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July 16, 2001
Vol. 3, No. 13
Market Lessons from 2000

School's still out for summer, but just as the new and improved  Federal Energy Regulatory Commission (FERC) issued a watershed RTO decision last  week which could lead to substantial expansion of PJM into the Northeast, PJM's  State of the Market Report 2000 contains some interesting information and  lessons for us.
After the California experience demonized spot electricity  markets, it would surprise many that PJM's 2000 spot energy market was a  bargain. Spot prices in 2000 were below $30.00 per megawatt-hour (MWh), or three  cents per kilowatt-hour (kWh), 70.88 percent of the hours in the year. The  single highest hourly price was $810 per MWh or 81 cents per kWh, but prices  reached or exceeded $200 per MWh during only 13 hours in the entire year  (download charts on our website by typing www.pennfuture.org/items/hourlypricecharts_71601.pdf  in your browser). By contrast, California experienced spot  prices that often exceeded $200 per MWh for most of the last 12 months.
Authored by the PJM Market Monitoring Unit - but likely reviewed  and edited by top PJM management - the Report delivered to FERC concludes that  all of the markets operated by PJM were "reasonably competitive." It cautions,  however, that,
"there are potential threats to competition in the energy,  capacity and regulation markets that require ongoing scrutiny and in some cases  may require action in order to maintain competition. Market participants do  possess some ability to exercise market power under certain conditions in PJM  markets."
In order to maintain and improve the functioning of the PJM  markets, the Report recommends:

Retention of the $1000/MWh bid cap in the PJM energy market  and investigation of other rule changes to reduce incentives to exercise  market power.
Retention of the $100/mw bid cap in the PJM regulation market.
Evaluation of additional actions to increase demand-side  responsiveness to price in both energy and capacity markets.
Modification of incentives in the capacity market to require  all Load Serving Entities (LSEs) to meet their obligations to serve load on a  longer-term basis, and require all capacity resources to be offered on a  comparable longer-term basis.

The Report uses several analytical methods to reach these  recommendations and conclusions, including looking at the net revenue for  generation from all sources, the increase in bid amount over marginal cost,  market concentration (as measured using the HHI index), and lastly an analysis  of the resulting prices.

See Spot go to market
Perhaps the Report's most intriguing  information on price trends concerns the spot energy market, where average  prices declined by 9.81 percent from 1999 levels. Driven by lower peak prices in  the most expensive 100 hours of the year, the average locational marginal price  (LMP) in 2000 was $30.72 per MWh (3.072 cents per kWh), falling from the 1999  average of $34.06 per MWh (3.406 cents per kWh). This average price decline in  the spot market was more significant because it occurred even though fuel costs  were sharply higher in 2000. Indeed, the average fuel-adjusted LMP in 2000  declined to $24.78 per MWh, or 27.25 percent from the 1999 price of $34.06 per  MWh.
And when one compares 2000 spot market prices to competitive  future prices for the year 2000 and to 1996 regulated rates for generation, it  becomes clear that spot market prices in 2000 were significantly lower than 2000  future contracts. Even with appropriate price adjustments to facilitate  comparison, they were also much lower than 1996 regulated residential generation  rates for all hours charged by Pennsylvania's six major electric utilities,  which ranged from about $51 dollars to $85 dollars per MWh, or 5.1 to 8.5 cents  per kWh.
The lesson
Spot market prices, which received so much bad  publicity as a result of the California fiasco, can be a bargain and customers  who are able to manage their demand to reduce or avoid the hours of high spot  prices can reap major savings by purchasing electricity from the spot  market.
In fact, spot market prices in 2000 were below most of  Pennsylvania's shopping credits or "prices to compare." That's saying something,  since the shopping credits in turn are as much as 4.0 cents per kWh less than  the 1996 regulated rate for just generation paid by customers to the monopoly  utilities.
But?
Since spot market prices in 2000 were well below both  the 1996 generation rate paid to monopolies and the much lower shopping credits,  why were energy suppliers increasingly unable to offer electricity at prices  below the shopping credits?
ICAP pricing and reliance by electricity suppliers on higher  priced future or forward market contracts supply most of the answer.
The spot market gives a good indication of what the forward  markets should be under typical circumstances. As the data below indicate, the  average spot market price for all market locations in 2000 was $30.72/MWh,  almost 10 percent less than during 1999, and more than 27 percent lower upon  adjusting for higher year 2000 fuel prices.
			  PJM Load-Weighted Average LMP ($/MWh)
  	  1999 	  2000 	  Change
  Average LMP 	  34.06 	  30.72 	  -9.81%
  Median LMP 	  19.02 	  20.51 	  7.83%
  Standard Deviation 	  91.49 	  28.38 	  -68.98%

  Average Fuel Adjusted LMP 	  34.06 	  24.78 	  -27.25%
  Median Fuel Adjusted LMP 	  19.02 	  16.80 	  -11.67%
  Standard Deviation 	  91.49 	  22.04 	  -75.91%

While the dramatically lower standard deviation in 2000 indicates  that prices were much less volatile than in 1999, there remained a substantial  gap between average and median prices, indicating that extreme prices during a  small number of hours continued to substantially skew overall average prices.
Grading on a curve
The PJM 2000 price duration curves,  measuring the percent of time prices were at or below a particular level, tell  an interesting story. As one would expect with higher fuel prices, especially  for natural gas, the general trend was for prices to be slightly higher during  periods where natural gas was the marginal fuel. For approximately 99 percent of  all hours, 2000 energy prices were more expensive than in 1999. Yet, with  relatively low peak demand, the price for the most expensive 1 percent of demand  during 2000 was considerably lower in 2000 than in 1999, accounting for the  entire 9.81 percent average reduction in 2000 prices from 1999. If not  for the reduced prices for the most expensive 1 percent of demand, overall  prices for 2000 likely would have risen approximately 18 percent over 1999, due  largely to higher fuel costs.
For these reasons, the Report recommendation to "evaluate"  additional actions to increase demand-side responsiveness is SEVERELY  understated. PJM and all consumers have an essential interest in implementing  demand-side response programs to the maximum economic level, with dramatic  implications for saving individual consumers money, improving system  reliability, keeping market prices lower for everyone, and improving market  competitiveness.
Can everyone say I-C-A-P?
So with the lower wholesale  energy prices and plenty of supply, why did the retail market sputter?
Installed capacity (ICAP) price increases are a partial  explanation. In addition to energy, the controversial charge for ICAP is the  other significant cost born by electricity consumers within PJM. ICAP represents  a call option on physical generation resources by PJM during system emergencies.  All LSEs are required to purchase an amount of installed capacity equivalent to  their customer's peak load contribution plus an adequate reserve margin,  currently 19 percent. But although it exists for reliability purposes, PJM  curtailed the export of energy outside PJM from PJM-committed installed capacity  on only one day during 2000.
Logically, the price for installed capacity, like the price of  energy, might have been expected to decrease during 2000. Yet that didn't occur.  As energy prices decreased within PJM, they remained high or continued to  increase in surrounding control areas. Higher prices in the surrounding markets  led some generation owners to de-list their generation committed to PJM in order  to sell out to other control areas without the risk of being curtailed by PJM.  The result was an increase in ICAP prices from an average of $52.86 in 1999 to  $60.55 in 2000. The increase was concentrated over the summer with prices in the  daily markets rising to $177 or more for most of June, July and August. The  increase in ICAP prices raised the cost of supplying many retail customers by  about 1 cent per kWh. The Market Monitoring Unit concluded that the price spikes  over the summer months were a direct result of the opportunity cost associated  with the prices in neighboring control areas.
But the Report's finding that the ICAP market was "reasonably  competitive" seems inconsistent with PJM's conclusion last year that the 2000  ICAP market performed so poorly that it needed a major overhaul. This  inconsistency raises questions about the reasonableness of that portion of the  2000 Report or giving the 2000 ICAP market the PJM seal of approval.
PJM has invested substantial time and resources since last summer  in an extensive stakeholder process to revise its ICAP rules, especially  concerning the allocation of deficiency revenues and the interval over which  ICAP is purchased. But since the "reformed" ICAP market began operating only  recently on July 1, 2001, it's too soon to know whether it is functioning well  or competitively. We remain skeptical that the PJM prescription cures the  disease, or is merely life support for a dying program.

See Spot offer lower prices
Apart from the ICAP market, the  differing prices in forward and spot markets provide substantial explanations  for why electricity suppliers have found it easy to beat the 1996 regulated  generation rate for most utilities but difficult or even impossible to beat the  lower shopping credits. (Shopping credit = 1996 regulated generation rate -  stranded generation cost). Prior to the 2000 summer season, prices in the  forward markets, before anyone knew how mild the weather was going to be,  substantially reflected the high-priced experience of 1999. Because of the high  prices in 1999, energy that was purchased through forward markets - about 82  percent of all energy - was considerably more expensive than the spot prices  turned out to be. Since customers often prefer to lock in a price in advance,  competitive suppliers generally didn't want to provide fixed prices below the  retail shopping credits. If suppliers had relied on the spot market, they could  have offered lower prices. Also, customers who can reduce or shift demand may  well benefit from purchasing more power from the spot market.

Recent developments
Both in the East and West coast markets  this week, electricity in daily trading has been near its low for the 52-week  period. Several developments are pushing down the price of wholesale  electricity. Mild weather, falling gas prices, new generation coming online,  increasing demand response and conservation as well as a FERC which understands  that competition must exist prior to price deregulation, are all pushing prices  lower. Moreover, forward market prices for 2002 within PJM are beginning to fall  and are under downward price pressure.
The new downward trend in forward markets partially results from  moderate prices this summer, even during high demand periods, with prices  generally staying under $150 MWh/$0.15 kWh. A good example of this was July 10,  a relatively hot day with significant demand, which saw prices reach $150 per  MWh for one hour but average $62.78 per MWh for all on-peak hours.
What's driving forward prices lower?

More efficient generation being installed (below 8000 btu/kWh  as opposed to 11000 btu/kWh).
More ICAP in the market (new capacity estimated at over 4000  MW with load growth at only 1.5 percent or 1000 MW).
More demand-responsive load in the form of 300 additional MW  of Active Load Management.
The addition of PJM West slated for 2002, with lower prices  generally.
Lower natural gas prices - falling from $4.0561 /mmBtu in July  2000 to $3.29/mmBtu as of July 12, 2001.

This good news, which suggests that retail customers in late 2001  or 2002 may again see retail competitive offers below the Pennsylvania shopping  credits, must be weighed against the troubled ICAP market. ICAP remains an  anachronism. ICAP prices have not returned to competitive levels and remain one  of the significant obstacles to serving retail customers. The forward prices for  ICAP alone have remained above 10 percent of the typical shopping credit.
Yet even in the world of ICAP there is hope. ICAP prices may be  beginning to soften in the face of a substantial amount of new generation that  is coming online and increased demand response from customers. PJM has  instituted both an emergency and an economic demand-response program, through  which more customers can respond to prices and reduce the price that all  customers pay for electricity.
Tomorrow's homework
The State of the Market Report contains  plenty of data which confirms that PJM is the country's best-run independent  system operator and best (though still flawed) wholesale market. Prices in the  spot energy market were well below 1996 regulated generation rates, even with  appropriate adjustments. But none of this warrants complacency. Only when PJM  becomes the first market to give consumers the tools they need to change their  demand for electricity, will the wholesale and retail markets within PJM be  FULLY, as opposed to "reasonably," competitive.
A link to download (in .pdf) the PJM MMU Report can be found on  the Internet at: http://www.pjm.com/market_monitoring/reports.html .

E-cubed is available for reprint in  newspapers and other publications. Authors are available for print or  broadcast.
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 - vol3no13_71601.doc


A few notes.

1.	Be cautious about divestiture.  Remember we own pipes and a electric LDC.

2.	Agree with you that we don't want Utility in merchant role - key issue.

3.	POLR issue involves getting pricing right.

Why don't you put together a note to the CAEM that we can send as our thoughts.  Just the Top 5 issues.

Jim

 -----Original Message-----
From: 	Canovas, Guillermo
Sent:	Monday, October 22, 2001 9:20 AM
To:	Steffes, James D.
Subject:	FW: DISCO of the Future Meeting 10/24/01 Agenda and Materials

 << File: distco future.doc >>

 -----Original Message-----
From: 	Canovas, Guillermo
Sent:	Monday, October 22, 2001 9:19 AM
To:	Steffes, James D.
Subject:	RE: DISCO of the Future Meeting 10/24/01 Agenda and Materials

Attached are summarized the main recommendations of the distco of the future paper and  their impact.
Most recommendations would have a positive impact on competition. However, some recommendations could be potentially dangerous. Besides, it does not have a clear position regarding unbundling: it opens too many unbundling possibilities and discards the extreme, and more effective (divestiture).
I will work on the default supplier paper today.

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Friday, October 19, 2001 2:01 PM
To:	Canovas, Guillermo
Subject:	FW: DISCO of the Future Meeting 10/24/01 Agenda and Materials
Importance:	High

Are these papers consistent with Enron's positions?

Jim

 -----Original Message-----
From: 	"Hope Duncan" <hduncan@caem.org>@ENRON
Sent:	Friday, October 19, 2001 1:28 PM
To:	hduncan@caem.org
Subject:	DISCO of the Future Meeting 10/24/01 Agenda and Materials
Importance:	High

MEMORANDUM

TO: DISCO of the Future Participants
FR: Hope Duncan, Director of Administration
RE: Meeting Materials
DT: October 18, 2001

Please find attached the agenda for next week's DISCO meeting.  I also
have attached the materials for the meeting -- the regulatory white
paper and the POLR paper.

Please address all questions and/or comments regarding the
aforementioned materials during the meeting.

 - DISCO-Regulation-MembersDraft(010907v14).doc << File: DISCO-Regulation-MembersDraft(010907v14).doc >>
 - DISCO POLR Revised.doc << File: DISCO POLR Revised.doc >>
 - DISCO October Agenda.doc << File: DISCO October Agenda.doc >>


Pam,

We don't think Wendi has skills required for this job.

Vince

From: Pam Wilson@ENRON COMMUNICATIONS on 03/10/2000 12:27 PM
To: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Jonathan
Davis/HOU/ECT@ECT
cc:
Subject: Candidate Evaluation, Wendi Germani

Please complete the attached form and also let me know if you have an
interest in proceeding with Wendi.

Thanks!

Pam


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----- Original Message -----
From: "Kammer, Mike" <MKammer@tradespark.com>
To: "'Gmorgan (E-mail)" <gmorgan@natsource.com>; "'John. Knock (E-mail)"
<john.knock@elpaso.com>; "Mark Faist (E-mail)" <Mark.Faist@elpaso.com>;
"Matt Cuocci (E-mail)" <mattc@elitebrokers.net>
Sent: Tuesday, January 22, 2002 1:33 PM
Subject: FW: Having a bad day?

>
>
> -----Original Message-----
> From: Vanderbilt, James
> Sent: Tuesday, January 22, 2002 1:10 PM
> To: Conlon, John; Kammer, Mike; Hultman, Eric; Maguire, Philip; Corio,
> Pam; McGee, John; Sorkin, Elliot; Goldwire, Hal; Dunlap, Dave; Pizzuti,
> Dave; McGowan, Scott; Hadwin, Mike; Stewart, Jeff; Montgomery, Ben;
> Davis, Trenton; Carlitz, Jeff; Marsden, Jon
> Subject: FW: Having a bad day?
>
>
>
>
> -----Original Message-----
> From: Patrick [mailto:patrick@moving.com]
> Sent: Tuesday, January 22, 2002 12:54 PM
> To: John Windsor; , Moore, John A. (US - McLean); Anthony Digore
> (E-mail); Anthony Stevens (E-mail); Booger; Brian Gozycki; Chill;
> 'Daniel Smith'; Dathan J. Hartl; Digiore; George Work; Gloid;
> jharris3@loyola.edu; Jimmy Vanderbilt; Kenny Clausman;
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> (E-mail); Packy; Pat O'Day; Patrick Feeley; Patrick Flannery;
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> Sheist
> Subject: Fw: Having a bad day?
>
>
>
> ----- Original Message -----
> From: "O'Reilly, Thomas" <TOReilly@INTERPUBLIC.COM>
> To: "'Anderson, Dave'" <DAnderson@minolta.com>; "'Bellomo, Chrissy'"
> <CBellomo@nb.com>; "'Dolan, Tom'" <thomas.dolan@jwt.com>; "'Doyle, Kevin'"
> <kevin.doyle@gehfs.com>; "'Duffy, Jack'" <jack.duffy@xo.com>; "'Duffy,
> Patrick'" <patrick@moving.com>; "'Dunn, Elizabeth'"
> <elizabeth.dunn@nautica.com>; "'Dunn,Edward'" <Edward.Dunn@CNA.com>;
> "'Farrell, Pat'" <patfarrel@aol.com>; "'Gallagher, Brian'"
> <briangallagher1@hotmail.com>; "'Kelleher, Diarmuid'"
<dkelleher@bear.com>;
> "'Kelly, Sean'" <seantkelly7@hotmail.com>; "'McCarthy, Brendan'"
> <brendan.m.mccarthy@gs.com>; "'O'Brien, Mike (hotmail)'"
> <mobrien94@hotmail.com>; "'O'Reilly, Terry'" <terry.oreilly@qwest.com>;
> "'Rella, Keith'" <keith_rella@yahoo.com>
> Sent: Tuesday, January 22, 2002 1:41 PM
> Subject: FW: Having a bad day?
>
>
> > HA HA
> >
> > > Subject: FW: Having a bad day?
> > >
> > >
> > >
> > >
> > >  <<pic00041.jpg>>
> > >
> > >
> > >
> >
>
>
>
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> For further important information, please see
http://www.tradespark.com/full-disclaimer.html
>
>

 - pic00041.jpg


---------------------- Forwarded by Lorna Brennan/ET&S/Enron on 12/11/2000
12:30 PM ---------------------------

webmaster@cera.com on 12/08/2000 09:33:35 PM
To: Lorna.Brennan@enron.com
cc:

Subject: Western Market Crisis: Gas Joins Power - CERA Alert

**********************************************************************
CERA Alert: Sent Fri, December 08, 2000
**********************************************************************

Title: Western Market Crisis: Gas Joins Power
Author: CERA
E-Mail Category: Alert
Product Line: Western Energy , North American Gas ,

URL:
Western Energy Members:
http://www.cera.com/client/ce/alt/120800_18/ce_alt_120800_18_ab.html
N. American Gas Memeber:
http://www.cera.com/client/nag/alt/120800_18/nag_alt_120800_18_ab.html
*********************************************************

Western Markets Disconnect
The western energy markets are currently in a pricing
crisis. Power supply shortages and threats of system
blackouts have resurfaced this winter in California, and
spiking natural gas prices have become the latest energy
headache for the West. Gas prices along the Pacific
corridor from Kingsgate in the North to Topock in the
South have jumped to over $40.00 per MMBtu during
December after averaging over $15.00 per MMBtu through
the second half of November. Extreme weather, strong
power demand for gas, and unusually low gas storage
levels have combined to intensify the demand for
pipeline gas and have exposed a latent capacity
bottleneck in bringing gas to this far western corridor.
The result is prices that dramatically "disconnected"
from the rest of the North American gas market in a way
that is more typical of Northeast markets during the
winter.

The vulnerability to additional spikes will endure as
the demand drivers combined with weakened storage
inventories will maintain price pressure on western
price points throughout the winter. However, the recent
jumps in western gas market differentials-to more than a
$10 per MMBtu premium to the Henry Hub-should ease
somewhat with a break in the weather. Under any weather
scenario, spikes up into the $15.00-$20.00 per MMBtu
range will be a feature of winter markets along the West
Coast. On balance, we expect West Coast price
differentials to average at a $4.00-$8.00 per MMBtu
premium through winter. The spring hydroelectric runoff
season should offer the first opportunity for a break in
differentials that could drop back to more typical
levels of less than $1.00 per MMBtu.

Over the long term, increased pipeline capacity and
additional gas supply are needed to break the
vulnerability to future West Coast price spikes.
However, significant new capacity additions are still 12
to 24 months away. In the meantime-particularly this
winter-sustained high and volatile price differentials
and extremely high absolute prices at western points are
likely to draw the increased attention of state
regulators and the FERC, as winter heating demand
exposes residential customers to the direct cost of the
crisis.

Building Up to the Price Spike
The first signs of natural gas price spikes and
disconnects emerged this summer, as sharp year-over-year
increases in demand pushed pipeline utilization rates to
new highs. As pipeline capacity constraints into
California became evident, differentials in Southern
California moved up to a $1.00 per MMBtu premium to the
Henry Hub. These extremely high prices, as well as low
forward spreads, discouraged storage injections through
the summer. As a result, a strong storage position early
in the summer deteriorated rapidly from May through
July. In August a lateral on El Paso's southern system
exploded; the accident further limited pipeline capacity
into California for a two-week period. During that time,
the market drew heavily on storage inventories and
further weakened storage positions. As hydroelectric
generation declined through the summer, the price
strength extended into Northern California. Malin, which
had been pricing near parity with the Henry hub in the
summer, began trading at a $0.50 per MMBtu premium to
the Henry Hub in September. The summer and early fall
market set the stage for continued and more intense
spikes this winter. The following factors are now
driving this market:

* Continuing surges in gas demand. Gas demand levels
have remained high since early summer, driven by higher
overall demand for electricity and lower hydroelectric
output. Demand levels for the third quarter in the US
West averaged 10.7 billion cubic feet (Bcf) per day, up
from 8.7 Bcf per day during the third quarter 1999.
Persistently strong gas-fired generation production
through the fall months diverted gas to power
production, frustrating efforts to fill storage. This
pressure will continue. The year-over-year demand
increases from the power sector will be compounded, as
evidenced in November, by swings upward in residential
and commercial heating demand of 800 million cubic feet
(MMcf) per day. Overall, CERA expects nearly 1.6 Bcf per
day of increased demand in the West this winter, with
the critical California and Pacific Northwest regions
showing 1.2 Bcf per day of increased demand. Key power
sector drivers, including the strong economy, colder
weather, and lower hydroelectric generation, will
continue to push gas-fired generation.

* Pipeline utilization nears capacity. Strong western
demand for gas has pushed utilization rates on western
pipes to high levels. Flows from British Columbia into
the Northwest pipeline have remained at high levels
since summer, while flows from the Rockies on Northwest
have remained at pipeline capacity. Flows on PGT into
Kingsgate have remained at or near capacity, although
approximately 300 MMcf per day of excess capacity exists
on PGT into California at Malin. Likewise, flows out of
the Rockies on Kern River pipeline have consistently
remained at capacity. The only slack pipeline capacity
remaining for West Coast gas markets has been on
Southwest pipes. During the past few months, these
pipelines have operated at their highest utilization
rates since the addition of capacity from Canada early
last decade. The high utilization of western pipeline
capacity-reminiscent of power plant capacity constraints
that helped propel power prices to all time highs in the
West this summer-leaves very little slack capacity to
provide a relief valve for demand spikes. And that is
exactly what has driven prices during the past few weeks
(see Figure 1). Given the level of storage inventories
and expected gas demand, flows on the El Paso and
Transwestern pipelines will have to reach even higher
flow levels from December through March than they have
averaged through November.

* Deteriorating storage position. At the start of
November California storage inventories held at 154 Bcf,
a full 32 Bcf below the five-year average inventory
level. The strong in-state withdrawals during November
weakened that position to 128 Bcf; the deficit swelled
to 62 Bcf. Inventories in California have never fallen
below 60 Bcf, so deliverability through the end of
winter is likely less than 700 MMcf per day. Storage
inventories in California are so low that utilities'
ability to balance withdrawals from storage with
purchases from demand-sensitive price points is severely
limited. If the cold weather blast anticipated for mid-
December materializes, this effort at balance will be
even further compromised for the remainder of winter
(see Figure 2).

* Short-term contracting. A significant amount of
western gas is purchased or indexed to the spot market.
A shift from term contracts for both gas and pipeline
capacity to spot transactions-in many cases in response
to gas and power industry deregulation-has left the West
much more exposed to spot market volatility. In other
areas of the country, utilities have significant firm
pipeline capacity extending from supply regions to the
citygate and/or have forward purchased gas (at previous
and lower prices) for at least some portion of their
winter supplies. As a result, unlike in eastern markets,
a much larger proportion of the supply portfolio of
California utilities will be exposed to the current
price spikes.

* No alternatives. A lack of fuel-switching capability
prevents a meaningful demand response to higher gas
prices. Power prices continue to move in lockstep with
the increase in gas prices. Not surprisingly, gas prices
pushed the cost of gas-fired generation beyond the
Federal Energy Regulatory Commission's (FERC's) proposed
price cap of $150 per megawatt-hour, setting the stage
for a reassessment of this price limit. A small and
declining portion of power generators are liquid fuel
capable. Significantly, air emissions restrictions-
already plaguing power markets with much higher
emissions credit costs this year-will make any further
switching to liquid fuels in the crucial California
market highly unlikely this winter. A recent meeting of
the South Coast Air Quality Management District, which
has jurisdiction over the Los Angeles area, concluded
with no relief granted to generators running short of
emissions credits.

Market Forces Unite for Price Spikes During November
The first cold weather-related demand spike demonstrated
the combined power of these forces and the vulnerability
of the western markets. A cold weather system in mid-
November brought temperatures averaging 47 percent
colder than normal-the temperatures actually averaged 14
percent colder than a normal January week-and provided
the additional demand boost that taxed the gas delivery
systems on the West Coast. Capacity constraints on
moving gas into California that appeared during the
summer extended north into the Pacific Northwest as
heating loads climbed. This core demand compounded the
effects of continued strong demand for gas for power
generation.

The high power demand was the result of the intersection
of the annual low point for hydroelectric generation and
a series of planned and unplanned nuclear and coal power
plant outages. Gas demand in the US West during the last
two weeks of November was boosted to approximately 15.5
Bcf per day, driven by heating demand increases of 2.8
Bcf per day above normal levels and power plant outage-
related demand increases of 1.0 Bcf per day.

These demand spikes caused buyers-already dependent on
the spot market-to bid citygate prices to record high
levels through the last two weeks of November and into
December. Since demand outstripped supply, prices rose
dramatically at all western price points, and flows of
natural gas to western markets increased over high
summer levels. Citygate prices surged beyond $40.00 per
MMBtu on daily spot markets and averaged nearly $15.00
per MMBtu for December bidweek at Topock. Daily spot gas
prices have reflected imbalance penalty prices in many
western market regions.

West Coast to Remain Disconnected Through the Winter
Although the week of November 13 could prove to be the
peak demand week in the West this winter, CERA does not
expect any significant retreat in gas prices on the West
Coast any time soon. Storage inventories are so low that
the ability to beat back demand spikes with high storage
withdrawals is not an option for gas utilities.
Generators, which already rely heavily on the spot
market for supplies, are faced with a bidding war for
scarce supplies. Colder-than-normal weather would likely
keep West Coast prices in the $20.00-$40.00 per MMBtu
range. More normal weather would allow a slow decline
from current levels of over $20.00 per MMBtu down into
the $15.00-$20.00 per MMBtu range. However, the storage
situation and underlying demand strength mean that any
return to a lower pricing range is unlikely until early
January.

This winter will prove a critical test for western gas
markets, and the end of the heating season will likely
provide the first opportunity for lower price levels in
the West Coast market. As heating loads diminish
significantly in March and storage deliverability is no
longer a critical issue, premiums should retreat back
into the $1.00-$2.00 per MMBtu range. As hydroelectric
generation begins to increase, the pressure could
subside even further, but storage injections during the
spring shoulder season will likely limit price declines
even during the spring.

The Unique Vulnerability of the Pacific Northwest
The West Coast price pressure is not limited to
California. High demand in the Pacific Northwest (and
more indirectly in California) will keep upward pressure
on prices from Sumas to Stanfield. Northwest pipeline
capacity from the Rockies was already fully utilized at
the onset of the cold weather and even so can only
provide gas so far into the Pacific Northwest. The
combined California and Pacific Northwest demand pushed
Stanfield up in spite of the limited volumes that are
bidirectional there. The only supply source for the load
centers in southern British Columbia and even more so in
northern Pacific Northwest (such as Seattle) are from
Westcoast at Sumas. The Westcoast mainline from the
producing fields in Northeast British Columbia has also
been operating at capacity. The same bidding forces felt
in California have been evident at these western
Canadian price points, pushing Sumas prices into the
$20s per MMBtu. These forces will persist, keeping Sumas
at a premium to AECO over the winter-and in much closer
relationship to California prices.

Customer Response:  Another Log on the Backlash Bonfire
With power plants and gas utilities paying the current
high spot prices, consumers' bills from Vancouver to San
Diego will ultimately reflect these high commodity
prices. The gas industry has been preparing for rate
shock this winter, warning regulators and customers
alike. However, the price spikes in the West and the
sustained premiums in western markets move beyond
alarming. Capacity holders are reaping significant
rewards for their investments in capacity positions,
resulting in a substantial transfer of wealth from
consumers to capacity holders. Market power and market
gaming accusations that have hit the power markets will
find easy application in their gas market counterpart
(no matter what their merits). Some level of
investigation into the natural gas markets during or
following this challenging winter should be expected. As
has occurred in the power markets, this will now turn
attention to gas purchasing practices, particularly in
California. The likely outcome of this process will be a
shift away from the heavy reliance on spot purchases
toward a more flexible portfolio approach.

**end**

Follow URL for PDF version of this Alert with associated graphics.

*********************************************************
Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids:
Strategies and Risks for the Energy Future" in Houston, February 12-16,
2001!  For more information and to register, please visit
http://www.cera.com/ceraweek/
*********************************************************

**********************************************************************
This electronic message and attachments, if any, contain information
from Cambridge Energy Research Associates, Inc. (CERA) which is
confidential and may be privileged. Unauthorized disclosure, copying,
distribution or use of the contents of this message or any attachments,
in whole or in part, is strictly prohibited.

Terms of Use: http://www.cera.com/tos.html
Questions/Comments: webmaster@cera.com
Copyright 2000. Cambridge Energy Research Associates


Today Enron Broadband Services announced a 20-year exclusive agreement with
Blockbuster to deliver a revolutionary new "entertainment on demand" service
to consumers.   Consumers will be able to order movies from the convenience
of their homes, and watch them on their televisions whenever they want.  To
learn more about this exciting announcement and view a webcast featuring
interviews with Ken Lay and Blockbuster CEO John Antioco, visit
http://www.ebentertainmentondemand.com/.


If anyone is interested in an administrative position in HR, please see me by
close of business Wednesday for more details.

Thanks!
Amy


---------------------- Forwarded by Silver Breaux/HOU/ECT on 09/27/2000 07:22
---------------------------

"Liles, Steven R." <LilesS@EPEnergy.com> on 09/27/2000 06:27:41
To: "'Silver Breaux HPL'" <SBreaux@enron.com>
cc:
Subject: Accum.

 <<Book2.xls>>

******************************************************************
This email and any files transmitted with it from El Paso
Energy Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************

 - Book2.xls


I have certainly missed your one liners - I will give you a call first thing
tommorrow.

Regards
Delainey


Do we have our other desired changes incorporated at this point?

	Carol St Clair
	02/08/2001 04:24 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Bankruptcy Legislation/Bond Market Association

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 02/08/2001 04:24 PM -----

	"Rick Antonoff" <Rick.Antonoff@cwt.com>
	02/08/2001 03:29 PM

		 To: mark.e.haedicke@enron.com, elizabeth.sager@enron.com, sstack@enron.com,
Mary.Cook@enron.com, msmith1@enron.com, vsharp@enron.com,
Carol.St.Clair@enron.com, lmellen@ect.enron.com
		 cc: "David Mitchell" <David.Mitchell@cwt.com>
		 Subject: Bankruptcy Legislation/Bond Market Association

I just returned from the Bond Market Association meeting this afternoon on
the pending bankruptcy legislation.  Chris Long (Enron) was there with
Ellen Levinson of our Washington office.
The "big" issue discussed was whether to push hard for amendments on
cross-affiliate netting.  The consensus was that while everyone in the room
(and all of Wall Street was there,as well as ISDA and commodities groups)
wants the amendments, they are considered controversial by the President's
Working Group and could derail progress on the version of bankruptcy reform
currently before Congress which everyone also agrees is very good
legislation for financial markets participants.  On the basis that getting
the current bill enacted quickly is of paramount importance, the
Association determined to "back pocket" the cross-affiliate netting issue,
meaning that if the current legislation moves quickly, the Association will
not raise the issue but if the legislation gets bogged down in committee
and other nontechnical changes are being proposed, the Association will use
that opportunity to add cross-affiliate netting provisions.

Feel free to call if you have any questions.
______________
Rick B. Antonoff
Cadwalader, Wickersham & Taft
100 Maiden Lane
New York, NY 10038
Phone: 212 504-6759
Fax: 212 504-6666
Mobile: 917 287-6391
Email: rick.antonoff@cwt.com

==============================================================================
NOTE:  The information in this email is confidential and may be legally
privileged.  If you are not the intended recipient, you must not read, use or
disseminate the information.  Although this email and any attachments are
believed to be free of any virus or other defect
that might affect any computer system into which it is received and opened,
it is the responsibility of the recipient to ensure that it is virus free and
no responsibility is accepted by Cadwalader, Wickersham
& Taft for any loss or damage arising in any way from its use.

==============================================================================


> Attached please find copies of the following schedules and annexes to the
> Purchase and Sale Agreement:
>
> 1) the  Master Parent Disclosure Letter;
>
> 2) the schedules for India;
>
> 3) the schedules for EGEP;
>
> 4) the schedules for APACHI; and
>
> 5) Annex G, listing the contracts that have been excluded for
> confidentiality reasons.
>
> Please note that the schedules for the SoCal assets will follow shortly
> under a separate cover.  In addition, we plan to circulate copies of the
> CALME and Wind schedules tomorrow.
>
> If you have any questions or any problems opening any of the attachments,
> please do not hesitate to contact either Gray Sasser at (713)758-3425 or
> Donnie Roark at (713)758-3374.
>
>
>
>
>
>  <<Master-Disclosure-Ltr.DOC>>  <<India-Schedules.DOC>>
> <<EGEP-Schedules.DOC>>   <<APACHI-Schedules.wpd>>  <<Annex G --
> Excluded-Contracts-Confidentiality.DOC>>
>
>
> +++++++++++++++++++++++
> CONFIDENTIALITY NOTICE
> +++++++++++++++++++++++
> The information in this email may be confidential and/or privileged. This
> email is intended to be reviewed by only the individual or organization
> named above. If you are not the intended recipient or an authorized
> representative of the intended recipient, you are hereby notified that any
> review, dissemination or copying of this email and its attachments, if
> any, or the information contained herein is prohibited. If you have
> received this email in error, please immediately notify the sender by
> return email and delete this email from your system. Thank You
>
>

 - WORD v1 Summer Disclosure Letter.DOC
 - 00 India Schedules.DOC
 - 285641_1.DOC
 - Lightning-Schedules3.wpd
 - Annex G -- Excluded Information Based on Confidentiality Requirements.DOC


Have him send his resume to Karen Buckley in HR.  There is a new round of trading track interviews in May.


At our 2nd meeting on Feb 8, we reviewed the purpose of each subgroup and
heard progress updates from each of the groups.  We scheduled our 3rd meeting
for Friday, February 25, from 9:30 am to 11:30 am  CST.   At this meeting, we
will

1) hear from the "Descriptive Model" subgroup (Roy, Mark, Amr, Rob) about the
ways Public Affairs supports EES in the US and Europe, what works well, what
could improve, and practices that could be transferred between regions,

2) hear from the "Resources & Information" subgroup (Peggy, Rita, Jim) about
who are the right contacts in each organization, how we can depict these and
communicate them, and how information can be made accessible (intranet,
Information Resources WG, etc.),

3) hear from the "Product Development" subgroup (John, Roy, Peggy, Steve)
about some ideas for adding to EES' commercial offerings,

4) hear from the "Client Needs" subgroup (Harry, Nancy Mike) about an
approach for eliciting input from EES on their needs from Public Affairs, and
progress to date, and

5) hear from the newly formed "Interaction" subgroup (Amr, Harry, Steve)
about how EES' presence in world markets could affect Enron valuations of
other business opportunities.

If any of the groups have materials to distribute, please coordinate with me
and we will make sure it is distributed prior to the meeting.
We will contact you later with call-in numbers for the conference.  Thank you.


Return-path: <VKaminski@aol.com>
From: VKaminski@aol.com
Full-name: VKaminski
Message-ID: <38.2014abbf.294cee61@aol.com>
Date: Sat, 15 Dec 2001 13:20:17 EST
Subject: Formal complaint
To: info@ap.org
CC: VKaminski@aol.com
MIME-Version: 1.0
Content-Type: multipart/alternative; boundary="part2_cb.1a519c00.294cee61_boundary"
X-Mailer: AOL 6.0 for Windows US sub 10539

To whom it may concern:
I would appreciate if you could forward to the editors my formal complaint regarding
the behavior of one of the reporters working for your organization.
Complaint
My name is Vince Kaminski and I was quoted by Ms. Kristen Hays in her
article on Enron (the link is provided below). Her behavior represents in my view a
violation of ethical standards that every journalist should observe.
I did not talk to Ms. Hays. She did not ask me any questions. She
might have been the lady sitting at my table at the luncheon and she
may have overheard bits and pieces of conversation I had with my
friend. I shall be glad to submit the name of a witness who was talking to me
and sitting next to me through the entire meeting and who walked out with me from
the building.
I am not sure if an organization of your reputation can tolerate similar
questionable practices of collecting information. Eavesdropping on a
private conversation is not an acceptable behavior in a civilized
society. If you would like to endorse such behavior, you should
provide Ms. Hays with a hearing aid. Yahoo - Analyst: Enron Crash a 'Morality Tale'
Vince Kaminski
10 Snowbird Place
The Woodlands, TX 77381
(281) 367 5377


The people I asked to review the schedule are:

Buenos Aires, Sao Paulo - Scott Mills (I've updated the schedule for his
comments)
Calgary - Peggy Hedstrom (I've updated the schedule for her comments)
Frankfurt, London I, II, Oslo, Signapore - Fernley Dyson, Mike Jordan, Naomi
Connell, Beth Apollo, James New, Doug Imrie, Brent Price (the London section
of the database is currently being updated by Donna's department in
coordination with Mike and and Doug - I've asked if they could do it today so
I can update the schedule for you)
London II, Panama City - Scott Earnest, Brent Price (since Panama City was
received only recently, the database is not up to date.  I've talked to Scott
and he is determing what they have closed)
Oslo - Jan-Erland Bekeng (this is updated)
Seoul - Cassandra Schultz (She is trying to get the most recent information -
database may not be up to date as it is difficult to get information on this
JV)
Sydney - Heidi Mason, Cassandra Schultz (I've updated the schedule for her
comments)

Here is the latest version,

Best regards

Shona


Today its my turn to be the goof - today I can't make it.  Sorry.  How about
tomorrow
Sager


Many thanks.

TC

	Enron North America Corp.

	From:  Tana Jones                           04/11/2000 02:05 PM

To: Tobin Carlson/HOU/ECT@ECT
cc:
Subject: Re: Limits

I have a letter on its way to Mike Moscoso right now (interoffice mail).  We
requested 5000 for nat gas any one month, but were only approved for an
additional 2000.  So we went from 15,000 to 17,000.

Welcome back!


According to the contract brief I received, the 2.175 is a 1999 price.  I
believe my pricing is correct.  Bob or Darren may be able your questions
better.

Dave

	Enron North America Corp.

	From:  Megan Parker @ ENRON                           11/21/2000 03:27 PM

To: David Baumbach/HOU/ECT@ECT
cc:
Subject: Apache deal 384247 10/00

I got an invoice for the gas we bought from Apache for Tenaska IV and they
have a different price.  For deal 384247, we have a price of 2.285 and a
demand fee of 0.457 for 25,000/day.  Apache is billing us at 2.175 with no
demand charge.  Can you verify this price for me and let me know which is
correct?

Thanks,
Megan


Steve,

Board goals as promised.

Kevin


Notice to Members No. 01-190
June 7, 2001

REMINDER ) THIRD NOTICE

To:
All NYMEX Division Members
All COMEX Division Members

From:
Neal Wolkoff, Executive Vice President

Re:
Changes to Audit Trail Summary Fine Structure-NYMEX & COMEX Divisions

Modification of &Clear-out Period8

The Board of Directors has approved modifications to the fine structure for
one-minute trade time submission for both NYMEX and COMEX Divisions.
Presently members falling below the 80% timely submission standard are issued
escalating warning letters and fines unless and until they clear out their
record by being in compliance for six consecutive months.  After six months,
the member returns to a &warning letter8 level.  Effective immediately, this
&clear-out period8 is reduced from six months to four months.  One-minute
trade timing statistics for the month ending April 30, 2001 will reflect this
modification.

Implementation of One-Minute Trade-Time Classes

The Board also accepted the recommendation of the Compliance Review Committee
and Floor Committee to adopt a training program for members facing one-minute
trade time fines on the NYMEX Division.  The purpose of the program is to
improve Exchange trade submission timing through member education by
identifying individual issues, tailoring individual solutions and statistical
follow-up.  Training will be conducted on Thursday, June 14, Tuesday, July
10, and Wednesday, August 15, 2001 by a team comprised of Committee Members
and Compliance Staff with the assistance of the Training and Education
Committee.  You may sign up for these classes at the Corrections Windows on
the 3rd and 5th floors, or by contacting Lois S. Shapiro, Associate
Compliance Counsel, at (212) 299-2853.  The June 14, 2001 class will be held
in the Seminar Room on the 10th floor at 3:45 p.m.  Plan to stay until 6:00
p.m.  Credit will not be given to anyone who does not attend the entire class.

As incentive, any member attending any one class will be allowed to &do over8
up to two subsequent months in which their trade time rates are between 70%
and 79%.  The member will still have to complete four violation-free months
before his record is &cleared out8 but he may take up to six months to do
so.  Members may take one class per year.

Audit Trail Classes

? Purpose:   to improve pit card submission statistics Exchange-wide by
reducing the number of individual members falling below the 80% standard for
timely pit card submission and to facilitate their return to a &warning
letter8 level.

? Members who have received a warning letter or a fine for pit card
violations may:

_ Attend an audit trail class, to be offered on June 14, July10, and August
15, 2001, with future dates to be determined by the Floor
Committee/Compliance Review Committee.  The class will be an intensive
discussion of pit card problems and pitfalls.  Materials will focus on how
the audit trail works and successful strategies for achieving a passing
percentage.  Members will be required to analyze their own trading style in
light of the material presented and pinpoint areas in which they need to
improve.  Members will also be required to outline a plan for raising their
pit card performance rates.  Each plan will be discussed with the group and
members will receive feedback from Floor Committee and Compliance Review
Committee Members, and Compliance and Floor Department Staff.  Members
attending classes are strongly encouraged to bring their clerks with them!

_ Upon completion of the class, members will be allowed to &do over8 up to
two subse-quent months in which their timely submission rates fall between
70% and 79%.  No fine or warning letter will be issued for a &do over8 month,
but the month will not count as a passing month.  A member who falls below
70% will receive a fine or warning letter.

_ The benefit to the member will be that the month that would have counted as
a failing month will not count at all, as long as the member achieved at
least a 70% rate.  Members still need four problem-free months to return to a
warning letter stage.  A member who has been problem-free for 3 months would
benefit by &doing over8 a fourth (and possibly a fifth) failing month, thus
having the opportunity to return to the warning letter stage despite
intervening failing months.  A member who falls below 70% before achieving
four problem-free months will receive a fine or a warning letter, as
appropriate.  The member can still use a second &do over8 month as long as he
meets all the above criteria.

_ Staff will follow up with members attending the classes.  Members will
receive a breakdown of their most recent audit trail fine.  They will also be
invited to discuss their percentages with staff on an individual basis.
Further, staff will supply daily or weekly statistics to any member by e-mail
or telephone upon request.

_ Members are eligible for only one class per year.  A member must take a
class to take advantage of the benefits listed herein.  Classes will be
offered on June 14, July 10 and August 15, 2001, and the program will apply
to the next full month of audit trail statistics.  The Compliance Review
Committee and the Floor Committee will evaluate the results of this program
before deciding whether to extend this program into 2002.

Incorporation of Spreads into One-Minute
Trade Time &Pit Card8 Statistics for NYMEX Division

Present one-minute trade time &pit card8 statistics do not include spread
times.  During the most recent NYMEX Rule Enforcement Review--the CFTC audit
of the Exchange,s Compliance programs and procedures--the CFTC recommended
that the NYMEX Division incorporate spread trades into the one-minute time
statistics.  The CFTC has made this recommendation in the past and the
Exchange has committed to respond to it. The COMEX Division one-minute trade
time statistics already include spreads.

NYMEX Division Members should note that intra-commodity spread trades will be
incorporated into pit card one-minute trade time accuracy rates after a
&phase in8 process of approximately 90 days.  In order to avoid substandard
percentages once spreads are incorporated, members must make sure that their
spread prints are price reported in order to ensure that the Price Change
Register for spreads is accurate.  If a spread print is not reported, you
will not be credited with timely submission of pit cards, even if you throw
the trade into the pit in a timely manner.

Pit card statistics for outright trades are presently posted on the NYMEX
floor on a weekly basis.  Compliance Staff will continue to post statistics
for outright trades and will additionally post the statistics for spread
trades.  These spread trade statistics are for information only so that you
can assess your pit card submission rate in advance of incorporation of
spreads in the one-minute trade time submission percentages.  For information
purposes, the seller of the spread is considered to be the party who sells
the premium month.  In the case where the spread trades flat, the seller is
the party who sells the nearby month.

If you have any questions about this information, please call Nancy Minett,
Compliance Counsel, at (212) 299-2940, or Thomas LaSala, Vice President
Compliance, at (212) 299-2897.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(01-190)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Please see attached.

Thanks.
Donna

 <<1-3-02.doc>>


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Subject: RIskNews Update - 11/01/2002
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Dear Subscriber,

Welcome to RiskNews Update - 11/1/2002

This week rating agency Standard & Poor's said innovatively structured collateralised debt obligations (CDOs) will spur the growth of structured finance products in 2002. The agency predicts a market worth more than $500 billion this year. S&P has reacted to the expected growth of such alternative investments by developing criteria for rating debt secured by the market value of hedge funds. And expects that rating these CDOs will encourage a wider investor base for the deals which, to date, have been dominated by niche investors.

Also this week, New York-based interdealer broker GFI launched what a market participant said was the first stage in its effort to create an online OTC electricity derivatives market in North America, via a soft launch in Alberta. Traders will be able to hedge electricity prices using electricity swaps and options, including base, peak and off-peak terms from day-ahead through the forward curve to calendar years via the new system. The broker has already combined voice and electronic brokerage trading in Europe - becoming the leading broker for German electricity. Should the Alberta project prove successful, it is likely that GFI will roll-out the hybrid model across North America, starting in the eastern seaboard area of the US.

In other energy news, Ohio-based utility American Electric Power (AEP) is set to enter the Nordic power market after its London-based European trading arm, AEP Energy Services, assumed operation of Enron's offices in Oslo and Stockholm. AEP gained an established team of 35 former employees of Enron Nordic Energy, which trades power and weather derivatives in Norway, Sweden, Finland, Denmark and Germany.

Meanwhile, the International Swaps and Derivatives Association (Isda) has hit back at calls for more derivatives regulation in the wake of Enron's demise. "Advocating regulation for regulation's sake is bad policy and could severely affect the US's role in global financial activity," said Robert Pickel, Isda chief executive, in a letter to the Wall Street Journal. "If OTC derivatives did not cause the bankruptcy and the bankruptcy does not pose a risk to the markets, the logical conclusion is that there is no argument for additional derivatives regulation. It is unclear... how additional regulation of Enron's derivatives trading operations would have prevented or mitigated Enron's financial difficulties," said Pickel in the letter.

Christopher Jeffery
Editor, RiskNews
http://www.risknews.net
mailto:cjeffery@riskwaters.com

PS: If you are interested in Weather Risk then you should be attending our Weather Risk 2002 conference at the end of this month. There is an exclusive discount for RiskNews readers - see the bottom of this email for full details.

>> Who has won Risk's 2002 Lifetime Achievement Award? Find out by registering for your FREE copy of the January issue of Risk, which includes coverage of the 2002 Risk Awards, recognising innovation and excellence in the risk management industry. Click this link for your FREE copy http://www.risk.net/awards2002 and to register for details of the Risk Awards 2002 Presentation Dinner, which will be held on 28 February at the Regent Hotel Wall Street, New York. Proceeds will go to the Risk Waters Group World Trade Center Appeal (see below for further details of the Appeal).

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Waters reports on how technology is changing the financial industry - and what the industry needs to do to stay one step ahead of the competition. Each monthly issue delivers dedicated coverage of the most recent developments in financial technology and market data. Visit http://www.watersinfo.com/magazine/applynow for your free copies.

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Headlines/Technology/People/Events

============================================================
Headlines - 11/1/2002
============================================================
11 January 2002 - Traders are having problems second-guessing the Japanese government's policy on the yen, after the currency's firming to ?132.38 against the dollar yesterday. This followed the yen hitting a three-year low of ?133.70 the day before.

10 January 2002 - The International Swaps and Derivatives Association (Isda) has hit back at calls for more derivatives regulation in the wake of Enron's demise. "Advocating regulation for regulation's sake is bad policy, and could severely affect the US role in global financial activity," said Robert Pickel, Isda chairman, in a letter to the Wall Street Journal.

9 January 2002 - US swap spreads narrowed during the year's first week of trading. But despite anticipation that the Fed will soon discontinue cutting interest rates, spreads will continue to be tight over the next few months, according to economic research from JP Morgan Chase.

8 January 2002 - Innovatively structured collateralised debt obligations (CDOs) will spur the growth of structured finance products in 2002, according to a report by rating agency Standard & Poor's (S&P).

 To read more now, click http://www.risknews.net

************************************************************
Try out the new 'Risk Technology Guide online' now - the most comprehensive database of risk management technology products containing over 250 company listings. Generate online reports customised to match your software requirements. Refine by Market Sector, Pricing Models, Risk Tools, and also by Back Office, ALM and Collateral Management. It's free, it's very useful - so why not check it out today? Visit http://www.rtg-online.com
PS: Complete the 30-second survey and win a book worth ?80/$110!
==========================================================
Technology and Exchanges - 11/1/2002
============================================================
11 January 2002 - Deutsche B?rse is set to release a new 'behaviour-oriented' equity index based on the Neuer Market - made up of 325 mainly German technology and high-growth companies - as a market information tool for dealers.

10 January 2002 - Oko Bank, the central bank for Finland's co-operative banking community, will extend its use of London-based Misys International Banking Systems' Opics solution to cover regulated and over-the-counter (OTC) derivatives activities.

9 January 2002 - Swiss Re signed up with New York-based risk management software firm Longitude today, to help its development of new weather risk management products.

9 January 2002 - OneChicago, the joint venture of Chicago's three derivatives exchanges created to trade single-stock futures, has selected the Chicago Board Options Exchange's (CBOE) screen-based system, CBOEdirect, as its trading platform.

9 January 2002 - Nasdaq Liffe Markets (NQLX), in a preparatory move before the start of trading in single-stock futures (SSF) in the US, agreed to let the Delaware-based Board of Trade Clearing Corporation (BOTCC) process certain deals known as 'give-ups'.

8 January 2002 - Smartstream Technologies, the London-based provider of reconciliation and trade confirmation management solutions, plans to let fund managers create electronic notification of trade execution through its latest electronic trade confirmation (ETC) module, Smartstream ETC.

8 January 2002 - Germany's European Energy Exchange (EEX) plans to become the first power exchange in continental Europe to offer central counterparty clearing services for over-the-counter (OTC) electricity forward transactions.

7 January 2002 - New York-based interdealer broker GFI today launched what a market participant said was the first stage in its effort to create an online OTC electricity derivatives market in North America, via a soft launch in Alberta.

7 January 2002 - Npower Northern Limited, a subsidiary of energy supplier Innogy, has chosen to use London-based KWI's kW3000 trading and risk management product.

To read more now, click http://www.risknews.net

************************************************************
Don't miss the January issue of Credit magazine - click http://www.creditmag.com/freeissue to request your free sample copy of the only magazine dedicated to the international credit markets.

Our first issue of 2002 includes an analysis of how the ABS market has benefited from the flight to quality by investors, and goes behind the scenes of corporate restructuring. We also examine the market forces driving the growth of European CDOs and subordinated bank debt. This month's industry focus is the utilities sector - covering mergers and acquisitions, restructurings and asset disposals and case studies examining whether the current appetite for utilities paper is justified. Plus our regular monthly coverage including indexes, credit of the month, market data, people news, moves and profiles and all the information you need about new products, trends and issues in the global credit markets.

Don't miss this essential issue! Click here for your free sample copy http://www.creditmag.com/freeissue

============================================================
People - 11/1/2002
============================================================
11 January 2002 - Ed Noonan will relinquish his role as president and chief executive of American Re, one of the largest reinsurers in the United States, at the end of March.

11 January 2002 - SG, the investment banking arm of French bank Soci?t? G?n?rale, has hired Richard Hopkin as deputy head of its European securitisation team.

10 January 2002 - Robert Walsh, vice-president of trade processing at the Chicago Board Options Exchange (CBOE), will become managing director of operations for OneChicago, the joint venture created to trade single-stock futures by Chicago's three derivatives exchanges: the CBOE, the Chicago Mercantile Exchange and the Chicago Board of Trade.

9 January 2002 - Roselly Ramseyer-Torres, who has been steadily building up Dresdner Kleinwort Wasserstein's (DrKW) equity derivatives capability, has climbed another rung in the German investment bank's corporate ladder by being named deputy head of global equities.

9 January 2002 - Oliver, Wyman & Company, the New York-based consultancy, plans to boost its risk management practice by hiring Tom Wilson, former Swiss Re New Markets chief financial officer and chief risk officer.

8 January 2002 - Ohio-based utility American Electric Power (AEP) is set to enter the Nordic power market after its London-based European trading arm, AEP Energy Services, assumed operation of Enron's offices in Oslo and Stockholm.

To read more now, click http://www.risknews.net

============================================================
Events - 11/1/2002
============================================================

Take a look at the Risk Waters Group 2002 event calendar - it's now available online! Register for advanced 'Remind Me' alerts to be notified of specific event details, discount packages and other information at http://www.risk-conferences.com/events - If any of your colleagues or business associates would be interested in any of these events, please forward them this message.

***EXCLUSIVE DISCOUNT FOR CORPORATE END-USERS***
WeatherRisk 2002 - New York, 23 & 24 January 2002
Increasing volatility in global weather conditions has brought about a need for corporations to insure against financial losses. With 70% of business affected by weather risk, the weather derivatives market is set for major growth in 2002. This truly global event will offer senior representatives from the weather risk industry an ideal opportunity for networking and discussion, WeatherRisk 2002 will provide an unrivalled platform to examine the current market drivers, future possibilities and what must be done to overcome present obstacles to growth.
PLEASE NOTE: Corporate end-users will be offered a 50% discount off the standard delegate fee. Please see our website for full details.
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***EXCLUSIVE DISCOUNT FOR RISKNEWS READERS***
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Risk magazine's fourth annual operational risk conference
The third consultative document for the Basle II Capital Accord, due to be published this year, will provide a crucial opportunity for financial institutions to understand the growing convergence between quantitative and qualitative approaches to measuring and managing operational risk. OpRisk 2002 is the leading industry forum for operational and operations risk, with the world's foremost experts including regulators, practitioners and academics detailing the approaches that can be utilised for efficient economic and regulatory capital allocation.
DISCOUNT - BOOK BETWEEN JANUARY 11 AND 18,  2002, AND RECEIVE A 10% DISCOUNT. QUOTE CRXD101/RN FOR EUROPE and CRXP87/RN FOR USA
http://www.risk-conferences.com/oprisk2002/?caller=rn

Risk 2002 Europe - Paris, 23 & 24 April 2002
Risk magazine's 7th annual European derivatives and risk management congress
http://www.risk-conferences.com/risk2002euro/?caller=rn

***EXCLUSIVE EARLY-BIRD DISCOUNT***
Energy and Power Risk Management 2002 - Houston, 14 & 15 May 2002 - Amsterdam, 28 & 29 May 2002
EPRM magazine's annual congress examining the latest developments in the energy markets
EARLY-BIRD DISCOUNT - BOOK BETWEEN THE 11th and 18th of JANUARY 2002 AND RECEIVE A 10% DISCOUNT. QUOTE CNXD28/RNEB FOR EUROPE and CNXP50/RNEB FOR USA
http://www.eprm-conferences.com/eprm2002/?caller=rn

Risk 2002 USA - Boston, 11 & 12 June 2002
Risk magazine's 8th annual US derivatives and risk management congress
http://www.risk-conferences.com/risk2002usa/?caller=rn

Other useful links:
~ About Risk & EPRM Conferences: http://www.risk-conferences.com/about.htm
~ Event Calendar: http://www.risk-conferences.com/events.htm
~ Event Marketing Information: http://www.risk-conferences.com/marketing.htm
~ Past Event Documentation: http://www.risk-conferences.com/order.htm
~ Risk Special Reports: http://www.risk.net/supplements/supplements.html
~ EPRM Special Reports: http://www.eprm.com/

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just emailed the letter.  jeff


Hi Katie,
 How is my favorite Aggie?   Its been a hectic week so far.  This deal is
scheduled to close Thursday morning and then a I catch a flight to Denver
Thursday afternoon.  I have been putting the guys off in our Denver office
for some time so I will be busy with them all day Friday and then a flight
back to Houston on Saturday.  Denver is a cool town, so it should be fun on
Friday night.

How is the research project going?  Any major breakthroughs in the health
area.  Remember me when you win the Nobel Prize!

Gerald


---------------------- Forwarded by Randall L Gay/HOU/ECT on 07/25/2000 10:50
AM ---------------------------

"Barquin, John" <jbarquin@velaw.com> on 07/25/2000 10:51:07 AM
To: "'rgay@enron.com'" <rgay@enron.com>, "Lammers, Rick (Enron)"
<richard.a.lammers@enron.com>, "'Chris.M.J.Dutton@SI.SHELL.COM'"
<Chris.M.J.Dutton@SI.SHELL.COM>, "'mnj@dentonwildesapte.com'"
<mnj@dentonwildesapte.com>, "Tarry, Steve" <STarry@velaw.com>, "Rankin,
Cliff" <CRankin@velaw.com>, "Novak, John (Enron)" <john.novak@enron.com>
cc:
Subject: Critical Path Call

Melissa Raciti is asking whether we can hold the critical path call on
Friday rather than Wednesday.  Frank will be back from vacation tomorrow,
and the Lenders are hoping to use the 10am EDT time slot for an internal
call.  Does anyone object to this change in schedule?


Many of you know that I'm an Anne Geddes fan.  Here are a few reasons
why...Happy Holidays!

 - xmas2.jpg
 - xmas1.jpg
 - xmas3.jpg
 - xmas4.jpg
 - xmas5.jpg
 - xmas6.jpg


Dear Ms. Siska,

On behalf of Mr. Jeff Skilling, I am responding to a request from Mr. Warren
Staley to forward to you the name of Enron's contact with regard to an
information exchange on leadership development between Enron and Cargill.
Mr. Skilling suggests that you call Mr. Steve Kean, EVP and Chief of Staff.
Mr. Kean can be reached at 713.853.1586 or via e-mail at
steven.kean@enron.com.

If I may be of further assistance, please do not hesitate to contact me.

Regards,
Sherri Sera
Assistant to Jeff Skilling
713.853.5984
713.646.8381 (fax)
sherri.sera@enron.com


-----Original Message-----
From: chris.zook@socgen.co.uk [mailto:chris.zook@socgen.co.uk]
Sent: Monday, October 22, 2001 4:33 AM
To: nicbaia@uswestmail.net; bb1107@yahoo.com;
branaughm@TheDailyCamera.com; wconnors@rreef.com;
blaynecurtis@hotmail.com; usf_ceggleton@att.net.mx; eeverett@uwyo.edu;
aaron@gda-pr.com; marios.fotiadis@us.socgen.com;
jfritsche@fcgcapital.com; max.fulton@us.pwcglobal.com; Harrison, Tyrell;
zachary.hensley@valueoptions.com; ckinz@hotmail.com;
erkinzler@students.wisc.edu; Jeffrey.Kinzler@colorado.edu;
amerselis@hotmail.com; markmildenberger@hotmail.com; devlinm1@yahoo.com;
jruss@audaxgroup.com; scoffin1@yahoo.com; Andrew.Swedenborg@iesg.com;
Andrew.Swedenborg@iesg.com; ariana_uhlenhopp@hotmail.com;
Alex_Valente%sgcmse@socgen.co.uk; awiener@jrdmgt.com;
cyerich@solo9w57.com; kyle.stults@us.socgen.com
Subject: Bin Laden Bomb Song Animation

>Just a short animated clip to the tune of "The Bin Laden Bomb Song"!
>
>http://www.madblast.com/oska/humor_bin.swf
>

********************************************************************************************
This email and any attachments are confidential. They may contain privileged
information and are intended for the named addressee (s) only. They must not
be distributed without our consent. If you are not the intended recipient, please
notify us immediately and do not disclose, distribute, or retain this email or any
part of it. Unless expressly stated, opinions in this email are those of the
individual sender, and not of Societe Generale. We believe but do not warrant
that this e-mail and any attachments are virus free. You must therefore take full
responsibility for virus checking. Societe Generale and its subsidiaries reserve
the right to monitor all email communications through their networks
*********************************************************************************************


where is this place?

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 01/11/2001 10:52:49 AM
To: "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject: RE: Dinner

What time are we meeting tomorrow and will you two be able to make it
tonight?

Jason Bass
Compaq Portables
 <<...OLE_Obj...>>

 -----Original Message-----
From:  Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent: Wednesday, January 10, 2001 8:20 AM
To: Bass, Jason
Subject: RE: Dinner

We would like to come, but Shanna is not sure whether or not she will be
off work by then.  If you have someone else you would like to invite go
ahead.  If not, we will try to make it.

Thanks for the invite and let me know.

-Eric

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 01/10/2001 08:15:32 AM

To:   "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject:  RE: Dinner

Sounds good.  What do you guys think about tomorrow night?

Jason Bass
Compaq Portables
 <<...OLE_Obj...>>

 -----Original Message-----
From:     Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent:     Wednesday, January 10, 2001 8:15 AM
To:  Bass, Jason
Subject:  Re: Dinner

I think Michael and his girlfriend are going to come as well and we were
thinking about going out somewhere afterwards.  So,  can ya'll come to the
Pappasitos on Kirby and Richmond?


They will be on the way.  We had to make some changes.
Ben


Doing good.... My division  (Wholsale Energy Trading) just got sold to UBS Warburg, a swiss investment bank....  I will start work for them in about two weeks or so.   Other than that every thing is cool,,, Heather and I are getting ready for a trip to Aspen  in next couple weeks and the "Little Man" is still growing like a weed!

How are things in KC??

MC

 -----Original Message-----
From: 	<devin.c.hall@us.pwcglobal.com>@ENRON
Sent:	Saturday, January 26, 2002 2:08 PM
To:	Carson, Mike
Subject:

Mike,

I was wondering how your job was going.  I've obviously heard all the media
hype surrounding your company.  Please send me a email with an update.

Thanks,

Devin
----------------------------------------------------------------
The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material.  Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited.   If you received
this in error, please contact the sender and delete the material from any
computer.


Elizabeth, in Mark's legal conference call this morning you updated your
meeting in Toronto.  Gaffney spoke to me last week after the meeting and his
summary was in essence the same as yours.  My thoughts which I passed along
to Chris were:

1.  I do not agree with OPGI's contention that the Ontario market will be
financial only.  I have crossed this issue a number of times in Ontario, and
believe that this assertion is ill-conceived and would not be agreed to by
those familiar with the developing market rules.  Most notably, Aleck Dadson
of the Government Affairs group in Toronto knows the market rules as they
currently stand as well as any one in the market, and Rob Milnthorp is on the
Board of the IMO.  Both would, I believe, agree that there is a distinction
as to how the IMO-controlled market will operate and physical bilateral OTC
contracting.  Operationally, the IMO-controlled market will be set up as a
pool mechanism where physical bilats are permitted and indeed contemplated,
but if there are deficiencies in physical delivery/receipt obligations those
will be settled through the pool.  This does not mean, however, that, in
terms of legal obligations, there is not a physical delivery obligation and
all that goes with it (such as force majeure, etc).  Nor is the settlement in
the pool costless to the non-defaulting party (prudential requirements,
etc).  To the extent that a party wants to rely on the pool to settle the
deficiencies, and subject to issues such as compensating the non-defaulting
party for any increased prudentials and other associated costs, there is
still a physical bilat and the party with the delivery obligation can rely,
if it chooses, on the contractula obligation to deliver "or cause to be
delivered" the energy.  In other words, I distinguish how the pool operates
from the nature of the legal obligations.

2.  I think the issue of force majeure needs to be reconsidered along the
lines originally proposed by Greg.  For pool level deliveries, whether in gas
or in power, we (Canada) have always restricted force majeure to failure of
the pool if it affects everyone transacting at the pool.  This is the type of
force majeure we use for "NIT" or "Hub" delivery obligations in gas, and is
the type of force majeure Greg envisioned for the Alberta Power Pool and the
IMO-Controlled Grid. This type of force majeure eliminates force majeure risk
from our portfolio, as we therefore are never long or short as a result of
force majeure.  If we are transacting at a point outside of the pool, that
will be the exception and not the rule, and should be dealt with specifically
in the transaction Confirm.  This is how we handle our gas business as set up
by Lavorato.

3.  Aleck Dadson should attend the next meeting (if not all meetings) with
Chris to answer to any market rule issues.

4.  Please involve Greg in your discusions on the form of Master that is
developed.

Peter.


Please reserve a conference room for up to 7 people for 1 hour on Wednesday,
April 12th around 2:30pm.

thanks


Attached is my resume for tomorrows interview.

Richard Burchfield


nope

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:11 AM
To:	Nelson, Michelle
Subject:	RE:

yep

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:10 AM
To:	Maggi, Mike
Subject:	RE:

what do you think

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:06 AM
To:	Nelson, Michelle
Subject:	RE:

i dont know yet, did you drive today

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:05 AM
To:	Maggi, Mike
Subject:	RE:

i will not tell you when i fell asleep.   :)  it is getting cold outside.  what time is your dinner tonight mr. big shot!  :)

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 8:59 AM
To:	Nelson, Michelle
Subject:	RE:

im ok i didnt go to sleep until 2:30 last night but i feel pretty good, dont get so stressed, it will all work out in the end

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 8:52 AM
To:	Maggi, Mike
Subject:	RE:

i can't deal with this crap.  i'm just not going to care anymore.  how shitty is that.  i know, but i will tell you tomorrow.  whatever.  anyway, how are you doing?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 8:50 AM
To:	Nelson, Michelle
Subject:	RE:

i know im only kidding, tell him its your bday and you want to know now

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 8:49 AM
To:	Maggi, Mike
Subject:	RE:

what are you talking about!  so, errol told us that he will talk to us individually tomorrow about whether we will be leaving or not.  that was a nice greeting.  you haven't seen me today.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 8:46 AM
To:	Nelson, Michelle
Subject:	RE:

you look a little different, i cant figure out what it is

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 8:43 AM
To:	Maggi, Mike
Subject:

hi!


FROM JULIA MURRAY AND SHEILA TWEED

 The Finance/Origination M&A staff meeting today will be held in EB32C2 at
10:00 a.m.  Please make every effort to attend.

 If attending by teleconference, the call in number is 1-800-851-1769, access
code 577536 and host code 744678.

Thank you,

Julia and Sheila

Julia Heintz Murray
Enron North America Corp.
1400 Smith Street, EB3835
Houston, TX  77002
(713) 853-4794
Fax:  (713) 646-3393
julia.murray@enron.com


Tracy,
Peggy's flight is scheduled to arrive at 12:06 and depart at 6:55.

So depending on how traffic is, it seems like you could schedule her at
2:30-3:00.  Which would give her enough time to get to the meeting and
enough time to catch the plane given rush hour traffic and the increased
check in time at the airport.

Let Mary and I know if this works for you.

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Tracy,

Peggy's flight is scheduled to arrive at 12:06 and depart at
6:55.

So depending on how traffic is, it seems like you could
schedule her at 2:30-3:00.  Which would give her enough time to get to the
meeting and enough time to catch the plane given rush hour traffic and the
increased check in time at the airport.

Let Mary and I know if this works for
you.


Please plan to attend a meeting regarding TW's Order 637 filing immediately following Steve's staff meeting on Monday, March 24.  We will remain in 39C1 following Steve's meeting to discuss the strategy for resolving TW's Order 637 issues.  FERC Chairman Pat Wood has pledged to get all 637 orders issued by this August so we need to consider what we need to do to eliminate those proposals we no longer want and, hopefully, trade them for deferring segmenting until the next rate case.  Please invite anyone else who could benifit from or contribute to this meeting.


She's gotta be freaking.  Can you imagine going through this twice!?

-----Original Message-----
From: Shapiro, Richard
Sent: Wednesday, December 12, 2001 1:43 PM
To: Dasovich, Jeff; Steffes, James D.
Subject: Re:

Lisa yoho..its her fault
--------------------------
Rick S.

-----Original Message-----
From: Dasovich, Jeff <Jeff.Dasovich@ENRON.com>
To: Shapiro, Richard <Richard.Shapiro@ENRON.com>; Steffes, James D. <James.D.Steffes@ENRON.com>
Sent: Wed Dec 12 12:57:17 2001
Subject:

Calpine has cratered to 13.15 at last look.  50MM shares traded today.  This is starting to look like the dot-com implosion.