of record prior to June 2000 could make a
one-time election of being billed on a load-profile basis or to be billed
based on meter reads.  Bruno worked with George Phillips, account managers
and PR to develop our message to the customer.  The implementation resulted
in net positive impact to EES' book.


Anita,

 Per our meeting yesterday, I have set up the necessary usage tickets.  I
could not set up just one b/c they can only be set up for approx. 3 months at
a  time.  Therefore, I had to set up 7 usage tickets which are listed below:

 02/99 to 04/99  Sitara Deal 396904
 05/99 to 07/99  Sitara Deal 396925
 08/99 to 10/99  Sitara Deal 396942
 11/99 to 12/99  Sitara Deal 396951
 01/00 to 03/00  Sitara Deal 396956
 04/00 to 06/00  Sitara Deal 396964
 07/00 to 09/00  Sitara Deal 396680

 For 9/00 I will go back and repath it for the 1st through 12th so it should
be correct when you allocate it.  Let me know when you have the track ids for
the  other months. Thanks.


Louise,

I will get you comments by close of business today.  Assuming the announcement goes out this week, Stuart will not be part of it.  He will be out Thursday and Friday and has requested that he have until Monday to make up his mind.

Don

Louise Kitchen
04/09/2001 06:31 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:	W David Duran/HOU/ECT@ECT, Don Miller/HOU/ECT@ECT
Subject:	Re: SECOND DRAFT Organisation Annoucement

Louise Kitchen
04/09/2001 05:55 PM
To:	W David Duran/HOU/ECT@ECT, Don Miller/HOU/ECT@ECT
cc:

Subject:	FIRST DRAFT Organisation Annoucement

Straw Man announcement - please pad out.

We are pleased to announce Don Miller will be joining Enron Americas with the responsibility for heading up a new group within the organisation.  The Business Development group will have responsibility for the divestment function within Enron Americas and work with the Generation Investments Group on selected portfolio acquisitions as well as managing power origination funding requirements with Treasury.   Don will report directly to the Office of the Chair, Enron Americas.

Joining Don as Commercial Director in this group will be Stuart Sizman who has most recently been working with Don on the divestment of our five peaking plants.

Please join us in congratulating Don and Stuart on their new roles.

<Embedded StdOleLink>


Hey Warren:
Here are a couple of questions we are working on for Duke on the 99's.  If
you could take a look at these that would be great.  Thanks!
Ben 3-7998
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 12/05/2000
05:18 PM ---------------------------

Don Miller
12/05/2000 01:32 PM
To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject: Property tax - Caledonia

---------------------- Forwarded by Don Miller/HOU/ECT on 12/05/2000 01:32 PM
---------------------------

dthudson@duke-energy.com on 12/05/2000 12:18:18 PM
To: don.miller@enron.com
cc: Mario_H_Hurtado@duke-energy.com, Swati_V_Daji@duke-energy.com
Subject: Property tax - Caledonia

per my voice mail last week
---------------------- Forwarded by Daniel T
Hudson/NorthAmerica/EnergyServices on 12/05/2000 09:16 AM
---------------------------

Swati V Daji
12/05/2000 11:27 AM

To:   Daniel T Hudson/NorthAmerica/EnergyServices@DukePower
cc:
Subject:  Property tax - Caledonia

Doc 01.07.02  - Talks about a 15% assessment for as valorem taxes.
Doc 01.07.02.01 - Property tax estimates - estimates from 2001-2019  (tax +
pilot payments) are $1M a year till 2009 and then to ~$1.4 M for next few
years beg 2010, dropping back down to $700K level.

In 2000, the property tax was just $500K, as there seems to be no pilot
payment until Jan 2001.

My questions are -
   Confirm that the 15% assessment in first doc is included in the estimate
   The schdule of estimated payments is all inclusive of the payments
   relating to property taxes
   Refer me to doc that talks about the pilot agreement or any other tax
   abatement docs

Thanks.

Swati


Content-Transfer-Encoding: quoted-printable
Date: Fri, 27 Apr 2001 10:22:32 -0500
From: "Tracey Bradley" <tbradley@bracepatt.com>
To: "Deanna King" <dking@bracepatt.com>, "Justin Long" <jlong@bracepatt.com>,
"Paul Fox" <pfox@bracepatt.com>
Cc: "Ronald Carroll" <rcarroll@bracepatt.com>
Subject: New York Times - Plan on California Energy Has No Shortage of Critics
Mime-Version: 1.0
Content-Type: text/plain; charset=ISO-8859-1
Content-Disposition: inline

FYI - Linda Stuntz is quoted in this article.  She characterized the RTO
filing requirement as "bizarre".  It appears to me that it is typical FERC
behavior; FERC likes to use whatever leverage it has to force compliance.

April 27, 2001

Plan on California Energy Has No Shortage of Critics
By JOSEPH KAHN

WASHINGTON, April 26 * A novel plan by federal regulators to control
California's runaway electricity prices is a messy, politically motivated
compromise that may offer some relief to consumers but will do little to fix
the state's dysfunctional energy market, analysts said today.

The intervention, announced by the Federal Energy Regulatory Commission on
Wednesday night after much haggling, was dismissed by a wide range of critics
today as a flawed effort that satisfies no one.

It fell short of the sweeping suspension of regional electricity deregulation
that California officials and some energy experts had advocated. But it also
crossed what has become a firm ideological line among Republican leaders,
including President Bush, by imposing price controls on some electricity
sales to utilities.

Under the agency's order, which takes effect on May 1, California regulators
can begin to impose price controls on power generators when electricity
supplies fall to within 7.5 percent of consumer demand. The state is expected
to face such shortages routinely this summer, and the order has the potential
to shave billions of dollars off California's electricity bill if implemented
fully, some people at the federal agency say.

"The president has a long-held belief that price caps don't work," the White
House press secretary, Ari Fleischer, said today. "The last thing you want to
do is create artificially increased demand and put in disincentives that harm
the availability of supply."

Mr. Fleischer noted that the energy commission is an independent federal
agency, adding that the Bush administration has no authority to countermand
its orders.

But Mr. Bush did appoint the commission's chairman, Curtis L. H,bert Jr., a
Republican. Like the president, Mr. H,bert has often insisted that price caps
do no good. But he came under withering political pressure to abandon the
agency's largely hands- off approach to the California crisis. Some of that
pressure came from the two other commissioners at the agency, both Democrats,
and Mr. H,bert wound up voting for the controls adopted on Wednesday night.

The split with the Bush administration raises fresh questions about whether
the president will seek to replace Mr. H,bert as chairman in coming weeks.
Mr. Bush has nominated two Republicans to fill vacant slots on the
commission, including Pat Wood, a longtime ally of the president who served
as chief electricity regulator in Texas. Industry executives say they expect
that Mr. Bush will eventually name Mr. Wood to the commission's top post.

In a reflection of how delicate the issue is, Mr. H,bert argued that the
agency's action did not amount to imposing price caps. But his position
appeared to rest on a semantic distinction between returning to cost- based
electricity regulation (as some Californians favor) and the agency's decision
to impose tactical price controls.

Among California officials, the dominant reaction was disappointment. Some
state regulators and market experts said the agency was practicing
upside-down economics: it has chosen to impose price limits during periods of
severe scarcity, when prices theoretically ought to rise to encourage
companies to build power plants and encourage people to use less electricity.

The agency, its critics argue, has chosen to ignore price abuses during times
of relative abundance, when power generators, the critics say, have used
artificial market power to earn high profits.

"They got it exactly wrong," said Frank Wolak, chief market supervisor for
the California Independent System Operator, which runs the state's power
grid. "It looks like they're doing something, but it doesn't work in real
time."

Mr. Wolak has estimated that most overcharges by generators last year * in
amounts that he puts in the billions of dollars * occurred when electricity
supplies were not acutely short, meaning that the agency's price caps would
have had no mitigating effect.

The state is likely to face many emergency shortages this summer. But, Mr.
Wolak said, generating companies have become adept at "gaming" the system. He
predicted that they would find ways to continue to earn high profits in
California.

One fear is that generating companies will arrange to sell their output to
affiliates out of state. When California's transmission grid managers
scramble to find supplies, the same companies will offer to sell the power
back to the state, but only above the cap price. The agency's new order
includes a provision that is intended to discourage this sort of abuse, known
as megawatt laundering. But the agency has a weak record of enforcing such
mandates, and California officials are skeptical.

The order also came under fire on other grounds. The commission said that
price caps would be canceled unless California submitted a proposal to link
its transmission grid to the one that serves the Western region, a priority
of the agency that state officials have resisted.

Linda Stuntz, an electricity industry lobbyist who is an expert on the
agency, called that clause bizarre, arguing that it held the entire
California market hostage to a technical filing requirement.

California politicians said they worried that even if the price caps were
carried out as promised, relief would be too limited.

The price limits will be based on estimates of the highest operating costs of
the least efficient generating plant in the state. The order as written means
that companies that operate efficient generating plants could still sell
power at large mark-ups during periods when caps are imposed. When the agency
scrutinized the California market earlier this year, it found the high-cost
generators to be justified in charging about $300 a megawatt hour for
electricity, a price that is about 10 times as high as the state was paying
for power a year ago.

Copyright 2001 The New York Times Company


[IMAGE] Forums Discuss these points in the Forums:  Forexnews Forum       Technicals Live Charts Analysis available from: Cornelius Luca   J.P. Chorek   Technical Research Ltd.   Charts & News featuring Standard & Poor's        Interest Rates  US: Japan: Eurozone: UK: Switzerland:   1.75%  0.15%  3.25%  4.0%  1.25-2.25%        [IMAGE]   	 [IMAGE]  FX Market Sees Green Light to Sell Yen January 22, 7:00 AM: EUR/$..0.8835 $/JPY..134.15 GBP/$..1.4270 $/CHF..1.6625  FX Market Sees Green Light to Sell Yen by Jes Black  At 10:00:00 AM US Dec Leading Indic. (exp 0.7%, prev 0.5%) At 2:00:00 PM US Dec Fed. Budget (exp 24 bln, prev -54.3 bln)  The yen crumbled to a new 3-year low of 134.33 after US Treasury Secretary O'Neill refused to engage in a "weak yen" debate but agreed that markets should set FX rates. Traders feared O'Neill would show some apprehension as to the yen's sharp slide. Instead, his remarks were seen as still backing the strong dollar policy and taken implicitly that the yen should be allowed to fall. However, O'Neill also pointed out that a competitive devaluation would not fix Japan's non-performing loan problem or improve productivity. Moreover, the US is only likely to support yen weakness if it means Japan forces banks to dump bad loans, accelerates structural reforms and deregulates the markets, like the US has done.  Yet tolerance of a weaker yen is seen giving traders the green light to sell it towards 135 in the near term. USD/JPY rose as high as 134.33 and if the pair can hold above 134.00, technically, the dollar will target 135.00 in the near term. Support is seen at 133.80 followed by 133.30 and 132.80. EUR/JPY also hit a fresh 1-week high of 118.73 after hitting a 7-day low of 115.55 last Tuesday. Support is seen at 118.12, which marks the 61.8% retracement from the January 2 high of 119.71 to last week's low of 115.55. Follow up support is seen around 117.40, 116.50 and 116.00.   The euro/yen cross was bolstered by gains in dollar/yen but the euro continued to show weakness against the dollar after again failing to break resistance at 88.50. EUR/USD rose to a session high of 88.52 but quickly pared those gains and fell back to 88.35. Support is seen at 88.15 followed by 87.90 and key support at 87.50, which marks the 31.8% Fibonacci retracement of the move from 82.25 to 95.96. Resistance is seen at 88.50 followed by 89.10, which marks the 50% Fibonacci retracement of the same move. Yet, only a move back above 89.50 would give any hope of a near term recovery as temporary moves higher are not seen by the market as indicating strength given the euro's difficulty to remain above 90-cents.  Limiting the euro's losses to the dollar were strong gains against the pound following overnight comments from Bank of England Director for Europe, John Townend, who said the pound was clearly overvalued against the euro and would almost certainly need to weaken if the UK were to join the EMU. EUR/GBP rose half a pence to a day's high of 61.90.  However, any artificial lowering of the rate would step up inflationary pressures for the U.K., cautioned Townend, who would like to see EUR/GBP rise, but sterling remain stable vs the dollar. Townend also noted that the U.K. government wont likely assess joining the euro until June 2003.  GBP/USD fell through support at 1.4330 and 1.4300 to a 5-day low of 1.4278. Cable support is now seen at 1.4270, the 61.8% retracement of the move from 1.4060 to 1.4606. Resistance is seen at 1.4300, 1.4330, 1.4350.  For the US session today, earnings will be the focus after traders return from a 3 day weekend. The markets will have to assess over 500 company earnings reports this week, with nearly one in three companies on the S?500 scheduled to report on Tuesday alone. Again, Wall Street is likely to pay more attention to the foreward outlook after already pricing in dismal Q4 figures. Companies due to report are Merck, Motorola, Amazon, Merrill Lynch, Johnson & Johnson, Boeing and Lucent.  Today's key economic data is the leading indicators index for December, which is expected to rise 0.7% after it surprised on the upside last month with a 0.5% gain.  The other main event this week is Fed Chairman Greenspan's speech before the Senate Budget Committee on Thursday. Market sentiment now believes Greenspan probably sounded more pessimistic than he intended in his speech on January 11. Therefore, the market is anticipating a more upbeat tone tomorrow about prospects for economic recovery. Interest rate futures are pricing in less than a 30% chance of a rate cut at the Jan 30 meeting, leaving the majority to believe rates will hold steady at 1.75%, a 40-year low. However, since the dollar index is trading near 6-month highs, most dealers are now divided over whether a further rate cut would help the dollar.     	[IMAGE] Audio Mkt. Analysis Quiet Market Awaits Data, USD Talk        Articles & Ideas  Philly Fed-Supported Optimism   EUR/USD: Technical Analysis       Articles & Ideas Forex Glossary   Economic Indicators   Forex Guides   Link Library      [IMAGE]
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Rick Causey came to see me asking us to firm up our Q2 numbers.  Can we let
Rick know that your Q2 numbers are likely to be up?  If so by how much?

From: PEGGY FOWLER/ENRON@enronxgate on 05/10/2001 07:54 PM
To: Stanley Horton/Corp/Enron@Enron
cc:

Subject: Weekly Update May 7-11, 2001

-Presentation to potential buyer went well. Questions mostly around power
supply trading, and risk/reward formula with customers and shareholders, that
is in agreement with OPUC.
-California's rolling black-outs have pushed up prices in the West, allowing
opportunities for PGE to continue to sell into the market.
-All IOUs, State Agencies (OR,ID,WA), Power Councils, BPA, and security
coordinator met to address emergency preparedness. There is beginning to be
heightened concern about Fall and Winter supply.
-Union negotiations continued, and progress was made understanding needs and
issues. Next meeting scheduled for May 21. Union seems to be in no hurry, and
needs for time to get interests aligned.
-De-reg Bill continues to be uncertain. It has become a political football,
where legislatures are convinced, who ever carries or doesn't carry forward,
depending on future power situation, will determine which party ends up in
majority, and as governor in the state. Politics....ugh
-Final contracts should be received tomorrow. Will work to turn them around as
quickly as possible, but I know people will need a few days with them, and a
few more issues may need to be addressed. There are some employment
agreements, and other contracts that were put in place by others, that have
created some benefits, that people feel they are giving up with new
agreements. Some is perception, some is real, some is lack of trust for
Enron's  intent, when things are not written precisely.


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 - 6thsense.jpg


Very interesting websites.  Thanks for keeping me updated!  -Scott
---------------------- Forwarded by Scott Tholan/Corp/Enron on 06/29/2000
05:38 PM ---------------------------

Vince J Kaminski@ECT
06/29/2000 10:37 AM
To: Scott Tholan/Corp/Enron@Enron
cc:

Subject: Control

FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/29/2000
10:41 AM ---------------------------

VKaminski@aol.com on 06/28/2000 11:11:37 PM
To: vkamins@enron.com
cc:
Subject: Control

 STO
A: Political control technologies - Summary of Interim Study


---------------------- Forwarded by Kevin Kindall/Corp/Enron on 11/27/2000
04:41 PM ---------------------------

sallygould <sgould@andrew.cmu.edu> on 11/27/2000 04:15:47 PM
To: Kevin.Kindall@enron.com
cc:

Subject: Re: Job description

Sorry about that!

This should work.

Sally

--On Monday, November 27, 2000, 4:11 PM -0600 Kevin.Kindall@enron.com wrote:

>
> Good afternoon.  Evidently the attachment did not come through.  Would you
> please resend it.  Thanks.
>
> -Kevin Kindall
>
>
>
>
>
> sallygould <sgould@andrew.cmu.edu> on 11/27/2000 03:56:01 PM
>
> To:   Kevin.Kindall@enron.com
> cc:
>
> Subject:  Re: Job description
>
>
> Thank you Kevin,
> I need to know when you would like to interview the Pittsburgh based Comp.
> finance students.
> If you want to interview in December, time is getting short.  Please fill
> out the attached form and email it back to me as soon as possible.  We
> have availability on Dec. 11th, 12th and 13th, also Friday the 8th.
>
> I look forward to hearing from you.
>
> Regards,
>
> Sally Gould
> Recruiting Coordinator
> GSIA - Carnegie Mellon University
> 412-268-1311
> 412-268-4146 (fx)
>
> --On Tuesday, November 21, 2000, 3:03 PM -0600 Kevin.Kindall@enron.com
> wrote:
>
>>      Good afternoon.  Here is the job description for the Computational
>> Finance students.  We should have our preferred interview dates shortly.
>> Please let us know if you have any questions, and have a Happy
>> Thanksgiving.
>>
>> -Kevin Kindall
>> (See attached file: job description for CMU.doc)
>>
>>
>
>
>
>
>
>

Sally Gould
Recruiting Coordinator
GSIA - Carnegie Mellon University
412-268-1311
412-268-4146 (fx)
 - CRIF-2001.doc