Attached, please find two proposed documents from Ken Smith for review
and comment:

 - 39 billion dollar fix.rtf
 - Constructive plan.rtf


Dude,

Thanks for the long note.  I really like a letter with a bit of substance.
Sorry for the delay.  It took me a while to respond because I have been
buried as usual, and I wanted return the favor.

I know the dreariness of London in the winter.  Poland is similar.  It is
primarily that the skies are grey most of the time from November/December
through March/April/May.  I am currently in my annual desperately waiting
for winter to be over funk which kicks in January/February.  The winter is
not too bad this year and it looks like we may pull out of the dreariness in
April, on the early side.

Kinga and I are fine.  I have got to do something about our status - or she
might do it for me.  We are more actively working on the issues and the
dialogue is pretty good - the Mother in Law topic notwithstanding.  But
generally life is pretty good.

How are your kids doing in the Montessori school?  You got me pretty
interested when we discussed in London.  They are now doing the Montesorri
school in Warsaw.  I heard it is small but becoming of more interest.  Alex
is 16 months old so the time is not too far off when he will be a candidate.
Tell Julie I am looking forward to learning more about it from her.

Did Garibaldi change jobs from Fingers or is the new job Fingers still?
Tell him hello.  My partner Mack Pogue wants to talk to him about working
with Lincoln Property Company.

That is great news for Mark.  Frankly, I was a bit worried that it would
never happen.  He needed a success under his belt and the financing is a big
step,.  The product must still be proven.  But regardless, he did the hard
part.  I saw them at reunion and had a great time.  Although there is never
enough quality time with everyone.

Speaking of reunions, our 20 year high school reunion should be this year.
I will probably go.  I want to see Rambo fat as a pig.  The weird thing
about our 10 year (which was pretty fun) was that the girls which looked
good in high school mostly (except for Lisa and Michele Morris) got fat and
ugly --- and a few sleepers looked really good.  Life is strange.

Sounds like the Tom and Missy saga will continue until something or someone
pops.

Do let me know each time you will be in London.  I have a lot of reasons to
be there and am due for another trip soon.  I had a good time last time and
would do it again.  There is a lot more to do.   Are you going back any time
soon?  Let me know when you are.

I am going to DFW on the 18th for a week.  I am taking our residential sales
team for a week of training with Lincoln's residential team and touring for
sale product.  We are starting our first residential project this month.
Any chance you will be in Fort Worth?

We are coming back in April - the week before Easter.  Kinga and Alex are
not coming this month, but will be coming in April.  We probably won't make
it to Houston, although we are due for a trip there.  I miss Houston.  I
have had several friends in Poland visit there in recent months and it got
me kinda nostalgic.

before Texas in April, we are going skiing in Colorado with Mike Gold, maybe
Gerber and a few other couples hopefully.  We should plan a trip with the
Jacobs, Medary's, Worsheh's, Garibaldi's or whomever..  That trip we tool to
Colorado 4 or 5 years ago was great.  We are there if you guys get one
organized.

Anough for now.  Thanks for the note.  Let me know if you have to return to
London.  Tell Julie, Rob and Tom hello.

dude

-----Original Message-----
From: Richard B Sanders <rsander@ect.enron.com>
To: Brian Patterson <brianp@aiglincoln.com>
Date: Wednesday, February 02, 2000 1:39 PM
Subject: Re:

>
>
>I am in London this week for a series of meetings and an appeal to the
House of
>Lords of the lawsuit that I was over here for in July(we won $130 USD) What
a
>dreary place in the winter. I dont have much to report. I have been
traveling a
>bunch--- in the last 10 days, I have been to Portland, Calgary, LA, St.
Louis,
>and now London. Julie has held her tongue because of her impending 8 weeks
in
>Austin this summer. The kids are great. Lots of sibling rivalries going
>
>I have been biking with Garribaldi and Worscheh in preparation for our
>participation in the Houston to Austin bike tour. Garribaldi has a new job
with
>a couple of big projects in the pipeline.

Worscheh finally got his financing on his project so he is pretty chipper
these days. They are pregnant again and out >of space in their house.

Missy Medary is running for District Court Judge in Corpus Christi. She is
running as a Republican in a Democratic stronghold and >her last name is not
Perez or Medarcia so her chances are slim. She is hoping
>for a George W. Bush coattail effect. Tom was not all that keen on the idea
the
>last time I talked to him. Don't quote me on this but I think he is worried
that
>she is a status seeker and that she will have way too much of what she
wants if
>she is elected( Judges tend to have a lot of people kissing their ass)

Rob and Amy are just holding on with their 4 kids. I think Rob's job is
going well: they
>made one large aquisition at the bottom of the market and commodity prices
have
>doubled. I haven't seen anyone else,although I did talk to John Scott the
other
>day. He works for a firm in Dallas that does alot of Enron's work. I
laughed at
>him when he told me he is trying to get his kids into Country Day. He was
always
>calling it Country Gay.

Tell Kinga I said hi if you are still...er...dating?
>
>
>


---------------------- Forwarded by Patrice L Mims/HOU/ECT on 12/01/2000
10:59 AM ---------------------------

	From:  Kevin Ruscitti                           11/30/2000 02:35 PM

To: Patrice L Mims/HOU/ECT@ECT
cc:
Subject: FOM

P,

Please forward this to GD.  Thanks,

Kevin


Below is a list of companies that compose the Fuel Cells Advocate group.  It
is an ad hoc group that meets on a bi-monthly basis to pursue legislative
proposals that will further the commercialization of the technology.  The
$1000 per kilowatt tax credit is only one avenue they are pursuing.
Membership in the group allows you to participate in the formulating of
policy and policy papers.  There is NO cost to join, but they occasionally
ask for contributions for printing materials.  The y are very interested in
having Enron lend its name and active participation.

Do you want Enron to participate?

----- Forwarded by Chris Long/Corp/Enron on 05/03/2001 12:29 PM -----

	"Bayer, Judith             CorpDC" <bayerj@corpdc.utc.com>
	05/03/2001 12:17 PM

		 To: "Christopher Long (E-mail)" <clong@enron.com>
		 cc:
		 Subject: Participants in Fuel Cell Advocates Group

Chris -- I'm glad we finally connected!? Here's the list of current
participants in our Fuel Cell Advocates group.? Hope you'll join us.

3M
American Gas Association
Avista Labs
Ballard
Breakthrough Technologies Institute
Dais Analytic
DCH
DTE Energy
Energy Partners
Fuel Cell Power Association
FuelCell Energy
H Power
IdaTech
International Fuel Cells
MagneTek
Plug Power
Siemens Westinghouse
SOFCo
W.L. Gore
 <<...OLE_Obj...>>
Director
Environmental Government Affairs
United Technologies Corporation
1401 Eye Street, NW #600
Washington, DC? 20005

Phone:? 202-336-7436
Fax:??? 202-336-7447
Email:?? Bayerj@corpdc.utc.com


JZA,

You'd better have a warm up game before I get down there...  I should be
playing at least once sometime in the next month.  Maybe I'll learn a new
game or two to teach you guys.

So, just mark it down on your calender right now.  I get into town on June
23 and I fly out the next Sunday.  And Lissa's wedding has been cancelled,
but I will still be haning out with Shelly on Saturday night.  Any interest
in an Astros game on Sunday afternoon, June 24?  I figure you've got all the
connections to get me into JRon field now.  What night are you going to set
up poker for?  I'll be sure to clear my schedule for that night.  Other than
that, I plan on going out to eat a lot and enjoying a few margaritas while I
am in town.

I may need a place to crash a few nights.  I think I am staying with Becky
at the beginning of the week at least, though Lissa has moved in with her
now, so that might get a little crowded.  I'll let you know when it gets
closer if I will be needing a place to crash.  It would probably be good if
I could stay there on poker  night at least.

Oh, by the way:  I'm not black like Barry White, yo I'm white like Frank
Black is.

Alan

----- Original Message -----
From: <Jason.Wolfe@enron.com>
To: Alan Julson <aljulson@netzero.net>
Sent: Friday, May 04, 2001 11:46 AM
Subject: Al Julson: Back from the Grave

>
> I'll be ready. I'm trying to get some poker together before you get here
so
> my game is in shape. No one wants to be half-steppin when you get into
> town, or you'll be wearin everyone's gold chains and pinky-rings before
the
> night is half over. I ain't mad atcha. That's what a playa do.
>
> Just keep reminding me up until the big week. Do you need a place to stay?
>
> J Wolfe
>
>
>
>


I have Harvard's agreement to proceed subject to docs being signed and using
long form confirms on an interim basis. Please let me know ASAP if you have
any problem with this. I'll be quoting the crack call options this morning.
---------------------- Forwarded by Per Sekse/NY/ECT on 09/13/2000 09:22 AM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Hotra, Jason" <hotraj@hmc.harvard.edu>
09/13/2000 08:38 AM

To: "Per Sekse (E-mail)" <per.sekse@enron.com>
cc:
Subject: update

Per,

the following is from a message i received from kim noble last night:

"All points in Master Agreement have been verbally agreed. <outside counsel>
is back from vacation and doing a redraft reflecting the last rounds of
conversations. Tim had promised me that he'd be able to complete this draft
by the end of this week. Assuming a bit more discussion with ENRON, we
should be signed up by the end of September.

<risk officer> and I agreed that in light of how close we are, you could buy
some options from Enron to cover his heat "crack" spread position and do so
on a long form confirm. This is an exception to the normal requirement that
a master be in place first."

Sounds good to me.

Let me know when your traders come up with the heat crack option levels.

Thanks,

Jason


Looks like I got there attention.  Let's hope it dosen't explode on us.

Please plan on attending with me'
thanks

bob
---------------------- Forwarded by Bob M Hall/NA/Enron on 04/10/2001 01:14
PM ---------------------------

Janet H Wallis@ECT
04/10/2001 01:12 PM
To: Gary W Lamphier/HOU/ECT@ECT, Lee L Papayoti/HOU/ECT@ECT, Gerald
Lofton/HOU/ECT@ECT, Michael C Bilberry/HOU/ECT@ECT, Daren Farmer
cc: Brian Redmond/HOU/ECT@ECT, Bob M Hall/NA/Enron@Enron

Subject: Bad Debt

Please plan to attend a meeting with Brian Redmond and Bob Hall on Thursday
at 4:00 in conference room 3567.
  Each person should be prepared to discuss the current status of each "Bad
Debt" account that was assigned to them in February.

If you are unable to attend you will need to schedule a private meeting with
Brian Redmond at a later date.

Janet


-----Original Message-----
From: 	Ratcliff, Renee
Sent:	Friday, November 02, 2001 12:19 PM
To:	Allen, Phillip K.
Subject:	RE:

Phillip,

This section pertains to terminated employees who are paid out in the year following the termination event.  The way the tax law works, the tax basis for your share distribution will be based on the closing stock price the day preceding notification to the transfer agent.  As such, we will distribute net shares calculating the proper withholding at fair market value the day prior to notifying the transfer agent.  We will be distributing the shares reflected on your 9/30/01 statement (6,606 shares plus cash for fractional shares).  If you would prefer to settle the taxes with a personal check, we can distribute gross shares.  Please let me know you preference.

As you know, we are in the process of transferring recordkeeping services from NTRC to Hewitt.  As such, we have a CPA, Larry Lewis, working with us to audit and set up transition files.  He has become our department expert on the PSA account (much more knowledgeable than myself)  and the various plan provision amendments.  If you would like, we can set up a conference call with you, myself, and Larry to go over the payment methodology.  Please let me know a date and time that is convenient for you.

Thanks,

Renee

 -----Original Message-----
From: 	Allen, Phillip K.
Sent:	Thursday, November 01, 2001 8:26 AM
To:	Ratcliff, Renee
Subject:

Renee,

Thank you for digging in to the issue of Deferred Phantom Stock Units.  It is clear that the payment will be made in shares.  However, I still don't understand which date will be used to determine the value and calculate how many shares.  The plan document under VII.  Amount of Benefit Payments reads "The value of the shares, and resulting payment amount will be based on the closing price of Enron Corp. common stock on the January 1 before the date of payment, and such payment shall be made in shares of Enron Corp. common stock."  Can you help me interpret this statement and work through the numbers on my account.

Thank you,

Phillip Allen


Here's what's happening to Jeff Holmstead, the nominee for the EPA Air AA job
who was the alternative suggestion to Whitman's choice Chris Hessler, who we
were backing:

EPA Air Nominee on Hold

The Senate Environment and Public Works Committee yesterday delayed its vote
on another controversial nominee: Jeffrey Holmstead, Bush's pick to be the
Environmental Protection Agency's assistant administrator for air and
radiation.

EPW Chairman Bob Smith (R-N.H.) "reluctantly" removed Holmstead from the
committee's agenda Wednesday morning in response to Democrats concerns about
his service during the pervious Bush administration.
Committee ranking Democrat and Minority Whip Harry Reid (Nev.) has placed a
hold on Holmstead's nomination until he receives copies of notes and memos
related to the Clean Air Act and radiation Holmstead wrote while working as
associate counsel to former President Bush from 1989 until 1993. Holmstead
advised White House officials on 1990 revisions to the Clean Air Act.
The hold has agitated Smith. "Throughout my service on this committee, I have
never played politics with a nomination," he said.
"Rather than focusing on notes that were taken a decade ago, my hope is that
my colleagues would focus on the nominee," Smith said, noting that Holmstead
has answered all of the committee's questions and has said he would provide
the documents Reid seeks if he could.
David Cherry, a spokesman for Reid, has said the request is reasonable. "We
didn't make the request because we think there's information out there that
could torpedo the guy. There's no smoking gun that I know of," Cherry said.
"We just want a better sense of what his views are regarding clean air
policy, and we've limited our request to documents containing information on
issues he would have jurisdiction over."

The committee Wednesday supported by voice vote confirmation of Linda Fisher
as EPA deputy administrator, Stephen Johnson as EPA assistant administrator
for toxic substances, and James Connaughton as the director of the White
House Council on Environmental Quality. However, Reid has said he will hold
floor consideration of Johnson's and Connaughton's confirmations until EPA
publishes a rule establishing radiation standards for the proposed Yucca
Mountain nuclear waste repository (see the 5/18 edition of Environment and
Energy Daily).
Jeffrey Keeler
Director, Environmental Strategies
Enron
Washington DC office - (202) 466-9157
Cell Phone (203) 464-1541


Please aprove the folowing and I will make the required changes.

Dale

---------------------- Forwarded by Dale Neuner/HOU/ECT on 12/23/99 10:34 AM
---------------------------

David Forster
12/23/99 10:06 AM
To: Dale Neuner/HOU/ECT@ECT
cc: Niamh Clarke/LON/ECT@ECT, Duncan Needham/LON/ECT@ECT, Rudy
Dautel/HOU/ECT@ECT
Subject:

Dale,

I have discussed the wording with Rudy and agree that we could change the
wording in the Index long description for Gasoline, #2 and WTI as follows:

Old:

The Index for a month shall be the arithmetic average of the daily
settlement
prices for the prompt month NYMEX West Texas Intermediate Light, Sweet, Crude
Oil
futures contract for each NYMEX trading day of such month.

New:

The Index for a Determination Period shall be the arithmetic average of the
daily
settlement prices for the promptmonth NYMEX West Texas Intermediate Light,
Sweet,
Crude Oil futures contract for each NYMEX trading day of such Determination
Period.

Please run these changes past legal before proceeding. When your changes are
complete, please run the final version past Rudy as well. Please note that
all
Products which reference these Indexes will need the secret squirrel
treatment for
updating.

Niamh/Duncan: Please advise if you are happy for the above change to be
applied
to your products as well.

Thanks,

Dave


Pls give me a call. DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 10/18/2000
10:26 AM ---------------------------

	From:  Mary Kay Miller                           10/18/2000 10:27 AM

To: Drew Fossum/ET&S/Enron@ENRON, Keith Petersen/ET&S/Enron@ENRON
cc:

Subject: Re: FERC interviews in Omaha

Drew, what is our ability to limit their request to interview people that
report to Keith and Ray, this appears to be more of a fishing expedition that
specfic questions.   Please let me know--  MK

	From:  Gary Zahn                           10/18/2000 09:54 AM

To: Keith Petersen/ET&S/Enron@ENRON, Ray Smith/ET&S/Enron@ENRON, Elaine
Concklin/ET&S/Enron@ENRON
cc: Lee Huber/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Bob
Chandler/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Rod
Hayslett/FGT/Enron@ENRON, Vincent Strohmeyer/ET&S/Enron@ENRON

Subject: FERC interviews in Omaha

Today, I received a data request (attached) which provides more specifics on
the interviews to be conducted in Omaha. Please note that they have asked to
meet with Keith Petersen and Ray Smith on an individual basis.  If the FERC
deems it necessary, they will interview individuals that report to them.


Here are a few examples of the summary I send out each afternoon. I've sent
four as attached documents and one just pasted into the e-mail. Use whichever
works best for you, and let me know if you need more.

Thanks,
Kate


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MsgId:
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7-2000)
X-Version: mailer-sender-master,v 1.84
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Message-Recipient: benjamin.rogers@enron.com


----- Forwarded by Jeff Dasovich/NA/Enron on 03/30/2001 06:43 PM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	03/30/2001 12:16 PM

		 To: "'Andy Brown (E-mail)'" <ABB@eslawfirm.com>, "'B Brown Andy (E-mail)'"
<andybrwn@earthlink.net>, "'Baker Carolyn (E-mail)'"
<cabaker@duke-energy.com>, "'Bob Escalante (E-mail)'"
<rescalante@riobravo-gm.com>, "'Bob Weisenmiller (E-mail)'"
<rbw@mrwassoc.com>, "'Curtis Kebler (E-mail)'"
<curtis_l_kebler@reliantenergy.com>, "Dean. Nistetter (E-mail)"
<Dean.Nistetter@dynegy.com>, "'Douglas Kerner (E-mail)'" <DKK@eslawfirm.com>,
"'Greg Blue (E-mail)'" <gtbl@dynegy.com>, "'Jan Smutny-Jones (E-mail)'"
<smutny@iepa.com>, "'Jeff Dasovich (E-mail)'" <Jeff.Dasovich@enron.com>,
"'Joe Ronan (E-mail)'" <joer@calpine.com>, "'John Larrea (E-mail)'"
<john.g.larrea@williams.com>, "'John Stout (E-mail)'"
<John_H_Stout@reliantenergy.com>, "'Julee Malinowski-Ball (E-mail)'"
<jmball@ns.net>, "'Kassandra Gough (E-mail)'" <kgough@calpine.com>, "'kent
Palmerton (E-mail)'" <kent.palmerton@williams.com>, "'Lynn Lednicky
(E-mail)'" <lale@dynegy.com>, "Marie Moretti (E-mail 2)"
<mmoretti@mccabeandcompany.net>, "'Marty Wilson (E-mail)'"
<mwilson@pstrategies.com>, "'McNally Ray (E-mail)'"
<rmcnally@mcnallytemple.com>, "''Nam Nguyen' (E-mail)'"
<nam.nguyen@powersrc.com>, "'Norton Kelli (E-mail)'"
<knorton@mcnallytemple.com>, "'Paula Hall-Collins (E-mail)'"
<paula.hall-collins@williams.com>, "'Pigott Jack (E-mail)'"
<jackp@calpine.com>, "'Richard Hyde (E-mail)'" <rwhyde@duke-energy.com>,
"'Roger Pelote (E-mail)'" <roger.pelote@williams.com>, "'Stephanie-Newell
(E-mail)'" <stephanie-newell@reliantenergy.com>, "'Sue Mara (E-mail)'"
<smara@enron.com>, "'Tom Ross (E-mail)'" <tross@mcnallytemple.com>, "Tom
Williams (E-mail)" <tcwillia@duke-energy.com>, "'Alex Sugaoka (E-mail)'"
<alex.sugaoka@uaecorp.com>, "'Bill Carlson (E-mail)'"
<william_carlson@wastemanagement.com>, "'Bill Woods (E-mail)'"
<billw@calpine.com>, "'Bob Ellery (E-mail)'" <bellery@spi-ind.com>, "'Bob
Gates (E-mail)'" <bob.gates@enron.com>, "'Cody Carter (E-mail)'"
<cody.carter@williams.com>, "'Curt Hatton (E-mail)'"
<Curt.Hatton@gen.pge.com>, "'David Parquet'" <david.parquet@enron.com>,
"'Dean Gosselin (E-mail)'" <dean_gosselin@fpl.com>, "'Doug Fernley (E-mail)'"
<fernley.doug@epenergy.com>, "'Duane Nelsen (E-mail)'"
<dnelsen@gwfpower.com>, "'Ed Tomeo (E-mail)'" <ed.tomeo@uaecorp.com>,
"'Eileen Koch (E-mail)'" <eileenk@calpine.com>, "'Eric Eisenman (E-mail)'"
<eric.eisenman@gen.pge.com>, "'Frank DeRosa (E-mail)'"
<frank.derosa@gen.pge.com>, "Frazier Blaylock (E-mail)"
<frazier_blaylock@ogden-energy.com>, "'Hap Boyd (E-mail)'"
<Hap_Boyd@enron.com>, "'Hawks Jack (E-mail)'" <jack.hawks@gen.pge.com>, "'Jim
Willey (E-mail)'" <elliottsa@earthlink.net>, "'Joe Greco (E-mail)'"
<jgreco@caithnessenergy.com>, "'Jonathan Weisgall (E-mail)'"
<jweisgall@aol.com>, "'Kate Castillo (E-mail)'" <CCastillo@riobravo-gm.com>,
"'Kelly Lloyd (E-mail)'" <kellyl@enxco.com>, "'Ken Hoffman (E-mail)'"
<khoffman@caithnessenergy.com>, "'Kent Fickett (E-mail)'"
<kfickett@usgen.com>, "'Lynn Lednicky (E-mail)'"
<lynn.a.lednicky@dynegy.com>, "'Marty McFadden (E-mail)'"
<marty_mcfadden@ogden-energy.com>, "'Paula Soos'"
<paula_soos@ogden-energy.com>, "'Randy Hickok (E-mail)'"
<rjhickok@duke-energy.com>, "Rick S. Koebbe (E-mail)"
<rskoebbe@powerworksinc.com>, "'Rob Lamkin (E-mail)'"
<rllamkin@seiworldwide.com>, "'Ross Ain (E-mail)'" <ain@worldnet.att.net>,
"'Steve Iliff'" <siliff@riobravo-gm.com>, "'Steve Ponder (E-mail)'"
<steve_ponder@fpl.com>, "'Tony Wetzel (E-mail)'" <twetzel@thermoecotek.com>,
"'William Hall (E-mail)'" <wfhall2@duke-energy.com>,
<trusso@mcnallytemple.com>, <sadlersa@earthlink.net>, <mstultz@epsa.org>,
<rtemple@mcnallytemple.com>, <tracy.fairchild@edelman.com>,
<megan.beiser@edelman.com>, <deborah.fiorito@dynegy.com>, <lchurch@epsa.org>
		 cc: Katie Kaplan <kaplan@iepa.com>
		 Subject: Senate Investigation Action Items

Following is a list of action items that resulted from our Public Affairs
Committee meeting earlier this week.  The Senate hearings could begin as
early as April 16, so it is critical that the due dates listed below each
item are met. (Note:  April 16 is when the legislature returns from Easter
Break)

As you complete action items, please forward information to me and Katie, and
if you have any questions please feel free to call.

Have a great weekend!

Jean

--
Jean Munoz
McNally Temple Associates, Inc.
916-447-8186
916-447-6326 (fx)

Senate Investigation Action Items:

Key Messages
Assigned to: MTA
Due Date: Monday, April 2

Research
? List of anticipated questions from media and legislators
Assigned to: "big five" generators, or anyone else who has suggestions
Due Date: Tuesday, April 3

? Suggested responses
Assigned to: IEP/MTA
Due Date: Friday, April 6

? Outage Standards (if you have not already done so) . ideally, we would like
to have information for each power plant to incorporate into collateral
materials
Assigned to: "big five" generators
Due Date: Monday, April 2

? Previous long term contract offers that were not accepted timeline (details
of contracts not required)
Assigned to: "big five" generators
Due Date:  Monday, April 2

? History of correspondence/contact with Governor
Assigned to: Everyone
Due Date:  Tuesday, April 3

? PUC preventing long-term contracts decision timeline
Assigned to: Ellison, Schneider & Harris/IEP
Due Date:  Tuesday, April 3

? Research committee members
Assigned to: MTA
Due Date: Friday, April 6

? Market flaws
Assigned to: IEP/MRW/MTA
Due Date: Wednesday, April 4

? List of prior investigations . and findings
Assigned to: IEP
Due Date: Wednesday, April 4

Earned Media

? Editorial Board Meetings
Assigned to: MTA/IEP
Due Date: Schedule for week of April 9

? Media Briefing
Assigned to: MTA/IEP
Due Date: Schedule for week of April 9

? One-on-one meetings with key TV/print reporters
Assigned to: MTA/IEP
Due Date: Beginning week of April 9, ongoing

? "War Room" and "Rapid Response" (Satellite uplink, etc.)
Assigned to: MTA/IEP
Due Date: Up and running for hearings

? Power plant tours
Assigned to: MTA/IEP
Due Date: Week of the 16, and ongoing

Collateral Materials

Assigned to: MTA
Due Date: Copy distributed for approval: April 9 10am
         IEP Approval: April 10 10am
         Art: TBD
         Final: ASAP

? "Early Warnings" . using Nymex report, etc. to demonstrate that the market
is flawed, and set up to fail ? "How the market works" . how electricity is
sold and distributed
? "The Perfect Storm" . why the market failed
? "Predicting the weather" .  what could have been done to prevent it using
timeline of , PUC decisions preventing long-term contracts,  ? Money that
could have been saved with long-term contracts chart
? "California?s Vintage Power Plants" . a hand-out for each of the merchant
power plants in California utilizing data from outage standards report ? List
of prior investigations and findings
? Who powers California chart


24 Circle Way    979-292-0060

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


This is to inform you that we are rolling out changes to the Gas Daily option
pricing model.  Currently the system is not properly pricing index puts and
calls at locations with gas daily index premiums or discounts (puts and calls
are priced at the same level no matter what the index).  The change will
result in raising call values/lowering put values at locations with index
premiums and the opposite at locations with index discounts.

In addition, index plus/minus option deals (for example index -1.00 puts) -
which are currently incorrectly priced flat to the index option (the index
-1.00 put is priced flat to the index put)- will be accurately priced to
reflect the difference in strikes.

If  anyone has any questions please call me at  3-6731.

Thank You,

Larry May


------------------------------------------------------------------------------------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

June 1, 2001 5:00pm through June 4, 2001 12:00am
------------------------------------------------------------------------------------------------------

ECS to ECN Network Interconnection, June 9th 2001

This is a notification that the Enron Corp. I/T Networks team will be connecting the new building network infrastructure located in Enron Center South (ECS) to the existing Enron Center North (ECN) backbone network.  While this activity is not expected to produce a disruption to network services, this notice is designed to alert the organization to our activities.  No network hardware or systems are anticipated to be shutdown.  The actual physical interconnection of the networks will be performed in the EB 34th floor Data Center.

Interconnection activities are scheduled to occur the evening of June 9th 2001 starting from 7:00 p.m.(CT) and completing around 11:00 p.m. (CT). Application testing activities will begin at 11:00 p.m. (CT) once all network testing has completed.

If you have any further questions, please contact Pete Castrejana at 713-410-0642 for more information.

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:
Impact:  ENS
Time:  Fri 6/1/2001 at  11:00:00 PM CT thru Fri 6/1/2001 at  11:45:00 PM CT
	Fri 6/1/2001 at    9:00:00 PM PT thru Fri 6/1/2001 at     9:45:00 PM PT
	Sat 6/2/2001 at  5:00:00 AM London thru Sat 6/2/2001 at  5:45:00 AM London
Outage:  Enable routing on new router ecn-34-cor-ccr1
Environments Impacted:  ENS
Purpose: This router will be used to connect to the new building
Backout: remove routing on the router.
Contact(s): 	Scott Shishido    713-853-9780

Impact:  AEP
Time:  Fri 6/1/2001 at  8:00:00 PM CT thru Fri 6/1/2001 at  8:30:00 PM CT
	Fri 6/1/2001 at  6:00:00 PM PT thru Fri 6/1/2001 at  6:30:00 PM PT
	Sat 6/2/2001 at  2:00:00 AM London thru Sat 6/2/2001 at  2:30:00 AM London
Outage:  Shutting off the internal link to 1201 Louisiana
Environments Impacted:  AEP
Purpose: Company occupying that space has been sold.
Backout: None
Contact(s): 	Garhett Clark         713-345-9953
                        Robert Humlicek   713-853-6366   713-406-8293

Impact:  ENS/GCO
Time:  Fri 6/1/2001    thru Wed 7/4/2001
Outage:  HPL migration to AEP
Environments Impacted:  GCO
Purpose: Sites sold
Backout: None
Contact(s): 	Garhett Clark         713-345-9953
		Robert Humlicek   713-853-6366   713-406-8293

FIELD SERVICES:  No Scheduled Outages.

INTERNET:
Impact:  Internet
Time:  Fri 6/1/2001 at  10:30:00 PM CT thru Fri 6/1/2001 at  10:45:00 PM CT
	Fri 6/1/2001 at    8:30:00 PM PT thru Fri 6/1/2001 at     8:45:00 PM PT
	Sat 6/2/2001 at  4:30:00 AM London thru Sat 6/2/2001 at  4:45:00 AM London
Outage:  Reboot Enron.com edge routers
Environments Impacted:  Internet
Purpose: Regular reboot to prevent such problems as memory corruption. Intermettent disruption to last about five minutes.
Backout:
Contact(s): 	John Shupak          713-853-7943
		Bryan Aubuchon    713-345-8446

MESSAGING:
Impact:  Corp Notes
Time:  Fri 6/1/2001 at  9:00:00 PM CT thru Sat 6/2/2001 at  1:00:00 AM CT
	Fri 6/1/2001 at  7:00:00 PM PT thru Fri 6/1/2001 at 11:00:00 PM PT
	Sat 6/2/2001 at  3:00:00 AM London thru Sat 6/2/2001 at  7:00:00 AM London
Outage:  cNotes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s): 	Trey Rhodes  (713) 345-7792

Impact:  EI
Time:  Fri 6/1/2001 at  9:00:00 PM CT thru Sat 6/2/2001 at  1:00:00 AM CT
	Fri 6/1/2001 at  7:00:00 PM PT thru Fri 6/1/2001 at 11:00:00 PM PT
	Sat 6/2/2001 at  3:00:00 AM London thru Sat 6/2/2001 at  7:00:00 AM London
Outage:  EI Notes Server Maintenance
Environments Impacted:  EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s): 	David Ricafrente    713-646-7741

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: No Scheduled Outages.

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

-------------------------------------------------------------------------------------------------------------------------------------
								FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management			(713) 853-5536
SAP/ISC                                                                               (713) 345-4727
Unify On-Call 					(713) 284-3757  [Pager]
Sitara On-Call					(713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS			(713) 639-9726  [Pager]
OSS/UA4/TARP				(713) 285-3165  [Pager]
CPR						(713) 284-4175  [Pager]
EDI Support 					(713) 327-3893  [Pager]
EES Help Desk					(713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call                    (713) 327-6032 [Pager]


I chatted with Jim - everything's cool. Call me when you need me.

One question (Sally mentioned it) - is Bob Hall 'in'? She saw a list that had him in and excluded myself - is that an old list - hopefully....?

If I'm a first reserve for Bob or am I incremental? Just keep me posted. I won't be offended.

B.


Randy Monk
Box 597
Ben Lomond, CA 95005
randymonk@hotmail.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Randy Monk


Start Date: 1/25/02; HourAhead hour: 2;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012502.txt


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 10/15/00 04:48 PM -----

	Corporate Benefits@ENRON
	Sent by: Enron Announcements@ENRON
	10/12/00 06:23 PM

		 To: All Enron Worldwide employees
		 cc:
		 Subject: Open Enrollment 2001

Open Enrollment 2001 is going on now through October 22nd, 5pm CST for
regular full-time and regular part-time employees.  Your 2000 elections will
automatically rollover for 2001, so if you don,t want to make any changes, DO
ABSOLUTELY NOTHING!  Annual elections for all Flexible Spending Accounts will
rollover too!  Yes, you heard right ) ALL 2000 ELECTIONS WILL AUTOMATICALLY
ROLLOVER FOR 2001, INCLUDING SPENDING ACCOUNTS!

To make it even more convenient, print your 2001 confirmation statement right
from the web site and you,re finished!  Sound easy?  It is!  Don,t have your
packet?  No problem!  You can access the enrollment 2001 web site and print
your personal worksheet right from your desktop.  Call Benefits at
1-800-332-7979, Option 1, for additional information or assistance.
Confirmation statements will be mailed to your home at the end of October and
final changes for 2001 can be made via the web or IVR from 11/8-11/15.

Logon to WWW.ENRON.BENEFITSNOW.COM today!

QUICK FACTS
? 100% Default for All Current Elections and Spending Accounts ) Don,t Want
to Make a Change?
 Then Do Absolutely Nothing ) Your 2000 annual election will ROLLOVER for
2001!

? $250 Medical Deductible Plan for Employees Residing Outside of a Network
Area

? HMO plans going away )
Coventry Health Care of Iowa (formerly known as Principal Health Care)
Presbyterian Health Plan
HealthNet of Oregon (formerly known as Qual/Med)
Blue Shield of California

? Orthodontia treatment is NOT considered a pre-existing condition under the
Enron Corp. Dental Plan.
 The Plan will coordinate with other coverage based on coordination of
benefit (COB) rules.
 (Contact MetLife at 1-800-492-8588 for specific details and information)

? New Hires who make their 2000 elections by 10/16 will receive their 2001
packets the first week of
 November for enrollment during 11/8-11/15; elections not in by 10/16 will
require a manual enrollment
 for 2000 and 2001 and must be made within 31 days of their hire date

? Provider directories can be accessed directly from the enrollment 2001 web
site or - 1) link directly
 to the providers through the HR/Benefits Intranet Website or 2) go directly
to the source by logging
 on through the web at:

www.cigna.com        www.vsp.com
www.provider.uhc.com/enron     www.merck-medco.com


CALENDAR ENTRY:	APPOINTMENT

Description:
	Great River Energy - Lia H (4109)

Date:		7/19/2000
Time:		9:00 AM - 10:00 AM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Which direction should I go on 610?

Aimee Lannou   08/16/2000 04:47 PM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Evacuation Plan for Houston

Evacuation Plan for Houston

  In case of a hurricane, follow the Houston Evacuation Plan:

  Hispanics use I-10 West to San Antonio
  Cajuns use I-10 East to Lafayette
  Yankees use I-45 North to Oklahoma
  Native Texans use Hwy. 290 to Austin
  Aggies use 610 Loop


Gentlemen-

 Attached pleased find the revised Subscriber Agreement, with some fine
adjustments in the language as we discussed last Friday.

 One amendment that we discussed was the removal of some of the language
related to EBS equipment.  We have done this (note no mention of janitorial
services), but have elected to leave the discussion of liens and insurance in
the document, in the event that our third parties need to install any
equipment in order to deliver the T-1 service.  If any counterparty has a
specific objection to this language, we can discuss further modifications.
Leaving the language intact, however, will lessen further delays should the
third-party local loop providers require some assurances about their
connection equipment.

 Please contact me if you would like to discuss, or reply to this message
with your approval of the document.  Once we confirm your acceptance of the
document, we will forward to the counterparties.

David Mims


Yes.

-----Original Message-----
From: Imai, Rika
Sent: Tuesday, July 10, 2001 11:36 AM
To: Presto, Kevin M.
Subject: FW: 1100 report

Kevin,

Could we add Jason Kaniss to the list, since i would like him to focus on outages for the fundamentals group.

Thank You

Rika

-----Original Message-----
From: Brad Galante [mailto:strat_alert@hotmail.com]
Sent: Tuesday, July 10, 2001 11:00 AM
To: Tripp, Garrett; Imai, Rika; Herndon, Rogers;
Mark.Dana.Davis@enron.com; Presto, Kevin M.; Broderick, Paul J.;
pdth39@hotmail.com; Dorland, Chris
Subject: 1100 report

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


Louise,

Those numbers are impressive without a doubt.  The success has had the
unfortunate consequence of showing the limits of our current internet
technology.  The delays in messages from the stacks to the website have
gotten worse in recent weeks.  This is only anecdotal evidence but as a
trader on the system it has been very frustrating.

Regards,

Pete Keavey


Don,

Could you have one of your guys take a look at the attached to see if we have
all documents related to the peakers properly inputed into the system?

Stuart
----- Forwarded by Stuart Zisman/HOU/ECT on 10/11/2000 03:53 PM -----

	Chris Booth@ENRON
	10/11/2000 03:24 PM

		 To: Stuart Zisman/HOU/ECT@ECT
		 cc: Fred Mitro/HOU/ECT@ECT, Kristi Dobbs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: PEAKER PROJECTS 1999-2000

Stuart,

Please find attached a list of the contracts that EE&CC has administered for
the 1999 and 2000 Peaker Projects.  Please let myself or Kristi Dobbs know
what contracts you need for the due diligence files.

Chris
---------------------- Forwarded by Chris Booth/NA/Enron on 10/11/2000 03:12
PM ---------------------------

Kristi Dobbs@ENRON_DEVELOPMENT
10/11/2000 03:04 PM
To: Chris Booth/NA/Enron@Enron
cc: Brian D Barto/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: PEAKER PROJECTS 1999-2000

Per your request

Thanks...Kristi


[IMAGE]  [IMAGE]

To unsubscribe from this mailing list, click HERE


10:48:48 Synchronizing Mailbox 'Kean, Steven J.'
10:48:49 Synchronizing Hierarchy
10:48:49 Synchronizing Favorites
10:48:49 Synchronizing Folder 'Inbox'
10:48:51 	   3 item(s) added to offline folder
10:48:51 Synchronizing Folder 'Outbox'
10:48:51 Synchronizing Folder 'Sent Items'
10:48:51 Synchronizing Folder 'AADepartment'
10:48:51 Synchronizing Folder 'Administrative'
10:48:51 Synchronizing Folder 'Advertising'
10:48:51 Synchronizing Folder 'Advisory board on electricity and the environment'
10:48:52 Synchronizing Folder 'AEP/CSW'
10:48:52 Synchronizing Folder 'Affiliate rules'
10:48:52 Synchronizing Folder 'Africa'
10:48:52 Synchronizing Folder 'enron accelerator'
10:48:52 Synchronizing Folder 'American Indian Affairs'
10:48:52 Synchronizing Folder 'analyst meeting 2001'
10:48:52 Synchronizing Folder 'Ancillary services'
10:48:52 Synchronizing Folder 'annual report'
10:48:52 Synchronizing Folder 'antitrust'
10:48:52 Synchronizing Folder 'APEC'
10:48:52 Synchronizing Folder 'appropriations'
10:48:53 Synchronizing Folder 'Arena'
10:48:53 Synchronizing Folder 'argentina'
10:48:53 Synchronizing Folder 'Enron Mentions'
10:48:53 Synchronizing Folder 'Arizona'
10:48:53 Synchronizing Folder 'asia-pacific'
10:48:53 Synchronizing Folder 'Associations'
10:48:53 Synchronizing Folder 'Audobon'
10:48:53 Synchronizing Folder 'australia'
10:48:53 Synchronizing Folder 'aviation'
10:48:53 Synchronizing Folder 'Azurix'
10:48:53 Synchronizing Folder 'Bandwidth trading'
10:48:53 Synchronizing Folder 'bankruptcy'
10:48:54 Synchronizing Folder 'bg&e'
10:48:54 Synchronizing Folder 'Billing issues'
10:48:54 Synchronizing Folder 'biography/history'
10:48:54 Synchronizing Folder 'BIPAC'
10:48:54 Synchronizing Folder 'board of directors'
10:48:54 Synchronizing Folder 'BPA'
10:48:54 Synchronizing Folder 'Br-Am Business Council'
10:48:54 Synchronizing Folder 'Brazil'
10:48:54 Synchronizing Folder 'Budget'
10:48:54 Synchronizing Folder 'Budget bill'
10:48:54 Synchronizing Folder 'Building'
10:48:54 Synchronizing Folder 'bush'
10:48:54 Synchronizing Folder 'Bush transition'
10:48:54 Synchronizing Folder 'business council'
10:48:54 Synchronizing Folder 'Calendar'
10:48:54 Synchronizing Folder 'California'
10:48:55 Synchronizing Folder 'Ballot Initiative'
10:48:55 Synchronizing Folder 'california - demand buydown'
10:48:55 Synchronizing Folder 'california - emergency authority'
10:48:55 Synchronizing Folder 'California - excess profits tax'
10:48:55 Synchronizing Folder 'California - working group'
10:48:55 Synchronizing Folder 'California campaign'
10:48:55 Synchronizing Folder 'california humor'
10:48:55 Synchronizing Folder 'California-PG&E bankruptcy'
10:48:56 Synchronizing Folder 'Caliornia - investigations'
10:48:56 Synchronizing Folder 'CalPX'
10:48:56 Synchronizing Folder 'campaign 2000'
10:48:56 Synchronizing Folder 'Canada'
10:48:56 Synchronizing Folder 'Capacity assignment'
10:48:56 Synchronizing Folder 'Carribean'
10:48:56 Synchronizing Folder 'CEC conference'
10:48:56 Synchronizing Folder 'CERA'
10:48:56 Synchronizing Folder 'CFTC'
10:48:56 Synchronizing Folder 'Chamber of Commerce'
10:48:56 Synchronizing Folder 'China'
10:48:56 Synchronizing Folder 'Coal'
10:48:56 Synchronizing Folder 'Coal-Rail issues'
10:48:56 Synchronizing Folder 'committee assignments'
10:48:56 Synchronizing Folder 'Compensation'
10:48:56 Synchronizing Folder 'Competition Index'
10:48:57 Synchronizing Folder 'Contact list'
10:48:57 Synchronizing Folder 'Contacts'
10:48:57 Synchronizing Folder 'contributions'
10:48:57 Synchronizing Folder 'corporate communications'
10:48:57 Synchronizing Folder 'Corporate responsibility'
10:48:57 Synchronizing Folder 'Cost controls'
10:48:57 Synchronizing Folder 'CouncilForeignRelations'
10:48:57 Synchronizing Folder 'crisis'
10:48:57 Synchronizing Folder 'croatia'
10:48:57 Synchronizing Folder 'Cuiba'
10:48:57 Synchronizing Folder 'data'
10:48:57 Synchronizing Folder 'deals'
10:48:57 Synchronizing Folder 'Default customer issue'
10:48:58 Synchronizing Folder 'Delaware'
10:48:58 Synchronizing Folder 'Disclosure'
10:48:58 Synchronizing Folder 'disclosure rules'
10:48:58 Synchronizing Folder 'distribution services'
10:48:58 Synchronizing Folder 'diversity'
10:48:58 Synchronizing Folder 'divestiture'
10:48:58 Synchronizing Folder 'DOD'
10:48:58 Synchronizing Folder 'DOE'
10:48:58 Synchronizing Folder 'dominican republic'
10:48:58 Synchronizing Folder 'Drafts'
10:48:58 Synchronizing Folder 'Y2k'
10:48:58 Synchronizing Folder 'Early Crediting'
10:48:58 Synchronizing Folder 'Earnings releases'
10:48:58 Synchronizing Folder 'EBR'
10:48:58 Synchronizing Folder 'EBS redeployment'
10:48:58 Synchronizing Folder 'Ecuador'
10:48:59 Synchronizing Folder 'EES'
10:48:59 Synchronizing Folder 'Active Markets List'
10:48:59 Synchronizing Folder 'EI'
10:48:59 Synchronizing Folder 'El Paso Electric'
10:48:59 Synchronizing Folder 'Elec -- SE'
10:48:59 Synchronizing Folder 'Elec--Mass'
10:48:59 Synchronizing Folder 'Elec-Michigan'
10:48:59 Synchronizing Folder 'Election 98 results'
10:48:59 Synchronizing Folder 'Electricity restructuring advisory group'
10:48:59 Synchronizing Folder 'emerson'
10:48:59 Synchronizing Folder 'Enron Advisonry Council'
10:48:59 Synchronizing Folder 'Enron briefing center'
10:48:59 Synchronizing Folder 'Enron Communications'
10:48:59 Synchronizing Folder 'enron credit'
10:48:59 Synchronizing Folder 'Enron Field'
10:48:59 Synchronizing Folder 'Enron financial info'
10:48:59 Synchronizing Folder 'Enron global markets'
10:48:59 Synchronizing Folder 'Enron history'
10:48:59 Synchronizing Folder 'ENRON MENTIONS'
10:48:59 Synchronizing Folder 'Enron Networks'
10:48:59 Synchronizing Folder 'Enron Online Summary'
10:48:59 Synchronizing Folder 'enron presence'
10:48:59 Synchronizing Folder 'Enron Property Services'
10:48:59 Synchronizing Folder 'Enron Wind'
10:48:59 Synchronizing Folder 'enron.com'
10:49:00 Synchronizing Folder 'Enrononline'
10:49:00 Synchronizing Folder 'Environmental Issues'
10:49:00 Synchronizing Folder 'EPA-gen performance standards'
10:49:00 Synchronizing Folder 'EOG'
10:49:00 Synchronizing Folder 'WTO'
10:49:00 Synchronizing Folder 'EOG--Wyoming Land Patent'
10:49:00 Synchronizing Folder 'ethanol'
10:49:00 Synchronizing Folder 'Europe'
10:49:00 Synchronizing Folder 'Expense Rep's'
10:49:00 Synchronizing Folder 'experience enron'
10:49:00 Synchronizing Folder 'facilities services'
10:49:00 Synchronizing Folder 'federal emergency'
10:49:00 Synchronizing Folder 'federal legislation'
10:49:00 Synchronizing Folder 'FERC'
10:49:00 Synchronizing Folder 'Fire chief'
10:49:01 Synchronizing Folder 'florida'
10:49:01 Synchronizing Folder 'fuel cells'
10:49:01 Synchronizing Folder 'Gas'
10:49:01 Synchronizing Folder 'Gas crisis'
10:49:01 Synchronizing Folder 'Gas-Georgia'
10:49:01 Synchronizing Folder 'Goals and Objectives 1999'
10:49:01 Synchronizing Folder 'Gore'
10:49:01 Synchronizing Folder 'Government Affairs Group reports'
10:49:01 Synchronizing Folder 'government affairs organization'
10:49:01 Synchronizing Folder 'Governor Davis meeting'
10:49:01 Synchronizing Folder 'Greenhouse gas business'
10:49:02 Synchronizing Folder 'health care issues'
10:49:02 Synchronizing Folder 'Heat wave'
10:49:02 Synchronizing Folder 'Hedge fund'
10:49:02 Synchronizing Folder 'Houston'
10:49:02 Synchronizing Folder 'Houston air'
10:49:02 Synchronizing Folder 'HR'
10:49:02 Synchronizing Folder 'HR stats'
10:49:02 Synchronizing Folder 'HR-data'
10:49:02 Synchronizing Folder 'humor'
10:49:02 Synchronizing Folder 'hydro'
10:49:02 Synchronizing Folder 'Illinois'
10:49:02 Synchronizing Folder 'IMF'
10:49:02 Synchronizing Folder 'implementation'
10:49:02 Synchronizing Folder 'Index'
10:49:02 Synchronizing Folder 'India'
10:49:03 Synchronizing Folder 'industrial customer services'
10:49:03 Synchronizing Folder 'Interconnection'
10:49:03 Synchronizing Folder 'world bank'
10:49:03 Synchronizing Folder 'internal communications'
10:49:03 Synchronizing Folder 'international'
10:49:03 Synchronizing Folder 'internet sites'
10:49:03 Synchronizing Folder 'Iowa'
10:49:03 Synchronizing Folder 'IPP'
10:49:03 Synchronizing Folder 'ISO'
10:49:03 Synchronizing Folder 'Japan'
10:49:03 Synchronizing Folder 'Journal'
10:49:03 Synchronizing Folder 'Key races'
10:49:03 Synchronizing Folder 'keystone'
10:49:03 Synchronizing Folder 'knowledge management'
10:49:04 Synchronizing Folder 'Korea'
10:49:04 Synchronizing Folder 'lobbying and contributions'
10:49:04 Synchronizing Folder 'Logo'
10:49:04 Synchronizing Folder 'Long Beach'
10:49:04 Synchronizing Folder 'market structure'
10:49:04 Synchronizing Folder 'Market value'
10:49:04 Synchronizing Folder 'Maryland'
10:49:04 Synchronizing Folder 'Massachusetts'
10:49:04 Synchronizing Folder 'mckinsey project'
10:49:04 Synchronizing Folder 'media'
10:49:04 Synchronizing Folder 'mergers'
10:49:04 Synchronizing Folder 'merit'
10:49:04 Synchronizing Folder 'message development'
10:49:05 Synchronizing Folder 'Metals'
10:49:05 Synchronizing Folder 'Metering'
10:49:05 Synchronizing Folder 'Mexico'
10:49:05 Synchronizing Folder 'Michigan'
10:49:05 Synchronizing Folder 'military privatizations'
10:49:05 Synchronizing Folder 'minnesota'
10:49:05 Synchronizing Folder 'Mississippi'
10:49:05 Synchronizing Folder 'MIT'
10:49:05 Synchronizing Folder 'MLP issue'
10:49:05 Synchronizing Folder 'MTBE'
10:49:05 Synchronizing Folder 'NACEC'
10:49:05 Synchronizing Folder 'Native American issues'
10:49:05 Synchronizing Folder 'Nebraska'
10:49:05 Synchronizing Folder 'Nepal'
10:49:05 Synchronizing Folder 'NERC'
10:49:05 Synchronizing Folder 'NERC nominating committee'
10:49:05 Synchronizing Folder 'networks'
10:49:05 Synchronizing Folder 'new hampshire'
10:49:05 Synchronizing Folder 'new jersey'
10:49:05 Synchronizing Folder 'New Mexico'
10:49:05 Synchronizing Folder 'New York'
10:49:06 Synchronizing Folder 'newton'
10:49:06 Synchronizing Folder 'NGO'
10:49:06 Synchronizing Folder 'Nigeria'
10:49:06 Synchronizing Folder 'North Carolina'
10:49:06 Synchronizing Folder 'Notes'
10:49:06 Synchronizing Folder 'NOx'
10:49:06 Synchronizing Folder 'nuclear waste'
10:49:06 Synchronizing Folder 'OFCCP audit'
10:49:06 Synchronizing Folder 'Ohio'
10:49:06 Synchronizing Folder 'OPIC'
10:49:06 Synchronizing Folder 'organization'
10:49:06 Synchronizing Folder 'organizations and associations'
10:49:06 Synchronizing Folder 'organizations and phone lists'
10:49:06 Synchronizing Folder 'PAC'
10:49:06 Synchronizing Folder 'Peakers'
10:49:06 Synchronizing Folder 'PECO'
10:49:06 Synchronizing Folder 'Pennsylvania'
10:49:06 Synchronizing Folder 'performance management'
10:49:06 Synchronizing Folder 'personal'
10:49:07 Synchronizing Folder 'personnel'
10:49:07 Synchronizing Folder 'Working groups'
10:49:07 Synchronizing Folder 'PG&E'
10:49:07 Synchronizing Folder 'PGE'
10:49:07 Synchronizing Folder 'phones'
10:49:07 Synchronizing Folder 'Wisconsin'
10:49:07 Synchronizing Folder 'Pipeline issues'
10:49:07 Synchronizing Folder 'position papers'
10:49:07 Synchronizing Folder 'PPL'
10:49:07 Synchronizing Folder 'PRC'
10:49:07 Synchronizing Folder 'PR-Crisis Management'
10:49:07 Synchronizing Folder 'presentations'
10:49:07 Synchronizing Folder 'press'
10:49:07 Synchronizing Folder 'Press Releases'
10:49:07 Synchronizing Folder 'Project California'
10:49:07 Synchronizing Folder 'Project Summer'
10:49:07 Synchronizing Folder 'puerto rico'
10:49:08 Synchronizing Folder 'PUHCA'
10:49:08 Synchronizing Folder 'quotes'
10:49:08 Synchronizing Folder 'rail'
10:49:08 Synchronizing Folder 'reciprocity'
10:49:08 Synchronizing Folder 'redeployment'
10:49:08 Synchronizing Folder 'Reg Reform'
10:49:08 Synchronizing Folder 'Reg risk'
10:49:08 Synchronizing Folder 'regulatory and political risk management'
10:49:08 Synchronizing Folder 'Reliability Task Force'
10:49:08 Synchronizing Folder 'Religious persecution'
10:49:08 Synchronizing Folder 'reorganization'
10:49:08 Synchronizing Folder 'REPORTS'
10:49:08 Synchronizing Folder 'Republican leadership'
10:49:08 Synchronizing Folder 'Resco'
10:49:09 Synchronizing Folder 'Residential letter'
10:49:09 Synchronizing Folder 'residential template'
10:49:09 Synchronizing Folder 'Resource management'
10:49:09 Synchronizing Folder 'resume'
10:49:09 Synchronizing Folder 'Retail access summary'
10:49:09 Synchronizing Folder 'RFP form'
10:49:09 Synchronizing Folder 'Rice'
10:49:09 Synchronizing Folder 'royalty in kind'
10:49:09 Synchronizing Folder 'RTO'
10:49:09 Synchronizing Folder 'Saipan'
10:49:09 Synchronizing Folder 'Sanctions'
10:49:09 Synchronizing Folder 'Sandia Lab transmission group'
10:49:09 Synchronizing Folder 'Saved Doc's'
10:49:09 Synchronizing Folder 'SEC'
10:49:10 Synchronizing Folder 'security'
10:49:10 Synchronizing Folder 'Senate testimony re California'
10:49:10 Synchronizing Folder 'Senate trip to England'
10:49:10 Synchronizing Folder 'Ship Channel'
10:49:10 Synchronizing Folder 'Sooner'
10:49:10 Synchronizing Folder 'Southern Cone'
10:49:10 Synchronizing Folder 'Special Project'
10:49:10 Synchronizing Folder 'Speeches'
10:49:10 Synchronizing Folder 'staff meeting'
10:49:10 Synchronizing Folder 'Standard Offer Service'
10:49:10 Synchronizing Folder 'Standards of Conduct'
10:49:10 Synchronizing Folder 'Stranded costs'
10:49:10 Synchronizing Folder 'Strategy and objectives'
10:49:10 Synchronizing Folder 'Survey'
10:49:10 Synchronizing Folder 'Tasks'
10:49:10 Synchronizing Folder 'Tax issues'
10:49:11 Synchronizing Folder 'telecom'
10:49:11 Synchronizing Folder 'texas'
10:49:11 Synchronizing Folder 'thank yous'
10:49:11 Synchronizing Folder 'To Do'
10:49:11 Synchronizing Folder 'trade issues'
10:49:11 Synchronizing Folder 'Training'
10:49:11 Synchronizing Folder 'Transco'
10:49:11 Synchronizing Folder 'Transition guide'
10:49:11 Synchronizing Folder 'Transmission'
10:49:11 Synchronizing Folder 'transportation market'
10:49:11 Synchronizing Folder 'transredes'
10:49:11 Synchronizing Folder 'Turkey'
10:49:11 Synchronizing Folder 'TVA'
10:49:11 Synchronizing Folder 'UI'
10:49:12 Synchronizing Folder 'Uniform Business Rules'
10:49:12 Synchronizing Folder 'Unions'
10:49:12 Synchronizing Folder 'united way'
10:49:12 Synchronizing Folder 'University relations'
10:49:12 Synchronizing Folder 'Wholesale'
10:49:12 Synchronizing Folder 'western governors'
10:49:12 Synchronizing Folder 'updates'
10:49:12 Synchronizing Folder 'valuation'
10:49:12 Synchronizing Folder 'Vermont'
10:49:12 Synchronizing Folder 'Virginia'
10:49:12 Synchronizing Folder 'Vision'
10:49:12 Synchronizing Folder 'vision and values'
10:49:12 Synchronizing Folder 'Washington office'
10:49:12 Synchronizing Folder 'Water'
10:49:12 Synchronizing Folder 'West Virginia'
10:49:12 Synchronizing Folder 'management conference'
10:49:12 Synchronizing Views
10:49:13 Synchronizing Forms
10:49:22 Done


Thanks for the update, Andrew.  Just let us know if what the ultimate outcome
is.  SRS

Andrew Miles
04/10/2001 04:39 PM
To: Jeff Skilling/Corp/Enron@ENRON
cc: Alhamd Alkhayat/NA/Enron, Jon Adler/NA/Enron

Subject: Re: Xcelerator idea

Hi Sherri!

I actually sent Gary an email this morning, thanking him for the idea.  I
don't think it is something we would want to pursue at this point - though it
isn't a bad idea.

Hope all is well with you.

Andrew

Jeff Skilling
04/10/2001 04:18 PM

Sent by: Sherri Sera
To: Gary Dreadin/GCO/Enron@ENRON
cc: Lou L Pai/HOU/EES@EES, Alhamd Alkhayat/NA/Enron, Andrew
Miles/NA/Enron@Enron, Jon Adler/NA/Enron
Subject: Re: Xcelerator idea

Hamd, would you take the lead on this and keep Jeff posted?  Thanks, SRS

Gary Dreadin
04/10/2001 08:55 AM
To: Jeff Skilling/Corp/Enron@ENRON, Lou L Pai/HOU/EES@EES, Alhamd
Alkhayat/NA/Enron, Andrew Miles/NA/Enron@Enron, Jon Adler/NA/Enron
cc:

Subject: Xcelerator idea

Hello I didnt know which one of you to send this to so if you cant use it
please disregard.
Please see attached.


J: Please save an electronic copy of this presentation in case I want to use
any of the slides in the future.  Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 04/03/2001 10:42 AM -----

	Ursula Brenner@ENRON
	04/03/2001 09:46 AM

		 To: rryan@isda.org
		 cc: Mark E Haedicke/HOU/ECT@ECT, Karen Denne/Corp/Enron@ENRON
		 Subject: ISDA presentation

Rosemary,

This is the presentation Mr. Skilling will be using. As we discussed, this
presentation is to be projected not to be distributed. He will also have a
backup with him.

Please, let me know if you have any questions.

Best regards,

Ursula Brenner
ENRON CORP.
+1(713)345-3787

This message (including any attachments) contains confidential information
intended for a specific individual and purpose, and is protected by law.  If
you are not the intended recipient, you should delete this message and are
hereby notified that any disclosure, copying, or distribution of this
message, or the taking of any action based on it, is strictly prohibited.


Today, we are forming Enron Global Services (EGS) in order to more closely align our asset-based businesses.

This reorganization will allow EGS to focus our resources on opportunities that present the highest value to Enron.  It will also accomplish the following:  1) enhanced synergies among our assets and personnel, 2) more effective prioritization of business opportunities, and 3) better management of Enron's asset-based businesses throughout the world.

Enron Global Services' energy asset portfolio includes the North American pipeline businesses of Enron Transportation Services (ETS), including Northern Border; the international pipeline, power and distribution operations of Enron Global Assets & Services (EGAS); Portland General Electric; EOTT Energy Corp; Enron Wind; Azurix and Wessex Water.

Reporting to me as the heads of their respective business units are:
?	Jim Hughes, President & COO - EGS/International
?	Danny McCarty, Managing Director & CCO - ETS
?	Bill Cordes, President - Northern Border Partners
?	Peggy Fowler, President & CEO - Portland General Electric
?	John Garrison, President & CEO - Azurix
?	Dana Gibbs, President & COO - EOTT Energy Corp
?	Colin Skellett, CEO - Wessex Water
?	Adam Umanoff, President & CEO - Enron Wind

With the creation of EGS, we hope to enhance the efficient utilization of our commercial support services.  To accomplish this, EGS' staff and operational functions will be headed by:
?	Rod Hayslett, Managing Director & CFO
?	Rob Walls, Managing Director & General Counsel
?	Phil Lowry, Managing Director, Pipeline Operations and Engineering & Construction
?	Brian Stanley, President & CEO - EEOS
?	Steve Hotte, Vice President & CIO
?	John Ambler, Vice President, Communications & PR
?	Gary Smith, Vice President, Human Resources

In addition, Rob Walls will continue to perform his role as Deputy General Counsel for Enron reporting to Jim Derrick.

Phil Lowry will be responsible for domestic pipeline operations, technical services and engineering & construction, as well as, international pipeline technical services and engineering & construction.  Brian Stanley will be responsible for technical services and engineering & construction for international power and distribution facilities.

Below is an organization chart for Enron Global Services, which displays the changes described here.  We are confident this new organization will focus our talent and capital appropriately.  Please join me in supporting this management team as it strives to maximize Enron's return on its assets.

<Embedded Picture (Metafile)>


I'd  love to but I played Sawgrass today and am playing Sea Island for the next 4  days. Have fun you guys.
-----Original Message-----
From: j byrd  [mailto:jbyrd@byrdinterior.com]
Sent: Wednesday, January 09, 2002  2:06 PM
To: andrewd@tex-trude.com; Bobby Mulvey;  dale_griffin@aimfunds.com; jmcandre@mony.com; Chandler John; Rod Wiggins;  scarter@evsi.net; scott.neal@enron.com; scott.uptegraph@painewebber.com;  troyutz@attglobal.net; wjones@texonlp.com
Subject: Golf Friday  12:52
I have a tee time at LCC for this  Friday afternoon at 12:52. The  first four guys to respond are in wolf.

Call me with  questions.

Johnny  Byrd
713-688-8850


Attached is a draft price reporting policy to address the Platt's issue we
discussed.  As I indicated, a number of energy companies have asked for such
a policy.  We thought that from an industry prospective unifying around a
single policy made sense.  This policy is an attempt to address the concerns
we have discussed.  I would appreciate your comments with a view toward
creating what might be an industry standard in this area.

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

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - Price Reporting For Enron.doc


See attached revised process with a few changes based upon comments from
Andrea Reed.  Thanks.  I hope to get us together sometime next week.  Mary

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


P&L Responsibility

Midcontinent Region

Andy Lewis - Basis and Gas Daily
                    PEPL, ANR-ok, NNG-Demarc, NNG-Vent, NGPL-midcon

Jason Williams - Cash trading and index
                    PEPL, ANR-ok, NNG-Demarc, NNG-Vent, NGPL-midcon

Market Area

Hunter Shively - Basis and Gas Daily
                        Chicago

Geof Storey - Basis and Gas Daily
                    Michcon and Dawn

Vladi Pimenov - Cash trading and Index (no VAR)
                        Chicago

Souad Mahmassani - Cash trading and Index (no VAR)
                                Michcon and Dawn


The changes from the drafts I received are blacklined.  Please let me know if you have any comments or questions.

Brent Hendry
Senior Counsel
Enron North America
1400 Smith Street
Houston TX 77002
Phone  713 853 7124
Fax  713 646 3490


You have received this email because the requester specified you as their Manager. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000028567&Page=Approval to review and act upon this request.

Request ID          : 000000000028567
Request Create Date : 4/10/01 2:53:40 PM
Requested For       : bilal.bajwa@enron.com
Resource Name       : VPN/IPASS
Resource Type       : Applications


G,

The Fed Ex is yours:  Conf # 792398448404.  Pick up is at 2795 holly Hall,
Houston, TX  77054.

-Rup

Ryan F. Ruppert
West Texas Geoscience
US West Production Company
ExxonMobil Corporation
P: 713.431.1839
F: 713.431.1510


Brant,  Attached is a clean and redlined guaranty with the changes we agreed
upon.  We still need Hess' address for the notice section.  Sorry about the
delay.


Zimin,

Ammonia prices for Bob Lee.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/06/2000
02:00 PM ---------------------------

Cuthbert Roberts@ENRON
06/05/2000 09:21 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Ammonia Prices

Vince,

The attached are the 10 year historical prices for ammonia.

Cuthbert Roberts


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 09/18/2000
12:08 PM ---------------------------

	From:  Amanda Huble @ ENRON                           09/18/2000 10:53 AM

To: Chris Gaskill/Corp/Enron@Enron, Hunter S Shively/HOU/ECT@ECT, Geoff
Storey/HOU/ECT@ECT, Donna Greif/HOU/ECT@ECT
cc: Airam Arteaga/HOU/ECT@ECT
Subject: EDI Discussion

Please plan to attend a meeting on Tuesday, September 19, in EB3084.

Thank you,
Amanda Huble


Did you get you Boston Gas setup taken care of?


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---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 03/07/2001
10:21 AM ---------------------------

	Enron North America Corp.

	From:  Irena D Hogan                           03/02/2001 08:40 AM

To: Kimat Singla/HOU/ECT@ECT, Jeff Royed/Corp/Enron@ENRON, Kyle R
Lilly/HOU/ECT@ECT, Alejandra Chavez/NA/Enron@ENRON, Kimat Singla/HOU/ECT@ECT,
Kulvinder Fowler/NA/Enron@ENRON, Elizabeth L Hernandez/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Luchas Johnson/NA/Enron@Enron, B Scott
Palmer/HOU/ECT@ECT, Yuan Tian/NA/Enron@ENRON, Anne Bike/Corp/Enron@Enron,
Jason Wolfe/NA/Enron@ENRON, Carole Frank/NA/Enron@ENRON, Darron C
Giron/HOU/ECT@ECT, Patrick Ryder/NA/Enron@Enron, Elizabeth
Shim/Corp/Enron@ENRON, Ryan O'Rourke/ENRON@enronXgate, Kristen
Clause/ENRON@enronXgate, Victor Guggenheim/HOU/ECT@ECT, Phillip M
Love/HOU/ECT@ECT, Bruce Mills/Corp/Enron@ENRON, Andres
Balmaceda/NA/Enron@ENRON, Souad Mahmassani/Corp/Enron@ENRON, Sladana-Anna
Kulic/ENRON@enronXgate, David Baumbach/HOU/ECT@ECT, O'Neal D
Winfree/HOU/ECT@ECT, Michael Walters/HOU/ECT@ECT, Julie Meyers/HOU/ECT@ECT,
Jody Crook/Corp/Enron@ENRON, Denver Plachy/NA/Enron@Enron, Chance
Rabon/ENRON@enronXgate, Russ Severson/HOU/ECT@ECT, George Grant/HOU/ECT@ECT,
Martha Stevens/HOU/ECT@ECT, Trang Le/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Patricia
Rivera/NA/Enron@Enron, Sarah Smith/Corp/Enron@Enron, Kori Loibl/HOU/ECT@ECT,
Errol McLaughlin/Corp/Enron@ENRON, Susan M Scott/HOU/ECT@ECT, Laura
Vargas/Corp/Enron@ENRON, Amy Cavazos/NA/Enron@ENRON, Sherry
Dawson/NA/Enron@Enron, Bilal Bajwa/NA/Enron@Enron, Joey
Taylor/NA/Enron@ENRON, George Huan/NA/Enron, Derek Bailey/Corp/Enron@ENRON,
Kori Loibl/HOU/ECT@ECT, Cathy De La Torre/HOU/ECT@ECT, Melba A
Bowen/HOU/ECT@ECT, Cathy Sprowls/HOU/ECT@ECT, John Valdes/HOU/ECT@ECT,
Jennifer Lee/NA/Enron@Enron, Gregory A Mausser/HOU/ECT@ECT, James
Hungerford/NA/Enron@ENRON, Theresa Toward/NA/Enron@Enron, Greg
Couch/HOU/ECT@ECT, Elizabeth Soto/HOU/ECT@ECT, Alexander R
Gonzales/NA/Enron@ENRON, Binh Pham/HOU/ECT@ECT, Robin Rodrigue/HOU/ECT@ECT,
Bradley Jones/ENRON@enronXgate
cc:
Subject: Team Building!!!!!

PLEASE NOTE:  THE FIRST RACE DOES NOT START UNTIL 7:05 PM.
YOU DO NOT HAVE TO BE THERE AT 5:30 PM, ONLY IF YOU ARE ABLE TO.

THANK YOU


Here's my version of the spreadsheet with some explanations...

Only use the first 6 tabs of the file.  On the first tab, this is where you
do your sensitivity analysis.  You can change the discount rate and terminal
value.  These are the only inputs we need for this assignment.

The next two tabs are just historical data for Safeway and Vons.  I used the
Vons tab to see if there were any significant trends in balance sheet or
income statement items as a percentage of sales.

Sales growth forecasts are given in the case and calculated in the
Additional Calculations tab.  After that, almost everything is driven off
the Common Size tab.  Given past trends, we are supposed to forecast each
balance sheet and income statement item as a percentage of sales.  I almost
always used the most recent year as the forecast.  In some cases, the
forecast turned out to be a calculation because the actual number (found on
the DCF tab) was derived some other way.  (e.g., depreciation as a
percentage of PPE).

Note that I did not calculate debt as a percentage of sales.  That's because
we are supposed to figure out both long and short term debt in aggregate, so
I didn't try to break it back out into long and short term as a percentage
of sales.  It doesn't really matter if the whole Common Size tab is filled
out.

Any additional calculations I needed (e.g., sales forecasts) I did in a
separate sheet creatively called Additional Calculations.

Using the given assumptions of 12% discount rate and 7 times EBITDA
multiple, I get a per share value of lower than what Von's stock price is at
the time of the case.  But even using 10% and 8 times EBITDA, I still can't
get to the $58 that Safeway is offering.  However, if you use the 9.9
multiple that Safeway says their proposal represents and 11% discount rate,
you get a share price of about $58.

We are also supposed to look at the ratio analysis at the bottom of the DCF
tab and make sure the ratios are in line with expectations.  You can compare
them to the ratios given at the bottom of the Vons tab.

I get asset turns that are a little higher than historically to begin with
and then they keep going up, which isn't usually normal.  Asset turns tend
to remain relatively constant.  The reason why asset turns start out higher
is because total PPE as a percentage of sales has been going down.  This
makes sense given the information in the case that Vons is closing and
remodeling lots of stores.  Thus, making assets more productive.  The reason
why asset turns are increasing over time is because goodwill as an asset is
steadily decreasing as it gets written off and no further acquisitions are
made.  Thus assets grow slower than sales.  (I checked this.  If you have
goodwill grow as a percentage of sales, asset turns stay constant).

The only other thing is that leverage seems to be much lower than
historically.  I think it's because debt as a percentage of total assets has
gone down significantly.  Given that Vons is generating more cash than
needed to support both operations and investments, extra cash is being paid
out as a dividend.  (See line 76 on DCF tab).  Thus, it is likely that debt
as a percentage of assets will continue to decrease as it gets paid off over
time.  In the model, however, I have kept debt as a percentage of assets
constant at the 1996 level.  (See line 28 in Additional Calculations).  If
you increase debt and therefore increase leverage, you can get the ROE back
up to 1996 levels.  However, without changing the discount rate, changing
the debt has no effect on the DCF share price.

If you have any questions, make sure you "reply to all" so I get it at both
home and school.

 - Vons Model.xls


Lunch tomorrow?

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


See Attached


Mark - As per Harry's request, I'm forwarding you the ICIS LOR Pricing
Language for Methanol online trading:

The arithmetic average of the mean of the high and low prices as quoted
in ICIS-LOR Group LTD's Methanol Price Report in the section under
Methanol (US Gulf) Contract Prices (FOB) - "Barge" (cts/gal)
effective each day in the Delivery month for which such prices are
quoted (rounded to four (4) decimal places).

If the Contract Price for Methanol is no longer quoted by ICIS-LOR in
exactly the same format  as on the date hereof, then the parties will
negotiate in good faith to determine an alternative price index
representing the Contract price of Methanol.

Thanks.
Nony


Dear Pilot Participant,

The ClickAtHome Team has received an invoice for the Enron subsidized portion
of your ClickAtHome Computer.  This email is to verify that you have received
your Dell PC successfully.  If so, you can disregard this message and enjoy
your computer.

If you have not received your PC, or you returned it and have chosen to not
participate in the ClickAtHome program, PLEASE reply to this email or email
the ClickAtHome Team at clickathome@enron.com to notify us of this billing
error.

Thank you,
ClickAtHome Team!


I have reserved 49C2 on Wednesday, December 6th, from 10:00 a.m. until 11:00
a.m. to discuss ETS Risk Management Policy Revisions.  Please call Janet
Cones (3-1540) if this is not convenient for you.


please match the following deals for jan feb and mar

deal 142727 with 204779


Here is the clean and red-lined version of section1.
Ben


Mr. Lay responded that he is unable to attend.  I know that you already have
that message as someone has called, but I wanted to let you know also.

Rosalee Fleming

"Slade, Priscilla D" <Slade_PD@tsu.edu> on 08/22/2000 11:42:28 AM
To: "'klay@enron.com'" <klay@enron.com>
cc:
Subject: Kennybunkport and other

Hello Mr. Lay,

It's been a long time since we've talked.  I'm Priscilla Slade, President of
Texas Southern University.  The primary purpose of this e-mail is to invite
you to attend a weekend at the home of President and Mrs. Bush September
16-18.  So many people have expressed a desire to become know more about the
University (it's new initiatives and successes) that  President Bush
volunteered to host a gathering of 25 CEOs and spouses (or a second person
in the corporate hierarchy).  In addition to having fun golfing, sailing,
boating, etc., we are presenting ALL YOU WANT TO KNOW ABOUT TEXAS SOUTHERN
UNIVERSITY.

I know this is your favorite topic and that we can look forward to you
joining us.  An invitation is in the mail.  I look forward to you joining
us.

Sincerely,

Priscilla


Here's a marked version of suggested changes.

Would it be preferable to be consistent with the use of the names VEPCO and
Capacity and Energy Agreement?

Kay


Hey, how are you doing?!  You've got the right address.

Errol McLaughlin
ENA Financial Trading Risk Mgmt.
713-345-8274


It will have to be lunch.  We'll say Tuesday at noon.  I'm flying out for
good on the 1st.  I'll meet you on the thirteenth floor.  I'll try to bring
Pete too.

From: Douglas Nichols/ENRON@enronxgate on 03/25/2001 05:34 PM CST
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: Re: Fwd: I'm back

That's really nice of you Mary.  I'd like to return the favor some time.  I'm
having a medical procedure Friday afternoon that I'd just as soon not describe
- except to say I might not be in too good a shape Friday evening.  Will you
guys be back in town after your trip East long enough to spend an evening with
you?  If not, let's at least do lunch some day next week - I have Tuesday thru
Thur open - and would love to have Pete join us - my treat.  dn

>>> Hain, Mary 03/25/01 04:09PM >>>
We're flying back East on Sunday.  You are invited to come over Friday
evening, if you like.  Some of our other friends have asked to get together so
we're inviting people for pot luck.  we'll supply the beer.  Feel free to
bring your mom too. Or we could do something else, before Sunday.

From:    Douglas Nichols/ENRON@enronxgate on 03/25/2001 05:02 PM CST
To:    Mary Hain/HOU/ECT@ECT
cc:
Subject:    Re: Fwd: I'm back

You're welcome.  I talked to Janet last night - would you and Pete be able to
make dinner at our house next weekend - perhaps Sunday night?  dn

>>> Hain, Mary 03/25/01 03:52PM >>>
Thanks for sharing.  She's just adorable!

From:    Douglas Nichols/ENRON@enronxgate on 03/24/2001 12:17 PM CST
To:    Mary Hain/HOU/ECT@ECT
cc:
Subject:    Fwd: I'm back

Mary,
I told you I had a picture of Stan's new addition - here it is.  dn

-----Original Message-----
Date:  03/09/2001  10:23 am  (Friday)
From:  "Berman, Stan " <SBerman@HEWM.com>
To:  "'douglas_nichols@pgn.com '" <douglas_nichols@pgn.com>
CC:  "'jim_piro@pgn.com '" <jim_piro@pgn.com>
Subject:  I'm back

Hi,

Over the past weeks, I have been staying at home with my new daughter (a
picture is attached, though it does not do her justice).  Monday, March 12,
I intend to return to the office.

My sense is that Paul Mohler has been doing a fine job running the rate
case.  I hope you agree -- if not, please tell me.  I intend to start
reintegrating myself into the RTO West/TransConnect work, and will call to
discuss -- I'm writing now to get you thinking about it.

Stan


Here's what I hear about who's scheduling what:

The UDCs are scheduling their own g & t
CDWR is scheduling for all UDCs (including SDG&E) in the bilateral market for
day ahead and day of
CDWR is scheduling for all the UDCs (including SDG&E) in the ISO real time
market


FYI

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/12/2000
05:23 PM ---------------------------

Vince J Kaminski
04/12/2000 05:21 PM
To: Joseph Hrgovcic/HOU/ECT@ECT
cc:
Subject: Re: Presentation by Yannis Tzamouranis at Thursday Staff Meeting

Joe,

OK as long as the number is limited. ,Please, check with Shirley regarding
lunch.
We are already full in this room.

Vince

Joseph Hrgovcic
04/12/2000 03:33 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Presentation by Yannis Tzamouranis at Thursday Staff Meeting

Vince,

 I would like to invite some people from the Weather Derivatives desk to
attend the lunch, if that's OK. One of them is the Australian weather desk's
research/data representative, and it would be good if he could become
familiar with the research group.

Joe

---------------------- Forwarded by Joseph Hrgovcic/HOU/ECT on 04/12/2000
03:31 PM ---------------------------

Shirley Crenshaw
04/12/2000 02:30 PM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni
Krishnarao/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Mike A
Roberts/HOU/ECT@ECT, Joseph Hrgovcic/HOU/ECT@ECT, Kevin G Moore/HOU/ECT@ECT,
Grant Masson/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Zimin
Lu/HOU/ECT@ECT, Jason Sokolov/HOU/ECT@ECT, Michael
SCHILMOELLER/Enron@Gateway, Anjam Ahmad/LON/ECT@ECT, Vincent
Tang/HOU/ECT@ECT, Alexios Kollaros/HOU/EES@EES, Maureen Raymond/HOU/ECT@ECT,
Martin Lin/HOU/ECT@ECT, Benjamin Parsons/LON/ECT@ECT, Osman
Sezgen/HOU/EES@EES, Paulo Issler/HOU/ECT@ECT, Steven Leppard/LON/ECT@ECT,
Bryan Seyfried/LON/ECT@ECT, Farouk Lalji/HOU/ECT@ECT, Michael
Sergeev/HOU/ECT@ECT, Patricia Tlapek/HOU/ECT@ECT, Amitava
Dhar/Corp/Enron@ENRON, Alex Huang/Corp/Enron@ENRON, Ronnie
Chahal/HOU/EES@EES, Kevin Kindall/Corp/Enron@ENRON, Clayton
Vernon/Corp/Enron@ENRON, William Smith/Corp/Enron@ENRON, Ravi
Thuraisingham/Enron Communications@Enron Communications, Leandro
Ibasco/Corp/Enron@Enron, Yanna Crystal/Corp/Enron@ENRON, Jose
Marquez/Corp/Enron@ENRON, Samer Takriti/Corp/Enron@Enron, Chonawee
Supatgiat/Corp/Enron@Enron, Shalesh Ganjoo/HOU/ECT@ECT, Guadalupe
Margain/Corp/Enron@Enron, Tom Halliburton/Corp/Enron@Enron
cc:
Subject: Presentation by Yannis Tzamouranis at Thursday Staff Meeting

Hello all:

Yannis Tzamouranis will make a presentation at the Research Group's
Thursday staff meeting (4/13/00) entitled:

"Proposal for a new data visualization project"

It will be in EB 30C1 at 11:30.

See you there.

Shirley Crenshaw
713-853-5290


I think we should speak with this candidate about a position in our
group..................working with Peggy on Mexican matters

	Michelle Cash
	12/04/2000 10:04 PM

		 To: Lance Schuler-Legal/HOU/ECT@ECT, Travis McCullough/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT, Julia Murray/HOU/ECT@ECT,
Elizabeth Sager/HOU/ECT@ECT, Bruce
Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sheila Tweed/HOU/ECT@ECT,
Jeffrey T Hodge/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT
		 cc: Mark E Haedicke/HOU/ECT@ECT
		 Subject: Opportunities at ENA

Attached is the resume of Carlos Sole, who currently is working for EECC.  He
is interested in pursuing opportunities within EWS, and we received excellent
references about his work performance from John Schwartzenburg and Kay Mann.
I am meeting with him on Friday of this week (he is out of town until then).
If you have an interest in talking with him, let me know, and I will arrange
a meeting.

Thanks.  Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 12/04/2000 09:47
PM ---------------------------
From: Carlos Sole@ENRON_DEVELOPMENT on 12/01/2000 09:36 AM
To: Michelle Cash/HOU/ECT@ECT
cc: John Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Opportunities at ENA

Michelle, per my voicemail as I indicated, I am trying to pursue what
opportunities may be available at EWS and both Julia Murray and Kay Mann
recommended that I contact you.  As background, I have been at EECC since
October last year where I have focused on traditional EPC contracts and joint
venture agreements with construction partners, cross-border financing
agreements principally in Mexico and merger and acquisition/strategic
investment transactions.  Before coming to Enron, I worked with the Houston
office of a New York based firm (Curtis, Mallet-Prevost, Colt & Mosle)  where
I focused mostly on transactions in Mexico since we represented Pemex on
their transactions involving long and short term oil supply agreements and
CFE (Mexico's electricity commission) on its public bids for EPC and IPP
projects.  Lastly, I started my legal career in 1994 at Patton Boggs in
Washington, DC where I focused on general domestic corporate transactions
such as establishing new business entities (ie, joint venture work,
partnerships etc.), m & a work, and securities offerings.  Thanks for your
consideration and I look forward to talking with you when you return from
vacation (my extension is 6-6127).


This is why the CPUC has opened its recent OII.  The problem now receives
national attention.

Nov 16,2000

California Power Plants Get Jolt
As Natural-Gas Supplies Are Cut

By Rebecca Smith
Staff Reporter of The Wall Street Journal

LOS ANGELES -- Southern California power plants, already stressed to their
limits last summer, got another jolt this week as a cold snap caused a sharp
curtailment of supplies of natural gas used to generate electricity.

The power plants were able to switch to burning oil and continue to produce
electricity. But the unusual curtailment of natural gas underlines concerns
that an increased reliance on gas for power generation across the U.S. is
putting the reliability of the nation's electricity supply at risk.

That's because virtually all power plants now under construction in the U.S.
burn gas and only gas. The units affected this week in San Diego were able to
shift to oil only because they were older plants that originally were
constructed to burn oil. Generators have been reluctant to add a dual-fuel
flexibility to plants in recent years because oil is far more polluting than
gas and generally has been costlier.

In California, where gas-supply problems first surfaced on Monday in San
Diego, there is pessimism about a Hydra-like energy crisis that seems to grow
new heads every day. The state weathered three-dozen electrical emergencies
last summer, caused by a shortage of electricity. Officials had hoped to
solve the problem by speeding up construction of new generating plants. Now,
they're finding the state may be building its way out of an electrical
problem and into a gas problem.

One official, who has been warning of the danger of reliance on a single
fuel, said this week's disruption pointed out the necessity of developing a
comprehensive energy policy that recognizes how changes in usage of oil, gas
and electricity affect each other. "We don't just need new generating plants
and transmission lines, we may need pipelines, too," said Terry Winter, chief
executive officer of the California Independent System Operator, the
organization responsible for maintaining adequate electricity supplies.  "You
can't look at these things in isolation."

The natural-gas problems surfaced when the local gas-distribution company,
San Diego Gas & Electric Co., notified power-plant operators and a handful of
industrial users that it would be restricting their gas use by about half. In
California, residential and small businesses have first crack at natural gas,
and industrial uses are regarded as secondary, even if they are generating
plants. Dynegy Inc., the Houston-based energy concern that owns some of the
older plants that serve San Diego, immediately switched to oil. But it didn't
like doing so; its plants create three times as much pollution when  they
burn oil and exhaust valuable air-pollution emission credits that power
plants here need to operate.

The San Diego units couldn't simply be shut down, because the state was short
of power. Roughly 30% of the state's capacity already was off-line, including
many of its nuclear units, as most of those plants are now undergoing repair
after being run at capacity limits throughout the summer.

What's more, the gas-pipeline system that feeds San Diego isn't big enough to
begin with. The system was built primarily to serve residential customers and
not big power plants.

The problems could persist, off and on, through the winter. That's because
gas-storage levels are down sharply from a year ago throughout the nation,
but especially in California, because it ran its gas-fired units so hard last
summer. This time last year, Southern California had 87 billion cubic feet of
gas in storage. Now, it's roughly 50 billion cubic feet, or 43% less. Prices
also have moved up sharply, from roughly $2.50 a million British thermal
units to around $8 this week. Nationally, storage levels are down about 8%
from a year ago.

"Gas is trading higher in California than anywhere else in the nation," said
John Lavorato, chief operating officer of Enron North America, a unit of
Enron Corp. of Houston. But he said they're headed up in the Northeast, based
on cold weather forecast for the next 10 days to two weeks.

High prices for fuel also push up prices for the end product, electricity. In
California the average price for electricity to be delivered Thursday was
$228 per megawatt hour. That's double the price a week ago and five times the
price a year earlier.


That will be a great talk
/////////////////////////////////////////////////////////
Shmuel S. Oren, Professor
Dept. of Industrial Engineering
        and Operations Research
4117 Etcheverry Hall
University of California
Berkeley, CA 94720-1777
e-mail: oren@ieor.berkeley.edu
phone: (510) 642-1836 or 5484
Fax:      (510) 642-1403
///////////////////////////////////////////////////////////

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <OREN@queue.IEOR.Berkeley.EDU>
Cc: <Vince.J.Kaminski@enron.com>; <Ashley.Baxter@enron.com>
Sent: Tuesday, August 29, 2000 5:01 PM
Subject: Re: Hello from Vince Kaminski at Enron

>
> Shmuel,
>
> The date of our trip to Berkeley has been set. It will be October 16th and
> 17th
> (Monday and Tuesday).
>
> I shall be glad to make a presentation on energy derivatives markets
> (development of the markets in the US and Europe, valuation difficulties,
> Enron's role
> in developing the forward markets for natural gas and electricity).
>
> Please, let me know if this topic would be of interest to you. If this is
> the
> case, I shall follow with a title and an abstract.
>
> By the way, are you free for dinner on Monday?
>
> Vince
>
>
>
>
>
>
> "Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/24/2000 08:59:38 AM
>
> To:   "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> cc:
> Subject:  Re: Hello from Vince Kaminski at Enron
>
>
> Great. Our seminars are 3:30 to 5PM. If it works for you please send me a
> title and abstract.
> /////////////////////////////////////////////////////////
> Shmuel S. Oren, Professor
> Dept. of Industrial Engineering
>         and Operations Research
> 4117 Etcheverry Hall
> University of California
> Berkeley, CA 94720-1777
> e-mail: oren@ieor.berkeley.edu
> phone: (510) 642-1836 or 5484
> Fax:      (510) 642-1403
> ///////////////////////////////////////////////////////////
>
> ----- Original Message -----
> From: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> To: "Shmuel Oren" <OREN@queue.IEOR.Berkeley.EDU>
> Cc: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>; "Ashley Baxter"
> <Ashley.Baxter@enron.com>
> Sent: Thursday, August 24, 2000 9:58 AM
> Subject: Re: Hello from Vince Kaminski at Enron
>
>
> >
> >
> > Shmuel,
> >
> > Thanks for the message. I am working with our recruiter, Ashley Baxter,
> > to finalize the date of the trip. I shall shoot for October the 23rd
> > if this date works for the rest of our team.
> >
> > Vince
> >
> >
> >
> >
> >
> >
> > "Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/23/2000 11:46:19 AM
> >
> > To:   Vince J Kaminski/HOU/ECT@ECT
> > cc:
> > Subject:  Re: Hello from Vince Kaminski at Enron
> >
> >
> >
> > Dear Vince.
> > I sent you a reply earlier this month but I haven't heard from you about
> the
> > date of your visit. Our department has a Seminar every Monday. If you
can
> > schedule your visit on a Monday I would like to invite you to give a
> seminar
> > which will be attended by many of our graduate students and faculty and
> will
> > give you an opportunity to tell them about your program. With sufficient
> > lead-time I can advertise the seminar in the Hass school to their
> financial
> > engineering students.
> > Shmuel.
> > /////////////////////////////////////////////////////////
> > Shmuel S. Oren, Professor
> > Dept. of Industrial Engineering
> >         and Operations Research
> > 4117 Etcheverry Hall
> > University of California
> > Berkeley, CA 94720-1777
> > e-mail: oren@ieor.berkeley.edu
> > phone: (510) 642-1836 or 5484
> > Fax:      (510) 642-1403
> > ///////////////////////////////////////////////////////////
> >
> > ----- Original Message -----
> > From: <vkamins@ect.enron.com>
> > To: <OREN@queue.IEOR.Berkeley.EDU>; <vkamins@enron.com>;
> > <ashley.baxter@enron.com>
> > Sent: Tuesday, August 08, 2000 10:59 AM
> > Subject: Hello from Vince Kaminski at Enron
> >
> >
> > > Shmuel,
> > >
> > > I hope you remember me. I visited you together with Aram Sogomonian, a
> > > good friend of mine, a few years ago. I am currently responsible,
among
> > > other things, for recruiting graduates with finance and/or technical
> > > backgrounds at the University of Berkeley. I would be glad to give you
> a
> > > call and talk more about the details of our program. My colleague,
> > > AshleyBaxter, from the Analyst/Associate Program at Enron would join
me
> > > as well.
> > >
> > > I am sending you a copy of the brochure about the Analyst / Associate
> > > Program.
> > >
> > > Vince Kaminski
> > >
> > >
> > > Vincent Kaminski
> > > Managing Director - Research
> > > Enron Corp.
> > > 1400 Smith Street
> > > Room EB1962
> > > Houston, TX 77002-7361
> > >
> > > Phone: (713) 853 3848
> > > Fax  :  (713) 646 2503
> > > E-mail: vkamins@enron.com
> > >
> >
> >
> >
> >
> >
> >
>
>
>
>
>
>


As we are having software problems, I am sending a clean version of the Enron
draft of the agreement. Please e-mail me a compare write showing any changes
to this clean version.

Thanks,

Ben

-----Original Message-----
From: Jacoby, Ben
Sent: Mon 6/4/2001 11:20 AM
To: Krimsky, Steven; Mann, Kay; orshefskyd@gtlaw.com; medleyb@gtlaw.com
Cc:
Subject: latest draft of Deerfield Agreement

Kay:

I incorporated the change to the opening para. from your e-mail to accounting
on 5-31.