Notice No. 00-328
September 19, 2000

TO:
All NYMEX Members/Member Firms
All NYMEX Clearing Members
All NYMEX Floor Traders
All NYMEX Operations Managers

FROM: Neal Wolkoff, Executive Vice President

RE:Options Expiration Operational Procedures for the Trading Floor and
Clearing Members

The expiration date for the October 2000 options contract for Cinergy (NOV0),
Entergy (OTV0), Palo Verde (VOV0) and Cob (WOV0) is Monday, September 25,
2000.

GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 5:30 p.m.
until released by the Exchange staff as specified below.  All adjustments
and/or corrections, must be accompanied by relevant supporting documentation
prior to being incorporated into expiration processing, in essence making the
expiration processing an extension of the afternoon trade resolution
procedures.  All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.

Exchange Clearing (299-2110), Floor Trade Correction (299-2068 and 299-2169)
personnel, as well as a representative of the Floor Committee will be
available to assist with the processing of notices of Exercise and
Abandonment, position transfers, trade corrections and other questions or
problems you may have.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option Expiration
Reports will be provided. The following screens will assist you through the
Option Expiration process:

MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trades adjusted for the previous 4 business days
by adjustment date.

SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.

REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers "TO" your firm and the status of
each transfer.

REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer "FROM" your firm and the status of
each transfer.

EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to exercise.

DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to abandon.

POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system.  This input may be made at any time prior to 7:10 p.m.  Any PCS input
via transmission for that contract series will be disregarded.

ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.

EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.

All Clearing Members are required to have an authorized representative(s) at
their C21 workstations in preparation for any communication during the
expiration process.

FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.

E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.

The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:

Standard Event Message: Announce Out-of-the Money Exercise and In-the-Money
Do Not Exercise Submissions
Approximate Time of Message Availability: 5:45 PM
Usual Event Time: 5:45 PM
Announced via Fast Facts

Standard Event Message: Announce Final Input to C21 Cutoff Time
Approximate Time of Message Availability: 6:55 PM
Usual Event Time: 7:10 PM
Announced via e-mail

Standard Event Message: All positions are deemed final
Approximate Time of Message Availability: 7:10 PM
Usual Event Time: 7:10 PM
Announced via Fast Facts

Standard Event Message: Announce Exercise/Assignment Information Available on
the Single Position Maintenance Windows
Approximate Time of Message Availability: 8:25 PM
Usual Event Time: 8:30 PM
Announced via Fast Facts and e-mail

Standard Event Message: All Report Distribution is completed
Approximate Time of Message Availability: 11:00 PM
Usual Event Time: 11:00 PM
Announced via Fast Facts

The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.

NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS

Time: 5:30 PM
Activity: Exercise Notice Submission
Event: Input to C21 Cutoff Time
Reference Number: 1

Time: 5:30 PM
Activity: Do Not Exercise Submission
Event: Input to C21 Cutoff Time
Reference Number: 2

Time: 5:45 PM
Activity: Announce Out-of-the-Money Exercise and In-the-Money Do Not Exercise
Submissions
Event: Fast Facts Notice
Reference Number: 3

Time: 6:55 PM
Activity: Announce Final Input to C21 Cutoff Time
Event: C21 E-mail
Reference Number: 4

Time: 7:10 PM
Activity: Final Input to C21 Cutoff Time
Reference Number: 5

Time: 7:10 PM
Activity: All Positions are Deemed Final
Event: Fast Facts Notice
Reference Number: 6

Time: 8:25 PM
Activity: Announce Exercise/Assignment Information Available on the Single
Position Maintenance Windows
Event: Fast Facts Notice and C21 E-mail
Reference Number: 7

If you have any questions concerning these procedures, please contact Charles
V. Bebel at 299-2130, Angel Rivera at 299-2150 or Anthony Di Benedetto at
299-2152 prior to the expiration date.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(00-328)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Angie, please send any CNG EBB postings pertaining to Appalachian production
to John, Jim, Heidi, Scott, Dick and myself.  I don't think Dick knows what
email is but send it to him anyway.  Also, when in doubt about the email,
send it anyway.  EES probably sends the same thing to John, Jim and Heidi.

thanks

MARQ CAPACITY AVAILABLE                               Received 3/15/00 3:20 pm
                                                      Posted 3/15/00 3:20 pm

 CNG Transmission will accept bids for the following MARQ capacity,
which is available for service commencing April 1, 2000.

 Receipt Point:  1,779 Dths/day at Meter #60004
     Name - Aggregation Point #1

     721 Dth/day at Meter #50004
     Name - Finnefrock Aggregation Point

Rate:  Maximum Demand   Effective Tariff Max (Currently $6.2500)

Primary Term: Commencing April 1, 2000 through December 31, 2000

MARQ:  2,500 DT/Day

Bids will be evaluated using the Net Revenue criteria of Section 23.3.B.2
of CNG's FERC Gas Tariff. Subject to the open-access requirements of Parts
161 and 284 of the Commission's regulations, unless mutually agreed otherwise
in consideration of relevant operational and market factors, CNG reserves the
right to reject any bids at less than its maximum applicable rates.

CNG also reserves the right to reject contingent bids and bids from any party
that does not qualify for service in accordance with all applicable
provisions
of CNG's FERC Gas Tariff.

Bids for this capacity must be submitted to CNG by fax at (304) 623-8530,
during the period from 10:00 AM (EST) March 16, 2000, through 10:00 AM (EST)
on March 22, 2000.

If you have any questions regarding this capacity, please contact Iris King
at (304) 623-8213.


I chose not to circulate a copy last Friday - reality was that I didn't think
that any of the originators would read it over the weekend anyway.  We had
hoped to have a final draft ready on Monday (April 9), with plans to review
that with Andy Zipper for his input and then two "test runs" with Ed Baughman
and Frank Vickers on Tuesday.  With any suggested changes from those test
runs, my plan was to circulate copies to you and John Lavorato on Tuesday as
well so that you would be aware of the approach with the origination teams.
We scraped the idea of an offsite, and instead are setting up individual
meetings with lead originators and their teams.  Unfortunately, I got food
poisoning Monday night and was out of the office on Tuesday, so we are behind
schedule by a day.  I am in the office today, but at about half speed, and we
will try to make up for time lost yesterday.

Louise Kitchen
04/10/2001 03:26 PM
To: Sally Beck/HOU/ECT@ECT, Rahil Jafry/Enron@EnronXGate
cc:
Subject: Re: Costs

We haven't seen any presentation circulated - did I just not get a copy?

	Enron Capital & Trade Resources Corp.

	From:  Sally Beck                           04/04/2001 07:08 PM

To: Louise Kitchen/HOU/ECT@ECT
cc: Greg Piper/Corp/Enron

Subject: Re: Costs

Rahil is working with me on a presentation that covers what our services are,
the creation of a pricing desk, how that will work (process and revenue
sharing), selling of services for others, our operations pricing model, the
DASH process, key contacts in operations, etc.  I expect to review a draft by
this Friday.  Tomorrow we will have the date set for such a meeting.  We are
checking travel schedules for Laura Luce and Max Y. to see if we can catch
both in Houston sometime next week.  Greg Piper suggests a meeting with all
origination heads at once (a mini offsite).  We will do that if we can set a
date that works for a majority.  If that doesn't work, we will simply do
one-on-ones over the next ten days to get everyone.  Targeted attendees are:

Gas   Frank Vickers (East)
   Laura Luce (Central)
   Barry Tycholiz (West)

Derivatives  Fred LaGrasta

Power  Dave Duran
   Ozzie Pagan
   Ed Baughman
   Bruce Shuckley

Portland  Chris Calger

Calgary  Ladain

Mexico  Max Y.

When you and I met we discussed most of these names.  I added the Calgary guy
and Max.  I also want to share this info with Bob Shults and his EOL
marketing team.  They talk with a lot of customers and may have the
opportunity to bring up our services as well.  We have spent some time with
Jean Mrha and John Grass, and will share the presentation with them as well.

Do you want to add any names?   If we do wind up with one date that will work
for most, I will let you know that tomorrow so that you can attend if you
would like.  --Sally

Louise Kitchen
04/04/2001 03:50 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Costs

Weren't we supposed to be having a meeting on costs of back office services
with the Heads of Origination?  Are we close to having this?

Thanks

Louise


you should look into this.  not that there are necessarily violations, but
there have to at least be questions.  i used to get a curve report that
showed curve graphs on a volume bar chart.  have you looked at anything like
that lately?  you can find problems with a pretty quick scan.

From: John J Lavorato/ENRON@enronXgate on 06/04/2001 08:35 AM
To: Vladimir Gorny/ENRON@enronXgate
cc: Greg Whalley/HOU/ECT@ECT, Rick Buy/ENRON@enronXgate
Subject: FW: Gas Curve Validation April 2001

This person hasn't found a violation in a year.  I find that hard to believe.
 -----Original Message-----
From:  Nguyen, Jennifer
Sent: Friday, June 01, 2001 11:24 AM
To: Gorny, Vladimir; Gossett, Jeffrey C.; Hall, Bob M; Lavorato, John;
Reeves, Leslie
Subject: Gas Curve Validation April 2001


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Hi Team,

I was in class all day yesterday, and could not bear to be indoors on?yet
another awesome day!! Purnima and I spend all day hiking. So - I have
not read the Home Depot case yet - and am only just starting on it :-(?
Good thing we don't have a case to prepare for Tiffany's class Wed!

Let's get an email dialog going once we get Mark's spreadsheets?
I'd also be up for?a meeting/conf call late Mon/Tue eve to do the writeup.

-Anil

? Mark Guinney <Mark_Guinney@watsonwyatt.com> wrote:
Hi Carolyn. I'm running the numbers and the rest of you, team, are responsible
for the strategy and interpretation of the numbers for case 2. Case 1 was
fine.
I have a few questions for our beloved professor and when she responds I'll
e-mail out my spreadsheet models.

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA 94104
(415) 733-4487 ph.
(415) 733-4190 fax

Do You Yahoo!?
- Get personalized email addresses from Yahoo! Mail Personal Address  - only
$35  a year!


oh come on.  you're kidding, right?  I thought i'd ostracized him from teh
enron ranks.  are you sure?

	MDay <MDay@GMSSR.com>
	05/29/2001 02:03 PM

		 To: "'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: RE: FW: SoCalGas - Capacity Settlement -&- Primary and Secondary
Acce  ss Rights

Jim Boothe is passing himself off to Enron staff in Houston as an attorney,
or at least neglecting to clarify that he is not an attorney.  Cute, huh?

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Tuesday, May 29, 2001 11:59 AM
To: MDay
Subject: Re: FW: SoCalGas - Capacity Settlement -&- Primary and
Secondary Acce ss Rights

Thanks very much.


Joann ---

Effective 5/1/01 through 10/31/01 we have a 10,000 MMBtu/d index put at
Dominion South Point to PSEG.  We can do as much as we want in any month,
within the 0-10,000 MMBtu/d parameters, but we can do no more than 920,000
MMBtu for the whole term.  We need to keep a running tally of how much we
use.  Starting on Monday, can we keep this tally on the morning sheet and
update it daily?

Scott


As I mentioned at the executive committee meeting, we have a number of people
who either have expressed interest in serving on the transition team or who I
would like to approach to serve on the transition team for Bush.  We believe
that a call from you to Cheney may be required.

David Haug.    David will be returning from his honeymoon on Dec 4 and has
expressed a strong interest in serving on the Bush team.
Woody Wodraska.  Woody would like to work on environmental and water issues
and has been in touch with Bush campaign folks in both California and
Florida.  He would appreciate a call on his behalf to Cheney.  Amanda is
aware of his interest and is amenable to his service.
James Steffes.  You know Jim.  He is one of the most creative and talented
people in my organization.  He is familiar with state and federal energy
regulation as well as the state and federal policy makers who have played an
active role in deregulation efforts.  He would be great to have on a vetting
team for commission nominees.  I have talked to Jim and he is interested.
Others.  We can make another 4 people available from the government affairs
organization with qualifications in energy, communications and market
regulation.  The question is more a matter of how many Enron people they
would like to have.  Among them:  Dan Allegretti (who will be chair of NEPOOL
next year) who campaigned for Bush in New Hampshire; and Sue Landwehr, a
republican who works for us in the upper midwest.

Linda Robertson has suggested that we try to put as many people on the
"vetting" team as possible.  Let me know how I need to proceed.


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/09/2001
09:26 AM ---------------------------

"Jeff Smith" <jsmith@austintx.com> on 02/08/2001 07:08:03 PM
To: <Phillip.K.Allen@enron.com>
cc:
Subject: the stage

I am sending the Dr. a contract for Monday delivery.  He is offering
$739,000 with $73,900 down.

He wants us to finish the work on the units that are being renovated now.
We need to specify those units in the contract.  We also need to specify the
units that have not been remodeled.  I think he will be a good buyer.  He is
a local with plenty of cash.  Call me after you get this message.

Jeff Smith
The Smith Company
2714 Bee Cave Road, Suite 100-D
Austin, Texas? 78746
512-732-0009
512-732-0010 fax
512-751-9728 mobile


i just wanted to make sure that joanne would not be sitting alone

---------- Original Message ----------------------------------
From: "Quigley, Dutch" <Dutch.Quigley@ENRON.com>
Date: Wed, 19 Sep 2001 14:10:04 -0500

>no there are two tix together but not with ours , i need to check
and
>make sure they were not in the temp seats that are now closed
>
>I was planning on just sitting together and see what happens
>
>
>
>>  -----Original Message-----
>> From: 	"siva66" <siva66@mail.ev1.net>@ENRON
>> [mailto:IMCEANOTES-
+22siva66+22+20+3Csiva66+40mail+2Eev1+2Enet+3E+40EN
>> RON@ENRON.com]
>> Sent:	Wednesday, September 19, 2001 2:07 PM
>> To:	Quigley, Dutch
>> Subject:	Re: UH ticket
>>
>> is it with our seats?
>>
>>
>> ---------- Original Message ----------------------------------
>> From: "Quigley, Dutch" <Dutch.Quigley@ENRON.com>
>> Date: Wed, 19 Sep 2001 13:56:13 -0500
>>
>> >You can use the extra ticket that i bought for the UT vs UH
game
>> >
>> >dq
>> >
>> >
>>
>******************************************************************
>> ****
>> >This e-mail is the property of Enron Corp. and/or its relevant
>> affiliate and may contain confidential and privileged material
for
>> the sole use of the intended recipient (s). Any review, use,
>> distribution or disclosure by others is strictly prohibited. If
>> you are not the intended recipient (or authorized to receive for
>> the recipient), please contact the sender or reply to Enron
Corp.
>> at enron.messaging.administration@enron.com and delete all
copies
>> of the message. This e-mail (and any attachments hereto) are not
>> intended to be an offer (or an acceptance) and do not create or
>> evidence a binding and enforceable contract between Enron Corp.
>> (or any of its affiliates) and the intended recipient or any
other
>> party, and may not be relied on by anyone as the basis of a
>> contract by estoppel or otherwise. Thank you.
>>
>******************************************************************
>> ****
>> >
>>
>>
>> ________________________________________________________________
>> Sent via the EV1 webmail system at mail.ev1.net
>>
>>
>>
>>
>

________________________________________________________________
Sent via the EV1 webmail system at mail.ev1.net


I'd like to inquire about the Dow Jones index price database currently being
maintained by the Fundamentals group. It's come to my attention - by virtue
of the fact that I receive the Dow Jones data each afternoon - that several
people are interested in having access to those figures. I've had requests
from mid-marketing, trading, and scheduling, and am working with IT to put
the NP-15 and SP-15 data online. Cara Semperger, in particular, relies on the
index prices in order to run one of her reports.

I'm wondering if it  would be possible to give these people access to your
database, or maybe if your group would benefit from the data I receive. Your
spreadsheet looks like a compilation of the documents I receive from Dow
Jones, and one might be more useful for an individual or group than the
other. I don't have a preference either way - I'm more than happy to compile
the reports in a separate folder. Please let me know what works best for you.
(I sit in the middle of the room between Tracy Ngo and Val Sabo.)

Thanks,
Kate


Kam:

Regarding your question about having 1 Gas book (i.e. 1 portfolio/book code combination) with multiple org. regions vs. having multiple books
with the same org. region (e.g. DESK), in terms of PortCalc performance, there is no difference between the 2 setups.

As you said in your voice mail, having one portfolio/book code combination provides more flexibility in terms of defining PortCalc mini-books.

Please keep in mind that Canadian-logic deals require separate Price/Index, GasDaily and Physical Intramonth books.

Thanks,
Jeremy


In light of numerous construction delays, increased sponsor contributions,
unusual central bank exposures etc. we would like to conduct a comprehensive
review of our insurance coverages  for the Cuiaba I Project.  I am availble
at your convenience to begin meeting for the exchange of info which will be
required to fulfill this endeavor. I will be the point person on behalf of
the project.  My Assistant, Blanca Bollom can make all of the meeting
arrangements. Please let us know who should attend.


CONFIDENTIAL AND PRIVILEGED ATTORNEY CLIENT COMMUNICATION AND ATTORNEY WORK
PRODUCT- Richard and Andy -Here are some points put together by my
associate. The research is by no means exhaustive.Please call me when you've
had a chance to review. Thanks - Barrett

-----Original Message-----
From: Mark A. Giugliano <mgiugliano@Gibbs-Bruns.com>
To: Barrett H. Reasoner <Breasoner@Gibbs-Bruns.com>
Sent: Wed May 30 19:03:13 2001
Subject: Memo to Barrett on Spoliation of Evidence

Attached is the memo.  Call me at home if you need any more assistance with
this tonight.  (713) 436-2716.

 - Memo to Barrett on Spoliation of Evidence_v1.WPD


Management Committee Meeting
Date:		Monday, October 29
Time:		11:00 a.m. (Central)
Location:	50th Floor Boardroom
Video:		Connections will be established with remote locations upon request.
Conf. Call:	Please contact me for dial-in number and passcode.

Please indicate if you plan to attend this meeting and through what medium.

_____	I will attend in person
_____	Via video conference
_____	Via conference call
_____	I will not attend

Please return this e-mail to me with your response.

Thanks,
Joannie
3-1769


Citizens Utilities is in the process of selling off all of its
non-telecommunications businesses throughout North America.  One of their
principal assets, Louisiana Gas Service (LGS) is one of those companies
recently sold by Citizens.  LGS provided gas control and operations services
to other non-LGS companies, including the Citizens Utilities LDC assets in
Arizona.  With the consummation of the sale of LGS, Citizens has told me
confidentially that they have no reasonable way of operating the
interconnect, metering and 1.5 mile lateral pipeline facilities that
interconnects TW and EPNG to the recently constructed Griffith Energy Power
Plant.   Therefore, Citizens is looking to possibly have a 3rd party provide
contract operations services under an operating agreement.  TW has been asked
in writing by Citizens to consider making a proposal to operate these
facilities.

Does TW have an interest in providing contract operations services for
Citizens?  In a related legal/regulatory question, does TW have the authority
to conduct contract services on behalf of others, or would we have to perform
these services as a separate legal entity?  If we do, does this present an
affiliate problem for us if we "share" operating employees?  If these
threshold questions can be accommodated, and TW is not only able to provide
contract operations services for Citizens, but has a commercial desire to do
so, what would we charge Citizens for this service?  Although it would appear
at first blush to be a relatively simple matter to operate these facilities,
remember that Citizens will be receiving gas (potentially) from both TW and
EPNG simultaneously, presenting not only a challenge to balance pressure
between the pipes, but to account for and reconcile deliveries and receipts
from both pipes as well as the plant site.

Although I'm the principal commercial representative for Citizens as regards
transportation matters, I'm certainly willing to step out of the middle of
this negotiation if Operations desires to handle it themselves.  I will be
happy to provide you a copy of the brief 1/2 page letter Citizens sent to me
on the 17th soliciting TW's interest.   Given the relatively short lead time
until LGS operations is sold, Citizens has requested expedited
consideration.  Please let me know how you want to proceed.  Call if you have
any questions.


You now should have access to the datasbase, give it a try and see if it
works!
----- Forwarded by Tana Jones/HOU/ECT on 03/21/2001 09:25 AM -----

	ARSystem <ARSystem@mailman.enron.com>
	03/21/2001 07:24 AM

		 To: "tana.jones@enron.com" <tana.jones@enron.com>
		 cc:
		 Subject: Request Closed: Access Request for angela.davis@enron.com

The request has been completed with all resources requested either completed
or rejected. You can view the details of the  request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000024608&Page=
MyReq.


Reagan,

Here is the cost estimate and proforma prepared by George and Larry.  I am
faxing the site plan, elevation, and floor plans.

Phillip


pls print for me.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 03/29/2001
07:53 AM ---------------------------
From: Shelley Corman/ENRON@enronXgate on 03/28/2001 04:38 PM
To: Frazier King/ENRON@enronXgate, Drew Fossum/ET&S/Enron@ENRON, Dari
Dornan/ET&S/Enron@ENRON, Maria Pavlou/ENRON@enronXgate
cc:

Subject: FW: Latest Version of Segmentation Brief

 -----Original Message-----
From:  "Monica Douglas" <MRD@vnf.com>@ENRON
[mailto:IMCEANOTES-+22Monica+20Douglas+22+20+3CMRD+40vnf+2Ecom+3E+40ENRON@ENRO
N.com]
Sent: Tuesday, March 27, 2001 3:11 PM
To: rnuschler@akingump.com; rmfmckinne@aol.com; mark.cook@coastalcorp.com;
AlexanderL@dsmo.com; Shelley_Corman@enron.com; hendricksond@epenergy.com;
fkelly@gbmdc.com; cdavis@glgt.com; mike.mcmahon@gulfsouthpl.com;
jdreskin@INGAA.org; Pludwig@INGAA.org; kbdriver@jonesday.com;
Paul_Mallory@kindermorgan.com; dgetchell@mcguirewoods.com;
jblasiak@mcguirewoods.com; jschwitzer@mcguirewoods.com;
carl.fink@neg.pge.com; marsha.palazzi@neg.pge.com; clevander@nisource.com;
kkrieger@nisource.com; jschaefgen@thelenreid.com; coharra@velaw.com;
hmay@velaw.com; jjohnson@velaw.com; John Burnes; Paul Korman; Susan Moore;
tiggka@wbip.com; jneason@wcp.twc.com; scott.c.turkington@williams.com
Subject: Latest Version of Segmentation Brief

Attached is the latest version of the Segmentation Brief.  You should note
that it contains three new sections-III A (drafted by Mark Cook) and III C &
D (drafted by Ken Driver).  I received some comments on the prior versions of
these new sections, but did not incorporate them.  If your comments/concerns
are not addressed in the new sections, let me know.

We hope to circulate tomorrow the title page and signature block.  The next
version of the brief which will be circulated on Friday, March 30th, will
contain table of contents, table of authorities and will be completely cite
checked.  In the meantime, you will notice that there are several incomplete
cites or record references.  We could use help completing these, if you have
the information.

Monica R. Douglas
Legal Assistant
Van Ness Feldman, P.C.
1050 Thomas Jefferson St., N.W.
Washington, D.C.  20007
(202) 298-1862

 - VANDOC_99103_1.DOC


Just in case you were thinking about doing this!

"Ten Reasons To Go To Work Naked"

10. No one ever steals your chair.

9. Gives "bad hair day" a whole new meaning.

8. Diverts attention from the fact that you also came to work drunk.

7. People stop stealing your pens after they've seen where you keep them.

6. You want to see if it's like the dream.

5. To stop those creepy programmer guys from looking down your blouse.

4. "I'd love to chip in... but I left my wallet in my pants."

3. Inventive way to finally meet that 'special' person in Human Resources.

2. Can take advantage of your computer monitor radiation to work on your
tan.

And...drum roll...the Number One reason to go to work naked :

Your boss will never say, "I wanna see your ass in here by 8:00!"
ever again.


Final Reminder

If you are a participant in the Enron Corp. Savings Plan, all trades among your investment funds must be completed by 3:00 PM CST Friday, October 26.

The makeup of your investment funds in the Savings Plan at 3:00 p.m., October 26, will reflect your investment decision for the duration of the transition period.


----- Forwarded by Steven J Kean/NA/Enron on 02/28/2001 02:49 PM -----

	BTC <BCragg@GMSSR.com>
	02/15/2001 09:36 PM

		 To: "'Alan.Comnes@enron.com'" <Alan.Comnes@enron.com>,
"'Chris.H.Foster@enron.com'" <Chris.H.Foster@enron.com>,
"'Christian.Yoder@enron.com'" <Christian.Yoder@enron.com>,
"'Christopher.F.Calger@enron.com'" <Christopher.F.Calger@enron.com>,
"'Cynthia.Sandherr@enron.com'" <Cynthia.Sandherr@enron.com>,
"'dleff@enron.com'" <dleff@enron.com>, "'David.W.Delainey@enron.com'"
<David.W.Delainey@enron.com>, "'dbenevid@enron.com'" <dbenevid@enron.com>,
"'dblack@enron.com'" <dblack@enron.com>, "'Elizabeth.Sager@enron.com'"
<Elizabeth.Sager@enron.com>, "'etilney@enron.com'" <etilney@enron.com>,
"'Eric.Thode@enron.com'" <Eric.Thode@enron.com>, "'gsavage@enron.com'"
<gsavage@enron.com>, "'Greg.Wolfe@enron.com'" <Greg.Wolfe@enron.com>,
"'Jeff.Dasovich@enron.com'" <Jeff.Dasovich@enron.com>,
"'Jeffrey.T.Hodge@enron.com'" <Jeffrey.T.Hodge@enron.com>,
"'JKLAUBER@LLGM.COM'" <JKLAUBER@LLGM.COM>, "'Joe.Hartsoe@enron.com'"
<Joe.Hartsoe@enron.com>, "'John.J.Lavorato@enron.com'"
<John.J.Lavorato@enron.com>, "'John.Neslage@enron.com'"
<John.Neslage@enron.com>, "'jwhalan@enron.com'" <jwhalan@enron.com>,
"'Kathryn.Corbally@enron.com'" <Kathryn.Corbally@enron.com>,
"'Keith.Holst@enron.com'" <Keith.Holst@enron.com>,
"'Kristin.Walsh@enron.com'" <Kristin.Walsh@enron.com>,
"'Leslie.Lawner@enron.com'" <Leslie.Lawner@enron.com>,
"'Linda.Robertson@enron.com'" <Linda.Robertson@enron.com>,
"'Marcia.A.Linton@enron.com'" <Marcia.A.Linton@enron.com>,
"'Margaret.Carson@enron.com'" <Margaret.Carson@enron.com>,
"'Mark.Palmer@enron.com'" <Mark.Palmer@enron.com>, "'msunde@enron.com'"
<msunde@enron.com>, "'Mary.Hain@enron.com'" <Mary.Hain@enron.com>,
"'Mary.Schoen@enron.com'" <Mary.Schoen@enron.com>,
"'Michael.Tribolet@enron.com'" <Michael.Tribolet@enron.com>,
"'msmith1@enron.com'" <msmith1@enron.com>, "'Mike.Grigsby@enron.com'"
<Mike.Grigsby@enron.com>, "'nbresnan@enron.com'" <nbresnan@enron.com>,
"'Paul.Kaufman@enron.com'" <Paul.Kaufman@enron.com>,
"'Phillip.K.Allen@enron.com'" <Phillip.K.Allen@enron.com>,
"'Rebecca.W.Cantrell@enron.com'" <Rebecca.W.Cantrell@enron.com>,
"'Richard.B.Sanders@enron.com'" <Richard.B.Sanders@enron.com>,
"'Richard.Shapiro@enron.com'" <Richard.Shapiro@enron.com>,
"'Rob.Bradley@enron.com'" <Rob.Bradley@enron.com>,
"'Robert.Badeer@enron.com'" <Robert.Badeer@enron.com>,
"'Robert.C.Williams@enron.com'" <Robert.C.Williams@enron.com>,
"'Robert.Frank@enron.com'" <Robert.Frank@enron.com>,
"'Robert.Johnston@enron.com'" <Robert.Johnston@enron.com>,
"'Sandra.McCubbin@enron.com'" <Sandra.McCubbin@enron.com>,
"'sstoness@enron.com'" <sstoness@enron.com>, "'Shelley.Corman@enron.com'"
<Shelley.Corman@enron.com>, "'Steve.C.Hall@enron.com'"
<Steve.C.Hall@enron.com>, "'Steve.Walton@enron.com'"
<Steve.Walton@enron.com>, "'Steven.J.Kean@enron.com'"
<Steven.J.Kean@enron.com>, "'Susan.J.Mara@enron.com'"
<Susan.J.Mara@enron.com>, "'Tim.Belden@enron.com'" <Tim.Belden@enron.com>,
"'Tom.Briggs@enron.com'" <Tom.Briggs@enron.com>,
"'Travis.McCullough@enron.com'" <Travis.McCullough@enron.com>,
"'Vance.Meyer@enron.com'" <Vance.Meyer@enron.com>, "'vsharp@enron.com'"
<vsharp@enron.com>, "'William.S.Bradford@enron.com'"
<William.S.Bradford@enron.com>, "'Harry.Kingerski@enron.com'"
<Harry.Kingerski@enron.com>, "'James.D.Steffes@enron.com'"
<James.D.Steffes@enron.com>
		 cc: MBD <MDay@GMSSR.com>, JMB <JBennett@GMSSR.com>, "'Scott Govenar, Enron
lobbyist'" <sgovenar@govadv.com>, "'Samuel.Wehn@enron.com'"
<Samuel.Wehn@enron.com>, "'bogilby@mdbe.com'" <bogilby@mdbe.com>
		 Subject: Part 4, revised

Attached is a revised version of Mike Day's draft of Part 4 of the
legislative package, on expedited permitting of new and expanded electric
generating capacity.  I have tried to incorporate the thoughtful comments
provided to me by Sam Wehn of ENA and Barry Ogilby of McCutcheon (outside
counsel).  Since Mike will soon be off on a family vacation, please direct
any comments or questions to me at 415-765-8413 or bcragg@gmssr.com.

 <<PART4.DOC>>

 - X21095.DOC


Pursuant to your request, attached is the Limited Release regarding the
above-referenced.


I was holding back a bit.  All I needed was the green light.  I'll make it
explicit.  Thanks for the comments.

I am very ready to start getting the word out.

Best,
Jeff

	Steven J Kean
	Sent by: Steven J Kean
	09/26/2000 04:14 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: First Cut at High Tech Messages

Looks good.  I think you implicitly say this, but I think you should make it
more explicit:

The continued growth of the new economy is threatened by our electricity
infrastructure more than anything else.
The high tech industry requires market driven solutions to reliability and
pricing not the old style command and control regulated monopoly approach.
Let's start getting the word out!

	Jeff Dasovich
	Sent by: Jeff Dasovich
	09/26/2000 02:06 PM

		 To: skean@enron.com, Richard Shapiro/HOU/EES@EES, Sue Nord/NA/Enron@Enron,
Margaret Carson/Corp/Enron@ENRON, Rob Bradley/Corp/Enron@ENRON,
mpalmer@enron.com, Karen Denne/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, James D Steffes/NA/Enron@Enron
		 cc:
		 Subject: First Cut at High Tech Messages

Attached is a first rough cut.  Work continues but wanted to distribute for
feedback.  All is welcome and appreciated.


Shirley,

The file.

Vince


I beat yea!!!!

-----Original Message-----
From: Dana.Davis@enron.com [mailto:Dana.Davis@enron.com]
Sent: Thursday, November 30, 2000 3:07 PM
To: denise.moore@dhs.state.tx.us; cashley@poha.com; cmontgomery@kmg.com;
Peayc@aol.com
Subject: FW: Snowball Fight!

cc:
Subject:  FW:  Snowball Fight!

>
> >
> >  You can move the red boys by holding your mouse button down.  To
make them throw click your mouse button.
> >  The longer you hold down the clicker, the more power you have to
> > throw. <<snowcraf.exe>>

 - snowcraf.exe(See attached file: snowcraf.exe)


yeah.  i am throwin a rager that starts at 6:30


Hourly traders and operators that need to see the overhead PI screens can now
view them via the web regardless of where they are sitting.  They can be
accessed through Internet Explorer from the new East Power Home Page, under
the GENCO section.  Please contact Rick Broussard or Ramesh Swaminathan if
you have trouble getting access.

They'll look a little different, but the information content is the same.

Mitch


Please review the home addresss and phone number shown on this eMail.  DO NOT RESPOND if the information is correct.  However, if incorrect then reply to this eMail with the correct information so you HR records can be updated accordingly.  Your home information is important in case the Company needs to forward critical materials to you or contact you regarding important Company information.

Address Line 1: 2517 SOUTH GATE BLVD
Address Line 2:
Address Line 3:
City: HOUSTON
State: TX
Country: US
Zip: 77030
Phone: 7136679556


Dear Real-Time,

I'm researching a purchase from Puget Sound that was made on 10/17/00 HE 20
for 20 MW @ $115.00 per MW.  EnPower is showing a deal with 34 MW at HE 13
that was partly routed from CALPX, but nothing for HE 20.  We've been told by
Puget Sound that the deal was done real-time and that the Puget trader was
Lisa.  Please help me get this resolved.  If any of you recognize this,
please let me know. Please check your trader's log as well.

Thanks,

Virginia   x 8981


I have revised the schedule to more equitably cover the remaining holiday
periods.  If you have changes or concerns please see me.  thx


We had a deal with Beaumont in Sep00 .... Sitara 380722.  There are swing
(380725) and buyback (380727) tickets associated with this deal.

For the three days September 16, 17 and 18 ONLY, any volumes over 20,000
MMBtu per day need to go to a DIFFERENT swing deal ticket, with a different
counterparty.  I've set this deal ticket up - it is Sitara # 423794

Sorry to make y'all go back and re-assign volumes.

Let me know if any problems or questions.

Lee
ext. 3.5923


The key state democratic legislators are working behind the scenes to develop
a Windfall Profits Tax bill in retaliation for high wholesale prices.  It is
not yet in print.  Here is an analysis of the expected bill by an attorney
for the Independent Energy Producers.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 04/04/2001 09:40 AM -----

	"Steven Kelly" <steven@iepa.com>
	04/04/2001 08:55 AM

		 To: "'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
Escalante (E-mail)'" <rescalante@riobravo-gm.com>, "'Bob Gates (E-mail)'"
<bob.gates@enron.com>, "Bob Szymanski (E-mail)"
<rjszymanski@powerworksinc.com>, "'Carolyn A Baker (E-mail)'"
<cabaker@duke-energy.com>, "'Cody Carter (E-mail)'"
<cody.carter@williams.com>, "'Curt Hatton (E-mail)'"
<Curt.Hatton@gen.pge.com>, "'Curtis Kebler (E-mail)'"
<curtis_l_kebler@reliantenergy.com>, "'David Parquet'"
<david.parquet@enron.com>, "'Dean Gosselin (E-mail)'"
<dean_gosselin@fpl.com>, "'Doug Fernley (E-mail)'"
<fernley.doug@epenergy.com>, "'Douglas Kerner (E-mail)'" <dkk@eslawfirm.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)"
<fblaylock@covantaenergy.com>, "'Greg Blue (E-mail)'" <gtbl@dynegy.com>,
"'Hap Boyd (E-mail)'" <Hap_Boyd@enron.com>, "'Hawks Jack (E-mail)'"
<jack.hawks@gen.pge.com>, "'Jack Pigott (E-mail)'" <jackp@calpine.com>, "'Jim
Willey (E-mail)'" <elliottsa@earthlink.net>, "'Joe Greco (E-mail)'"
<jgreco@caithnessenergy.com>, "'Joe Ronan (E-mail)'" <joer@calpine.com>,
"'John Stout (E-mail)'" <john_h_stout@reliantenergy.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>, "'Kent Palmerton'"
<kent.palmerton@williams.com>, "'Lynn Lednicky (E-mail)'"
<lynn.a.lednicky@dynegy.com>, "Mark Fillinger (E-mail)"
<mark.fillinger@enron.com>, "Marty McFadden (E-mail)"
<mmcfadden@covantaenergy.com>, "Paula Soos (E-mail)"
<psoos@covantaenergy.com>, "Rachel King (E-mail)" <rachel.king@elpaso.com>,
"'Randy Hickok (E-mail)'" <rjhickok@duke-energy.com>, "Rick S. Koebbe
(E-mail)" <rskoebbe@powerworksinc.com>, "'Roger Pelote (E-mail)'"
<roger.pelote@williams.com>, "'Ross Ain (E-mail)'" <ain@worldnet.att.net>,
"'Stephanie Newell (E-mail)'" <stephanie-newell@reliantenergy.com>, "'Steve
Lliff (E-mail)'" <siliff@riobravo-gm.com>, "'Steve Ponder (E-mail)'"
<steve_ponder@fpl.com>, "'Susan J Mara (E-mail)'" <smara@enron.com>, "'Tony
Wetzel (E-mail)'" <twetzel@thermoecotek.com>, "'William Hall (E-mail)'"
<wfhall2@duke-energy.com>
		 cc: "Julee Malinowski-Ball (E-mail)" <jmball@ns.net>, "Andy Brown (E-mail)"
<andybrwn@earthlink.net>, "'Carol Hudson (E-mail)'" <carol@iepa.com>, "'Jan
Smutny-Jones (E-mail)'" <smutny@iepa.com>, "'Katie Kaplan (E-mail)'"
<kaplan@iepa.com>, "'Steven Kelly (E-mail)'" <steven@iepa.com>
		 Subject: FW: Proposed Windfall Profit Tax

FYI.  Preliminary analysis of State Windfall Profit Tax.  This will be
discussed during the cc scheduled for 9:00 a.m. today, Wed.

 -----Original Message-----
From:    C. Stephen Davis [mailto:csdlaw@pacbell.net]
Sent:   Wednesday, April 04, 2001 8:33 AM
To:   Steven Kelly
Cc:   Douglas K. Kerner
Subject:   Proposed Windfall Profit Tax

Gentlemen:

       I understand that the some of the Democratic leadership of the
California Legislature is contemplating a charge against the
electric-generating industry in retaliation for recent price increases. The
charge is to be styled as a "windfall profit tax" modeled on President
Carter's tax on oil company profits following deregulation of oil prices in
1980 (The Crude Oil Windfall Profit Tax Act of 1980, 26 USC 4986 et seq.).
The Carter Windfall Profit Tax was levied on the difference between the
current wellhead price of the oil and the sum of the adjusted base price set
by Congress, multiplied by the applicable rate. I understand the California
charge will similarly be calculated by reference to a 1999 base price and
current prices, to which difference some sort of tax rate will be applied.
You asked whether this approach to punishing electric wholesalers was infirm
from either a policy or legal perspective. The basic policy problem is that
the tax will discourage sales of electricity in California.  California will
become the market of last resort.  Another problem is that the Tax might be
seen as promoting a "California First" policy at the expense of other
states. This is so because the Tax could well be included in the FERC rate
base as  "taxes other than income taxes," and thereby be shifted to other
customers.

       The Tax may suffer from legal flaws as well. The principal problem is
preemption by The Federal Power Act. The states are prohibited from
regulating wholesale power rates as a direct burden on interstate commerce.
The proposed charge, whether called a "windfall profit tax" or an excise tax
or a sales or use tax or something else, is underground rate making. There
is little or no practical difference between a rate cap and a tax on all
revenues measured with reference to a certain price point from the
perspective of the interstate electric wholesaler. Thus, the burden on
interstate commerce posed by direct rate regulation and taxing revenues
using a price base is comparable.

       The Tax may also constitute an unconstitutiional taking if the price
allowed is less than the cost of production and a reasonable return. The
proposed historical base price will not, for example, reflect recent fuel
price increases.

       Two other potential issues arise as well. First, the tax has many of
the hallmarks of a use tax, i.e., the tax is levied on the purchase of goods
from an out-of-state provider for delivery to and use in California. The
gross receipts form the sale of electricity have been exempt from sales and
use tax for more than 50 years. Rev. & Tax. Code Section 6353. While this
statute could, presumably, be amended, doing so would be a major policy
departure and a big step towards imposing sales tax on utility sales. A
second concern is the possible impairment of existing contracts as a result
of the Legislature's meddling in rate regulation.

       I was unable to identify any instance in which a state imposed a
windfall profit tax on electricity sales.

       The forgoing is the product of my conversations last evening with
Doug Kerner and a few hours of LEXIS research. The issues are complex and
could not be much developed in the time available. This material is best
viewed as informed "issue spotting."   Nevertheless, I feel strongly that
the proposed "Tax" can fairly be characterized as rate making.

Very Truly Yours, C. Stephen Davis


Hello Team,

Knight Ridder warned that its full-year earnings were likely to fall short of its expectations, citing a prolonged downturn in the advertising market that hurt October sales.   E.W. Scripps Co.  publisher of the Denver Rocky Mountain News, has also warned of lower earnings.  Gannett Co.  announced that October pro forma advertising revenues fell 8%, including a 31% drop in help wanted ads.  None of this comes as a surprise amidst a weak ad market and a sluggish economy.
---
According to the Fed, the U.S. industrial output last month took its biggest dive in nearly 20 years and extended a string of monthly declines that was the longest since the Great Depression of the 1930s.  The output for the nation's factories, mines and utilities fell 1.1% in October, the biggest decrease since it plunged 1.6 % in January 1982.   The portion of production capacity put to use by industries in October slid to 74.8% , the lowest since June 1983, from 75.7% in September.  No good news here...
Ayesha


Bullets for NNG Marketing:

Midwest
MidAmerican: Pleasant Hill - Preliminary agreements are being drafted concerning an escrow funding arrangement to address concerns of MidAmerican on Northern's credit worthiness with regard to the proposed Pleasant Hill Generation facilities.

Terra Chemicals: After multiple discussions with Terra concerning their ability to activate an offset provision with Northern and other Enron affiliates, payment was received for their November 2001 reservation invoice of $309,000.

Viking Gas Transmission:  NNG officially entered the recent VGT open season by requesting 35,000 MMBtu/day of delivery capacity at Browerville, MN ( a new TBS for VGT) and a receipt point at Chisago (the existing NNG interconnect).  This request is made in an attempt to lower ProjectMax expansion costs.  Our goal is to make this transaction work for $0.02/MMBtu/day.  This would be for the winter only, 15 years, beginning 11/1/2003.

Duluth:  Negotiations with Duluth regarding avoiding a bypass have been slowed by Bud Krause, Manager of Systems Operation.  He is indicating that he now feels that there may not be enough "value" in the deal for Duluth.  Bob Stevens is setting up a meeting with NNG management and Duluth.

Pricing & Storage
Pipeline Capacity.  Analyzed (in conjunction with Facility Planning and Gas Control) potential model changes that provide for incremental 60 mm/d Zone EF capacity and 100 mm/d of Demarc-North capacity that will require minimal facility changes (Sean Bolks has been key in this effort).

FDD.  Review possiblities for purchasing 3rd party storage for potential backstopping of FDD requests that were received during the recent open season.  We received requests for 3-5 Bcf of FDD above our ability to provide service from our own facilities.

Transport Deal.  Finalize Jan - Mar Tenaska transport deal for Field capacity.  Total demand charges of ~$540,000.

Preparing to capitalize on incremental transport and storage deals that may arise due to colder Market Area weather that is anticipated for the next 6 - 10 days.

TI Business.  Continue Field Area TI business analysis in an effort to maximize value from TI shippers.

Project Development
Project MAX / MGO - Contacted Wayne Fransdal this Friday to review the latest information regarding options to serve requirements of the Benson branchline. Identified critical facility scope and cost issues that need to be shared with Wayne to drive the decision process and structure a deal that will be acceptable. Will be working with Facility Planning to complete the information and run through our rate model.
Project MAX / Excel - Received a late request from NSPWis requesting incremental service on the La Crosse branchline. Info forwarded to Facility Planning. Will analyze impact to other shippers that participated in the Open Season on a timely basis and decide how to handle the late request. Hopefully, will be able to accommodate NSPWis w/o any problems.
JAL - Working on a proped sale of facilities to Sid Richardson and a proposal to review w/ management. Goal is to have the package ready by the end of next week or week after.
CO2 ISSUE - Continue to work w/ Facility Planning to develop the best alternatives utilizing the treating facilities at Lyons. Goal is to have the project fully scoped by the end of the year.


Jim.  I like your suggestions and suggest the following enhancements:
We should integrate this solution into the CPUC process. ie Keep rate freeze
in effect until the Mar 02.  Make state agency take over as ESP to all
bundled customers at 110% of frozen rate.  This solution keeps the current
Rate Freeze in place and keeps us in the game to not lose our negative ctc.
It also corresponds to your minimal changes goal.  It also puts government
agency in the same place as us in having exposure to negative ctc as us.  It
also accomodates the problem of RFP's taking longer than expected.  It also
solves the liquidity problem immediately and avoids the need for
forbearance.  And furthermore it keeps the utility exposed to bankruptcy
which minimizes their negotiating power.
I don't understand how this proposal addreses what happens with the existing
assets of PG&E.  The worry I have is that PG&E gets to keep 50% of the
benefits of nuclear sales and 10% of the benefits of hydro sales, post rate
freeze.  If we damage 1890, the utilities are now in the drivers seat.
re "ESPs should be able to buy from UDCs at the current weighted average
generation rate from 1/1/01 ) 12/31/02 to serve any competitive load in
California"  This suggest a replacement to AB 1890 which suggests significant
changes.  Would it not be better to say "After the rate freeze, the
government entity would take over the obligations of PG&E and continue them
to the end of 2002.  Such assumption and continuation, would be combined with
the government entity recieving the benefits of  the difference between
market prices and embedded costs of the SCE/PG&E existing generation assets.

Summary of Solution that incorporates these suggestions
Government entity becomes an ESP taking over all customers not served by
another ESP.
Government accepts any ESP's that come back within 3 weeks.
Utilities stopped from selling any additional nuclear, hydro, thermal or QF
generation. (requires change in legislation)
Utilities provide surcharge/credit, for the lessor of 40 years or retirement,
based on the difference between generation COS and market value to all ESPs,
after rate freeze ends (requires change in legislation and settlement).
Government entity, as ESP,  charges Frozen Rate plus 10% until the end of
2002.
Government entity, assures all ESP that they will their costs will not exceed
110% of frozen rate until the end of 2002.
Rate freeze and surcharge continue until the end of March 2002.
Any shortfall of agency would be recovered through a amortization over the
next 15 years with securitization less positive proceeds from auctioning
default provider. (requires change in legislation)
Government commit to building 10,000 MW of generation by summer of 2002
Government commit to allowing emmission constrainted generators to buy
emission credits
Goverment change legislation to allow swift DSM activity

From: James D Steffes@ENRON on 01/11/2001 10:42 PM
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Mark
Palmer/Corp/Enron@ENRON, Michael Tribolet/Corp/Enron@Enron, Harry
Kingerski/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Linda Robertson/NA/Enron@ENRON, Alan
Comnes/PDX/ECT@ECT, Mary Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, Sandra
McCubbin/NA/Enron@Enron, Roger Yang/SFO/EES@EES, Scott Stoness/HOU/EES@EES,
Robert Badeer/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Stephen Swain/PDX/ECT@ECT,
Travis McCullough/HOU/ECT@ECT, Andre
Cangucu/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Shelia Benke/Corp/Enron@Enron,
Vicki Sharp/HOU/EES@EES, Wanda Curry/HOU/EES@EES, Don Black/HOU/EES@EES,
Gordon Savage/HOU/EES@EES, Donna Fulton/Corp/Enron@ENRON, William S
Bradford/HOU/ECT@ECT
cc:
Subject: Financial Analysis of PG&E and Proposed Terms for Settlement

Attached please find three documents that outlines the economics of LT
contracting necessary for PG&E and SCE.  Also find some thoughts on elements
of a workable settlement.

Call me with any questions.

Jim

Scott Stoness
01/11/2001 05:09 PM
To: James D Steffes/NA/Enron@ENRON
cc: Don Black/HOU/EES@EES, Harry Kingerski/NA/Enron@Enron
Subject: Re: Treasury (keep PG&E) Solvent Strategy

Great idea.  My strategy was solve the immediate problem of solvency quickly
by getting the government to step in while the rules of the RFP are defined,
then do the auction, but if you think we could go straight to an RFP for
standard offer without going bankrupt, I would be for it.

I believe that we do not have time for an RFP (6 months) so that we should
get the government entity to step in to give us the time.

And auction by rate class would be good but noone would want the large
classes because their rate increase will be higher and they will be less
likely to stay.

Scott

From: James D Steffes@ENRON on 01/11/2001 03:25 PM
To: Scott Stoness/HOU/EES@EES
cc: Don Black/HOU/EES@EES, Harry Kingerski/NA/Enron@Enron
Subject: Re: Treasury (keep PG&E) Solvent Strategy

What about something different?

If we asked for an Auction by rate class that would allow a different company
to market the default service.  The competitive bids would be used to reduce
the overall undercollection.  So in your ST point #1, replace Government
entity with a Competitive ESP that has paid the most to win that right.

Jim

	Scott Stoness@EES
	01/11/2001 02:39 PM

		 To: James D Steffes/NA/Enron@Enron
		 cc: Harry Kingerski/NA/Enron@Enron, Don Black
		 Subject: Treasury (keep PG&E) Solvent Strategy

Solution
Government entity becomes an ESP taking over all customers not served by
another ESP.
Government accepts any ESP's that come back within 3 weeks
Utilities stopped from selling any additional nuclear, hydro, thermal or QF
generation.
Utilities provide surcharge/credit, for the lessor of 40 years or retirement,
based on the difference between generation COS and market value to all ESPs,
after rate freeze ends.
Government entity, as ESP,  charges Frozen Rate plus 10% until the end of
2002.
Government entity, assures all ESP that they will their costs will not exceed
110% of frozen rate until the end of 2002.
Rate freeze and surcharge continue until the end of March 2002.
Any shortfall of agency would be recovered through a amortization over the
next 15 years with securitization less positive proceeds from auctioning
default provider.

Other:
Government commit to building 10,000 MW of generation by summer of 2002
Government commit to allowing emmission constrainted generators to buy
emission credits
Goverment change legislation to allow swift DSM activity


Great news!
As of yesterday afternoon, we have a juice machine installed in the break room.
There are 2 juice flavors available:  orange and cranberry.
Real juice--hooray!

<Embedded Picture (Metafile)>
<Embedded Picture (Metafile)>


We have a great deal of work underway with our continuing operations, bankruptcy related issues, managing asset sales transitions and major operating environment issues.  While I have great confidence in our ability to overcome challenges, we will need to simultaneously direct our attention on a number of key areas to be successful.

In light of the above, I have asked Danny McCarty to take on a new role as managing director of special projects for Enron Global Services (EGS).  Danny's responsibilities will include a number of complex bankruptcy related activities, the workout of certain troubled assets and optimizing the value of selected businesses.

Until the question of our right to repurchase Northern Natural Gas is resolved, it is better to minimize organizational changes.  Consequently, I do not plan to replace Danny as managing director and chief commercial officer of Enron Transportation Services (ETS) at this time.  Steve Harris, Bob Hayes, Rob Kilmer, Shelley Corman and the business development efforts will report directly to me.

I truly appreciate Danny's willingness to take on this responsibility.  His involvement should ensure that we dedicate the necessary attention to key business issues, while allowing Jim Hughes and me to focus on the priorities of a reorganization plan and our day-to-day operations.

As always, thank you for your continued dedication and support.

Stan


Dear Jeff,

Sorry I had to get  off the phone so abruptly.

I am glad to hear that you are still interested in the Butterfield for
Enron. It would be an amazing piece for the collection and a unique early
piece for $200,000.00 seems much more appealing than a recent bronze
multiple for $225,000.00. This is an amazing piece though I am afraid that
the email image is probably not very good.

The following are the details:
ARTIST: Deborah Butterfield
TITLE: Goldie
DATE: 1980
MEDIUM: wood, iron, steel, plastic, wire, etc.
SIZE: 77" x 101" x 41" (life size)

Just so you know, the Butterfield is in a crate in SF.

Yours truly,
Michael Rosenfeld


The NYISO is reserving hour beginning 12:00 in the January 18, 2002
Real-Time Market.

In addition, the NYISO is reserving hours beginning 19:00 through 23:00 in
the January 18,
2002 Hour-Ahead locational reserve market.

Prices in the January 19, 2002 Day-Ahead Market are correct.

Please note that Market Monitoring will no longer be reserving prices due
to ECA-B.  Code modifications were made on December 20th to incorporate
into the Real-Time price, the BME price in the presence of congestion.  The
incorporation is now an automatic process that is prescribed by the NYISO
tariffs.  This message will appear in price reservation announcements
through January 31, 2002.

This e-mail information is a copy of the official posting which can be
found at the following address of our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm

---
You are currently subscribed to nyiso_tie as: paul.d.thomas@enron.com
To unsubscribe send a blank email to leave-nyiso_tie-629431H@lyris.nyiso.com


please send a copy  of this letter to Pierre.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/16/2001
08:16 AM ---------------------------

	Enron Capital & Trade Resources Corp. - Europe

	From:  Pierre Aury                           01/16/2001 07:10 AM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: lng shipping/mosk meeting in tokyo 2nd of feb

understand that mosk have now received your fax, many thanks for having done
it, and have replied. for my file before going into the meeting could you
copy me with your fax and their reply ?

thanks in advance

pierre


Vance,

Thank you for the information.  That explains the deal.  What we need now, to
correctly book these volumes and clear any current issues in Volume
Management and/or settlements which would date back to the inception of the
deal.  This will also ensure that your book is correct for this deal.  I
think that Bob Cotten is the one to correct/add the deal, and then Tom Acton
and myself will need to make requests of Volume Mgmt. to kick-off the
re-booking process.

Thank you for your time,

Mary

ext. 35251


You have asked me the latter question before and the answer is yes, to the first question the answer is no

I was kidding about the books, read them soak them in

Yes we do need to spend some time at someone's house, I can't wait

 -----Original Message-----
From: 	Villarreal, Alexandra
Sent:	Thursday, October 18, 2001 2:09 PM
To:	Griffith, John
Subject:	RE:

your books are in my car.

geez, now you want to beat me?    meanie.

i wish you'd come over my house.   we need to go to spend time at someones house.

i have a couple of questions for you:     1)   are you the jealous type?             2)  If you were single, do you think that you would be interested in dating someone like me?

 -----Original Message-----
From: 	Griffith, John
Sent:	Thursday, October 18, 2001 2:04 PM
To:	Villarreal, Alexandra
Subject:

What are you doing?  Wake up over there sexy.  Where are my books?  Am I going to have to come to your house and beat them out of you?  I will do it.  Don't put it past me.


Gerald,

Attached is the blackline confirmation showing the changes we would like
made.  Please advise if this wording is acceptable.  Thank you.

Ann Crawford
Gas Marketing
Sr. Contract Administrator

Phone: 403-266-8425
Fax: 403-290-8479

 <<ENRON OPAL 5YR B.doc>>

 - ENRON OPAL 5YR B.doc


I hope so, too.

From: Steve Van Hooser@ECT on 12/11/2000 08:23 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Carlos Sole

Thanks for sending this the Barbara and Peggy.  Hopefully it will result in
Peggy's getting the relief she needs.

Steve

	Kay Mann@ENRON
	12/10/2000 01:51 PM

		 To: Steve Van Hooser/HOU/ECT@ECT
		 cc:
		 Subject: Carlos Sole

---------------------- Forwarded by Kay Mann/Corp/Enron on 12/10/2000 01:51
PM ---------------------------

Kay Mann
12/10/2000 01:51 PM
To: Barbara N Gray/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT
cc: Michelle Cash/HOU/ECT@ECT

Subject: Carlos Sole

Barbara and Peggy,

I understand that we may be looking for someone to provide some assistance on
the Mexico transactions, and that Carlos Sole may be interviewing for the
position.  Carlos and I worked together on multiple transactions in Mexico
while I was with EECC.  In fact, I hired Carlos to work with me because 90%
of what I was doing was in  Mexico, and Carlos has a good background in
transactional work in Mexico. He assumed "first chair" responsibility for all
the Mexico work when I left EECC. Carlos is bilingual in Spanish, and he
conducts business in Spanish quite comfortably.  He is a very bright, a hard
worker, and a lot of fun to work with.  I personally think he would be an
excellent addition to our group.

Please let me know if I can provide any more information about Carlos.

Kay


Ginger:

In preparation for the WTO Strategy Conference Call on Monday, February 28,
2000 Joe Hillings thought the attached would be helpful to the participants.

If there is any additional material Rick would like Joe to distribute, please
let us know.

Thanks.

Lora Sullivan
202-466-9142

To: Joe Hillings/Corp/Enron@ENRON, James D Steffes/HOU/EES@EES, Chris
Long/Corp/Enron@ENRON, Mark Schroeder/LON/ECT@ECT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/HOU/EES@EES
cc: Lora Sullivan/Corp/Enron@ENRON, Marcia A Linton/HOU/EES@EES, Amy
Fabian/Corp/Enron@Enron, Sharon Killey/LON/ECT@ECT, Helen
Rizzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maureen McVicker/HOU/EES@EES

Subject: WTO Strategy Conf. Call: Confirmation

The call mentioned above has been scheduled.  Please see below.

Date:  Monday, February 28

Time:  8:00am cst/9:00am est/2:00pm London

Numbers: 1-800-283-1805 (Domestic)
  703-736-7385 (Int'l)

Duration of the call should be 1 1/2hrs.  Thanks and please call if you have
any questions.

gngr
---------------------- Forwarded by Ginger Dernehl/HOU/EES on 02/22/2000
03:00 PM ---------------------------

	Enron Energy Services

	From:  Ginger Dernehl                           02/22/2000 11:30 AM
	Phone No: 713 853-7751

To: Joe Hillings/Corp/Enron@ENRON, James D Steffes/HOU/EES@EES, Chris
Long/Corp/Enron@ENRON, Mark Schroeder/LON/ECT@ECT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/HOU/EES@EES
cc: Lora Sullivan/Corp/Enron@ENRON, Marcia A Linton/HOU/EES@EES, Amy
Fabian/Corp/Enron@Enron, Sharon Killey/LON/ECT@ECT, Helen
Rizzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maureen McVicker/HOU/EES@EES
Subject: WTO Strategy Conf. Call:URGENT REPLY NEEDED

Please let me know if the time below will work on your calendars for the
above mentioned meeting.

Monday, February 28, 8-9:30am cst/9:00-10:30am est/or 2-3:30pm London

Please respond at your earliest convenience.

Helen Rizzo * - Rick would like John to attend if these times will work into
his schedule.

Thanks and please call if you have any questions.

gngr

	Enron Energy Services

	From:  Ginger Dernehl @ EES                           18/02/2000 16:04
	Phone No: 713 853-7751

To: Joe Hillings/Corp/Enron@ENRON, James D Steffes/HOU/EES@EES, Chris
Long/Corp/Enron@ENRON, Mark Schroeder/LON/ECT@ECT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steven J Kean/HOU/EES@EES
cc: Lora Sullivan/Corp/Enron@ENRON, Marcia A Linton/HOU/EES@EES, Amy
Fabian/Corp/Enron@Enron, Amber Keenan/LON/ECT@ECT, Helen
Rizzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maureen McVicker/HOU/EES@EES

Subject: WTO Strategy:URGENT REPLY NEEDED

Rick would like to hold a conference call regarding the above subject.  In
checking with Rick's, Steve's & Mark Schroeders schedules the times below
would work best for their calendars and Thursday the 24th is the date with
the most possibilities.  Please let me know if any and all of these times
would work for you to attend.  Thanks and please call if you have any
questions.

gngr

Thursday, February 24
Anytime after 11:00am cst/12:00pm est/4:00pm London


We have received an executed Assignment and Assumption Agreement by and among
Vidriera Mexicali, S.A. de C.V. ("Mexicali"), Vitro Corporativo, S.A. de C.V.
("Vitro"), and Enron North America Corp. ("ENA"), effective February 6, 2001,
which assigns a trade entered into between Mexicali and ENA from Mexicali to
Vitro.

Copies will be distributed.

Stephanie


OK, given the Enron Xmas party in Houston, and Sue's request that weekends be
included in the ballot, please repond to the dates listed below.  Please give
1) your top 3 preferences, and 2) any days for which you have a (true)
conflict.  Thanks.  Also, unless I hear otherwise, we'll assume that partners
and children come included.  Thanks.

Best,
Jeff

Nov. 30, Dec. 1, Dec. 2
Dec. 14th, 15th, 16th

	Susan J Mara@EES
	10/11/2000 11:51 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Mona L Petrochko/SFO/EES@EES, Paul Kaufman/PDX/ECT@ECT, Sandra
McCubbin/SFO/EES@EES, Joseph Alamo/NA/Enron@Enron
		 Subject: That Joyous Time of Year

I always like an activity -- I like to include kids too if that's OK with
others

I'm fine with including the rest of the office -- that would probably limit
any activity we would do -- the other business units would have to agree to
accept any liability to cover last minute back outs (like ENA two years
ago).  It would also maker the event very BIG -- so I'd be more happy with
just GA - but I can go either way.

We should include Marcie, Paul, Carl, Roger and Peter and families -- if they
want to come

School nights are bad -- even without kids -- so the 7th doesn't work.  We're
also supposed to be in Houston on the 7th and 8th --so the 8th doesn't work.
I vote for the following weekend -- fri or Sat
---------------------- Forwarded by Susan J Mara/SFO/EES on 10/11/2000 09:41
AM ---------------------------
From: Jeff Dasovich@ENRON on 10/10/2000 04:37 PM
Sent by: Jeff Dasovich@ENRON
To: Mona L Petrochko/SFO/EES@EES, Paul Kaufman/PDX/ECT@ECT, Susan J
Mara/SFO/EES@EES, Sandra McCubbin/SFO/EES@EES, jalamo@enron.com
cc:
Subject: That Joyous Time of Year

Well, it's upon us again and that means X-Mas party.

Joseph and I have begun (barely) to plan for this year's festivities.  But
before we get to far along, tried and true democratic (small "d") principles
call for a wee bit of polling.

Because we're already in the middle of October we need your responses
pronto.  If we don't receive your responses by COB Thursday, then democracy's
out the window, and good ol' dictatorship takes over.

Of course, it will be difficult to grant everyone's wishes, but all
suggestions will be given great (and equal) weight.  Here are the questions:

Would you prefer just dinner, or dinner plus an activity?

Joseph and I are leaning toward dinner and an activity, but wanted to hear
from other folks.  If yes, Joseph has come up with a couple of very fun ideas
for an activity but suggestions are greatly encouraged and welcome.  Same
goes for a restaurant (understanding that the choice of activity may
influence where we eat).  Sue has put in her vote for Fleur de Lys.

Should we try to organize the event with the rest of the SF office (i.e., EES
and ENA) or confine it to GA?
Should we expand to include Western GA or keep it to SFGA?
We choose for dates the 7th or 8th or 14th or 15th of December.  What's your
preference.  Is there a day that just won't work?

Joseph, if I've missed anything, please tack on.

Best,
Jeff


FYI

 -----Original Message-----
From: 	Mary Harkins <MHAR@McGriff.com <mailto:MHAR@McGriff.com>>@ENRON
Sent:	Wednesday, October 31, 2001 4:50 PM
To:	Bouillion, James L.
Cc:	Sheryl Winslett; Paul Sparks; Natalie Solomon; Alastair Muir-Taylor
Subject:	September 30, 2001 AEGIS EAB

Please find attached the referenced document containing this calculation.
Please let us know if you have any questions.

 <<ENRON Sepember 2001.XLS>>

Mary Abbott Harkins
Assistant Vice President
(205) 581-9397

 - ENRON Sepember 2001.XLS


---------------------- Forwarded by Darron C Giron/HOU/ECT on 09/11/2000
10:21 AM ---------------------------

"hollyw" <hollyw@email.msn.com> on 08/24/2000 08:14:22 AM
To: "Darron C Giron" <Darron.C.Giron@enron.com>, "Debbie Hall"
<gmind@icsi.net>
cc:
Subject: Fw: THE TRUE OLYMPIC SPIRIT

I say staged.

----- Original Message -----
From: "Warren, Stacy" <swarre02@coair.com>
To: "'Ugly Boo (E-mail)'" <hollyw@email.msn.com>
Sent: Monday, August 14, 2000 4:47 PM
Subject: FW: THE TRUE OLYMPIC SPIRIT

> Excellent!
>
> -----Original Message-----
> From: Wanda Harding [mailto:wharding@redsky.com]
> Sent: Monday, August 14, 2000 4:02 PM
> To: Alan Birchenough (E-mail); Alisa Mayfield Conboy (E-mail); Brian Mann
> (E-mail); Dave Pitschel (E-mail); Hazel Birchenough (E-mail); Heather
> Sullivan (E-mail); Ignacio Martinez (E-mail); Jeff Bishop (E-mail); Jeff
> Draper (E-mail); Jennifer Vodvarka (E-mail); Jim Terando (E-mail); Lori
> Stull (E-mail); Pegi Newhouse (E-mail); Rick Pleczko (E-mail); Warren,
> Stacy; Wes Manning (E-mail); Jeff Harris
> Subject: FW: THE TRUE OLYMPIC SPIRIT
>
>
>
>
>
> Subject:        FW: THE TRUE OLYMPIC SPIRIT
>
> <<sportszeru biciklis.mpg>>
>
>
>
>
>
>

 - sportszeru biciklis.mpg


fyi

-----Original Message-----
From: BD.Liu [mailto:bdl@mapp.org]
Sent: Friday, November 16, 2001 8:59 AM
To: rin@mapp.org
Subject: Re: MAPP Partial Outage Monday, November 19 5am-6am CT

*******REMINDER*********

>Date: Thu, 15 Nov 2001 15:24:40 -0600 (CST)
>From: "BD.Liu" <bdl@mapp.org>
>Subject: MAPP Partial Outage Monday, November 19 5am-6am CT
>To: rin@mapp.org
>MIME-Version: 1.0
>Content-MD5: NjUOJVf/yPPOU5ylYUbTBA==
>
>Attention MAPP OASIS Users:
>
>On Monday, November 19, MAPP will be doing up to 1 hour of database maintenance
>starting at 5:00am CT and ending at 6:00am CT.  The OASIS node will be
available
>for making reservations, but there may be a slight delay in processing.
>
>If at all possible please have reservations for the next hour in before 4:55am
>CT. I apologize for any inconvenience this may cause. The ultimate goal of this
>maintenance is continue the quick turn around of transmission requests.
>
>Bernie Liu
>MAPPCOR
>651-632-8467
>bd.liu@mapp.org
>


Doug, Ashley's e-mail address is in the cc line if you want to get in touch
with her.  I hadn't thought that she might have had to put down a refundable
deposit (rather than a hookup fee) for some of the utilities so logistically
switching to your name might not be worthwhile, but it may be worth asking.
Remember I have water covered.  Call or e-mail if you have questions!


----- Forwarded by Jeff Dasovich/NA/Enron on 07/19/2001 02:14 PM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	07/19/2001 02:11 PM

		 To: skean@enron.com, Richard B Sanders/Enron@EnronXGate, Susan J
Mara/NA/Enron@ENRON, Karen Denne/Enron@EnronXGate
		 cc:
		 Subject: Dunn

Anything can happen, but Hedy just talked to the Executive Offficer of the
Senate Rules committee who told her that it is very unlikely that the full
Senate would vote on any contempt report before the Senate leaves for recess;
that is, they likely wouldn't vote on anything until they return in August.

Other info from the conversation:
With respect to fines, sanctions, etc., he said that "they're making it up as
they go."
Any vote on fines, etc. would only a require a simple majority to pass.


Start Date: 4/7/01; HourAhead hour: 19;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040719.txt


It is becoming increasingly clear that the development of eCommerce will have
a significant and continuing impact on the conduct of business in a broad
array of industries.  Through EnronOnLine, Enron has quickly become a major
catalyst for the transition to the web in the gas and electric industries.
EnronOnLine has been an enormous success since its launch.  Since launch, we
have completed 67,043 transactions on line, with a total dollar value of over
$25 billion.  EnronOnLine is now the largest eCommerce site in the world.

We believe that the competitive success of EnronOnLine is due to one very
specific reason.  In addition to providing a web-based platform for
transactions, Enron acts as principal to provide direct liquidity to the
site.  We stand ready at all times, in any market conditions, to buy and sell
at the posted price.  This converts a &bulletin board8 (the more typical
eCommerce concept) into a true market.  There are very few, if any,
competitors that can provide this capability.

We are increasingly convinced that this competitive advantage can be
dramatically expanded to other products and other geographies.  If we are
correct, this could provide an enormous new opportunity for growth for Enron.

Accordingly, we are initiating a major new effort to capture this
opportunity.  Effective today we are creating a new business, Enron Net
Works, to pursue new market development opportunities in eCommerce across a
broad range of industries.  It is likely that this business will ultimately
be our fifth business segment, joining transmission & distribution,
wholesale, retail and broadband services.

Included in this business will be our entire IT and technology group along
with significant talent and resources in market making and finance.
Initially, North America will provide primary direct support for staff
services and back office, however, over time we will be requesting support
services from virtually all Enron units to ensure continued growth and
success.  To facilitate the combining of commercial capabilities with these
new eCommerce platforms, Enron Net Works will work closely with the merchant
functions of North America, Europe, South America, CALME, Asia and Broadband.

Enron Net Works will be headed by Greg Whalley, Chief Executive Officer; Mike
McConnell, Chief Operating Officer; and Jeff McMahon, Chief Commercial
Officer.  These individuals will comprise the Office of the Chairman for
Enron Net Works and remain on the Executive Committee of Enron Corp.
Replacing Greg Whalley as President and Chief Operating Officer of Enron
North America is Dave Delainey, who will also join Enron,s Executive
Committee.

Global Technology will remain intact but will now be a part of Enron Net
Works.  It will maintain all of the same businesses and services as it did as
an Enron global function.  Philippe Bibi will remain the Chief Technology
Officer for all of Enron Corp. and continues to be responsible for the
development of worldwide technology standards and platforms.

EnronOnLine, headed by Louise Kitchen, will also remain intact and will now
be a part of Enron Net Works.  The success of EnronOnLine enables us to
utilize this site as a model as we explore other markets. In addition, the
following individuals are included in Enron Net Works along with their
current eCommerce initiatives: Harry Arora, Public Financial Securities; Jay
Fitzgerald, New Markets Identification; Bruce Garner, Metals; and Greg Piper,
Pulp and Paper.

Over the next several weeks we will complete staffing and organizational
design and will provide full details on this exciting new business
opportunity.


FYI - the action item I had from the Buy/Causey update in December to address
FCPA issues with Sales Agency agreements appears to be resolved, so I will
not be contacting Legal re: FCPA concerns as they are already involved and
are addressing.

Cassandra.
---------------------- Forwarded by Cassandra Schultz/NA/Enron on 01/30/2001
06:25 PM ---------------------------

	Enron Europe

	From:  Naomi Connell @ ECT                           01/30/2001 04:57 PM

To: Cassandra Schultz/NA/Enron@ENRON
cc: Robert Soeldner/LON/ECT, Tina Ward/LON/ECT, Paul Simons/LON/ECT, Melanie
Doyle/LON/ECT

Subject: Re: Sales Agency Arrangements

When we took over the metals business there were indeed several agents who
were more like employees in the way that they acted. There were also many ad
hoc or minor agents.  The level of documentation varies considerably.  We
have taken two actions on this, depending on the circumstances

1.  They have been integrated as employees and HR have either issued or are
in the process of issuing normal Enron employment contracts

2.  We are performing a complete review of all agency agreements that exist
(there are many of them, but only a few are the situation that you describe
below) from source documents or payments. This is the basis on which we are
revising and issuing full enron contracts or informing the agent that we will
no longer require their services.   Suitable standard contracts are currently
being reviewed by Houston legal dept. For key agents we are also offering
FCPA training as part of our overall remote office FCPA training program.

The people copied above are those in London who are directly involved in this
process

Rob - commercial lead (reporting to Joe Gold)
Tina - tax
Paul - legal
Melanie - HR

Please do not hesitate to contact me for further information

Naomi

From:  Cassandra Schultz @ ENRON
               30/01/2001 19:42

To: Naomi Connell/LON/ECT@ECT
cc: Michael Pitt/EU/Enron@Enron

Subject: Sales Agency Arrangements

Naomi-

Hello, I work in Market Risk, and am involved in the Doorstep process.
During review of some visits last year, it came to our attention that Metals
evidently has some type of "sales agent" arrangements, whereby they engage
various individuals to represent them internationally, but without any
agreements in writing.

I'd like to confirm the circumstances when these arrangements are used, how
many Metals offices use this, and whether this is in fact something outside
the Metals realm.    Would you please elaborate on this subject?

Shona Wilson said you were the one to talk to.

Thank you,

Cassandra Schultz
Houston office
x30429


Sherri,  I will fill in Jeff for any fraternity type parties (one already
planned at Wayne Thompson's house on Friday the 27th).  I'm sure Jeff will
receive a packet from SMU for any campus type get togehter's.

If you need anything, let me know,

Chuck
________________________________________
   Chuck Paul
   A Closer Look
   Professional Mystery Shopping Company
   770-446-0590
   Email:  Chuck.Paul@A-Closer-Look.com
   http://www.a-closer-look.com

----- Original Message -----
From: <Jeff.Skilling@enron.com>
To: Chuck Paul <chuck.paul@a-closer-look.com>
Sent: Wednesday, May 03, 2000 11:19 AM
Subject: Re: MS 150/ Homecoming 2000

>
> Chuck,
>
> Thank you for the information.  I have marked the dates on Jeff's
calendar,
> and he plans to be there.  I guess he'll get more information as the date
> draws closer?
>
> Regards,
> Sherri
>
>
>
>
> "Chuck Paul" <chuck.paul@a-closer-look.com> on 05/03/2000 09:58:49 AM
>
> Please respond to "Chuck Paul" <chuck.paul@a-closer-look.com>
>
> To:   <Jeff.Skilling@enron.com>
> cc:
>
> Subject:  Re: MS 150/ Homecoming 2000
>
>
> Sherri,  Homecoming is the Weekend of October 27-29.  I hope Jeff can make
> it!
>
> Chuck
> ________________________________________
>    Chuck Paul
>    A Closer Look
>    Professional Mystery Shopping Company
>    770-446-0590
>    Email:  Chuck.Paul@A-Closer-Look.com
>    http://www.a-closer-look.com
>
> ----- Original Message -----
> From: <Jeff.Skilling@enron.com>
> To: Chuck Paul <chuck.paul@a-closer-look.com>
> Sent: Wednesday, May 03, 2000 10:32 AM
> Subject: Re: MS 150/ Homecoming 2000
>
>
> >
> > Mr. Paul,
> >
> > Jeff asked me to see if I could find out when the Homecoming is taking
> > place.  He'd like to be there if the dates work with his schedule.
> >
> > Thank you,
> > Sherri Sera
> > Assistant toJeff Skilling
> > 713.853.5984
> > 713.646.8381 (fax)
> >
> >
> >
> >
> > "Chuck Paul" <chuck.paul@a-closer-look.com> on 05/02/2000 01:35:32 PM
> >
> > Please respond to "Chuck Paul" <chuck.paul@a-closer-look.com>
> >
> > To:   "Jeff Skilling" <jskilli@enron.com>
> > cc:
> >
> > Subject:  MS 150/ Homecoming 2000
> >
> >
> > Jeff,  how was the bike trek to Austin?  Hope you raised LOTS of $$$.
> > Great
> > job you are doing!  My MS get together is next weekend (May 13th).
> >
> > Homecoming 2000-be there!  Elvis is having a party for all Beta's (big
> 25th
> > reunion) on Friday night at his house.  The new stadium is supposed to
be
> > awesome.  Hope you can make it.
> >
> > Keep in touch,
> >
> > -kai-
> >
> > Chuck
> > ________________________________________
> >    Chuck Paul
> >    A Closer Look
> >    Professional Mystery Shopping Company
> >    770-446-0590
> >    Email:  Chuck.Paul@A-Closer-Look.com
> >    http://www.a-closer-look.com
> >
> >
> >
> >
> >
> >
> >
> >
>
>
>
>
>
>
>


Still here - no idea what the Standard Power offer is - so probably not going to help but there are signs of hope for gas and power trading.

Unbelievable that a trading shop was brought down by rogue traders.

 -----Original Message-----
From: 	"Harper, Caroline" <Caroline.Harper@amerada.co.uk>@ENRON
Sent:	Monday, December 03, 2001 11:12 AM
To:	Kitchen, Louise
Subject:	Worried

Don't know if this will still reach you - over here Enron staff have all
been denied access to terminals.  Will try and phone.

Worried about you both - will the Standard Power offer mean you might still
be ok?  What has the collapse meant for you both?  Is there anything I can
do to help?

Thinking of you - can't really believe it

Caroline Harper
Managing Director
0207 887 2372


The model is supposed to be a real option model to capture the value of
power plants of Gencos. It is to give trader a better insight as to whether
the
market is overvaluing/undervaluing certain Genco stocks, and trader can
act accordingly.  I'm still trying to find out how trader is supposed to use
it.

Modeling details:
The model takes in all Gencos' locational power forward prices and fuel
forward
prices, and uses GARCH model to simulate one year daily prices, and then
uses a hourly profile to convert them into hourly prices.  GARCH model
parameters
are estimated by the consultant using and separate model and
are updated twice a year, and it does not matter whether the simulation starts
in January or September.

Using these prices, it will determine whether a unit at a particular location
will be dispatched
or not depending on A) spread of power and fuel prices, and B) whether the
start-up
cost can be recovered during 8 operation hours.  The unit can be dispatched at
minimum and peak levels. Fixed O&M, SOX and NOX (I don't know what the last
two stand for)
are taken into consideration.

With the simulated dispatch schedule, the model calculates the value that can
be generated
by this unit, then sums it up across all units.

The final value is the average of 100 simulations.  And it takes about 16
hours to run for about
200 units.

After our conversation, the consultant promised to look into A) how to make
the model more flexible,
say, to allow a different time horizon, B) reduce spreadsheet overhead by
doing calculation one
unit a time and not saving all the intermediate information (as of now it
saves everything
on the spreadsheet).

Assuming the GARCH process is modelled correctly, I believe the methodology
is OK, though
it does not capture most of  the optionality.

My concerns are:
Whether the price processes are modelled correctly. I have to get more
details before making
any conclusion.

100 simulations are way too few. Unless we convert the algorithm to C, I
don't see how spreadsheet
can handle more simulations. I guess that's why they contact us. But again,
if Enron's buying the
model from the consulting company, why should Enron do their job for them?

How trader's going to use the model output. For this I phoned Jeff (the
associate who initiated all
these) and am still waiting for his returning call.  A related questions why
the model horizon is one year.

We can either
Oversee the conversation, but not doing actual coding for them.
Or
Redo the model for them. (The problem still remains that how trader's going
to use the output).  But
in view of the Great Wall of China separating the business units, should we
do it?

As of now I have a simulation model taking start-up cost, fixed O&M, rump-up
delay into consideration.
It simulates monthly prices (using GBM) and takes 2 minutes 40 seconds to run
10,000 simulations for
one unit for ten years (120 time steps).  It can use forward-forward vol and
incorporate seasonality into
it (I understand this is debatable). (One interesting observation is that
when using forward-forward vol
simulation, the standard deviation is about 0.5%, while standard deviation
using forward vol is about
2%. Also, incorporating seasonality increases the value by about 1.6%). Since
most of the time-cost
occurs in price simulation, and we are to simulate about 20 price processes,
I hope the full model
(if we build it) will take a couple of hours to run for 200 units. The main
task will be interfacing, i.e.,
getting data from data base, and outputting the results. This is where I need
most help if I am to do it.

Please advice the course of action. I am supposed to talk to Michelle
Cisneros today.
p.s. I never promised to oversee a programmer in our group (see the message
below).

Best,
Alex
---------------------- Forwarded by Alex Huang/Corp/Enron on 01/05/2001 08:58
AM ---------------------------

	Jeff M Gray

	01/04/2001

To: Gary.Hickerson@enron.com, Michael.W.Bradley@enron.com,
Michelle.D.Cisneros@enron.com, Jaime.Gualy@enron.com
cc: alex.huang@enron.com, kskinner@ftenergy.com, cseiple@ftenergy.com

Subject: FW: Project timeline

Ken and I worked up the following timeline and refined the trading
methodology a bit this morning.  We also met with Alex Huang from Vince's
group, and explained the model and coding tasks.  Ken and Alex have arranged
to speak by phone on Monday, and meanwhile Alex is coordinating within the
research group.  Alex will oversee a programmer within his group, while
interfacing regularly with us.

1/4 Kickoff
1/11 Complete spreadsheet, table, and database structures (RDI).
1/17 Complete software coding for the Pricemaker component of the model
(RDI and Enron Research), and begin testing (Enron Research).
1/22 Complete software coding for the Dispatch portion of the model (RDI
and Enron Research), and begin testing (Enron Research).
1/22 Complete financial trader "user" interface, within the Access
environment (RDI).
1/22 Complete collection and delivery of unverified generating-unit data from
RDI databases (RDI).  Begin verification process (RDI).
1/29 Complete all charts and reports accessible from the user interface
(RDI).
1/29 Complete compilation of consensus EBITDA forecasts for all operations
other than merchant generation (Enron Financial Trading).
2/9  Complete code testing (Enron Research).
2/9  Deliver verified and quality-checked generating-unit data (RDI).
2/9 Complete the model, begin testing the trading methodology, and train
users.
2/16  Finish training, testing, and final QC.

jeff


the scrimmage is still up in the air...

webb said that they didnt want to scrimmage...

the aggies  are scrimmaging each other... (the aggie teams practiced on
Sunday)

when I called the aggie captains to see if we could use their field.... they
said that it was tooo smalll for us to use...

sounds like bullshit to me... but what can we do....

anyway... we will have to do another practice Wed. night....    and I dont'
know where we can practice.... any suggestions...

also,  we still need one  more person...


Gaurav:
FYI.  Please add to the distribution list that you will be circulating.
Carol
----- Forwarded by Carol St Clair/HOU/ECT on 05/31/2000 06:05 PM -----

	"SCOTT AVITABILE" <SAVITABI@LLGM.COM>
	05/31/2000 01:42 PM

		 To: <Carol.St.Clair@enron.com>
		 cc:
		 Subject: Re: Update on Insurance/Derivative Transaction

Carol:  I received your voice mail this afternoon and it looks like we just
need to wait for the documents to role in and then try to review them ASAP.
In the meantime, would you please add Sam Berins in our Washington DC office
and John McGreevy here in New York to the distribution/working group list.
Their email addresses are sberins@llgm.com and jmcgreevy@llgm.com.  Best
regards.


Pursuant to the HoustonStreet Price Posting Agreement and subsequent amendment, the companies have conducted extensive Interface testing.  The testing has been an iterative process over several weeks and has included both stress testing and unit testing.  The testing was conducted to ensure interface functionality and load performance.

On May 7 - 8, 2001 we tested with HoustonStreet to determine whether the Sponsor Interface Acceptance Criteria had been met.  Based upon the following results I do not believe that all the criteria have been met and recommend against putting the Interfaces into production.

1.  Although the Sponsor was able to accept continuous price updates we experienced a 1 - 8 second time variance between price updates on EnronOnline and price updates on HoustonStreet.   Testing periods of up to 1.5 hours were included in the testing.  Price updates during the testing ranged from 20 - 40 updates per second with peaks of approximately 60 updates per second.  The 1 - 8 second delay on the HoustonStreet website will result in a high percentage of failed transactions with Enron.

2.  No testing was done at 100 -200 updates per second.

3. HoustonStreet was unable to do a three day uninterrupted period to allow for testing.  As a result of incidents seen in the testing on May 8, 2001, HoustonStreet was still making adjustments to software as evidenced by the May 11, 2001 email from John Whyman of HoustonStreet.  Without a three day "quiet" period we are unable to finish testing the functionality of the interfaces.  Until such time as the software and hardware are locked down, we cannot be assured that changes that are being made are not impacting the results of previous testing.  Essentially without a lock down period we could not be sure that any functionality would work when we went live.

4. HoustonStreet did provide an excel matrix for displaying the Enron product descriptions.  Enron requested that the matrix be prominently displayed on the Sponsor Platform.  We were unable to view the matrix on the Sponsor Platform.   If the matrix was not prominently displayed on the HoustonStreet website, customers transacting on HoustonStreet may actually buy or sell a product that is different than they thought.  The matrix was required to ensure that anyone transacting with Enron would know exactly what product they were dealing with based upon the EnronOnline short description.

5. Functionality testing could not be completed due to the inability to do a three-day uninterrupted test as required in number 3 above.  As long as changes to the software and hardware continued Enron can not be assured that changes would not impact system functionality.  We had planned to do a test of all functionality during the three-day quiet period.  Testing of system functionality that was conducted on May 7 - 8 revealed the following critical issues:

We saw incidents of incorrect Enron price updates posting on the Sponsor Platform.  One specific examples included a crossed market display with a bid price of $6.00+ and an offer price <$1.00
We experienced instances of both successful and failed transaction messaging that were delayed anywhere from 10 seconds to several minutes.
We experienced successful transactions with Enron with no corresponding responses back to the Sponsor Platform.
We experienced instances where price updates were causing products to appear and disappear.  HoustonStreet indicated that the issue was the result of incorrect mapping.

Given the functionality problems we witnessed, a disconnect between Enron and the customer as to what transactions have been entered into would occur.  This disconnect would result in substantial price exposure during the period that the trade is not confirmed.  In addition, given the timing of the confirmations (positive and negative) a customer might be confused as to which confirmation was associated with which transaction attempt.  This situation once again would result in exposure from price movements in the markets.


Here are you positions.


Don, in my opinion options 1 & 2 are the same and 3 is not an option.  I
would like to provide an outsourcing deal that earns us fees and provides
information.  We will manage the internal issues.  A properly priced and
scoped term outsourcing deal should be doable.  Please speak with Sally Beck
and Beth Perleman.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 06/28/2000
12:31 PM ---------------------------

Don Miller
06/27/2000 07:16 PM
To: David W Delainey/HOU/ECT@ECT, Jeff Donahue/HOU/ECT@ECT
cc: Mike J Miller/HOU/ECT@ECT
Subject: Genco Services Agreement

Dave,

We had a good meeting with Presto today.  We came away with a broad T&M
outline.  One concern that Kevin raised is our ability to actually do a
"services agreement" for the risk management and back offices aspect of
NewCo.  Apparently, he said a number of issues have bubbled up recently with
our systems in terms of manpower, age of system, and ability to take on
additional load.  He said throwing on an incremental 4000-5000 MWs with NewCo
may prove to be too much to handle.  He also raised the "confidentiality
issue".  It is his view that NewCo should have this capability in-house
anyway (obviously that was always the long term intent, with this services
agreement more a bridge).

Several options exist.
1.  Force a 12-24 month services agreement through the system (solve our
problems with more people, etc).

2.  Agree to set up NewCo's system using our unique expertise and experience.
We would do this for a fee (say $15MM?).   One issue here is just NewCo's
ability to get this done in conjunction with everything else in time to do
IPO.

3. Investigate what type of system FPLe is using today.  Since we are not
increasing net merchant MWs on day 1, FPLe's system could serve as the
platform for future MW expansion.  Maybe Enron comes in and expands/redesigns
system for a fee?  I believe that FPLe has just recently expanded/updated
their system.  I would like to try to learn more about their system.

Let me know if you have a preference or any additional thoughts.  I think we
can make money off of all three options.

Thanks,

Don


I would like to get the following information from you.  I think we probably will need to get the information for all the Appalachian producers.  I also realize that it may take some time for you to get the EES information together.  Over 70% of the Dominion volumes are for ENA.

1.  Pre petition amounts due by production month for EES and ENA by pipeline.

2.  Detail all deals that have pricing other than index for the total volume.  If a deal has tiered pricing, then I need to know how much gas flowed for that deal.
	Ex:  Triad where the first 5,000 is at $4.48 and anything over that is at index.  I would need to know the total volume by month on this deal.

3.  Pre petition and post petition transportation expenses.  Rita has put this information together for ENA.  I will start it for EES and then get you or Kathryn to help me.  It
    may already be completed.


Thursday morning, August 2nd, Jeff Skilling held a conference call with John Q Anderson, one of 9 independent Board members of NERC, to discuss Enron's position on the NERC version of reliability legislation.  Rick Shapiro and Jim Steffes were present on the call.

John Anderson's purpose for the call with Jeff was to find out what Enron wanted to see in legislation in order for Enron to give deference to NERC to become a Self-Regulated Organization for setting reliability standards.

Jeff explained that the PJM version has a more likeable approach than the NERC version, PJM's is less prescriptive and relies more on FERC participation in establishing a "SRO".  Additionally, funding concerns are not addressed in either version and a viable funding mechanism that does not rely on Regional Councils is needed.

Jeff also would like to make a presentation (as soon as possible) to the NERC Board of Trustees of the key items Enron would like to see resolved that would provide Enron enough confidence that the NERC/NAERO organization would be independent enough from the stakeholders and be willing enough to tackle the industry's toughest issues concerning competitive markets in electricity.

I will be working with the Enron-NERC team on a breifing paper of what we want NERC to fix in current NERC rules and processes for NERC to demonstrate it is worthy of the "SRO" status.  Some example issues include:
1) Indpendence requirements for operators and Security Coordinators
2) competitive advantages of control areas - parking and hubbing
3) competitive advantages of native and network service - source and sink data requirements

Charles Yeung
713-853-0348