World Watch
The Wall Street Journal, 04/23/01

PG&E's Glynn Commits Chain of Errors Before Unit's Cash Crisis
Bloomberg, 04/23/01

Massive power plant proposed
Associated Press Newswires, 04/23/01

UK: UPDATE 1-Saudi Naimi to meet US Energy Secretary this week.
Reuters English News Service, 04/23/01

INDIA: UPDATE 1-Enron's India unit, lenders to meet on payment row.
Reuters English News Service, 04/23/01

INDIA: Promoters cut Indian power project capacity-paper.
Reuters English News Service, 04/23/01

ONGC DISPUTES ENRON'S CLAIM ON MOON PROSPECT PROJECT AT TAPTI
Asia Pulse, 04/23/01

Mangalore missive asks Baligar to set records straight
The Times of India, 04/23/01

Government to change market rules in order to make electricity sector more
competitive
Expansion, 04/23/01

DPC seeks OK to exit power project
Business Standard, 04/23/01

International
World Watch
Compiled by David I. Oyama

04/23/2001
The Wall Street Journal
A15
(Copyright (c) 2001, Dow Jones & Company, Inc.)

ASIA/PACIFIC
Kookmin Bank Formal Merger Expected
The formal merger of South Korea's two largest retail banks, Kookmin Bank and
Housing & Commercial Bank, will create the country's largest financial
institution. But uncertainty over who will become president of the new
entity, which also plans to list on the New York Stock Exchange in October,
could still disrupt the merger process, officials involved in the deal say.
The presidents of the two lenders are expected to sign a binding merger
agreement today, creating a bank with combined assets of 161 trillion won
($124 billion). Foreign investors will have a combined 60% stake. Goldman
Sachs Group will hold a 9.95% interest, making it the largest shareholder of
the merged bank, which will be called Kookmin Bank. The government will hold
a 9.36% stake.
Japan to Probe Polyester-Fiber Dumping
Japan's government said it will begin an investigation into allegations that
South Korean and Taiwanese makers were dumping certain types of polyester
fiber on the Japanese market, marking the latest effort to protect some
embattled Japanese industries. The finance and economy ministries said they
received requests this year from five Japanese makers to impose antidumping
duties on the Korean and Taiwanese imports, and have found enough evidence to
embark on a formal inquiry.
Dabhol Holders May Review India Project
Shareholders of Dabhol Power, a unit of Enron of the U.S., will meet
Wednesday in London to possibly discuss the future of Dabhol's 2,184-megawatt
power project in India's Maharashtra state, an Enron India spokesman said
Saturday. Enron has a 65% stake in the $3 billion project; the Maharashtra
State Electricity Board owns 15%, and General Electric and Bechtel of the
U.S. each hold a 10% stake in Dabhol.
BRIEFLY:
-- Citing market weakness, Taiwan's Chunghwa Telecom again postponed a
planned U.S. share offering, the latest setback in efforts to privatize the
company. The decision likely means Chunghwa will have to reapply to Taiwan's
security regulator for the U.S. share offering.
-- Pakistan plans to sell a further 26% stake in Pakistan Telecommunications
to a private investor; bids will be due by June 30. The government will keep
a 62% stake.
-- Taiwan's central bank cut the discount and secured-loans rates by 0.125
percentage point to 4.0% and 4.375%, respectively, its fifth rate reduction
in as many months.
-- Kawasaki Steel said Friday it will likely join in talks on a business link
between NKK and the steel unit of Germany's ThyssenKrupp. NKK and Kawasaki,
Japan's No. 2 and No. 3 steelmakers, last week said they plan to merge
operations beginning in October 2002.
-- Time Magazine apologized to its Muslim readers after demonstrators in
India's Kashmir region last week protested an image of the prophet Muhammad
in its April 16 issue and Malaysia pulled the issue from newsstands. The
editor of Time's Asia edition said the image was an "unintentional affront to
the Islamic faith," which considers such images blasphemy.

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

PG&E's Glynn Commits Chain of Errors Before Unit's Cash Crisis
2001-04-23 03:07 (New York)

PG&E's Glynn Commits Chain of Errors Before Unit's Cash Crisis

       (Published in May issue of Bloomberg Markets.)

     San Francisco, April 23 (Bloomberg) -- When Robert Glynn
addressed PG&E Corp.'s shareholders for the first time as chief
executive, he told them he saw only one way for the price of
electricity to go in California: lower.
     ``There is no product bought on a daily basis that has such a
predictable downward price trajectory,'' he said at the 1998
annual meeting, held at San Francisco's Masonic Auditorium. Retail
prices would drop 20 percent by 2001, he predicted.
     How wrong Glynn turned out to be.
     Since June 2000, wholesale prices in California have jumped
sixfold. Utilities such as PG&E were barred from passing the
increased costs on to customers when the state's electricity
industry was deregulated in 1996.
     Glynn's misreading of the market was just one step in a chain
of events that led him, in April, to steer the company's Pacific
Gas & Electric Co. unit into Chapter 11 -- the biggest bankruptcy
filing by a utility in U.S. history.
     Saying that electricity prices would fall, Glynn, 58,
embraced deregulation -- the very same law that business leaders,
politicians, and editorialists have recently condemned.
     With the help of proceeds from the asset sales required under
deregulation, Glynn, who became CEO of PG&E in June 1997, pushed
the San Francisco-based company into new markets.
     PG&E developed a nationwide energy sales and trading business
and, through $3.5 billion in acquisitions, became a power producer
in New England and a natural gas provider in Texas.

                    PG&E Goes Up Against Enron

     As PG&E expanded outside California, it butted heads with the
likes of Enron Corp. -- and often came out on the losing end. Last
year, PG&E sold its Texas natural gas business for $840 million,
less than half the price it had paid.
     The company also sold a unit that managed energy use for
corporate customers after racking up more than $120 million in
losses.
     Some analysts and investors are fed up with Glynn's
management. ``He's put the company in some difficult situations,''
said Jeffrey Gildersleeve, an analyst at Argus Research who has a
``hold'' rating on the company's stock. ``There has been a lot to
swallow.''
     PG&E's stock, which has traded as high as $35.06 during
Glynn's tenure, dropped to $6.50 shortly after the bankruptcy
filing. It closed last Friday at $8.90, down 56 percent since the
start of the year. Bond prices have also declined.
     Pacific Gas & Electric's 7.375 percent bonds due in 2005 have
fallen to 65 cents on the dollar from about 90 cents last
November. For 2000, the company had a net loss of $3.36 billion
after taking a $4.11-billion charge for power-purchase costs.
Revenue rose 26 percent to $26.2 billion.

                  Early Proponent of Deregulation

     Glynn was an early proponent of deregulation. He told
legislators before the bill passed in 1996 that it would allow
PG&E to raise cash to pay off debt as well as to expand outside
the state.
     ``Glynn, more than anyone else on earth, invented the idea
that it was a good risk for utility shareholders to take,'' said
California Senator Steve Peace, a Democrat who co-wrote the law.
     A native of Orange, New Jersey, Glynn joined Pacific Gas &
Electric in 1984 after being with Long Island Lighting Co. and
Woodward Clyde Consultants, an engineering company now owned by
URS Corp.
     He became the utility's president in June 1995 and was named
PG&E's president when the holding company was formed in January
1997. He now serves as chairman, CEO, and president of PG&E, as
well as chairman of the utility unit.
     Under deregulation, PG&E had to sell its 89 California power
plants, including the Diablo Canyon nuclear plant, and buy most of
its electricity though a state-run market.

                       Special Sale of Bonds

     In return, the state allowed Pacific Gas & Electric to sell
$2.9 billion of bonds in November 1997 that were backed by a
special charge on utility bills. The proceeds covered the costs of
building the plants and offset a required 10 percent rate cut.
     From 1997 to 1999, PG&E raised an additional $1.5 billion
through plant sales to Duke Energy Corp., Southern Co., and
Calpine Corp.
     It also built up a business in power generation, energy
trading, and natural gas transmission outside California. Its
National Energy Group unit was North America's fourth-biggest
marketer of power last year.
     In 1997, PG&E spent $1.55 billion to purchase 18 power plants
in Massachusetts, New Hampshire, Rhode Island, and Vermont from
New England Electric System.

                         Moving Into Texas

     That same year, the company moved into Texas by buying Teco
Pipeline Co. for $380 million and then bought San Antonio-based
Valero Energy Corp.'s natural gas pipelines and processing
facilities for $1.5 billion.
     The company's PG&E Energy Services arm, called Vantus Energy
Corp. when it was started in 1995, was growing as well. The
business won contracts in 1997 to supply 800 McDonald's Corp.
restaurants in California with discounted power and to manage
energy billing for 35 Neiman Marcus Group Inc. stores throughout
the U.S.
     Gregory Phelps, manager of John Hancock's Patriot Group of
Funds, says PG&E expanded too fast and neglected its main
business: selling natural gas and electricity in California.
     ``They were out bidding on just about every generation asset
that came on the market,'' said Phelps, whose fund sold its PG&E
stake in the mid-1990s. ``They took their eyes off their own
backyard.''

                           Losses Mount

     As losses mounted across its businesses, PG&E began
retrenching. In 1998, the company pulled out of Australia, which
it had entered two years earlier by acquiring a natural gas
pipeline and other assets from the Queensland state government for
$128 million. PG&E sold that business to Duke Energy and took a
$23-million charge on the sale.
     In January 2000, the company agreed to sell its Texas natural
gas business to El Paso Energy Corp. The sale, completed in
December, produced an $890-million charge.
     PG&E got out of energy services last June, when Enron bought
the unit's contracts for $85 million and Chevron Corp. acquired
its energy-management business for $18 million.
     Now Glynn is turning his focus from building a business to
protecting it. He rejected state officials' demands that he sell
PG&E's power transmission lines in return for help in paying off
more than $9 billion in debt from power buying.
     It's a risky strategy. Proceedings under U.S. bankruptcy
judge Dennis Montali may take years to play out. Creditors will be
eager to get their hands on the 30 power plants and other assets
owned by National Energy, which produced 17 percent of PG&E's
operating profit during the first nine months of 2000.

                     Insulated From Bankruptcy

     Glynn has said the unit is insulated from the bankruptcy.
Others disagree, including Kenneth Klee, an acting law professor
at the University of California, Los Angeles, who co-wrote the
1978 U.S. Bankruptcy Code.
     Klee says creditors may be able to tap the assets if they can
prove that Pacific Gas & Electric fraudulently transferred money
earmarked for the utility to its parent. ``This might be the most
fruitful course of action,'' he said.
     PG&E's investors will have to hope Glynn is better at
interpreting the law than he is at predicting electricity prices.

--Peter Robison in Seattle (206) 224-3558 or robison@bloomberg.net
with reporting by Stacie Babula in Princeton, Liz Goldenberg in
New York, Jim Polson in Princeton, Jeff St. Onge and David Ward in
San Francisco, and Daniel Taub in Los Angeles/dw

Massive power plant proposed

04/23/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

LAS ANIMAS, Colo. (AP) - Tri-State Generation & Transmission has proposed a
1,200-megawatt coal-fired power plant, at a cost estimated at $1.3 billion,
for Bent County.
The proposed plant would be more than twice as big as any other power plant
planned for Colorado, and could assure Bent County's economic base for years
to come. It also could provide an insurance policy for Colorado's strained
power grid.
It is the right time for a new coal plant because natural gas has become an
expensive and volatile way to make elctricity, while new technology has
cleaned up the coal-burning process, Tri-State said.
"We'd incorporate the most stringent environmental controls that exist. If
you're burning high quality coal like either of our sources would provide,
and using all the best available technology, you're removing nearly
everything before it hits the stacks," said Tri-State spokesman Jim
VanSomeren.
The utility estimates that while mid-April prices for natural gas-generated
electricity were 5 cents per kilowatt-hour, coal-produced power could be as
low as 1.5 cents.
The company sells power to city-owned utilities and rural electric
cooperatives in four states and plans to go ahead with the Las Animas plant
if it lands the state permits and can sell shares of the power to Xcel and
other utilities.
Environmental critics of coal say they probably can't stop the plant from
opening by 2007, but global warming and the heated debate over Western power
give them a better forum to object than when the last generation of coal
plants came online.
"The real argument to stopping a plant like that is that there are cleaner
and cheaper ways to provide electricity in the region," said John Nielsen,
co-director of energy issues at the Land and Water Fund in Boulder. Nielsen
pointed out the irony of the new coal plant being proposed for a site just 30
miles west of a 120-megawatt, pollution-free wind power project to be
finished by Enron later this year.
"You can make the region a center for clean power, or the center for a new,
large coal plant," Nielsen said. "Both will bring jobs. One will bring
environmental impacts and one won't."
Kim McDonnell of the Bent County Development Foundation worked with Tri-State
and local officials to ensure land, water, rail and other building blocks are
ready.
Estimates are that the project could be the source of up to 1,000 workers
during construction, and 350 for operations later on. The biggest current
employer in Bent County, the Fort Lyon VA hospital that is converting to a
prison, has 175 employees.
Tri-State general manager Frank Knutson acknowledged that when the plant
comes online, there may be a window of a few years when Colorado wouldn't
need all the electricity and the company would seek buyers elsewhere to
recoup its costs. But the economics and planning of the Las Animas site will
be based on Colorado demand, he said.

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

UK: UPDATE 1-Saudi Naimi to meet US Energy Secretary this week.

04/23/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, April 23 (Reuters) - Saudi Oil Minister Ali al-Naimi will meet U.S.
Energy Secretary Spencer Abraham in Washington later this week, the first
meeting between the two officials, diplomats said on Monday.
They said the meeting, due to take place on Thursday or Friday, would allow
Naimi to meet face-to-face with his U.S. counterpart, who assumed office as
part of the George W. Bush administration in January.
The two officials are likely to discuss oil prices in the wake of OPEC's
decision to curb output twice this year by 2.5 million barrels per day (bpd),
or about nine percent.
Oil prices have found support from tight U.S. gasoline supplies which
threaten a repeat of last summer's price spike at the pumps. Saudi Arabia is
the leading supplier to the United States, the world's biggest oil consumer.
Abraham has taken a low-key approach towards the Organisation of the
Petroleum Exporting Countries - a marked departure from former energy
secretary Bill Richardson who lobbied OPEC ministers during their meetings.
But Washington has made clear it does not want to see sky-high oil prices
further eroding U.S. economic growth.
OPEC members, who last year enjoyed the biggest oil boom in two decades, have
said they would cut output again if prices fall below a $22 price floor for
their basket of seven crudes.
The basket is currently around OPEC's preferred level of $25 a barrel.
OPEC power Saudi Arabia, the world's biggest oil exporter and producer, has
said the oil cartel would move swiftly to raise output again if prices pushed
above the $28 upper limit of the group's target range.
SAUDI INVESTMENT
The oil officials' meeting comes as Riyadh prepares to award multi-billion
dollar contracts for Saudi gas developments.
U.S. oil company ExxonMobil is a leading contender to win an operatorship for
at least one of the three projects on offer, industry sources have said.
U.S. oil companies Conoco , Chevron , Phillips , Marathon and Enron/Oxy -
along with several European rivals - are also expected to play a role in the
investment.
Naimi is scheduled to speak at an energy conference in Paris on Wednesday and
travel from there to Washington. He is due in Houston on May 3 to attend a
Saudi Aramco board meeting, industry sources said.

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

INDIA: UPDATE 1-Enron's India unit, lenders to meet on payment row.

04/23/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, April 23 (Reuters) - The Indian unit of U.S. energy giant Enron Corp
and its lenders will meet in London on Monday for crucial talks on an ongoing
payment row with Maharashtra state which is preparing to lobby the federal
government for support.
The meeting will be attended by both foreign and local lenders of the Dabhol
Power Company (DPC), which is facing a cash crunch as the Maharashtra State
Electricity Board (MSEB) has defaulted on payments worth 2.26 billion rupees
($48.31 million).
Indian media had speculated over the last few days that DPC - 65 percent
owned by Enron - would seek lenders' permission in Monday's meeting to wind
up operations in India ahead of its own board meeting later this week.
"The meeting is crucial as the DPC board is meeting on April 25 to consider a
termination notice to the MSEB... it cannot do this till it gets lenders'
permission," the Business Standard newspaper said on Monday.
DPC's board is due to meet in London on Wednesday.
The DPC spokesman in Bombay declined to comment on the board meeting but said
the purpose of Monday's meeting was to update the lenders on the payment
situation.
DPC has already issued a notice saying it was prepared to fight the
non-payment issue legally and has demanded that the federal government made
good the defaults as promised in the original agreement of the mid-1990s.
Enron is the largest single foreign investor in India.
It is setting up a $2.9-billion, 2,184-MW power project in the western state
of Maharashtra through DPC.
The project's first phase of 740 MW is in operation while the second phase of
1,444 MW is expected to be commissioned later this year.
The dispute comes as India is facing a severe shortage of power and cannot
afford to put off foreign investors.
The chief minister of Maharashtra state is preparing to lobby India's
coalition government for support on his government's stand in the
controversy.
Vilasrao Deshmukh left for New Delhi on Monday afternoon to meet Finance
Minister Yashwant Sinha and Power Minister Suresh Prabhu.
Deshmukh's government, under intense pressure from a rag-tag bunch of allies
to scrap Enron's project, wants the federal government to take over purchases
of electricity from the power plant and relieve the state utility of the
payment problem.
(US$ = 46.78 Indian rupees).

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

INDIA: Promoters cut Indian power project capacity-paper.

04/23/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW DELHI, April 23 (Reuters) - The developers of a 1,000 megawatt coal-fired
power project in southern India have decided to halve the project capacity,
partly to "avoid another Dabhol-like situation", an Indian financial daily
reported on Monday.
Dabhol Power Co, majority owned by U.S. energy giant Enron Corp , operates a
controversy-ridden 2,184 MW (megawatt) power plant in the western Indian
state of Maharashtra. The state utility board has defaulted on paying for
power provided by Dabhol, and Enron now reportedly moving toward bailing out
of the Maharashtra power project.
The Business Standard newspaper said, citing unnamed sources, that the
promoters of the Mangalore Power Company (MPC) had decided to scale down the
project by half because of a lack of demand and the weak financial state of
the state's electricity board.
China Light & Power and the Tatas, one of India's leading conglomerates, are
the main promoters of the Mangalore power project.
"The initial assumptions for growth in demand for power in Karnataka were
highly optimistic," the paper quoted unnamed sources as saying. "...Karnataka
will be able to absorb only an additional 500 MW of power immediately."
"Consequently the project is likely to be implemented in only two stages.
However, the decision on this has not been taken," sources were quoted as
saying.
The promoters now propose to set up the second phase only after three to four
years when demand for power improves, the paper said.
MPC, to be built at an estimated cost of over 50 billion rupees ($1.069
billion) with a debt equity ratio of 70:30, has had its share of
controversies.
In 1999 the original promoter, the U.S.-based power major Cogentrix, walked
out of the project citing delays in government clearances. Hong Kong-based
China Light and Power, then a minority partner in the project, took over and
later roped in the Tatas.
The project, originally cleared as a fast-track power project, was to receive
a counter-guarantee from the federal government.
The guarantee hasn't materialised as the government is hesitant to do so
because of the state of the finances of the state electricity board, the
paper indicated.
(US$1 = 46.775 rupees).

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

ONGC DISPUTES ENRON'S CLAIM ON MOON PROSPECT PROJECT AT TAPTI

04/23/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, April 23 Asia Pulse - The state-owned Oil and Natural Gas
Corporation (ONGC) has virtually dismissed the US$15 million Moon Prospect
gas well project at Tapti fields saying there was no substantial recovery
contrary to claims of a big find by the joint venture parnter, Enron.
"Enron, which is the operator of the field, has not shared results of the
ambitious Moon Prospect gas well project with JV partners - ONGC and
Reliance. The project seemed to have turned into a hollow gas well," senior
ONGC officials said.
Significantly, the setback on Moon Prospect comes at a time when Enron has
put its 30 per cent stake in the JV on the bloc.
ONGC has 40 per cent stake in the US$900 million venture while Reliance has
30 per cent stake. Tapti, along with Panna-Mukta oil and gas fields, was
awarded to the consortium of ONGC-Enron-Reliance in 1992 for exploration.
Enron has claimed 1.5 trillion cubic feet of gas reserves in place, of which
25-30 per cent are recoverable reserves, sources said, adding "We, however,
feel there aren't substantial reserves in place for commercial exploitation."
After over three months of drilling and spending US$15 million, the well
reached the final depth but not substantial hydrocarbon reserves have been
struck, they said.
"Though sophisticated and expensive techniques has been used for drilling and
logging, so far the well has not brought about any reliable information about
the possibliy of hydrocarbons," sources added.
(PTI) 23-04 1817

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

Mangalore missive asks Baligar to set records straight
Stanley G. Pinto

04/23/2001
The Times of India
Copyright (C) 2001 The Times of India; Source: World Reporter (TM)

MANGALORE: Mangalore Gramantara Parisarasaktha Okkoota (MGPO) president
Upendra Hosbet has sent a letter to Karnataka Power Transmission Corporation
Chairman V.P. Baligar seeking clarifications on the power situation in the
state, with specific reference to shortages, production, demand, transmission
and distribution (T&D) losses and pilferage.
According to him, energy department officials have been consistently issuing
contradictory statements which has left the public bewildered about the
actual situation.
Firstly, Hosbet quotes Baligar's recent press statement that KPTC ``may not
require power from Orissa,'' if either the RTPS fifth unit resumes
functioning or the Tannir Bhavi barge-mounted power plant is commissioned by
April 30.
``Does this mean that before the RTPS fifth unit crashed, there was no power
shortage? Also, if there is power from this RTPS unit, is the Tannir Bhavi
project not required?'' Hosbet asked and demanded to know the rationale
behind the setting up of the 220-MW Tannir Bhavi plant, from which the KPTC
cannot refuse to buy power as per a recent High Court order.
Hosbet also wanted to know the ``real cost'' of power purchased from Tannir
Bhavi. ``Baligar has said that the cost per unit of power is Rs 4.50, but
energy secretary K.P. Pandey said it is Rs 5. Meanwhile, a KPTC officer here
said during the public hearings on tariff hike by the Karnataka Electricity
Regulatory Commission that it should be nearly Rs 6 as the price depends on
the naphtha and dollar rates!'' he said.
Hosbet asked Baligar: ``If Enron's offer of Rs 4.60 per unit is costly as per
your statement, how is the Tannir Bhavi rate cheap, considering the
additional cost of Escrow cover?''
Hosbet pointed that the Tannir Bhavi project was cleared by the government on
the grounds that though the power produced was costly, it would be available
in a very short time (reportedly six months). ``Though the power purchase
agreement (PPA) was signed in October 1997, the plant has still not generated
a unit till now. Any small power plant could have been set up in Bangalore
within this time at a lower cost and with minimum T&D losses,'' he observed.
On the issue of actual power requirement and production in the state, Hosbet
said former energy secretary P.S.S. Thomas had declared in July 2000 that the
state produces 85 million units (MU) per day, against the requirement of 55
MU. ``He said the state has been producing 12 to 15 per cent more than
requirement since 1999. Was this not the reason behind the KPTC offering
power at reduced rate of Rs 3.25 per unit to the industrial users since
January 1999?'' he asked.
But in April 2001, Baligar said the state produces only 57.244 MU against a
requirement of 95 MU. Hosbet said this means between July 2000 and April
2001, production had gone down by 30 MU and demand had gone up by 40 MU --
despite some new power plants starting production and power requirement
coming down due to industrial slowdown.
``All these statements are contradictory in nature. Seasonal variations may
cause drop in production, but this drastic drop needs some explanation,'' he
contended.
Can Baligar answer these questions?

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

Government to change market rules in order to make electricity sector more
competitive (El Gobierno cambiara las reglas del mercado electrico para
hacerlo mas compeitivo)

04/23/2001
Expansion
Copyright(C) 2001 Abstracted from Expansion in Spanish, Source: World
Reporter (TM)

The Spanish government wants to carry out an "extensive revision" of the
operation of the country's electricity market by drawing up rules which will
increase competition and enable new operators to enter the market, ending the
dominance of Endesa, Iberdrola, Union Fenosa and Hidrocantabrico, the Spanish
electricity companies. The Spanish energy commission (CNE) supports this
initiative. Last week, the government approved several changes to the
operation of the electricity production market (known as the pool). These
will adapt the liberalisation system which was approved last June, which aims
to increase the transparency of electricity buying and selling operations.
The government has asked Omel, the company which operates the pool, to
present a proposal for the reform of the market. Changes to have been minimal
since the market was liberalised in 1998. Endesa and Iberdrola still
dominate, with an 80 per cent share. According to the restrictive practices
court, the market is not very transparent or competitive, while CNE has
recommended that the rules be changed in order to create a more transparent
and efficient market. Companies such as Gas Natural, EDF, Electrabel, Enron
and Sempre, want to be part of the pool by buying and selling electricity,
but complain that Endesa and Iberdrola's dominance enables them to charge
whatever price they want. The pool has, however, been at its cheapest in
recent months, owing to increased hydraulic production.

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

DPC seeks OK to exit power project
Tamal Bandyopadhyay & S Ravindran Mumbai

04/23/2001
Business Standard
1
Copyright (c) Business Standard

The Enron-promoted Dabhol Power Company (DPC) is seeking the approval of its
25 lenders to pull the plug on the $3 billion power project in Maharashtra
tomorrow (April 23). The meeting has been convened in London at the
initiative of the company.
The meeting is crucial as the DPC board is meeting on April 25 in London to
discuss the issue of serving a termination notice to the Maharshtra State
Electricity Board (MSEB). DPC cannot go ahead with this unless it gets the go
ahead from the lenders. While bankers said the lenders' meeting is about the
second phase of the project, which is still under construction, state
government officials clarified that since there is only one PPA covering both
phases of the project, the lenders' decision will be applicable to the
existing Phase I also. The second phase of the project involves 1,444 MW
generation capacity, whereas Phase I of 740 MW is already operational.
"According to the loan agreement, even if only four per cent of the lenders
agree to terminate the contract then DPC can do so," highly placed sources in
the lenders' consortium said from London. This in effect means that only one
lender has to agree for DPC to serve a preliminary termination notice.
Following the notice, there is a cooling off period of six months for both
parties (the MSEB and DPC) to find a mutually acceptable solution, which may
take the form of a re-negotiated PPA, sources added.
Sources also said that there are two separate meetings scheduled with
lenders. The Monday meeting will be attended by all the lenders including
multilateral funding agencies like Japanese Exim Bank and OPIC. The second
round of meetings schedule for Tuesday will be only with the global loan
arrangers ANZ Investment Bank, CSFB, ABN -AMRO, Citibank and the SBI. Two
representatives each from the Indian lenders, IDBI, ICICI and SBI have
already left for London.

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


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new daily financial show, &Jim Cramer,s Real Money Talk8.

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from our studio at TheStreet.com New York City Headquarters.

The limited space at our intimate venue is filling up.
Be sure to register TODAY for this exclusive opportunity!

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evening, August 6 in New York City at American
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to attend this event!  Wednesday is your last day to take advantage
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---------------------- Forwarded by Mary Hain/HOU/ECT on 12/11/2000 02:05 PM
---------------------------

TIM HEIZENRADER
12/11/2000 01:06 PM
To: Tim Belden/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT
cc:
Subject: California Attorney General's Subpoena

Just in from Bill Comish at WSCC. Includes California subpoena seeking
records of EHV access and WSCCnet activity.

---------------------- Forwarded by Tim Heizenrader/PDX/ECT on 12/11/2000
08:56 PM ---------------------------

"Bill Comish" <bill@wscc.com> on 12/11/2000 09:00:24 PM
Please respond to bill@wscc.com
To: EHV.Web.Site.Clients@webserv.wscc.com
cc: Dennis Eyre <dennis@wscc.com>

Subject: California Attorney General's Subpoena

Please see the attached documents.  If you have concerns or
questions, please contact me.

The subpoena and its cover letter are in WordPerfect format, but
you should be able to open them in Word 97 if necessary.

 - CAG-Request-Clients.doc

 - EyreLetter.wpd

 - wsccsubpoena.wpd


got your messages + attachments and mark's - WOW + THANKS!!
also calc'd it all myself
will review + compare + send around comments
-cv
Carolyn M. Vavrek
Manager - Human Capital Advisory Services
Deloitte & Touche
50 Fremont Street
San Francisco, CA? 94105

phone: 415-783-5137
fax: 415-783-8760
e-mail: cvavrek@deloitte.com

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Sunday, February 18, 2001 8:26 PM
To: Mark Guinney
Cc: asama@yahoo.com; cvavrek@deloitte.com; Jeff.Dasovich@enron.com;
Jeff_Dasovich@enron.com
Subject: Re: Answers

Since it seems like folks may have only been sporadically receiving my
emails, please let me know if you receive the memos and accompanying
spreadsheets that I just sent.? Thanks.

Best,
Jeff

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


Gentlemen-

 Please verify the language in the attached document, make any necessary
changes and return to me.

Thanks,

DMM


USA: Cinergy to buy two power plants from Enron.
Reuters English News Service, 12/12/00

Cinergy Agrees to Acquire Two Merchant Generating Plants From Enron
Business Wire, 12/12/00

Cinergy Corp. Affiliate Buys Two Enron Generating Plants
Dow Jones News Service, 12/12/00

Media1st.com Launches Media-Driven Interactive Distance Learning Initiative
To Manage Explosive Demand
Business Wire, 12/12/00

USA: Cinergy to buy two power plants from Enron.

12/12/2000
Reuters English News Service
(C) Reuters Limited 2000.

NEW YORK, Dec 12 (Reuters) - Cinergy Corp. said Tuesday its non-regulated
unit, Cinergy Capital & Trading Inc., would purchase two natural gas-fired
power plants from Enron Corp. .
Financial terms of the deal were not disclosed.
The two Enron units, the 494-megawatt (MW) Brownsville generating facility in
Tennessee and the 504-MW Caledonia plant in Mississippi, would increase
Cinergy's generation portfolio owned, operated, or under construction, to
about 21,000 MW, Cinergy said in a statement Tuesday.
The Brownsville facility has four natural gas-fired combustion turbines,
while the Caledonia facility has six.
Both stations began operation in June 1999. They are located in the
Southeastern Electric Reliability Council (SERC) and are interconnected to
the Tennessee Valley Authority's transmission system, the statement said.
The acquisition is subject to approval from the Federal Energy Regulatory
Commission (FERC), as well as other regulators, and is expected to be
completed by the spring of 2001, Cinergy said.
Cinergy Capital & Trading is an energy marketing and project development
affiliate of Cincinnati, Ohio-based Cinergy Corp. Cinergy's largest operating
companies, Cincinnati Gas and Electric Co. and PSI Energy Inc. provide
electricity to more than 1.4 million customers in Indiana, Ohio and Kentucky.

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

Cinergy Agrees to Acquire Two Merchant Generating Plants From Enron

12/12/2000
Business Wire
(Copyright (c) 2000, Business Wire)

CINCINNATI--(BUSINESS WIRE)--Dec. 12, 2000--Cinergy Corp. (NYSE:CIN) today
announced that Cinergy Capital & Trading, Inc. (CCT), a non-regulated
affiliate of Cinergy Corp, and Enron North America have signed a definitive
agreement under which CCT will purchase two natural gas-fired merchant
electric generating facilities located in the southeastern United States.
The transaction is anticipated to be accretive to Cinergy's earnings in 2001.
Financial terms were not disclosed. Also, the transaction will increase
Cinergy's generation portfolio to about 21,000 megawatts (net owned, operated
or under development) with the non-regulated portion being approximately
15,000 megawatts.
"This acquisition in combination with our recently deregulated Ohio
generation and the peaking capacity added early this year creates for Cinergy
a significant and balanced generation portfolio of baseload and peaking
capacity," said James E. Rogers, president and CEO of Cinergy Corp.
"Importantly, these facilities can serve our large long-term customers in the
Southeast, which is among the fastest growing areas in the country, as well
as our Midwest customers."
The acquisition consists of Enron's 494-megawatt Brownsville generation
facility located in Haywood County, Tennessee and the 504-megawatt Caledonia
generation facility located in Lowndes County, Mississippi. Brownsville has
four natural gas-fired combustion turbines and Caledonia has six. Both
stations entered into service in June 1999. Both facilities are located in
the Southeastern Electric Reliability Council (SERC) region and are
interconnected to the Tennessee Valley Authority's transmission system.
"Cinergy has created a regional leadership position in the Midwest power
market and is focused on strategic opportunities to expand our footprint,"
said Michael J. Cyrus, president of Cinergy Capital & Trading. "With this
transaction we will have added approximately 1,700 megawatts in the eastern
interconnect and increased our non-regulated generating capacity in excess of
30 percent in just over a year. It is indicative of our continued commitment
to the growth and value of a balanced energy merchant business."
The completion of the acquisition is subject to, among other things, receipt
of approval of the Federal Energy Regulatory Commission and expiration of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976. Cinergy currently expects that regulatory approvals would be obtained
and the transaction will close in Spring 2001.
Cinergy Capital & Trading, Inc. is a non-regulated energy marketing and
project development affiliate of Cinergy Corp., one of the nation's leading
diversified energy companies, with a total enterprise value of $8.5 billion
and assets of $10 billion. In addition to its generation portfolio, it also
has 55,000 miles of electric and gas transmission lines in the United States
and abroad and approximately 9,000 employees in nine countries. Its largest
operating companies, The Cincinnati Gas & Electric Company and PSI Energy,
Inc., serve more than 1.4 million electric customers and 478,000 gas
customers in Indiana, Ohio and Kentucky.
Cinergy is active in U.S. power and natural gas markets and maintains a
24-hour-a-day, seven-day-a-week trading operation. The interconnections of
Cinergy's Midwestern transmission assets give it access to 37 percent of the
total U.S. energy consumption. In 1998 the New York Mercantile Exchange
selected Cinergy to be its transmission hub for Midwest electricity futures
trading, which has become the most active hub in the United States.
In addition to its U.S. operations, Cinergy owns and operates power
generation, transmission and distribution assets in the Czech Republic,
Spain, the United Kingdom, Zambia, Kenya, South Africa and Estonia. Cinergy
is also active in European gas and electricity markets.

Statements made in this release that convey the company's or management's
intentions, expectations or predictions of the future are forward-looking
statements. The company's actual results could differ materially from those
projected in the forward-looking statements, and there can be no assurance
that estimates of future results will be achieved. Please refer to the
company's SEC filings for additional information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statements.

CONTACT: Cinergy Corp. News contact: Steve Brash, 513/287-2226 (w)
513/231-6895 (h) Angeline Protogere, 317/838-1338 (w) 317/298-3090 (h)
Investor contact: Steve Schrader, 513/287-1083 Website: www.cinergy.com
11:13 EST DECEMBER 12, 2000

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

Cinergy Corp. Affiliate Buys Two Enron Generating Plants

12/12/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

CINCINNATI -(Dow Jones)- Cinergy Corp.'s (CIN) Capital & Trading Inc.
affiliate signed a definitive agreement to purchase two natural gas-fired
merchant electric generating facilities from Enron North America, a unit of
Enron Corp. (ENE).
Financial terms were not disclosed.
In a press release Tuesday, Cinergy said it anticipates that the transaction
will add to earning in 2001.
A First Call/Thomson Financial survey of 14 analysts produced a mean earnings
estimate for 2001 of $2.64 a share.
In 1999, Cinergy earned $2.53 a diluted share on a gain.
The acquisition consists of Enron's 494-megawatt Brownsville generation
facility in Haywood County, Tennessee, with four natural gas-fired combustion
turnbines, and the 504-megawatt Caledonia generation facility in Lowndes
County, Mississippi, with six turbines.
Both stations, which entered into service in June 1999, are in the
Southeastern Electric Reliability Council region and are interconnected to
the Tennessee Valley Authority's transmission system.
The acquisition is subject to approval by the Federal Energy Regulatory
Commission and expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act, among other things.
Cinergy expects to close the transaction in the spring of 2001.
Cinergy's New York Stock Exchange-listed shares recently traded at $32.63, up
44 cents or 1.4%, on composite volume of 159,700 shares. Average daily volume
is 509,838 shares.
-Dorothea Degen; Dow Jones Newswires; 201-938-5400
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Media1st.com Launches Media-Driven Interactive Distance Learning Initiative
To Manage Explosive Demand

12/12/2000
Business Wire
(Copyright (c) 2000, Business Wire)

SAN JOSE, Calif. --(BUSINESS WIRE)--Dec. 12, 2000--Media1st.com(R), a leading
Internet broadcasting and interactive streaming media application service
provider today announced at the Streaming Media West Conference and
Exposition it is expanding its end-to-end interactive distance learning
services suite.
As a result of the burgeoning demand from its existing customer base and
inquiries from the marketplace, Media1st.com has dedicated a substantial
level of its engineering and programming resources to support its interactive
Education Service Provider (iESP[SM]) unit.
"Media1st.com's iESP initiative leverages our existing patent-pending
technologies developed for our current corporate and media customers and
takes it one step further," said Tom Doty, president and CEO of Media1st.com.
"The eLearning marketplace is hungry for the feature-rich interactive
applications we've already developed and accelerates our entry into this
market."
CEeasy.com, a distance learning company that provides online classes to
professionals in insurance, real estate, accounting and law, hired
Media1st.com to bring its solution to market. CEeasy customers access the
company's portal to participate in streaming video course lectures and exams.
The content can be accessed by both broadband and dial-up web learners and
are synchronized with high-resolution visuals, real-time testing modules,
polling and chat features.
"Our focus was to incorporate streaming video with online learning to create
a richer, more fulfilling experience for the professional who is required to
continue his or her education or to provide corporate training," said Bill
Gillespie, president and CEO of CEeasy. "Media1st.com made every phase and
feature of our design possible incorporating pay-per-view and interactive
streaming tools to create an enjoyable web-based learning experience."
According to International Data Corporation the market for educational
services reached $US 625 billion in 2000 or 7% of total GDP. This number
excludes the $US 62.5 billion expenditures by US companies to provide
continuing education to employees.
Media1st.com, through its partnerships with Enron Broadband Services (NYSE:
ENE) and epicRealm, has created a global distribution network with edge
technologies to reach more viewers effectively than ever before possible. In
addition, the company has developed industry-specific interactive distance
learning applications necessary to assist companies and educational
organizations to make an accelerated entry into online training and
education.

About Media1st.com

Media1st.com is an Internet broadcasting company that enables companies to
distribute interactive streaming video to their audiences regardless of
geography. Media1st.com provides the complete infrastructure for production
and delivery of digital media services including live or on-demand
webcasting, online marketing, interactive distance learning, video enabled
email, encoding, hosting and distribution of video content. For more
information, visit www.media1st.com or call 888.652.4417. Visit
www.mail1st.com to sign up for your own free video email account.

About CEeasy

CEeasy provides training and continuing education classes for professionals
in insurance, real estate, accounting and law. Unlike other on-line learning
solutions, CEeasy courses are provided in the form of video. Students can
take the classes they require when they want from anywhere in the world.
CEeasy was created by professionals in law, insurance and real estate. Their
goal is to provide the nation's most convenient and valuable training
solution.

Media1st.com and the Media1st logo are registered trademarks of Media1st.com.
All other company names, products and services are the property of their
respective companies.

CONTACT: Media1st.com Jeff Gardiner, 404/881-9331 jgardiner@media1st.com
13:21 EST DECEMBER 12, 2000

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


Scott:

This is the memo that Vince sent to the "top" management for the offsite.
I am sending it to you for your information.   Glad you can be there on
Thursday evening.

******************************************************************************
************

I would like to invite you to an off-site meeting of John Griebling's
organization
and the Research Group.

Date:   April 27 - April 29
Location:  Breckenridge, Colorado

As you know, John Griebling is managing the network design and construction
project
currently under way in EBS. The Research Group is actively involved in this
effort
which requires advanced quantitative skills in the area of stochastic
optimization and
stochastic processes (for modeling and forecasting Internet traffic flows).

The objective of this meeting is to develop common language and accomplish
transfer
of skills between the two groups, to facilitate cooperation on this project
in the future.

We are inviting Ken Rice and Kevin Hannon to this meeting. We would
appreciate if you could
speak, together with Kevin and Ken, on strategic directions of EBS. It is
important for a group
of technical people, with relatively specialized technical skills, to
understand the big picture.

I am attaching the preliminary agenda for this meeting.

Vince Kaminski


Tory,

Many thanks,
Kelly WIlliams

(See attached file: enron resume.doc)

Thank you for all your hard work.  I hope that this e-mail will arrive to
you beter than the last.

Courtney Campbell
05/11/2001 06:39 PM

To:   kenneth.lay@enron.com
cc:

Subject:  David Campbell's Resume

Mr. Lay,

I want to thank you for taking time out of your busy schedule to help me
with my job venture.  I really admire Enron as a company would like to
learn and become a part of your team.

I look forward to assisting you and Enron where ever you need help.

(See attached file: enron resume.doc)

Thank you for all your help,
David Campbell

 - enron resume.doc
 - enron resume.doc


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Daily Energy Letter
http://www.carrfut.com/research/Energy1/Energy-Letter1-14-02.pdf


Approved.
Sally Beck

System would not allow me to submit request electronically.

---------------------- Forwarded by Sally Beck/HOU/ECT on 04/11/2000 01:21 PM
---------------------------

From:  Information Risk Management/HOU/ECT

Subject: Your approval is requested

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

	Further Information

Requestor:			Stephanie Sever/HOU/ECT
Manager:
Request Date:	04/10/2000 04:35:17 PM
RC #:	2662	WO #:
Company #:	0413	Priority:	Normal
General Comments:


Tara:

Thanks for the update. It seems Anjam is playing hard ball a little. My
initial reaction is to be inflexible because it is a good offer, but on
second thoughts, could you please give me an idea of what is meant by a
12-month assignment when you have a moment?  Compensation, benefits,
responsibilities, career path implications, etc.

Many thanks!

Regards,
Grant.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 10/27/2000
10:56 AM ---------------------------

Jeffrey C Gossett
10/25/2000 10:59 AM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Deals in the FT-West book

?????????
---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 10/25/2000
10:59 AM ---------------------------

Stacey Vallejo
10/25/2000 09:27 AM
To: Jeffrey C Gossett/HOU/ECT@ECT
cc:
Subject: Deals in the FT-West book

Hi Jeff,

Just to let you know that there are a few deals that need to be
moved to the FT-US/CAND-ERMS book before the end of
Thursday this week, as they need to be invoiced from the
Canada office.

Please let me know if you have any questions on this.

Thanks so much for your help.

Stacey
(403)974-6787


Great.  Thanks for the info.  I'm happy to see you working on some analysis!

We're working on a project for email alerts/notifications etc. which should be sweet when it's done - I think
this would be a good place for collaboration, although we're designing something fairly complex.

also, a possibly very good solution to load/resource balance performance would be to use an OLAP backend.
you should definitely consider this when you're working on things.  If you go to albertapower and select the
Data Summaries (tabular) link you can go to some pivot tables we have on line which should give you some
idea of the speed gain from olap (it's a pain in the ass, but you have to add "http://albertapower" and "http://albertapower.enron.com"
to your "trusted sites" in the Tools->Internet Options->Security section.  you may also have to futz with the
various settings under the "trusted sites" category.  if you take a look, but can't get past the errors, give me a call
and i'll walk you through it.

From:	Maria Van houten/ENRON@enronXgate on 05/25/2001 11:54 AM CDT
To:	Cooper Richey/CAL/ECT@ECT
cc:
Subject:	RE: review

Hi Cooper,
I forgot to tell you, I did some FTR analysis back at the beginning of the year which was really interesting.  I also did some hydro flows analysis to forecast when the runoff would start picking up.  I did this by looking at previous years unregulated flows and average temperatures for Spokane and Kalispell and discovered that the flows increase dramatically approximately two months after the average temps reach above freezing on a continuous daily basis.  In addition to the Cal ISO OASIS conversion, I'm currently working on a webpage that will allow individuals to sign up for various e-mail alerts/notifications.  I'm also studying the load/resource balance and tweaking it to make it faster (i.e. through indexes, rewriting SQL code to promote optimization, etc.), more robust, and fully automated (through Perl and S-Plus).
-- Maria

 -----Original Message-----
From: 	Richey, Cooper
Sent:	Friday, May 25, 2001 8:51 AM
To:	Van houten, Maria
Subject:	review

Hi Maria,

can you give me a call when you have a chance?  I'm reviewing you and I wanted to
make sure I had a comprehensive list of the projects you've been working on.  Not
sure I have your right phone number.

403 974 6946

Cooper


Everyone, revised contracts from Enron.

Mike - both contracts now attached with the updated clause. Dan stated he
does not need to re sign the assignment. If you need clarification please
contact Dan directly. Based on this Enron is done.

Kelvin, the agreement you need to print off is 2001-023acrfm.doc

Now it is up the the lawyers to get the documents signed at BP and Gulf.

Please advise Jim Pearson or myself once all agreements are signed and we
can start flowing AOS via BP

Thanks,
------
Bruce Kohrs
Phone: (403)205-7684
Fax: (403)266-1947
e-mail:bruce_kohrs@keyspancanada.com
----- Forwarded by Bruce Kohrs/Keyspan/ca on 04/09/2001 10:31 AM -----

                    Grant.Oh@enro
                    n.com                To:     bruce_kohrs@keyspancanada.com
                                         cc:
                    04/09/2001           Subject:     Crestar confirmations
                    10:26 AM

---------------------- Forwarded by Grant Oh/CAL/ECT on 04/09/2001 11:25 AM
---------------------------

Dan J Hyvl
04/09/2001 11:01 AM

To:   Grant Oh/CAL/ECT@ECT
cc:   Ellen Wallumrod/NA/Enron@ENRON
Subject:  Crestar confirmations

Grant,
     Bruce called to say the language is okay.  Hunter also confirmed the
language.  Please print out the attached confirms and forward them to
Crestar.  Hopefully this is the last time.

(See attached file: 2001-023crfm.doc)(See attached file: 2001-023acrfm.doc)

(See attached file: 2001-023crfm.doc)(See attached file: 2001-023acrfm.doc)

 - 2001-023crfm.doc
 - 2001-023acrfm.doc


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/10/2000
08:30 AM ---------------------------

Barbara Ostdiek <ostdiek@rice.edu> on 09/06/2000 08:33:54 AM
To: ostdiek@rice.edu
cc:
Subject: RICE/ENRON FINANCE SEMINAR SERIES

Rice/Enron Finance Seminar Series Participants:

We are getting ready to kick off the 2000/2001 Enron Finance Seminar Series
at Rice University.

You can find the current schedule at http://www.ruf.rice.edu/~jgsfss/ .
Note that this is a new web address.

For your convenience, here are the dates and speakers lined up so far:

Sept 22    Jeff Pontiff, U. of Washington
Sept 29    Len Mirman, U. of Virginia
Oct    6    Charles Lee, Cornell
Oct   13   George Allayannis, Darden
Oct   20   William Goetzmann, Yale
Nov   17   Yacine Ait-Sahalia, Princeton (joint seminar with Rice Economics)

Mar    9    Paul Schultz, Notre Dame
Apr   27    Luigi Zingales, U. of Chicago

Lined up for the spring but date not yet scheduled:

Tim Bollerslev, Duke University
Matthew Richardson, New York University

As changes are made to the schedule, I will notify the distribution list.

In addition, as we have done in the past, we will post the abstract and a
downloadable version of the paper (if available) to the website a week or
two before the seminar.  The website will also provide a link to the
speaker's homepage so you can access his or her biographical
information.  If the paper is not available at the website, I will send a
hardcopy to interested Jones School faculty, to Felecia Jones (Economics),
Latha Ramchand (University of Houston), and Vince Kaminski (Enron).

I will e-mail an announcement before each seminar, reminding you of the
seminar date, time, and location.  The distribution list will include
everyone that receives this e-mail.  Please contact me at ostdiek@rice.edu
if you would like to be deleted from the mailing list or if you know of
someone who should be added (new PhD students, new faculty, etc.).

bbo

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

Barbara Ostdiek
Assistant Professor of Finance
Jones Graduate School of Management
Rice University
6100 Main Street - MS 531
Houston, TX 77005-1892

713-348-5384 (voice)
713-348-5251 (fax)
ostdiek@rice.edu
www.ruf.rice.edu/~ostdiek/


Do I need to get involved?

	Kay Mann@ENRON
	01/22/2001 04:50 PM

		 To: "Thomas Hetherington" <thetherington@bracepatt.com>
		 cc: <richard.b.sanders@enron.com>
		 Subject: Re: Westinghouse 501d memo

Yes, this is issue is still around.

Thomas, I had some correspondence faxed to you today.  In it SW is clearly
taking the position that the damage to the generator occured after delivery
under the contract.  I thought you addressed that well in your memo, however,
I have another question.  What impact does the use of DDP (Incoterms) have?
Is it just one more part of the contract to be taken as a whole, or might it
have some greater significance?

Will the passage of ROL impact the LD claim?  I assume not, but I want a
sanity check.

Thanks,

Kay

"Thomas Hetherington" <thetherington@bracepatt.com> on 12/19/2000 09:47:11 AM
To: <kay.mann@enron.com>
cc: <richard.b.sanders@enron.com>

Subject: Westinghouse 501d memo

Attached is a legal memo regarding Westinghouse's delivery obligations with
respect to the 501D5A gas turbine generator package.  I will forward you an
additional copy by fax.

TFAH


I am resending last agenda because some folks could not read the last update.  Also copied below in case you still cannot open the file.

EMF 20 Meeting #1
Natural Gas, Fuel Diversity and North American Energy Markets
Dor? Commons, Baker Hall
James A. Baker III Institute for Public Policy
Rice University
Houston, Texas
January 22-23, 2002
Monday, January 21:     Informal Reception, Hilton Houston Plaza Hotel's lounge, 8-10 PM
Tuesday, January 22
  8:00  8:30    Continental Breakfast and Registration, Dor? Commons, Baker Hall
  8:30 - 8:45   Welcome and Introductions
                                Amy Jaffee, Baker Institute, Rice University
  8:45 - 9:00   The EMF:  Goals, Process and Reports
                                Hillard Huntington, EMF, Stanford University
  9:00-10:30    Critical Strategic and Policy Issues:  What Do We Want to Know?* Charles Rossmann, Southern Company Robert Stibolt, Tractebel North America  James Kendall, US Department of Energy
11:00-12:30     Natural Gas Supply:  What Do We Know (or Think That We Know)?* Ronald Charpentier, US Geological Survey  Kevin Forbes, Catholic University Bruce Henning, EEA
12:30- 1:30     Lunch
  1:45 - 3:15   Natural Gas & Energy Markets: What Do We Know (or Think That We Know)?*
                                James Jensen, James Jensen Associates David Montgomery, Charles River Associates  Dale Nesbitt, Marketpoint and Altos Management Partners
  3:45 - 5:30   Smaller Study Group Meetings (proposed) ?       Natural Gas Availability ?       Natural Gas & Energy Market Developments ?       Managing Fuel Risks
  6:30  Dinner at Pappasitos Cantina
*  Brief presentations followed by group discussion.
Wednesday, January 23
  8:00  8:30    Continental  Breakfast
  8:30-10:00    Review & Discuss Study Group Reports
10:30-12:30     Develop Preliminary Study Plan
12:30 - 1:30    Lunch at Meeting Room
  1:30 - 3:00   Refine Study Plan & Prepare for Next Meeting
*******************************************************************
Hillard G. Huntington                   Voice:  (650) 723-1050
EMF - an international forum on         Fax:    (650) 725-5362
energy and environmental markets        Email:  hillh@stanford.edu
Stanford University
EMF Website: http://www.stanford.edu/group/EMF/
 - Agenda20-1.doc


Hello Sue:

What time would Steve need to be there and what time can he leave?  I need to
start thinking about flights.

Thanks !!

From: Susan M Landwehr on 05/20/2001 09:35 PM
To: Steven J Kean/NA/Enron@Enron
cc: Richard Shapiro/NA/Enron@Enron

Subject: Re: Gov Geringer meeting

Steve--unfortunately, I really do need you to do this one.

	Steven J Kean
	05/17/2001 12:04 PM

		 To: Susan M Landwehr/NA/Enron@Enron
		 cc:
		 Subject: Re: Gov Geringer meeting

I'd prefer to skip.  How big of a problem would that be?

From: Susan M Landwehr on 05/14/2001 03:09 PM
To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron
cc: Maureen McVicker/NA/Enron@Enron, Ginger Dernehl/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT

Subject: Gov Geringer meeting

Steve/RIck ---as you may be aware, Governor Geringer personally asked Ken Lay
to come to the kick off meeting of the Wyoming Energy Task Force, a group
that was created by legislative mandate last month.  The meeting is on May
30th in Cheyenne.  Mr. Lay told the Governor that he would not be able to
make it on that date, but promised that a senior Enron exectutive would be
there.  I spoke with Governor Geringer's staff person again this past week
and was hoping that Paul Kaufman could be the senior executive, but no such
luck (unless you give Paul a huge new title!).

In talking with Maureen I understand that you have a previous conflict Steve,
but I am hoping that you can review your calendar to see if you could make an
adjustment in order to meet the request of the Governor.  Your speech would
be in the morning--I've been told about 9 o clock or so---which would allow
for you to leave by noonish.

I


Wahey on curry
--------------------------
Sent from my BlackBerry Wireless Handheld


Hi Sara, let me know what you think about the following attachment.

Thanks,
Melissa


FYI.  I don't think it will take long to get a draft.  I'm happy to
coordinate with Sarah and Accounting.  Is it Mary Lynn that I should talk to?

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/28/2000 09:22
AM ---------------------------

"Heather Brown" <hbrown@bracepatt.com> on 09/27/2000 07:19:21 PM
To: <Kay.Mann@enron.com>
cc:

Subject: Re: More stuff

Thanks for the information.  If I deciphered this correctly, this is going to
be what I would call an "autoborrow" facility ... Enovate's cash flow is
swept into an account.  Each day:  (i) if Enovate's cash position is short
(and availability remains under the loan agreements) advances are made under
each loan agreement (probably directly into the acount), and (ii) if
Enovate's position is long, the positive balance of the account is applied
towards the outstanding loan balances, if any.  We'll need to get minimum
target amounts (i.e., do you really want them paying down $1.00 of each
loan?) from the business people.

Based on the foregoing, I suspect that these will be single-lender, prime
rate based loan agreements (otherwise it would be a huge operational
headache).  Once you confirm the single lender part, that will be enough
preliminary information for me to start on a loan agreement.

Heather

>>> <Kay.Mann@enron.com> 09/27/00 06:20PM >>>
Hi Heather,

Don't have the answers to your questions, but I wanted you to see the
attachment to Gregg's email.  It outlines some of the commercial aspects of
the loan agreement, although it might not be in a form you can easily
decipher.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/27/2000 06:19
PM ---------------------------

 (Embedded     Enron North America Corp.
 image moved
 to file:      From:  Kay Mann
 pic11606.pcx) 09/27/2000 06:15 PM

To:   Gregg Penman/Corp/Enron@Enron
cc:

Subject:  Re: More stuff  (Document link: Kay Mann)

1.  I haven't seen the paperwork on the name change.  I asked around
yesterday, and I have someone checking it out.  Initially going through
Corp (vs. ENA) made it a bit more complicated to track down.

2.  I believe I sent you a form services agreement to review.  I think that
the parameters for performing certain services can be captured by way of
reference to a named guideline or procedure, or by attachment as an
exhibit.  I will resend the email for your easy reference.

Hope this helps.

Kay

 (Embedded
 image moved
 to file:      From:  Gregg Penman
 pic11020.pcx) 09/27/2000 02:28 PM

To:   Kay Mann/Corp/Enron@Enron
cc:

Subject:  More stuff

1-Is there anything left to do to change the name under the LLC agreement
to enovate?
   2-I am attaching the overview cash protocol that was discussed during
our meeting with Treasury, Accounting and Finance.  Who can begin crafting
a services agreement around this template?
(See attached file: Cash Protocol.doc)
That's it for this moment.

Thanks,

Gregg


Thanks for your note.  Sorry that all we managed last week was a wave.  My
last trip to London was March of 2000, so I certainly had a very full
agenda.  Mike Jordan kept my schedule very full, but productive, and even
lunches and dinners were filled with business meetings.

Do stop by when you are in the office next week.  I should be in town all
week.  --Sally

Amita Gosalia
01/23/2001 03:13 AM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Congratulations!!

Hi Sally

Congratulations on your promotion!

I was hoping to congratulate you in person while you were in London - but you
seemed really busy.  Every time you walked through our area I was on the
phone!

Hope to catch up with you next week when I visit Houston.

Best wishes

Amita


Quick Inspirations 	 [IMAGE]  Home   [IMAGE]  [IMAGE]

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Daren -

I need a service list contract set up for ENA for the MidTex line for Feb. 00
and March forward for meter 9735, deal # 203469 (XPRTUNG).  Does ENA have a
valid contract to ship on the MidTexas line?  Volume managEment would like
this done before close.  Please let me know.

- Aimee


spinnaker, one of fred's customer's , unwound a hedge today because they dont want exposure to us.


Enron is forming a new organization - - the Enron Xcelerator - - to drive the
formation and development of new businesses at Enron.  Enron's unique ability
to start and develop new businesses has driven most of our growth over the
years.  Lou L. Pai, currently Chairman and CEO of Enron Energy Services, will
lead the Xcelerator.  Over his years at Enron, Lou has been key to the
creation and rapid growth of our wholesale gas, wholesale power and energy
service businesses.  The existing business units will continue their
development of core businesses, while the Xcelerator will be responsible for
developing new business opportunities that are natural extensions of Enron's
business model and core skills, but not currently under development elsewhere
in Enron.

Dave Delainey, currently President and CEO of Enron Americas, will become
Chairman and CEO of Enron Energy Services.  Dave brings a wealth of
experience and accomplishment from Enron Wholesale Services' businesses where
he led the growth of our Canadian business and our North American origination
activity and, most recently, had a great year in Enron Americas.

Dave is forming an Office of the Chairman in EES.  Joining Dave in the Office
of the Chairman are Dan Leff, President of EES, Global Energy Services, and
Marty Sunde, President of EES, Global Marketing and Services.  Dan and Marty
have been instrumental in the development and execution of the successful EES
business model.  Also joining the Office of the Chairman of EES is Janet
Dietrich as Chief Operating Officer.  Janet, currently is Managing Director
in Enron Americas, where she has been successful in many of Enron Wholesale's
core businesses, including gas trading, risk management and structural
origination.  Tom White will continue as Vice Chairman of EES and will focus
on the development and expansion of EES' customer relationships.  Lou, Tom,
Dan, Marty and the entire EES organization have developed a great business
model with great growth prospects.  EES has become an essential part of
Enron's market valuation and growth story.  This new leadership structure
will enable EES to continue on its path of sustained growth and increasing
profitability.

John Lavorato will succeed Dave as President and CEO of Enron Americas.  John
has been an essential part of Enron's energy trading success over the years
and is a key part of Enron Wholesale Services' continuing success story.
Joining John is Louise Kitchen, currently President and CEO of Enron
NetWorks.  Louise, who accelerated Enron's outstanding growth with the
deployment of EnronOnline, will take over as Chief Operating Officer of Enron
Americas.

Philippe Bibi, currently Chief Operating Officer of Enron NetWorks will take
over as President and CEO of Enron NetWorks.  Under Philippe's leadership,
Enron has become a technology leader and the leading e-commerce company.
Joining Philippe as Chief Operating Officer is Greg Piper, currently Managing
Director of Enron NetWorks.  Greg currently leads Enron NetWork's origination
activity and was responsible for the creation and deployment of ClickPaper,
Enron's successful online pulp and paper marketplace.

Please join us in congratulating all of these individuals on their
achievements and their new responsibilities.


maybe a drink after work...

Caroline Abramo@ENRON
03/23/2001 07:29 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: today

can i grab you for a few minutes after the close to update you on fund stuff.
also, if you do not have plans tonight.. jen fraser and i were thinking of
having a little bbq (i am staying with her).. your presence is requested!!
if not, we are up for a few drinks after work,...


---------------------- Forwarded by Susan M Scott/HOU/ECT on 08/30/2000 04:46
PM ---------------------------

Ted Noble
08/30/2000 04:10 PM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Re: I'm such a rule breaker...

Hey Shorty,

I am glad to hear that today is going a little better.  We are getting a tad
busy.  I hope the beers were good last night, and I thought about a couple of
cold ones as Darren and I were getting finished around 1:30 this morning.  A
drink sounds good but I may be leaving for Austin tomorrow night after work
to pick up my friend Mark at the Austin airport (I'll find out later tonight)
and if that is the case then we'll get one next week.  I think the story
below is funny.  I'll talk to you later when I get a better sense of what is
going on.

Ted

> >A little girl was playing in the garden when she spotted two spiders
>mating.
> >
> > "Daddy, what are those two spiders doing?" she asked.
> >
> > "They're mating," her father replied.
> >
> > "What do you call the spider on top, Daddy?" she asked.
> >
> > "That's a daddy longlegs." her father answered.
> >
> > "So, the other one is a mommy longlegs?" the little girl asked.
> >
> > "No," her father replied. "Both of them are daddy longlegs."
> >
> > The little girl thought for a moment, then took her foot and stamped
>them
> >flat.
> > "Well, we're not having THAT sort of shit in our garden."
> >
>

Susan M Scott
08/30/2000 01:37 PM
To: Ted Noble/HOU/ECT@ECT
cc:
Subject: I'm such a rule breaker...

Hey Pavarotti,

Hope you day is going well and that everything is coming together for the big
presentation tomorrow.  My day is going significantly better than yesterday
so I am pleased.  Plus, my friend just emailed me from San Diego to inform me
that she can get us a great table to see the Symphony's last performance of
the season on Navy Pier...so I've got that going for me, which is nice.  By
the way, what did you end up deciding to do about this weekend - or haven't
you decided yet (the latter would not surprise me in the least...you're a fly
by the seat of your pants kind of guy or a slight procrastinator - - I always
get the two confused).

Now for the rule-breaking.  I realize it's already Wednesday but I wanted to
see if you had any interest in going to grab a bite to eat or just a drink
after work tomorrow or Friday night (in light of our heavy work loads, etc. I
hope you can forgive my rudeness).  Both you and Darren looked pretty whipped
last night and I'm sure tonight will be more of the same...You better be
careful, I think this project is starting to give you gray hair.

Shorty

- - I forgot to tell you last night that my 5 yr. old niece got in trouble on
the way to school yesterday because she punched a little boy in the eye.
Evidently, he was bothering she and her friend Reagan...I think my sister's
biggest fears have now been confirmed, little Sally may have taken after her
Aunt Sue Sue a little too much.


Management sucks.

 -----Original Message-----
From: 	Gossett, Jeffrey C.
Sent:	Wednesday, May 23, 2001 10:33 AM
To:	Lavorato, John
Subject:	P&L Penalties

FYI ...Phillip ended up taking the hit on the p&l, because he said he was facing a revolt if it went to Grigsby.


---------------------- Forwarded by Mike Carson/Corp/Enron on 07/31/2000
10:33 AM ---------------------------

"Merideth, Ken" <MeridetK@kochind.com> on 07/31/2000 08:22:05 AM
To: "'mike.carson@enron.com'" <mike.carson@enron.com>
cc:

Subject: FW: Entergy and FPL Group Agree to a $27 Billion Merger Of Equals
Creating the Nation's Largest Power Company

> -----Original Message-----
> From: Goodman, David
> Sent: Monday, July 31, 2000 7:16 AM
> To: Billy Miller; Chris Hellman; Darrell Antrich; Jason Winfield; Jeff
> Patin; Jim Stevens; Ken Merideth; Mark Egan; Melissa Beckett; Michael
> Dehaven; Peter Shipman; Scott Weissman; Willis Philip
> Subject: Entergy and FPL Group Agree to a $27 Billion Merger Of
> Equals Creating the Nation's Largest Power Company
>
> http://biz.yahoo.com/prnews/000731/fl_entergy.html


fyi
----- Forwarded by Elizabeth Sager/HOU/ECT on 06/06/2001 01:47 PM -----

	"Andy Katz" <AKatz@eei.org>
	06/06/2001 01:36 PM

		 To: <elizabeth.sager@enron.com>
		 cc:
		 Subject: Fwd: Collateral Annex

Two of two comments received.

Andrew S. Katz, Director Industry Legal Affairs
Edison Electric Institute
701 Pennsylvania Avenue, N.W.
Washington, D.C.  20004
Voice:  202-508-5616
Fax:     202-508-5673
e-mail:  akatz@eei.org
 - TEXT.htm
Received: from mail.acespower.com (aces-229.iquest.net [206.53.252.229]) by
mail.eei.org; Tue, 05 Jun 2001 15:05:36 -0400
Received: by ACESEX01 with Internet Mail Service (5.5.2653.19) id <M2CR7RSZ>;
Tue, 5 Jun 2001 14:10:11 -0500
Message-ID: <52C0BE7FBF4BD411A6B100508B5EB720494148@ACESEX01>
From: Lou Vitale <LouV@acespower.com>
To: "Andy Katz (E-mail)" <andykgc@eei.org>
Subject: Collateral Annex
Date: Tue, 5 Jun 2001 14:10:10 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: text/plain; charset="iso-8859-1"

Andy

Perhaps we could clarify the following issues at our next meeting:

* Is there a difference between credit assurances and performance
assurances?
* Is a guarantee considered a credit assurance or a performance
assurance?
* In sections 8.1 (c) and 8.2 (c), I am not sure that a margin call is
clearly defined. I believe that initial performance/credit assurance such as
a guarantee to support a collateral threshold should be excluded from this
definition, otherwise you would be reducing the overlimit amount by the
amount of the guarantee posted at the time of contract execution.

Your comments would be appreciated.

Regards

Lou Vitale
ACES Power Marketing LLC
Ph:  317- 344-7111
Fax: 317- 344-7001
Cell: 317- 696-9466
email: louv@acespower.com

 - Andy Katz.vcf


ASME International Capitol Update
January 17, 2002

1. Federal Appropriations For FY2002 R&D Up 13%
   -New Released AAAS Report Indicates

2. OMB Issues Information Quality Guidelines to Agencies
   -Higher Standard of Information Now Expected

3. State of Technology in Maryland to be Held in Annapolis
   -Focus on Technology-Based Entrepreneurship

4. National Institute Of Biomedical Imaging And Bioengineering Sees Large Increase
   -NIBIB Institute's Budget Boosted from $2 Million to $112 Million

5. President Signs Brownfields Legislation
   -FY03 Budget Shows Administration Commitment for Next Fiscal Years

*****************************
FEDERAL APPROPRIATIONS FOR FY2002 R&D UP 13%

In FY 2002, research and development was funded at its largest dollar amount in U.S. history and the largest percentage increase in nearly 20 years, according to a recently released AAAS report.  Health, defense and counter-terrorism related research show the biggest gains.

For more information, see:  http://xserver.aaas.org/news/fedsupport.html

OMB ISSUES INFORMATION QUALITY STANDARDS TO AGENCIES
The Office of Management and Budget has issued guidelines to federal agencies to add information quality standards to the procedural requirements agencies must meet with regard to their disseminated information.  The agencies can be sued if information agencies disseminate or use to develop regulations, fails to meet OMB's standards.
At least 50 federal offices are covered by OMB's guidelines, including: the Environmental Protection Agency, the White House, the Department of Defense, the Nuclear Regulatory Commission, the Department of Agriculture, the Department of Labor, the Tennessee Valley Authority, the Securities and Exchange Commission, and the U.S. Army Corps of Engineers.

For more information, contact Kathryn Holmes at holmesk@asme.org.

STATE OF TECHNOLOGY IN MARYLAND TO BE HELD IN ANNAPOLIS

ASME will join with the Technology Council of Maryland in co-sponsoring an annual gathering of Maryland lawmakers and industry leaders to discuss technology-based economic development.  This year's program will feature technology-based entrepreneurship.  Hear about challenges, accomplishments and opportunities from successful Maryland technology start-ups as well as examine how schools and universities are preparing future engineering, science and technology entrepreneurs.

The summit will be held in Annapolis on February 4.  For program and registration details, go to http://www.asme.org/gric/
If you have additional questions, please contact Reese Meisinger at meisingerr@asme.org.

NATIONAL INSTITUTE OF BIOMEDICAL IMAGING AND BIOENGINEERING SEES FUNDING INCREASE

Congress increased the National Institute of Biomedical Imaging and Bioengineering (NIBIB)'s budget from its $2 million start-up funding in FY2001 to $40 million for FY2002, plus an additional $72 million in existing imaging and biomedical funding transferred to NIBIB from other national health institutes.  In report language, a nine-member extramural task force was called for to review bioengineering and imaging projects throughout the National Institutes of Health.

For more information, please contact Melissa Murray at murraym@asme.org.

PRESIDENT SIGNS BROWNFIELDS LEGISLATION

Last week, President Bush signed legislation aimed at boosting clean up of brownfields, abandoned or underutilized industrial or commercial properties.  Redevelopment of these properties is hindered by possible environmental contamination and potential liability.  The bill provides liability protection for contiguous property owners, prospective purchasers, and innocent landowners and authorizes increased funding for state and local programs that assess and clean up brownfields.  The legislation had bipartisan support.

The President also announced that his FY 03 budget will double the funds available through the EPA for FY02, to help states and communities around the country clean up and revitalize these sites.   Urban redevelopment and brownfields cleanup also will be funded at a level of $25 million through the Department of Housing and Urban Development.

For more information, contact Kathryn Holmes at holmesk@asme.org.

*****************************
Melissa R. Murray
Government Relations
ASME International
1828 L Street, NW, Suite 906
Washington, DC  20036
Phone:  202.785.7380
Fax:  202.429.9417
Email:  murraym@asme.org

--------------------------------
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To change your personal information, or email address please click on the link below:
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--------------------------------


The Honorable Ron Wyden
US Senate
516 Senate Hart Office
Washington, DC  20510
202-224-5244
202-228-2717 (fax)
Chief of Staff:  Josh Kardon
Legislative Director:  Carole Grunberg

The Honorable Phil Gramm
United States Senate
Russell Senate Office Building-370
Washington, DC  20510
202-224-2934
202-228-2856 (fax)
Chief of Staff:  Ruth Cymber
Legislative Director:  Richard Ribbentrop

The Honorable Tim Hutchinson
US Senate
239 Dirksen Senate Office Building
Washington, DC  20510
202-224-2353
202-228-3973 (fax)
Chief of Staff:  Todd Deatherage
Legislative Director:  Chris Spear


Joannie: Thank you very much. I appreciate Jeff giving me a few minutes out of his busy schedule (May 24 at 3:00 p.m.). Here are some questions that are pertinent for our discussion.

Are there two or three experiences you look back on having been especially valuable in helping develop your leadership style? Why did you find them valuable?

How have your views on leadership changed over time?

How do you think organizational changes or global changes impact on leadership styles?

What motivates you and how do you motivate others?

Do you ever have time to reflect on your leadership style in a particular instance? if so, what process do you use for evaluation?

What are the most important leadership skills for the energy industry? Does leadership style change for other industries, such as the airline industry or the automobile industry?

 -----Original Message-----
From: 	Williamson, Joannie   On Behalf Of Skilling, Jeff
Sent:	Tuesday, May 22, 2001 1:57 PM
To:	Butler, Janet
Subject:	RE: Interview

I can schedule 15 minutes for you on Thursday, May 31 at 3:00p.  It would be a big help to Jeff if you could submit your questions via e-mail prior to the interview.

Thanks,
Joannie
5-7774

 -----Original Message-----
From: 	Butler, Janet
Sent:	Thursday, May 17, 2001 4:05 PM
To:	Skilling, Jeff
Subject:	Interview

In order to prepare a paper for my graduate class on Leadership, I would like to interview you as a leader. Some questions that would be of interest would be what events conspired to bring you to Enron, what developmental process you knowingly (or unknowingly) went through in your early years and what challenges have you encountered that made a significant change in your career.

If you would be amenable and have the time, I would like to interview you sometime next week for about 30-40 minutes. If you wish, I could provide you questions in advance to maximize your time.

Thank you for considering this request.


FYI.  The report posted on the website fails to include the report's
transmittal letter.  I just found that letter in the mail.  The letter
explains that the report's analysis DOES NOT include "the events" of May,
June and July, which the Compliance unit is currently studying.  It will
release the results of that study in the Fall.
---------------------- Forwarded by Jeff Dasovich/SFO/EES on 08/07/2000 05:19
PM ---------------------------

Jeff Dasovich on 08/07/2000 05:14:32 PM
To: James D Steffes/HOU/EES@EES, Paul Kaufman@EES, Mona L
Petrochko/SFO/EES@EES, Sandra McCubbin/SFO/EES@EES, Dave
Parquet@ENRON_DEVELOPMENT, Tim Belden@ECT, Robert Badeer@ECT, Dennis
Benevides/HOU/EES@EES, Roger Yang/SFO/EES@EES, snovosel@enron.com, Joe
Hartsoe/Corp/Enron@Enron, Christi L Nicolay@ECT, Mary Hain@ENRON_DEVELOPMENT,
Susan J Mara/SFO/EES@EES, Bruno Gaillard/SFO/EES@EES, Richard
Shapiro/HOU/EES@EES, Karen Denne/Corp/Enron@Enron, Peggy Mahoney/HOU/EES@EES
cc:
Subject: CalPX Market Compliance Unit Submits its 2nd Annual Report to FERC

Submitted to FERC on 7.31.00.  Key findings:

"The markets work."
"...virtually all price increases in the past two years can be explained by
underlying known factors such as weather, natural gas prices, and forecasts."
Almost all of the price increase during year 2 is explained by market
fundamentals...The unexplained variance in price is small and appears to have
contributed nothing to the trend."
"...a Compliance mean reversion model indicates that prices typically return
to mean price levels in less than two days."
"...the price increases...show no indications of deliberate attempts to
manipulate prices...."

If you'd like a copy, you can find it at the following address:
http://www.calpx.com/regulatory/marketcompliance/index_annualreport.html


You're done!

Regards,

Jeff

 -----Original Message-----
From: 	Lavorato, John
Sent:	Friday, March 30, 2001 2:42 PM
To:	Bowen Jr., Raymond; McMahon, Jeffrey; Whalley, Greg
Cc:	Kitchen, Louise; Devries, Glen; Colwell, Wes
Subject:

Who sais choice markets don't work.

Yours at 11 Million (Papier Massion).

Lavo


*****   Please be advised that this information is confidential and proprietary.  We ask that this confidential information be treated as such, in accordance with applicable laws and regulations governing disclosure of confidential information by gas marketers such as Enron.


Attached is the Weekly Deal Report from 10/18/01-10/24/01.

Lex Carroll
Enron East Power Marketing, Inc.
Midwest Origination
713-853-5426


-----Original Message-----
From: 	Lamadrid, Victor
Sent:	Thursday, December 13, 2001 4:11 PM
To:	Storey, Geoff
Cc:	Superty, Robert; Kinsey, Lisa; Sullivan, Patti; Gay, Randall L.
Subject:	FW: Move all your files for NEW COMPANY

The directory we(east desk logistics) would like moved(copied) for the new company is O:\common\logistics\gas\eastdesk. THANKS

 -----Original Message-----
From: 	Lamadrid, Victor
Sent:	Thursday, December 13, 2001 2:26 PM
To:	Allwein, Robert; Driscoll-Ernest, Marde L.; Garcia, Clarissa; Goodell, Scott; Halstead, Lia; Homco, Meredith; Loving, Scott; Ordway, Chris; Sanchez, Christina; Superty, Robert; Versen, Victoria
Subject:	FW: Move all your files for NEW COMPANY

Another thought is to simply copy all of your files onto the new directory if you prefer to do it that way. THANKS

 -----Original Message-----
From: 	Lamadrid, Victor
Sent:	Thursday, December 13, 2001 11:27 AM
To:	Allwein, Robert; Driscoll-Ernest, Marde L.; Garcia, Clarissa; Goodell, Scott; Halstead, Lia; Homco, Meredith; Loving, Scott; Ordway, Chris; Sanchez, Christina; Superty, Robert; Versen, Victoria
Cc:	Germany, Chris
Subject:	Move all your files for NEW COMPANY

Team, Please move all the files you need to do your jobs ( Phone lists, ID's, spreadsheets, anything) to O:\common\logistics\gas\eastdesk directory.  A copy of this will be made to conduct business in New Company....THANKS


The attached fax came for you here on Wednesday c/o me.

................................................

ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com

2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077

This transmission is intended only for the use
of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
the intended recipient, or the employee or agent
responsible for delivering the message to the
intended recipient, you are hereby notified that
any dissemination, distribution or copying of
this communication is strictly prohibited.

If you have received this communication
in error, please notify us immediately
via e-mail at postmaster@agsk.com or
by telephone at 310-277-1226. Thank you.

...............................................
 - Enclosed.txt
 - ~gw25BF.tif


Stan, this is for your information only.  Gary Mihaichuk is the TCPL rep on
the NBPL Management Committee.
---------------------- Forwarded by Robert Hill/NPNG/Enron on 12/13/2000
03:41 PM ---------------------------

	Suzanne Franco
	12/13/2000 01:19 PM

To: Bill Cordes/NPNG/Enron@ENRON, Robert Hill/NPNG/Enron@ENRON, Janet
Place/NPNG/Enron@ENRON, Ray Neppl/NPNG/Enron@ENRON, Jerry
Peters/NPNG/Enron@ENRON, Michel Nelson/ET&S/Enron@ENRON
cc:

Subject: TransCanada News Release

The following is for your information.

---------------------- Forwarded by Suzanne Franco/NPNG/Enron on 12/13/2000
01:17 PM ---------------------------

"Gary Stefko" <gary_stefko@transcanada.com>@listsrv.transcanada.com on
12/13/2000 08:14:17 AM
Sent by: tcplnews-request@listsrv.transcanada.com
To: tcplnews@listsrv.transcanada.com
cc:

Subject: TransCanada News Release

TC PipeLines, LP Announces Resignation of Garry Mihaichuk
Calgary, Alberta -December 13, 2000 - (Nasdaq NM: TCLPZ) - The board of
directors of TC PipeLines GP, Inc., general partner of TC PipeLines, LP, today
accepted the resignation of Garry P. Mihaichuk, president and chief executive
officer, effective immediately. Mr. Mihaichuk, who currently serves as
Executive
Vice-President, Engineering and Operations for TransCanada PipeLines Limited,
the parent company of the general partner, will also be leaving TransCanada to
pursue other opportunities.

For more information on this and other TransCanada news, please visit:

http://www.transcanada.com/

******************************************
Subscribe/Unsubscribe: You are receiving this message because you subscribe to
TransCanada's News Release notice list.  If you would like to be removed from
this list, please reply with UNSUBSCRIBE in the subject line, or visit
http://www.transcanada.com/form_unsubscribe.htm

Thank you for your interest in TransCanada.


Attached is our updated Dealflow summaries for Q4 pending and closed
transactions.

Please call me with any questions/comments you may have.

Jordan


Rick, Attached is the significantly scaled down version of the RAC presentation we anticipate using for the taped Bloomberg mid-year credit review.  Please let me know if you have any comments or other changes once you have had a chance to review.  As we discussed earlier, we do not yet know when the taping will be.  If it is after August 15th, we will plan on working with Bill Bradford and Dave Gorte on this. Thanks.  Shirley


Per our discussion yesterday, attached is the current org structure.

Thanx,
Laura


See you there.

From: Roseann Engeldorf/ENRON@enronXgate on 04/05/2001 11:16 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: FW: Pompano Beach - Developers Agreement

Voila.

Rose

 -----Original Message-----
From:  Milligan, Taffy
Sent: Wednesday, April 04, 2001 7:48 PM
To: Fleenor, William; Manis, Herman; Jacoby, Ben; Gray, Barbara; Engeldorf,
Roseann
Cc: White, Ann Elizabeth; Farrell, Keegan; Snow, Dina; Leigh, Lorie
Subject: Pompano Beach - Developers Agreement

Please plan to attend a meeting to discuss the Pompano Beach Developers
Agreement on Thursday, April 5.

Where: EB38c2
When:   1:00 pm - 3:00 pm

Please contact me at X57373 if you are unable to attend.

Best regards,
Taffy Milligan X57373


PRC Meetings begin on Monday, November 20th.  If you have not already done
so, please go in to PEP at http://pep.corp.enron.com and complete the
requests for feedback on the employees listed below.

If you have any questions, please call the PEP Help Desk at:

Houston:  1-713-853-4777, Option 4
London:  44-207-783-4040, Option 4
E-mail:  perfmgmt@enron.com

Thank you for your participation.

ALATORRE, JAIME
ALKHAYAT, ALHAMD
ALLEN, JOE H
BRADLEY JR, ROBERT L
CHARVEL, RICARDO O
CORMAN, SHELLEY A
DASOVICH, JEFFREY O
HARTSOE, JOSEPH R
HILLINGS, EDWARD J
JACKSON, CHARLENE R
KIMBERLY, KELLY L
MCVICKER, MAUREEN R
PALMER, MARK A
PATRICK, CHRISTIE A
RIEKER, PAULA H
SANDHERR, CYNTHIA C
SERA, SHERRI L
SHAPIRO, RICHARD S
TERRASO, MICHAEL F
THORN, TERENCE H
WARNER, TRACI L


I think the Qs and As look good. I wouldn't bring up the California situation
(eliminate the second half of A25).

Eric Thode
08/22/2000 04:53 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: Project Stanley Q&As

Comments?

---------------------- Forwarded by Eric Thode/Corp/Enron on 08/22/2000 04:55
PM ---------------------------

Eric Thode
08/22/2000 04:52 PM
To: Mark Palmer/Corp/Enron@ENRON, Steven J Kean/HOU/EES@EES, Aleck
Dadson/TOR/ECT@ECT, Robert Hemstock/CAL/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Richard Shapiro/HOU/EES@EES
cc:

Subject: Project Stanley Q&As

I haven't heard from anyone yet on the Q&A document related to Project
Stanley.  Any thoughts or comments on the attached?

---------------------- Forwarded by Eric Thode/Corp/Enron on 08/22/2000 04:53
PM ---------------------------

Eric Thode
08/11/2000 04:31 PM
To: Mark Palmer/Corp/Enron@ENRON, Steven J Kean/HOU/EES@EES, Aleck
Dadson/TOR/ECT@ECT, Robert Hemstock/CAL/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Richard Shapiro/HOU/EES@EES
cc:

Subject: Project Stanley Q&As

Attached are the 58 questions prepared by GPC in anticipation of a public
release on Project Stanley.  The answers have been compiled by numerous
individuals, including Aleck, Rob, Kevin Wellenius and me.  Please review,
make changes and return to me at your earliest convenience.  I will compile
everyone's corrections, additions, etc. and prepare a revised document.
Thanks.

If you have any questions, call me at ext. 3-9053.

Eric