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--------
MR. MAXIMILER: Our newest column from OneTravel.com's own Frugalist, Bob
Jones, features up-to-the-minute tips and deals that maximize your air miles
and save you travel cash.  Read on for this week's "Mr. Maximiler" tip!

The Turkey Trot is more than a dance.

This week, between now and Saturday, virtually all the airlines will notice
that their planes are going to be empty Thanksgiving Day. Even though the
week surrounding Thanksgiving Day is one of the busiest air travel periods in
North America, the planes on Turkey Day lack the appropriate stuffing of
passengers.

You can make this work to your advantage!  Let's say that you live in
Chicago. Wednesday evening, your wife says to you, "Honey, take the turkey
out of the freezer downstairs and bring it up so it will thaw."  Dutifully,
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date. The hotel has one table left at 9 p.m., but the bill will probably be
in the three-figure range. Wait, you remembered reading this column last week
and pick up the phone. Your daughter, who married that guy whose name you
can't remember, invited you to Indianapolis for Thanksgiving, her first on
her own.  "Hi, Honey, I want to surprise your mom.  Does that invitation for
dinner still stand?"

"Oh, Pops, you know it does, but hasn't it been snowing a little in town?"

"Yes, dear, but don't worry, we won't be driving. What time is dinner?"

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you, Dad, see you soon."

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daughter and Fred (whom you realize knows absolutely nothing about football)
and catch your flight home at 7 p.m.  In bed by 9 p.m., your wife rolls over
and says, "Thanks for a wonderful day!"

Over the next few days, you will see some exceptional deals for travel on
Thanksgiving Day.  Watch for them, just in case!

Happy Contrails,
Bob "Mr. Maximiler" Jones
--------

QUESTIONS? COMMENTS?: We'd love to hear from you!  Drop us a line at
editor@onetravel.com.  Send us your air travel questions for professional
advice from our panel of experts, or stop by http://www.onetravel.com for
loads of helpful information in our Advisor section.

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--------------------------------------------------------------------------
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Savings ALERT! or UNSUBSCRIBE from our mailing list, go to
http://www.onetravel.com/deals/SA_npu_modify1.cfm and enter the email address
(sscott5@enron.com) to which this message was sent.
--------------------------------------------------------------------------
EID=559944****4


-----Original Message-----
From: 	Hanagriff, Richard
Sent:	Tuesday, January 15, 2002 11:52 AM
To:	Lindberg, Lorraine; Lokay, Michelle; McConnell, Mark; Watson, Kimberly; Blair, Lynn; Dietz, Rick; Mulligan, Amy; Ward, Linda; Hernandez, Bert; McEvoy, Christine; Giambrone, Laura; Lohman, TK; Sheffield, Sandy; Kleb, Steve
Subject:	TW unpaid invoices

Attached are the shipppers who have not paid their December transportation invoices as if 11:30 a.m. 1/15/2002.

Market Service reps - Please call your shippers if they are on this list and determine why they did not pay on the due date.  Please make comments detailing your phone call.   If you need assistance, inform the associated marketer and/or me.

thanks


Drew,

Dale's msg.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/12/2000
09:12 AM ---------------------------

"Dale Nesbitt" <dale.nesbitt@altosmgmt.com> on 04/06/2000 01:47:15 AM
To: <vkamins@enron.com>
cc:
Subject: MarketPoint Business Plan Summary

Vince:

Thanks very much for your interest in our MarketPoint product, and thanks
for the hour you gave me this morning.  As promised, I am enclosing our
executive summary and first chapter from our business plan for you to take
forward to your management as a prospective Enron-MarketPoint investment
collaboration.  I want to reiterate that should Enron elect to be the lead
investor here, you will be exclusive in your industry if you want.  If Enron
wants to be the lead and ensure the entire second round of resources we
need, we would not offer and investment opportunity to other trading
companies, pipelines, or electrics until the third or subsequent rounds and
then only with your participation as a MarketPoint board member.  I am aware
you have coinvested with SAP in the past and that you might want to coinvest
with them again.  I presume you would not have a problem with
non-competitors such as EPRI, our management consulting service provider
partner, or our VC partner (but I would want guidance from you in this
arena).  I think you would find our VC partner very suitable and very
attractive.  They have done several interesting energy and trading plays,
and they would provide good management skills I believe.  I hope we can move
forward together.  I am looking forward to a positive response.  Thanks
again and best regards.

Dale Nesbitt

PS:  You might hear from Drew Ries of your Investments group.  I spoke with
him after speaking with you about many of the same issues.

 - longexecsum.DOC


The use of cell phones and pagers has increased dramatically in the past few
years.  As a result the Accounts Payable department has seen a rapid increase
in the number of invoices and vendors.  With the higher volume, we have
reviewed our processes in order to continue our rapid payment cycle.

Although we encourage vendors to address their invoices to individual
employees, they often mail invoices directly to Accounts Payable.  At times
they fail to list the individual who uses the pager or cell phone.  In these
cases we return the invoice to the vendor.  If the employee is designated, we
try to track him/her down and forward the invoice.  The high level of
employee movement among jobs and locations at Enron has made this
increasingly challenging.  Either way, we end up doing something less
productive than paying invoices.

To maintain satisfactory response to our vendors and to reduce time necessary
for research, we request that employees who have pagers, cell phones, and
other individually billed items such as licenses, subscriptions, etc., pay
for them by personal check or charge card (if applicable*payment instructions
are usually indicated on the invoice) and request reimbursement through
employee expense reports.

By submitting these charges on your expense report, you can help us reduce
the amount of time spent researching and forwarding invoices, the number of
checks generated by Treasury, the number of vendors in our database, and the
turnaround time for payment of invoices.

Incidentally, Accounts Payable is currently installing a corporate-wide
web-based expense reporting system similar to what Enron International has
used for the past year.  This will make it even easier to file your expense
report and receive quick reimbursement.

We,d like to make this effective immediately.  If you have any questions or
suggestions, please contact the Accounts Payable department.


Do we have New York sorted out?
--------------------------
Sent from my BlackBerry Wireless Handheld


Send me your phone list as soon as you get a chance - my fax is 713-464-2391, phone 30685.
THanks,

Kim


Jeff,
 I will be out of the office Monday in Ohio and returning Tuesday.  We need
to talk about how to proceed.  Are you coming to Houston this week?  If so,
perhaps we could sit down on Thursday if you are coming in the night before.

Steve

	Jeff Dasovich@ENRON
	Sent by: Jeff Dasovich@ENRON
	03/02/2001 12:22 PM

		 To: Richard Shapiro/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, James D Steffes/NA/Enron@ENRON, Steve
Walton/HOU/ECT@ECT
		 Subject: Re: Cost of Protectionism

will do.

	Richard Shapiro
	03/02/2001 07:00 AM

		 To: James D Steffes/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, Steve Walton/HOU/ECT@ECT, Jeff
Dasovich/NA/Enron@Enron
		 Subject: Re: Cost of Protectionism

Agree- Steve & Jeff- can you take the lead?

From: James D Steffes on 03/01/2001 06:15 PM
To: Alan Comnes/PDX/ECT@ECT, Steve Walton/HOU/ECT@ECT, Jeff
Dasovich/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron
cc:

Subject: Re: Cost of Protectionism

I recommend that we ask MRW to do a quick and dirty (nothing more than $10k)
to quantify Steve's qualitative analysis.  Good to have before we fight this
out at FERC.  If someone internal can do it, great.

Thoughts?

Jim

----- Forwarded by James D Steffes/NA/Enron on 03/01/2001 06:13 PM -----

	Steve Walton@ECT
	02/28/2001 10:06 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc: Alan Comnes/PDX/ECT@ECT, James D Steffes/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@ENRON, Mary Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT,
Richard Shapiro/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON
		 Subject: Re: Cost of Protectionism

Jeff,
 In order for California to "shut its doors" it must open its
interconnections with the rest of the west and become a Texas-like electrical
island.  This they cannot do.  California has a substantial investment in
units located in Nevada, Arizona, New Mexico and Utah.  The lights would go
out in California if they opened the ties.  In the 1970's there was a hue and
cry over loop flow, with California claiming that it was being injured by
others, particularly by the interior systems trading practices, however they
never considered opening the ties, because the benefits of interconnection
were so large that the "cost" of loop flow was far exceeded by the value of
regional trade, i.e., they are economically interdependent.

 If such a foolish thing were done and California full "closed its doors" by
opening its ties, cost would go up in the Northwest, in California and all
the rest of the Western System.  There are "gains for trade" which accrue to
all parties from interconnection.  The trade is more complicated than just
summer/winter peaks (seasonal load diversity) there is also seasonal resource
diversity (Spring run off effects) and finally there opportunity to
capitalize on storage vs base load thermal operations.  I will address the
last point first to illustrate the complexity of the trading patterns.

 The interior west (Montana, Wyoming, Utah, Arizona and New Mexico) has large
amount of base load coal plants.  As load drops off in those areas, the
energy flows to the coast to back off peaking plants and to back off hydro.
The reduction of hydro production allows night time reservoir refill which
can be used to meet peak load in the Northwest and California.  This can be
seen in the attached file, which contains a set of plots for hourly flow on
the Pacific DC Intertie Jun97, Dec 97, Jun 98, Dec 98, Jun 99, Dec 99,
Jun00.  In these plots the clear day/night exchange of energy can be seen,
especially in the Jun00 plot when sales are being made to California in the
day and to the Northwest at night.  This day to night storage exchange
benefits lowers costs for everyone.

 On top of this daily/weekly cycle, there is the seasonal shift in load
diversity you noted.  For the Northwest, its peak load occurs when energy
production is the lowest -- during the winter.  As a stand alone system, the
Pacific Northwest (i.e., the Columbia Drainage area) is energy constrained.
The hydro in that area does not produce enough energy to meet annual needs.
There is plenty of generating capacity to meet any peak, but not enough to
total water flow.  Energy imports from Wyoming and Montana (e.g. Colstrip and
Bridger) are required to allow the Pacific Northwest to meet its annual
energy requirement.  With these energy inputs from the coal fields, the
seasonal water budget can be arranged to get the most value out of the hydro
system, although fish, navigation, irrigation, etc. impose an increasing
number of constraints.  Energy imports from in the winter from the South help
to meet this energy balance during the winter so water can be reserved until
the snow pack is better know in early Spring.  Some of the sales to the
Northwest from California during the winter are a result of displacement from
Desert Southwest energy moving through California and then up the Interties
to the Northwest.

 Finally, the Spring run off/fish flush when production on the river is at a
maximum and load in the Northwest is down.  The sale of these surpluses paid
for the Pacific Intertie lines and remain important to the entire system.
Much system maintenance of base load units has been historically been planned
to take advantage of this factor.  Again both California and the Northwest
benefit from this trade.

 In all cases, the parties would be worse off if the ties were open and
everyone was on their own.  The Northwest may be capacity long, but it is
typically energy short, even in flush hydro years.  The winter energy imports
from the South hold Northwest costs down just as spring run off sales to the
South lower energy costs in California.  California cannot craft a solo
solution that ignores the rest of the West.  It is probably hard to decide
who would be worst off if California "closed its doors".  It is only clear
that total cost would rise in both California and the rest of the West from
which it divorced itself.

 I hope this rambling response comes at the question you raise.

Steve

	Jeff Dasovich@ENRON
	Sent by: Jeff Dasovich@ENRON
	02/28/2001 11:35 AM

		 To: James D Steffes/NA/Enron@Enron
		 cc: Alan Comnes/PDX/ECT@ECT, Mary Hain/HOU/ECT@ECT, Steve
Walton/HOU/ECT@ECT, Susan J Mara/NA/Enron@ENRON, Richard
Shapiro/NA/Enron@Enron, Paul Kaufman/PDX/ECT@ECT
		 Subject: Re: Cost of Protectionism

To Jim's last point.  I understand that the good 'ol utility system was often
operated with little regard for basic economic principles, but there's
something in this that seems very odd and difficult to assess, and it seems
to always be tied to this notion that "California is a net importer, even in
the winter."  I'm going to start with the economics and then let folks
describe why it seemingly doesn't apply in Western electricity markets.

Just about every theory of economics and trade would lead to one conclusion:
If California closes it's doors the other Western states will pay higher
prices for power and/or face increased threats to reliability.  I'm
struggling to try to determine why these basic principles aren't applicable
to Western power markets.  I understand that the PNW is a very complex place
and that the reasons could be embedded in the arcane structure that has
developed over the years.

To keep it simple (though not necessarily accurate), I've confined the
analysis to a world in which only the PNW and California exist.

The basic situation: The PNW peaks in the winter; California peaks in the
summer.

Let's take two scenarios:

1)  The West, less California, is so awash in electricity that even in its
peak--the Winter--it still has power to send to California, i.e., it has so
overbuilt it's system that it has persistent surpluses to sell to California.

Irrespective, there have (to my limited knowledge) always been sales from CA
to the PNW during the winter, when the PNW is peaking.
The only conclusion that one can make, assuming that the PNW is awash in
electricity, is that the PNW takes the power in California because it makes
economic sense to do so. That is, during the winter peaking months, it must
be cheaper on the margin for the PNW to buy from California rather than
produce itself.  Otherwise, it's difficult to understand why it would buy
from California during this month, particularly if they're long.  As such, at
a minimum, the PNW's electric bill will necessarily increase if California
closes its doors.

2) Neither the PNW , nor California, has indigenous capacity to meet peaking
load.  Therefore, the PNW must buy California's power during its peaking
summer period, and California must buy power during it's summer peaking
period.  In this case, not only will the PNW's bill go up if California
closes its doors, the lights are likely to go because they'll be short power.

I realize that this is a simplistic model, and that there could be other
legitimate economic factors driving the flows out of California to the PNW
(e.g., transmission costs).  And again, I also realize that economics may not
have traditionally been a driver in the industry.  But I thought it might be
useful to get a common framework in place as a starting point for the
question that Jim asks.

With that, I'll pose the question (understanding the simplicity of the model
set forth above):  Given that California sends power north--even if the PNW
is long---how can California closing it doors not increase the PNW's cost of
power?

Best,
Jeff

	James D Steffes
	02/28/2001 08:05 AM

		 To: Alan Comnes/PDX/ECT@ECT
		 cc: Jeff Dasovich/NA/Enron@Enron, Mary Hain/HOU/ECT@ECT, Steve
Walton/HOU/ECT@ECT, Susan J Mara/NA/Enron@Enron
		 Subject: Re: Cost of Protectionism

It seems to me that this information leads one to conclude that the value of
an open transmission network is that California does not have to build 5,000
MW of power plant (4,500 MW max input + 10%) in state.  In other words, if
California were to disconnect from the grid, someone would have to build
additional power plants in-state.

The cost to California consumers is therefore the annual carrying cost of 10
500 MW plants (made even more expensive after California expropriates the
current fleet of merchant generation).

From the perspective of the remainder of the West, the question still remains
- if California does go it alone, what is the economic impact?  Other than
legal arguments about Interstate Commerce, why should the Federal Government
want to continue to pursue open acess?  This is the hard question that we
need to answer.

Jim

	Alan Comnes@ECT
	02/27/2001 09:40 PM

		 To: James D Steffes/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron
		 cc: Susan J Mara/NA/Enron@ENRON, Steve Walton/HOU/ECT@ECT, Mary
Hain/HOU/ECT@ECT
		 Subject: Cost of Protectionism

Jim, Jeff:

Jim asked me in a voice mail what would be the cost to California of moving
from the current (evolving) system of open access to a "protectionist"
environment where access to the grid would be determined by a political body
responding to populist pressures.

Here are some things to consider.  We can talk more and I welcome Sue Mara or
Steve Walton's input:

California is a net importer so any restraint of trade would risk the state
being able to meet its own demand.  See attached slides that show PNW-CA
trade.  Even in the winter, power on a net basis flows south.

Limiting open access would primarily act to hold in-state generators hostage.
 this will kill incentives for new investment

If the ISO's proposal for market power mitigation are any guide of where a
protectionist ISO would go:
 in-state generators would be required to sell forward or lose their market
based rate certificates
 load serving entities would be required to contract forward for load and a
reserve margin.
  This is costly: it will lead to centralized planning solutions to
reliability rather than more efficient market     outcomes
 Artifical notions of "just and reasonable" rates (on top of unreasonable
reserve requirements) would lead to severe   reliability problems.  (In other
words, if Steve Peace has his way, the imports into the state will drop
off     signficanly)

There is no reason the state would be more effective at expanding the grid
(e.g., Path 15) than the current system.  (Although, admittedly the current
system has flaws.  The CAISO was set up with little thought to transmission
expansion planning.  Other RTOs are not repeating this mistake.).


Here are some notes on LR/SR.  One more thing.  I made an unfortunate
statement on the notes on Game Theory which said you shouldn't worry about
the two stage price game.  This material should in fact be known for the
final.  Question 3 on PS6 covers it.

J. Lamar Pierce
Ph.D Student
Haas School of Business
UC Berkeley

 - Notes on LR-SR.doc


Coastal Merchant Energy, L.P. merged with and into El Paso Merchant Energy,
L.P., effective February 1, 2001, with the surviving entity being El Paso
Merchant Energy, L.P.  We currently have ISDA Master Agreements with both
counterparties.  Please see the attached memo regarding the existing Masters
and let us know which agreement should be terminated.

Thanks,
Stephanie


The following entities filed for bankruptcy late 12/20 or early 12/21:

Tenant Services, Inc.
Enron Federal Solutions, Inc.
Enron Energy Solutions, Inc.
Enron Merchant Investments, Inc.

Please circulate further if I have missed anyone.


I can't wait!  Frank--our expectation is that Staff won't go.  Can you call
Harris Wood and approach that subject with him.  It was my understanding that
Staff didn't expect to come, but just in case MGO or Midam have gotten to him
and talked him into Staff attending, lets talk him out of it.  Thanks.  DF

	From:  Mary Kay Miller                           01/29/2001 12:33 PM

To: fkelly@gbmdc.com, sstojic@gbmdc.com, Drew Fossum/ET&S/Enron@ENRON, Maria
Pavlou/ET&S/Enron
cc:

Subject: Informal Discussions related to NNG SLA and continuation of Order 637

On February 6th, commencing at 1:00pm and continuing Feb. 7th until 2:45 pm,
Northern Natural Gas will be discussing its SLA docket and time permitting,
continuation of discussions related to its Order No. 637 fling.   The meeting
will be held in Washington DC at the FERC offices.  The discussions will be
conducted under settlement rules and only parties to the proceedings will be
allowed to attend.  It is my understanding that FERC will be issuing an
notice on this.

Please provide me your comments-  MK


It looks like Waha is on their but Permian is not.  Can you add basis deals
at Permian (I think IF-ELPO/Permian).

Thanks,

Eric

	Enron Capital Management

	From:  David Baumbach                           02/12/2001 04:05 PM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Texas Region Locations

This is how they determine what is on Tom's report.

Dave

---------------------- Forwarded by David Baumbach/HOU/ECT on 02/12/2001
04:05 PM ---------------------------

	Enron North America Corp.

	From:  Peter Berzins @ ENRON                           02/12/2001 03:49 PM

To: David Baumbach/HOU/ECT@ECT
cc: Matt Motsinger/HOU/ECT@ECT, Simone La Rose/HOU/ECT@ECT, Adam
Johnson/NA/Enron@Enron
Subject: Texas Region Locations

Attached is a spreadsheet which contains the locations we have assigned to
the Texas Region for reporting purposes.  Please correct any errors and add
any new locations which we may be missing.  Thanks for your help and let us
know if your need anything else,.

Thanks,
Pete
EnronOnline


Rick and Greg,

I met with Sally and Beth on August 24th to discuss the operational risk management initiative requiring a reconciliation across all major risk applications.  This reconciliation is necessary to validate the transfer of all data from
source systems, i.e. risk books, into risk applications which calculate VAR, provide credit exposures,  feed Infinity with daily cash flows and ultimately the DPR.

Sally and Beth, along with IT, have initiated a project to improve and monitor the accuracy and efficiency of these daily interfaces.  The scope includes a review of the processes which  impact the accuracy of  information, timing of interfaces, production performance issues, inventory of books and improved controls over changes to book attributes, and the officialization process.  They have agreed to add a requirement to provide, on a daily basis, this reconciliation across all major risk applications.

The projected  timeline to complete this project, including the reconciliation initiative, is 60 to 90 days.  We will need to reassess the decision to combine these initiatives, if the GRMO timeline slips.

This daily risk applications reconciliation will provide four key metrics not currently available:

1) the ability to track data "accuracy" in terms of the percentage of information which transferred and processed correctly, vs. just unique "failures".  How complete is the data?

2) the ability to validate the accuracy of exception reporting (are all failures included on the exception reports?)

3) the ability to validate Infinity cash flows

4) Reconciliation of values (volumes, PRMA &PRML and cash flows), not # of books processed.

Please call me if you would like to discuss.

Wanda Curry


7515 S. Main South Greenpark Bldg. South of Holcomb
713-797-6171


pls print.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 10/02/2000
02:17 PM ---------------------------

Tony Pryor
10/02/2000 11:14 AM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Risk Management Policy Revisions

Drew, here's the revised draft...............Tony
---------------------- Forwarded by Tony Pryor/ET&S/Enron on 10/02/2000 11:14
AM ---------------------------

	From:  Dan Fancler                           09/29/2000 03:05 PM

To: Bob Chandler/ET&S/Enron@Enron, Lee Ferrell/ET&S/Enron@Enron, Tony
Pryor/ET&S/Enron@ENRON
cc:

Subject: Risk Management Policy Revisions

I would like to meet again to discuss the current status of the Policy early
next week.  Tony give us a date and everyone please review the changes.


Attached please find the file detailing out the commercial terms for each
transaction as well as the receivables owed. Please call if you have
questions.

Tanya


Daren-
Thanks for completing Feb 2000 Cashout.
Could you also enter a Demand fee into Sitara for March and April 2000?

March 2000

Sales Ticket # 157278
$0.00 Dollars Due HPLC

Purchase Ticket # 157288
$3,526.98 Dollars Due Duke

I have attached my spreadsheet for support:

Column H is the Over-Delivery quantity total is 24,452 mmbtus
Column T is the Daily dollar amount for the over-delivery quantity due HPLC
$0.00
Column U is the Daily dollar amount for the over-delivery quantity due the
customer $3,526.98.

April 2000

Sales Ticket # 157278
$1,507.56 Dollars Due HPLC

Purchase Ticket # 157288
$1,549.82 Dollars Due Duke

I have attached my spreadsheet for support:

Column H is the Over-Delivery quantity total is 53,206 mmbtus
Column T is the Daily dollar amount for the over-delivery quantity due HPLC
$1,507.56
Column U is the Daily dollar amount for the over-delivery quantity due the
customer $1,549.82

Thanks-
Katherine
5-8643

---------------------- Forwarded by Katherine Herrera/Corp/Enron on
09/11/2000 09:12 AM ---------------------------

Daren J Farmer@ECT
09/05/2000 11:25 AM
To: Katherine Herrera/Corp/Enron@ENRON
cc:

Subject: Re: Duke Exchange Deal Feb. 2000 Prod.

Done.

Katherine Herrera@ENRON
09/05/2000 10:14 AM
To: Daren J Farmer/HOU/ECT@ECT
cc: Kristen J Hanson/HOU/ECT@ECT
Subject: Re: Duke Exchange Deal Feb. 2000 Prod.

Daren,

I believe the best way to enter the fee into Sitara would be as a Demand fee
in your example #1.
If we do the fee this way, we will not  double up the volumes.

I have attached my spreadsheet for support:
THE MOST CURRENT WORKSHEET IS TAB #2 MARKED FINAL

Column G is the Over-Delivery quantity total is 17,278 mmbtus
Column S is the Daily dollar amount for the over-delivery quantity due HPLC
$1,008.87
Column T is the Daily dollar amount for the over-delivery quantity due the
customer $519.73.

Thanks-
Katherine
5-8643

Daren J Farmer@ECT
08/31/2000 05:49 PM
To: Katherine Herrera/Corp/Enron@ENRON
cc:

Subject: Re: Duke Exchange Deal Feb. 2000 Prod.

Katherine,

There are 2 ways that I can enter this fee into Sitara:
1) I can put the dollar amount in on day 1 as a demand or facility fee.

2) I need you to give me volume(s) and a price to input into the deal.  I
can't just input a dollar amount in Sitara.

Let me know how you want to handle it.

D

Katherine Herrera@ENRON
08/31/2000 05:28 PM
To: Daren J Farmer/HOU/ECT@ECT
cc: Kristen J Hanson/HOU/ECT@ECT
Subject: Duke Exchange Deal Feb. 2000 Prod.

CASHOUT
Please add the following fees for Feb. 2000:

FEE TYPE:
Natural Gas
Physical Forward
Penalty for Over/ Under take

Sales Ticket # 157278
$1,008.87 Dollars Due HPLC

Purchase Ticket # 157288
$519.73 Dollars Due Duke

Thanks- Katherine


thursday sounds great -- and around 1130 would be good if you can make it --
we can go to bourays, ny pizzeria, allen center -- whatever you want.


Where are they hitting the books at?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


---------------------- Forwarded by Ami Chokshi/Corp/Enron on 06/27/2000
08:55 AM ---------------------------

Royal_B_Edmondson@reliantenergy.com on 06/27/2000 08:48:40 AM
To: ami_Chokshi@enron.com
cc:

Subject: revised July 1st for Woodlands

(See attached file: HPL-July.xls)
 - HPL-July.xls


Oh, Gabriella (that is such a pretty name!) -

I apologize for not responding.  The conference details have been a bit
confusing to us as we didn't seem to have many.  Mr. Lay is scheduled to
participate in a Ministerial Working Dinner the evening of May 15.  He has to
give a brief report on his forum session from earlier in the afternoon.  It
is being held at the Kleber International Conference Centre.  Therefore, Dr.
and Mrs. Lay will not be able to attend.

Thank you.

Rosalee

Gabriella.GOEKJIAN@oecd.org on 05/10/2001 10:11:44 AM
To: klay@enron.com
cc:
Subject: RE: Dinner at the occasion of the OECD forum 2001

Sorry I had forgotten to put the subject

> -----Original Message-----
> From: GOEKJIAN Gabriella, SGE
> Sent: Thursday, May 10, 2001 5:07 PM
> To: 'klay@enron.com'
> Subject:
>
> Dear Mr. Lay,
>
>  I had sent an invitation to you from Mr. Donald J. Johnston and Mrs.
> Heather Johnston to attend a dinner at the occasion of the OECD Forum 2001
> at their residence on Tuesday 15 May at 8.15 p.m.  I hope you will be able
> to join them.  Could you kindly confirm it to me.
>
>  Thank you.
>
>  Yours sincerely,
>
> Gabriella Goekjian
> personal assistant to
> Mr. Donald J. Johnston
>
>
>
>


Scott, here is the revised plan. Both Victor and I have reviewed and made some slight modifications to centralize the SE and NE schedulers. Also I removed Suzanne Calcagno from the Logistics support group because she already had a spot on the floor.

Tks - Bob


As it appears I will be living and breathing the 32nd floor of the Enron
building well through the first of the year, I've decided to break down and
try to maintain my friendships via email.  You all know me well enough to
know that this a huge step on my part ( I am not the world's best emailer).
Anyway, I feel like I'm out of touch with what's going on in your collective
lives and am thus missing out on some pretty wonderful, exciting and special
things.  So when and if any of you get a chance shoot me back a quick note
and let me know what's new in your life.

Love you guys,
Susan

Jennifer - Hope work is going well.  I know this time of year has got to be
crazy for anyone in your line of work, but I'm sure you're handling it well.
We really need to go grab coffee, dinner, a movie or something soon.  I'm in
need of a good chat.

Jessica - I know you're in the midst of finals right now and probably about
to pull your hair out.  Just focus on the fact that they'll be over soon and
you'll be off to London to see Ashley and Lee ( I am so jealous).  Please
tell Clay I say hello and wish him good luck as well on y'alls exams.

Lisa - Hey sweetie!  I am so sorry I couldn't make it to your shower in SA,
but Jen said it went really well.  We need to get together soon I've missed
seeing you and especially hearing about the wedding and all the fun goings
ons in your life.  Tell Brad I say "Hi" and I'll be glued to the TV set just
like him on the on the 29th rooting on the Horns.

Emily - I really want to hear how your Thanksgiving went with Thomas and the
"Fam".  Knowing Thomas it went great and your entire family (especially your
Mom) is absolutely in love with him.  Keep me posted on your plans for the
future ( I'm curious where you're going to end up geographically).  Also, I
thought you'd find it interesting that I may have an opportunity to work in
your old hometown - Chicago.  Any thoughts?

Elizabeth - I have really been out of touch with you and I am very mad at
myself for letting that happen.  Please write back soon and let me know how
school, your family and this new man in your life ( okay, I'm not completely
out of touch) are all doing.  My guess is you're going through exams as well
right now so I'll wish you the best of luck and infinite success.


This was an excellent note.
---------------------- Forwarded by Janet R Dietrich/HOU/EES on 10/03/2001 08:30 AM ---------------------------
			Ken Lay- Chairman of the Board
From:	Ken Lay- Chairman of the Board@ENRON on 10/02/2001 04:24 PM
Sent by:	Enron Announcements@ENRON
To:	All Enron Worldwide
cc:
Subject:	Lay It On the Line Survey Results

Recently, I asked you to "Lay It On the Line" and tell me what you believe are the most critical issues that we need to address.  Many of you responded, and I want to share the survey results with you.  Additionally, I want to share with you the things we are currently doing or plan to do to move Enron forward.

First, let's take a look at the survey results.

In just three days, more than 4,000 employees completed the survey.  I sincerely appreciate your participation.

I.  We asked you to identify the top five issues facing Enron today.  The responses were:

1.	Stock price
2.	The PRC
3.	Employee/internal morale
4.	External reputation and image
5.	"Walking the talk" of integrity and respect
_________________________________________________________________________________________

II.  We asked you general questions about working at Enron, comparing 2001 to 2000.

	% of employees responding
	strongly agree/agree:
I am committed to staying at Enron.	64.1%
Enron is a company I would invest my money in.	60.1%
I am treated with respect.	60.0%
I would recommend Enron as a place to work for friends and family.	59.1%
I have talents and skills that Enron is not fully utilizing.	54.7%
Enron truly encourages people to take risks.	47.5%
My immediate supervisor has a clear view of where Enron is going and how to get there.	46.6%
Executive management has a clear view of where Enron is going and how to get there.	41.6%

_________________________________________________________________________________________

III.  We asked you to what extent you would associate the following attributes to Enron, comparing 2001 to 2000.

	More	Same	Less	N/A
Concerned for communities	34.5%	44.9%	10.3%	10.3%
Innovative	30.8%	35.7%	24.6%	8.9%
Entrepreneurial	28.5%	37.8%	23.7%	10.0%
Ethical	17.0%	45.1%	28.1%	9.8%
Trustworthy	14.9%	39.0%	36.9%	9.2%
Arrogant	39.1%	32.4%	13.3%	15.2%
Self-serving	41.9%	38.6%	7.5%	12.0%

_________________________________________________________________________________________
IV.  Finally, we asked you to identify the top three things you like about working at Enron.

1.	People (the high quality of people at Enron was the most widely-cited aspect):
---	talented
---	creative
---     learn from one another
2.	Culture and reputation:
---	innovative spirit
---   willingness to be aggressive and take risks
---   ability to embrace change
---   involvement in community
3.	Work environment:
---	pay and benefits
---   true meritocracy
---   unlimited opportunities

_________________________________________________________________________________________

The results of our survey confirmed for the Management Committee and me the great things you feel about Enron and also what you see as the issues we must address to move Enron forward.  The following are some of the things we're doing now or going to do in the next few days and weeks to address the top five issues you identified.  Keep in mind this is only the beginning of an ongoing effort to address your concerns and engage your feedback.

Now, here's what we're going to do based on your feedback.

STOCK PRICE

We are all concerned about our stock price, which has declined significantly this year.  The primary reasons for the sharp decline from our highs earlier this year include:
---	A decline in the overall market and economy;
---   Certain Enron-specific issues, such as California, India and recent management turnover;
---   A "meltdown" in the broadband sector, which may have been as much as $30-$40 of our stock price at the high;
---   Lower energy commodity prices and volatility relative to last winter's high; and
---   Concerns over the pace of energy deregulation.

These concerns mask the strong underlying recurring earnings growth in our transportation and distribution, wholesale and retail businesses.  Very few companies have demonstrated the earnings growth, and future earnings growth, as has Enron.  We fundamentally believe that if we focus on continued earnings growth and reestablishing the confidence of our financial investors, our stock price will reflect the value these businesses deserve.

---	Over the past month, we have met with all of our major institutional shareholders and all of our analysts, reviewing the strong prospects in each of our businesses.
---	We have also committed to provide more segmented information about our business units and how we operate so that analysts have a better understanding of our businesses and how we make money.
We also want to make sure that employees know what we are doing going forward:
---	Mark Koenig, executive vice president of Investor Relations, will host Brown Bag sessions with groups of employees to discuss stock price issues and answer questions.  He will also continue to host eSpeak sessions to answer employee questions.
--- Greg Whalley, Mark Frevert and I will also hold discussions with various groups of employees, which will be taped and made available to employees worldwide.  Watch for these events.

THE PRC

The relative discussion of talent is absolutely critical to maintain our business and our meritocracy.  Understanding which employees have demonstrated the greatest contribution and behaviors, which individuals should be given greater responsibility and leadership, and identifying our top and bottom talent are essential to achieve our business objectives.  Nevertheless, we recognize that certain aspects of the PRC may have caused some of you concern, and we believe we can improve, refine, streamline and better clarify the process objectives for everyone.

Therefore, we will make the following changes to the PRC process prior to year-end:
---	Effective immediately, relative performance discussions will occur annually at year-end.  However, business units will have the flexibility to determine if they need to have those discussions more frequently.
---    The current preferred distribution will no longer be required across Enron.  Business units will be asked to identify only their top 10% and bottom 10% performers for review by Enron's Office of the Chairman annually at year-end.
---   We will continue to use the PEP 360 degree feedback system as input into performance feedback once a year for all employees.  We will also reinforce to all supervisory employees the absolute necessity of continual communication and feedback to their direct reports throughout the year.
---   Finally, we have formed an employee task force that will give us feedback on future changes.

In the November issue of Enron Business, we will feature the first in a series of articles discussing our performance evaluation process.  In addition, there will be other communication and training that will occur prior to year-end.

EMPLOYEE MORALE

We believe the stock price, our external reputation and the performance review process have all affected morale.  Additionally, some employees have indicated they do not feel that they have a place to go to voice their ideas and concerns.  Effective immediately, we will provide an additional resource for employees who do not currently feel comfortable going to either their supervisor or their Human Resources (HR) rep.
---	We are establishing a new business function we are calling Employee Relations (ER) that will report directly to the Office of the Chairman.  Cindy Olson will head this function.  More details of how this group and HR will operate will be communicated in the next few days.
Over the long term, we want our managers to address employee issues and concerns and therefore are providing the following leadership training for those with supervisory roles.
---	We will encourage vice presidents and above, as well as other current and emerging leaders, to complete Executive Impact & Influence training.  These sessions are designed to improve leadership skills such as coaching and effective communication that have a direct impact on performance and managing people.
---	Additionally, we will encourage every employee with supervisory responsibilities to complete online communications training via Communicate!, which will be rolled out immediately.  Communicate! is an interactive training course that uses Enron scenarios and a combination of video, voice mails, e-mails and meetings notes, to analyze user performance based on a participant's responses and actions.

EXTERNAL REPUTATION

We all recognize that our external reputation has suffered this year.  The single most important factor that influences our reputation is our actions - how we act and how we communicate those actions as a company and as individual employees.  We recognize that as Enron's ambassador's in the marketplace, the more you know about our strategy, performance and challenges, the more you can help disseminate accurate information about our company.  To ensure you are better informed:
---	We will do a better job providing you with timely information about issues affecting Enron.  In addition to our existing communication efforts, like e-mail messages and internal publications eBiz and Enron Business, we will post a Q&A on current issues on the Enron intranet at home.enron.com <http://home.enron.com>.  This will give us a consistent message across the organization and will equip you with information when talking to your customers.
--- As we said before, Greg, Mark and I, as well as members of our Management Committee, will meet with groups of employees across Enron to hear your thoughts and share with you our business direction and challenges.  Look for these to start in mid-October.

INTEGRITY & RESPECT

I believe, as I said previously, we need to reinforce our core values, particularly integrity and respect.  From what you have told us in this survey, you agree.
---	Enron's values will have more importance in each employee's evaluation and feedback.  We ask that all employees, regardless of level, hold themselves accountable for the way they interact with people on a daily basis.  We are all responsible for how we treat our coworkers and customers.
---	We will also conduct employee focus groups on a frequent basis to gather additional, specific feedback on employee issues like ethics, integrity and individual concerns.  If you would like to participate in these focus groups, please send an e-mail to Cindy Olson.
---   Periodically, I will host a special feature column in Enron Business to keep you informed of the action steps we are taking and their results.

Finally, I give you my commitment that we will do a better job giving you more information regarding Enron's strategy and challenges, and listening to your concerns and ideas.  But we would ask for your commitment, too.  We need your dedication to Enron and its values, as it is only through your commitment that we will achieve long-term success.  We will conduct another employee survey early next year.  Please continue to send me your feedback and let's continue to work together and keep Enron one of the best places to work in the world.


No action required, fyi re:  Blue Dog (the East deal) and Project Salmon (the
West deal).

---------------------- Forwarded by Kay Mann/Corp/Enron on 03/08/2001 09:26
AM ---------------------------
From: Carlos Sole on 03/07/2001 06:38 PM
To: ccampbell@kslaw.com, mreuter@kslaw.com, jkeffer@kslaw.com,
kay.mann@enron.com
cc:

Subject: Revised Closing Checklist

New item added to incorporate resignations of Enron appointees on closing
date.


I'm working.  Not a choice, a necessity.  Good night to grill...

ckm

"Neil Mann" <nmann@erac.com> on 05/23/2001 03:40:14 PM
Please respond to <nmann@erac.com>
To: <Kay.Mann@enron.com>
cc:

Subject: RE: Skeletal Remains Found on Nolan Ryan's Ranch

So what do you think the News will make out of this?

I guess you decided to skip the game...I'll call Paige and I will pick up
Michael since she's taking him to Sharon's tomorrow. NM

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Wednesday, May 23, 2001 2:52 PM
To: nmann@erac.com
Subject: Skeletal Remains Found on Nolan Ryan's Ranch

---------------------- Forwarded by Kay Mann/Corp/Enron on 05/23/2001 02:51
PM ---------------------------

From: Kathleen Carnahan/ENRON@enronXgate on 05/23/2001 02:50 PM

To:   Kay Mann/Corp/Enron@Enron, Carlos Sole/NA/Enron@Enron, "Norman
      Carnahan (E-mail)" <ncarnahan@velaw.com>@SMTP@enronXgate
cc:

Subject:  Skeletal Remains Found on Nolan Ryan's Ranch

FYI - My daughter just called to tell me that their seismic company just
found a body (skeletal remains) on Nolan Ryan's bull ranch China Grove
(don't know if that is a town or the name of the ranch), off of County Road
521.  Ryan is just the tenant, the property belongs to Claude Hammel.

Kathleen Carnahan
Enron North  America Corp.
1400 Smith Street, EB 3146d
Houston, TX 77002
Phone - (713) 345-3386
Fax - (713) 646-3037


Veterans Holiday Building Hours:

MONDAY, 11/12
Faculty Bldg., Student Svcs. Bldg and Cheit Hall: CLOSED

Thank you

Jennifer Jensen
Facilities  Supervisor
Haas School of Business
S545 Student Services Bldg.
University of California
Berkeley, CA  94720-1900

Tel:  (510) 642-9106
Fax:  (510) 642-4700


Lots of work still needs to be done but this is a start.


G,

Are you coming to the game? Let me know.

GT


if anyone is using the Perd the Saturday after Thanksgiving. We will be in
San Antonio for the holidays and were thinking about staying there for a
night.


no, no, no.  thank YOU!

	Michelle Hicks@ENRON COMMUNICATIONS
	10/26/2000 03:10 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc:
		 Subject: Re: Regulatory meeting

Cool.  See you tomorrow.  We have conference room EB 4598A at 12:00 noon.
Thanks, Michelle

	Jeff Dasovich@ENRON
	Sent by: Jeff Dasovich@ENRON
	10/26/00 02:21 PM

		 To: Michelle Hicks/Enron Communications@ENRON COMMUNICATIONS
		 cc:
		 Subject: Re: Regulatory meeting

12 it is.  i'll need to leave at 1 pm to catch my plane.  we should be able
to get things done in an hour.

Best,
Jeff

	Michelle Hicks@ENRON COMMUNICATIONS
	10/26/2000 02:02 PM

		 To: Robbi Rossi/Enron Communications@Enron Communications, Jeff
Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: Regulatory meeting

----- Forwarded by Michelle Hicks/Enron Communications on 10/26/00 02:07 PM
-----

	JoAnne Garner
	10/26/00 01:42 PM

		 To: Michelle Hicks/Enron Communications@Enron Communications
		 cc: Melissa Loyd/Contractor/Enron Communications@Enron Communications
		 Subject: Re: Regulatory meeting

I have reserved 4598A for you guys tomorrow from 12 - 2.  Thanks.

Joanne Garner
713 853 3237


OK to update

	Sherri Sera
	12/29/2000 09:51 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Updating Memberiship Directory

Steve, I'm not sure if this is something I should complete or not.  Please
advise.  Thanks, SRS
---------------------- Forwarded by Sherri Sera/Corp/Enron on 12/29/2000
09:38 AM ---------------------------

elcon <elcon@elcon.org> on 12/28/2000 10:13:49 AM
To: garfield@FirstEnergyCorp.com, cdurkin@npcc.org, henry@cboe.com,
dbevelhymer@Arlington.tnsk.com, dave.goulding@iemo.com, dmangsk@enron.com,
degrenn@nppd.com, erlenye@texasutilities.com, kamole@nipsco.com,
gvoigt@mis.aecc.com, hhawks@tenaska.com, jdavis06@apsc.com,
jrmcelhaney@bpa.gov, jmdonnell@duke-energy.com, jjura@aeci.org,
jgoodrich@worldnet.att.net, jbp6217@idahopower.com, sreinar@enron.com,
jerry.saacks@opc.com, jqa@mediaone.net, jose.delgado@wepco.com,
joseph.h.richardson@fpc.com, cpuadmin@clarksdale.com, Enthovenm@ol.com,
mike@wapa.gov, mike.gent@nerc.com, mgreene2@txu.com, pete.landrieu@pseg.com,
pjmulchay@nipsco.com, PaulB@CitizensPower.com, paul_evanson@fpl.com,
harrispg@pjm.com, rdrouin@mccarthy.ca, rmidulla@seminole-electric.com,
hiney.r@nypa.gov, bharbour@soyland.com, bzemanek@csw.com,
ron.threlkeld@bchydro.bc.ca, Rthilly@wppisys.org, sharonnels@aol.com,
spopowsky@paoca.org, Tberry8970@aol.com, wreinke@duke-energy.com,
bwhite@wedgegroup.com
cc:

Subject: Updating Memberiship Directory

Attached is the ELCON Update form. Please complete this form by filling in
your information
and making corrections as needed. Return it to ELCON as soon as possible.
 - UPDATE FORM MEMO.doc


Joe:
Did you ever contact them about the confirms that they sent to us?  Are they
now signing our confirms?  Please advise as to what, if anything, I need to
be doing on this.  Thanks.
Carol


I think it would be a great idea if we could get a few extra spaces for
IT support in the new building.

We would need five spots.

Two for Enpower (one for risk, and one for volume mangement and confirms)
Two for Unify (one for logistics and one for EDI)
One for Gas Risk

I won't make requests for specific personnel (yet)  just not the most junior
personnel.

Let me know if you need anything else.

thanks

bob


Kristen,

I thought Mark had called you, but I guess not.  He said that he can't have
Wendy and Amy change their plans, so he can't go on the ski trip.  It was
pathetic....I heard, "so, are you guys still planning on coming that
weekend?...well good...."  He proceeded to talk for at least two hours on the
phone, and just mentioned the outcome yesterday.  I pushed him to give me
details, but all he said was the cost was a major factor and that Wendy had
time off.  I think he was bullshiting and that he never really asked them
(I'm such a skeptic).  Anyway, fuck'm.  Any ideas?

Mat

"kristen iles" <ksiles@hotmail.com> on 01/17/2001 11:19:37 AM
To: matt.smith@enron.com
cc:

Subject: in reply

Hey cutie, I just spent forever writing you a nice little reply to your
email on the ski trip, my email availibility, phone b.s, your NYC trip and
Scully, all to have this piece of shit freeze up....so I think perhaps I
will just try to get some time to call you tonight!!!!
love, k

You should now have checks from myself, Duncan and Bill.  Sharon said she
would get back to me today, but I think we should jump on this lodge asap.
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


Vince

I here you are running abook on how quickly we can implement Convolution VaR
for power and since I am up against a summer deadline for this I felt I
should take the other side.

So how about I buy you dinner if I get it done ?

Rgds
DP


Here it is.  The block in the middle summarizes the change in business
situation over the last two years.

Stephen

---------------------- Forwarded by Stephen P Schwarz/HOU/ECT on 02/23/2000
02:34 PM ---------------------------

	Enron North America Corp.

	From:  Stephen P Schwarz                           02/18/2000 04:17 PM

To: Bryce Baxter/HOU/ECT@ECT, Lisa Csikos/HOU/ECT@ECT, Rita
Wynne/HOU/ECT@ECT, Mechelle Stevens/HOU/ECT@ECT, Susan Harrison/HOU/ECT@ECT,
Brenda F Herod/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Melissa K
Ratnala/HOU/ECT@ECT, Leslie Reeves@CCMAIL, Evelyn Aucoin/HOU/ECT@ECT, Laura E
Scott/CAL/ECT@ECT, Cheryl Dawes/CAL/ECT@ECT
cc: Melissa White/HOU/ECT@ECT, Dorothy Ricketts/HOU/ECT@ECT, Kimberly
Perkins/HOU/ECT@ECT, Trang Le/HOU/ECT@ECT, Christy Sweeney/HOU/ECT@ECT
Subject: Unify AR -- SAP Plans

Two years ago Enron North America made a decision to use Unify AR for cash
application rather than SAP AR.  We decided at the time that SAP AR would be
kept in sync with Unify AR by the Unify/SAP interface.  We believe that the
business logic for that decision has changed, and are now recommending that
Unify AR be permanently turned off and all AR functions be performed in SAP.
I have briefly summarized the change in business situation below.

Two Years Ago	Today
Netting allowed by legal and credit ONLY if netting contract was already in
place.	Netting encouraged by legal and credit wherever possible, regardless of
existence of signed agreement.
Netting limited to one counterparty and legal entity at a time.	Canada nets across
counterparties.
Netting performed in physical only, financial settlements to maintain
separate net statement process.	ENA considering netting physical and financial
together.
All account coordinators were to apply their own cash.	Cash applied centrally in
Power, Financial and Canada  Individual coordinators apply cash only in
physical Gas.
Cash was to be applied at the line item level to track variances and to
facilitate calculation of cost of funds by commercial team.	Cash is not being
applied meaningfully at the line item level.  The company has not made any
move towards calculating cost of funds by commercial team.
The Account Inquiry functionality in Unify was thought to be a key on-line
tool.	Old habits die hard...most users appear to be printing reports and reviewing
data, rather than using the on-line functionality.
Overapplication of cash was not to be allowed.  Overpayments would be
classified as "on account", with issues tracked in a case management system.	Case
management system does not exist.  Allowing overapplication helps the account
coordinators track overpayments easier than leaving cash on account.
The counterparty/legal entity combination on the deposit needed to match the
counterparty/legal entity combination on the Enron invoice.	Given the number of legal
entities Enron has, along with the number of entities our counterparties
have, this seems like a hopeless battle.  Allowing cross-application of cash
seems easier.
Corp required that intercompany settlements had to be "settled" with cash
movement.	Corp no longer requires intercompany settlements to be "settled" with cash
movement.

Converting to SAP AR simplifies the Unify/SAP interface in the following ways:
Bank deposits into SAP do not have to be split off into Unify
Cash entries in Unify do not have to be interfaced back to SAP
Unify netting entries do not have to be interfaced to SAP
Payables information does not have to be interfaced from SAP to Unify

Given the change in attitudes towards our netting business process we face
two problems in Unify.
Controls built into Unify are already obsolete.
Unify does not maintain all products in one database, making efforts to net
across products in the future (physical with financial, for instance)
impossible.

Our understanding of the netting process in SAP indicates that there are no
controls (which sounds good at this point) and that we would retain the
automatic netting entries when the payable is netted with the receivable
within SAP.  However, we emphasize that netting would be done in SAP, not at
the time of finaling a payment in Unify.

To repeat, we are recommending that Unify AR be turned off and we convert to
SAP AR.  We will schedule a meeting the week of February 22 to discuss.
Please call me at X33179 with any questions or comments.  We WILL make this
decision by February 28 because the SAP timeline does not allow any
additional time for consideration.

Stephen


I neglected to include some of Drew's comments in the version I sent you a
few minutes ago...use this draft instead.


Fare is $248.00

                                          SCHWIEGER/JAMES

  ENRON
  1400 SMITH
  HOUSTON TX 77002

  DATE:  MAR 08 2001

SERVICE               DATE  FROM           TO             DEPART  ARRIVE

AIR FRANCE            07AUG PARIS          COPENHAGEN     1250P   245P
AF 2350    W          TUE   CHARLES DE GAU COPENHAGEN APT
                            EQP: BOEING 737-300
                            RESERVATION CONFIRMED

AIR FRANCE            19AUG COPENHAGEN     PARIS          105P    300P
AF 2051    W          SUN   COPENHAGEN APT CHARLES DE GAU
                           EQP: BOEING 737-500
                            RESERVATION CONFIRMED

RESERVATION NUMBER(S)  AF/267MRT

                  THANK YOU FOR CALLING VITOL TRAVEL

=====
Vitol Travel Services
1100 Louisiana Suite 3230
Houston, Texas 77002
Phone - 713-759-1444
Fax - 713-759-9006

__________________________________________________
Do You Yahoo!?
Get email at your own domain with Yahoo! Mail.
http://personal.mail.yahoo.com/


---------------------- Forwarded by Ami Chokshi/Corp/Enron on 02/22/2000
10:21 AM ---------------------------

royal_b_edmondson@reliantenergy.com on 02/22/2000 10:13:28 AM
To: ami_Chokshi@enron.com
cc:

Subject: 23 rd noms

(See attached file: HPL-Feb.xls)

 - HPL-Feb.xls


---------------------- Forwarded by Eric Bass/HOU/ECT on 12/08/2000 12:56 PM
---------------------------

"Larry W. Bass" <lwbthemarine@bigplanet.com> on 12/08/2000 12:48:35 PM
To: KATHY BASS <daphneco64@bigplanet.com>, kb <daphneco64@yahoo.com>, jason
<jason.bass2@compaq.com>, eric preston bass <Eric.Bass@enron.com>
cc:
Subject: Fw: (no subject)

----- Original Message -----
From: <RMSSVS@aol.com>
To: <blake_veal_2000@yahoo.com>; <CC0NN@aol.com>; <dldegen@flash.net>;
<Janetgveal@aol.com>; <fundrzer@att.net>; <JOMcRae@aol.com>;
<mgalloway2@austin.rr.com>; <melinda@corridor.net>; <Fhp217@aol.com>
Sent: Thursday, December 07, 2000 12:45 PM
Subject: (no subject)

> In a message dated 12/7/00 9:58:03 AM Eastern Standard Time, Charnet222
> writes:
>
> <<
>  << This is a simple way to a nice calm happy life!
>   > > > > > This is nice reading, but short. Enjoy! This is
>   > > > > what
>   > > > > > The Dalai Lama has to say on the millennium. All
>   > > > > it takes is a few
>   > > > > > seconds to read and think it over. Do not keep
>   > > > > this message. The mantra
>   > > > > > must leave our hands within 96hours. You will
>   > > > get
>   > > > > a very pleasant
>   > > > > > surprise. This is true even if you are not
>   > > > > superstitious.
>   > > > > >
>   > > > > > I N S T R U C T I O N S  F O R  L I F E
>   > > > > >
>   > > > > > 1. Take into account that great love and great
>   > > > > > achievements involve great risk.
>   > > > > >
>   > > > > > 2. When you lose, don't lose the lesson.
>   > > > > >
>   > > > > > 3. Follow the three R's:
>   > > > > >       Respect for self
>   > > > > >       Respect for others and
>   > > > > >       Responsibility for all your actions.
>   > > > > >
>   > > > > > 4.Remember that not getting what you want is
>   > > > > > sometimes a wonderful stroke of luck.
>   > > > > >
>   > > > > > 5. Learn the rules so you know how to break them
>   > > > > > properly.
>   > > > > >
>   > > > > > 6. Don't let a little dispute injure a great
>   > > > > > friendship.
>   > > > > >
>   > > > > > 7. When you realize you've made a mistake, take
>   > > > > > immediate steps to correct it.
>   > > > > >
>   > > > > > 8. Spend some time alone every day.
>   > > > > >
>   > > > > > 9. Open your arms to change, but don't let go of
>   > > > > > your values.
>   > > > > >
>   > > > > > 10. Remember that silence is sometimes the best
>   > > > > > answer.
>   > > > > >
>   > > > > > 11. Live a good, honourable life. Then when you
>   > > > > get
>   > > > > > older and think back, you'll be able to enjoy it
>   > > > a
>   > > > > second time.
>   > > > > >
>   > > > > > 12. A loving atmosphere in your home is the
>   > > > > > foundation for your life.
>   > > > > >
>   > > > > > 13. In disagreements with loved ones, deal only
>   > > > > with
>   > > > > > the current situation. Don't bring up the past.
>   > > > > >
>   > > > > > 14. Share your knowledge. It's a way to achieve
>   > > > > > immortality.
>   > > > > >
>   > > > > > 15. Be gentle with the earth.
>   > > > > >
>   > > > > > 16. Once a year, go someplace you've never been
>   > > > > > before.
>   > > > > >
>   > > > > > 17. Remember that the best relationship is one
>   > > > in
>   > > > > > which your love for each other exceeds your need
>   > > > > for each other.
>   > > > > >
>   > > > > > 18. Judge your success by what you had to give
>   > > > up
>   > > > > in
>   > > > > > order to get it.
>   > > > > >
>   > > > > > 19. Approach love and cooking with reckless
>   > > > > abandon.
>   > > > > >
>   > > > > > FORWARD THIS MANTRA E-MAIL TO AT LEAST 5 PEOPLE
>   > > > > AND
>   > > > > > YOUR LIFE WILL IMPROVE.
>   > > > > >
>   > > > > > 0-4 people: Your life will improve slightly.
>   > > > > >
>   > > > > > 5-9 people: Your life will improve to your
>   > > > liking.
>   > > > > >  >>
>


Doug Gilbert-Smith, fletch sturm, rogers herndon, rob benson, and mark dana davis.


the broker does not show these trades twice, already confirmed deals 534167
and 534168.  pls verify that sean or diana did both of these deals twice.

   Kate Symes @ ECT                02/28/2001 04:42 PM

To: Kerri Thompson/Corp/Enron@ENRON
cc:

Subject: Re: apb

Verified with Diana and Sean - these should be APB.

and the Williams deal should be resolved - deal # is 534497

Kerri Thompson@ENRON
02/28/2001 02:39 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb

i have 2 more things besides the williams deal.  apb is trying to leave thats
why i was trying to get these deals resolved.

534496
534497

apb does not recognize, these may be duplicated deals that are already in the
system.

thanks


1.  If we have a US counterparty we insert the appropriate choice.

2.  Revisions to the CFTC Rules have done away with the  "Eligible Swap
Participant"  rules for energy commodities (they would still apply to
agricultural products).  The rules are still pretty similar however, and the
current lingo is now "Eligible Contract Participants".  See our revised form,
attached.

	Karen A Cordova@EES
	04/04/2001 04:33 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Marianne Castano/HOU/EES@EES
		 Subject: swaps

Hi Tana --

I have a couple of questions concerning swaps that I hope you can answer.

1. With respect to Part 2.  Tax Representations. to the Schedule, is it
standard to insert into the Schedule the information from Form #3 when
dealing with a U.S. Counterparty?

2. Part 5.  Other Provisions.  Is the following point the most current and
also a standard provision in the Schedule when dealing with a U.S.
Counterparty?
(h) Eligible Swap Participant.  It constitutes an &eligible swap participant8
as such term is defined in Rule 35.1(b)(2) of the Commodity Futures Trading
Commission, 17 C.F.R. o 35.1(b)(2) (1993).

Thanks alot for your continued support of EES Legal.  Thanks Karen


---------------------- Forwarded by Phillip K Allen/HOU/ECT on 05/01/2001
02:14 PM ---------------------------

Outlook Migration Team@ENRON
04/27/2001 01:01 PM
To: Allison Horton/NA/Enron@ENRON, Amir Baig/NA/Enron@ENRON, Brandon
Bangerter/NA/Enron@Enron, Brian Ellis/Corp/Enron@Enron, Charles
Philpott/HR/Corp/Enron@ENRON, Chris P Wood/NA/Enron@Enron, Chris
Tull/HOU/ECT@ECT, Dale Smith/Corp/Enron@ENRON, Dave June/NA/Enron@ENRON,
Donald Sutton/NA/Enron@Enron, Felicia Buenrostro/HR/Corp/Enron@ENRON, Johnna
Morrison/Corp/Enron@ENRON, Joe Dorn/Corp/Enron@ENRON, Kathryn
Schultea/HR/Corp/Enron@ENRON, Leon McDowell/NA/Enron@ENRON, Leticia
Barrios/Corp/Enron@ENRON, Milton Brown/HR/Corp/Enron@ENRON, Raj
Perubhatla/Corp/Enron@Enron, Shekar Komatireddy/NA/Enron@Enron, Andrea
Yowman/Corp/Enron@ENRON, Angie O'Brian/HR/Corp/Enron@ENRON, Bonne
Castellano/HR/Corp/Enron@ENRON, Gwynn Gorsuch/NA/Enron@ENRON, Jo Ann
Matson/Corp/Enron@ENRON, LaQuitta Washington/HR/Corp/Enron@ENRON, Rick
Johnson/HR/Corp/Enron@ENRON, Sandra Lighthill/HR/Corp/Enron@ENRON, Valeria A
Hope/HOU/ECT@ECT, Charlotte Brown/HR/Corp/Enron@ENRON, Ronald
Fain/HR/Corp/Enron@ENRON, Gary Fitch/HR/Corp/Enron@Enron, Anna
Harris/HR/Corp/Enron@ENRON, Keith Jones/HR/Corp/Enron@ENRON, Kristi
Monson/NA/Enron@Enron, Bobbie McNiel/HR/Corp/Enron@ENRON, John
Stabler/HR/Corp/Enron@ENRON, Michelle Prince/NA/Enron@Enron, James
Gramke/NA/Enron@ENRON, Blair Hicks/NA/Enron@ENRON, Jennifer
Johnson/Contractor/Enron Communications@Enron Communications, Jim
Little/Enron@EnronXGate, Dale Lukert/NA/Enron@ENRON, Donald
Martin/NA/Enron@ENRON, Andrew Mattei/NA/Enron@ENRON, Darvin
Mitchell/NA/Enron@ENRON, Mark Oldham/NA/Enron@ENRON, Wesley
Pearson/NA/Enron@ENRON, Ramon Pizarro/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Natalie Rau/NA/Enron@ENRON, William Redick/NA/Enron@ENRON, Mark A
Richardson/NA/Enron@ENRON, Joseph Schnieders/NA/Enron@ENRON, Gary
Simmons/NA/Enron@Enron, Delaney Trimble/NA/Enron@ENRON, David
Upton/NA/Enron@ENRON, Mike Boegler/HR/Corp/Enron@ENRON, Lyndel
Click/HR/Corp/Enron@ENRON, Gabriel Franco/NA/Enron@Enron, Randy
Gross/HR/Corp/Enron@Enron, Arthur Johnson/HR/Corp/Enron@Enron, Danny
Jones/HR/Corp/Enron@ENRON, John Ogden/Houston/Eott@Eott, Edgar
Ponce/NA/Enron@Enron, Tracy Pursifull/HR/Corp/Enron@ENRON, Lance
Stanley/HR/Corp/Enron@ENRON, Frank Ermis/HOU/ECT@ECT, Jane M
Tholt/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect,
Matthew Lenhart/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Monique
Sanchez/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT,
Tori Kuykendall/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Jeanne
Wukasch/Corp/Enron@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Mike
Potter/NA/Enron@Enron, Natalie Baker/HOU/ECT@ECT, Suzanne
Calcagno/NA/Enron@Enron, Alvin Thompson/Corp/Enron@Enron, Cynthia
Franklin/Corp/Enron@ENRON, Jesse Villarreal/HOU/ECT@ECT, Joan
Collins/HOU/EES@EES, Joe A Casas/HOU/ECT@ECT, Kelly Loocke/ENRON@enronXgate,
Lia Halstead/NA/Enron@ENRON, Meredith Homco/HOU/ECT@ECT, Robert
Allwein/HOU/ECT@ECT, Scott Loving/NA/Enron@ENRON, Shanna
Boudreaux/ENRON@enronXgate, Steve Gillespie/Corp/Enron@ENRON, Tamara
Carter/NA/Enron@ENRON, Tracy Wood/NA/Enron@ENRON, Gabriel Fuzat/Enron
Communications@Enron Communications, Jack Netek/Enron Communications@Enron
Communications, Lam Nguyen/NA/Enron@Enron, Camille Gerard/Corp/Enron@ENRON,
Craig Taylor/HOU/ECT@ECT, Jessica Hangach/NYC/MGUSA@MGUSA, Kathy
Gagel/NYC/MGUSA@MGUSA, Lisa Goulart/NYC/MGUSA@MGUSA, Ruth
Balladares/NYC/MGUSA@MGUSA, Sid Strutt/NYC/MGUSA@MGUSA
cc:
Subject: 4-URGENT - OWA Please print this now.

Current Notes User:

REASONS FOR USING OUTLOOK WEB ACCESS (OWA)

1. Once your mailbox has been migrated from Notes to Outlook, the Outlook
client will be configured on your computer.
After migration of your mailbox, you will not be able to send or recieve mail
via Notes, and you will not be able to start using Outlook until it is
configured by the Outlook Migration team the morning after your mailbox is
migrated.  During this period, you can use Outlook Web Access (OWA) via your
web browser (Internet Explorer 5.0) to read and send mail.

PLEASE NOTE:  Your calendar entries, personal address book, journals, and
To-Do entries imported from Notes will not be available until the Outlook
client is configured on your desktop.

2. Remote access to your mailbox.
After your Outlook client is configured, you can use Outlook Web Access (OWA)
for remote access to your mailbox.

PLEASE NOTE:  At this time, the OWA client is only accessible while
connecting to the Enron network (LAN).  There are future plans to make OWA
available from your home or when traveling abroad.

HOW TO ACCESS OUTLOOK WEB ACCESS (OWA)

Launch Internet Explorer 5.0, and in the address window type:
http://nahou-msowa01p/exchange/john.doe

Substitute "john.doe" with your first and last name, then click ENTER.  You
will be prompted with a sign in box as shown below.  Type in "corp/your user
id" for the user name and your NT password to logon to OWA and click OK.  You
will now be able to view your mailbox.

PLEASE NOTE:  There are some subtle differences in the functionality between
the Outlook and OWA clients.  You will not be able to do many of the things
in OWA that you can do in Outlook.  Below is a brief list of *some* of the
functions NOT available via OWA:

Features NOT available using OWA:

-  Tasks
-  Journal
-  Spell Checker
-  Offline Use
-  Printing Templates
-  Reminders
-  Timed Delivery
-  Expiration
-  Outlook Rules
-  Voting, Message Flags and Message Recall
-  Sharing Contacts with others
-  Task Delegation
-  Direct Resource Booking
-  Personal Distribution Lists

QUESTIONS OR CONCERNS?

If you have questions or concerns using the OWA client, please contact the
Outlook 2000 question and answer Mailbox at:

 Outlook.2000@enron.com

Otherwise, you may contact the Resolution Center at:

 713-853-1411

Thank you,

Outlook 2000 Migration Team


Attached is a revised Credit Watch listing as of 4/23/01.   Please note that
NUI Utilities, Inc. has been placed on "No Trades".
If there are any personnel in your group that were not included in this
distribution, please insure that they receive a copy of this report.
To add additional people to this distribution, or if this report has been
sent to you in error, please contact Veronica Espinoza at x6-6002.
For other questions, please contact Bill Bradford at x3-3831, Russell Diamond
at x5-7095, or Brant Reves at x3-9897.


I am under the impression that we still need to file the attached protest to
a 12/13/00 Cal PX FERC filing that would (in the PX's interpretation) allow
them to confiscate our collateral in the Block Forward Market to satisfy the
defaults of other participants in the PX markets.  Please let me know if we
don't need to file this.  Please give me your comments on the draft ASAP.
---------------------- Forwarded by Mary Hain/HOU/ECT on 02/01/2001 04:26 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Ronald Carroll" <rcarroll@bracepatt.com>
02/01/2001 04:15 PM

To: <mary.hain@enron.com>, <smara@enron.com>
cc:
Subject: Protest to PX Compliance Filing re: Information Guide

I assume we still want to file this protest to preserve our rights.  Please
give me your comments ASAP.  Thanks.  Ron

 - 0137501.01


Kay:

Attached for your review is the current draft of the Ft. Pierce term sheet on
the 5 year toll.  There is still some fine tuning to be done on the
language.  I will send the Midway term sheet under a separate email.

Fred

---------------------- Forwarded by Fred Mitro/HOU/ECT on 05/02/2001 08:54 AM
---------------------------

	Enron North America Corp.

	From:  Edith Cross                           04/30/2001 09:09 AM

To: Fred Mitro/HOU/ECT@ECT
cc: Nick Hiemstra/HOU/ECT@ECT
Subject: Ft. Pierce Term Sheet

Fred,

Here is the Ft. Pierce Term Sheet.  Obviously, I have copied Nick's so there
may be a few things I have missed.  The main section that I need to you to
focus on is the Operating Limitations and Energy Scheduling.  I haven't
changed these at all.  Nick is sending his version of the Midway term sheet.
We will get you updated prices soon.

E


I think that is right, but I do not have the data to confirm that. Michelle
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


Please see attached.

Regards,

Wendi Lebrocq
3-3835


Thanks for the info.  I actually am involved in an
adopt a family program here in SF!
Happy Holdiays!!!
MJ

--- Kim.Ward@enron.com wrote:
> Hello everyone!  and Happy Holidays!
>
> Although the equities markets haven't been that good
> to us this year, most
> of us can say that we enjoyed a pretty prosperous
> year.  I also know that
> it is the time of the year that it seems like
> everyone is wanting you to
> contribute to one thing or another and you are just
> wondering how you are
> going to get everything done before Christmas or the
> New Year.  You may
> already be involved in an activity that is helping
> those less fortunate
> than yourselves make it through a tough holiday
> season but  I wanted to
> give you a chance to help someone in the case that
> you wanted to share your
> prosperity but didn't have the opportunity.
>
> I am a member of a team from the Enron Portland
> office - not sponsored by
> Enron itself - in adopting a family to help in a
> time of need.  This family
> consists of a single mother, separated from her
> husband for a few short
> months, with an 11 year old daughter and an 8 year
> old son.  This family is
> living in a one bedroom apartment on $600 per month
> from child support.
> This young woman is looking for a job.  Our team is
> collecting money to
> shop for gifts, clothes, needed household items,
> food, and a couple of
> toys.  We are also accepting wrapped gifts
> consisting of the same.   We
> will be visiting this family in a couple of weeks to
> find out more about
> what they need and then again to deliver our items
> on December 21st.
>
> I am excited about being involved with this project
> because I will be
> meeting this family and will be directly involved in
> providing them items
> that I know I take for granted.  If you are
> interested in contributing
> either cash or a gift, not only will it be
> appreciated, it will be tax
> deductible.  This family is sponsored by the
> Salvation Army and they will
> be sending receipts directly to each donor.
>
> If you would like to contribute, you can send your
> donation to me at either
> home or at work.  Checks can be made out to me or to
> our captain, Jeffrey
> Oh.  We will need your address (if I don't already
> have it) to send to the
> Salvation Army so you will get a receipt. We will be
> required to submit
> receipts for the items we buy, as well as a pledge
> sheet with your name,
> address, adn donation amount to the Salvation Army.
> If you have any
> questions, please give me a call.
>
> Thanks in advance for any of you that are
> interested!  And again, I wish
> you all the best for the holidays!
>
> Kim
>
>
>

__________________________________________________
Do You Yahoo!?
Yahoo! Shopping - Thousands of Stores. Millions of Products.
http://shopping.yahoo.com/


Sorry.

Taxpayer Help and Education

Frequently Asked Tax Questions And Answers

Keyword:   Income Averaging

  _____

[ Click for Graphics Version ] <http://www.irs.gov/prod/tax_edu/faq/faq-kw101.html>

I had a large amount of income this year compared to last year. Can I average the two years together?

Income averaging for individuals not engaged in a farming business is no longer available. It was repealed by the Tax Reform Act of 1986.
  _____

Tax Stats <http://www.irs.gov/plain/tax_stats/index.html> | Tax Info For You <http://www.irs.gov/plain/ind_info/index.html> | Tax Info For Business <http://www.irs.gov/plain/bus_info/index.html>
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Tuesday, 19-Dec-2000 17:52:11 EST


FYI - other market participant comments.

---------------------- Forwarded by Jean Ryall/NA/Enron on 02/14/2001 06:15
PM ---------------------------

"Knox, Jeffrey" <jknox@sel.com> on 02/14/2001 05:20:50 PM
To: "'vpriestley@newenergy.com'" <vpriestley@newenergy.com>,
sbertin@newpower.com, rkittel@enron.com, lorraine.bucci@exeloncorp.com,
pkeene@enron.com, mcarroll@texas.net, kmagrude@newpower.com,
gillan.taddune@greenmountain.com, "Weller, Andrea" <AWeller@sel.com>,
jean.ryall@enron.com, "Knox, Jeffrey" <jknox@sel.com>,
stevedavisconsulting@austin.rr.com
cc: Ron.McNamara@enron.com

Subject: RE: Enron's View on the ERCOT Structure

Vanus,

I sent an email to Marianne that I thought I'd Cc'd to everyone (evidently
not).  I am (that is "we" are, at the mighty Strategic Energy) in agreement
with Enron as well.  The ability to "cover" in the hour-ahead or "spot"
market is not only desirable, but an important option when managing a
portfolio like most of us will.  A good spot market helps to set the numbers
for the rest of the short term trading (dailies, bal. week, bal. mo), and
lets each participant decide on, and be accountable for, their own plan of
action.  And frankly, the more flexibility we can have as far as covering
load or even wholesale transactions the better.  I'd like to be able to
decide if I want to go long, short or flat next hour rather than HOPE for a
good Balancing Market clearing price.
Options good, take what you get..bad.
Sorry Marianne you had to hear it twice.

Go ARM!
Jeff
-----Original Message-----
From: vpriestley@newenergy.com [mailto:vpriestley@newenergy.com]
Sent: Wednesday, February 14, 2001 5:08 PM
To: sbertin@newpower.com; rkittel@enron.com;
lorraine.bucci@exeloncorp.com; pkeene@enron.com; mcarroll@texas.net;
kmagrude@newpower.com; gillan.taddune@greenmountain.com;
aweller@sel.com; jean.ryall@enron.com; jknox@sel.com;
stevedavisconsulting@austin.rr.com
Cc: Ron.McNamara@enron.com
Subject: Enron's View on the ERCOT Structure
Importance: High

I've thought it over some and I have to agree with Enron and their view on
the Spot market.  Their may be a devil in the details, but having a liquid
transparent spot market can only help us in a number of different ways:

1.   It will give us leverage (or at least information) when negotiating
bilateral    contracts,
2.   It will reduce the prices for ancillary services and load following
3.   It will allow us to use scheduling more effectively to control our
costs,    and
3.   It will give us another option in purchasing generation.

Enron's fear is that the imbalance and ancillary service market will be
shallow and illiquid.  I believe that fear is reasonable.  A healthy
robust spot market can mitigate any damage that a short ancillaries market
can do.  It will also provide information and induce transparency which
does not exist in a market that is solely bilateral.

Conceptually, NewEnergy supports Enron in trying to develop a spot market.
 I would like to hear whether we all can support Enron in this endeavor.

VP


Can I have about six boxes.  Thanks.
PL


More depressing news from CA, We should discuss at mroning call if we want to
take any action on this.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 02/13/2001 11:13 PM -----

	"Les Spahnn" <spahnn@hnks.com>
	02/13/2001 08:02 PM

		 To: "Dian M. Grueneich" <dgrueneich@gralegal.com>, "Aaron Thomas"
<athomas@newenergy.com>
		 cc: <dhunter@smithandkempton.com>, <rick.counihan@greenmountain.com>,
<brbarkovich@earthlink.net>, <wbooth@booth-law.com>, <drothrock@cmta.net>,
<jackson_gualco@gualcogroup.com>, <kmills@cfbf.com>, <kmccrea@sablaw.com>,
<mshames@ucan.org>, <mday@gmssr.com>, <lga@mother.com>, <mflorio@turn.org>,
<nplotkin@tfglobby.com>, <wlarson@calstate.edu>, <vincent.stewart@ucop.edu>,
<gharrison@calstate.edu>, <sgovenar@govadv.com>, <hgovenar@govadv.com>,
<smccubbi@enron.com>, <lhastings@cagrocers.com>, <theo@ppallc.com>,
<cra@calretailers.com>, <mmoretti@calhealth.org>, <wbrown@lhom.com>,
<randy_britt@robinsonsmay.com>, <dominic.dimare@calchamber.com>,
<vjw@ceert.org>, <rcavanagh@nrdc.org>, <rochmanm@spurr-remac.org>,
<rrichter@calhealth.org>, <ken_pietrelli@ocli.com>, <dennis.flatt@kp.org>,
<richard.seguin@kp.org>, <arm@phaser.com>, <djsmith@smithandkempton.com>,
<john.redding@gene.GE.com>, <jbradley@svmg.org>, <wally@laedc.org>,
<jcondie@calrest.org>, <jmr@ka-pow.com>, <aprea.company@worldnet.att.net>,
"Jody London" <jlondon@gralegal.com>
		 Subject: Re: Rumour of CPUC Action on AB 1 Direct Access Suspension Language
This Week

All:
It is my understanding, from good sources in the Govs office that the Gov
will order Loretta Lynch to expeditiously implement the provision to suspend
all parties auhtority to enter into direct access contracts.  The premise
with which the administartion is acting is that if they expeditiously
suspend everyone's right to bilateral contracts quickly, it sets up a
barrier which the direct access coalition must break through.  In other
words the table is set.  Deal your meal from where the dishes are located.
I.E. the Davis Administration wants to place all direct access advocates in
the position of having to justify why each and every party should be the
exception to the suspension rather than have a general rule concerning how
direct access should work for all parties.  It clearly gives the Admin a
very strong upper hand to control who when and where direct access can occur
without having to say that they oppose direct access.  Power be where power
lies.
----- Original Message -----
From: Dian M. Grueneich <dgrueneich@gralegal.com>
To: Aaron Thomas <athomas@newenergy.com>
Cc: <dhunter@smithandkempton.com>; <rick.counihan@greenmountain.com>;
<brbarkovich@earthlink.net>; <wbooth@booth-law.com>; <drothrock@cmta.net>;
<jackson_gualco@gualcogroup.com>; <kmills@cfbf.com>; <kmccrea@sablaw.com>;
<mshames@ucan.org>; <mday@gmssr.com>; <lga@mother.com>; <mflorio@turn.org>;
<nplotkin@tfglobby.com>; <spahnn@hnks.com>; <wlarson@calstate.edu>;
<vincent.stewart@ucop.edu>; <gharrison@calstate.edu>; <sgovenar@govadv.com>;
<hgovenar@govadv.com>; <smccubbi@enron.com>; <lhastings@cagrocers.com>;
<theo@ppallc.com>; <cra@calretailers.com>; <mmoretti@calhealth.org>;
<wbrown@lhom.com>; <randy_britt@robinsonsmay.com>;
<dominic.dimare@calchamber.com>; <vjw@ceert.org>; <rcavanagh@nrdc.org>;
<rochmanm@spurr-remac.org>; <rrichter@calhealth.org>;
<ken_pietrelli@ocli.com>; <dennis.flatt@kp.org>; <richar
Sent: Tuesday, February 13, 2001 6:45 PM
Subject: Rumour of CPUC Action on AB 1 Direct Access Suspension Language
This Week

> Hello All:
>
> I have just heard that there is a rumor that the CPUC may act this week
under
> AB 1X to enact the Direct Access suspension.
>
> Has anyone else heard this rumor?
>
> Thanks,
>
> Dian Grueneich
> Grueneich Resource Advocates
> tel: (415) 834-2300
> fax: (415) 834-2310
>
> Aaron Thomas wrote:
>
> > Hello All
> >
> > Sorry for the delay in getting the revisions we discussed on the call
> > earlier this week and the revisions that Karen and Dorthy worked out to
> > completely separate this issue from a customer's right to self generate
> > (disconnected or parallel).  I have also included the edit that Calpine
> > suggested via e-mail regarding the department's right to payment for
power
> > sold.
> >
> > We were told by Bowen's office that there will be no meeting on
Friday --
> > they did not say when they were planning to pull together the all party
> > meeting.
> >
> > A number of us have been approached by the Restaurant Association
> > regarding their problems with the 100 kW threshold.
> >
> > I think it would be a good idea for us together by conference call to
> > discuss the Restaurant Association's concerns.  Additionally, I would
like
> > to make sure we have gotten everyone's edits and discuss the questions
> > that came up at the CESG meeting or any last comments or suggestions.
> >
> > For example, I would like to raise a problem I see with section d and I
> > would like to discuss the concept of municipal aggregation for commodity
> > service in the context of Bowen's bill.
> >
> > I have set up a conference call for Friday at 3 PM.
> >
> > HOST/LEADER:                    Aaron Thomas
> > DATE:                                   February 9, 2001
> > TIME:                                   3:00PM (PST)
> > IN-DIAL NUMBER:                 415-217-0050
> > PASSCODE:                               NO PASSCODE NECESSARY
>


Start Date: 4/10/01; HourAhead hour: 4;  HourAhead schedule download failed.
Manual intervention required.


The attached is my simplistic analysis on how much capital it takes to generate $1bn in NPV.

The short answers are:

A) only about $1.5 billion, if you believe the original Azurix profiles contained in the IPO model
B) about $2 billion if you can replicate our Cancun concession and actual experience there
C) about $3 billion if you believe you can earn a spread of 3.5% to 4.5% over capital cost
D) about $12 billion if you invest in the US water sector and earn a 1% spread over capital cost
E) about $28 billion if you invest in the UK water sector and earn a 0.25% spread over capital cost
F) all the capital in the universe (if you assume our experience in Buenos Aires)

All of these amounts are TOTAL capital amounts and could be leveraged by some amount of debt (50/50 seems reasonable?).  Additionally, these amounts assume an immediate up-front investment, rather than investing in several deals over time.  Investing over time would, obviously, require additional capital to achieve the same NPV.

The above scenarios (except for F) are contained in the attached spreadsheet.  We can flesh out a more detailed model to support these numbers, but I believe this gives us the range of potential answers.


CALENDAR ENTRY:	APPOINTMENT

Description:
	UCU Pathing Meeting-Pam, Larry, Raetta, Jan & John

Date:		8/22/2000
Time:		8:30 AM - 10:00 AM (Central Standard Time)

Chairperson:	Lynn Blair

Detailed Description:


Hey Joe!  Fat Chance about you being kicked off the anniversary committee
cause if you go, I GO!

Not very many people showed up for the meeting.  Grace, Pastor, Kevin,
Carolyn, Mother Jackson and I were there. Not a whole lot of decisions were
made;  mostly we just gave Grace an update on what we discussed last
Wednesday.

"DON'T QUOTE ME"
Mass mailing to all churches is our area as well as some selected churches
outside our area  such as Windsor Village, Mount Vernon, St. Agnes, Abundant
Life, Good Hope, Lakewood and Memorial. Target date: Nov. 15th and Dec. 1 cut
off

Curtis spoke to Shaun McLemore yesterday?.  He said something about having
nice and lengthy conversation with him regarding some CD.  Like I said "DON'T
QUOTE ME"   but Shaun was OK with it as long as there would be no
reproduction of it to make a profit.  That's all I can remember now.  I'll
see you tonight at choir rehearsal.

dd

Joseph Stewart <joseph_s_77014@yahoo.com> on 10/25/2000 11:10:10 PM
To: Dana.Davis@enron.com
cc:
Subject: Re: Fwd: [Fwd: FW: "Drink Plenty of Water"]

Dana, thanks for the emails. Hey guess what I forgot about the meeting today,
I have probably been kicked off of the anniversary committee. did you go?
what happen? I haven't heard from anyone.
thanks
Joe
> >
> >
>
>
>
>


----- Forwarded by Richard B Sanders/HOU/ECT on 11/20/2000 07:20 AM -----

	"Meringolo, Peter" <PMeringolo@brobeck.com>
	11/16/2000 01:58 PM

		 To: "'Richard.B.Sanders@enron.com'" <Richard.B.Sanders@enron.com>
		 cc: "'msmith1@enron.com'" <msmith1@enron.com>, "'David_Aamodt@pgn.com'"
<David_Aamodt@pgn.com>, "'Mary.Hain@enron.com'" <Mary.Hain@enron.com>,
"'jkeller@enron.com'" <jkeller@enron.com>, "'mday@gmssr.com'"
<mday@gmssr.com>, "Fergus, Gary S." <GFergus@brobeck.com>
		 Subject: Draft Response to CPUC subpoena on behalf of EPMI

Richard,

Attached for your review is a draft of EPMI's objections and responses to
the CPUC subpoena.  Please let me know if you have any questions or
comments.

 <<38#5_02!.DOC>>
Peter P. Meringolo
Brobeck, Phleger & Harrison LLP
Spear Tower
One Market
San Francisco, CA 94105
Main:  (415) 442-0900
Direct:  (415) 442-1285
Fax:  (415) 442-1010

=======================================================
This email message is for the sole use of the intended recipient(s) and may
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recipient, please contact the sender by reply email and destroy all copies of
the original message.

To reply to our email administrator directly, send an email to
postmaster@brobeck.com
BROBECK PHLEGER & HARRISON LLP
http://www.brobeck.com

 - 38#5_02!.DOC


----- Forwarded by Richard B Sanders/HOU/ECT on 05/17/2000 02:03 PM -----

	Robert Cook
	05/17/2000 01:30 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Taub Lawsuit

Richard --> If you would list the information you need and well set, I check
out our files and see what information we have.

       -->Robert Cook

       ext 36688


Return Receipt

 Your        RE: FW: Stepenovitch
 document:

 was         Linda Stepenovitch/USA/BAC
 received
 by:

 at:         03:25:24 PM EDT Today


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/17/2000
05:39 PM ---------------------------

Alex Huang@ENRON
11/15/2000 04:03 PM
To: Vince J Kaminski/HOU/ECT@ECT, William Smith/Corp/Enron@ENRON
cc: Kevin Kindall/Corp/Enron@ENRON
Subject: Technical Corner article


Danny, I will be on a conference call this morning (Saturday) with Rod and the folks from J.P. Morgan.
	Steve

-----Original Message-----
From: McCarty, Danny
Sent: Wednesday, November 21, 2001 4:46 PM
To: Harris, Steven
Cc: Hayslett, Rod
Subject:

Steve,
    I received the message from Rod on California demand. Are Linde and Kim available to assist Rod?  See also if we can get something from Lorna Brennan. Let me know if there is any kind of problem in responding to Rod.

Dan
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)