Hi Bobby,

Ok, here's another detail:  what's your web address?

Maybe Annie and Katie can come for a visit when things settle down.  I know
Michael would be delighted. We could take them to the Pink House, if they
preferred. Neil and I have talked about wanting them to visit for awhile.

I realize there are lots of detail to attend to in the next several weeks.
If there's anything I can do, please let me know.

You and your family stay in our thoughts and prayers. I can't imagine what
you, your dad and sister must be going through. I can relate to Katie and
Annie, though, as the loss of each of my grandparents caused me a lot of
sadness. I know they were close to your mom, and spent a lot of time with
her.  What a wonderful gift of memories they must have, and what joy they
must have brought to her life.

Love to all,

Kay

"Bobby and Lisa" <home@casa-de-clarke.com> on 06/07/2000 05:54:20 PM
To: Kay.Mann@enron.com
cc:

Subject: Re: Thank you!

Hey Kay -

    Lisa will chat more later. The service is Saturday at 1PM at Hope
Presbyterian. I'll have a map up on our web site later this evening.

    I think Annie needs to stay with us for a few days. As good as that
sounds for Lisa and me, she's pretty upset at times (last night was the
first night she was able to sleep by herself).

    Thank you for your thoughts and concerns, and your cards, and for
talking with Lisa. It was tough for her being away from everything, and she
really needed you and your mom and dad. And I don't think I've ever been so
glad to be home as I was yesterday.

Thanks again, and please give my love to your family (including your your
executive in training) -

Bobby

----------
>From: Kay.Mann@enron.com
>To: "Bobby and Lisa" <home@casa-de-clarke.com>
>Subject: Re: Thank you!
>Date: Wed, Jun 7, 2000, 3:43 PM
>

>
> Hi Lisa,
>
> I really enjoyed our visit also.  We need to talk more often!
>
> I'm a stickler for details: where's the memorial service? Can I be of any
> help with the girls?  I would be glad to bring Annie back to Houston for a
> couple of days (I'm thinking Katie's leaving for camp?) if you and Bobby
> could use some quiet time.
>
> I know you are glad that Bobby is back, and what a relief it must have been
> for him to see his family.  I wonder how people get through difficult times
> without spouse, kids, and other family.
>
> See you Saturday.
>
> Love to all,
>
> Kay
>
>
>
>
>
> "Bobby and Lisa" <home@casa-de-clarke.com> on 06/07/2000 02:54:42 PM
>
> To:   Kay Mann <Kay.Mann@enron.com>
> cc:
>
> Subject:  Thank you!
>
> Hi Kay!
>
> Thank you so much for sending us the cards. We have already gotten them. I
> hope that Paige is having a good birthday. Please tell that I have not
> forgotten it!
>
> The memorial will be here in Austin at 1 on Saturday. Bobby and his family
> want people to come here after for the traditional food thing. It should
> okay. Our house is a light brighter and open than his dad's.
>
> Anyway. Just wanted to say thanks and tell you that I enjoyed talking with
> you on the phone the other day.
>
> Kiss your family for me.
>
> Love you!
>
> Lisa
>
>
>
>
>
>


Guys, the project should be charged market based rates and ENA is not in the
business of subsidizing international projects.  This is particularily the
case if we are not going to hold a continued interest in the project.

However, if we can not reach a term O&M agreement please maintain the
optionality in the project by managing the facility on a direct bill basis to
APACHI until they find an alternative provider. Do not in any event abandon
any assets at any time.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 06/12/2000
01:50 PM ---------------------------

Raymond Bowen
06/12/2000 11:51 AM
To: David W Delainey/HOU/ECT@ECT
cc: Mark Dobler/NA/Enron@Enron
Subject: Nigeria

A couple of points:

1) Dobler says that he has been in Nigeria for six months with no
compensation and very poor communication.
2) The scope has changed from 3 barges to 9 barge.
3) His price quote is cost reimbursement plus $750,000/year for approximately
thirteen years.  PV is between $5 and $6 million.
4) APACHI is having a severe case of sticker shock.
5) He insists this is market for a major international provider.

I need to understand your view as to whether we should price at market or
does OEC have the mandate to be a "support" function for other Enron
businesses (I assume the answer is NO)

Ray
---------------------- Forwarded by Raymond Bowen/HOU/ECT on 06/12/2000 11:40
AM ---------------------------

James A Hughes@ENRON_DEVELOPMENT
06/11/2000 10:27 PM
To: David W Delainey@ECT, Raymond Bowen@ECT
cc: Rebecca McDonald/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe Sutton
Subject: Nigeria

Dave:

It is apparent that we are not going to reach agreement on an O&M contract
that will be acceptable to third parties.  Given our clear intention to exit
this project as fast as possible and extract our value through a promote,
this leaves me no choice but to seek other alternatives.  I would appreciate
your providing me interim O&M services until I can identify a third party
service provider.  If you carry out your threat to abandon the assets, this
will result in invalidation of our insurance coverage.  I hope you understand
that this is not in anyone's interest.  I am disappointed to discover that
our first experience with the new structure of O&M services is so
unsatisfactory.

Jim Hughes


Vince -

	Joe Hirl mentioned this morning that "the risk book" that Enron wrote will be published in Japanese in the near future.  Can you tell me who would kinow the publication details so that we can try to use it in suport of our publicity efforts for Enron in Japan?

Thanks,

Mike

81.3.5219.4584


Hey, do you have time on Monday to talk to me about this - I have no idea
what this entails!

Thanks,
kim
---------------------- Forwarded by Kimberly S Olinger/HOU/ECT on 02/23/2001
02:17 PM ---------------------------

Bob M Hall@ENRON
02/23/2001 03:23 PM
To: Kimberly S Olinger/HOU/ECT@ECT
cc: Robert Superty/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Leslie
Reeves/HOU/ECT@ECT
Subject: Texas ENA off-system rates

Kim,

Will you please get with Mary Smith and Trisha Hughes with the Texas Rates
group
and pick up from them the off system pipeline rates that they are handling.

You may want to visit with Daren Farmer also about the level of activity.

We need to transition this work to your team as soon as possible.

thanks

bob


Start Date: 10/11/01; HourAhead hour: 14;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001101114.txt

Error retrieving HourAhead price data - process continuing...
---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 10/11/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: SRP_EPMI_CISO
  ENGY_TYPE: FIRM


Peter:  I didn't have your fax number to send you a copy of the term sheet
(it's your term sheet of August 7, 2000).  I have faxed already to Leslie and
Gary.  I will fax to you if you would please send me your email address.
Thanks.  Sara


Please don't forget to give me the extra money needed.

Lisa, Stacy, Brian S. - $1.30 each
Dana -  $1.60
Brad, Mike, Brian D. - $0.60 ea

Thanks.
Nicole
---------------------- Forwarded by Nicole Mendez/HOU/ECT on 01/05/2001 05:37
PM ---------------------------

	Enron North America Corp.

	From:  Nicole Mendez                           01/03/2001 09:52 AM

To: Hope Vargas/HOU/ECT@ECT, Michael S Galvan/HOU/ECT@ECT, Brad
Carey/NA/Enron@Enron, Laynie East/HOU/ECT@ECT, Stephen Wolfe/HOU/ECT@ECT, Pam
Becton/HOU/ECT@ECT, Tammy Barta/HOU/ECT@ECT, Lisa Best/Corp/Enron@Enron,
Rufino Doroteo/HOU/ECT@ECT, Rosalyn Lum/Corp/Enron@Enron, Susan
Rance/NA/Enron@Enron, Marnie Lamb/NA/Enron@Enron, Dana Davis/HOU/ECT@ECT,
Stacy Hardy/Corp/Enron@ENRON, Lisa King/HOU/ECT@ECT, Brian
Schwertner/NA/Enron@Enron, Brian K Dawson/NA/Enron@ENRON
cc:
Subject: Kristi's Birthday Breakfast

I am going to need $3.60 from everyone instead of $2.30.  Thanks.

Nicole
---------------------- Forwarded by Nicole Mendez/HOU/ECT on 01/03/2001 09:50
AM ---------------------------

	Enron North America Corp.

	From:  Nicole Mendez                           01/02/2001 04:57 PM

To: Hope Vargas/HOU/ECT@ECT, Michael S Galvan/HOU/ECT@ECT, Brad
Carey/NA/Enron@Enron, Laynie East/HOU/ECT@ECT, Stephen Wolfe/HOU/ECT@ECT, Pam
Becton/HOU/ECT@ECT, Tammy Barta/HOU/ECT@ECT, Lisa Best/Corp/Enron@Enron,
Rufino Doroteo/HOU/ECT@ECT, Rosalyn Lum/Corp/Enron@Enron, Susan
Rance/NA/Enron@Enron, Marnie Lamb/NA/Enron@Enron, Dana Davis/HOU/ECT@ECT,
Stacy Hardy/Corp/Enron@ENRON, Lisa King/HOU/ECT@ECT, Brian
Schwertner/NA/Enron@Enron, Brian K Dawson/NA/Enron@ENRON
cc:
Subject: It's Kristi's Birthday Today!

Since, some of you may be working late today, I am going to go ahead and just
order some breakfast tacos for tomorrow and everyone can pitch in
approximately $2.30?  If anyone is opposed, please let me know as soon as
possible.

I apologize.... somehow, it slipped by us.  What about giving her a
traditional Birthday Breakfast tomorrow in her honor?  Please let me know
what you would like to bring.

Nicole


-----Original Message-----
From: 	Nicolay, Christi L.
Sent:	Monday, November 05, 2001 9:00 AM
To:	Black, Tamara Jae; Harvey, Claudette
Subject:	FW: FERC Meeting on November 7

TJ and Claude-please send to your groups. thanks.

FERC's meeting scheduled for Wednesday, November 7, does not have any RTO dockets on the agenda.  The generic docket "Electricity Market Design and Structure," which is the docket FERC is using for its "RTO Week" proceeding, is included on the agenda, but we do not expect any significant actions in this docket because FERC is still taking comments from the industry on the outcome of RTO Week.  However, this new Commission has surprised us before, so if anything of import happens at next week's meeting, we'll notify you immediately.

Please let us know if you have any questions.

Sarah


Jordan Mintz has requested that his global finance group be provided with a
lunch time seminar on the basics of swapping.  I thought your basic swap
discussion, together with a set of your basic materials would be just the
right thing!  Could you coordinate with Jordan to set a date?  I am happy to
assist in the presentation etc. if you like.  Thanks.  Mary

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


John Sherriff and I are recommending Carol Hensley (VP Marketing and
Communications at Azurix) for a VP position in John,s organization.  Carol
was a director in the Enron PR group before moving to Azurix.  Her new role
would be to support EnronCredit.com.  A critical success factor for
EnronCredit.com will be to establish a strong brand in the coming months.

 In her time at Azurix, Carol has added significantly to her skills and
experience.  I spoke with John Garrison at length about Carol,s performance
at Azurix.  She has expanded her marketing services skills and provided
significant support in the investor relations arena.  Garrison relates that
the Azurix commercial leaders view Carol as a partner, informed about the
business and instrumental in handling crises and pursuing business
opportunities.

 John Sherriff and Ken Lay join me in recommending that Carol keep her VP
title as she returns to Enron.

 A copy of Carol's resume is attached.


Thanks Robert, this is a big help.
Just wondering -- you make the statement that "El Paso is not directing TW to
build the interconnect facilities..."  Do you think that our having an
interconnect agreement outlining the specifications for the facilities and
setting forth certain indemnities weaken our position at all in terms of
saying this is not a CIAC?

Robert Guthrie
09/13/2000 08:05 AM
To: Susan Scott/ET&S/Enron@ENRON
cc: James Centilli/ET&S/Enron@ENRON

Subject: Re: CIAC

I can only address this from the tax position.  Books may differ from the
noted treatment depending on the true facts.  I have a call to James Centilli
for his thoughts.  I also have not reviewed any written language, so this is
based on our conversations; therefore the facts may change depending on the
final arrangement.

Based on my understanding, the meter fee will be structured as a fee paid to
TW for services and not to build the interconnect facilities.  Because El
Paso is not directing TW to build the interconnect facilities TW will not
record these fees as a CIAC for tax.  In short, the management fee is just
normal operational type revenue.  The benefit to El Paso is that they avoid
the gross-up because this payment does not fall under the guidelines of IRS
Code Section 118 (b).  However, please note that the management fee is still
taxable to TW in the year actually received or deemed received.   It is just
not classified as a CIAC for tax purposes.

The potential book benefit to TW is that the interconnect facilities built
should be allowed as part of rate base because the assets were built by TW
and not contributed from El Paso -- I have a call to James Centilli to
confirm.

Clarification on CIAC ( IRC 118(b)).  This is a code section that governs for
tax only how payments received from customers or potential customers for
services that benefit the customer are treated for tax purposes.  For tax,
the money received is recognized in the year received or deemed received, and
the asset is depreciated, normally 15 years, MACRS.  The Gross-up paid is the
time value of money over the life of the asset and is paid by the customer
requesting the service.

The Management fee structure will generate the same result as the CIAC for
tax.  For tax, the money is received and taxed.  The money is then used
indirectly to build the interconnect facilities that are deprecated over 15
years, MACRS for tax.  The piece missing is that El Paso avoids the gross-up
of approximately $50,000.  The $50,000 becomes a lost cost to TW for doing
the deal with El Paso.  The lost cost should be off-set in part from rate
recovery.  I don't know how this piece will work -- James Centilli should be
able to confirm.

Let me know if we need to discuss further.  I am out of the office after
12:30 today to return on Monday.  I will check my voice mail.  However, If
you need to move on this or need additional help,  please call me on my
mobile number (832) 647-4610.

	Enron Capital & Trade Resources Corp.

	From:  Susan Scott                           09/12/2000 05:27 PM

To: Robert Guthrie/Corp/Enron@ENRON
cc:

Subject: CIAC

Robert, here is the beginning of a note I need to send to Drew Fossum
explaining what we're doing with El Paso.  Can you elaborate on the "meter
fee" approach?

I'm not sure I really understand what keeps it from being a CIAC, and why we
get to include it in the rate base.

If you can add to this I would appreciate it, or just give me a call and we
can discuss it further.  Thanks so much for your help.

***

El Paso Field Services wants TW to build interconnect facilities.  Estimated
cost:  $280,000.  EPFS will contribute $165,000 pursuant to an interconnect
agreement.  The Commercial Group would like to avoid the tax gross-up
associated with a contribution in aid of construction.  The Internal Revenue
Code expressly provides that contributions in aid of construction and other
contributions made by a customer or potential customer (collectively,
"CIACs") are not contributions to capital and thus are not excluded from
gross income.  Accordingly, such amounts are required to be included in gross
income.

EPFS has proposed, instead of the $165,000 being paid in a lump sum, that the
contribution instead be paid in equal monthly installments as a "meter fee."
Our tax department has advised me that while this approach does not absolve
TW from tax liability on that revenue, it does have a couple of advantages.
It would remove the contribution from the CIAC category (why is it not a
CIAC?)and TW would be allowed to include it in its rate base.  Additionally,
TW would be allowed to treat the interconnect facilities as a depreciable
asset.


Please be informed, effective Monday, March 18, 2002, Steve's Staff Meetings will be held in conference room ECN - 39C1.  We will continue to meet promptly from 2:30 - 3:30p.

Thanks for your patience,

adr

Audrey D. Robertson
Transwestern Pipeline Company
email address:  audrey.robertson@enron.com
(713) 853-5849
(713) 646-2551 Fax


Clayton,

Thanks. Constrained is a term that means "from a tight labor pool."

Vince

Clayton Vernon@ENRON
01/11/2000 08:41 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: congratulations!

Vince-

Nice job, Dr. Managing Director

Hey, is "Constrained Technical" anything like "constrained optimization"? :)

Clayton


CALENDAR ENTRY:	APPOINTMENT

Description:
	Lynn-OUT OF OFFICE

Date:		3/15/2001
Time:		8:00 AM - 5:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 12/18/2000
08:38 AM ---------------------------

SOblander@carrfut.com on 12/18/2000 08:26:51 AM
To: soblander@carrfut.com
cc:

Subject: NYMEX HOLIDAY SCHEDULE

Friday, December 22 - Early close at 1PM EST
Monday, December 25 - NYMEX Closed
Friday, December 29 - Early close at 1 PM EST

Have a happy and safe holiday season.

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com


same situation as with Kim

TRAVEL ON                       AFTER HOURS: 800-366-2100 REFERENCE: 16XL
9000 VIRGINIA MANOR ROAD STE 201
BELTSVILLE MARYLAND 20705
FOR YOUR UNIQUE TRAVEL ON TELEPHONE NUMBER...SEE BELOW
-----------------------------------------------------------------
                                       ERB/ALINA*180558-JK-18

 KIDSAVE INTERNATIONAL
 2122 P STREET SUITE 302
 WASHINGTON DC  20037

DATE OF ISSUE: JAN 03 2002  ITIN/INVOICE NBR: ITIN         PAGE: 01
.........................................................................
FROM             TO           AIRLINE   FLT   DEP   ARR      STATUS
09 JAN 02 WEDNESDAY
MOSCOW/SHEREMT  FRANKFURT       LUFTHANSA   3221  700A  835A CONFIRMED
                                 CLASS:B  MEAL
 ELAPSED TIME- 3:35  MILES- 1262
 NONSTOP                      EQUIP-32S

          WEDNESDAY
FRANKFURT       CHICAGO/OHARE   LUFTHANSA    430 1040A 1250P CONFIRMED
SEAT-41B                         CLASS:B  MEAL
 ELAPSED TIME- 9:10  MILES- 4342
 NONSTOP                      EQUIP-BOEING 747 JET

CHICAGO/OHARE   HOUSTON/INTCON  UNITED       703  315P  558P CONFIRMED
                                 CLASS:M  AUDIO
 ELAPSED TIME- 2:43  MILES-  925
 NONSTOP                      EQUIP-BOEING 737-500

                                     SERVICE FEE *SEE BELOW       0.00

*NO SERVICE FEE THIS TRANSACTION
** AFTER HOURS HELPLINE 800-366-2100 REFER TO: 16XL **
THIS TICKET IS NONREFUNDABLE. IF UNUSED..IT MAY BE
USED AGAINST ANOTHER NONREFUNDABLE TICKET FOR FUTURE
TRAVEL ON THE SAME CARRIER. AIRLINE IMPOSED PENALTIES
MAY APPLY.  NAME CHANGES ARE NOT PERMITTED.


Howdy stranger?  Can we please go out sometime.  I want to hear about all the
latest details!!!!!

Jeff


UPS and FedEx shipping forms have been created.  Hooray!  Using these forms
will help us meet your shipping needs.

Where to find them?
The forms may be found in their labeled black trays next to Erin's desk or on
the network path:
P: \Admin Assistants\Forms\UPS request form or FedEx request form.

Easy as 1-2-3
1.   Fill out a form and attach it to each item you need shipped.
2.   Place item in top black tray.....put oversize items on floor between
Erin and Emily's desks.
3.   Turn your item in before the daily 4pm deadline.
       It will be your responsibility to label and ship any overnight items
that do not meet the 4pm deadline.

FYI:  All interoffice mail is shipped overnight FedEx.

Please let us know if you have questions.
Thank you!

Emily and Erin


I'm so impressed.  You mean you actually got to leave the building...wow.
Actually you won't believe this but I left the building for lunch.  I just
went to Chick-fil-A, but at least it wasn't Enron.


Tom Piazze is the Director of Corporate relations at Wharton.  215 898 1615.
Use my name

Kristin Gandy@ENRON
10/18/2000 05:41 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: RE: Wharton Finance Conference sponsorship information

Jeff,

Where does Tom Piazze work (Enron)?  Or is he a contact at the school.  There
is a Tara Piazze in the phone directory.

Kristin

Jeffrey A Shankman@ECT
10/18/2000 10:17 AM
To: Michele Nezi Marvin/Enron Communications@ENRON COMMUNICATIONS@ENRON
cc: Kristin Gandy/NA/Enron@Enron, Michael B Rosen/HOU/ECT@ECT

Subject: RE: Wharton Finance Conference sponsorship information

What do we need to do to be involved.  Kristin, can you call Tom Piazze and
ask him what he thinks

From: Michele Nezi Marvin@ENRON COMMUNICATIONS on 10/18/2000 07:26 AM
To: Kristin Gandy
cc: Jeffrey A Shankman/HOU/ECT@ECT
Subject: RE: Wharton Finance Conference sponsorship information

Looks like they've got good participation from IBs.  The fact that they are
having it at one of the most expensive places in the city leads me to believe
that they are putting a lot of effort into strong attendance and putting
together a good conference.  Of course that is also why sponsorship is so
expensive.  Do you want me to take care of signing us up?  Jeff, any ideas
for panelists?

Michele Nezi Marvin
Manager
Enron Broadband Services
(713)853-6848
----- Forwarded by Michele Nezi Marvin/Enron Communications on 10/18/00 07:25
AM -----

	sureshb@wharton.upenn.edu
	10/14/00 02:16 PM
	Please respond to sureshb

		 To: Michele Nezi Marvin/Enron Communications@Enron Communications
		 cc:
		 Subject: RE: Wharton Finance Conference sponsorship information

Hi Michele

thanks for getting back to me with regards to the finance conference.
I am in the process of collecting the committed speaker list. Just
wanted to give you a flavor for kind of people that we are targeting.

The major committed sponsors so far are some of the top investment banks
(Chase, Merrill
Goldman, MSDW) and we are lining up the either heads of investment banking,
asset management or some well know research analysts from these firms to
adress the panelists and the conference attendees.

I will have specific names for you in a couple of days are we are still in
the
process of confirming speakers.

The conference will be at the Park Hyatt in Center City along with the
Bullish
on Finance reception the previous day.

This conference will be a good platform for Enron to talk about its unique
position in trading and can utilize the Sales and Trading panel to expose
the
students and the conference attendees to Enrons capabilities and the firm in
general.

I will provide you with more information in the coming days and I sincerely
hope
you will choose to sponsor one of the panels and have a strong presence at
the finance conference this year.

Regards
Suresh
215-893-9491

> -----Original Message-----
> From: Michele_Nezi_Marvin@enron.net
> [mailto:Michele_Nezi_Marvin@enron.net]
> Sent: Friday, October 13, 2000 8:17 PM
> To: sureshb@wharton.upenn.edu
> Cc: Kristin_Gandy@enron.net
> Subject: Re: Wharton Finance Conference sponsorship information
>
>
>
>
> Suresh,
> We are dealing with a limited number of conferences that we can
> participate in
> this year because it is tough to pull people away to attend,
> could you provide
> us with the list of participants/sponsors?  Also, where is the
> conference being
> held?
>
> Thanks,
> Michele Nezi Marvin
> Manager
> Enron Broadband Services
> (713)853-6848
>
>
>
>
>
>
>
>
>
> Kristin Gandy@ENRON
> 10/05/2000 08:56 AM
>
> To:   Jeffrey A Shankman/HOU/ECT@ECT
> cc:
> Subject:  Wharton Finance Conference sponsorship information
>
> Here is another conference we can participate in.  Would you
> rather do this
> conference or the entrepreneurship conference?
>
> Kristin
> ---------------------- Forwarded by Kristin Gandy/NA/Enron on
> 10/04/2000 08:55
> PM ---------------------------
>
>
> "Suresh Balasubramanian" <sureshb@wharton.upenn.edu> on
> 10/04/2000 02:09:56 PM
>
> Please respond to <sureshb@wharton.upenn.edu>
>
> To:   <kristin.gandy@enron.com>
> cc:
>
> Subject:  Wharton Finance Conference sponsorship information
>
>
>
> Hi Kristin
>
> I am following up on our conversation earlier with respect to Enron
> participating in the Whartons Finance conference and the evening
> reception known as Bullish on Finance.
>
> I think this forum will be a great opprotunity for Enron to reach
> the students interested in finance and it also provides a great platform
> to talk about Enrons unique position in the global financial
> community.
>
> Please do consider the option of sponsoring a panel at the Gold level.
> It provides a great value and essentially a full panel "ownership" to
> talk about Enrons acitivities.
>
> I would like to touch base with you early next week to hear you thoughts
> and feedback on these proposals.
>
> Looking forward to a great conference participation.
>
> Kind Regards
> Suresh
>
>
> Suresh Balasubramanian
> MBA Class of 2001 The Wharton Business School
> Ph#: 215-893-9491
> (See attached file: finance1.con.enron.doc)
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>


Sharon,

There are some hanky things going on in these confirms I don't like.  I've
just spoken to Russell and I'm going to talk to a swap attorney and then get
back to you.

	Sharon Crawford
	03/23/2001 03:48 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: RE: Slater Steel

Hey, Tana.  I just faxed you the new credit worksheet - it's totally
different.

From: Tana Jones on 03/23/2001 03:29 PM CST
To: Sharon Crawford/CAL/ECT@ECT, Linda Sietzema/CAL/ECT@ECT
cc:

Subject: RE: Slater Steel

Sharon,

Per the email below, I looked in the financial trading agreement database and
saw that Stephanie Panus, a paralegal in our group prepared an Annex B for
this counterparty in January of this year.  I would just confirm that the
credit is the same and then use the same Annex B as before.  I am going to
fax the credit worksheet that Credit send Stephanie in January so you can
check the credit.  Below is the Annex B Stephanie prepared.

----- Forwarded by Tana Jones/HOU/ECT on 03/23/2001 03:26 PM -----

	Russell Diamond/ENRON@enronXgate
	03/23/2001 03:15 PM

		 To: Sharon Crawford/CAL/ECT@ECT
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: RE: Slater Steel

Sharon,
As Canada is now executing these confirms, please get with Tana, or someone
in her group, for an explanation of your questions.  Your questions all apply
to standard procedures that the Legal group in Houston handles.  I did,
though, make a mistake on Cash Collateral, you are correct there is no cash
collateral in Canada. Please disregard that 'X' for both counterparty's.  In
regards to the complete name of Slater Steel, as I explain in the comments of
the worksheet, a previous transaction was executed with a credit annex
attached to the confirm.  Once again, Tana or someone in legal, can explain
to you the database they have that would give you all this information.

Thanks,
Russell

 -----Original Message-----
From:  Crawford, Sharon
Sent: Friday, March 23, 2001 3:12 PM
To: Russell Diamond/HOU/ECT@ENRON
Subject: Slater Steel

Russell, sorry, I should have reviewed the entire credit sheet before
e-mailing you earlier, but I have a few more questions:

1. What is the complete name of Slater Steel?
2. Who is their guarantor?
3. What does "NW" before the C$188MM under "Guarantor") mean?
4. Cash Collateral??
5. What are the 3rd Party debt threshold amounts (Events of Default) for each
of Slater's Guarantor and Enron Corp.?
6. Is Enron Corp.'s MAC debt rating BBB-?
7. Why is the Counterparty "X'd" under the MAC if there is a guarantor?

I think that are all of the questions I have for now.  Please advise.

Please note, however, that I will be away from the office next week.  Please
forward your comments to Linda Sietzema if you don't get them to me by today.

Thanks,
Sharon


Mark,

Powerex agreed to execute our GTC - as written - for our deal. They would
prefer to put in their suggested changes for any future deal (prior to the
execution of an enabling agreemente).

Please advise on whether or not their suggested changes are acceptable.

Regards,

Bill
---------------------- Forwarded by Bill Greenizan/CAL/ECT on 09/22/2000
05:09 PM ---------------------------

Greg Johnston
09/12/2000 05:08 PM
To: Mark Taylor/HOU/ECT@ECT
cc: Bill Greenizan/CAL/ECT@ECT
Subject: FW: Enron Annex A

Mark, can you have a look at the proposed changes suggested by Powerex below
to our Canadian form of financial trading GTC and contact Bill Greenizan of
the Calgary office to let him know whether the proposed changes are
acceptable or not?  I think they have done the swap already and need to paper
it.

Thanks

Greg
---------------------- Forwarded by Greg Johnston/CAL/ECT on 09/12/2000 05:05
PM ---------------------------

Bill Greenizan
09/12/2000 12:58 PM
To: Greg Johnston/CAL/ECT@ECT
cc:
Subject: FW: Enron Annex A

Greg,

Prior to doing the one-year trade with Powerex I forwarded the traders over
there a copy of our GTC (identical to the Duke contract).

The traders got the following feedback from their legal / contracts people.
Their main concern is the language in section VII.

Let me know if you have any comments and what changes (if any) we should make
when we send Powerex the confirmation for the Cal 2001 contract.

Thanks

BIll
---------------------- Forwarded by Bill Greenizan/CAL/ECT on 09/12/2000
12:54 PM ---------------------------

"Kurschner, Renata" <Renata.Kurschner@BCHydro.bc.ca> on 09/12/2000 12:51:49 PM
To: "'bill.greenizan@enron.com'" <bill.greenizan@enron.com>
cc:
Subject: FW: Enron Annex A

Bill: changes to GTC as discussed.
Renata

> ----------
> From:  Lum, King
> Sent:  Tuesday, September 12, 2000 11:49 AM
> To:  Kurschner, Renata
> Subject:  Enron Annex A
>
> Suggest adding clause 8. Disputes.  Notwithstanding either party's right
> to determine prices, gains, losses, costs, and other monetary amounts, any
> unresolved disputes between the parties regarding such determination shall
> be referred to binding arbitration under the Commercial Arbitration Centre
> rules of Alberta (don't know if this is the correct reference?) upon 10
> days written notice by either party.
>
> Delete the last 5 and half lines of clause 7 right after the closing
> bracket.
>
> Let me know if this works for them.
> _________________________________________
> King M. Lum                                  Powerex
> Director, Contracts                         Suite 1400 - 666 Burrard St.
> Phone: (604) 891-5062                    Vancouver, BC
> Fax: (604) 891-5015                        Canada,  V6C  2X8
> email: king.lum@powerex.com
>


INSIDE TRACK: Saving up for a rainy day: WEATHER RISK MANAGEMENT: This week's
storms have prompted businesses to face up to the need to hedge against
changes in the climate, says Toby Shelley:
Financial Times, Nov 2, 2000

		Arena foes, supporters battle it out
		HOUSTON CHRONICLE, 11/02/00

		Azurx Shareholder sues over deal's price
		Houston Chronicle, 11/02/00

		'Big-picture' strategy gives C.I. Global edge Growth-oriented, diversified
fund delivers on all fronts
		The Globe and Mail, 11/02/2000

		Calif Generators See FERC Ruling As Step, Not Solution
Dow Jones News Service, 11/01/00

		IN THE MONEY: Enron Looks To Un-Dip Its Toe From Water
Dow Jones News Service, 11/01/00

		USA: Transwestern N.M. gas line cut 25 pct on train derail.
Reuters English News Service, 11/01/00

		US Natural Gas Cash Prices End Up On Arbitrage Spreads
Dow Jones Energy Service, 11/01/00

		INSIDE TRACK: Saving up for a rainy day: WEATHER RISK MANAGEMENT: This week's
storms have prompted businesses to face up to the need to hedge against
changes in the climate, says Toby Shelley:
Financial Times, Nov 2, 2000, 763 words

		As emergency services brace themselves for more gales after the worst storms
since the hurricane of 1987, businesses and the public are beginning to
realise what climate change means: not just flood damage but also disruption
of infrastructure and transport.
		The Association of British Insurers says the bill for Sunday's storm will
amount to hundreds of millions of pounds. This comes on top of last month's
flood damage in Kent of Pounds 40m-Pounds 80m. Bad weather cost insurers
Pounds 861m in 1999.
		While the costs of flooding are fairly easy to quantify, the financial burden
in terms of business forgone is less obvious. Swimsuit and umbrella
manufacturers face an obvious weather risk (although a company making both
would be nicely hedged), but so do 70 per cent of all companies, according to
industry experts.
		As awareness of such risks increases among shareholders, chief executives are
less able to use the climate as an excuse for lower profits. As a result, a
growing number of companies are developing weather risk management using some
of the many instruments now available (see below).
		Europe is catching up with the US in developing mechanisms and tools to help
companies manage such risk. The London International Financial Futures
Exchange aims to launch weather futures contracts early in 2001; Societe
Generale is developing weather hedge funds; Enron, the US energy and trading
group, is launching another 17 sites in Europe around which to trade weather
risk; and Weather Risk Marketing is putting together an insurance programme
in the London market, aimed at FTSE 200 companies, with capacity of Pounds
100m per customer.
		The global market in weather risk derivatives is valued at Dollars
3bn-Dollars 8bn (Pounds 2bn-Pounds 5.5bn) and is mainly in the US.
		Gas and electricity market deregulation provided the impetus for UK energy
companies to enter the weather derivates market. Centrica, the UK-based
energy supplier, is particularly enthusiastic. Given a "normal" winter in
1999, Centrica's profits would have been Pounds 24m higher.
		Thor Lien, Enron's senior weather derivatives trader in Europe, values the US
market at about Dollars 3bn and believes growth next year in Europe could
double that. But there are a number of imbalances in the current market and
brakes to further development.
		The very enthusiasm of the energy sector means demand for derivative hedges
against warm winters far outweighs demand for hedges against cold winters.
		Nick Ward, weather risk broker at Spectron Futures, says higher winter demand
can leave the current derivatives market with characteristics of an insurance
market where risks have to be absorbed.
		Lack of liquidity in the market is limiting business, according to some,
although Mr Ward says the derivative market can look at Pounds 50m risks. An
active hedger agrees: "The derivatives and reinsurance markets are certainly
developing, with some larger transactions, which may be in the tens of
millions, being explored. Most deals, however, remain relatively small in
comparison with the overall level of risk that could be transferred in these
markets."
		SocGen is the only bank to have committed itself thus far to the weather risk
market and is developing a Dollars 145m hedge fund activity in Europe and
Asia. Diego Wauters, global head of insurance derivatives, says his team
often closes two or three deals a week worldwide. It has done about 60 deals
globally over the last 12 months, 70 per cent of them weather risks.
		Data pose a problem for some companies. Rob Preston, a director at Speedwell
Weather Derivatives, says the cost of access to UK weather data from the
government-owned Meteorological Office may be restricting the take-up of
weather risk management by smaller companies. For data from a local weather
site, the Met charges Pounds 1,500 for temperature and the same again for
rainfall.
		Another significant brake on market development is lack of awareness. Even
where treasurers are persuaded of the value of hedging weather risks, selling
the idea to the board can be difficult.
		Peter Blogg at Liffe does not expect a flood of interest when futures
contracts begin trading. Rather, the plan is to establish them as benchmarks.
At a conceptual level, protecting profits from the weather is accepted by
many chief executives but few are putting weather risk management into
practice.
		David Gamble, executive director of Airmic, the UK risk managers'
association, says there is a growing interest in the area, although few
non-energy companies have taken an interest so far. Retailers such as
Sainsbury and Tesco have no involvement, nor does Railtrack, the notoriously
weather-prone rail operator. Cargill, the global trading house, is active in
the US but maintains only a watching brief in Europe.
		The future structure of the emerging market remains unclear. Mr Preston
foresees a two-tier basis: a primary market in tailored deals accepted by
insurance and capital market companies; and a secondary market in wholesale
traded risks appealing to insurers and energy companies.
		For Enron, Mr Lien sees a rapidly growing wholesale market in Europe with the
extremes covered by insurers who will, increasingly, be able to hedge their
exposure on the derivative market. He says that big exposures require
syndicated insurance at present but in six months' time the derivatives
market will have more liquidity.
		Copyright , The Financial Times Limited

Nov. 2, 2000, 9:23PM
HOUSTON CHRONICLE
Arena foes, supporters battle it out
By JANETTE RODRIGUES
Copyright 2000 Houston Chronicle
With less than a week to go before the arena referendum is put to a vote,
supporters and foes put aside any niceties in favor of bare-knuckle brawling
during a debate Wednesday.
Both sides spent a lot of time pitching, spinning and trying to persuade
members of The Greater Heights Area Chamber of Commerce, which sponsored the
event.
The debate started out in classic point-counterpoint style, with a panel of
Houston television news anchors asking the questions. But both sides quickly
went into attack mode.
In the pro-arena corner were Harris County-Houston Sports Authority Chairman
Billy Burge and Don Jordan, the co-chairman of Let's Build It Together, the
pro-arena campaign group. Opposing them were Metropolitan Coalition President
DeWayne Lark and conservative activist Bruce Hotze.
"Les Alexander gets all the benefits," Hotze said. "If this was a marriage it
wouldn't last a week. It is not a good deal."
Burge retorted: "Mr. Hotze, you sound like Bill Clinton -- a half-truth is
the blackest lie of all."
After a few of Hotze's anti-arena comments received applause from the
audience, Jordan chided some of those gathered.
"You can be very confused and ... clap about the statements that are being
made to you that aren't exactly accurate," he said. "That is one of the
benefits of being here today. You can look beyond some of the advertising
that has gone up, 90 percent of which is incorrect."
Later, the event got even more colorful after KTRK-Channel 13 anchor Bob
Boudreaux asked anti-arena activists what they knew about the deal that
fiscally conservative U.S. Rep. Bill Archer, R-Houston, didn't know. Archer
is appearing in the pro-arena campaigns' most recent television commercials.
"I think the pro-arena campaign has been a Clinton-esque campaign of
misstatements and misleading, and I think they have told people that the
Rockets are going to pay their fair share," Hotze said. "They pay nothing up
front. I think if Bill Archer knew all the facts, Bill Archer would not come
out and endorse this."
Jordan responded: "That's an incredible statement. The only thing I know
about that might be more incredible than what you just heard is if anybody
out there believed it. Bill Archer knows what's going on about this arena
down here."
Opponents accused pro-arena forces of doling out corporate welfare at
taxpayers' expense, while proponents repeatedly criticized arena opponents'
statements as misleading and inaccurate.
Backers of the arena say it would spur downtown development, strengthen the
economy, boost good feelings about the city and cement Houston's position as
a world-class city.
Lark said that he supports a new arena, but that taxpayers shouldn't have to
foot the bill -- especially when a billionaire sports team owner stands to
benefit the most from the deal.

Nov. 2, 2000, 12:12AM
HOUSTON CHRONICLE
Briefs: City and state
Azurix shareholder sues over deal's price
A shareholder has sued Azurix Corp. and its parent Enron Corp. on grounds
that a $275 million plan to take Azurix private undervalues the water
company's shares.
Azurix spokeswoman Diane Bazelides said the company has not been served with
the papers and therefore is unable to comment on the lawsuit.
Houston-based Enron last week offered to provide financing to let Azurix
purchase its shares at $7 apiece. Enron owns a little more than a third of
the water company it created two years ago and controls another third through
an investor group called Atlantic Water Trust.
In one of six lawsuits filed in Delaware Chancery Court, Azurix shareholder
Thomas Turberg says Enron and Azurix's directors have violated their duties
to shareholders by agreeing to purchase the shares at a price that is less
than the water company is worth.
The defendants are trying to use their control of Azurix to force
shareholders "to sell their equity interest in Azurix at an unfair price, and
deprive Azurix's public shareholders of maximum value to which they are
entitled," the suit says.
Turberg asks the judge to grant class-action status to his case, stop the
transaction and award damages and legal fees.
Enron shares rose $1.19 to $83.25, while Azurix shares fell 19 cents to
$6.06. Azurix's shares have fallen more than 80 percent since Enron took the
company public last year.

Report on Mutual Funds Special Report
15-Year Review of Mutual Funds FUNDSCOPE
'Big-picture' strategy gives C.I. Global edge Growth-oriented, diversified
fund delivers on all fronts, Gordon Powers says
Gordon Powers
SPECIAL TO THE GLOBE AND MAIL

11/02/2000
The Globe and Mail
Metro
M3
All material copyright Thomson Canada Limited or its licensors. All rights
reserved.

Lured by historically stronger returns and a recent increase in RRSP
foreign-content limits, Canadian investors have poured a record $39-billion
into foreign securities so far this year.
And thanks to some excellent performance and strong brand loyalty among
financial advisers, a fair chunk of this exodus has been heading into several
funds sponsored by C.I. Mutual Funds Inc.
Consider the $3.2-billion C.I. Global Fund. Under the tutelage of long-time
manager William Sterling, the 14-year-old fund returned 21.1 per cent in
1997, 26.2 per cent in 1998 and 37.1 per cent last year.
Over the 10 years ended Sept. 30, these strong numbers propelled it to a
stellar compound average annual rate of return of 17.7 per cent, well above
the 13.7-per-cent average of its global equity-fund peers.
Against a backdrop of rising inflation, technology jitters and potential
interest-rate hikes, however, the fund has been struggling more recently.
Year to date, it has delivered barely a break-even return.
Despite this recent blip, though, fund analyst Stephen Kangas, managing
editor of Toronto-based Fundlibrary.com, calls mammoth C.I. Global a
"must-have" fund.
"Bill Sterling's big-picture strategy and [co-manager] Stephen Waite's
stock-picking have worked to put this fund not only in the first quartile but
right up there as a core offering within the global category," Mr. Kangas
says.
Mr. Sterling and his team, most recently working for C.I. through independent
Credit Suisse Asset Management LLC, now have a major stake in a new
portfolio-management partnership, New York-based C.I. Global Advisors LLP,
that manages several funds in the Toronto-based C.I. family.
This new partnership "means the management group is in place for the long
haul," says Mr. Kangas, who favours arrangements where managers have equity
stakes.
Driven by the big-picture themes outlined in his appealing book,
Boomernomics, and using discounted cash flow as his primary yardstick, Mr.
Sterling has created a growth-oriented, broadly diversified fund that seldom
has much in common with its benchmark, the Morgan Stanley World index.
It generally contains about 140 stocks, with the largest holding limited to
roughly 3 per cent of the portfolio and the top 10 stocks representing no
more than 20 per cent of the pie. "You really can't do it any other way," Mr.
Sterling says. "When it comes right down to it, nobody really knows who's
going to win all the battles. With technology in particular, you have to take
a much broader view."
Similarly, although currency movements are always a factor in any global
fund, Mr. Sterling makes little attempt to hedge his dollar exposure,
preferring to use it as another key criterion in determining his country
choices. "We're much more likely to back an exporter who's going to benefit
from a sliding currency than to try and play the currency itself. That's
really where you're going to benefit."
Although still sporting a positive outlook for the long term, Mr. Sterling
has been trying to reduce the risk in the portfolio in recent months. Despite
the increased promise of an economic soft landing in North America, he still
worries that U.S. corporate profits may fail to meet expectations.
"We've been feeling a bit defensive for a while now. As long as central banks
are raising rates -- and we think one or two quarter-point hikes in the U.S.
are still likely -- you're going to see continued volatility and uncertainty,
particularly in U.S. technology stocks."
Consequently, he's reduced the fund's holdings in the United States and, to a
lesser extent, in Europe. Right now, the fund has 52 per cent of its stocks
in the United States, 21 per cent in Europe and 7 per cent in Japan, with
roughly 13 per cent in cash. That's a far cry from the beginning of the year,
when the fund had roughly two-thirds of its money south of the border and
very little cash on hand.
Over the past 18 months, U.S. tech stocks have swung dramatically, almost
twice as much as the rest of the market. As a result, the securities of many
technology companies are priced more like options than stocks, Mr. Sterling
says. "And that means likely more volatility, rather than less. Prudent asset
allocation suggests that you diversify away from an asset class as its
volatility increases. Despite the very real merits of the sector, investors
shouldn't have all their eggs in some high-tech basket."
Although technology still plays a significant role in the fund -- big
holdings include PMC Sierra Inc., Broadcom Inc., Vodafone Airtouch PLC and
Cisco Systems Inc. -- Mr. Sterling quickly points to what he calls "the
leopards" within the fund's largest holdings.
Companies such as Corning Inc. are an increasing force in fibre optics, and
ones such as utility giant Enron Corp. are "changing their spots and looking
for new ways to succeed. But, unlike many younger tech companies, they still
make money in the process," he says.
For conservative investors looking to diversify their holdings, the fund is
"definitely a core fund for most portfolios," Mr. Kangas says.
"Put this C.I. fund together with, say, a strong offering like AGF
International Value, and you've got an excellent foundation to build upon.
Lower risk, strong returns, broad diversification -- I think this fund has
really delivered on all these fronts. Highly recommended."
C.I. Global
Category: Global equity Manager: William Sterling Load status: Optional Total
assets: $3.2-billion Management expense ratio: 2.4%
Globe 5-star rating: ***** Returns to Sept. 30, 2000 1-month simple rate of
return: 0.5% 3-month simple rate of return: 1.1% 6-month simple rate of
return: 0.0% 1-year compound annual rate: 39.0% 2-year compound annual rate:
29.1% 3-year compound annual rate: 20.5% 5-year compound annual rate: 20.2%
10-year compound annual rate: 17.7% Top 10 holdings To Sept. 30, 2000
1. Corning Inc 3.4%

2. Network Appliance Inc 2.0

3. General Electric Co 1.9

4. Microsoft Corp 1.8

5. PMC-Sierra Inc 1.7

6. Vodafone Airtouch Plc 1.7

7. Cisco Systems Inc 1.6

8. Enron Corp 1.6

9. Citigroup Inc 1.5

10. Skandia Foersaedrings AB 1.5
Telephone: 1-800-563-5181 Breakdown by country
USA 52.1%

Israel 0.1%

South Africa 0.5%

Canada 2%

Japan 6.8%

Cash 12.9%

Other 25.6%

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Calif Generators See FERC Ruling As Step, Not Solution
By Christina Cheddar

11/01/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- California's power generators think federal regulators
took a big step toward improving what they see as a flawed market for
wholesale electricity, but may have stopped short of total solution.
Earlier Wednesday, a committee formed by the U.S. Federal Energy Regulatory
Commission released recommendations to revamp the Golden State's power
market.
The recommendations sprung from a probe conducted by the committee that
sought to explain why California power prices tripled this past summer.
Overall, companies supplying power to the state applauded the committee's
finding that market manipulation by power generators in the state wasn't to
blame, as some consumer groups had charged.
FERC is the third agency to agree that there was no price collusion in the
market this summer, said Duke Energy Corp. (DUK) spokesman Tom Williams.
Company officials also said they were pleased by the agency's recommendation
that California should allow its three utilities to buy power from a variety
of suppliers and buy power in the forward markets.
Previously, the utilities were required to buy and sell all power through the
state's Power Exchange at market prices.
The previous requirement, which bound the utilities to one supplier,
effectively created another monopoly, said Enron Corp. (ENE) spokesman Mark
Palmer.
"Utilities should be able to manage their own price risk," Palmer said.
Williams Cos. (WMB) spokesman Tim Thuston agreed. He said his company had
been advocating this change, and was pleased to see it included in the
agency's recommendations.
However, generators did raise concerns over a so-called soft cap. Under the
provision, a supplier who sells power above $150 a megawatt would be entitled
to receive the bidding price, however, the supplier would have to file
several reports to the FERC.
Previously, all bidders in a single-price auction had to pay the highest bid
paid, which was otherwise known as the market clearing price. Under the
committee's recommendation, the market clearing price will never exceed the
$150/MW cap.
The companies also were concerned about a provision that could lead to
refunds after October 1.
Reliant Energy Inc. (REI) spokesman John Stout a two-year refund window is "a
cloud hanging over the market."
During Stout's initial review of the voluminous FERC report, he said he
wasn't able to determine exactly how the FERC would establish what is the
right price for power.
He said Reliant would be paying attention to this provision, which he said
could have broad implications for the companies who operate in the state.
Other officials also noted that sometimes power is traded several times
before it reaches its end-users. In those cases, how would refunds be
determined, officials asked.
In sharing their initial reactions to the 100-page report, company officials
agreed there is still much work to be done. Officials said they plan to make
additional recommendations to the state's agencies in the days ahead.
The changes in the California power market are sure to affect the strategies
of the state's power generators.
Enron has already decided to back off plans to install 300 megawatts of new
generation in the state next spring, said Enron's Palmer. The generation was
part of a project proposed by the California Independent System Operator.
Enron and 13 other companies are in negotiations to build the capacity, which
would have operated during periods of peak demand, when prices are the
highest.
Palmer said the lingering uncertainty in the state's power market makes the
project less financially attractive.
Still, other financial opportunities could be created by the proposed
regulations. Palmer said Enron's price-risk management operations could get a
boost because the state's utilities will now be free to purchase power in the
forward markets.
Other trading companies also see an opportunity there, but none would
estimate its potential value.
Duke Energy spokesman Tom Williams emphasized the Charlotte, N.C., company's
commitment to California. Duke, which supplies 4% of California's power, has
already made a significant investment in the state, he said.
Duke expects to continue to spend money in the state. For example, Duke will
proceed with its plans to build its Moss Landing power plant in Monterey
County.
As for other power projects, Williams wouldn't provide specific details.
Still, many believe additional capacity is needed to meet the state's growing
power needs and lower prices.
According to Williams, the FERC recommendations don't do enough to encourage
new generation to be built in the state.
"I think the next two months are full of uncertainty," Williams said. He
added, as long as uncertainty persists in the market, companies won't want to
make the investment.
This point was echoed by other company officials.
As the companies continue to review the order and make recommendations, it is
likely officials will focus future debate on the soft cap and refund
provisions of Wednesday's proposals.
Still, the companies appeared encouraged that progress has been made toward
correcting the state's markets.
And a lot is at stake, according to Reliant's Stout. Not only is the
company's future strategy in California riding on these decisions, but states
like Nevada have slowed deregulation efforts in order to watch the events
unfolding in California, Stout said.
Stout said now is the time for consumer groups, power suppliers, utilities
and the state agencies to come together "to get this power market fixed."
-Christina Cheddar, Dow Jones Newswires, 201-938-5166
christina.cheddar@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

IN THE MONEY: Enron Looks To Un-Dip Its Toe From Water
By Carol S. Remond

11/01/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- Sometimes it's easier to peddle a hard-sell when you
don't have everyone looking over your shoulder.
That's what appears to be the case with Enron Corp. (ENE) and what it's doing
with its majority stake in Azurix Corp. (AZX), the water company Enron
partially spun-off to the public two years ago.
In an unusual transaction, Enron has offered to loan Azurix $275 million so
that it can buy back its stock from the public for $7 a share - that is, any
and all shares owned by everyone except for those controlled by Enron.
Following some fancy financial footwork involving trusts that own some of the
Azurix stock on its behalf, the Houston, Texas energy and commodity trading
company appears to be priming Azurix for a sale after failing to clinch a
deal the more traditional way.
(In a letter to Azurix, Enron indicated that so far, four potential buyers
have presented themselves. But the top suitor, who offered $7 a share, seems
to have had a change of heart after taking an in-depth look at the company).
Details of the latest scheme are scant. All that is clear so far is that
Enron has hired Lehman Brothers as an adviser regarding its plans for Azurix.
Although Enron declined to comment on its plans, people familiar with the
matter suggested that a complex transaction is now in the offing.
One option Enron had was to do this in the more traditional manner: Buy back
Azurix shares itself. But that posed a problem. In doing so, Enron would have
owned more than 50% of the water company, forcing it to consolidate all of
Azurix' financials on its balance sheet - including a healthy $1.3 billion in
debt.
Instead, with a little wave of a financial wand, it appears Enron has found a
creative way around that problem.
Here's how it works: Enron loans $275 million to the management of Azurix so
it can repurchase the non-Enron related shares from the marketplace. That
leaves an entity called the Atlantic Water Trust continuing to hold 67% of
Azurix' shares. Atlantic Water is half-owned by Enron and another trust
called Marlin Trust Co. Enron has voting rights on Marlin's shares.
A person familiar with the situation suggested that the transaction, which
has yet to be made public, would include some form of sweetner to entice
management to back an Enron-arranged sale of Azurix to a third party.
"Instead of being a growth-oriented play on deregulation and privatization in
the water utility industry, Azurix will become a sort of quasi utility
company," said Anatol Feygin, J.P. Morgan's Enron analyst. "Once that is
done, Enron will be able to cut overhead and development activity and look
for a buyer."
An Azurix spokeswoman said Enron's offer is under consideration. She declined
to comment on Enron's assertion that the water company had retained two
advisers earlier this year to evaluate its strategic alternatives.
What's clear so far is that if Enron succeeds in taking Azurix private,
streamlining the decision making process by excluding private shareholders
and the need to report to the Securities and Exchange Commission, it won't be
able to sell the water business in parts and would likely look for a buyer
for the whole lot.
That's because the equity of Azurix's crown jewel, U.K.'s Wessex Water Ltd.
is used to back a GBP400 million credit facility.
"They can't sell Wessex first because to do so they would have to take that
facility out," said John Kennedy, a utility analyst at Standard & Poor's.
Azurix acquired Wessex in October 1998 for $2.4 billion. People familiar with
the matter suggested that Enron is now in the process of re-evaluating
Wessex, as well as smaller assets in Latin America. Analysts said that Wessex
may now bring in about $1.8 billion. (Taking out long-term debt that comes to
about $4.25 a share).
So why is Enron so eager to get out of the water business?
Trouble has been brewing for a while. In September, following months of
Azurix falling short of analysts' earnings, its high-profile chief financial
officer, Rebecca Mark, simultaneously resigned from her position and stepped
down from Enron's board.
The fact is that Azurix has fallen short of Enron's expectations. The
energy-trading giant appears to have misjudged the speed of privatization in
the water and waste-water industry. And now with projects behind, revenues
have been slow, some $1.3 billion in long-term debt has accumulated and Enron
appears to have given up on its plans.
At the end, Enron's seconds may soon fuel ongoing utility consolidation in
Europe. As least four large European water companies are believed to be
potential buyers: France's Vivendi's Generale des Eaux and Suez-Lyonnaise des
Eaux and Germany's E.On and RWE.
The price of Azurix shares slumped as low as $3.37 earlier this month, far
below its spring 1999 initial public offering price of $19. Azurix' stock was
recently trading at about $6.125. - Carol S. Remond; Dow Jones Newswires;
201-938-2074
-carol.remond@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: Transwestern N.M. gas line cut 25 pct on train derail.

11/01/2000
Reuters English News Service
(C) Reuters Limited 2000.

SAN FRANCISCO, Nov 1 (Reuters) - Gas flows through a Transwestern (TW)
natural gas pipeline in New Mexico have been cut by about 250 million cubic
feet, or 25 percent, while the line is checked for damage after derailed
train cars fell near the line, a Transwestern spokesman said Wednesday.
The freight train derailment occurred late Sunday but the company was not
informed the train cars had fallen near the gas line until Monday, when gas
flows were reduced, he said.
The TW pipeline, in northwestern New Mexico, feeds California gas markets and
normally operates at around one billion cubic feet a day.
The spokesman for Transwestern Pipeline Co., a subsidiary of Houston-based
Enron Corp. , was unable to say when the line would be back at normal
capacity.
No one was believed to have been hurt in the accident, he added.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

US Natural Gas Cash Prices End Up On Arbitrage Spreads

11/01/2000
Dow Jones Energy Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

HOUSTON -(Dow Jones)- U.S. natural gas physical prices mostly rose Wednesday
with the New York Mercantile Exchange futures board, but still held a 15- to
16-cent differential to the Nymex, one of the largest seen this year, traders
said.
The cost of carrying gas to storage blew out the differential, a Houston
trader said, as some pipelines refused to allow more gas into storage at this
late date. "Storage (and arbitrage) wasn't an option," a trader said.
That stagnated some non-incremental buying dead in its tracks, he said. He
expects the 15- to 16-cent differential to continue on Thursday.
Also, in the West, gas was looking for a home after some transportation had
to be redirected because of a force majeure on Enron's Transwestern East of
Thoreau line.
A train derailment in New Mexico had damaged the line, cutting back and
shifting gas deliveries from the East to the West, traders said.
The Nymex December futures gas contract settled Wednesday at $4.686 per
million British thermal units, up 19.6 cents as traders brushed aside an
apparently bearish American Gas Association storage report and bought gas in
preparation for possible wintry forecasts.
Although predictions were for a build in the 60-65 billion cubic feet range,
the AGA said 70 Bcf was added to storage last week, still within some
expectations and considered slightly bearish. The anticipated total fill of
about 2.7 trillion cubic feet has been a factor in driving prices down these
last few weeks, marketers said.
Swing physical gas for November at the benchmark Henry Hub in south Louisiana
rose 4 cents-8 cents to a $4.32-$4.48/MMBtu range. November index at the
Henry Hub is $4.50/MmBtu.
Transcontinental Gas Pipe Line at Station 65 deals rose 2 cents on the bid,
but fell 4 cents on the offer to a $4.35-$4.44 range. Index is seen at $4.51.
At Katy in East Texas, buyers paid $4.25-$4.39, up 1 cent on the bid, down 3
cents on the offer from the Transwestern outage. Index is seen at $4.43.
At the Waha hub, prices closed at $4.17-$4.27, down 5 cents-10 cents, also as
a result of the Transwestern outage. November index for the first of the
month is at $4.50, flat to the Henry Hub.
Prices in the West and California and New York moved above $5.00, traders
said. The California Border index is put at $5.19; PG&E Citygate at $5.33;
Transcontinental New York Zone 6 line at $5.10 and Texas Eastern's M3 line at
$4.96, traders said.
-By John Edmiston, Dow Jones Newswires,713-547-9209;
john.edmiston@dowjones.com

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.


Dear Subscriber, please note that you are receiving this email because
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would like to be removed from our list, reply to this email with remove
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 May 31st, 2001
 RealTimeTraders.com offers free real-time stock alerts throughout the
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Morning Watch List
This section contains 6 stocks that are expected move in 1 to 5 days.
Click here for this morning's Watch List Stocks: http://www.realtimetraders.com/marketinfo/watchlist.asp Beyond The Numbers
Earnings worries drive indices below important support  levels
Wednesday was another bad day for the bulls. Just a couple of weeks ago
the major averages managed to climb above their important resistance
levels. In fact the Dow Jones index came very close to challenging its all
time high. However, since then all the indices have lost considerable ground
and now trading below their resistances. Wednesday the Dow lost 166
points to close at 10,872 and the counterpart Nasdaq Composite lost 91
points to close at 2,084.
Why the change of heart?
Tuesday we pointed out that Goldman Sachs was turning cautious and made
some negative comments on two major technology names, Microsystems
(SUNW) and EMC Corp. (EMC). Following Tuesday's closing bell Sun
Microsystems said its earnings for the current quarter will be substantially
below street estimates. Wednesday morning other major brokers either
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Sector Analysis
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RealTimeTraders analysts expect the markets to trade in a range till the end
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Economic Reports & Bond Markets
Going into the last day of the month, traders will get to preview what the
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39.9. New York Purchasers index is also expected to be released on
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numbers as soon as the report becomes available in our breaking news section.
Market Breadth
Wednesday's NYSE advance/decline reading was 1098/1962 Vs.
Tuesday's reading of1409/1678
Wednesday's Nasdaq advance/decline reading was 1094/2765 Vs.
Tuesday's reading of 1362/2476
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Company Name          	Expected earnings 	Symbol

Costco Cos                     	0.23    	COST
Finisar                            	0.00    	FNSR
Flextronics                      	NA    	FLEX
FuelCell                           	-0.36   	FCEL
Gerber Scientific             	-0.04   	GRB

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CLAVIJO TO DISCUSS OPEN CUP FINAL ON LIVE CHAT AT ussoccerfan.com THIS THURSDAY AT 1 P.M. ET

CHICAGO (Tuesday, October 23, 2001) - New England Revolution head coach and former U.S. National Team defender Fernando Clavijo will be available for a Live Chat event at ussoccerfan.com this Thursday, October 25 at 1 p.m. ET, to discuss the Revolution's match against MLS Cup 2001 runners-up Los Angeles Galaxy in the Lamar Hunt U.S. Open Cup Final this Saturday In order to participate in the Live Chat, fans must be registered members of ussoccerfan.com. Once signed into ussoccerfan.com, participants can join the chat by selecting "Live Chat" under "Interact" on the ussoccerfan.com navigation menu.

The 2001 Lamar Hunt U.S. Open Cup Final will crown a new champion on Saturday, October 27, at Titan Stadium in Fullerton, Calif. The championship final will be televised live at 2 p.m. PT (5 p.m. ET) on Fox Sports World and Fox Sports World Espa?ol.

Clavijo, 45, became the head coach of the New England Revolution before the 2000 season, guiding the team to its most successful season ever and leading the side to its first-ever playoff victory during the 2000 season. Clavijo had a stellar career as a player for both club and country, earning 61 caps with the United States. A part of the World Cup roster in 1994, he started and played the full 90 minutes in the USA's historic 2-1 win against Colombia. A 12-time All-Star, he was named the player of the 80's for the Major Indoor Soccer League.

Dating back to 1914, the 88-year-old U.S. Open Cup is the oldest soccer cup competition in the United States and is among the oldest in the world.  In Saturday's match, the Galaxy will play in their third championship game of the year having previously claimed the CONCACAF Championship in January before losing 2-1 in overtime to the San Jose Earthquakes in the 2001 MLS Cup. Los Angeles is the first U.S. team to play in a Regional Championship, a Division I Championship and the U.S. Open Cup Final in the same calendar year.  The New England Revolution, after going winless in two previous tournament appearances, will now play their first-ever tournament final in club history.

----------------------------------------------------------------------------
To end your membership in ussoccerfan.com, please visit http://membership.ussoccer.com/member/unsubscribe.sps?msmid=1 and fill out an unsubscribe request. Thank you for supporting U.S. Soccer!


I have a proposed restructuring transaction with City of Mesa, Arizona.  It
works like this:

1) Half their volume is currently priced at 3.74 (fixed, physical deal with
us)
2) That deal runs through July 01
3) I want to reprice that deal at a higher price and use that equity to
finance a discount to index for an extra six months.
4) They will do one of two transactions (shown below) one extends half the
volume one extends the full volume.

I need help with a couple of things:

1) Since they canceled their Enfolio Agmt. can I get a contract from legal
that will allow us to transact without it.
2) How do we get this deal in Mike's book and the risk system

Thanks,

Dave Fuller
503-464-3732


Untitled Document
      [IMAGE]  Order now: Call 703-641-0613    For the morning of Jan. 22, 2002, Plum  covered these stories:     Bankruptcy Judge Okays UBS To Buy Enron Asset  Tractebel Places Bid on South Korean Enron Division  Southern California Edison Wants Procurement Fees from Direct Access Customers  California's EOB Makes Charges Of Anticompetitive Bidding  Andersen CEO Puts Blame on Enron's Business Model  Conoco Plans 730 MW Plant In Northern U.K.  Lockwood Greene Secures $40M Engineering Contract  MISO, PJM Consider Huge Wholesale Market For 27 States, Manitoba  Endesa working to Reach 2005 Deadline On Several Projects  PNOC to Build Gas-Fired Plant North of Manila  Thaksin to Decide on Thai-Malaysia Pipeline By April  Austrians Circulate Petition Against Czech Nuclear Plant   Other Energy Industry News for Power Marketers     GlobalSantaFe Examines Lower SCORE  Sinochem Buys PGS's Atlantis for Around $215M  Petronas Shuts MTBE Unit Because of Technical Fault  Oman Tenders to Buy 95-Octane Gas for February  Statoil Negotiates with Petropars for Stake in South Pars   Idemitsu Buys 15 Percent Stake in Vietnamese Block  Pertamina Mulls Product Postings to Set Pump Prices    Market Updates    Hourly Stock Market Update   Bond Market Update   NYMEX Energies        World Headline News   Sports Overview  Miscellaneous Features    Today in History  Kiplinger Personal Finance Minute         Call from any phone. Use a headset for easy listening  while driving.    [IMAGE]      Customized and Interactive  Use the numeric keypad on your telephone to repeat, pause or  skip stories, and even request more information. Here is the  list of commands for your reference: [IMAGE]  "...your mobile phone becomes a  tool for saving time and gathering relevant business intelligence..."       	  Register today for Power Marketers News Radio from Plum  Briefings.       Arrive at the office informed and prepared  by dialing in to your own customized news briefing covering the  power industry.   To sign up, simply register  online now   , call 703-641-0613, or fax in the subscription  page from the back of the   brochure .   Features &  Benefits for Registered Listeners     Thorough  coverage of power and gas Plum Briefings are customized telephone briefings -- individually  tailored audio news programs -- that will provide you with in-depth,  commercial-free coverage of the energy landscape.    We report on FERC & state PUC rulings, new projects, new  legislation, RTOs, supply & demand forces, and other topics  that matter to you. You can also request briefings on general  business conditions, financial markets, and we can even deliver  headlines covering your own stock portfolio.    A tool for saving time With Plum Briefings, your mobile phone becomes a tool for saving  time and gathering relevant business intelligence. Whether you're  driving to your office or waiting for a flight, simply dial our  telephone number anytime and from anywhere. Unlike radio broadcasts,  our briefings never bore you with ads or repeated stories.    Gathering business intelligence Press keypad buttons to repeat, pause, or skip stories on command.  Request additional articles on any story to be sent via follow-up  e-mail -- we'll send links to key articles from newspaper,  magazine, and specialist websites.   Put  1-800-555-plum on your mobile phone speed dial now   Give  it a try Call Plum Briefings daily. Enter 1-800-555-PLUM into your mobile phone speed dial. Use a headset for easy listening.  Register now!    FOR MORE INFO: download brochure at PlumBriefings.pdf


Mark Russ will be representing Michael Ratner at the PRC on 12/12 and 12/13.
I am looking into the pre-ranking meeting that is supposedly going on now.
However, the Associate Analyst program indicated that this was a pre-ranking
for Associates within EBS.  Please provide your feedback to Mark before the
PRC on 12/12 and 12/13.

Rod Hayslett

11/27/2000 08:28 AM
To: Gretchen Jennings/OTS/Enron@Enron, Gary P Smith/EWC/Enron@ENRON
cc:

Subject: Re: Associates PRC 2000 Year end Review

??????    what is she talking about?

---------------------- Forwarded by Rod Hayslett/FGT/Enron on 11/27/2000
08:29 AM ---------------------------

Wilma Williams@ENRON COMMUNICATIONS
11/27/2000 08:12 AM
To: Rod Hayslett/FGT/Enron@ENRON
cc:

Subject: Re: Associates PRC 2000 Year end Review

Rod,

The PRC process closed last week.  You should have received information
regarding representing your associates/analysts at a meeting to be held on
the 28th of this month.  If not, you should check with the Associate/Analysts
or HR for this information.

After the pre-ranking meeting, then you should submit the ranking and your
evaluation to Mark for the final Corporate ranking.

Thanks.

Wilma J. Williams
Enron Broadband Services
Corporate Development
PH:  713-853-6603
EB 4514

	Rod Hayslett@ENRON
	11/27/00 07:14 AM

		 To: Wilma Williams/Enron Communications@ENRON COMMUNICATIONS
		 cc:
		 Subject: Re: Associates PRC 2000 Year end Review

When is the PRC?

Wilma Williams@ENRON COMMUNICATIONS
11/02/2000 02:51 PM
To: Bryan Kite/Enron Communications@Enron Communications, Brian Spector/Enron
Communications@Enron Communications, Kal Shah/HOU/ECT@ECT, Richard
Leibert/HOU/EES@EES, Edward D Baughman/HOU/ECT@ECT, Kim Godfrey/Enron
Communications@Enron Communications, Scott Healy/HOU/ECT@ECT, Rod
Hayslett/FGT/Enron@Enron, Frank Bay/Enron Communications@Enron Communications
cc:

Subject: Associates PRC 2000 Year end Review

Dear Managers,

Mark J. Russ has been selected for the 2000 year-end review to represent an
associate(s) under your management.   In order to do  this effectively, it
is  important that he receive your feedback and ranking as soon as possible.

If you have any questions, please feel free to call Mark at 3-6602 or myself
at 3-6603.

Thank you in advance for your help.

Wilma J. Williams
Enron Broadband Services
Corporate Development
PH:  713-853-6603
EB 4514


---------------------- Forwarded by Steven J Kean/NA/Enron on 08/25/2000
07:12 AM ---------------------------

Christopher F Calger@ECT
08/24/2000 06:04 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: SDG&E

Steve,

SDG&E came out with the attached RFP for fixed price power.  They are
requesting proposals for several standard blocks through 12/03.  Responses
are due August 30.  ENA/EPMI will be prepared to respond, if appropriate.  In
the meantime, we continue to price the full requirements residential
structure and await any news from the governor's office/legislature.  I can
be reached at 503-464-3735.

Regards,

Chris


see Mary Clark for details x37325 - i have a email on file


I have not recieved this document.

Becky Stephens@ENRON
05/28/99 11:04 AM
To: Richard B Sanders/HOU/ECT@ECT
cc:
Subject: service of process

The following documents, received today, have been forwarded for your
immediate review and consideration:

State of Texas and The County of Galveston, Texas v. Theodore Turk, et al.,
No. 46051, In the Probate Court of Galveston County, Texas.  LETTER OF
4/16/99, PLAINTIFF,S FIRST AMENDED STATEMENT, OATH, ORDER SETTING HEARING,
THREE (3) SEPARATE NOTICES OF HEARING & ATTACHMENTS to Houston Pipe Line
Company on 5/27/99.

IF YOU DO NOT RECEIVE THEM WITHIN 1 BUSINESS DAY, PLEASE ADVISE.

Thank you, Becky Stephens


Stevens-

I haven't heard back from our accounting group on what their fax number is.
In the meantime, you can just fax the invoice to me at 713-646-8453.

Susan

Stevens_Hollister@eott.com on 11/28/2000 01:39:51 PM
To: "Susan W Pereira" <Susan.W.Pereira@enron.com>
cc: Jeananne_Heck@eott.com
Subject: Fax number question

Susan,

Could you please provide a fax number for our invoice?

Thanks,

Stevens


<META HTTP-EQUIV="Content-Type" CONTENT="text/html;charset=iso-8859-1">

<META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=iso-8859-1">

<title>Energy News Live Daily Wrap-Up</title>

Dear Geir,

Enron investigations are going strong in Washington.  On
Thursday, we'll watch the closed-door meeting between Congressional
investigators and the former Andersen auditor who handled the Enron
account.  Andersen fired David Duncan on Tuesday for destroying
documents, and now Duncan is said to be cooperating with the House
Energy and Commerce Committee investigation.

Congress returns next week and on Thursday we'll bring you
updates from our Washington bureau on the debate to come in 2002 over
energy emissions policy.  We'll also have details on a new report
to be released tomorrow in Washington that could impact the
emissions debate.

Finally from Washington, Correspondent Alison Kosik will take us for
a test drive on the highly anticipated Segway Human Transporter.
Alison will give us the inside scoop on an invention that some people
believe could hold major implications for the energy sector.

Lawsuits continue to fly at Enron - the Houston bureau will
have a report on the most current suit representing more than 30,000
Houston area teachers.  We'll hear from the attorney representing
them, Fleming & Associates' Sean Jez, from the bureau on
Thursday.

A new nonprofit organization in Houston is helping new
businesses being formed by ex-Enron employees.  On Thursday from the
Houston bureau, Resource Alliance Group Executive Director John
Elder will join us to talk about the group.  Catch Elder during the
10:00 a.m. ET newscast tomorrow.

The Houston bureau will also bring us a report on an ERCOT
workshop being held in Houston on Thursday.  Henwood Energy
Services is hosting the workshop, which will address the
implications of overcapacity for power portfolio strategy and
results.

Raymond James & Associates Senior Energy Analyst Jon
Cartwright talks to ENL's Kym McNicholas about Calpine's new
capital expenditures plan and lowered earnings projections for 2002.
Cartwright will join us during the 3:00 p.m. ET newscast on Thursday.

Finally, Kym will bring us an update on Southern California
Edison's recovery plan and the obstacles ahead.  Join us for these
reports from the West Coast bureau on Thursday.

Closing
Prices for Wednesday, Jan. 16, 2002

			Crude:
			$18.86/bbl
			-$0.04

			Unleaded:
			$0.5585/gallon
			+$0.0065

			Heating Oil:
			$0.5321/gallon
			+$0.0114

			Gas:
			$2.394/mmBtu
			+$0.103

			Fwd uE(Feb.):
			$3.69/mmBtu
			+$0.08

Keep in mind things are subject to change at a moment's notice.
Occasionally guests have to reschedule or change time slots.  We'll
continue to do our best to keep you updated on future interviews and
events.

Be sure to watch our newscasts every business day - 9 a.m. to 5
p.m. ET, at the top of each hour.

    Jay Rickerts,
EnergyNewsLive.com Anchor

      View today's Energy Wrap Video

      Windows Media Player:  56K  |
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 300K

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Rights Reserved.


We need new mattresses, Box springs and , frankly, beds in the small bunk
room.

	Mrmslane@aol.com
	11/02/2000 07:53 AM

		 To: TexBasque@aol.com, Richard.B.Sanders@enron.com
		 cc:
		 Subject: I have talked to Mom and she

wants to replace the twin mattresses at the Perd.  Can you tell me what is
needed.....I know that yall must have bought some new when you bought the
bunk beds.  So how many more need to be replaced and do I need both the
bottom and top mattresses.  Anyway, the conversation came up this weekend and
I am going to go ahead and get it done.


pls circulate to the group.  Thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 10/31/2000
05:35 PM ---------------------------

Kevin Hyatt
10/31/2000 12:38 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Electric Developments

please distribute for your staff meeting
KH
---------------------- Forwarded by Kevin Hyatt/ET&S/Enron on 10/31/2000
12:37 PM ---------------------------

Jeffery Fawcett
10/27/2000 12:34 PM
To: Steven Harris/ET&S/Enron@ENRON
cc: Kevin Hyatt/ET&S/Enron@Enron
Subject: Electric Developments

I consulted with Kevin before I took the oars in trying to answer your
question, as well as the questions raised in Drew's e-mail.  Here's what we
found out...

Steve's question:

What economics would determine if a developer could site a power plant in New
Mexico (maybe 3,000MW) and build a line to the grid in California versus us
expanding to deliver the gas to a power plant in California?

What you're really asking here is "What are the comparative economics of
energy delivered by wire versus energy delivered by pipeline?"  In this
analysis, there are a few considerations -- (1) original capital cost to
construct facilities, (2) the operating cost of the facilities, including
energy loss, and (3) environmental and other permitting considerations.

 Engineers tell us that, as a rule of thumb, high voltage transmission lines
and tower facilities cost approximately $800,000 to $1MM/mile to construct
turnkey.  This figure is comparable to the $1MM/mile "rule of thumb" we use
for turnkey construction of mainline diameter (30-36") high-pressure steel
pipeline.

In terms of operating costs, for anything over 100 miles in length, there are
three (3) basic sources of energy loss in electric transmission: (1)
transformation loss, (2) radiation loss (EFM) and (3) heat loss across the
conductors.  A rule of thumb for electric transmission loss is 3%.  This
number is comparable to the actual fuel used for compression on
Transwestern's pipeline.

The most critical issue impacting construction of high voltage transmission
lines is in the area of permitting.  There just aren't many new transmission
lines being approved.  It was suggested by more than one source that an
electric transmission project on the order posited in your example, could
take anywhere from 6 to 10 years to secure authorization.  The issues of
electromagnetic field (EMF) radiation around high voltage power lines, along
with other wildlife endangerment concerns, are significant obstacles in
securing permits for right-of-way.

In short, the answer is that while the economics on face appear to be
comparable for construction and operation of both natural gas pipelines and
electric transmission lines, the protracted permitting process for electric
transmission lines tips the scale considerably towards the more immediate
returns available on investment in natural gas pipeline infrastructure.

Drew's questions:

1. What are the key factors that determine where a power plant developer puts
his plant?

For purposes of this exercise, I'm assuming we're talking gas-fired
generation.  Developers generally describe four considerations in deciding
where to site a new electric power plant:
 1. Market area demand (distributive) and/or Transmission access to market
 2. Water rights for turbine cooling
 3. Ease of permitting (environmental, encroachment, fed/state/local
regulations, affected agencies/jurisdiction)
 4. Proximity to natural gas pipeline/supply infrastructure

2. Do the transmission access and pricing rules of the various
utilities/power pools vary all that much or are Order 888 tariffs pretty much
the same all over?

FERC Order 888 and 889 require public utilities to commit to standards of
conduct and to file open access tariffs affecting transmission among and
between other utilities and/or power pools in the various operating regions.
FERC ordered public utility transmission owners to provide transmission
access and comparable service to competitors and to functionally separate
their transmission/reliability functions from their wholesale merchant
functions. The rulemaking is analogous to the open access requirements under
FERC Order 436/500/636 affecting interstate natural gas pipelines.  It's
pretty obvious from the California example this past summer, that with
respect to the overall operation of a deregulated power market in individual
states, particularly as concerns the establishment and regulation of
Independent System Operators (ISO's), there is substantial room for
improvement (and possible further FERC involvement).

"In the open access final rule (Order No. 888), the Commission issues a
single pro forma tariff describing the minimum terms and conditions of
service to bring about this nondiscriminatory open access transmission
service.  All public utilities that own, control, or operate interstate
transmission facilities are required to offer service to others under the pro
forma tariff.  They must also use the pro forma tariffs for their own
wholesale energy sales and purchases.  Order No. 888 also provides for the
full recovery of stranded costs--that is, costs that were prudently incurred
to serve power customers and that could go unrecovered if these customers use
open access to move to another supplier."

3.  How do IPP's decide what fuel supply strategy works best (i.e., buy
bundled delivered fuel from someone vs. buy gas, storage, transport, etc.
separately)?

In my experience, there is no "one size fits all" formula or strategy.  For
example, in the past we've seen Calpine take a very hands-on approach to
supplying its IPP projects.  In the mid to late '80's, during the build out
of several QF's (cogens), Calpine bought natural gas reserves in the ground
and dedicated them to the project.  In today's market, Calpine has scavenged
the gas and basis traders from Statoil and set-up a natural gas desk for the
purchase and transportation management of gas supplies needed for its western
U.S. power projects.  In other projects, developer/owners and their lenders
are satisfied with a less active role in securing gas supply/transportation
to the project.  In short, projects look at the liquidity of the gas supply/
transportation market in deciding whether they can achieve project economics
and secure reliable supply by taking bids or RFP's for gas
supply/transportation, or whether to take a more hands-on approach ala
Calpine.

4.  What is the RTO Rule and why should we care?

Last December, the FERC issued Order No. 2000, a final rule on Regional
Transmission Organizations (RTO's).  Order 2000 builds on the foundation of
Orders 888 and 889 (issued in 1996).  According to FERC Chairman Jim Hoecker,
Order 2000 makes "a persuasive case for separating control of grid operations
from the influence of electricity market participants."  Therefore, Order
2000 can be seen as a natural outgrowth of the perceived limitations on the
functional unbundling adopted in Orders 888 and 889, continuing balkanization
of the electric transmission grid based on corporate, not state or regional
boundaries, as well as pressure to provide guidance on acceptable forms of
privately-owned transmission companies.

FERC prescribes a voluntary approach to RTO participation.  The order
initiates a regional collaborative process to foster RTO formation.  The
Order also imposes filing requirements on the privately owned "public
utilities" that are subject to FERC jurisdiction, and requires these private
utilities to describe in their filings how they have attempted to accommodate
the needs of transmission owning state/municipal, cooperative and federally
owned systems.  FERC believes that, regardless of format, RTO's will offer
the following benefits: (1) alleviate stress on the bulk power system caused
by structural changes in the industry, (2) improve efficiencies in
transmission grid management through better pricing and congestion
management, (3) improve grid reliability, (4) remove remaining opportunities
for discriminatory practices, (5) improve market performance, (6) increase
coordination among state regulatory agencies, (7) cut transaction costs, (8)
facilitate the success of state retail access programs, and (9) facilitate
lighter-handed regulation.

Critics point out that with its emphasis on flexibility, voluntary RTO
formation and transmission rate reforms (i.e., incentives), Order 2000 defers
for case-specific disposition many of the tough issues that must be resolved
in order to create an operational RTO.   Moreover, Order 2000 does not compel
any transmission owner to join an RTO, but provides only regulatory guidance
and incentives for willing participants, as well as a veiled threat of
further consequences for the hold-outs.

As to the final part of the question ("why should we care?"), presumably, the
development of a fully-functioning RTO network will promote both the
efficiency and market transparency goals of the original FERC orders.  As
FERC reads it, the future of gas-fired generation for both merchant and
utility systems, depends on an efficiently operated open access transmission
system.  Therefore, the promise of the RTO is to stimulate competition and
the ongoing investment in new generation infrastructure.  Unfortunately,
sources tell me that the voluntary nature of the RTO program may ultimately
cripple its effectiveness in meeting its stated goals.

5.  Has $5/mmbtu gas killed the gas fired power market?

Natural gas prices of $5/MMBtu can only "kill" gas-fired power plants in
those instances where (1) there are more economical alternatives to natural
gas fuel, (2) demand for electric power is offset through demand side
management or (3) natural gas in an environment of short supply is expressly
prohibited from use as a power plant fuel.  In the Western U.S. marketplace,
particularly in California, I see no viable alternative to natural gas fuel
for electric power generation.  Renewable resources currently meet less than
5% of the total electric resource requirements.  $32/barrel oil prices give
fuel oil no clear economic advantage over natural gas (even at a $5/MMBtu
price).  Moreover, California environmental and permitting regulations make
the installation of new electric generation based on anything other than
natural gas fuel or renewable resources virtually impossible.   While demand
side management programs are the politically correct approach to meeting
resource needs, historically, they have served only a minor role in
offsetting the growth in electric power.  As to the final point, I'm unable
to comment on the risk of future legal/regulatory restrictions governing the
use of natural gas as a boiler or turbine fuel.

Steven Harris
10/26/2000 10:05 AM
To: Kevin Hyatt/ET&S/Enron@Enron
cc: Jeffery Fawcett/ET&S/Enron@ENRON

Subject: Re: Electric Developments

Since you are the "expert" in this area, I need to know what economics would
determine if a developer could site a power plant in New Mexico (maybe
3,000MW) and build a line to the grid in California versus us expanding to
deliver the gas to a power plant in California. If you could let me know by
next Friday I would appreciate it.

Kevin Hyatt
10/25/2000 04:32 PM
To: sharris1@enron.com
cc:

Subject: Electric Developments

Steve, see below.  Drew asked me to help him out with his meeting.
kh

---------------------- Forwarded by Kevin Hyatt/ET&S/Enron on 10/25/2000
04:34 PM ---------------------------

	Enron Energy Services

	From:  Drew Fossum                           10/25/2000 01:49 PM

To: Dari Dornan/ET&S/Enron@ENRON, Lee Huber/ET&S/Enron@ENRON, Tony
Pryor/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Susan
Scott/ET&S/Enron@ENRON, Jim Talcott/ET&S/Enron@ENRON, Kathy
Ringblom/ET&S/Enron@ENRON
cc: Michael Moran/ET&S/Enron@ENRON, Kim Wilkie/ET&S/Enron@ENRON, Kevin
Hyatt/ET&S/Enron@Enron, John Dushinske/ET&S/Enron@ENRON, Shelley
Corman/ET&S/Enron@ENRON
Subject: Electric Developments

When we originally decided to use my staff meetings for "graduate education"
one of the hot topics was the electric industry.  We all had a first lesson
on this topic in Shelley's electricity seminar last summer.  Now, John and
Kevin have graciously agreed to join us Tuesday at 1:30 to discuss recent
developments in electric markets and NN's and TW's efforts to attract power
generation load to the system.  Specific topics I hope to cover include the
following:
1.  What are the key factors that determine where a power plant developer
puts his plant?
2.  Do the transmission access and pricing rules of the various
utilities/power pools vary all that much or are Order 888 tariffs pretty much
the same all over?
3.  How do IPPs decide what fuel supply strategy works best (i.e., buy
bundled delivered fuel from someone vs. buy gas, storage, transport, etc.
separately)?
4.  What is the RTO Rule and why should we care?
5.  Has $5/mmbtu gas killed the gas fired power market?
 Depending on how deeply we get into these topics, we may need to schedule a
follow-up session at a later date.  I look forward to seeing you on Tuesday.
DF


Randy:
Enclosed is a draft of the ETA letter that has been approved by the head of
the online group.  Sorry that this took so long.
CArol


no.  I don't think I know him.  I had another contact there.  I will look for
his name, number, email address if you want it.

	Enron North America Corp.

	From:  Michael Guerriero @ ENRON                           01/24/2001 10:20 AM

To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Pinkerton LOF

Do you have Mike Martinelli's of LOF/Pinkerton phone number and e mail
address?

Hope all is well.

Regards

MFG


Revised  Article 4.6

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


The conversation was very positive (Glynn did not know anything about it at
first, but, looked into it and called Ken back Friday evening).  Glynn said
they were including the amount owed in their negotiations over the price for
the transmission assets and said they intended to pay all of their debts,
including this one, as soon as they get paid.  He said that this weekk would
be focussed on finalizing a deal for SCE given the threat of bankruptcy; the
discussions would then turn to PG&E.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	03/14/2001 07:03 PM

		 To: skean@enron.com
		 cc:
		 Subject:

Steve:
Jim mentioned that Ken Lay was trying to talk to Glynn today about getting
the PX credit issue resolved.  Any progress made?

Best,
Jeff


Please plan to attend a meeting on Wednesday, October 17, 1:30 - 5:00p in EB-1336  to discuss Transwestern's West Texas Leg Strategy and Northern's Southend Strategy.  The discussions will also focus on what Richardson Products and/or ENA plan to do in the Permian/Waha areas.

Please call Kim Watson @ ext. 33098 or Mark McConnell @ ext. 57896 if you are unable to attend.

Thanks in advance,

adr for Kim

Audrey D. Robertson
Transwestern Pipeline Company
email address:  audrey.robertson@enron.com
(713) 853-5849
(713) 646-2551 Fax