no need for a correction i just want the future emails to have the correct info
I will get with Laura

thnx
dq

 -----Original Message-----
From: 	McDaniel, Kirk
Sent:	Monday, October 08, 2001 10:49 AM
To:	Quigley, Dutch; laura.a.de.la.torre@accenture.com
Subject:	RE: SME Meetings Status
Importance:	High

Dutch

I get it directly from Accenture. See below the email from Laura. Contact her ASAP and get your information corrected. I will personally send out a correction. This is meant to be a status update not a report per se.

Laura
As you can see from Dutch's email, this report must be accurate. Please review and update in so that I can send a new email today. Thanks
Cheers
Kirk

From:	Dutch Quigley/ENRON@enronXgate on 10/08/2001 10:04 AM
To:	Kirk McDaniel/HOU/EES@EES
cc:
Subject:	RE: SME Meetings Status

Kirk,

Can you call me on how you get the information for the hr tally
I have more hrs than what you have me down for and b/c this goes to my boss
I have issues with this report

thnx

dq
713-853-9257

 -----Original Message-----
From: 	McDaniel, Kirk
Sent:	Friday, October 05, 2001 3:23 PM
To:	SME@ENRON
Cc:	O'rourke, Tim; Frolov, Yevgeny
Subject:	SME Meetings Status
Importance:	High

Team
We are doing much better with interviews (See below). Thanks & keep up the good work. Please complete assignments on time. In addition, we need each SME as a minimum to allot 4 hours a week towards this project, which will significantly increase the potential for the end product to "Exceed the Mark & Expectations."

Quote for this week: "One should always bloom, where one is planted."

Have a great weekend and I hope to see all of you on the Oct 24th Boat Ride.

Thanks for your great efforts thus far.

Cheers
Kirk
---------------------- Forwarded by Kirk McDaniel/HOU/EES on 10/05/2001 03:04 PM ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
laura.a.de.la.torre@accenture.com on 10/05/2001 10:37:27 AM
To:	kmcdani@enron.com
cc:	monica.l.brown@accenture.com
Subject:	SME Meetings

			Meetings Completed       Future Meetings Scheduled
Phillip Allen            8                    2

John Arnold*             0                    0

Dutch Quigley            5                    0

Berney Aucoin            5                    1

Andy Lewis*              3                    1

Ed McMichael             8                    1

Mark Reese               6                    2

Jeff Gossett             1                    0

*John will engage once content is being produced.
*Andy did not show up for his 10/4 mtg. so he did not learn how to use the
electronic content workbook for the Knowledge System

Hours By Week
Name           8/27-9/4       9/5-9/7         9/10-9/14      9/17-9/21	9/24-9/28        10/1-10/5       Total

Phillip Allen       0		   2        	  4        		 1         4			3             14

John Arnold         0        	   0 		        0         	 0         0			0              0

Dutch Quigley       0            0 	              2  		       2         2			4             10

Berney Aucion       0            0                2         	 2         1  			2              7

Andy Lewis          0        	   2                2   	       2         0			0               6

Ed McMichael        2            0          	  0      		 4         4			4             14

Mark Reese          0            0 	              2  		       2         3 			3             10

Laura de la Torre
Accenture
Resources
Houston, Texas
Direct Dial  713.837.2133
Octel  83 / 72133

This message is for the designated recipient only and may contain
privileged or confidential information.  If you have received it in error,
please notify the sender immediately and delete the original.  Any other
use of the email by you is prohibited.


Thor,

I'm out of town again and will calll you another time.  I plan on bringing
the plan  on my Asia trip which begins on Sat.  Both Jeff and I will read it
then and provide comments.

Thanks,
mike


The below-listed company is being considered for dissolution.  Please let me
know by Monday, June 4, 2001, if there is any reason not to proceed with the
dissolution of this company.

Enron Europe Industrial Markets Corp., a Delaware corporation:  Internal
company number 1442-EEIMC.

Thanks.

Lori Pinder
Supervisor, Corporate Services
and Assistant Secretary
1400 Smith St., Room 4802
Houston, Texas 77002
713.853-7291
713.646.8007 (Fax)


Yesterday I was approached by Steve Thome who had been asked by Brandon Wax (who was asked by Don Miller?) looking for a cash forecast for deals that flowed in December.  While I'd like to be helpful, I have never done a cash forecast before.  We don't have the tools set up in Portland to do this sort of thing.  The data to do this has historically resided in Enpower.  A week ago the West Power desk met and agreed that we were able to and prepared to update Enpower in "Schedule" for all of the deals that flowed in December.  Diana Scholtes sent an e-mail (below) to Leslie Reeves on January 3rd indicating that we were prepared to update Enpower.  We heard from John Postlethwaite that Leslie didn't want us to update Schedule -- instead they could work off of our trade sheets.

I don't care which way we move forward.  It just seems that we aren't all on the same page.  We just want to do whatever needs to be done to get the right information to the right people.  Exerience tells me that we are better off doing it "right" the first time.  I am hoping that between Don, Leslie, and Stacey we can get some clear direction on what you would like us to do.  As of now, there is little I can do to assist Brandon with his request for a cash flow projection.

Regards,
Tim

 -----Original Message-----
From: 	Postlethwaite, John
Sent:	Tuesday, January 08, 2002 1:10 PM
To:	Reeves, Leslie; Calger, Christopher F.; White, Stacey W.; Belden, Tim
Cc:	Scholtes, Diana; Semperger, Cara
Subject:	Dec and Jan liquidations

It has come to my attention that there seems to be miscommunication between various groups and people about how Dec and Jan scheduling for non-terminated deals should be handled. There are conflicting reports that Houston, through the estate, will handle updating scheduling in Enpower or that the scheduling group should be updating Enpower accordingly.

What I am hoping for is that by whatever communications means necessary we can come to a final action plan on how to clean this and get Enpower up to date as quickly and as accurately as possible.

Thanks,

John

 -----Original Message-----
From: 	Scholtes, Diana
Sent:	Thursday, January 03, 2002 8:43 AM
To:	Reeves, Leslie
Cc:	Gilbert, Scotty; Postlethwaite, John; Belden, Tim
Subject:	January Settlements

Leslie,

I'm trying to get a jump on making sure we have everything done properly in Enpower for the month of January.  My question is whether we, the West desk, should enter any changes in Enpower due to OUR non-delivery and/or incremental deals?  We have everything recorded on our Trade sheets, but if it would make it easier for you to settle or relay to the Estate by us making the changes in Deal Scheduling, we can do so.

I also understand, after talking to John, you will be using our Trade sheets for such changes for the month of December.  I'm not sure who you would like us to assist in translating our sheets, but if you can call me, we can set up a conference call and I'll coordinate from each desk to attend.

If there is anything else that you need us to do to help your group please let me know.

Diana Scholtes
West Desk
503-464-3807


Priscilla,

In response to your e-mail of 2/28 please see the following remarks.

1. Confirming Party:   Enron  desires to be confirming party.

2. Choice of Law:   Agree to NY law.

3.  Performance Obligation:   ENA cannot agree to cover standard,

"Special Provisions"

1. ENA does not agree to the suggest change as the transaction procedure is
"oral".

2. Section 11.1   Cannot agree to revisions to this section.

3. Agreed
4.             Agreed

Enron does not agree to suggested Special Provisions.

Please feel free to give me a call to discuss and issues regarding this
matter.

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


Elizabeth,

We leave for Aspen this Saturday.  I like to borrow your information on
hiking trails in the area, especially the Mt. Sopris trail.

Thanks.

Marc


Richard,

Today I attended the deposition of Bruce Karsh, President and Principal of
Oaktree Capital Management.? Dan Lefler, representing SDI, took the lead and
asked questions regarding why Karsh chooses to invest in certain companies,?
and why he chose to invest in NSM.? Karsh did not mention Enron or ECT, and
he stated that the reason he invested in NSM was two fold -- first, he knew
SDI was involved and second, he knew Busse was involved and both would bring
great experience to the project.?

Karsh was asked about the terms of the settlement agreement with Enron.? I
objected.? Karsh did not answer the question.? It was left open as to whether
we would produce the settlement agreement.? We will not produce the
settlement agreement and will oppose any attempt by Oaktree to voluntarily
produce the agreement.?

Please call me at (213) 892-4556if you have any questions.?

Sabina Bhalla

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.


Ava, please add the following as the second bullet

		OFO/PRIMARY FIRM REQUIREMENTS

			Can NNG call shippers back to primary firm receipt points?


Rob, I want to keep a relatively low profile until we settle Project
Stanley.  With respect to cooperating with TransAlta while the lawsuit is
pending -- that seems to send the wrong signal to TransAlta.

Mark


We can amend, and assign everything including the guaranties, as long as I
have some paper work showing the company structure.   We do not need to put a
new master in place.

dp


1.  Enron Online Trading -- organized a legal team and solved enforceability
and documentation issues around the world in a few short months for all the
commodities traded by Enron.

   2.  Developing New Businesses -- major contributions in developing and
structuring coal, insurance, band-width and power plant transactions.  The
groundwork has been laid to develop very profitable businesses in each of
these areas.

   3.  Aggressive Pursuit of Litigation Claims as a Plaintiff -- pursued
Carolina Power & Light , Shell/Meridian, TVA, Ft. James and many others.
Most have already settled with excellent results.  Successfully defended
Wolfschlager, the last Panhandle case and Jolen.

   4.  Lead Power Industry to Develop Master Power Agreement -- ENA lead the
Edison Electric Institute coalition in developing  the first master power
agreement.  ENA will benefit greatly in terms of dramatically lower
transaction costs and greater liquidity.

   5.  Reduced Legal Costs as Percentage of Earnings -- brought overall legal
costs to less than 6% of EBIT in 1999, down from 8% in 1998, despite the
upsurge in origination activity.

   6.  Brought Finance and Corporate Legal Talent to Origination Deals -- as
the origination work expanded dramatically and became much more complex,
brought in more sophisticated legal talent to deals like UI and Peoples with
great success.

   7.  New Concept to Better Manage and Communicate Legal Risks -- developed
the legal risk book concept to highlight where the largest buckets of legal
risks were and where efforts should be focused.


At the request of Peter Thompson attached is an execution copy of the
Fountain Valley GE/Facility Agreement along with a blackline showing the
date of execution.  Please contact Chris Cobb at (202) 662-3716 if you
have any questions concerning this matter.
 <<CRO- GE Facility Agreement Versions 6 to 7.DOC>>  <<Fountain Valley
GE/Turbine Agreement - Version 7.DOC>>
 - CRO- GE Facility Agreement Versions 6 to 7.DOC
 - Turbine Agreement - Version 7.DOC


555410 has been changed to Q4-02, and Mike's still entering deals.

Kerri Thompson@ENRON
03/20/2001 01:44 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: tfs checkout

missing deals

for mike

buy williams
cal 03
sp15
25 mw
77.00

sell williams
cal 03
sp15
25 mw
75.25

555410 broker has Q402


please print the doc.  SS
----- Forwarded by Sara Shackleton/HOU/ECT on 09/19/2000 03:31 PM -----

	Jorge A Garcia@ENRON
	09/19/2000 09:43 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Laurel Adams/HOU/ECT@ECT
		 Subject: Convertible & Credit Trades

Sara,

Please see the attached spreadsheet of the Convertible and Credit Trades in
the name of ECT Investments. We are making an effort to complete our working
files. Please provide us with a copy of the documentation file for the
referenced assets highlighted in green.

Feel free to call or e-mail me and I will be happy to swing by and pick them
up.

Thanks in advance!

Jorge A. Garcia
Manager- Risk Management
ENA
(713) 853-5596


Are these numbers consistent with your expectations. We will submit to HR if
no onjections. Traditionally Sutton has looked at the range and made the
decision where to be inside the range. I don't know if Skilling will do the
same. I have a voice mail into him to see. Rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 01/18/2001 06:13 PM
---------------------------

David Gorte
01/18/2001 05:17 PM
To: Rick Buy/HOU/ECT@ECT
cc: Mark Ruane/HOU/ECT@ECT
Subject: EcoElectrica/Corinto Valuations for Compensation Purposes

Rick,

The valuation ranges for EcoElectrica and Corrinto, as revised, are as
follows:

EcoElectrica: High - $240.8 million (excludes FASB125 interest; terminal
value discounted at 18%)

                         Low - $220.3 million (included $20.5 million of
FASB125 interest as project cost)

Corinto:   High - $4.389 million (20% discount rate)

                   Low - $3.609 million (23.7% discount rate)

For EcoElectrica, the argument is whether the deal team should bear the cost
of off-balance sheet treatment in choosing between the high and low values.
For Corinto, the higher discount rate and lower value reflects how RAC would
value this transaction as a new merchant deal, reflecting Nicaragua's
downgrade; the lower discount rate is consistent with the original RAC
discount rate and may be a reasonable discount rate for a completed plant to
a strategic buyer.

Please let me know if you require additional information.  I am happy to
speak with David Haug on these if you'd like.

Regards,

Dave


Thanks.  It has also been a pleasure working with you.  I am sure our paths will cross again in the near future.  Thanks for all of your help the last year.
PL

 -----Original Message-----
From: 	Baker, Natalie
Sent:	Thursday, November 01, 2001 3:47 PM
To:	Love, Phillip M.
Subject:	Desk

Hey, just wanted to say CONGRATULATIONS on your move to the EAST!!  I will miss working with you.  Also, you've done a great job of training your  guys on FLASH.  It is getting easier every month!!  (at least for me)

Thanks again and Best of Luck,

Natalie Baker


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

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - HR 5660.doc


Starting tomorrow, 11/28/01 we will be included with the Gas Breakfast and Lunches.  However, there will be a cost of $5.00 each or $10.00 total when breakfast is provided.  They will have lunch everyday and breakfast only three days of the month, which will be during bid week.

I will come around every morning and collect your money...I will then have to provide a list to the Gas people who will be checking your name off as you enter the breakfast/lunch line.

Please let me know if you have any questions.

REMEMBER...ONLY THOSE WHO GIVE THE $5.00 WILL BE EATING.

Thanks for your cooperation,

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


----- Forwarded by Brenda Anderson/NA/Enron on 10/27/2000 04:11 PM -----

"Kevin Bradley" <kbradley@panama.c-com.net> on 10/27/2000 07:26:55 AM
To: <info@enron.com>
cc:
Subject: Good morning from Panama!

Please forward to Kenneth Lay-CEO:

Dear Mr. Lay,

It's rare that I write fan letters, but I just saw your interview on CNBC
Squawk Box. I was very impressed with your positive message and enthusiasm
about Enron's e-commerce platform.

Thank you for the informative exchange, it was a pleasure to hear your
refreshing outlook this early in the morning.  Those folks at CNBC can be
tough on CEO's.

Prompted to visit your web site, I was impressed with Enron's worldwide
diversity. A Texas Aggie '69, I'm proud to see a Texas company with such
powerful skills and resources.

Congratulations, you represented your company very well to a worldwide TV
audience.

Warmest regards,
____________________________________________
Kevin Bradley
Insurance Broker
Grupo Central de Seguros
Home e-mail: kbradley@cwpanama.net
Office e-mail: kevin@centraldeseguros.com
ICQ #3695589
From USA dial 011
Office Phone: +507 263-6450
Cellular: +507 613-1063
Fax:      +507 263-6818
Home:   +507 263-9906
US Mailing Address:
Dept. PTY1161
PO Box 025207
Miami, FL 33102-5207
____________________________________________


Why, I do believe the three Tudor deals gets us to 451!

	Tanya Rohauer
	09/12/2000 11:08 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: The Tudor BVI Global Portfolio Ltd.

what number are we on?
---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 09/12/2000 11:04
AM ---------------------------
From: Samantha Boyd@ENRON on 09/12/2000 10:39 AM
To: Andrea R Guillen/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Celeste
Cisneros/NA/Enron@Enron, David P Dupre/HOU/ECT@ECT, Derek
Bailey/Corp/Enron@Enron, Diane Anderson/NA/Enron@Enron, Gordon
Heaney/Corp/Enron@Enron, Janie Aguayo/HOU/ECT@ECT, Jarrod Cyprow/HOU/ECT@ECT,
Jefferson D Sorenson/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@Enron, Larry Joe
Hunter/HOU/ECT@ECT, Laurel Adams/HOU/ECT, Lesli Campbell/HOU/ECT, Scott
Tackett/Corp/Enron@Enron, Adnan Patel/Corp/Enron@Enron, Amber
Ebow/HOU/ECT@ECT, Anthony Campos/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Bill D Hare/HOU/ECT@ECT, Bridgette Anderson/Corp/Enron@Enron, Carrie
Southard/HOU/ECT@ECT, Dale Neuner/HOU/ECT@ECT, Diane Ellstrom/HOU/ECT@ECT,
Dianne Seib/CAL/ECT@ECT, Frank L Davis/HOU/ECT@ECT, Jason Moore/HOU/ECT@ECT,
Karen Lambert/HOU/ECT, Leslie Reeves/HOU/ECT, Lynn E Shivers/HOU/ECT, Marilyn
Colbert/HOU/ECT, Stacey Richardson/HOU/ECT, Brent Hendry/NA/Enron@Enron,
Carol St Clair/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT,
Robert Bruce/NA/Enron@Enron, Samantha Boyd/NA/Enron@Enron, Sara
Shackleton/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Stephanie
Panus/NA/Enron@Enron, Tana Jones/HOU/ECT@ECT, Brad
Schneider/Corp/Enron@Enron, Brant Reves/HOU/ECT@ECT, Debbie R
Brackett/HOU/ECT@ECT, John Suttle/HOU/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Paul Radous/Corp/Enron@Enton, Tanya Rohauer/HOU/ECT@ECT, Tracy
Ngo/HOU/ECT@ECT, Veronica Espinoza/Corp/Enron@Enon, Wendi
LeBrocq/Corp/Enron@Enron, William S Bradford/HOU/ECT@ECT
cc:
Subject: The Tudor BVI Global Portfolio Ltd.

We have received an executed Master Agreement:

Type of Contract:  ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:   May 31, 2000

Enron Entity:   Enron North America Corp.

Counterparty:   The Tudor BVI Global Portfolio LTD.

Transactions Covered:  Approved for all products with the exception of:  Pulp
and Paper


CC list suppressed...
September 27, 2000
California Utilities' LossesOn Electricity Pose Risk

By REBECCA SMITH

Staff Reporter of THE WALL STREET JOURNAL

California's two biggest utilities are losing so much
money buying electricity in the state's deregulated
market that they have run up deficits equivalent to half
their net worth in just four months.

If the cost of wholesale power continues to exceed the
price these utilities are allowed to bill their
customers, as currently seems likely, they could become
technically insolvent sometime next year. That would put
pressure on regulators to orchestrate a
multibillion-dollar public bailout, similar to the "too
big to fail'' response that in the past pushed
governments to rescue banks.

Such a scenario is quietly being discussed by bond-rating
concerns that recently reduced their credit outlooks for
Pacific Gas & Electric Co., a unit of San Francisco-based
PG&E Corp., and Southern California Edison, a unit of
Edison International of Rosemead, Calif. Bond- rating
concerns say they aren't sure how much additional debt
can be borne by the two affected utilities before they
will have difficulty paying their bills.

Probe of California Power Prices Begins, but New Plants
Aren't Seen as Solution (Sept. 11)

Los Angeles Utility Is Benefitting, Surprisingly, From
Deregulation (Sept. 6)

California Lawmakers Vote to Limit Electricity Costs
(Sept. 1)
"If this is just a seasonal aberration, the utilities can
get through it," says Lori Woodland, analyst for Fitch
IBCA. "If it goes on for six or nine months, it's a very
serious situation." Adds A.J. Sabatelle, senior credit
officer at Moody's Investors Service Inc.: "At some
point, you have a financial crisis."

The utilities say they are having no difficulty meeting
expenses and don't envision problems in servicing their
debts. But they are vigorously lobbying state and federal
regulators to change the rules of the game, hoping
somehow to raise rates to make up for the shortfall. The
California utilities' experience may be a harbinger of
what could happen in other states where wholesale power
prices have surpassed the amount that utilities are
allowed to charge their ratepayers.

For now, utilities are making ends meet by going to the
financial markets to borrow money. PG&E, a giant utility
that serves one out of every 20 Americans, is seeking
approval to increase its debt capacity by $1.4 billion.
It is borrowing $200 million, while Edison is tapping
$250 million from the commercial paper market. "This is
going to be a long, tough road," says Jim Scilacci, chief
financial officer for Southern California Edison.

Today's situation represents a complete turnabout from
what was expected when California deregulated its energy
market on March 31, 1998, which opened electricity
pricing to competition. California tried to give its
utilities a competitive edge nationally by deregulating
faster than other states and by creating a mechanism to
allow investor-owned utilities, such as PG&E and Edison,
to quickly pay down debts incurred to serve customers
under the old regulatory system.

To do this, the state legislature set retail rates at
high levels, which, at first, generated fat surpluses for
the utilities. As the money piled up, utilities used it
to pay down debts for generation facilities that were
otherwise unprofitable in the new deregulated world. By
the end of this June, PG&E and Edison together had
collected more than $12 billion and were on track to
finish paying down debts well ahead of the March 31,
2002, deadline set by the legislature. At that point,
rate freezes were to end and retail prices were to
fluctuate with the market.

But all that went out the window in June, when wholesale
power prices surged, topping the rates the utilities were
allowed to charge retail customers. Average prices at
state-sanctioned energy markets were four to five times
the prices of a year earlier, and three to four times the
level utilities could charge customers.

The accumulated shortfall has been so enormous at PG&E,
that analysts expect its deficit to exceed $3 billion by
Oct. 31, more than half its shareholder equity of $5.7
billion, which is defined as assets minus liabilities.
Southern California Edison finished August with a deficit
of $2 billion, equivalent to almost two-thirds its net
worth of $3.2 billion. The utilities, though they have
been accumulating deficits, aren't required to report
these as losses on their earnings statements.

That leaves utilities in a bind. They want to end the
rate freeze to be able to pass on the real cost of
electricity to consumers. But should the freeze end
before the statutory deadline of 2002, they get
clobbered. That is because they will immediately have to
book a loss on their power-purchase deficits. What's
more, they can't use the proceeds from planned
power-plant sales to cover those losses; instead, should
the freeze end, they will be obliged to refund some of
the proceeds to ratepayers. In PG&E's case, the refunds
could total $500 million, while in Edison's case, the
amount is $254 million.

Publicly at least, utility executives insist a mechanism
will be found to let them recoup the money spent on
electricity.

Consumer advocates are gearing up for the fight. Nettie
Hoge, executive director for San Francisco consumer group
Utility Reform Network, says ratepayers shouldn't end up
footing the bill for a deal cut by utilities that
benefited them before prices shot up.

Utility executives are now distancing themselves from the
legislation that got them into such a mess, which was
drafted with their assistance. PG&E Chairman Robert Glynn
says it is best not to "overanalyze" the "old deal."
Instead, he says, regulators and legislators should sit
down with utilities and construct a new agreement, since
"it's in the broad interests of the state not to have
critical energy infrastructure look like a leper."

Mr. Glynn says the current deal offers "mutually assured
destruction" to both utilities and ratepayers. Something
must be done, he says, or consumers throughout most of
the state will experience "a San Diego-style rate shock."
The utility serving that city, San Diego Gas & Electric
Co., ended its freeze a year ago and began passing
wholesale power costs directly through to ratepayers.
Legislators intervened this summer, however, and
temporarily capped retail rates when monthly power bills
nearly tripled. The utility, a unit of Sempra Energy, is
also accumulating a deficit as a result.

So long as banks and bond markets believe the utilities
will be repaid, they will be able to borrow, analysts
say. "Until we hear politicians of consequence state
otherwise, our position is that we believe the utilities
will be made whole," says Richard Cortright, a director
at Standard & Poor's corporate ratings group.

But that opinion could change if it looks like the
utilities will have to swallow a big loss. The result:
lower credit ratings that would raise borrowing costs and
could trigger a downward spiral. "You're talking about
top-rated companies, though," said Ms. Woodland of Fitch
IBCA. "To get to insolvency, a lot would have to happen."

In the meantime, utilities are doing all they can to
control the hemorrhaging. They have gotten authority from
regulators to buy more power under long-term contracts at
fixed prices, reducing their vulnerability to spot-market
volatility. And they have petitioned federal regulators
to declare California's market so badly flawed that
generators should be denied market pricing and, even,
ordered to pay refunds.

Nevertheless, several forces are working against them.
Although they can sign bilateral contracts, prices remain
high for those as well. What's more, they can't buy less
power than their customers need. If they don't buy
enough, the California Independent System Operator, the
organization responsible for reliability, will step in
and make purchases for them and send them the bill.

Perhaps the biggest problem facing PG&E and Edison,
though, is one of timing. The California legislature is
out of session until December, and regulators haven't
even really started to address the issue formally. In the
meantime, the utilities' deficit is growing by tens of
millions of dollars daily.

Write to Rebecca Smith at rebecca.smith@wsj.com


----- Forwarded by Steven J Kean/NA/Enron on 02/01/2001 12:20 PM -----

	Nicole Lauzier@EES
	01/31/2001 05:11 PM

		 To: Marty Sunde/HOU/EES@EES, Scott Gahn/HOU/EES@EES, Dan Leff/HOU/EES@EES,
Elizabeth Tilney/HOU/EES@EES, Greg Sharp/HOU/EES@EES, Mike D
Smith/HOU/EES@EES, Jeff Messina/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES,
Steven J Kean/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron
		 cc:
		 Subject: California Energy Crisis PowerPoint

The attached is from Mike Smith


Greg, still nothing firm about that, both utilities are screaming for relief.
Gov Davis refered to 13 companies as the Dirty 13 for not selling into CA,
Enron was one. That was off Wire this morning. FERC intervened yesterday.
What is long term affect? Most utilities are concerned still problem. Ben

-----Original Message-----
From: Greg.Whalley@enron.com [SMTP:Greg.Whalley@enron.com]
Sent: None
To: Benjamin Bergfelt
Subject: RE: power companies

heard a rumor that EIX may file for bankruptcy on wednesday.

----Original Message-----
   >From:      "Benjamin Bergfelt" <ben.bergfelt@painewebber.com>
   >To:             "'gregwhalley@yahoo.com'"
<gregwhalley@yahoo.com>,"'greg.whalley@Enron.com'" <greg.whalley@enron.com>
   >Cc:
   >Bcc:
   >Subj:      power companies
   >Sent:      Monday, December 11, 2000 5:47 PM
   >
   >Greg, Fitch is reducing credit ratings on the CA utilities, EIX and
PCG, Moody's is considering it. The news wire said PG&E(PCG) is going to be
at 6 Billion by the end of December in the whole. More should be available
in the AM. Ben


fyi..
---------------------- Forwarded by Victor Lamadrid/HOU/ECT on 02/03/2000
01:14 PM ---------------------------

	From:  Joann Collins @ ENRON                           02/03/2000 01:12 PM

To: Robin Barbe/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Scott
Hendrickson/HOU/ECT@ECT
cc:
Subject: Opt 60 for 2/4

the OPT 60 contract has been restricted again for 2/4.  I spoke with TCO and
they explained that the notice was posted late (11:15am) due some internal
issue at TCO.  I normally check the notices early am and then again once
nominations has be scheduled.
wges  was=7314 now=0
hopewell was=25500 now=0
cgv1  was=209 now=0

I will need Emporia/Transco to deliver to Hopewell and any markets in oper 1.

thanks
joann


Mark:
Sorry I haven't called or written in quite some time but I'm in my own little
world here at home.  Things are going very well here.  Charles will be almost
4 months old and I can't believe how much he has grown.  We finally have
established a day and night routine for him and I'm happy to report that I'm
starting to get more sleep which is nice.  I'm still running and playing alot
of tennis which has helped me keep my sanity.  I have really enjoyed my stay
at home.  It's nice to be able to watch  your kids grow up and both Arthur
and Charles I think have really benefitted from us both being home with
them.  I feel very fortunate.

I would really like to have lunch with you in the next few weeks so that I
can catch up on what has been going on and begin discussing with you my
thoughts about returning to work.  It's something that I haven't given too
much thought to but need to as the end of the year approaches.  Here are some
good dates for me.

November 13th, 16th, 17th, 21st, 22nd.  Let me know waht works for you.
Sorry that I haven't brought Charles up to see everyone but with all that we
have going on here it's hard to find the time to make the trip into down
town.  Look forward to hearing from you.

Carol


>From: "stanley czajkowski" <sjplus5@hotmail.com>
>To: BJLord2@aol.com, cahemming@hotmail.com, Cardiac696@aol.com,
>cardiac734@aol.com, cardiactech@adelphia.net, CertifiableX2@aol.com,
>cmarsh3892@aol.com, dianehalpin@AOL.COM, dwestwood@erols.com,
>emsequalnolife@aol.com, found1@earthlink.net, haasdc@borg.com,
>haasmb@netscape.net, jwalsh@medicorpihn.com, katwilliams@juno.com,
>kidd108@attbi.com, ladybee108@webtv.net, maniac_8@hotmail.com,
>okfine66@aol.com, pd4byot@aol.com, pita651@aol.com, ralph.walters@gsa.gov,
>rdavies@twcny.rr.com, s-t-a-k@msn.com, shedrick@erols.com,
>tabrams@gargerassoc.com, tina_leavy@msn.com
>Subject: Fwd: The ending is great
>Date: Mon, 25 Feb 2002 19:44:21 -0500
>
>
>
>
>>From: CMarsh3892@aol.com
>>To: ResQVol@aol.com, Pita651@aol.com, Emsequalnolife@aol.com,
>>Sjplus5@juno.com
>>Subject: Fwd: The ending is great
>>Date: Mon, 25 Feb 2002 16:56:03 EST
>>
>>
>
>
>
>
>_________________________________________________________________
>Chat with friends online, try MSN Messenger: http://messenger.msn.com

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp.

--------- Inline attachment follows ---------

From:  <kirk8828@hotmail.com>
To: bpayne@erols.com, blznldy84@hotmail.com, cardiactech@adelphia.net, gikmlk@aol.com, poohdeb1@aol.com, CMarsh3892@aol.com, JNBDKAL@aol.com
Date: Monday, February 25, 2002 9:39:30 GMT
Subject:

>From: Foreverlate22@aol.com
>To: dayton82@hotmail.com, MsPurples@aol.com, Dreamsicle003@aol.com,
>NLynne56@aol.com, osbornej@voyager.net, PRITTKELLY@aol.com,
>wilsonjb@brinet.com, dotron@dmv.com, YogiMechanic2@aol.com,
>kirk8828@hotmail.com
>Subject: Fwd: The ending is great
>Date: Sat, 23 Feb 2002 11:15:57 EST
>
>

_________________________________________________________________
Join the world's largest e-mail service with MSN Hotmail.
http://www.hotmail.com


----- Forwarded by Tom Briggs/NA/Enron on 10/25/2000 08:06 AM -----

	RAISLERK@sullcrom.com
	10/25/2000 08:01 AM

		 To: tom.briggs@enron.com
		 cc:
		 Subject: Fwd: Gramm Proposed Changes

Please find attached Part 1 of  <<Gramm changes 1.pdf>> the proposed changes
from Gramm staff to the House passed version of the CEA bill.

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

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - Gramm changes 1.pdf


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/31/2001
03:54 PM ---------------------------

<customerservice@chron-news.com> on 01/31/2001 03:49:35 PM
To: undisclosed-recipients:;
cc:
Subject: Your Houston Chronicle Subscriber Account Number

Here's the Houston Chronicle Subscription Account Number you requested:

    Account Number: 70539468
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Using these two pieces of information, you can activate your
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Ben and Kay:

For ease of reference, I am attaching the latest draft of letter agreement,
marked to show all changes since the version sent out on Thursday, April
12th (the version that Ben was commenting on yesterday at lunch).

Regards,

Marisa Reuter

 <<MarkedLetterAgreement.DOC>>

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - MarkedLetterAgreement.DOC


> See previous e-mail invitation below.  Note:  Only a few responses
> have been received at this point.  The Center is co-hosting this event
> with the Houston Forum Club and the Houston Club.  It is a sell-out
> event, not to be missed.  We have a seat, reserved for you. Payment
> instructions are in original e-mail below.
>
> This is a first and important opportunity for you to meet and offer
> support to participants of next week's Winter 2002 Business-Civic
> Leadership Forum, as well as network with past Forum participants and
> Center board members.
>
> Please confirm your attendance by respond e-mail no later than 2 p.m.
> today.  Any seat not taken must be released at 5 p.m. out of
> consideration of potential attendees on the waiting list.
>
>  -----Original Message-----
> From: 	Marilou Schopper
> Sent:	Friday, January 04, 2002 6:05 PM
> To:	Ben F. Love (E-mail); C. Richard Everett (E-mail); Charles E.
> McMahen (E-mail); Charlie Savino; Claire Farley (E-mail); David L.
> Mendez (E-mail); Deborah M. Cannon (E-mail); E. William Barnett
> (E-mail); Eugene H. Vaughan Jr. (E-mail); George Martinez (E-mail);
> Jacqueline S. Martin (E-mail); James D. Calaway (E-mail); James R.
> Royer (E-mail); Jim Kollaer (E-mail); John Mendelsohn (E-mail);
> Kenneth L. Lay (E-mail); Lee Hogan (E-mail); Matthew R. Simmons
> (E-mail); Michael K. Jhin (E-mail); Ned S. Holmes (E-mail); R. Bruce
> LaBon (E-mail); Robert Mosbacher Jr. (E-mail); Rosie Zamora (E-mail);
> Rufus Cormier (E-mail); Steven L. Miller (E-mail); William A. Wise
> (E-mail); William H. White (E-mail); Alice L. Aanstoos (E-mail); c.
> Ronald Lewis (E-mail); CFA Lee Lahourcade (E-mail); Charles O. Connell
> (E-mail); Chase Untermeyer (E-mail); Craig Weinstock (E-mail); Gasper
> Mir. III (E-mail); Harry Gee Jr. (E-mail); Jodie Jiles (E-mail); Joe
> Synan (E-mail); Kenneth M. Williams (E-mail); Kim Ruth (E-mail); Leo
> E. Linbeck Jr. (E-mail); Lloyd Bentsen III (E-mail); Michael D. Burke
> (E-mail); Paul Frison (E-mail); Peggy Smith Ph. D. (E-mail); Robert M.
> Eury (E-mail); Stephen C. Beasley (E-mail); Terry S. Cheng P.E.
> (E-mail); Wilhelmina (Beth) Robertson (E-mail); Willard Jackson
> (E-mail); Willie J. Alexander (E-mail); Al Calloway (E-mail); Alex
> Chae (E-mail); Ann Lents (E-mail); Brian Landrum (E-mail); Craig
> Lieberman (E-mail); David Gochman (E-mail); Dorothy Ables (E-mail); E.
> D. Wulfe (E-mail); E. Staman Ogilvie (E-mail); Elijio Serrano
> (E-mail); Frank Michel (E-mail); Fred Williams (E-mail); Gaurdie
> Banister (E-mail); Gene L. Locke (E-mail); Jeff Rose (E-mail); Ken
> Wells (E-mail); Lee Cutrone Jr. (E-mail); Lois Stark (E-mail); Massey
> Villarreal (E-mail); Max Castillo (E-mail); Michael Holthouse
> (E-mail); Milton L. Scott (E-mail); Nancy T. Chang (E-mail); Olga Moya
> (E-mail); Paul W. Hobby (E-mail); Randy Velarde (E-mail); Ray Bowen
> Jr. (E-mail); Rene Paul Joubert (E-mail); Sally W. Beck (E-mail);
> Sonceria Messiah-Jiles (E-mail); Walt Mischer Jr. (E-mail); Wellington
> Yu (E-mail); Yolanda Londono (E-mail)
> Cc:	Marilou Schopper
> Subject:	The Center -- An Invitation
> Importance:	High
>
> Center for Houston's Future Board Members,
> 2000 Business-Civic Leadership Founding Forum Participants,
> 2001 Business-Civic Leadership Forum Participants:
>
> Please consider this event -- a compelling speech by Dynegy's Chairman
> and CEO, Chuck Watson.  This event is another in a series of speeches
> by prominent business people in our region focused upon Houston, the
> region and its possibilities.
>
> The incoming Winter 2002 Business-Civic Leadership Forum Participants
> have been encouraged to attend.  If possible, please attend both the
> reception (11:30 a.m.) and luncheon event (noon) to meet and show
> support to the incoming Forum participants.  Luncheon seating will be
> arranged together. This will be an excellent networking opportunity.
>
> This event will set the stage for The Center's forum dialogue, provide
> a first opportunity for the Winter Forum participants to meet their
> peers in a social setting and offer a time for current Center
> volunteers to interact with those who will step forward at the close
> of this next Forum, March 2.
>
> Cost:  $21.50  Please e-mail a reply to this invitation to Marilou
> Schopper, mschopper@houston.org by Wednesday, Jan. 9.  Luncheon fee
> should be paid by a check made payable to Center for Houston's Future.
> Please send the check to Jill Murray, Center for Houston's Future,
> 1200 Smith, Suite 1150, Houston, TX  77002.  Thank you for your
> committment and see you at the Houston Club.
>
> Who: Dynegy's Chairman and CEO, Chuck Watson
>
> What: A Conversation with Chuck Watson about Energy, Diversity and the
> Future of Houston
>
> When: Thursday, January 17, 2002, 11:45 a.m. check-in, noon luncheon
> Reception to precede event, 11:30 a.m. prompt, Travis Room
>
> Where: The Houston Club, 811 Rusk
>
> Why: This event is a part of The Houston Club's Distinguished Speakers
> Series
>
 - winmail.dat


I realize this is late notice, but it just occurred to me that I never
discussed my Christmas vacation plans with you when I transferred into
Trading. I have a family trip planned and paid for, so I hope it won't cause
too much chaos if I'm gone. I understand the tendency for people to feel lost
and helpless without me.

I'm supposed to be in California with my dad on Dec. 22, then in Mexico with
my mom from Dec. 26 to Jan. 2. So I basically need to miss four days of work.
Again, I'm sorry to bring this to you so late, and I'd be glad to do any
amount of work before or after, or even spend my holiday entering deals on
the computer in some exotic Central American internet cafe. I've heard
they're great places to rage.

We can discuss the logistics when you're back in the office. And by the way,
the flame in this e-mail does not indicate anger, but rather is meant to be a
festive, joyous, holiday-time explosion.

Kate


We have zeroed out the mark to market value in the spreadsheets.  Now there
still is "new counterparty" in the spreadsheet, but there is $0 in credit
risk for those.  John Powell in Debbie's group is working on a longer term
solution,  but everyone is comfortable with this for now.

	Enron North America Corp.

	From:  Sally Beck                           12/14/2000 11:31 AM

To: Jeffrey C Gossett/HOU/ECT@ECT
cc:
Subject: Re: New Counterparty

Thanks for looking into this and getting back to me.  Let me know the final
resolution on this one.

Jeffrey C Gossett
12/13/2000 08:29 AM
To: Sally Beck/HOU/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Leslie
Reeves/HOU/ECT@ECT
cc:
Subject: New Counterparty

We have figured out why the credit group is getting so many "New
Counterparty" names in gas.  The spreadsheets that they are getting that
information from are for position purposes only on pipe-optons.  The value is
captured in TAGG and therefore if both had the correct counterparty it would
be doublecounting credit risk.  The spreadsheet download has a specific
download that it has to follow which includes counterparty name  (which in
this case had to be put in as new counterparty.)  I am working with Debbie to
figure out how we can download those positions without showing a counterparty
at all from the spreadsheet.  It will be done as quickly as possible.

Thanks


Vince:

This is precisely the concern I have for Kirstee.  Steve tells me that she is
very imaginative and eager to try to add value, but she has no local
supervisor to help push some of her ideas.  I will give you an update of our
discussion later and solicit your suggestions.

Grant.
---------------------- Forwarded by Grant Masson/HOU/ECT on 07/25/2000 09:07
AM ---------------------------

Kirstee Hewitt
07/25/2000 08:48 AM
To: Grant Masson/HOU/ECT@ECT
cc:
Subject: Meeting today

Hi Grant - as Anjam has set up a meeting for 9:30 your time how about we try
and talk afterwards. Originally we said 10:00 your
time but I guess that the MG meeting will take longer than half an hour. Are
you free around 10:30  your time ?

I think some of the communication problems I originally had with Anjam have
been resolved (although it was a difficult situation to interpret) however, I
would very much like to discuss the situation that I am in concerning my
immediate management.
I have felt that over the last month I have been floundering a little and
have not really been able to turn to anyone in London for direction
concerning VaR (although as expected Steve has been very helpful to give me
an idea on how to proceed theoretically). I do have many of my own ideas
although I think I need to obtain some kind of authority to start any
substantial work. At the moment I feel like I am doing a lot of small things
and am worried that at some stage someone is going to ask the question -
What exactly does she do over there in Research ???

I have talked to Rodrigo  Lamas (RAC model validation new hire) and he has
helped me to focus on some points I had already made.
As a quick summary I have drawn up a memo which outlines some of the points I
think need to be addressed as far as the VaR model is concerned (I could do a
similar memo for the Credit Reserve model but to start have focused my
comments on Market Risk).
It is a bit rough and ready (pls excuse any appalling spelling mistakes!) but
I think it will help you to see what I have been thinking about since I have
been here.

I do think that the most important issue is that concerning the origin of the
vol/price curves and how they are constructed.

Cheers
Kirstee


Frank, can you tell me what the holdup is on the Ancillary curve request I did 3 weeks ago? There should be no difference to the setup that has been used for the East. Trading on these curves will begin next week.

John

John Postlethwaite
EPMI-West Power Risk Management
503-464-7756


Thanks- You guys need a rest. Have a great holiday. Rick


Stinson,

Did you have the chance to audit the UK vol generator?

Vince


Per John's request, I will be calling you about contracts below.
----- Forwarded by Tana Jones/HOU/ECT on 01/18/2001 09:19 AM -----

	John Pavetto@ENRON
	01/18/2001 08:25 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: RUSH HELP NEEDED

Tana,
Please contact Kala Feldman and Carmen Ryala concerning contracts. These are
the two folks I have been working with.

From: Tana Jones@ECT on 01/17/2001 05:23 PM
To: John Pavetto/Corp/Enron@Enron, Mary Weatherstone/HOU/ECT@ECT, Jay
Webb/HOU/ECT@ECT
cc: Dave Samuels/HOU/ECT@ECT

Subject: RUSH HELP NEEDED

We are trying to locate the following agreements IMMEDIATELY for a RUSH
project for Louise Kitchen:

Valtech     Jay Webb/Mary Weatherstone
Octopi     John Pavetto
TIBCO     John Pavetto
Luminant    John Pavetto
Shockwave contractor in Dallas  John Pavetto
Proxicom    John Pavetto
Pubpoint    John Pavetto or Bob Hillier
Portal Builder (product of TIBCO) John Pavetto
WebLogic    Jay Webb/Mary Weatherstone
Houston IT Contractors   John Pavetto

If you could please let me know if you have the above contracts or who does
and/or provide me with copies I would be most thankful.


If you have any questions or would like confirmation on performance ratings for employees at the Senior Specialist or below level, please see me.

All reviews need to be completed and turned in to me no later than August 17th.  Yesterday, you should have received an e-mail with the performance review template for each of your employees.

Analyst ratings have not been finalized as of yet - there is a final meeting in Houston on 7/18.  I will let you know once these ratings have been approved.

Thanks!
Amy


Richard,

Congratulations. Well deserved. I am very happy your contribution to the
company has been recognized.

Vince


Re:  United Cities Gas Company

Attached is a business change from a corporate entity to a division on United
Cities Gas Company.  This change was made concurrent to a merger.  Also note
the PG&E name change.  Select "Enable Macros" and "Read Only" to view.  See
highlighted entries for details.

The short names will change on Friday, Jan 26.


experience ENRON maintains a presentation library with the latest and
greatest business unit presentation overviews.

To see the latest and greatest, go to http://experience.enron.com
click on
Look
Sample Materials
Presentations
Power Point Presentations

Call Carrie Rob,rt 3-3522or Courtney Votaw 3-9390 if you have questions.


T,   Attached is the Master Firm for Colorado Springs Utilities.  You can forward this for their review.  I still need to create the Transaction Agreement which would contain all the deal terms.  I will forward that shortly.


All:  Attached for the reading pleasure of the CA team is the Andersen report
- "Energy Crisis in the Western U.S." Reproduced below is a related article,
and that is followed by the text of the Andersen press release on the
report.  Ray

	NGI's Daily Gas Price Index
published : April 25, 2001
	Andersen Warns Of Increased State/Federal Tensions
	The likelihood of friction between state and federal regulators increasing
over deregulation plans if states slow or walk away from retail competition
is just one of several important implications resulting from the ongoing
shockwave that has rolled through the Western energy markets, according to a
new report issued Tuesday by Andersen.
	The report, "Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields," was unveiled by Andersen's
North American Energy Consulting Practice at a Washington, D.C., briefing.
	David Jermain, principal with Andersen's North American Energy Consulting
Practice, noted that the report identifies eight overriding implications
emanating from the Western energy crisis. "These aspects of the California
virus will shape the longer-term operations of the Western grid, the regional
and national economy, domestic energy policy and the industry's evolution,"
he added.
	The eight implications singled out in the Andersen report are:
	Increased deregulation uncertainty and risk
	Reduced investor confidence
	Contributing factor in economic softening
	Increased pressure on the Western grid
	Unbundling failures that push companies back to portfolio strategies
	Ineffectiveness in changing siting and development restrictions
	Procurement management that alters user-utility negotiating leverage; and
	Increased emphasis on distributed generation and new technologies
	"Tensions and differences between state and federal regulators raise the
specter of repeating the regulatory and political conundrum California's
investor-owned utilities have been facing," Jermain said. If federal
initiatives open wholesale markets while retail markets remain regulated, a
crucial question emerges, namely whether state regulators will pass-through
higher wholesale costs if they should occur. "Tensions between state and
federal regulators over policies on deregulation will grow if states delay or
abandon retail competition," Jermain stated.
	As to the California situation creating increased pressure on the Western
grid, Jermain noted that "Even as capacity increases and demand reductions
work to resolve the California crisis, these solutions have long-term
implications for the Western grid." Such implications include a realistic
chance that California could become an "energy island" as a result of
near-term reduction in available regional resources for export to California,
according to the Andersen report. Also, there could be increased emphasis on
security control to protect against overall Western grid failure as
sub-regions have difficulties.
	Along with yesterday's report, Andersen also issued the results of an
Andersen survey of senior executives from 16 non-California utilities
detailing their views of the implications of the California power crisis for
their companies and the industry. The survey was conducted between February
19, 2001, and March 2, 2001, by Knowledge Systems & Research Inc. of
Syracuse.
	On the deregulation front, nearly all the executives surveyed said they
believe recent California events will slow the pace of deregulation over the
next five years for states that have not begun or finished writing
restructuring legislation. None believe that it will result in advanced
states deciding to re-regulate markets, although many states will review
their legislation to assess the risk of duplicating California's current
situation and make any changes necessary to avoid it.
	As to legislation at the federal level, the survey found that few executives
suggest that the California situation will spark national energy
policy/legislation. Other executives believe that it will be a continuing
issue but, because of state-to-state variances, Congress will be unable to
pass any comprehensive measures or force states to a restructuring timeline.
	Turning to company strategies, most of the executives surveyed do not see any
changes to their business models or strategies for generation, distribution
or supply procurement as a response to the situation in California. However,
many have, among other things, expanded their risk management programs,
reduced spot market purchases and started emphasizing long-term supply
contracts. Those executives facing price caps are rethinking their stance on
them, according to the Andersen survey.
	The full Andersen report on the Western energy crisis can be downloaded at
www.andersen.com.

ower companies and regulators must take steps to avoid spread of California
Power virus: Andersen analysis

WASHINGTON, D.C., April 24, 2001 * A &new virus spawned in California8 poses
formidable challenges requiring new strategies on the part of power
companies, regulators and policymakers to contain and reverse its damage,
according to Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields, a new Andersen report released
today.
&The implications for the development of competitive energy markets go far
beyond the Western United States,8 Andersen,s national utility practice head
Matthew D. Smith told a Washington briefing. &Unfortunately, California has
taught the nation that regulatory and political barriers can create and
sustain an energy crisis.8

&California has demonstrated that the risks in the electricity industry, if
not properly acknowledged and managed, can simultaneously and profoundly
impact all market participants. To be effectively managed, these risks need
to be exposed, assumed or shared, measured and monitored. When they are
hidden or ignored, all parties can potentially suffer. A shared, integrated
view of these risks, and a strategy for their assumption and management, is
critical to avoiding rapid value destruction within the energy market,8 Smith
said.

An Andersen survey of senior utility executives outside California, also
released at the briefing, indicates most utility companies believe they
inoculated themselves against the California virus so that it is unlikely to
affect their operations beyond slowing the pace of deregulation and
increasing investor scrutiny. However, based on the potential implications it
sees of the California situation, Andersen believes a series of booster shots
are advisable for power companies and regulators. &To deliver reliable
service at a predictable cost in today,s environment, companies must focus on
market integration by developing new and innovative relationships between
suppliers, customers, employees and investors ) while working with government
officials and regulators to chart a smoother transition to a deregulated
power market,8 according to Smith.

Eight Implications
The Andersen report identified eight overriding implications emanating from
the Western energy crisis that are shaping the longer-term operations of the
Western grid, the regional and national economy, domestic energy policy and
the industry,s evolution:
1. Increased deregulation uncertainty and risk ) Tension and differences
between state and federal regulators raise the specter of repeating the
regulatory and political conundrum California,s investor-owned utilities have
faced. If federal initiatives open wholesale markets while retail markets
remain regulated, a crucial question is raised: Will state regulators
pass-through higher wholesale costs if they should materialize? Tensions
between state and federal regulators over policies on deregulation will grow
if states delay or abandon retail competition.
As wholesale markets are deregulated and RTOs begin operating, the prudence
principles that state regulators have used for many years may have to be
changed. For example, if FERC and RTO monitors determine that deregulated
wholesale markets operate fairly, prices derived from those markets must be
considered reasonable. If so, these costs should be allowed into
state-regulated retail rates without regard to the prudence principles state
regulators have used for years. Therefore, utilities, traditional burden of
proving costs are or are not justifiable shifts to regulators.

2. Reduced investor confidence ) Prior to deregulation, stringent prudence
review and disallowance of generation costs in the rate base made regulatory
risk largely uncontrollable, killing IOU interests in most new investment. A
major purpose of deregulation was to create an environment in which risk
could be managed, but California,s political and regulatory environment
provides only a limited ability to manage risks. The confidence and
perceptions needed to support investment decision-making will be slow to
return given the approach of the state to remedy the crisis.

3. Contributing factor in economic softening ) Uncertain energy reliability
and higher costs can drive-out marginal businesses, cause healthy companies
to constrain expansion, and lead new entrants to question whether to make new
investments. As such, an extended energy crisis contributes to inflation
pressures and may slow economic growth.

4. Increased pressure on the Western grid ) Even as capacity increases and
demand reductions work to resolve the California crisis, these solutions have
long-term implications for the Western Grid. These include a realistic
possibility of California becoming an &energy island8 as a result of
near-term reduction in available regional resources for export to California;
increased emphasis on security control to protect against overall Western
grid failure as sub-regions have problems; RTO requirements to strengthen
locally available supplies to bolster overall system reliability; longer-term
development of new plants using plentiful coal resources and clean coal
technology will alter the pattern of imports into California; and the
emergence of Mexico as a major supplier to southern California and Arizona,
contributing to a bifurcation of the Western Grid into northern and southern
markets

5. Unbundling failures that push companies back to portfolio strategies ) For
California investor-owned utilities, unbundling has achieved neither the
least-cost solution sought by regulators nor value maximization targeted by
investors. This necessitates a reevaluation of portfolio management
strategies potentially involving generation, transmission, power trading and
marketing, and retail businesses in multiple geographies serving multiple
markets.

6. Ineffectiveness in changing siting and development restrictions )
California,s retail price caps and multiple explanations for the crisis have
left accelerated siting processes and environmental standards changes open to
challenge by various interests. In addition, limiting application of new
siting orders only to small generators contributes to uncertainty and
investor hesitancy.

7. Procurement management that alters user-utility negotiating leverage )
Competitive markets compel participants ) suppliers, marketers, large
industrial buyers, etc. ) to strategically manage procurement as a critical
value-driver. Because risk is explicitly shared and always has the potential
of shifting advantage to either seller or buyer, the sophistication of
negotiations and contracts increases as competitive markets evolve.

8. Increased emphasis on distributed generation and new technologies )
California,s reliability and price challenges have triggered a re-emergence
of energy crisis measures from the 1970s. End-users are investing in
solutions they control, and the distributed generation market is being
aggressively developed among large retailers, industrial users and
residential customers. This makes possible the development of microgrids
connecting consumers in local areas and related changes in traditional grid
systems, from modifications in interconnection agreements to changing
definitions of reserve margins and system reliability.
Industry Executives, Response
Senior executives from sixteen non-California utilities with a combined
market capitalization over $120 billion and $145 billion in revenues
responded to an Andersen survey with their views of the implications of the
California power crisis for their companies and for the industry. The survey,
conducted between February 19, 2001 and March 2, 2001 by Knowledge Systems &
Research, Inc. of Syracuse, found that the companies are observing the
California situation carefully, expect a slowing ) but not a turnaround -- of
deregulation, and believe their internal plans and preparations are on-target
for the changing environment:
Deregulation - Nearly all executives believe recent California events will
slow the pace of deregulation over the next five years for states that have
not begun or finished writing restructuring legislation. None believe that it
will cause advanced states to re-regulate markets, although many states will
review their legislation to assess their risk of duplicating California,s
current situation and make any changes necessary to avoid it.
National legislation - Few executives suggest the situation will initiate
national energy policy/legislation; others believe it will be a continuing
issue but, because of state-to-state variances, Congress will be unable to
pass any comprehensive measures or force states to a restructuring timeline.
Some expect additional state-level legislation.
Company strategies - Most do not see any changes to their business models or
strategies for generation, distribution or supply procurement as a response
to the situation in California. However, many have expanded their risk
management programs, reduced spot market purchases, begun emphasizing
long-term supply contracts, planning new power generation capacity, and
started hedging with futures trades. Those facing price caps are rethinking
their stance on them
Investor scrutiny ) Many executives indicate their shareholders are aware of
the situation and investors -- particularly institutional investors -- are
more heavily scrutinizing their actions. Many say news coverage has prompted
retail, commercial and industrial customer skepticism of industry
restructuring.
Transmission deregulation - Many executives agree the California situation
will increase interest in FERC,s regional transmission organizations (RTO)
deregulation effort.
Utility Company Action Items
Both to guard against a sudden California cascade and as a potentially
powerful competitive thrust, forward-thinking utilities should bolster their
basic preparedness with a variety of tactics -- or inoculations --
specifically aimed to combat a potential California power virus, according to
Andersen partner Mark Moskovitz:
Improve procurement management and risk management capabilities - To manage
exposure to volatile supply and demand shifts, organizations must be sure
that comprehensive and clear supply procedures, controls, decision points,
risk limits and communications are in place.
Plan and design innovative rate and pricing structures ) Companies and
regulators must focus on communicating price signals that create value for
both the customer and the provider. Innovative rate and pricing structures
that more closely tie the customer,s price to the real cost of supply will
better signal the value of the service as well as providing more accurate
information upon which both end user and supplier can make decisions.
Increase emphasis on demand side management (DSM) strategies ) In addition to
new pricing strategies to help achieve and maintain supply-demand
equilibrium, companies must now focus on employing more extensive and
innovative demand side management programs. These programs may offer
significant benefits with limited risk to both the customer and energy
supplier.
Assess the supply and generation dynamics in adjacent jurisdictions )
Companies must take a broader view ) beyond typical geographic market
definitions -- of the economics of generation and related business decisions
in an increasingly volatile market in which supply will follow the best
prices.
Develop contingency plans for the continued deferral of new generation
capacity ) In the face of potential ongoing generation capacity shortages,
companies and regulators must be prepared to move with a portfolio of
strategies to meet demand, including for example DSM, flexible pricing and
distributed generation. In addition, they should explore efficiency-improving
upgrades to existing facilities and seize any opportunity to accelerate
near-term construction plans.
Proactively address potential organizational disruption ) As regulatory and
economic changes continue to churn the industry waters and companies adjust
and/or restructure, they must be highly cogniscent of, sensitive to, and
directly address employees, concerns with information about the company,s
future and theirs,.
Industry/Regulatory Lessons
There are also a number of broad primary lessons the electric power industry
-- nationally and internationally -- should take away from its first major
domestic test case in deregulation and restructuring, according to Andersen
principal David O. Jermain:
Simplify market design.
Build a continuing role for regulators.
Maintain communications with multiple constituent interests.
Prepare contingency plans for extreme stress conditions.
Couple real-time retail pricing with transparently priced wholesale
competition.
Provide special incentives for RTO investment, formation and development.
Break down regulatory and political barriers to market signals and responses.
Copies of the Energy Crisis in the Western United States: Lessons for
Navigating Regulatory and Market Minefields report can be obtained at
www.andersen.com/energyandutilities.


I approve.  Is there anything I need to do?


The request has been completed with all resources requested either completed
or rejected. You can view the details of the  request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000020857&Page=
MyReq.


I have asked Pat Radford to put the enovate Master Firm and the enovate GISB
in Attorney's Forms.  Until she is able to do that, you can find these forms
as follows:

1) The Master Firm is at o/common/legal/sdickso/enovate/enovate master
firm.doc
2) The GISB is at o/common/legal/sdickso/enovate/enovateGISB.doc

Please let me know if you have any problems locating these documents.

Stacy


i tried to watch it but i couldn't stay awake.  it didn't start here until 9 and i have to get up at 5 so it is to hard to stay up.  how did they look?  st. louis has had a good rest so it should be interesting to watch them in that series.  i will watch the next series b/c it will probably be on tv at a normal time.


Ladies and Gentlemen:

     At Troy's request I am forwarding Questia's 2001 Balance Sheet.
Please let me know if you have problems opening the document.

Thank you.

Susan Barrick
Asst. to Troy Williams and Tim Harris
713.358.2639

(See attached file: BOD-BALANCESHEET-DEC01.ppt)
 - BOD-BALANCESHEET-DEC01.ppt


Here ya go!

 I did not change the 2001 prices except for Nov/Dec.

 -----Original Message-----
From: 	Donoho, Lindy
Sent:	Tuesday, October 02, 2001 5:13 PM
To:	Lohman, TK
Subject:	FW: Pricing

TK could you update these prices for me for the Stan Presentation (one more time - it's due to Tracy on Thurs)?

I don't need the historical NYMEX again, unless Vernon has the NYMEX settle price for Jan - Sept '01 (Weren't the historical numbers from last week Inside FERC because we were having a system problem?)

I need them by tomorrow after lunch.  I'm in a meeting from 8:00 to 12:00 tomorrow.  If you have any questions, leave me a voicemail - I'll check it during break.

 -----Original Message-----
From: 	Lohman, TK
Sent:	Wednesday, September 26, 2001 9:24 AM
To:	Donoho, Lindy
Subject:	Pricing

How does this look?

                                      << File: Lindypricing.xls >>


Jeremy,

Currently, all of our index deals are in the FT-WEST book.  I would like to
move them all to the GD-NEW book.  I don't want to change any price or basis
portions of a deal currently in the FT-WEST book, only index.  Please let me
know if you can do this.  If you have any further questions, please call.
Thanks.

DG    3-9573


I've never heard of them.
Sorry.


This is great!!!!!

Click here: Bin Laden Liquors - The  http://www.fieler.com/terror/ Game


We have length on peak Monday, 04-23 in NP-15.  The energy is in PGE3, 25 mws
are under ST-WBOM and 56 mws are in ST-CALI.  We need to sell all 81 mws.  In
Enpower we buy the 25 mws from imbalance under ST-WBOM, and sell them under
ST-WBOM.  ST-WBOM is long at $230.  We buy the 56 mws under the ST-CALI book
and then sell it off for a profit split under the ST-CALI book.  I will be in
Seattle this weekend.  If you have any questions, you can reach me on my cell
phone.

Thanks,
Bill


Please find attached the translations of the note we received from the Anti-corruption office as well as the response I prepared.  The crossed out and underlined parts of the latter are changes suggested by Carlos Bastos.  The criminal attorney will not be available for the call since he will be away on a trip.  We are trying to see if his partner Maria Romero Acuna can take his place.

Regards,

Andrea


Attached is our form of confirm with attached Annex A (general terms and
conditions).  Assume the confirm is governed by Texas law.  Most
counterparties sign the confirm and fax it back to us WITHOUT the attached
Annex A.  Is this sufficient under Texas law as having received the
"executed" confirmation?  Do we need to modify our language incorporating the
Annex A?  Thanks.  Sara (713/853-5620)


Jeff, I discovered this on my email this morning (I couldn't sleep).  I
didn't know where you were on the numbers for the presentation but I thought
I would forward this to you know.  I hope you already had what you needed
here since i am sure it is too late.

Mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 07/23/2000
08:10 AM ---------------------------

Craig Chaney
07/21/2000 12:40 PM
To: Mike McConnell/HOU/ECT@ECT
cc: Bryan Seyfried/LON/ECT@ECT
Subject: EnronCredit.com Market Size Data

Mike,

Bryan Seyfried asked me to send this information to you regarding our
estimated market size.

Total Market Size:  $1 Trillion Existing Credit Derivative Market
EnronCredit.com Market Share:  $10 Billion
Margin from Market Share: 1.7%

By Sunday afternoon we hope to be able to send you off some graphs that
depict the expected growth over time.  If you have any questions please email
us.  We'll be working this weekend.

Thanks,

Craig Chaney
EnronCredit.com
http://www.enroncredit.com


Start Date: 10/9/01; HourAhead hour: 5;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100905.txt

Error retrieving HourAhead price data - process continuing...


Jeff Donahue heads up the Corp. Development group for ENA, which Don Miller
and I work in.  Jeff is Don's supervisor and Don is mine.  I have been with
this group since around May.  Thanks for the quick action with this.
Regards,
Ben


Attached is the agenda for the working group call scheduled for this Thursday
at 8:00 am Tokyo time.

Mike

813 5219 4584


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.

Crude Spread     http://www.carrfut.com/research/Energy1/crudespread48.pdf
Heat Spread     http://www.carrfut.com/research/Energy1/heatspread48.pdf
Unleaded Spread
http://www.carrfut.com/research/Energy1/unleadspread48.pdf

Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack48.pdf
Gas Crack     http://www.carrfut.com/research/Energy1/gascrack48.pdf

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


I rolled deal 150325 for the first 3 days of Jan.  I expect this point to be
zero for the rest of Jan.

D

Aimee Lannou   01/05/2001 10:41 AM

To: Daren J Farmer/HOU/ECT@ECT
cc: Edward Terry/HOU/ECT@ECT
Subject: Jan '01

Daren - there is flow at meter 1386 for Jan 1-3.  The average flow is
828/day.  The last deal associated with this meter is 150325, Dec. 1-4,
2000.  The counterparty is Hampshire.  Could you please look at this and let
me know if you put a deal in for these days?

Thanks.

AL


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/08/2000 11:58
AM ---------------------------

	From:  Rebecca Walker                           12/08/2000 11:56 AM

To: Ben Jacoby/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: Coral Energy LLC

Ben

This is the letter that Bob Long from Coral Energy sent me.  I asked him if
Shell would be a guarantor for Coral's debts, but he said that, no, Shell
does not guarantee the debts, but instead provides the liquidity that Coral
Energy needs in order to pay them.

Rebecca
---------------------- Forwarded by Rebecca Walker/NA/Enron on 12/08/2000
11:51 AM ---------------------------

"Long, Bob" <BLong@coral-energy.com> on 12/08/2000 11:44:47 AM
To: "'Rebecca Walker (Enron)'" <rebecca.walker@enron.com>
cc: "Whaley, Don" <DWhaley@coral-energy.com>, "Seigler, Tom"
<tseigler@coral-energy.com>

Subject: Coral Energy LLC

As discussed Coral Energy LLC is 100% (direct/indirect) owned subsidiary of
Shell Oil Company ("Shell").  As in the ordinary course of business Shell
provides liquidity support to its wholly owned subsidiaries.

Given the short term nature of this obligation we would hope that you concur
that there is little risk in accepting this Guaranty from Coral Energy LLC.

Regards,

Robert E. Long
Vice President Corporate Finance & Treasurer
Coral Energy
909 Fannin Street, Suite 700
Houston, TX 77010
Tel. 713.767.5410
Fax 713.265.5410
Cel. 713.545.4179
blong@coral-energy.com


Tetco held a 637 "settlement" conference last Fiday to discuss their latest
proposal dated March 8th.  Their new proposal involved the institution of a
weekly cash-out mechanism along with a daily variance penalty based on
overall system position.

In brief:
PENALTIES
Stage One--on any day where a shipper's imbalance in greater than 7% in any
zone, the "daily imbalance charge" would be 2x the maximum PAL rate for the
entire balance (not just the piece that's over 7%) in each zone.
Stage Two--on any day where either the Market Area or Access Area is out of
balance by greater than 4%, Tetco would have the discretion to issue a Stage
Two notice, establishing a tolerance level (which could be 0, subject to
Tetco's sole discretion) that all shippers would have not less than 12 hours'
notice with which to comply.  Under Tetco's propsal, any volumes in excess of
the level stated in the notice would be assessed a "daily imbalnce charge"
equal to 4x the maximum PAL rate.
In a Stage 2 situation, if your imbalance is in the opposite direction of the
pipe, no penalty would be charged (but you'd still cash-out)

CASH-OUT
Weekly monetization of cash-out positions based on a Sunday to Saturday week
(Tetco needs to revise this so that the weeks are managed depending on how
the calendar falls so that they minimize problems like a 2-day week).
Monetization by Zone in 2 tiers
 0-4% to be cashed-out at the average of each day's mid point price for the
weekly period
 4%+ ENTIRE IMBALANCE cashed-out at the weekly highest/lowest common price
for the week
This is a significant change since under the current tariff, shippers pay a
staggered fee, such that volumes with in the first tier are charged that
tier's price, then overflow into the next tier is charged at that tier's
price, etc.  Now, the entire amount would be assessed the higher price.

NETTING & TRADING
would be limited to the week in which the imbalance was incurred and would be
limited by zone (contrary to Order 637)
Any netting or trading would not decrease the daily imbalance charge (the
positions would be frozen each day) but could decrease the cash-out exposure
(completely contrary to 637 which indicates that netting & trading should be
a tool used to limit penalties)

Results:
it would be possible, in fact likely, that a shipper would pay both an
imbalance penalty and a cash-out fee on the same volume (contrary to Order
637)
under the Zero tolerance Stage Two scenario, Tetco would have complete
discretion to set the level (not itself a bad thing, they need to be able to
control their system)--they've indicated that they'd set a 2% floor for
penalties but that doesn't really solve the problem.
not only would the cash-out mechanism be more difficult to administer, it
could significantly increase our cash-out liability and subject us to
penalties that do not exist today.

Dynegy, PGC and Indicated Shippers indicated to Tetco that we don't see any
progress towards settlement, or even a foundation to go forward on and that
we're ready at this point to go to the Commission for a decision on their 637
filing as a whole.  Several of the LDC's stated that they want to continue to
pursue settlement so we agreed to submit a status report to Staff indicating
that we'll continue to talk, setting an April 30th deadline.  At that point,
I expected that Tetco would attempt to establish an aggressive negotiation
schedule in an effort to make some progress--instead all they did was agree
to my request to provide a comparison of the different offers and scheduled a
follow up meeting for April 10th.

Tetco indicated that they don't plan to make another offer and would not
agree to entertain counter-offers.  At this point, I doubt that we'll make
any significant progress and believe that this issue will end up being
litigated, or at least submitted to  the FERC for a decision.  Based strictly
on the letter of the Order (or at least our interpretation of it), I think we
have

Please let me know if you have any questions / concerns / comments.

Thanks,
Suzanne
x54880


Attached is a Level B request for the Sun Devil project.  Keep in mind that this should include only right of way at this time.  Details on the compression will probably change based on the responses during the open season.

Kevin,

I will let you send this to Doug for tomorrow's meeting as we discussed.  Any future Planning correspondence to Engineering  will be sent directly from the Planning team with a copy to Asset Management and Marketing.  Arnold E.wanted a copy now to get started on reviewing existing compression.  He's fully aware it will probably change later.

Ron M.


FYI
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
12/16/98 11:08 AM ---------------------------

	Enron Capital Management

	From:  Scott Pudenz                           12/16/98 10:15 AM

To: William S Bradford/HOU/ECT@ECT
cc: Cynthia L Schneider/HOU/ECT@ECT, Soma Ghosh/LON/ECT@ECT, Mark
Evans/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT, Bobby Bajaj/LON/ECT@ECT, Julie Adams/LON/ECT@ECT, Robina
Barker-Bennett/LON/ECT@ECT
Subject: Re: Signing on Customer Swaps

We have left a message with Jeff McMahon to see if he will take commercial
responsibility for either signing the docs, or if he is not authorized to
sign for these companies, to give the OK to someone else in Houston to sign
who is authorized.  In the past we have had Dana Gibbs help us out - which is
another option.

We have been thru these issues before on other transactions, and ECT Europe
takes responsibility as far as P&L goes.  I'm not sure it works from a tax
standpoint though to have all these side letters floating around - because
then it could get us in a tough spot with the tax man.  Our preferred
approach is to get someone in Houston to stand up for London for signatory
purposes.

Please advise if you have any comments.

Scott

William S Bradford
16/12/98 15:52
To: Scott Pudenz/LON/ECT@ECT
cc: Cynthia L Schneider/HOU/ECT@ECT, Soma Ghosh/LON/ECT@ECT, Mark
Evans/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT
Subject: Re: Signing on Customer Swaps

Scott,

Mark Taylor wants to make sure ECT management is comfortable with assuming
the risk of all these transactions.  Has anybody on your deal team obtained
the proper ECT-NA support for these transactions.  If tax reasons are driving
these deals to ECT-NA, perhaps we will need a side letter where ECT-Europe
guarantees to ECT-NA performance on these transactions.

Let us know how you want us to proceed to get the necessary signatures by the
end of the day.

Bill

	Enron Capital Management

	From:  Scott Pudenz                           12/16/98 09:45 AM

To: William S Bradford/HOU/ECT@ECT, Cynthia L Schneider/HOU/ECT@ECT
cc: Soma Ghosh/LON/ECT@ECT, Mark Evans/LON/ECT@ECT
Subject: Signing on Customer Swaps

Mark Evans will be coordinating with Sara's replacement today the signing of
the Customer Swaps (1&2).


Here are the confirms that Joe prepared.
----- Forwarded by Stacy E Dickson/HOU/ECT on 04/03/2001 05:23 PM -----

	Larry Joe Hunter
	03/29/2001 04:45 PM

		 To: Stacy E Dickson/HOU/ECT@ECT
		 cc:
		 Subject: Re: Confirm

Stacy,

See attached.  We do have an executed ISDA with NUI Energy Brokers, Inc.
Also, there is Draft language in the header and footer that you may want to
take out.

Thanks,
Joe


can you find out if the tech group has scheduled installation of a dsl line
in my apartment?


Richard,
 Hello from South America.  I am forwarding this email from John regarding
the J-Block problems.  Have you been involved in this?  What are your
thoughts?  If you have any ideas or can provide with some help, please
follow-up.  This is confidential but i thought you could help.  When he
mentioned this, I really couldn't remember much.  Amazing how the memory
fades on some of the details in just a few years.

Mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 06/07/2000
08:47 AM ---------------------------

John Sherriff
06/06/2000 12:09 PM
To: Jeff Skilling/Corp/Enron@ENRON
cc: Mike McConnell/HOU/ECT@ECT, Richard Lewis/LON/ECT@ECT, Peter
Crilly/LON/ECT@ECT
Subject: J-Block

I mentioned on our conference call on Monday that J-Block has had problems
meeting our nominations from the Judy/Joanne/Janice reservoirs.

Up until recent CATS maintenance shutdown on 15 May, they were making up for
reduced production volumes by nominating to supply gas at the NBP which they
are entitled but not obliged to do.  Since return from outage at the end of
May they have declined to nominate at the NBP.

From 1 January to 15 May, the Sellers use of the NBP delivery option kept
underdeliveries to 350 mmcf (ie one day's maximum quantity) in total.  Since
returning from the maintenance shutdown, underdeliveries have totalled 850
mmcf ( averaging 77mcf/d ).

We believe that following the sharp rise in market prices during the
maintenance period, they have decided to default on the contract rather than
make up deliveries from other sources.   They have an effective cap on the
penalties of about 5 pence per therm (after taking into account the value of
the liquids) and therefore they are not making up the volumes when the daily
price is substantially higher than about 16 pence per therm.

Prior to the CATS shutdown, we had made them a proposal to enable them to
deliver additional volumes at  another alternative to avoid default but they
have not responded yet.

You mentioned that in your negotiations with Phillips they had committed to
getting us all the gas regardless of the cap on the penalties.  This has cost
us about $1.5 million to date and they seem to be institutionalising their
non performance.    Perhaps a phone call by you might help.

By the way I will be in Houston on Thursday and Friday to meet with the
delegation from Croatia and I will probably be tied up the entire time but if
you need me
for a phone call I can break away.

John


Here are several of the contracts we are planning to use for the online
system.  I wish I could tell you these are the final (or even the most
recent) versions of the documents but things have changed so frequently that
I'm afraid these may not be quite up to date.  They do have the advantage of
being in my directory and therefore available to send to you today.  I don't
think the final changes will be significant but if you want to use these as
starting points, please let me know so I can be sure you have the latest
material.

The PA is the Password Application which is the only document the prospective
counterparty actually signs by putting pen to paper.  The first time the
counterparty logs on to the system with its approved password, it is required
to agree to the ETA (Electronic Trading Agreement) by clicking on an "I
Agree" box after scrolling through the agreement.  The GTC's are the
contractual terms that apply to online transactions if there is no master
agreement in place.  Legal will have the ability to restrict a counterparty
to trading only certain products online if we feel it is necessary.  While
most financial transactions will be governed by GTC's that look like our
"Omnibus" documentation, the weather derivatives look more like a "Deemed
ISDA."  One final complication, the credit group has asked us to create two
sets of documents: one for highly creditworthy counterparties which will have
no credit provisions included and a second set for counterparties credit is
not quite comfortable with which will contain a provision allowing us to call
for collateral if we choose.


John, I've been meaning to drop you a note to say thanks for the golf
weekend, but things have been a little crazy since I've been back.
Shannon's mom passed away last Wednesday, so I was on a plane to Thunder Bay
within a couple of hours and up there until Sunday night.

It was great seeing you, Dina, Michael and Rich.  He's a great kid (Michael,
not Rich).  Please give my thanks to DIna again.  By the way, are you
missing a car key?  I just unpacked my golf bag and there was a key chain in
the golf travel bag with a BMW key on it.  My intuitive mind tells me that
the key is probably yours.  Give me your mailing address and I'll send it
down to you.

Mark


ENW VENTURES PORTFOLIO NEWS

Acta's New B2B Data Server Now Available for Multiple Operating Platforms;
ActaWorks 4.4 Significantly Expands Support for Industry-Leading Data
Integration Solutions

NEW YORK--(BUSINESS WIRE)--Dec. 12, 2000--Acta Technology, Inc., the leader
in business-to-business (B2B) data integration, announced today the general
availability of ActaWorks 4.4, the latest version of its award winning
enterprise data server. ActaWorks 4.4 provides recent product and performance
enhancements that previously were available only for Windows NT (under
ActaWorks 4.3). Acta made the announcement at the eBusiness Conference and
Expo in New York City.
The new product significantly expands support for the industry-leading
provider of B2B data integration. With ActaWorks 4.4, businesses with Windows
NT, Windows 2000, and Unix environments (HP-UX, Sun Solaris, and IBM AIX) can
all employ Acta's new enhancements for packaging and delivering the data
essential for B2B eCommerce and business intelligence.
Among the new features is a repository architecture that enables centralized
metadata management and multi-user development. As businesses implement a
data platform to support both internal and external access to enterprise
data, the need to manage metadata from external and internal sources becomes
critical -- and the need for multiple users increases.
The addition of these new enhancements further solidifies Acta's leadership
position in B2B data integration, a rapidly emerging component of B2B
integration. Industry analysts have sized the data integration market at $15B
(cumulative) by 2005 -- a market that is being driven by the growing need to
provide information-rich data both inside and outside the extended
enterprise.
_________________________________________________________
OTHER NEWS

o Myutility Raises $3.5 Million, Buys Utility Business

NEW YORK -- Myutility, an energy services marketplace
and information provider for businesses, said it
bought the Teldata Solutions automated meter reading
systems (AMR) and revenue cycle services (RCS) business
from National Grid Group, which simultaneously invested
$3.5 million in Myutility. National Grid purchased
Teldata, a data acquisition products and services
firm, last year. Myutility said it will use the
funding to expand its services and for operations
and is still seeking additional funding. Myutility
raised an undisclosed amount of seed capital from
TSG Equity Partners in September.
http://www.myutility.com/
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o Managed ASP Cosential Raises $1.8 Million in Funding

WILTON, Conn. -- Cosential, a managed ASP for architecture,
construction, and engineering companies, said it
raised $1.8 million in financing. Silicon Alley
Venture Partners led the round, which included Milestone
Venture Partners and Venture Quest. The company
will use the funding to launch a new ASP service.
Cosential said its enhanced ASP product will be
available in the first quarter of 2001.
http://www.cosential.com/
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AQUILA ENERGY CORPORATION (*TBA*) Files for $425.00 Million Initial Public
Offering

http://www.ipo.com/ipoinfo/profile.asp?p=IPO&c=0001128032

Aquila Energy Corporation is a wholesale energy merchant
that provides comprehensive energy solutions to clients
in North America, the United
Kingdom and continental
Europe.

Lead Managed By: Lehman Brothers
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Trade-Ranger integrates multiple buying programs

HOUSTON, Dec. 13 -- Trade-Ranger, an Internet marketplace for the procurement
of supplies by the energy industry, has integrated another type of software
into its site to eliminate barriers to its customers and to help build
liquidity.
Allen May, interim co-CEO, told LocalBusiness.com the site has added another
buying tool, iPlanet BuyerXpert software, at the request of one of its
founding partners. Trade-Ranger already had Oracle Corp.'s iProcurement and
Commerce One's e-procurement programs.
"Our members are transacting, we have integrated multiple buying tools to the
Commerce One platform, and we are continuing our effort to build the most
efficient content hub in the industry," May said.
"We will adopt the best-of-breed technology," he said.
Houston-based Trade-Ranger was incorporated in August. Oracle (Nasdaq: ORCL)
is based in Redwood City, Calif., while Commerce One (Nasdaq: CMRC) is based
in Pleasanton, Calif. Meanwhile, iPlanet is a product of iPlanet E-Commerce
Solutions, a Sun-Netscape Alliance. Sun Microsystems (Nasdaq: SUNW) is based
in Palo Alto, Calif.
Trade-Ranger is building its membership, and no numbers were immediately
available, May said.
Technology can be a barrier to liquidity growth, May said. Some marketplaces
simply tell customers they must adopt that marketplace's technology, he said.
"We definitely have an open policy," May said.
He added that Trade-Ranger has made a significant investment in technology,
although he was unwilling to disclose the amount spent.
Formerly the Energy and Petrochemical Exchange, the Houston-based exchange
announced its formation on April 11. The exchange describes itself as
"created by the industry for the industry."
Membership is available to all companies, buyers and sellers, in the
upstream, downstream, retail and petrochemical sectors. Upstream refers to
oil and gas producers, while downstream refers to the refining section of the
business.
The original 14 founding partners are Royal Dutch/Shell, BP, TotalFinaElf,
The Dow Chemical Co., Conoco Inc., Motiva Enterprises, Occidental Petroleum,
Equilon Enterprises, Phillips Petroleum, Mitsubishi Corp., Repsol, YPF,
Statoil, Unocal and Tosco.
The collective annual purchasing budgets of the founding partners exceeds
$125 billion worldwide.
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GM, Ford take $1.26-billion US stake in Commerce One software company

12/12/2000
The Canadian Press
Copyright (c) 2000 The Canadian Press. All rights reserved.
DETROIT (AP) _ Ford Motor Co. and General Motors Corp. will take a combined
$1.26-billion US stake in Commerce One, making the business-to-business
software company a technology partner in the automakers' Covisint online
exchange.
Pleasanton, Calif.-based Commerce One said it will issue to GM and Ford 14.4
million shares apiece, with each stake valued at about $631.8 million, based
on Commerce One's close Tuesday of $43.88 on the Nasdaq Stock Market. The
combined number of shares represents a 14 per cent interest in Commerce One.
Half the shares for each company will be held in escrow until 2002, and will
be released to Ford and GM upon satisfaction of certain conditions. If
conditions are not met, the shares will be released to the two automakers in
mid-2004.
Commerce One said it will undergo a corporate restructuring into a holding
company and get a two per cent equity interest in Covisint, the Internet
exchange started by Ford, GM and three other automakers. Covisint
incorporated for business Monday.
Commerce One's stake in Covisint will be held in escrow until the completion
of the restructuring, on which Commerce One shareholders are to vote next
year.
Commerce One will be entitled to a share of the revenue generated by the
Covisint exchange for an expected 10-year term, as well as be paid for
consulting services it provides to Covisint.
``We look forward to continuing our efforts with Covisint to deliver a global
e-marketplace platform for the automotive industry,'' Mark Hoffman, Commerce
One's chairman and chief executive, said in a statement. ``Covisint is an
excellent example of Commerce One's business model and reflects our
commitment to moving the world's business commerce onto the Web.''
In addition to Ford and GM, Covisint's backers include DaimlerChrysler AG,
Nissan and Renault, as well as Commerce One and fellow software firm Oracle.
Covisint is supposed to act as an Internet marketplace for the auto industry,
allowing suppliers and automakers to swap information and conduct business
far more quickly and cheaply than they have in the past.
Detroit's automakers have said Covisint should be able to route their
purchases of $250 billion a year in goods and services.
Covisint said it has more than 250 customers on two continents already using
its services, including catalogues, auctions, quote management and
collaborative design.
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o Compaq Adds $100 Million to Storage Investment Fund

HOUSTON -- Compaq Computer said it is expanding
its storage investment fund with an additional $100
million in 2001. The company's investment program
focuses on accelerating the development and adoption
of storage hardware, software, and utility provider
technology. Compaq has invested in storage firms
such as HighGround Systems, Prisa Networks, and
StorageNetworks.
http://www.compaq.com/
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o Remote Net Access Firm iPass Adds $20 Million to Round Four

REDWOOD SHORES, Calif. -- iPass, a provider of global
remote Internet access services, said it has closed
its fourth, Series F round with an additional $20
million, bringing in Cisco as a new investor. Total
funding for the round was $50 million. As reported
in September, Crosspoint Ventures, Accel Partners,
Comdisco, Equant, Rogers Communications and Sand
Hill Capital also contributed to the round. iPass
said it will use the funds to extend the development
of its settlement and authentication technologies.
http://www.ipass.com/
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o Securant Technologies Lands $31 Million in Series C

SAN FRANCISCO -- Securant Technologies, which provides
access management software and services for Internet
business security, said it raised $31 million in
its Series C round of funding. Oak Investment Partners
led the round, which included Merrill Lynch and
individual investors. Oak Investment Partners general
partner Fred Harman and Richard Pierce, senior vice
president and COO of Inktomi, will sit on the company's
board of directors. The company will use the funding
for product development, sales and marketing, and
for international operating expenses.
http://www.securant.com/
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o FIS Gets Funds from Autodesk; Autodesk Invest in Two Others

CAMARILLO, Calif. -- Facility Information Systems,
a provider of enterprise software for facility management
and corporate infrastructure resource management,
said it received funding from Autodesk Ventures.
Financial details were not disclosed. Separately,
Autodesk said it also invested in Alchemedia, a
developer of technology that protects against unauthorized
use of digital images, and Izoic, a software firm
focused on managing underground infrastructure maintenance.
Autodesk said the three investments totalled $3
million. Alchemedia also received funding in that
round from Carlyle Venture Partners and Hollinger
Capital. Izoic received funds from Insight Capital
Partners and Bechtel Ventures as well as Autodesk.
http://www.fisinc.com/
http://www.autodesk.com/
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o App Infrastructure Firm Exenet Has $35 Million First Round

NEW YORK -- Exenet Technologies, an application
infrastructure provider, said it closed its $35
million initial round of funding. Telecom Partners
and CIBC Capital Partners participated in the round.
Exenet will use the funding to expand its outsourced
infrastructure service for ASPs, independent software
vendors, value added resellers (VARs), Regional
Bell operating companies, local exchange carriers,
and other corporations. Exenet provides lT outsourcing
and application infrastructure services, including
directory services, management services, storage
services, database management, and bandwidth provisioning
services.
http://www.exenet.com/