We are making a number of significant organizational changes.  These changes
are intended to accomplish four key objectives:

First, we need to realign all our wholesale businesses around the successful
business model developed over the last decade in North America and Europe.
This model relies on extensive physical and transactional networks built
around a relatively small strategic asset position.

Second, we need to significantly streamline corporate reporting
relationships.  Particularly with Joe Sutton,s departure, the ability to
directly manage the day-to-day activities of 15 independent business units
has become increasingly difficult.

Third, we need to accomplish these changes without, in any way, compromising
the ongoing profitability of all our businesses and without delaying or
hindering our effort to monetize a significant portion of our lower-yielding
asset positions.

And fourth, as always, we need to take advantage of the reorganization to
redeploy our talent into our highest value opportunities.

ENRON WHOLESALE SERVICES

Today, we are forming Enron Wholesale Services (EWS) which will consolidate
our global wholesale businesses.  The closer alignment of our wholesale
businesses will accomplish the following: (1) enhanced communication and
coordination across business units, (2) more rapid deployment of people to
higher valued opportunities, (3) more effective prioritization of
opportunities across the wholesale business, and (4) more rapid extension of
Enron,s wholesale business model and capabilities into new industries and
markets.

Enron Wholesale Services will include our current North American, European
(including Japan and Australia), Global Markets, and Industrial Markets
operations, and will be expanded to include Enron,s Net Works business unit
as well as a new unit ) Enron Global Assets.  In addition, Enron,s merchant
businesses outside of North America and Europe will be integrated into this
new structure as described below.

Mark Frevert, currently Chairman of each of our wholesale units, will assume
the role of Chairman and CEO of Enron Wholesale Services.  Greg Whalley,
currently Chairman and CEO of Enron Net Works, will join Mark in the Office
of the Chairman as President and Chief Operating Officer.

Providing further impetus for these organizational changes, several of our
international business unit leaders have elected to move into new leadership
positions:

Rebecca McDonald, currently CEO of Enron APACHI, will join EWS as President
and CEO of Enron Global Assets. Enron Global Assets will have responsibility
for managing all of Enron,s existing energy asset portfolio outside of North
America and Europe.  Joining Rebecca in the Office of the Chairman as COO
will be Jim Hughes, currently COO of Enron APACHI.  Rebecca and Jim will
report to the EWS Office of the Chairman.

Sanjay Bhatnagar, currently CEO of Enron India, has joined EBS as CEO for the
Middle East and Asia region.  Sanjay will be responsible for building our
broadband business in this region and the current EBS team in this region
will report to Sanjay.  In this role, Sanjay will report to the EBS office of
the Chairman.  In addition, Sanjay will continue to remain responsible for
Enron,s wholesale energy business in India and will transition this business
into Enron Global Assets in the near future.

Diomedes Christodoulou, currently Co-CEO of Enron South America, has joined
EBS as Chief Commercial Officer.  Diomedes will be located in London and will
focus his origination activities on global opportunities, with near term
attention to the wholesale and enterprise sectors.  Diomedes will report to
the EBS Office of the Chairman.

Jim Bannantine, currently Co-CEO of Enron South America, will be joining EES
to lead EES, commercial efforts outside North America and Europe.  In order
to ensure a smooth transition for our South American businesses and to
facilitate our asset sales activities, Jim will remain in South America for
at least the next several months and continue to serve as CEO of Enron South
America.  Throughout the transition, Jim will report to Cliff Baxter and to
the Office of the Chairman of Enron Wholesale Services.  Following the
transition, Jim will join EES.

In addition to these changes in our international asset operations
activities, we are making the following changes in our merchant wholesale
businesses and the commercial support functions:

Enron Net Works
Louise Kitchen will assume Greg,s previous responsibilities as President and
CEO of Enron Net Works, reporting into Mark and Greg.

Enron Americas
Concurrent with the transfer to Enron Global Assets of responsibility for
operating Enron,s South and Central America asset base, all trading,
marketing, and new asset development activities in these regions will report
into a new entity, Enron Americas.  Enron Americas will have responsibility
for all wholesale merchant businesses across North, Central and South
America.  Dave Delainey, President and CEO, and John Lavorato, Chief
Operating Officer will comprise the Office of the Chairman for Enron
Americas.

Enron Europe
The Enron Europe organization, which includes Enron,s businesses in Australia
and Japan, and Enron Metals, remains unchanged under the leadership of John
Sherriff, President and CEO, and Michael Brown, Chief Operating Officer.

Enron Global Markets
Enron Global Markets, under the leadership of Mike McConnell, President and
CEO, and Jeff Shankman, Chief Operating Officer, will continue to have
responsibility for Enron,s Middle East and LNG operations.  With the
exception of Ecoelectrica in Puerto Rico, all operating power plants and
associated personnel in the Caribbean and Central America will transfer to
Enron Global Assets.  Enron Global Markets will also continue to manage the
commodity businesses in crude and products, coal, weather, insurance,
equities, interest rates, foreign exchange, and agricultural products.

Enron Industrial Markets
Enron Industrial Markets, organization, under the leadership of Jeff McMahon,
President & CEO, and Ray Bowen, Chief Operating Officer, remains unchanged.

Commercial Support for EWS
The commercial support functions for EWS will remain with, and be managed by,
the individual business units.  We are creating no incremental overhead in
the creation of EWS, and in fact hope to reduce our operating costs by more
efficient utilization and sharing of resources across EWS.

To this end we have asked several people to take on an expanded role across
EWS in addition to their ongoing roles within their business units.  These
newly defined roles are as follows:

Mid and Back Office Operations ) Sally Beck will lead Mid and Back Office
Operations across EWS.  These services will become part of Enron Net Works,
with Sally reporting to Louise Kitchen and Rick Causey, Executive Vice
President and Chief Accounting Officer.  This alignment creates a coordinated
services organization with IT and e-commerce platforms to support the
wholesale businesses and to maximize opportunities to commercialize these
services.  Mid and Back Office services for all commercial activities will
continue to be organized with dedicated operations controllers responsible
for specific commodities and/or geographic locations.
Legal ) Mark Haedicke will serve in the role of General Counsel for EWS.
Regulatory and Government Affairs ) This function will remain organized on a
regional basis.  Rick Shapiro will support all EWS businesses operating in
the Americas, and Mark Schroeder, who is based in London, will support all
European and Eastern Hemisphere operations.  Rick and Mark will also continue
to support all other Enron businesses operating in their respective regions
and will continue to report to Steve Kean, Executive Vice President and Chief
of Staff.
Public Relations ) This function is also organized primarily on a regional
basis.  Eric Thode will have responsibility for North American activity,
Enron Net Works, and Enron Industrial Markets.  Jackie Gentle will continue
in her role for Enron Europe (including Japan and Australia) and John Ambler
will have responsibility for activity outside North America and Europe as
well as providing support for Enron Global Markets and Enron Global Assets.
These individuals will also continue to have a split reporting relationship
to Mark Palmer, Vice President of Communications.
Business Analysis and Reporting ) Wes Colwell will expand his role to cover
EWS reporting in addition to his current role in North America.

Attached for your review is an organization chart for Enron Wholesale
Services which summarizes the changes described here.  As this organization
continues to evolve we will keep you informed of any additional changes.

ENRON GLOBAL EXPLORATION AND PRODUCTION
AND ENRON WIND

 As part of our company-wide initiative to examine our assets and investments
around the world, we are considering a variety of options with respect to
EGEP and EWC.  As a consequence, we are putting these businesses under Cliff
Baxter,s direction.  Jeff Sherrick, CEO of EGEP, and Jim Noles, CEO of Enron
Wind, will report to Cliff.

CORPORATE STAFF

 We are consolidating the corporate staff functions: Human Resources,
Government Affairs, Public Relations/Communications and Administration.  In
that regard, Cindy Olson, Executive Vice President of Human Resources and
Community Relations, will report to Steve Kean, Executive Vice President and
Chief of Staff.

COMMITTEE STRUCTURE

 In light of the increased leadership opportunities created by Enron,s
growth, the Executive Committee will be expanded to include more of our
business unit leaders.  The primary role of this committee will continue to
be the communication of relevant information across Enron,s businesses and
the coordination of activities across those businesses.  We will also be
drawing on this group to lead company-wide initiatives such as the
performance review process and evaluation and creation of new businesses.
The Executive Committee membership is shown on the attached list.

 We are also forming a new committee ) the Enron Corporate Policy Committee.
This group will be responsible for overall corporate policy, personnel
management policy and corporate strategy.  The Enron Corporate Policy
Committee membership is also shown on the attached list.

 We are confident that these changes will align our talent and our capital to
our highest return opportunities.  Please join us in congratulating and
supporting all of these individuals in their new roles.


Let me know if you have questions or need to make changes.  Thanks


FYI.  I provided two reports to David Baumbach.  The reports were downloaded
to Excel and saved to O:\Logistics\Buy_Sell_HPL_May_2000 and
Buy_Sell_HPL_May_13_2000.  The first report reflects buys/sells by HPL across
all pipes for the entire month of May.  The second report reflects buys/sells
by HPL across all pipes for May 13, 2000, only.  Both reports were derived
from the Volume Management module of UNIFY.  Please advise if you need
additional information.

Bob


Anything that appears on the Genco DPR has already been recognized.  The
amount in prudency is not a future reserve but the actual amount of prudency
dollars that have been released into p&l.  Jenny.


There are two deals that do not have contact names.  Can you check with the
trader and get him to enter names.  The confirmation has to have a contact
name or it cannot be prepared.

Thanks!

Deals #500465 and #500467


Thank you for the inof town guests in .vitation but I have out


Once you get a counterparty contact, remember to go ahead and send out the form to them so they can review same while we are gathering facts.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com


in

Bryan Hull
04/09/2001 11:45 AM
To: Eric Bass/HOU/ECT@ECT, Michael Walters/HOU/ECT@ECT, O'Neal D
Winfree/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Denver
Plachy/NA/Enron@Enron, reagan.mathews@enron.com, Timothy Blanchard/HOU/EES@EES
cc:
Subject: Semi Finals

Just a reminder.  Game at 6:30 this Wednesday.  Let me know if you are in.


The following report contains confidential and sensitive information.  Please
treat with discretion.

Executive Summary:
? FERC price cap decision reflects Bush political and economic objectives.
Politically, Bush is determined to let the crisis blame fall on Davis; from
an economic perspective, he is unwilling to create disincentives for new
power generation
? Davis finds four major flaws with FERC plan, most notably its exclusion of
out-of-state generators
? June 1st "kill clause" for FERC order could coincide with new Bush regional
plan
? California facing growing fiscal risk following bond downgrade, expected
$20 billion power bill this summer--economic crisis would force deeper
Administration involvement
? QF bid for advance payments from PG&E likely to fail in bankruptcy court
? New generation delays probable because of State/QF squabbling
? Consumer groups are preparing a constitutional challenge to SoCal bailout
deal

1. FERC Fallout
The FERC decision is a holding move by the Bush administration that looks
like action, but is not.  Rather, it allows the situation in California to
continue to develop virtually unabated.  The political strategy appears to
allow the situation to deteriorate to the point where Davis cannot escape
shouldering the blame.  Once they are politically inoculated,  the
Administration can begin to look at regional solutions.  Moreover, the
Administration has already made explicit (and will certainly restate in the
forthcoming Cheney commission report) its opposition to stronger price caps
on the grounds that they are unwilling to create disincentives to the
construction of new generation.

It is interesting and ironic to note that electricity generators were
generally happy with the FERC order and that the only FERC commissioner who
favors price caps actually voted against this plan.

2. Something Less than Effective Price Caps
 From Davis's point of view, the FERC plan has four major flaws:
? The order applies only to California, not to the rest of the west.
Non-California generators are not required to sell at capped rates to
California.
? As the order is written, it is more of a price floor for emergency power
than a ceiling.
? State officials also believe that energy suppliers will continue to game
the system, because the price mitigation scheme only kicks in after a Stage 2
emergency and does not require any collusion.
? Even when the price caps kick in, they are based on the cost-plus for the
highest cost producer supplying power to California and do not require
wholesalers to abide by the cap.  The generators can also charge above the
cap, provided they can subsequently justify the excess charge to FERC.

3. Proposal "Kill Clause" Adds to the Political Dilemma for Davis
The FERC proposal includes a "kill clause" that says the caps will be
withdrawn unless California's ISO agrees by June 1st to become part of the
regional grid now under FERC control.  If Davis doesn't sign on to the
regional grid by June 1st, then he will have to live with June 2nd headlines
blaming him for letting the "Bush price caps plan" collapse.

4. Growing Fiscal Risk in California
Sources speculate that California  could therefore pay as much as $20 billion
on power this summer - this is more  than the combined enterprise value of
PG&E and SCE.  These sources believe that, because of the severity of the
situation, the FERC and/or the  federal government will be forced to take
further action to control prices for  power.

The consensus is that the state of California will run out of money in about
90 days. One of the first projects to be cancelled will be state plans to
finance new power plant construction in exchange for long-term power deals.
The bleak fiscal picture is also causing bank creditors to revisit the bridge
loans they are providing to California.

The Bush Administration and the Fed are only now waking up to the seriousness
of the fiscal picture.  The country's largest and most prosperous state will
have gone from large surpluses to serious debt downgrades and devastating
deficits in a matter of months.

5. QFs to Seek Advance Payment from PG&E
Meanwhile, on the bankruptcy front, the QFs reportedly  will ask the
bankruptcy judge today to give them advance payment from PGE's  accounts,
since their natural gas vendors have likewise demanded advance payment  for
gas. It appears very unlikely that the QFs' request will be granted. If the
QFs do not receive advance payment, it is likely that most of the 4,000 mw
of gas-fired QF capacity will remain offline.

6 Delays Likely in New QF Generation
The QF deals made with the state for long-term contracts are  being
continually renegotiated, which is likely to mean that the new plants  those
contracts are supposed to finance will not be online as early as  anticipated.

7. Consumer Groups Ready to Challenge Constitutionality of SCE Bailout Plan
Harvey  Rosenfield and his colleagues reportedly have been reviewing an
analysis  of the MOU for the SCE bailout  plan.  The analysis was done by a
utilities analyst, rather than a lawyer, though it appears to raise a number
of  good legal points. For example, one of the elements of the MOU is a
"non-bypassable" charge  on ratepayers that would require  them to pay even
if they disconnect from the grid. This is effectively a tax,  since there is
no exchange of value  for money, which under the CA constitution cannot be
used to directly  benefit a private entity.  This makes  the bonds that would
be issued are general obligation bonds, rather than revenue  bonds. According
to the constitution, the state cannot be put into debt to  benefit a private
company.  For this and other reasons, even if the  Republicans would vote for
the SCE bailout, which remains  unlikely, the bailout probably would not
stand a likely constitutional challenge.

8. Governor Hurt by Continued Failure to Disclose Long-Term Power Contracts
The issue of the Governor's failure to  disclose the details of the long-term
power  contracts continues to  distress the other players in the  crisis.
Even if he were to  disclose everything he and his staff have been
negotiating, it is likely that their actions and negotiations will
challenged, creating an even further delay.


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Hi daddy, its Maggie! I just wanted to e-mail you and  tell you i love you
and Nora got an award at her soccer awards, the  Sportsmanship Award! I got a
91 on my history test! I love you daddy, have a  good day.

love,

Maggie

 - Clear Day Bkgrd.JPG


Mike did a deal with these terms but a price of 380 - deal is #571917. But he
said a price like $292.50 doesn't sound right for Sept. - possibly May?

Evelyn Metoyer@ENRON
04/05/2001 03:03 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Missing Deal for Mike Swerzbin1

Amerex is showing a deal on their checkout I did not verbal

Enron buys from Aquila Sept. 01 PV 25 mw peak hrs at $292.50


You have been granted read access to the TECO portion of the FLOASIS site.
Your id and password should now allow you to view TECO data. Please feel free
to contact me if you have trouble viewing TECO's site.

Paul Leal 40334
Engineer, System Operations


Vasant, Tanya

Any interest?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/14/2000
03:56 PM ---------------------------

Melanie Doyle
03/10/2000 04:33 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Brad McSherry/HOU/ECT@ECT
Subject: Re: Enroncredit.com

Hi

This guy  has applied to Credit.com in Houston, I spoke to him yesterday and
then passed my comments to Bryan Seyfried.  Bryan suggested he may be of
interest to you.  I let this this guy know that he would hear from us either
way and if we want to pursue the application we would invite him for
interviews in Houston.

Please give me a call if you need more information.

Melanie
00 44 171 783 7740.

---------------------- Forwarded by Melanie Doyle/LON/ECT on 10/03/2000 10:26
---------------------------

Bryan Seyfried
08/03/2000 07:51
To: Brad McSherry/HOU/ECT@ECT
cc: Melanie Doyle/LON/ECT@ECT

Subject: Re: Enroncredit.com

Let's start getting these guys in to interview.  Melanie can do initial
telephone interviews and then coordinate with Brad to ensure we are seeing
the best people.  I would like to move as quickly as practical.

bs

From: Brad McSherry on 07/03/2000 13:17 CST
To: Bryan Seyfried/LON/ECT@ECT
cc:

Subject: Enroncredit.com

---------------------- Forwarded by Brad McSherry/HOU/ECT on 03/07/2000 01:17
PM ---------------------------

alexander.c.davidson@us.arthurandersen.com on 03/03/2000 01:55:23 PM
To: brad.mcsherry@enron.com
cc:
Subject: Enroncredit.com

Dear Mr. McSherry:

I   am   responding  to  your  search  for  credit  risk  professionals  on
the
enroncredit.com   website.   After  working  for  seven  years  on  credit
risk
management  in  a  research and consulting capacity, I would like to transfer
my
experience  in  assessing  credit  risk  modeling,  information  technology
and
methodology  in  complex  top-tier  institutions  to  an  active  credit
trading
managerial   environment.   I  am  excited  about  being  involved  in
trading,
origination, risk management and R&D of credit derivatives.

I  have  seven years of experience in credit risk measurement and
management.  I
have  helped  design,  test  and implement credit value-at-risk systems with
KMV
Corp  and  with  a  major  Japanese  bank.   I was a major contributor at KMV
in
designing the Expected Default Frequency model and I am thoroughly familiar
with
its  assumptions,  strengths,  weaknesses and applications.  I did the
empirical
research  that  lies  behind the KMV default correlation model, the private
firm
EDF  model  and  I interfaced with J.P. Morgan (now R.M.G.) personnel during
the
creation of the CreditMetrics documentation.

I  have  excellent analytical, quantitative, statistical and programming
skills.
I studied finance extensively when I was a graduate student and I studied
credit
risk theory while I worked with KMV and Arthur Andersen.  I am eager to join
the
credit derivative team at Enroncredit.com where I am certain that my
combination
of   quantitative   research  skills,  credit  risk  consulting  experience
and
technology   expertise   make  me  uniquely  qualified  to  support  the
credit
derivatives trading and risk management function.

I  have  included  my  resume  with this e-mail.  Please e-mail me or call me
at
201-420-0191  (home)  and  212-708-4027  (work)  so  that  we  can  discuss
this
opportunity further.

(See attached file: Alex.doc)

*******************Internet Email Confidentiality Footer*******************

Privileged/Confidential Information may be contained in this message.  If you
are not the addressee indicated in this message (or responsible for delivery
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the message to such person), you may not copy or deliver this message to
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Internet email for messages of this kind.  Opinions, conclusions and other
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firm shall be understood as neither given nor endorsed by it.

 - Alex.doc


When: Monday, February 04, 2002 1:30 PM-2:30 PM (GMT-06:00) Central Time (US & Canada).
Where: ECS 06112

*~*~*~*~*~*~*~*~*~*

Please accept this invitation, as it will automatically populate onto your calendars.

Thank you,

Irena Hogan
x36143


Ugh! :-) Just kidding...I figured it would be pretty early.  Count me in...SRS

Ann Butler <annb@redstonegrp.com> on 04/10/2000 05:39:10 PM
To: "'Jeff.Skilling@enron.com'" <Jeff.Skilling@enron.com>
cc:

Subject: RE: Message from Gary Stein

7:00 am (still want to come?)

 -----Original Message-----
From:  Jeff.Skilling@enron.com [mailto:Jeff.Skilling@enron.com]
Sent: Monday, April 10, 2000 5:39 PM
To: Ann Butler
Subject: RE: Message from Gary Stein

I shall be there.  Just let me know what time you want me to show up...SRS


Any interest?
----- Forwarded by Steven J Kean/NA/Enron on 11/01/2000 03:38 PM -----

	"Vidar J. Jorgensen" <vidar@worldcongress.com>
	10/31/2000 05:27 PM

		 To: "Steve Kean" <skean@enron.com>
		 cc:
		 Subject: GlobalCashExchange can establish Enron with corporate CFOs and
treasurers worldwide

Dear  Steve,
?
I am sending this to Jeff Skilling, but?I wanted  to send you a copy as well
to make sure it got into the right hands.? This  is a big idea that Enron is
especially well positioned to benefit from.? I  will telephone you to follow
up.
?
Sincerely,
?

Vidar J. Jorgensen
Global Cash  Exchange
500 West Cummings Park
Suite 5200
Woburn, MA? 01801
P:? 781-939-2572
F:? 781-939-2574
Cell P:? 781-929-2965
vidar@cbinet.com
?
?

?

?

October 31, 2000

Mr. Jeffrey K. Skilling P: 713-853-6161

President & COO F: 713-646-8381

Enron jeff.skilling@enron.com

1400 Smith Street

Houston, TX 77002

E-Mail Subject: GlobalCashExchange can establish Enron with corporate CFOs
and treasurers worldwide

Dear Jeff:

I have worked with Ken Lay and others at Enron through the World Economic
Development Congress where we brought together ministers of finance and oil
immediately prior to the IMF/World Bank Meeting.

InfrastructureWorld, of which I am co-founder and vice chairman, has
recently  received $10 million each in funding from the IFC division of the
World Bank and  Bechtel. GlobalCashExchange is a separate, but related
business. We have the  plan, the experienced management team and proven
technology, and we will be  selecting major financial institution as a
partner.

At the request of our corporate CFOs we are developing an internet based
exchange for foreign exchange, short-term cash and credit that could give
Enron  a powerful product to sell to corporations worldwide. I have attached
and  executive summary and a business plan. I would like to discuss this with
you at  your earliest convenience.

Major sources of trade, development and investment friction and inefficiency
in large developing countries in particular include the facilitation of
foreign  exchange, short term cash, credit and working capital transactions.
This is a  source of high cost and frustration even for major global
corporations, and for  middle and smaller corporations these are even greater
burdens. Today there are  no reliable and continuous flowing price sources
for softer currencies as there  are for hard currencies. Even the larger soft
currencies like the Real or Rupee  are quoted only 3 to 4 times a day on
Reuters, and the only spot quotes are  available from traders who are
motivated to benefit from a large spread. The  GlobalCashExchange will allow
buyers to transact at the middle of the interbank  spread. There are lots of
Internet based foreign exchanges, and none that I have  actually seen support
buyer to buyer transactions.

GlobalCashExchange will develop an Internet based exchange for foreign
exchange, short term cash and credit. The goal is to reduce costs of such
transactions. Global Cash Exchange can also greatly enhance capital
formation  and the formation of local capital markets in developing
countries. This is a  large and complex undertaking where we will need to be
partnering with one or a  group of major financial institutions like
Citibank, Cantor Fitzgerald, State  Street Bank, Schwab and the World Bank.

As you know, the Foreign Exchange (FX) market is the largest and most
participated financial market in the world with over $1.5 trillion exchanges
daily throughout the world. There is no central market place for FX
transactions: all FX transactions are conducted through a network of banks,
dealers and brokers. Approximately 2/3 of FX transactions involve banks
dealing  directly with each other. The potential market for short term cash
and credit  --which will ultimately reduce the need for foreign exchange
transactions -- is  even larger.

We are funding this internally and are starting to develop outside investor
support. We have established great partnerships with organizations such as
Standard & Poor's and Medley Global Advisors  (http://www.medleyadvisors.com
), for ratings and content on the site, VMAC (a  division of FSA that has
patented the concept of providing pooled credit  enhancement facilities
http://www.fsa.com), for revolving credit enhancement  facilities and
Gen3Partners (http://www.gen3partners.com), for strategic and  technological
advice. Transactions that cannot be matched can be cleared through
Deerhurst, a leading foreign exchange fund manager who has agreed to provide
liquidity from day one. We also know that we can purchase insurance for
around  $7 billion of annual transactions for just under $1M a year. GCX is
now at a  point that it has answered most of the questions that we had. We
have a  commitment from Ashton Technologies for full build out of SEC
approved  technology in exchange for equity. This technology has been used
successfully  for more complex securities transactions and allows for many
equity market  facilities that Forex markets do not currently have such as
reserve book, limit  order and so forth. A description of the Ashton
technology and an executive  summary that we use for our corporate clients
are attached.

We have good corporate support through World Research Advisory (WRA), an
affiliated provider of research for corporate treasurers. WRA supplies
Gartner  and Forrester type subscription research and advisory services to
global 2000  companies. The contact list includes the CFO's of the following
companies, many  of whom have agreed to participate in the Global Cash
Exchange:

ALCOA
ALLSTATE INSURANCE COMPANY
AT&T
BELLSOUTH CORPORATION
CHUBB CORPORATION
CNF TRANSPORTATION, INC.
COMPAQ
CONTINENTAL AIRLINES, INC.
DELL
DUPONT
DYNEGY, INC.

EXIDE CORPORATION

FDX CORPORATION
FEDERAL RESERVE BANK OF CHICAGO
FORD MOTOR CORPORATION
FPL ENERGY, INC

GENZYME CORPORATION
GILLETTE COMPANY
HALLMARK CARDS INC.
HEWLETT-PACKARD
INTERNATIONAL PAPER
KPMG
LOCKHEED MARTIN CORPORATION
LITTON INDUSTRIES
LUCENT TECHNOLOGIES
MASTERCARD
MCDONALDS CORPORATION
MERCK & COMPANY
MERISEL, INC.
MICROSOFT CORPORATION
MOTOROLA, INC.
NORDSON CORPORATION
ORACLE CORPORATION
PECO ENERGY COMPANY
PEOPLESOFT
PEPSICO, INC.
PHILIP MORRIS COMPANIES INC
PPF INDUSTRIES
RYDER SYSTEM, INC.
SCHOLASTIC CORPORATION
SEAGATE TECHNOLOGY, INC.
SEALY, INC.
SIEMENS
SONOCO PRODUCTS CO.
SUN MICROSYSTEMS
U.S. POSTAL SERVICE
WESTINGHOUSE

So we have willing and interested contacts at Global 2000  companies.

I will telephone you to follow up. I can be reached by telephone at
781-939-2572, by fax at 781-939-2574 and via e-mail at
v.jorgensen@worldcongress.com.

Sincerely,

?

Vidar J. Jorgensen

GlobalCashExchange

Attachments:

1. IFC World Bank Press Release (00-0926-06)

2. Ashton Technology Product Description (00-1025-03)

3. Executive Summary for prospective corporate clients (00-1018-06)

4. GCX Business Plan

cc: Kenneth Lay

Chairman and CEO

Enron Corporation

1400 Smith Street

Houston, Texas 77002

P: 713-853-6088

F: 713-853-3129

	Donald Lassere

	President

	Enron Broadband Services

	1400 Smith Street

	P: 713-853-6341

	F: 713-646-8795

	donald_lassere@enron.net

00-1031-03/jm

 - 00-1031-03.doc
 - 00-0926-06.doc
 - 00-1018-06.doc
 - 00-1025-03.doc
 - gcxbusinessplan (3).doc


You are too good to me!

	Bob Shults
	01/03/2001 03:50 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Amerex LOI

Trying to wish you happy holidays

From: Tana Jones on 01/03/2001 03:42 PM
To: Bob Shults/HOU/ECT@ECT
cc:
Subject: Re: Amerex LOI

You're relentless...!!!

	Bob Shults
	01/03/2001 03:23 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Amerex LOI

Attached is a marked up loi for Amerex.  Can you compare to the Power
merchant agreement and get mark to approve?


-----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com]
Sent:	Monday, January 07, 2002 1:44 PM
Subject:	Market Area IT Availability - January 9, 2002

January 7, 2002

To:	Transcontinental Gas Pipe Line Corporation Customers
	and Shippers

Re:	Market Area IT Availability - January 9, 2002

The available interruptible transportation service (IT and
secondary FT) on Transco for pipeline day Wednesday, January
9, 2002 and continuing until further notice is summarized
as follows:

Tier I and Tier II (only Sta. 90 through
Sta. 180 affected)				100	MDt/day

South Virginia Lateral Compressor Station 167	144 	MDt/day

Tier III (Station 180 through East)		0   	MDt/day

Leidy at Centerville Regulator Station
(Only deliveries downstream of Centerville
regulator affected)				OPEN 	MDt/day

Leidy at Station 520 (Only deliveries		OPEN    MDt/day
Downstream (east) of Station 520 affected)

Linden Regulator Station
(Located in Union County, New Jersey)		50 	MDt/day

Mobile Bay Lateral			   	162 	MDt/day

The above available interruptible transportation service
refers to deliveries into the affected area that have
receipts upstream of the bottleneck or affected area.

If you have any questions, please call John McGrath at (713)
215-2514 or Donna C. Long at (713) 215-4061.

J. E. McGrath
Manager
Operations Planning


See attached.
---------------------- Forwarded by Mary Hain/HOU/ECT on 12/01/2000 03:46 PM
---------------------------

Richard Shapiro@ENRON
12/01/2000 03:10 PM
To: Joe Hartsoe/Corp/Enron@ENRON
cc: Mary Hain/HOU/ECT@ECT, Susan J Mara/NA/Enron@ENRON
Subject: Re: FINAL RESPONSES TO COMMISSION HOECKER

I would not convert footnotes to endnotes- quick review: looks very good. I
will review in more detail over weekend. Thanks.

From: Joe Hartsoe on 12/01/2000 05:03 PM
To: Richard Shapiro/NA/Enron@Enron
cc:

Subject: FINAL RESPONSES TO COMMISSION HOECKER

----- Forwarded by Joe Hartsoe/Corp/Enron on 12/01/2000 05:02 PM -----

	"Ronald Carroll" <rcarroll@bracepatt.com>
	12/01/2000 04:53 PM

		 To: <jdwatkiss@aol.com>, "Jeffrey Watkiss" <dwatkiss@bracepatt.com>,
<gfergus@brobeck.com>, <acomnes@enron.com>, <jhartso@enron.com>,
<jsteffe@enron.com>, <mary.hain@enron.com>, <smara@enron.com>
		 cc:
		 Subject: FINAL RESPONSES TO COMMISSION HOECKER

Please let me know ASAP over the weekend or Monday morning by 11:00 eastern
of any final comments.  In order to file this on Monday (as I strongly
recommend that we do), I must ask that you please limit your comments to
truly substantive considerations.

Mary: Unfortunately, because of the additional text that others proposed,
moving the Joskow and Kahn analysis to an Attachment and moving the cites to
footnotes did not serve to shorten the document, which is now 9 pages.
(However, both these changes should make the document more readible so I
think they were still good suggestions.)  We could save about 2 pages if we
convert the footnotes to endnotes, but I would be reluctant to do that since
only truly motivated readers read endnotes.

A nice weekend to all.  Ron

 - 0134802.01
 - 0134897.01
 - HOECKERR.DOC
 - ATTACHME.DOC


This deal is ok for now because it only has a volume in for January.  If the
trader changes the volume for the out months, we will need to have it in
tagg.  thanks.
PL


---------------------- Forwarded by Andrea Ring/HOU/ECT on 02/26/2001 12:24
PM ---------------------------

Jane M Tholt
02/26/2001 11:52 AM
To: Andrea Ring/HOU/ECT@ECT
cc:
Subject: Fortune Article

---------------------- Forwarded by Jane M Tholt/HOU/ECT on 02/26/2001 11:44
AM ---------------------------
From: Matthew Lenhart on 02/23/2001 03:11 PM
To: Frank Ermis/HOU/ECT@ECT, Steven P South/HOU/ECT@ECT, Phillip K
Allen/HOU/ECT@ECT, Jane M Tholt/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Tori
Kuykendall/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Monique Sanchez/HOU/ECT@ECT,
Paul T Lucci/NA/Enron@Enron, Randall L Gay/HOU/ECT@ECT
cc:
Subject: Fortune Article

---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 02/23/2001
03:09 PM ---------------------------
To: Matthew Lenhart/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, Luis Mena/NA/Enron@Enron
cc:

Subject: Fortune Article

---------------------- Forwarded by Timothy Blanchard/HOU/EES on 02/22/2001
04:45 PM ---------------------------

	Enron Energy Services

	From:  Timothy Blanchard                           02/22/2001 04:24 PM
	Phone No: 713-853-4755

To: AIP
cc:
Subject: Fortune Article

The article just discussed on CNNfn.


are your boys ready to get rolled sat. night?


Good Luck!  The day is not going so well!  I'll talk to you later.

 -----Original Message-----
From: 	megan rogers <megrogers_99@yahoo.com>@ENRON
Sent:	Tuesday, November 06, 2001 10:15 AM
To:	Rogers, Benjamin
Subject:	$9.92????????????

Yikes, that's scarey!
Hope you are having a good day.
I have class tonight.  I am not ready for this test!
Wish me luck!

Megan

__________________________________________________
Do You Yahoo!?
Find a job, post your resume.
http://careers.yahoo.com


Al,

I have called Mark Lay and left a message on his voice mail.

Vince

Al Arfsten <arfsten@bflassociates.com> on 01/24/2001 11:16:25 AM
To: vkamins@enron.com
cc:
Subject: Next Step

Vince:  Your suggestion to introduce the concept discussed with one of
the Lays is welcomed.  I hope that this would mean that you would remain
involved at some level.  The design of the model and its potential
economics could be key to how worthy the effort might be.   Enron could
be an ideal environment from which to the concept enhancement through to
commercialization could be successfully accomplished.  Please
confidentially share matters as you think best and advise me of the
interest generated.  I am ready to meet there at your building or
elsewhere that is appropriate.  Best regards,  Al Arfsten 713 965 2158


tentative


Read the latest eBiz and find out what Ken Lay said to employees at the all-employee meeting and what financial analysts said about the company after Jeff's resignation.

Also in this issue:
Teesside and California updates
EES gets big success from small customers
Texas deregulation gets delayed
After two years of tough negotiations, Enron's Hainan plant finally sells
You've seen it before -- but what is Btue/d?

It's all in the latest eBiz http://home.enron.com/pubs/ebiz/issues/082401/.  Or go to home.enron.com (http://home.enron.com ), click Publications, then click eBiz, and "eBiz August 24, 2001."

<Embedded >


I had hoped that I would have been better able to discuss the details of my
decision to remain with EOTT yesterday morning.
 In meeting with Mary Ellen following our discussion, she stated that you
instructed her to begin preparing an employment contract but she had no other
details other than to say she would be seeking the boards approval.

 The position I was considering,  upon leaving EOTT,  had an employment
contract as well, so I did not think that EOTT would be opposed to the same
since most of the officers have now or have had in the past a similar
document.  I was  also offered a substantial amount of money to join (a
so-called sign on bonus), a small increase in overall compensation and a
sizeable stock option grant.
After considerable reflection over the last several days, my decision to
remain with EOTT was due to your statements/commitments , those by Dana and
the many visitors I have had during Friday and Monday asking me to remain
with the company...........I  have made the decision to remain and would not
expect to have to forego the value presented by the  current external
offer.

I would really like to be able to complete an agreement in the next day, even
if it is an email agreement to be followed by the proper paperwork later.
I look forward to providing ever increasing benefit to a newly energized
EOTT,  moving toward excellence in the industry and higher value in the
marketplace.


Steve,
In your absence, I left a voicemail for Guillermo yesterday pertaining to
some information that I'm not certain Gruma was fully aware of when we met
Monday.

Late last month, the CPUC decided to waive interruptible rate program
penalties, except that they "fully expect all interruptible customers to
voluntarily respond to the maximum extent feasible."

In essence, our interpretation is that this makes Gruma's response to an
interruption completely voluntary, however, as we discussed Monday, the
California supply-demand imbalances will remain for some time, and the
utilities will likely resort to rolling black-outs if the now voluntary
interruptions (or other measures) don't relieve the situation.  We recommend
that Gruma confirm our interpretation directly with Edison.

I have a hard copy of the CPUC's decision with a brief cover note from
Edison, if you're interested.  It's probably also available on a CPUC website.
Please call me if questions, or we can discuss further on our Tuesday
conference call.
George


Paul, Raymond,

Thanks for your message.
Sorry I did not get in touch  with you earlier. The last few weeks were very
hectic. I am starting
right now my preparations for the presentation I am going to give at the
conference.

Here are the details of my itinerary (I shall send you a copy tomorrow). I
arrive Sunday morning
and leave Saturday morning. The conference takes place on Monday and Tuesday.
On Wednesday, I am making a presentation at the workshop on value-at-risk. I
would
like to stay at the conference for the duration: it's a great learning
opportunity for me.

On Thursday and Friday, as well as in the evenings (except for the evening
of July 18), I am at you disposal.
I would like to take advantage of this trip and learn as much as I can
about the Australian markets and discuss with you the research agenda.
I shall be glad to make several presentation.
I can repeat my workshop presentation on value-at-risk as well as cover
additional
topics.

Vince

Paul Quilkey@ENRON_DEVELOPMENT
07/04/2000 05:23 AM
To: Vince J Kaminski@ECT
cc:
Subject: Your visit to sydney in July

Vince
I support Raymond's email and would welcome the opportunity to have you give
a presentation (formal or informal) to the trading group on latest research
initiatives in Houston.  Please let us know your schedule so that we do not
overly burden you during your visit.  Look forward to seeing you and catching
up over a beer.
Thnx
Paul
---------------------- Forwarded by Paul Quilkey/ENRON_DEVELOPMENT on
07/05/2000 08:23 AM ---------------------------

Raymond Yeow
07/04/2000 08:21 PM
To: Vince J Kaminski@ECT
cc: Paul Quilkey/ENRON_DEVELOPMENT, Kirsty Hogarth/ENRON_DEVELOPMENT, Elliott
Katz/ENRON_DEVELOPMENT, David Gray/ENRON_DEVELOPMENT

Subject: Your visit to sydney in July

Dear Vince,

Hi !, it's only two weeks until the Aust Energy Risk (17-19 July ) seminar in
Sydney.
Is RISK organising your hotel ?

Otherwise, Kirsty can organise for you,
eg harbour vIew at the Regent or convenience to the seminar location at the
Sheraton ?

We would like to make sure that you have all the necessary "comforts" of home
when you are with us,
Elliott & David can set up a desk for you in the office/trading room with
phone etc
so you can use one of our PC to access email or plug in your laptop.
Please let Elliott or David kmow your requirements.

How long will you be with us ?
Is this your first trip to Sydney ?
There are several of us in the office who would like to take you  for a
meal(s)/ show you the sights etc and
discuss the latest Research findings with you whilst you are in Sydney eg VAR.

Hear from you soon.
Raymond
725pm 4 July


Wow!!! Talk about a blast from the past. It's good to hear from you guys and
see that a part of our 70's folklore still lives today.

Vance - never in a million years would I have guessed you'd end up in
Switzerland! I'd be happy to take you up on the offer for a visit. I'll send
you my address so you know where to send the plane tickets :-)

I can't pass up this opportunity to share my all-time favorite SB Bove award.
It involved a brother who, having led a pampered life at home, had never done
his own laundry. He decided the time had come to do his own laundry. Sometime
later, after having deposited the proper coinage and starting the machine, he
returned to check on his laundry. He was found standing at the DRYER
bewildered as to why his powdered laundry detergent had not dissolved and his
clothes were still dry.

I know who it was. Let's see how many of you guys remember! And if anyone
remembers the details better, I'd love to hear the rest of it!

PA!!
Steve "Gotts" Gottschalk
'79

In a message dated 11/15/00 11:42:43 AM Eastern Standard Time,
vance.carter@ni.com writes:

I've been on the road the last few days trying to find new engineers and am
just now digging through my email stack.

I assume the question concerns the big chunk of metal that has a steel bar
pressed into an aluminum base and a slanted steel plate on top. ?Tom Murray
helped me build it. ?We are both class of '79 and I believe we built it in
'78 or '79. ?We put it together in the old Washburn machine shops were I
was working as an assistant. ?The idea of the steel plate was to put the
brothers name once each week when it was passed around. ?Dave M. has a much
better recollection of how it was introduced than I do so I will let his
version of the events stand.

For the history of the award and how it all started you will have to ask
someone else.

One of these years I'll get back for a reunion but I've been living in
Switzerland for the last 10 years and with a family it's not so easy to get
over very often. ?Noone sings "Home on the range" anymore but I do enjoy
the yodelling and Swiss alphorns. ?I actually don't feel that far away from
the USA. ?I can get TexMex to eat right around the corner from the office.
The night of the election one of the main Swiss television stations had an
all night broadcast ?and people are always asking me who is going to win.
I sometimes think the Swiss are talking about the election as much as the
Americans. ?The more sensible ones understand what's happening. ?In any
case my kids (10 and 12) are very interested and it gives me a chance to
explain how the system works (or doesn't depending on your viewpoint). ?By
the way, when is someone going to come over for a visit ?

I'm the Manager for National Instruments here for those of you familiar
with LabVIEW. ?Just look at a National Instruments advertisement and find
the phone number for Switzerland and that's where you will find me. ?The
old Email address still works but National Instruments got the rights to
ni.com so the ending switched. ?Here is the current address :
vance.carter@ni.com

pa

Vance Carter (Tex) '79
Rebbergstrasse 2
CH-5312 D"ttingen
Switzerland
011 41 56 245 5634

rick_schneider@notes.teradyne.com on 14-11-2000 10:12:32 PM

To: ??"Dziura, Richard" <richard.dziura@superiorelectric.com>
cc: ??"'Bob Prytko'" <bprytko@sepracor.com>, "'saealumni@wpi.edu'"
?????<saealumni@WPI.EDU>, "'Vance.Carter@natinst.com'"
?????<Vance.Carter@natinst.com>, rleone@xl.bm, alan.masse@stpaul.com,
?????Gary.Wong@fmr.com, mark_galvin@notes.teradyne.com,
?????david_castelli@notes.teradyne.com, michael_yevak@notes.teradyne.com
Subject: ?RE: Bove

I just heard from Rich Leone, Class of '76 (rleone@xl.bm); ?he knows the
true origins.....
pa,
rick schneider '79

"Dziura, Richard" <richard.dziura@superiorelectric.com> on 11/14/2000
03:46:59 PM

To: ??"'Bob Prytko'" <bprytko@sepracor.com>, "'saealumni@wpi.edu'"
?????<saealumni@WPI.EDU>, "'Vance.Carter@natinst.com'"
?????<Vance.Carter@natinst.com>
cc:

Subject: ?RE: Bove

This address for Vance is a couple of years old. ?Is it already on the
alumni list?

Another person to consult for history is the Doctor - Rich Harabedian,'75.
My memory is pretty fuzzy on this but I thought he may have been in on the
beginning. ?I know he was in on official Room 7 SB Bove meetings (count off
by two's) that took place before my years there.

????-----Original Message-----
????From: ????Bob Prytko [SMTP:bprytko@sepracor.com]
????Sent: ????Tuesday, November 14, 2000 2:06 PM
????To: ?'saealumni@wpi.edu'
????Subject: ?Bove

????I think vance carter's email is flaoting around somewhere, do you
have it?
????Check out the hill's list or site for it. ?I may have it at home. ?P

????House Core tonight

????_______________________

DZ wins the prize!
Yes, the S.B. Bove trophy was created by C. Vance Carter in the Washburn
shops I think during 1978 while he had a student job there. ?Vance and I
were roomates during freshman year and joined Mass Delta together and lived
there 1976 through 1979.
I remember the night he presented the new trophy to the House Meeting for
the first time. ?Wild applause and instantly adopted as the only true and
official Bove trophy. ?I thought he had his initials on the bottom of the
base, but I could be wrong.
The S.B. Bove award already had a history before our time (like DZ said)
but
Vance's design was the first actual trophy I think we had for the award.
We
awarded it each week so there must be huge history of deserving winners by
now. ?Maybe Mass Delta needs to consider a "Bove Lifetime Achievement
Award"?
Vance, since we're all talking about you why don't you add your part of the
history here?
PA,
David Mangini '79


As tax season rapidly approaches, we are pleased to announce a new W-2
employee service.  If you plan to file your personal income taxes through
TurboTax 2000 (Intuit's personal tax filing software) you will be able to
automatically download your W-2 information into the appropriate TurboTax
forms directly over the Internet for free.

Enron has chosen to provide this service to help speed the processing time
and accuracy of your return while supporting paperless processing.

More information regarding this service is listed below or visit
www.probusinesstaxes.com to find out more about the TurboTax software and
Web-based filing service.

Employee Fact Sheet: ProBusiness/Intuit W-2 service

Q.  What is the Automated Tax Return (ATR) service?
A. Intuit Inc., makers of the popular Quicken TurboTax tax preparation and
filing software, have launched a new Automated Tax Return (ATR) service to
simplify tax preparation for TurboTax users. ATR allows users of TurboTax tax
preparation and filing software to import tax information from multiple
sources such as employers, brokerage houses, and mutual fund companies
directly into the correct TurboTax forms over the Internet.  Since our
payroll tax provider, ProBusiness, has partnered with Intuit to provide this
service, you will be able to electronically download your individual W-2 data
from ProBusiness directly into TurboTax through the Internet for free. Also,
as part of this program, you can receive a  5% discount on all TurboTax and
Quicken products including shipping and handling (go to
www.probusinesstaxes.com for more information).

Q. So how does it work?
A. Embedded in each version of TurboTax 2000 (both the software and web
application) is a series of screens that will ask whether your employer
allows you to automatically download your data into TurboTax.  To use the
free service, simply answer "yes" then select our payroll tax provider,
ProBusiness, from a drop-down list of providers which includes ProBusiness,
PeopleSoft, Ceridian, and seemyw2.com.  Validate your request by entering
your social security number and W-2 box one data and your W-2 data will
automatically transfer via the Internet into the appropriate locations in the
TurboTax form.

Q. Is this a secure transaction?
A.  Intuit,s TurboTax ATR service combines Open Financial Exchange (OFX), the
standard technology used in e-finance, with 128-bit military-grade encryption
to create an advanced security protocol that ensures the highest level of
security and confidentiality when obtaining financial data to populate your
TurboTax form over the Internet.

Q. How do I participate in this program?
A.  Only employees using Intuit,s TurboTax 2000 tax preparation and filing
software can take advantage of this Web-based ATR service.  TurboTax software
and the ATR Web-based filing service can be accessed at
www.probusinesstaxes.com.

Q. What if I already own TurboTax 2000(does this still work?
A. Yes, all copies of TurboTax 2000 contain the Automated Tax Return service
option.

Q. Overall what are the Benefits to me?
A.  Using the ATR service provided by Intuit and ProBusiness, you can:
? Increase your probability of accurate filing.
? Eliminate the need to manually enter your W-2 information and other
financial data.
? Increase the overall speed of tax filing.


Prices in the January 8, 2002 Real-Time Market are correct.

Prices in the January 9, 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 automate the
ECA-B price replacements.  Current real-time prices reflect any necessary
changes due to ECA-B.

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


Jeffrey,
I've found you on the Haas page, and
I have also studied at Berkeley in 1997
(Business comm). Your profile suggested
that you may know some details about
the venture capital industry (I an NOT
looking for money, but a job as an associate).
If you can send me an email to zoltan@egyed.com ,
I would much appreciate it.
Thanks

  Dr. Zoltan Egyed
  zoltan@egyed.com
  Campbell, California


[IMAGE] Forums Discuss these points in the Forums:  Forexnews Forum       Technicals Live Charts Analysis available from: Cornelius Luca   J.P. Chorek   Technical Research Ltd.   Charts & News featuring Standard & Poor's        Interest Rates  US: Japan: Eurozone: UK: Switzerland:   1.75%  0.15%  3.25%  4.0%  1.25-2.25%        [IMAGE]   	 [IMAGE]  Japanese Forex Trading Preview January 9, 7:00 PM: EUR/$..0.8916 $/JPY..133.02 GBP/$..1.4384 $/CHF..1.6569  Japanese Forex Trading Preview by Darko Pavlovic  No key data.   USD/JPY is trading near its three years high around 133.15 boosted by fresh comments from Economic Minister Takenaka who said currency levels should be left to the markets, sparking a new yen sell. Takenaka is currently in the US and markets are looking for any indication from Washington that will tolerate further yen weakness. The yen retraced off its 3 year lows after Japan's chief government spokesman Fukuda, said the currency's 9% drop against the dollar during the past two months was   a bit rapid.'' Fukuda's comments raised speculation the government would try to slow the decline, ahead of Prime Minister Koizumi's trip to Southeast Asia. Japanese officials are in favor of a weaker yen to increase exports and help draw the economy out of recession. Officials from South Korea's Finance and Economic Ministry who expressed his discontent with the weakening in the yen because it created depression in other Asian markets. The BoJ is likely to adopt asset-backed commercial paper as a tool in its open-market operations when they meet next Tuesday and Wednesday. The BoJ wants to raise wariness about credit risk that could start to arise in late March, the end of fiscal year in Japan. A total of 22 third-sector companies went bankrupt in calendar 2001, most of them in regional tourism and leisure industries. Koizumi left Japan on Wednesday morning for a weeklong tour of five Southeast Asian nations, which include Philippines, Malaysia, Thailand, Indonesia and Singapore and deliver a speech on Japan's Southeast Asia policy in Singapore. According to the Ministry of  Telecommunications Japan will be able to create 1.85 million jobs by 2005. Resistance is seen at 133.40 and 134.50. Support is viewed at 132.20, 131.50 and 131.0.   The euro is trading around 89.15 after falling to a one and a half week lows of 88.66 after Eurozone business climate fell to a 5-1/2 year low of -1.23 in December from -1.20 in Nov. The greater-than-expected upward revision in Q3 labor costs and earnings to 3.3% from the previous 2.7% was also cause for concern. Finally, German Chancellor Schroeder's statement that the German government would soon announce measures to promote low wage job creation without hurting deficit goals worked more to undermine the euro than shore up the currency. The single currency benefited from fall in the US stocks, which retreated into negative territory late in the trading session on a combination of rumors and a large sell-order. The Dow fell 56 points to 10094 and NASDAQ finishing down 10 points to 2044. For most of the day, equities had been boosted by Cisco's announcement that it anticipated an increase in its market share and planned to make acquisitions to diversify its product line. Upbeat outlooks from Oracle and Coach also helped lift shares. Initial support is seen at 89.0, backed by 88.80 and 88.60. Upside capped at 89.55, 89.80 and 90.0.  The Federal Reserve is planned to meet for its monetary policy meeting on January 29-30 in the peak of earnings season. While there are some bears who expect gloomy results in the first quarter compared with the previous one, other investors are bullish about the equity markets' outlook given that so far earnings expectations have been fairly optimistic.  This week's major US indicators comprise jobless claims, import and export prices, wholesale trade and PPI. Key Eurozone economic releases include Euroarea GDP, ECB monthly bulletin, German industrial production, German foreign trade, Spanish industrial production, Dutch manufacturing production, French GDP, French current account, French CPI, Dutch CPI and Spanish CPI. Highlights from Japan consist of wholesale prices, money supply and the ESRI Tokyo consumer sentiment survey. The major event of this week will be the Bank of England's monetary policy meeting on Thursday, although no rate cut is expected.     	[IMAGE] Audio Mkt. Analysis Takenaka Leaves Little Doubt on Japan's FX Stance        Articles & Ideas  What's Next For the Euro?   A Look Back at 2001, Forex Themes for 2002       Articles & Ideas Forex Glossary   Economic Indicators   Forex Guides   Link Library      [IMAGE]
		[IMAGE][IMAGE] [IMAGE][IMAGE]
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Start Date: 12/17/01; HourAhead hour: 5;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001121705.txt


---------------------- Forwarded by Donald Wayne Vinson/HOU/ECT on 05/23/2001
04:18 PM ---------------------------
From: Judith Schlesinger/ENRON@enronXgate on 05/23/2001 01:17 PM
To: Donald Wayne Vinson/HOU/ECT@ECT
cc:
Subject: Don't watch while eating lunch


Shirley,

Please, register me.

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/13/2000
09:16 AM ---------------------------

Public Relations@ENRON
03/10/2000 07:33 PM
To: All Enron Downtown
cc:
Subject: Information break

* * * * *    Information Break   * * * * *

Do you recognize the techniques people use to elicit trade secrets and other
business information from Enron?
Learn to combat industrial and economic espionage.

Speaker:

John Nolan
Founder of Phoenix Consulting Group,
a Business Intelligence solutions firm

John spent 22 years in intelligence collection and counterintelligence
special operations
in the United States, Asia and Europe.  Today, he is recognized in the
mainstream business community
 and featured in media such as Forbes, George and CNN.

When:  Friday, March 17, 2000, 11:30 a.m. to 12:30 p.m.  Where:  EB5C2

To make a reservation, call 3-1941 and select option 1.

(Lunch will not be provided, but you are welcome to bring your own.)


Mark,

Please let me know what you think of this.  I think that on the physical side
we could probably agree to the language you financial guys select.

Stacy
---------------------- Forwarded by Stacy E Dickson/HOU/ECT on 11/08/99 02:42
PM ---------------------------

Bob Bowen
11/08/99 10:34 AM
To: Stacy E Dickson/HOU/ECT@ECT
cc: Jefferson D Sorenson/HOU/ECT@ECT, Ron Nolte/HOU/ECT@ECT
Subject: Counterparty agreement of confirmations

As we have discussed recently, we do not want to mention in confirmations for
EOL transactions that the Counterparty has the right to alter the
confirmation if they feel that the terms are not as agreed to by the
parties.  Therefore, any mention of such behavior must be eliminated.  At the
suggestion of Ron Nolte of the ENA IT group, it would be easiest if we could
create a variable which would populate non-EOL deals with the language in
question thus leaving EOL deals pristine.

Now the problem and the reason for this note:  Can we get consensus among the
physical and financial lawyers to create a single set of verbiage for this
variable?

I have attached what I believe to be the current language used by various
templates to convey this matter.

Thanks for your help.


That's fine with me - I don't anticipate any problems at this point.  Don't
worry about losing days, though.  We can always make under the table
adjustments next month if necessary.

Carol St Clair
12/28/99 09:16 AM
To: Mark Taylor/HOU/ECT@ECT
cc:
Subject: Vacation Request

Mark:
I apparently have 1 1/2 days left.  How would you feel about me taking
Thursday P.M. and next Tuesday off, assuming that I get these year-end deals
closed?  Feel free to say no to Thursday if you are not comfortable having
only 1 attorney here.
Carol


The report named: East P/L Totals <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=1&report_name=East+P/L+Totals&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=10/18/2001>, published as of 10/18/2001 is now available for viewing on the website.


How is your day going?  Generally manageable around here.  One of the
assistants found out I used to be an Iron Maiden fan (technically, I still
am)  and brought me an old Iron Maiden poster.  Boy is that going to look
good in the house.  I know this is really impressing you.

Talk at ya later,
G$


Hey, the last I heard -- Tuesday -- there wasn't going to be any legislation
--  and that's why the Gov and Lynch were taking their strong and ugly
stances? Whast happened?

Did we try to get some language in there?  Seems as if we were out-played

Jeff Dasovich on 08/11/2000 09:58:07 AM
To: Richard Shapiro/HOU/EES@EES, Steve Kean, Sandra McCubbin/SFO/EES@EES,
Mona L Petrochko/SFO/EES@EES, Susan J Mara/SFO/EES@EES, Karen
Denne/Corp/Enron@Enron, Peggy Mahoney/HOU/EES@EES, mpalmer@enron.com, James D
Steffes/HOU/EES@EES, Paul Kaufman@EES, Mary Hain@ENRON_DEVELOPMENT, Joe
Hartsoe/Corp/Enron@Enron, Cynthia Sandherr/Corp/Enron@Enron, Sarah
Novosel/Corp/Enron@Enron, Bruno Gaillard/SFO/EES@EES
cc:
Subject: Energy rate relief bill gets OK
State Senate passes rollback; legislation to go to Assembly

Energy rate relief bill gets OK
State Senate passes rollback; legislation to go to Assembly
By Ed Mendel
STAFF WRITER
August 11, 2000

SACRAMENTO -- The state Senate approved legislation yesterday that would cut
San Diego's soaring electric bills by half and could credit consumers for
excess rates paid since June 1.
The measure, if passed by the Assembly and signed by the governor, would
reduce bills to the level San Diego Gas & Electric Co. customers were paying
in July 1999. While customer payments would be cut in half, however, SDG&E
ratepayers could be liable in several years for the balance.
The credit to consumers would hinge on a finding of improper overcharges by
power companies.
The rollback-and-reimbursement measure -- carried by two San Diego Democrats,
Sen. Dede Alpert and Assemblywoman Susan Davis -- sailed out of the Senate
with support from 24 Democrats and four Republicans.
All three of the Republicans who represent parts of San Diego County voted
for the bill. The 27th vote needed for two-thirds approval of the urgency
measure came from Sen. Bill Morrow, R-Oceanside.
"We have a dysfunctional market that is not working and has been just so
incredibly painful for the people I represent," Alpert told the Senate. "We
need your help. We need it now."
San Diego is the first area of the state fully affected by deregulation
legislation enacted four years ago. But other areas will be deregulated
within two years, and legislators do not want soaring rates in their
districts.
A vote on the Alpert-Davis bill in the Assembly was delayed for at least a
week because of potential opposition from Republicans. Gov. Gray Davis, who
is proposing a similar reduction that would not be retroactive to June 1, has
taken no position on the bill.
"It's important to keep this bill moving along," said Morrow, who said he
struggled with the vote because the bill does nothing to speed up the
construction of new power plants.
The bill, AB 2290, would cut rates to the July 1, 1999, level and make the
reduction retroactive to June 1 of this year. State and federal regulatory
agencies would be asked to determine if San Diego ratepayers have been
improperly overcharged.
In the years ahead, San Diego ratepayers could be reimbursed for high rates
paid this summer through a credit that would lower their monthly bills -- but
only if the investigation finds an improper overcharge and that repayment can
be collected from those responsible.
Alpert said the cost of the credit could be born by energy generators for
overcharging, SDG&E for failing to make cheaper energy purchases, and the
state and federal government for not protecting ratepayers.
"I don't think anybody believes anybody is going to be 100 percent
responsible for this," Alpert said.
The governor Wednesday asked the Public Utilities Commission to meet Aug. 21
and reduce rates for SDG&E customers by half, dropping a typical residential
bill from the current level of $120 a month to $65.
The governor's plan is similar to the Alpert-Davis bill, but it's not
retroactive to June 1 and would take effect this month. Critics of the
governor's plan doubt that an investigation will result in the recovery of an
overcharge from generators, marketers or SDG&E.
Nettie Hoge, executive director of The Utility Reform Network, said that what
Davis has proposed is likely to be not a true rate reduction, but simply a
plan to spread the payment of high rates over several years.
"San Diegans can't afford a pay now and pay later scheme," Hoge said. "They
are in the midst of an economic and public health crisis."
The Alpert-Davis bill needs at least six Republican votes for approval in the
Assembly. Alpert said two Assembly Republicans representing parts of San
Diego, Charlene Zettel of Poway and Pat Bates of Laguna Niguel, support the
bill and are listed as co-authors.
She hopes to get support from three other San Diego County Republicans: Steve
Baldwin of El Cajon, Howard Kaloogian of Encinitas and Bruce Thompson of
Fallbrook.
Assembly GOP Leader Scott Baugh of Huntington Beach said the bill should be
heard in committees, rather than simply put up for a vote on the house floors
without public hearings.
"To just ram through a rate rollback, a rate freeze and a rate reimbursement
does nothing to address the underlying problems that created the energy
shortage," he said.
Baugh said he would like a discussion of the contention by some that rebate
checks that began going out to SDG&E customers this week will solve much of
the problem this year.
He said standby generators could be built within six months to provide power
in periods of peak demand to protect San Diegans from high rates next summer.
The rebate checks are a $390 million refund for overcharges related to
deregulation and amount to $260 for the average household. An additional $100
million refund will take the form of a credit on bills for August and
September, totaling $34 for the typical residence.
At a legislative committee hearing on deregulation, Sen. Steve Peace, D-El
Cajon, clashed with Loretta Lynch, president of the Public Utilities
Commission. He said the refund checks only go to residences and small
businesses, not medium-sized businesses hurt by high rates.

Copyright 2000 Union-Tribune Publishing Co.


Hey:
Any good set of 4 available for Sunday's game


FYI.  Michelle
---------------------- Forwarded by Michelle Cash/HOU/ECT on 01/25/2000 10:40
AM ---------------------------

	Enron North America Corp.

	From:  Nicole West @ ENRON                           01/24/2000 05:11 PM

To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Enron Corp.'s Subsidiaries


Monday - Wednesday are open.

	Phil DeMoes@ENRON
	01/26/2001 10:14 AM

		 To: Dan J Hyvl/HOU/ECT@ECT
		 cc: Les Webber/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: January 10, 2001

Dan,

We need to set up a time next week to discuss the attachment with you.  What
looks good for you?
---------------------- Forwarded by Phil DeMoes/Corp/Enron on 01/26/2001
10:14 AM ---------------------------

"Bailey, Donna" <dbailey@balch.com> on 01/25/2001 04:14:08 PM
To: <PHIL.DEMOES@ENRON.COM>
cc: <AMKILPAT@SOUTHERNCO.COM>

Subject: January 10, 2001

 <<XKGV01_.doc>>
Phil,

At the request of Alan Kilpatrick I am forwarding to your for your
review and comment a proposed letter agreement relating to the sale of
regassified LNG to SCS for use  in a potential new plant to be built in
McIntosh, Georgia, together with the confirmation letter containing the
terms of such sale.  The latter has been modified from the version you
last reviewed to add certain additional provisions we felt necessary and
to flesh out the unique force majeure provisions that we felt should
apply to this transaction.
 - XKGV01_.doc


Can you guys look at preparing credit terms for the ISDA as you probably know
them better than I.  Thanks!
---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 07/28/2000 01:54
PM ---------------------------
From: Sara Shackleton on 07/28/2000 01:51 PM
To: Tanya Rohauer/HOU/ECT@ECT, Paul Radous/Corp/Enron@ENRON
cc:
Subject: Pacificorp Power Marketing ("PPM")

I received a call again from Gary Ordway.  Who will be preparing credit?
Gary asked that his credit person be copied and his name is John Fryer.
Thanks.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 07/28/2000 01:42 PM -----

	Sara Shackleton
	05/10/2000 02:25 PM

		 To: Tanya Rohauer/HOU/ECT@ECT, Rod Nelson/HOU/ECT@ECT, Tracy Ngo/HOU/ECT@ECT
		 cc:
		 Subject: Pacificorp Power Marketing ("PPM")

All:  I received a request from PPM to send our form of ISDA to document
trading.  We previously sent a draft to these guys on 1/13/99.  The only
difference is that they now want to trade and the Scottish Power acquisition
is done.  The contact is:

Gary Ordway
830 N.E. Holladay
Suite 200
Portland, Oregon  97232


Carolyn --

Earlier this week, you received an email from the PEP team which included the
Performance Evaluations of your employees, both Exempt and Non-Exempt.
Please remember that the final Performance Evaluations should be completed
with your employees, forms signed and returned to me at EB1665B no later than
Friday, August 17th.

For your Non-Exempt employees, I have attached a spreadsheet listing all
eligible employees for whom you should complete a Performance Evaluation.
However, I need the rating for each employee so it may be input into the PEP
system.  The descriptions for Non-Exempt ratings are defined as:

1 - Consistently performs above expectations
2 - Meets expectations
3 - Does not meet expectations

Please indicate the ratings for each of your non-exempt employees listed
below and return to me no later than Wednesday, July 11, 2001.

NAME   TITLE  SUPERVSOR  DEPARTMENT  HIRE DATE MY2001 RATING
Hiler, Bessie  Receptionist Ms. Carolyn A Cooney Fed'L Gov'T Affairs
2/23/1998 ___________

Palmer, Germain Clerk I  Ms. Carolyn A Cooney Fed'L Gov'T Affairs 12/11998
___________

If you have any questions or need any additional information, please do not
hesitate to contact me.

Thanks for your prompt attention to this matter.
Jo Ann Hill
Ext. 3-0363


----- Forwarded by Jeff Dasovich/NA/Enron on 01/25/2001 11:18 AM -----

	Scott Govenar <sgovenar@govadv.com>
	01/25/2001 07:38 AM

		 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, Bev
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara
<smara@enron.com>, Joseph Alamo <JAlamo@enron.com>, Paul Kaufman
<paul.kaufman@enron.com>, David Parquet <David.Parquet@enron.com>, Rick
Johnson <rick.johnson@enron.com>, Marcie Milner <mmilner@enron.com>, Sandra
McCubbin <Sandra.McCubbin@enron.com>, Tim Belden <Tim.Belden@enron.com>, Rick
Shapiro <rshapiro@enron.com>, Jim Steffes <james.d.steffes@enron.com>, Alan
Comnes <acomnes@enron.com>, Chris Calger <ccalger@enron.com>, Mary Hain
<mary.hain@enron.com>, Joe Hartsoe <Joe.Hartsoe@enron.com>, Donna Fulton
<Donna.Fulton@enron.com>, Steven Kean <Steven.J.Kean@enron.com>, Karen Denne
<kdenne@enron.com>
		 cc:
		 Subject: Governor Davis

Attached, please find a transcript from Governor Davis' press conference
regarding DWR's RFB.

http://www.governor.ca.gov/state/govsite/gov_htmldisplay.jsp?BV_SessionID=@@@@
0019274483.0980440259@@@@&BV_EngineID=daljlleidjmbemfcfkmchcng.0&sCatTitle=Pre
ss+Release&sFilePath=/govsite/press_release/2001_01/20010124_pr01035_transcrip
t_DWR_Press_Conf.html&sTitle=TRANSCRIPT+OF+GOVERNOR+DAVIS+WITH+DEPARTMENT+OF+W
ATER+RESOURCES+OFFICIALS&iOID=13121


AT THE CALL OF LINDA ROBERTSON THERE WILL BE A CONSULTANTS
WORKING GROUP MEETING ON MONDAY, July 30, 2001 at 4:00 PM (EDT); 3:00 PM
(CDT).

PLEASE BE PREPARED TO DISCUSS ALL AGENDA ITEMS (AGENDA WILL BE EMAILED
UNDER SEPARATE COVER.)

The meeting will be held at the Enron offices:
1775 Eye Street, NW
Suite 800
Washington, DC

For those of you not in Washington, DC please call:
800-713-8600; Code 6261

**********************************************************************
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.
**********************************************************************


pls get the Quarter Forecast Meeting on my schedule.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 03/29/2001
12:42 PM ---------------------------
From: Michael P Moran/ENRON@enronXgate on 03/29/2001 10:15 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: FW: June Quarter Forecast Meeting and Commercial Business Review

FYI
 -----Original Message-----
From:  Geaccone, Tracy
Sent: Wednesday, March 28, 2001 10:11 AM
To: Hayes, Robert; Harris, Steven; Neubauer, Dave; Lowry, Phil; Corman,
Shelley; Fossum, Drew; McCarty, Danny; Smith, Gary; Cordes, Bill; Prentice,
James; Hayslett, Rod; Hotte, Steve
Cc: Weitekamp, James; Armstrong, Julie; Stark, Cindy; O'Neill, Virginia;
Moran, Michael P.; Brassfield, Morris; Concklin, Elaine; Peters, Jerry;
Keiser, John; Barnes, Caroline; Meers, Thomas; Guthrie, Robert; Saunders,
James; Campos, Kathy; Alder, Amelia; Hogan, Janice; Gilbert, Steve; Rice,
Greek
Subject: June Quarter Forecast Meeting and Commercial Business Review

Please note the following changes:

Commercial Business Review originally scheduled for Friday, June 22 at
1:30-3:30 has been moved to Wednesday,
June 20 from 1:30-3:00 in 49C2.  This meeting is for commercial and
commercial support people only.

Quarter Forecast Meeting originally scheduled for Wednesday, June 20 from
1:30-2:30 has been moved to 3:00 that same day in 49C2.

Thanks

Tracy


Your HR Generalist will be contacting you in the next few days to strategize
with you regarding the status of contractors in your group that have worked
nine or more months at Enron.     Our goal is to limit possible liability
that may exist within your group.   Please let us know what times would be
best for you to meet with us and we will schedule accordingly.

Hector G. McLoughlin, PHR
Human Resources
Enron Net Works
Office: 713-853-6703
Cell: 713-854-0839


Chris,
We are taking $100M to Schedule C tonight.  I don't know when it may be
released.

DG


We have $1.0 million reserve on the books.

 -----Original Message-----
From: 	Fossum, Drew
Sent:	Monday, October 15, 2001 2:21 PM
To:	Geaccone, Tracy
Subject:	Coyonosa

Still no progress on settling Coyonosa with Duke.  Is this matter reserved?  My files indicate our total exposure on the unpaid invoices is close to $800,000.  Thanks. DF


ENERGY COMMITTEE MEMBERS:
(Please pass on as appropriate)

Congresswoman Anna Eshoo has organized a town hall meeting to bring everyone
together to talk about what residential and commercial customers can do
during the current energy crisis, and to promote energy efficiency and
conservation.

The event will be held  9:00 - 11:00am, on Saturday, June 2, 2001, at the
Menlo Park campus of the USGS at 345 Middlefield Road, Menlo Park.
Directions are attached below.

Panel speakers will focus on recent Federal and State action and energy
efficiancy and conservation.  Speakers include Ambassador Dick Sklar,
Assemblyman Joe Simitian, Ralph Cavanagh of NRDC and local business owner
Larry Hassett.

Please join us on Saturday for Congresswoman Anna Eshoo's Town Hall Meeting.
If you have questions, please call the Congresswoman's Palo Alto office at
650-323-2984

DIRECTIONS:
The USGS campus is actually on Survey Lane, a short road (1 block long)
south of Middlefield Road between Marsh Rd and Willow Rd in Menlo Park.

US 101: take the Willow Road exit. Take Willow Road south / west towards
Menlo Park about one mile, and turn right onto Middlefield Road. Take the
second left onto Survey Lane.

I-280 from the South: Take I-280 N to Highway 85 N (towards Mountain View).
Take US-101 N to the Willow Road exit. Take Willow Road about a mile, and
turn right onto Middlefield Road. Take the second left onto Survey Lane.

To Use Public Transportation on the Peninsula: Take Caltrain to the Menlo
Park Station. Caltrain schedules can be obtained at www.caltrain.com or by
calling 1-800-660-4287. Thanks to SamTrans, a special shuttle will be
available at the Menlo Park station starting at 8:20am to take those
arriving by train to the USGS campus.   The special shuttle will also be
available after the townhall meeting to return to the Menlo Park station.
The shuttle is ADA accessible.  Also note, the train station is less than a
mile to the USGS campus. To bike or walk to the campus, head south from the
train station about 100 yards to Ravenswood Avenue. TURN LEFT (east) and go
down Ravenswood Avenue about a half a mile to Middlefield Road, turn right
(south) and the campus is on the right side of the street.


No manager is listed below on this request and I don't know the employee.
The manager blank must be completed for me to be able to address these.
Without that, I can't possibly tell what group this person is working in and
whether or not it makes sense to grant the system access.  Please return this
to me for my approval when complete.
---------------------- Forwarded by Sally Beck/HOU/ECT on 08/24/2000 12:47 PM
---------------------------

From:  Information Risk Management/HOU/ECT

Subject: Your approval is requested

	Security Resource Request System
Application Approval
Please review and act upon this request. You have received this eMail because
you are listed as an approver on the original request.
			Instructions
For: 	Tracy Beardmore
Request	Original:
Application Name:	EOL - Risk Management
Request Type:	Grant
Role(s):	Application Product Data Manager
Comments:	Read Only Access		Review the request in the Request section at left.
			For more information regarding who the request is for, do the following:
			Click on the name for PeopleFinder info
			See the Further Information section below
			In the Approval Section, select Approve or Reject, enter comments as
necessary and click [Submit].

	Further Information

Requestor:			Tracy Beardmore/NA/Enron
Manager:
Request Date:	08/22/2000 09:17:15 AM
RC #:	1728	WO #:
Company #:	413	Priority:	Normal
General Comments:


http://www.consultrci.com

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===============================================================
SCIENTECH IssueAlert, November 22, 2000
Endesa Receives Green Light to Move into France
By: Will McNamara, Director, Electric Industry Analysis
===============================================================

Endesa (NYSE: ELE), Spain's largest power utility, has signed an agreement
with Charbonnages de France (CDF) to acquire a 30-percent interest in the
French electricity generator Societe Nationale d'Electricite et de Thermique
(SNET). The transaction has been authorized by the French Government. The
agreement includes Endesa's right to increase its interest in SNET in the
medium term in order to strengthen the cooperation between both companies
and allow Endesa to carry out its industrial development plan in France
and Europe.

ANALYSIS: The approval for Endesa to acquire 30-percent interest in SNET
cements the company's move into France, which is a major component in the
aggressive expansion efforts Endesa has been implementing this year. SNET,
while a comparatively small company by American standards, is still the
second largest electricity company in France in terms of installed capacity,
and third largest in terms of electricity generation. SNET owns five coal
plants totaling 2,600 megawatts, which generate about 6,838 GWh annually.
This is a very low output, and in fact SNET accounts for only 2.5 percent
of the market share in France. However, given the fact that France's largest
energy company, EDF, still has a hold on about 90 percent of the market
in the country, any acquisition of the next-largest company is a major
coup. The acquisition of SNET was also attractive to Endesa because of
the company's experience in coal-based electricity*which still is the power
source for roughly half of the electricity produced across the Continent*and
its progressiveness in terms of technology.

Presently, SNET sells the bulk of its electricity output to EDF under a
long-term contract between the two companies. The rest of its generation
is sold to eligible customers. In addition to its current assets, SNET
is also planning a new 350-MW gas-fired station in eastern France and is
the front runner to build a new clean-coal plant in the heavily industrialized
Rhone Valley. Thus, as France slowly opens its market to competition, SNET
could emerge as one of the major providers. Endesa was able to beat out
other bidders for SNET, including France's Suez Lyonnaise des Eaux and
Germany's RWE, due to the positive valuation of Endesa's industrial and
commercial projects and the economic value of its offer.

Endesa already entered the French market last month with a three-year
exclusive
agreement to serve the energy needs of SEB, a small appliance company.
The company's move outside of Spain resulted from several factors. First,
the Spanish government has placed restrictions on the domestic growth of
its largest electric companies, essentially land-locking the domestic growth
of companies like Endesa and forcing them to look outward for growth
opportunities.
In addition, growth in countries like France and Germany is probably appealing
to Endesa because their central location offers additional expansion
opportunities
into Italy and Eastern Europe. Just within the last year, privatization
has come to the major European countries*either all at once, as in the
case of Germany, or in forced increments, as occurred in France. There
has been little question that Endesa would like to develop generation
interests
across the Continent, and has taken advantage of competitive opportunities
as they have emerged. In fact, Endesa disclosed that it plans to become
a leading European power player through the swap of assets with other
electricity
customers and through acquisitions. Rumor has it that Endesa is also looking
to acquire the generation assets of Enel*Italy's state-owned power and
the biggest European rival to EDF.

However, as Endesa expands abroad it continues to face significant problems
in Spain, due mostly to its proposed merger with the second largest
electricity
provider in the country, Iberdrola. Just last month, Endesa announced that
it had entered into a "friendly merger" with Iberdrola. Together, the two
companies will gain a hold over 80 percent of Spain's power market with
a combined market capitalization of the equivalent to $32 billion. Reportedly,
the merger will create the world's third-biggest electricity company, after
Tokyo Electric Power and Enron. However, Spanish oil company Repsol, which
lost out on the bid for Iberdrola to Endesa, continues to contemplate renewing
a hostile takeover of the company. Repsol claims that it in fact offered
1.2 more euros per share than what Endesa has promised to pay for Iberdrola
in their $13 billion merger, but that Iberdrola did not even consider the
bid. Both Endesa and Repsol are partially owned by the Spanish government
(only 33 percent of Endesa is publicly traded), so presently negotiations
are being held to see if a compromise can be reached. Reportedly, the merger
between Endesa and Iberdrola can occur only if some of the companies belonging
to the merged company are sold, as per the Spanish antimonopoly legislation.
Ironically, this could benefit Repsol as the company plans to invest in
any companies that are divested due to the merger.

France has been criticized by other European nations for delaying energy
liberalization across the Continent. In fact, France has only opened its
power and gas markets by the minimum amount imposed by the European Union.
While other European countries have opened 100 percent of their markets
to competition, France has opted for a phased-in approach, opening a third
each of its power and gas markets by February 2003 and August 2008,
respectively.
Thus, although Endesa is certainly pushing through barriers to obtain entry
into France, it is questionable when true competition will emerge in the
country. A report from the Paris-based International Energy Agency, issued
just last week, contends that France's power liberalization law restricts
power trading and allows EDF to keep its market advantages.

However, even though Endesa may face expansion limitations in France, it
is important to remember how large the company is in its home country.
Endesa produces about half of Spain's electricity (22,500 MW), relying
mainly on nuclear and coal-fired plants. Looking to diversify, Endesa also
owns interests in gas, water, and telecommunications companies. It is the
largest shareholder in Auna, a jointly owned company (with partners Telecom
Italia and Uni?n Fenosa) that controls Retevisi?n, Spain's second-largest
phone company, behind Telef?nica. In addition, Endesa is also investing
heavily in energy firms in Latin America. Thus, although France is very
important for Endesa's European expansion efforts, the company is still
a contender in other key markets.
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Thanks to everyone for their work on the Senate hearing.  There are a couple
of follow-up items:

Thanks to the Portland and Washington teams, Sen Wyden is very interested in
identifying the kind of information we need from the ISO (and PX to the
extent it's still relevant) to make the market work better.  We have written
this up before, I think we just need to put it in letter form.  Alan --
please take the lead on this and get a draft to Linda.  I think we should
identify the information and also prepare a letter for the Chairman (?) that
could be sent to the FERC.
Murkowski (the Committee Chairman) asked for an itemized list of things the
fed should do to expedite siting as well as anything else we feel is
necessary  to address the California crisis.  We have identified the need for
open access across the nation, but he is looking for what can be done in the
2-4 month time frame.  Dave, I think your memo to me is a good start.  Sue --
could you please put those and any other suggestions in letter form and get
them to Linda?
Finally, Sen Feinstein asked all of the witnesses to ask their CEOs not to
"price gouge" -- yes, that's what she said.  She appealed to everyone's
community spirit and asked suppliers to forbear charging high prices while
California struggles to fix its problems.  I think we should send a response
from Ken.  Jeff -- please take a cut and get to Linda.  I think the basic
messages should be:  we are actively working on solutions with California
policymakers (forward contracting was our idea after all); we are actively
pursuing demand reduction in the state, etc.  We should also explain the
nature of our business and pick up on some of the other solutions we
identified in the written testimony, offer to meet to discuss further, etc.


FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/03/2000
02:02 PM ---------------------------

Masayuki Fujita <mfujita@mri.co.jp> on 03/31/2000 08:36:00 AM
To: vkamins@enron.com
cc: Eugenio Perez <Eugenio.Perez@enron.com>
Subject: A visit

Professor Vincent Kaminski
Vice President of Research
Enron Corp.

Dear Professor Kaminski

    I , Masayuki Fujita was the only Japanese attendee of the Energy
Derivatives seminar
in Houston last December and a member of Japanese consultation firm:
Mitsubishi Research
Institute, Inc. I would be very honored if you can meet with me 17 or 18
April after
attending Energy Trading Summit in 12th-14th. As you know, Japanese
electricity trading is
on the way of deregulation beneficial to the consumers from a long stage of
the nine major
companies' regional monopoly. We are giving a hand to help the Ministry and
industry to
find the right course of them. I and my colleague Yamada, who will attend Risk
Publications Monte Calro seminar in Four Seasons Hotel, would like to visit
you and your
company for studying the sophisticated risk management at Enron. In return,
we may give
you the information about recent institutional progress and major electricity
companies
response in Japan.

    We are now personally translating your book "Managing Energy Price Risk"
second
edition and wondering if you have not given the right to publish in Japanese
and nay give
us the chance to help you introduce modern technology to manage energy risk
in the
Japanese energy industry.

    I do not hope Japanese English power prevent me to pass my sincerity to
you and I can
visit you soon.

    Best regards,

Masayuki Fujita
Principal Financial Engineer
Financial Technologies Section
Mitsubishi Research Institute, Inc.
3-6 Otemachi 2-chome, Chiyoda-ku
Tokyo 100-8141
Japan
Tel +81-3-3277-0582
Fax +81-3-3277-0521


This is a follow-up to my voice mail on the MESB claim.  Our draft statement
(still needs final EGA and legal review) is attached.  In addition, a
presentation on the issue (for internal use only) appears at the bottom of
this string of e-mails.  We expect the issue to hit the press modestly
tomorrow.

John

---------------------- Forwarded by John Ambler/ENRON_DEVELOPMENT on
03/01/2001 01:21 PM ---------------------------

Paul Kraske
03/01/2001 03:55 AM
To: Jimmy Mogal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Atul
Agarwal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: John Ambler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Presentation on Misdeclaration for the lenders

I actually have not checked this out yet.  As a result, I would not publish
it further without circling back with the group.  Still, I think it's a good
place to start on the issue.
Paul
---------------------- Forwarded by Paul Kraske/ENRON_DEVELOPMENT on
03/01/2001 03:16 PM ---------------------------

Aman Sachdeva
03/01/2001 02:52 PM
To: Ananda Mukerji/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mohan
Gurunath/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert
Mathis/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Kraske/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, P
Mohanram/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Venkatesh
Gopalkrishnan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Heidi
Hellmann/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rajesh
Sivaraman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Presentation on Misdeclaration for the lenders

Attached please find the presentation on misdeclaration for the lenders.
Robert Mathis has prepared a draft of the letter to the lenders which
essentially discusses most of the points highlighted in the presentation and
thus we might decide not to include the presentation at all.

However I would appreciate your comments at the earliest if we decide to
include the presentation.