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December 10, 2001

Some Reasons Why Duke Energy
Was Named Company of the Year

By Will McNamara
Director, Electric Industry Analysis

[News item from PR Newswire] Duke Energy (NYSE: DUK) was named Energy Company of the Year at the 2001 Financial Times Global Energy Awards ceremonies held last week in New York. The awards, sponsored by publishing and information company Platts and the professional services firm Deloitte Touche Tohmatsu, recognized Duke Energy for its diversified operations and its successful overall growth during the past year.

Analysis: 2001 may turn out to be the most tumultuous year in the history of the energy industry, and certainly the most volatile since deregulation began about four years ago. However, in the course of a year that has witnessed the bankruptcy filings of two leading energy companies (Pacific Gas & Electric Co. and Enron), Duke Energy's success during the same time frame is all the more impressive. In addition to earnings that consistently meet or exceed expectations, Duke has carved out a unique niche in the energy merchant space, the same market in which its competitor Enron has now failed. The pending acquisition of Vancouver-based Westcoast Energy should also add to Duke's already-diverse portfolio, give it a lock on Canada's seemingly abundant gas reserve fields, and expand the company's North American pipeline capacity. However, in my estimation, the real significance of Duke's performance is the strategy that is working behind the scenes at this company. While more energy companies continue to announce massive restructuring plans-dividing up their regulated and unregulated businesses-Duke remains intact. Further, while other companies become more focused on a primary fuel source (natural gas, coal or nuclear), Duke remains broadly diversified. What this means is that, once again, Duke Energy is bucking trends and doing things its own way. Instead of following a growing trend of becoming a pure-play company, Duke continues to play its card as a multi-focused operation, which it claims may be its secret weapon in a volatile market.

First and foremost, Duke's stats remain very impressive in a market terrain that has become rather bleak. The company has consistently maintained a market capitalization of $28.6 billion, a book value of $16.11 and P/E ratio of 13.86. In addition, while Enron's stock has languished below the $1 mark, Duke shares are currently priced at $36.81 (as of early morning trading on Dec. 10), and recorded a 52-week high of $47.74. For the third quarter 2001, Duke reported a 46-percent increase in ongoing earnings per share, or $1.02 per share. Year-to-date earnings per share from ongoing operations as of Sept. 30 were $2.30 compared to $1.63 for the same period last year. For year-end 2001, Duke remains committed to delivering earnings growth within a stated guidance of 10- to 15-percent compound annual growth in earnings per share from a base of $2.10 in 2000. Looking ahead to 2002, Duke Energy expects to earn toward the high end of the 10- to 15-percent range.

In addition, Duke presently owns and operates nearly 30,000 MW of generation worldwide (putting it on par with or very close to other generating companies such as AEP and Exelon), and reportedly trades eight times as much power and five to six times as much natural gas as it owns, operates or controls. Duke also claims that it transports 8 percent of the natural gas consumed in the United States as a whole, and 26 percent of the natural gas consumed on the East Coast. Also, Duke has some 12,000 miles of natural-gas pipeline in operation, 900 miles under construction and 450 miles in development.

Responding to the newly bestowed award, Duke's CEO Richard Priory said, "This award recognizes the business strategy of Duke Energy, which has remained focused on creating customer and shareholder value during a turbulent year in the energy sector." This statement is significant because, perhaps more than Duke's strong numbers, the company's business strategy is arguably what gained it the enviable designation as "company of the year." According to Priory, Duke is attributing its financial success and strong projections for the future to its diverse portfolio and decision to remain an integrated company. In other words, all of Duke Energy's various business operations-including ownership of natural-gas and power assets, storage and transportation positions, and financial and physical trading-all stand as business units under the parent organization. Duke apparently has no plans to spin off any of its high-growth operations into a stand-alone operation. In fact, Priory maintains that "combining our slate of power generation and gas-pipeline assets with trading capabilities and structured origination allows us to prosper through the ups and downs of market cycles."

Priory previously expressed that "Duke is positioned to sustain its growth trajectory by leveraging the volatility that so many [other companies] fear." It is becoming more and more uncommon for a company to remain as broadly diversified as Duke Energy, with regard to owning natural-gas pipelines and generation assets and operating an active trading strategy. Indeed, Wall Street presently seems particularly skittish about energy companies that have their fingers in various business sectors, and seems to prefer companies that become more focused on one operation in which they can excel. When referring to the pure-play strategy, Priory has previously alluded to companies that focus exclusively on generation or trading, and how he believes that approach carries a higher risk proposition than Duke's more diversified strategy.

The other trend that is so common with energy companies right now is corporate restructuring to split off regulated and unregulated units in an attempt to realize greater value for both. The list of companies following this strategy is becoming longer all the time, but already AEP, Reliant, Southern Company, UtiliCorp, and Xcel have announced (or completed) massive endeavors to construct an operational wall between their regulated and unregulated businesses. In some cases, this has led to spinning off the unregulated business into its own stand-alone company.

On the opposite end of the spectrum, Duke remains a holding company with various business units all integrated into one business model. As of spring 2001, Duke had structured its operations into seven business segments:

North American Wholesale Energy (including the company's merchant generation portfolio);
International Energy (comprised of Duke Energy International, with businesses in the Asia Pacific, Latin America and European regions);
Field Services (including the company's natural-gas midstream, gathering and production businesses);
Natural Gas Transmission (comprised of the company's natural-gas storage and pipeline businesses);
Franchised Electric (Duke Power, the electric utility serving two million customers in North Carolina and South Carolina, and Duke Electric Transmission);
Duke Ventures (including Crescent Resources, a real estate operation, DukeNet Communications, a telecom outfit, and Duke Capital Partners, which is essentially an investment banking firm); and
Other Energy Services (including DukeSolutions, a C&I commercial energy services unit, Duke Engineering & Services, an energy engineering and technical services unit, and Duke / Fluor Daniel, which is involved in power plant engineering and construction).

It should be noted that, at least until the Enron debacle, there have been downsides to this approach. First, investors may continue to be less likely to support a fully integrated operation that is broadly diversified, preferring instead to invest in companies that are more clearly focused. As noted, investors generally now support pure-play strategies and may seek out energy companies that have a very narrow and targeted business model. Second, on a related note, in an integrated company the success or failure of one business unit will have a direct impact on all of the other units. Without separating its operations, Duke could face a situation in which struggles in one particular area (telecom, for instance) could impinge on earnings in an unrelated, but connected, business unit. The bottom line for Duke may be that these potential risks pale in comparison to the advantage that the company believes it has over competitors in keeping its diverse operations integrated.

As a final note, it is important to establish the role that Duke's $8.5-billion pending acquisition of Westcoast Energy most likely will play in its continued success, and its role in the reasoning for Duke being anointed as company of the year. From my perspective, one of the most important aspects of Duke's purchase of Westcoast Energy is the control over natural-gas pipelines that Duke gains in the deal. Upon completion of the deal, the combined entity reportedly will have 58,000 miles of gathering pipeline; 84 gas-processing facilities; 19,000 miles of gas transmission; and 16,500 miles of distribution pipeline. The purchase of Westcoast Energy, which includes a substantial amount of energy infrastructure in Canada, should help Duke to supply fuel to its current power plants in the United States and ones that the company has planned for future construction.

An archive list of previous IssueAlert articles is available at
www.scientech.com <http://secure.scientech.com/issuealert/>

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We encourage our readers to contact us with their comments. We look forward to hearing from you. Nancy Spring  <mailto:nspring@scientech.com>

Reach thousands of utility analysts and decision makers every day. Your company can schedule a sponsorship of IssueAlert by contacting Jane Pelz  <mailto:jpelz@scientech.com>at 505.244.7650. Advertising opportunities are also available on our Website.

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Copyright 2001. SCIENTECH, Inc. All rights reserved.
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CALIFORNIA  SITUATION CLARITY IMPROVING; MOST LIKELY OUTCOME FAVORABLE FOR
ALL
* While we do not expect a direct rate increase or removal of the rate
freeze for EIX or PCG out of the California Public Utility Commission
meeting today, we are encouraged by the conciliatory tone of recent
comments.
* In our view, acerbic rhetoric has finally given way to pragmatic
reconciliation and it now appears that California utilities are on the path
towards effectively receiving the rate increases they require to remain
solvent.
* We believe this has implications not only for the health of the
affected utilities, but also for the Growth Energy Merchants and Competitive
Generators.
* While the credit risk associated with utilities' power market
purchases have not been solved yet, the credit risk in the California market
has eased somewhat.
* While trading may be choppy as the final California remedy is
hammered out, we recommend the purchase of the Growth Energy names
throughout any near-term weakness possible as a result of the process.
* Decision expected today at 4:00 PM EST.

 <<CA Situation Improving12-21-00.pdf>>

Raymond C. Niles
Power/Natural Gas Research
Salomon Smith Barney
(212) 816-2807
ray.niles@ssmb.com

s

Raymond C. Niles
Power/Natural Gas Research
Salomon Smith Barney
(212) 816-2807
ray.niles@ssmb.com

s

 - CA Situation Improving12-21-00.pdf


Wes

It's groundhog day again.  How many times are we going to have this discussion.  Give them the cost if they want the drift.

-----Original Message-----
From: Wilson, Shona
Sent: Wed 1/31/2001 5:11 PM
To: Lavorato, John J.; Shankman, Jeffrey; Hickerson, Gary
Cc: Colwell, Wes; Beck, Sally; Thompson, Patti; Abel, Chris; Thibodeaux, Kenneth; Glover, Sheila
Subject: US Drift


where are you woman?   call me......


see bankruptcy bill update.

Lisa J. Mellencamp
Enron North America Corp.
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com
----- Forwarded by Lisa Mellencamp/HOU/ECT on 11/01/2000 11:00 AM -----

	"William Rochelle" <wrochelle@fulbright.com>
	11/01/2000 10:28 AM

		 To: undisclosed-recipients:;
		 cc:
		 Subject: Fulbright Daily Bankruptcy News

FULBRIGHT & JAWORSKI L.L.P.
DAILY BANKRUPTCY NEWS

From: Wm. J. Rochelle, III
           Fulbright - New York

Wednesday, November 1, 2000

Filings:

 American Aircarriers Support, Incorporated (Nasdaq: AIRS), a South Carolina
aircraft maintenance and overhaul provider, filed chapter 11 yesterday in the
usual venue (Delaware) together with four subs and says it is in *negations*
[sic] on DIP financing and already has a deal to sell its landing gear
division.  AASI listed assets of $131.4 million versus debts totaling $102.5
million.

 A good example of the crisis which suddenly overtook the telecom equipment
sector is Universal Broadband Networks Inc. (Nasdaq:UBNT), whose stock traded
above $20 in March but filed chapter 11 yesterday in Santa Ana, Calif. along
with four subs.  The company blamed its filing on vendors who would no longer
extend financing.  The company provides microwave and dial up internet access.

 Although Medical Arts Laboratory performs nearly half of the lab work in
Oklahoma, the company and its parent, Southern Medical Arts Cos., filed
chapter 11 with debts around $20 million.  The company or affiliates also
serve Alabama, Mississippi and Louisiana.

Involuntary:

 Ohio insurance regulators barred Credit General Insurance Co. from writing
new policies, and a bank filed an involuntary petition yesterday in the usual
venue (Delaware) against Credit Generals parent, PRS Insurance Group Inc.
PRSs companies write multiperil, automobile, surety, and workers' comp
policies.

Default:

 Spray bottle manufacturer Indesco International, Inc. missed an interest
payment due in October on $145 million in sub debt.  The default is not
surprising given the Caa1 and CCC+ ratings from Moodys and S&P on the sub
debt.  In plain English, ratings in the Caa or CCC range mean that a company
is not generating sufficient cash flow to pay interest and that debt holders
are likely to incur a loss in chapter 11.  See F&J Daily Bankr. News of July
26 of 99 and May 24 of 00.

Troubles:

 The stock of Rent-Way Inc. (NYSE: RWY) crashed 78% after the company
announced it had found *accounting irregularities* on the expense side of the
P&L ledger.  Rent-Ways 6000 employees make up the countrys second largest
*rent to own* retailer, which means that the company rents household goods to
people who cannot afford outright purchases.  We make no predictions but
merely note that in the last year revelations about *accounting
irregularities* have preceded chapter 11 filings by Safety-Kleen Corp.,
Styling Technology Corp. and PSI Industries Inc.  Looking further back,
accounting problems contributed to bankruptcy filings by Leslie Fay, Mercury
Finance Corp., Sirena Apparel Group, Inc., and First Merchants Acceptance
Corp.

Bankr. reform update:

 The Senate is now on track to vote on the bankruptcy reform bill this
Friday.  Curiously, this years gridlock in Congress is keeping alive some
hope in lenders hearts that the bill could become law despite a Presidential
veto.  Ordinarily in an election year, the session would have ended a month
ago so our elected representatives could return home to campaign.  This year,
the budget is one month late already, and Congress remains hard at work.  In
an ordinary year, Senate passage of the bill (the House has already passed
the legislation) would allow the President to carry out his threatened veto,
thus affording Congress no opportunity to override since Congress would not
meet again.  In this exceptional year, Congress may return after the
election, thus presenting at least the possibility of overriding a veto.
Nevertheless, a bank lobbyist sounded pessimistic about a successful override
vote in a lame duck Congress.

Steel again?:

 The domestic steel industry was one of the most troubled sectors of the U.S.
economy in the wake of the 1997 Asian financial crisis, as imports flooded
the market.  For the past year, we have been writing little about the steel
industry, but that perhaps is about to change as imports this year are on
track to surpass the 1998 record.  Also, the price for hot rolled coil, for
example, has fallen 25% (no typo) in the last few months.

Downgrade:

 The continuing slump in gold prices has forced Kinross Gold Corp. and its
sub Kinross Gold Inc. to tap out their bank revolver, with the result that
S&P has knocked the companies corporate and sub ratings to BB- and B.  The
company is also unhedged next year.  Kinross is the fifth largest gold
producer in North America.

Fulbright & Jaworski L.L.P. makes NO WARRANTIES OR REPRESENTATIONS OF ANY
SORT with respect to this report, including any warranties or representations
as to the accuracy or completeness of any of the information, facts, or
opinions contained herein.  By having requested receipt of these reports, the
recipient acknowledges that the receipt of these reports does not constitute
the receipt of legal advice and does not, by itself, establish an
attorney-client relationship.  These reports are provided as a courtesy
solely for the recipients information and may not be reproduced or
distributed to any third parties without Fulbrights express written
authorization.
 - bknews.wpd


PNM is incorrect.  The price is 4.86.

Tell them that the location of the gas is west texas pool and that we NEVER
sell gas in the west texas pool based on a san juan gas daily price.  Once
you tell them that they will realize that they are wrong.


Dear John:

So sorry for the delay.  I hope it hasn't caused too much inconvenience.  I
would have called to apologize in person but believe it or not I don't have
your phone number!   Here are my comments to the draft documents you sent:

Part 1 (b)  In our other derivatives trading, the cross default test applies
to Enron Corp. with a Threshold of US$100,000,000.  To accomplish this in the
schedule, Threshold Amount for the Enron party would apply to our Credit
Support Provider if there is going to be an Enron Corp. guaranty and the
dollar figure adjusted accordingly.

Part 1 (d)  Has Baker & McKenzie recommended this?  We rely on local counsel
advice for this provision but our preference is that the termination in a
bankruptcy context not be automatic unless it needs to be.  The risk in the
automatic situation is that the market moves significantly before we are even
aware of the situation, i.e. the outstanding transactions terminate
automatically, leaving us with an open, unhedged position which we are not
able to protect since we are not aware of it.  In the U.S. the bankruptcy
code allows us to terminate after the filing of a bankruptcy according to the
terms of the agreement so we know exactly the time to rehedge.

Part 1 (e)  We usually choose Loss here as the method which gives the
non-defaulting party the most flexibility.  Market Quotation is often
suggested because of its apparent objective nature.  However, in many of the
markets where we operate, quotations will not be available, where they are
available they may well not be meaningful, and the Loss method gives
flexibility (while still requiring commercial reasonableness).

Part 1 (h)(ix)  This Additional Event of Default only applies when there is
no collateral annex.   When we have the ability to ask for (or be asked for)
collateral in the case of a downgrading, we build that event into the
Paragraph 13 to trigger a reduction of the threshold to zero which requires
the posting of collateral to cover any open position.  If the party fails, it
then becomes a default allowing termination.

Part 1 (h)(x)  Wouldn't the cross default be triggered before this could
happen?

Part 2  Have our internal Tax people approved this?

Part 3  I am not familiar with the Representative Director concept or some of
the corporate documents referred to.  Since Enron Corp. will be a Credit
Support Provider, does it have a Representative Director, etc.?

The legal opinion requirement is one that we can waive if local counsel does
not think it necessary.  In many non-US jurisdictions, local counsel have
advised that an opinion be obtained - in some cases derivatives transactions
are so uncommon that they might be outside the ordinary course of business
and therefore require special board approval; in others, derivatives would
not be permissible activities for a company unless express provision is made
in the corporate documents, etc.

Part 5 (b) (g)&(h) These representations originate with CFTC rules in mind
(although they may be helpful for other reasons as well).  If neither party
is in the US, the CFTC reason may go away.  On the other hand, since we are
choosing New York law to apply the argument might be made that US federal law
applies as well.  If that is our theory, there are additional representations
(the Eligible Swap Participant reps) that we should think about putting back
in.

Part 5 (d)  We are currently evaluating whether we should revise this section
to make reference to the ISDA 2000 definitions.  While I think we will get
there, we haven't actually made the decision yet.  So far I guess we leave it
the way it is.

Part 5 (j)  My only concern here is with the value of the Enron Corp.
guaranty as a form for a guaranty from a Japanese entity.  Any differences in
Japan from US practice we should be worried about?

Paragraph 13  I have to admit I'm not as familiar with the Paragraph 13
provisions as the Schedule.  My only concern here is with the MAC clause and
it looks like there's a glitch in the form.  It seems to me that if the
counterparty is only rated by one of the 2 major agencies we shouldn't be
pegged with a MAC if only one of our agencies stops rating us.  The way it is
drafted now if either S&P or Moody's stops rating us, even if the remaining
rating is very high we will have a MAC occur.  The counterparty doesn't have
to worry about Moody's at all.  Just a thought.

On the guaranty, you will need to run the choice of law and jurisdiction
changes past Clement Abrams at Corp. Legal.  My only comment is that we would
usually have a cap that is a bit higher (in this case maybe an extra
$5,000,000) than the threshold in the CSA - that gives the counterparty a
little wiggle room if we fail to post collateral after the threshold is
exceeded.

Tana is preparing a red-line for me that hopefully will show all of the
changes between the US form and the Japan form.  I may have a few more
comments after I see how that comes out but don't expect many.

I hope this is helpful.  Please feel free to call and we can walk through
these over the phone if that would be useful.  We should also talk about the
most efficient way to prepare these going forward.  It might make sense for
Credit to send their worksheets to the paralegals here for a first draft
which would then go to you for review before going to the counterparty.  It
may slow things down by a day or two but it would free you up to work on
other things.

We're looking forward to having you back.


I chose not to circulate a copy last Friday - reality was that I didn't think
that any of the originators would read it over the weekend anyway.  We had
hoped to have a final draft ready on Monday (April 9), with plans to review
that with Andy Zipper for his input and then two "test runs" with Ed Baughman
and Frank Vickers on Tuesday.  With any suggested changes from those test
runs, my plan was to circulate copies to you and John Lavorato on Tuesday as
well so that you would be aware of the approach with the origination teams.
We scraped the idea of an offsite, and instead are setting up individual
meetings with lead originators and their teams.  Unfortunately, I got food
poisoning Monday night and was out of the office on Tuesday, so we are behind
schedule by a day.  I am in the office today, but at about half speed, and we
will try to make up for time lost yesterday.

Louise Kitchen
04/10/2001 03:26 PM
To: Sally Beck/HOU/ECT@ECT, Rahil Jafry/Enron@EnronXGate
cc:
Subject: Re: Costs

We haven't seen any presentation circulated - did I just not get a copy?

	Enron Capital & Trade Resources Corp.

	From:  Sally Beck                           04/04/2001 07:08 PM

To: Louise Kitchen/HOU/ECT@ECT
cc: Greg Piper/Corp/Enron

Subject: Re: Costs

Rahil is working with me on a presentation that covers what our services are,
the creation of a pricing desk, how that will work (process and revenue
sharing), selling of services for others, our operations pricing model, the
DASH process, key contacts in operations, etc.  I expect to review a draft by
this Friday.  Tomorrow we will have the date set for such a meeting.  We are
checking travel schedules for Laura Luce and Max Y. to see if we can catch
both in Houston sometime next week.  Greg Piper suggests a meeting with all
origination heads at once (a mini offsite).  We will do that if we can set a
date that works for a majority.  If that doesn't work, we will simply do
one-on-ones over the next ten days to get everyone.  Targeted attendees are:

Gas   Frank Vickers (East)
   Laura Luce (Central)
   Barry Tycholiz (West)

Derivatives  Fred LaGrasta

Power  Dave Duran
   Ozzie Pagan
   Ed Baughman
   Bruce Shuckley

Portland  Chris Calger

Calgary  Ladain

Mexico  Max Y.

When you and I met we discussed most of these names.  I added the Calgary guy
and Max.  I also want to share this info with Bob Shults and his EOL
marketing team.  They talk with a lot of customers and may have the
opportunity to bring up our services as well.  We have spent some time with
Jean Mrha and John Grass, and will share the presentation with them as well.

Do you want to add any names?   If we do wind up with one date that will work
for most, I will let you know that tomorrow so that you can attend if you
would like.  --Sally

Louise Kitchen
04/04/2001 03:50 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Costs

Weren't we supposed to be having a meeting on costs of back office services
with the Heads of Origination?  Are we close to having this?

Thanks

Louise


---------------------- Forwarded by Tana Jones/HOU/ECT on 02/01/2000 05:09 PM
---------------------------

Molly Harris
02/01/2000 03:48 PM
To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT
cc: Sheri Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice
Rodriguez/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, Brian Hunter-Lindsay/LON/ECT@ECT, Coenraad
Basson/LON/ECT@ECT, Bhautik Patel/LON/ECT@ECT, David Hardy/LON/ECT@ECT, David
Weekes/LON/ECT@ECT, Sylvia A Campos/HOU/ECT@ECT, Carrie Southard/HOU/ECT@ECT,
Lisa Gillette/HOU/ECT@ECT
Subject: EOL Credit Responses 2/1

Please find attached Credit's EOL responses for 2/1/00.

Regards,
Molly


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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CTONKS>
To: Tonks, Colin </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ctonks>, Shively, Hunter S. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Hshivel>, Gaskill, Chris </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Cgaskill>, Arteaga, Airam </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Aarteag>
Date: Wednesday, June 6, 2001 3:12:43 GMT
Subject:

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CTONKS>
To: Tonks, Colin </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ctonks>, Shively, Hunter S. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Hshivel>, Gaskill, Chris </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Cgaskill>, Arteaga, Airam </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Aarteag>
Date: Wednesday, June 6, 2001 3:13:14 GMT
Subject:

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

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=CTONKS>
To: Tonks, Colin </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ctonks>, Shively, Hunter S. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Hshivel>, Gaskill, Chris </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Cgaskill>, Arteaga, Airam </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Aarteag>, Dronet, David </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ddronet>
Date: Monday, July 2, 2001 1:30:04 GMT
Subject:


I would add the thought in para # of keeping up with "rapidly increasing
demand" rather than just demand.  Second, can we tease out of the governor's
position the concept that utilities "should" be buying forward, rather than
simply making it "simpler" to buy forward?

----- Original Message -----
From: Katie Kaplan <kaplan@iepa.com>
To: Tom Ross <tross@mcnallytemple.com>; Sue Mara <smara@enron.com>;
Stephanie-Newell <stephanie-newell@reliantenergy.com>; Rob Lamkin
<rllamkin@seiworldwide.com>; Richard Hyde <rwhyde@duke-energy.com>; Pigott
Jack <jackp@calpine.com>; Paula Hall-Collins
<paula.hall-collins@williams.com>; Norton Kelli <knorton@mcnallytemple.com>;
McNally Ray <rmcnally@mcnallytemple.com>; Marty Wilson
<mwilson@pstrategies.com>; Lynn Lednicky <lale@dynegy.com>; Kristin Vellandi
<kvellandi@pstrategies.com>; kent Palmerton <kent.palmerton@williams.com>;
Katie Kaplan <kaplan@iepa.com>; Kassandra Gough <kgough@calpine.com>; Karen
Edson <kedson@ns.net>; Julee Malinowski-Ball <jmball@ns.net>; John Stout
<John_H_Stout@reliantenergy.com>; Joe Ronan <joer@calpine.com>; Jeff
Dasovich <Jeff.Dasovich@enron.com>; Jean Munoz <jmunoz@mcnallytemple.com>;
Jan Smutny-Jones <smutny@iepa.com>; Greg Blue <gtb
Cc: Carol H Hudson <Chudson@iepa.com>; Steven Kelly <steven@iepa.com>
Sent: Wednesday, January 03, 2001 6:37 PM
Subject: FW: Cal Journal Ad #2

> Here is the second Cal Journal ad.  Please take a look and get any
comments
> back to me by 3:00 tomorrow  (Thursday January 4th).  Please let me know
if
> you can't open it.
>
> Thanks
>
> Katie Kaplan
> Manager of State Policy Affairs
> Independent Energy Producers Association
> (916) 448-9499
>
>


See below
---------------------- Forwarded by Becky Young/NA/Enron on 12/06/2000 04:42
PM ---------------------------

	Enron North America Corp.

	From:  Amanda Huble                           12/06/2000 04:39 PM

To: Becky Young/NA/Enron@Enron, Laura Harder/Corp/Enron@Enron, Jessica
Presas/Corp/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT,
Kimberly Brown/HOU/ECT@ECT
cc:

Subject:

Please forward this message to your groups...

Dr. Gary Ross (PIRA CEO)  will here tomorrow to discuss the global oil
markets.

Thursday Dec 7, 2000 in room 8c1 from 3:30 to 5.

Thank you,
Amanda Huble


Sorry!  Please ignore my prior message.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/05/2001 11:22 AM -----

	Sara Shackleton
	03/05/2001 11:21 AM

		 To: Frank Sayre/ENRON_DEVELOPMENT, Brant Reves/Enron@EnronXGate
		 cc:
		 Subject: Re: Glencore

Frank:  Brant's worksheet contains the remaining items for the amendment to
the ISDA Master Agreement.

Brant:  Your  credit worksheet is  in the name of "Glencore Ltd.".  Since
we're amending the master to reflect Glencore's home office as our
counterparty, please verify that your credit is appropriate for "Glencore SA".

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/05/2001 11:16 AM -----

	Brant Reves
	02/23/2001 11:14 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Dan J Hyvl/HOU/ECT@ECT
		 Subject: Re: Glencore

Sara,

Here is a credit worksheet detailing the changes we should include in the
ISDA amendment.

Dan,

I am forwarding by interoffice mail (i do not have an electronic copy) a
physical/financial guaranty for your review.  As of now, they do not transact
with Enron in the physical markets, but they may in the future.  Please
review...

thanks
brant

Sara Shackleton
02/23/2001 09:48 AM
To: Brant Reves/HOU/ECT@ECT
cc:
Subject: Glencore

ENA will review CP's form of guaranty and comment; Brant will circulate
guaranty to a physical lawyer and advise him that financial is also
reviewing.  I spoke with David Porter and we have decided to amend the ISDA
to acknowledge that all three branches can transact under the existing
Glencore Ltd. master agreement.  The use of several different corporate
designations (Ltd., SA, AG) is confusing CP's trading partners in the U.S.

Click on this link to view the document in the Financial Trading Agreements
database-->


Are you still planning to come down?  I need to get a head count because tickets are sometimes tough to come by.  Let me know.

DG


Lillian R. Bailey
Administrator
Corporate Services
EB4804A
Phone 713/853-3577
Fax 713/646-8007

----- Forwarded by Lillian Bailey/Corp/Enron on 11/28/2000 10:39 AM -----

	Lillian Bailey
	11/27/2000 09:11 AM

		 To: Kate Cole/Corp/Enron@ENRON, Geneva Holland/Corp/Enron@ENRON, Teresa
Callahan/Corp/Enron@Enron, Hardie Davis/Corp/Enron@ENRON, Frazier
King/FGT/Enron@ENRON, Bob Carter/HOU/ECT@ECT, Sal Dominguez/GPGFIN/Enron@ENRON
		 cc:
		 Subject: A&J Memos - KGB, L.L.C. and JSB Asset, L.L.C.

FYI
Kate Cole
Geneva Holland
Teresa Callahan
Hardie Davis
Frazier King
Bob Carter
Susan Scott
Sal Dominguez - please provide SIC # electronically to Lillian Bailey

Lillian R. Bailey
Administrator
Corporate Services
EB4804A
Phone 713/853-3577
Fax 713/646-8007


---------------------- Forwarded by Pushkar Shahi/HOU/ECT on 06/05/2000 10:13
AM ---------------------------

James Richardson@ENRON_DEVELOPMENT
06/02/2000 11:41 AM
To: Pushkar Shahi@ECT
cc: Rajesh Chettiar/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Gaza Intercreditor Agmt

Can you please have your lawyers look at this draft of the intercreditor
agreement?  There are references to the hedging counter party as well as the
ISDA Master Agreement.  We need to know if any of the language is
objectionable so this document can be finalized next week.

Thanks,

JR


Paul Jacobsen
534 SE Ash
Dallas, OR 97338
jacobsenp@fsl.orst.edu

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Paul Jacobsen


Here's ad campaign that I found through Olivia( Davis's person in D.C.)
....if this is it , not so bad.
---------------------- Forwarded by Richard Shapiro/NA/Enron on 03/23/2001
11:58 AM ---------------------------

"Olivia Morgan" <omorgan@deweysquare.com> on 03/23/2001 11:41:48 AM
To: "Richard (Rick) Shapiro (E-mail)" <rshapiro@enron.com>
cc:

Subject: FW: EFC Thank you e-mails to Board Members & Misc

Rick -  In case Enron wants to sign on...here's the info on the Energy ads
group I know  of.? The second attachment is a radio script.? Nothing
negative!?  Olivia
?
?
-----Original Message-----
From: Alix Burns  [mailto:aburns@technet.org]

Hi all,

1.? I have drafted an e-mail that should come from  John and should to go to
the Board Members who have signed on to Energy for  California. This will go
out with the attached information from Steve Lucas  about the legal/donation
rules for the organization and the latest radio script  (Rick -please confirm
this is it. We will re-name it.? Thanks).

Please confirm for me that all of the Board Members  agreed to write or raise
$50,000.?

<<Thank you email.doc>>  <<Hauck version of radio  spot- draft 2.doc>>
<<ContributorInfoPacket-Word.doc>>

Energy for California Board Members

- John Doerr plus

1.? Chris Townsend:??  tpa@sjrd.com
2.? Dan Case:  dan.case@chase.com?? cc: nancy.pfund@chase.com
3.? Reed Hastings:? rhastings@netflix.com
4.? Bill Hauck:? bhauck@cbrt.org
5. Carl Guardino:? cguardino@svmg.org

2.? Angela, can we schedule some time for me to come  to KPCB and get the
general e-mails out so we can wrap up our fundraising  commitment?

Many thanks.

-Alix

Alix Burns
TechNet
(650) 213-1177
<<Alix Burns (E-mail).vcf>>

 - Thank you email.doc
 - Hauck version of radio spot- draft 2.doc
 - ContributorInfoPacket-Word.doc
 - Alix Burns (E-mail).vcf


o.k. I just received the canceled confirm.

Thanks@

   Kate Symes @ ECT                02/09/2001 03:10 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: Bloomberg Missing deal

this is a broker mistake - they didn't mean to put out this number, and
called us to break the trade - they shouldn't be checking it out.

thanks,
kate

Evelyn Metoyer@ENRON
02/09/2001 01:11 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Bloomberg Missing deal

I am missing the following deal for Jeff Richter per Bloomberg:

Enron sells to Mirant Americas 25mw for March'01 off-peak SP-15 at $180.00


Thanks for the quick response, please say hello to Jeff for me, thanks, Roy.

 -----Original Message-----
From:  Jeff.Skilling@enron.com [mailto:Jeff.Skilling@enron.com]
Sent: Thursday, March 15, 2001 4:32 PM
To: Roy Trice
Cc: Joannie.Williamson@enron.com
Subject: Re: Social and Work

Dear Mr. Trice,

On behalf of Jeff Skilling, I am writing to thank you for the invitation to
the CAM gala on April 6.  Unfortunately, Jeff will be unable to join you as
he will traveling out of the country on that date.

With regard to your second invitation to meet your business partner next
week, I regret to tell you that he is unable to accept the offer.  He will
be in So. America, and therefore, will not attend the GS conference in
Aspen.

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

Roy Trice <RTrice@carlsoncapital.com> on 03/15/2001 04:07:07 PM

To:   "'Jeff.Skilling@enron.com'" <Jeff.Skilling@enron.com>
cc:

Subject:  Social and Work

Jeff,

Two things:

Would you like to join Liz and me at the Contemporary Arts Museum Gala,
Friday, April 6th at 7.30, Bayou Club, Black Tie?

I would like to introduce you to my business partner, Clint Carlson in
Aspen
next week.  He is going to attend the Goldman Sachs Natural Gas conference
March 18th - 21st .  Clint is the chief investment officer of our firm and
is the portfolio manager for our relative value arbitrage strategy (pairs
trading) which includes about $450mm in energy pairs.

Please let me know, Roy Trice, 214.932.9618.


Transwestern Pipeline Co. posted new notice(s) since our last check at
12/12/2000 12:18:01 PM, the newest notice looks like:

 Capacity Constraint, Dec 12 2000 12:25PM, Dec 13 2000  9:00AM, Dec 14 2000
8:59AM, 2231, Allocation - SOCAL NEEDLES

Please click the following to go to the web site for detail.

http://ios.ets.enron.com/infoPostings/shared/et_noncritical_notice.asp?company
=60


I like Terry's suggestion.  In fact, in the preceding paragraph and the following paragraph where we refer to "shippers", we could refer to "customers" instead.

 -----Original Message-----
From: 	Kowalke, Terry
Sent:	Tuesday, November 20, 2001 12:33 PM
To:	Donoho, Lindy; Rapp, Bill; Hass, Glen; Blair, Lynn; Harris, Steven; Lokey, Teb; Kilmer III, Robert; Watson, Kimberly; Lindberg, Lorraine; Lohman, TK
Subject:	RE: SoCal Gas CPUC Proceeding

I agree with Lindy, I don't believe we want to mention anything about "Shipper Imbalances" my suggestion is to restate this paragraph like this:

In instances where SoCalGas happens to issue an Operational Flow Order ("OFO") during the Intraday 2 cycle, it can create imbalances with Transwesterns Customers. Because it does not afford Transwestern an opportunity to pass along these reductions to our upstream parties. When an OFO is issued in the Intraday 2 Cycle, an allocation is passed on to Transwestern through the confirmation process with SoCalGas.  Due to the timing of these OFO's, Transwestern is not afforded an opportunity to confirm such reductions with Transwestern's upstream parties.

If you have further questions, please give me a call. Thank you.

Terry Kowalke

 -----Original Message-----
From: 	Donoho, Lindy
Sent:	Tuesday, November 20, 2001 11:43 AM
To:	Rapp, Bill; Hass, Glen; Blair, Lynn; Harris, Steven; Kowalke, Terry; Lokey, Teb; Kilmer III, Robert; Watson, Kimberly; Lindberg, Lorraine; Lohman, TK
Subject:	RE: SoCal Gas CPUC Proceeding

I'm a little nervous actually commenting that we have Shipper imbalances.  Here are my comments.

 << File: SoCalCPUCAdviceLetter11-20-01.doc >>

 -----Original Message-----
From: 	Rapp, Bill
Sent:	Tuesday, November 20, 2001 11:25 AM
To:	Donoho, Lindy; Hass, Glen; Blair, Lynn; Harris, Steven; Kowalke, Terry; Lokey, Teb; Kilmer III, Robert; Watson, Kimberly; Lindberg, Lorraine; Lohman, TK
Subject:	SoCal Gas CPUC Proceeding

Attached is a draft of the letter that we propose to send to the CPUC regarding the AL2837 proceeding in which SoCal Gas is proposing changes to its "windowing" criteria. Your comments would be greatly appreciated. We need to file this tomorrow, so please communicate any comments to me by the close of business today, if possible. Thanks.

 << File: 11-21-01 Transwester Advice Comments 2837-A - DRAFTl1.doc >>


Hi Steve:
 Good to hear from you and hope you are liking your new role at U. of
Maryland. I would like to come but I am not sure if I will be able to make it
to this conference. I will forward your message to my colleagues and ask them
to contact you if they are interested.

Thanks,
Krishna.

---------------------- Forwarded by Pinnamaneni Krishnarao/HOU/ECT on
12/12/2000 12:08 PM ---------------------------

Steve Gabriel <sgabriel@eng.umd.edu> on 12/11/2000 10:52:21 AM
To: pkrishn@ect.enron.com
cc:
Subject: INFORMS-Maui

Krishna:
How are you doing?  I wanted to let you know my new address, I'm now at the
University of Maryland.  Also, in my role as energy cluster chair for the
Maui, Hawaii INFORMS conference (June 17-20, 2001), I am looking for either
session chairs or speakers.  Perhaps you may know of some interested
individuals?  I am also running a session on Optimization and Equilibrium
Modeling in Energy, please send interested speakers (or possible session
chairs to me).  Thanks.

-Steve Gabriel
==========================================
Steven A. Gabriel, Ph.D.
Assistant Professor, Project Management Program
http://www.cee.umd.edu/prog/projmgt.html
Director, Optimization & Equilibrium Studies, Center for Technology and
Systems Management http://ctsm.umd.edu/

Contact Information:
Department of Civil and Environmental Engineering
1143 Glenn L. Martin Hall
University of Maryland
College Park, Maryland 20742-3021
sgabriel@eng.umd.edu
tel. (301) 405-3242
fax (301) 405-2585
http://www.cee.umd.edu/fac/personal/dr.gabriel/main.html


Chris,

Still trying to get Ashland straight.  Thanks for the information yesterday.
Enron, Ashland are TCO are all of the same accord, in that all are saying that
the gas came from Enron and not CES.  The problem is that CES has paid Enron
for this same 1022 per day for those three months.  This is what we have
confirmed with TCO as well...that CES did not make these volumes available to
Ashland, either.

We are showing that Enron invoiced and that CES paid $79,125.80 for 31,662
dths
for these volumes in January, $87,442.34 for 31,682 in February (s/b 29,638
dth
but we were invoiced and paid for 31,662) and March was $86,491.86 for 31,682
again.  This makes for a total refund due CES of $253,059.99 for these
volumes.  This could be paid along with the storage imbalance sale to Enron
for
$183,339.00 for a total of these two transactions of $436,398.99.

Thanks for your attention to this.  Call me if you have questions.

Don Kirkendall

Chris.Germany@enron.com on 10/09/2000 09:35:50 AM
Please respond to Chris.Germany@enron.com

To: Donald Kirkendall/CES/ColumbiaGas@COLUMBIAGAS
cc:

Subject: Re: Ashland Chemical

Yes I wuz!

dkirken@columbiaenergygroup.com on 10/09/2000 07:47:58 AM

To:   " - *Chris.Germany@enron.com" <Chris.Germany@enron.com>
cc:
Subject:  Re: Ashland Chemical

Were you REALLY working Saturday night at 11:30???

Chris.Germany@enron.com on 10/07/2000 11:31:59 PM
Please respond to Chris.Germany@enron.com

To: Donald Kirkendall/CES/ColumbiaGas@COLUMBIAGAS
cc:

Subject: Re: Ashland Chemical

Hey Don, I'm still working on this.  I should have an idea by this Wed.


Senator Bowen has canceled tomorrow's informational hearing on ESPs.


(See attached file: hpl0922.xls)

 - hpl0922.xls


Steve and Ben,

I received a current statement of the open matters we have with GT.  In rough numbers it is around $270,000 for all the Florida work, excluding Ft. P.  Most files only have one month worth of billing, so it gives us a bit of a feel for the order of magnitude of the burn rate.  What I don't know is if the burn rate is increasing or decreasing.  With the litigation, the moratorium and the DEP proceedings, an escalation wouldn't surprise me.

Unfortunately, we don't have an estimate yet on the whole package, including the moratorium ($80,000 bill for June) and  the land use/environmental work ($44k in June for Deerfield, $71k for Pompano).  I would like to get you a more comprehensive picture of what we can expect in the next couple of months.

Kay

 -----Original Message-----
From: 	Krimsky, Steven
Sent:	Wednesday, August 01, 2001 5:15 PM
To:	Jacoby, Ben
Cc:	Mann, Kay; Leigh, Lorie
Subject:	FW: Letter to Kay Mann

Ben,

Attached are GT's views/scenarios regarding the Deerfield / Coconut Creek law suit.  Bottom line - total estimated max cost ~$150k should a trial not be required and upwards to ~$250k+ should a full blown trial occur.

GT expects to have a timeline later in the week for the various scenarios.

Deerfield is planning to submit the motion to dismiss tomorrow, which is the 20 day deadline.  The dismissal hearing is tentatively planned for August 14th.  Deerfield wants Enron to intervene as soon as possible so as to be in a position to participate in the dismissal hearing.

Upon Enron's request to intervene, the judge typically requires 5 business days to set the intervention hearing.  Working backwards, assuming the dismissal hearing is scheduled for the 14th, the intervention hearing should take place on the 13th at the latest, which will require an intervention request be filed no later than Monday the 6th.

GT is awaiting approval to proceed, and if possibly, would like to file the motion to intervene on Friday.

Lets talk tomorrow - I'll get Lorie to schedule a time.

Steve

 -----Original Message-----
From: 	MedleyB@gtlaw.com@ENRON [mailto:IMCEANOTES-MedleyB+40gtlaw+2Ecom+40ENRON@ENRON.com]
Sent:	Wednesday, August 01, 2001 3:46 PM
To:	Krimsky, Steven
Subject:	Letter to Kay Mann

 <<7M3X01!.DOC>>

_______________________________________________________________
The information contained in this transmission may contain
privileged and confidential information.  It is intended only
for the use of the person(s) named above. If you are not the
intended recipient,  you are hereby notified that any review,
dissemination, distribution or duplication of this
communication is strictly prohibited. If you are not the
intended recipient, please contact the sender by reply email
and destroy all copies of the original message.

To reply to our email administrator directly, please send an
email to postmaster@gtlaw.com.

 - 7M3X01!.DOC << File: 7M3X01!.DOC >>


There are five CNG postings listed below.

Posting #1
APPALACHIAN PRODUCER NOTICE

POSTED May 23, 2000

Dear West Virginia Producer,

Over the last several years, Dominion Transmission has worked hard providing
additional value to producers on its gathering system and through innovative
projects and joint ventures.  In continuing with that process to bring you
more value for your local production and to improve the efficiency of our
gathering system, we would like to continue a process where compression
into our gathering system may be approved.  We have been able to grant a
limited number of these requests in the past, and would now like to make
this opportunity somewhat more widely available to the producers.

For this second offering, the process we will use is as follows:  For a
period of 30 days, beginning 12:00 Noon on May 24, 2000, the Gathering and
Production Division of Dominion Transmission will accept applications for
compression rights into its gathering system for gas feeding its SCHUTTE
compressor station.  The Dominion "bubbles" affected are 4404 & 4405.
Dominion recognizes that, although limited, there does exist the incremental
capacity for throughput through these compressor stations.  The incremental
capacity authorized through new compression agreements will not exceed the
limit Dominion determines to be the capacity of the existing compressors.
Dominion will attempt to be flexible in approving the applications it
receives, but will limit approved applications so as to not unreasonably
interfere with the production from the existing non-compressed gas entering
the system.  Please submit your written application to Joe Thompson at the
Dominion Gathering & Production Office.  The application must indicate the
amount of "incremental" gas for the specific compression agreement.
Dominion recognizes that the installation of compression requires differing
time frames.  We will balance that consideration with our need to insure
that the application process is not abused to the disadvantage of other
producers; therefore, once granted, the applicant must have the compression
in place and operable within six months of Dominion's approval, or the rights
to all unconstructed capacity will be forfeited.  In the event that more
requests for compression rights for incremental gas are received than for
which there is capacity, Dominion will award the rights on a prorated basis.

Please include in your written request the mid number or a map of the
proposed
location where you will be requesting to install compression.  Also include
the incremental volume you are wishing to transport under the compression
agreement.  Your name, company name and address, state of incorporation,
phone and fax number, as well as an e-mail address, if available, should
be included (please print or type).

Forward this information to:
    Joseph A. Thompson
    Manager, Business Development
    Dominion Transmission
Gathering & Production Division
    500 Davisson Run Road
    Clarksburg, WV  26301

After all requests are received, we will review the request and make a
determination on granting compression based on capacity available and the
capacity requests.  You will be contacted as soon as possible after
June 23, 2000 to notify you of those requests that have been approved.
Please realize that this is a "window" and the opportunity will close
after Noon on June 23, 2000.

I hope that this will provide opportunity for you to increase the value
of your production facilities, and I look forward to working with you on
this opportunity to add compression.  You can contact Joe Thompson at
(304) 623-8709 or Dan Stuart at (304) 623-8705 with any questions you may
have regarding this compression  "open season" request on Dominion Gathering.

Sincerely,
H. Dale Rexrode
Director, Producer Services & Business Development

Posting #2
APPALACHIAN PRODUCER NOTICE

POSTED May 23, 2000

Dear West Virginia Producer,

Over the last several years, Dominion Transmission has worked hard providing
additional value to producers on its gathering system and through innovative
projects and joint ventures.  In continuing with that process to bring you
more value for your local production and to improve the efficiency of our
gathering system, we would like to continue a process where compression
into our gathering system may be approved.  We have been able to grant a
limited number of these requests in the past, and would now like to make
this opportunity somewhat more widely available to the producers.

For this second offering, the process we will use is as follows:  For a
period of 30 days, beginning 12:00 Noon on May 24, 2000, the Gathering and
Production Division of Dominion Transmission will accept applications for
compression rights into its gathering system for gas feeding its SMITHBURG,
COLLINS, MAXWELL AND NEW OXFORD  compressor stations.  The Dominion "bubbles"
affected are 4401, 4403, 4413.   Dominion recognizes that, although very
limited, there does exist the incremental capacity for throughput through
these compressor stations.  The incremental capacity authorized through new
compression agreements will not exceed the limit Dominion determines to be
the capacity of the existing compressors.  Dominion will attempt to be
flexible
in approving the applications it receives, but will limit approved
applications
so as to not unreasonably interfere with the production from the existing
non-compressed gas entering the system.  Please submit your written
application
to Joe Thompson at the Dominion Gathering & Production Office.  The
application
must indicate the amount of "incremental" gas for the specific compression
agreement.  Dominion recognizes that the installation of compression requires
differing time frames.  We will balance that consideration with our need to
insure that the application process is not abused to the disadvantage of
other
producers; therefore, once granted, the applicant must have the compression
in
place and operable within six months of Dominion's approval, or the rights to
all unconstructed capacity will be forfeited.  In the event that more
requests
for compression rights for incremental gas are received than for which there
is
capacity, Dominion will award the rights on a prorated basis.

Please include in your written request the mid number or a map of the
proposed
location where you will be requesting to install compression.  Also include
the
incremental volume you are wishing to transport under the compression
agreement.  Your name, company name and address, state of incorporation,
phone and fax number, as well as an e-mail address, if available, should be
included (please print or type).

Forward this information to:
    Joseph A. Thompson
    Manager, Business Development
    Dominion Transmission
Gathering & Production Division
    500 Davisson Run Road
    Clarksburg, WV  26301

After all requests are received, we will review the request and make a
determination on granting compression based on capacity available and the
capacity requests.  You will be contacted as soon as possible after
June 23, 2000 to notify you of those requests that have been approved.
Please realize that this is a "window" and the opportunity will close
after Noon on June 23, 2000.

I hope that this will provide opportunity for you to increase the value of
your production facilities, and I look forward to working with you on this
opportunity to add compression.  You can contact Joe Thompson at
(304) 623-8709 or Dan Stuart at (304) 623-8705 with any questions you may
have regarding this compression  "open season" request on Dominion Gathering.

Sincerely,
H. Dale Rexrode
Director, Producer Services & Business
Development

Posting #3
APPALACHIAN PRODUCER NOTICE

POSTED May 23, 2000

Dear West Virginia Producer,

Over the last several years, Dominion Transmission has worked hard providing
additional value to producers on its gathering system and through innovative
projects and joint ventures.  In continuing with that process to bring you
more value for your local production and to improve the efficiency of our
gathering system, we would like to continue a process where compression into
our gathering system may be approved.  We have been able to grant a limited
number of these requests in the past, and would now like to make this
opportunity somewhat more widely available to the producers.

For this second offering, the process we will use is as follows:  For a
period of 30 days, beginning 12:00 Noon on May 24, 2000, the Gathering and
Production Division of Dominion Transmission will accept applications for
compression rights into its gathering system for gas feeding its CAMDEN
compressor station.  The Dominion "bubbles" affected are 3306, 3307, 3401,
3402, 3403, 3406, 3407, 3408 & 3409.   Dominion recognizes that, although
limited, there does exist the incremental capacity for throughput through
these compressor stations.  The incremental capacity authorized through
new compression agreements will not exceed the limit Dominion determines
to be the capacity of the existing compressors.  Dominion will attempt to
be flexible in approving the applications it receives, but will limit
approved
applications so as to not unreasonably interfere with the production from the
existing non-compressed gas entering the system.  Please submit your written
application to Joe Thompson at the Dominion Gathering & Production Office.
The application must indicate the amount of "incremental" gas for the
specific compression agreement.  Dominion recognizes that the installation
of compression requires differing time frames.  We will balance that
consideration with our need to insure that the application process is not
abused to the disadvantage of other producers; therefore, once granted,
the applicant must have the compression in place and operable within six
months of Dominion's approval, or the rights to all unconstructed capacity
will be forfeited.  In the event that more requests for compression rights
for incremental gas are received than for which there is capacity, Dominion
will award the rights on a prorated basis.

Please include in your written request the mid number or a map of the
proposed location where you will be requesting to install compression.
Also include the incremental volume you are wishing to transport under
the compression agreement.  Your name, company name and address, state
of incorporation, phone and fax number, as well as an e-mail address, if
available, should be included (please print or type).

Forward this information to:
    Joseph A. Thompson
    Manager, Business Development
    Dominion Transmission
Gathering & Production Division
    500 Davisson Run Road
    Clarksburg, WV  26301

After all requests are received, we will review the request and make a
determination on granting compression based on capacity available and the
capacity requests.  You will be contacted as soon as possible after
June 23, 2000 to notify you of those requests that have been approved.
Please realize that this is a "window" and the opportunity will close
after Noon on June 23, 2000.

I hope that this will provide opportunity for you to increase the value
of your production facilities, and I look forward to working with you on
this opportunity to add compression.  You can contact Joe Thompson at
(304) 623-8709 or Dan Stuart at (304) 623-8705 with any questions you may
have regarding this compression  "open season" request on Dominion Gathering.

Sincerely,
H. Dale Rexrode
Director, Producer Services & Business Development

Posting #4
                                          Posted May 9 ,2000 9:30 a.m.

Dear West Virginia Producer,

Over the last several years, Dominion Transmission has worked hard providing
additional value to producers on its gathering system and through innovative
projects and joint ventures.  In continuing with that process to bring you
more
value for your local production and to improve the efficiency of our gathering
system, we would like to continue a process where compression into our
gathering
system may be approved.  We have been able to grant a limited number of these
requests in the past, and would now like to make this opportunity somewhat
more
widely available to the producers.

For this second offering, the process we will use is as follows:
For a period of 30 days, beginning 12:00 Noon on May 10, 2000, the Gathering
and Production Division of Dominion Transmission will accept applications for
compression rights into its gathering system for gas feeding its JONES and
ORMA
compressor stations.  The Dominion "bubbles" affected are 3205, 3206 and 3207
for Jones station and 3201, 3202, 3203 and 3204 for Orma station.   Dominion
recognizes that, although limited, there does exist the incremental capacity
for throughput through these compressor stations.  The incremental capacity
authorized through new compression agreements will not exceed the limit
Dominion determines to be the capacity of the existing compressors.
Dominion will attempt to be flexible in approving the applications it
receives,
but will limit approved applications so as to not unreasonably interfere with
the production from the existing non-compressed gas entering the system.
Please submit your written application to Joe Thompson at the Dominion
Gathering & Production Office.  The application must indicate the amount of
"incremental" gas for the specific compression agreement.  Dominion
recognizes
that the installation of compression requires differing time frames.  We will
balance that consideration with our need to insure that the application
process
is not abused to the disadvantage of other producers; therefore, once granted,
the applicant must have the compression in place and operable within six
months
of Dominion's approval, or the rights to all unconstructed capacity will be
forfeited.  In the event that more requests for compression rights for
incremental gas are received than for which there is capacity, Dominion
will award the rights on a prorated basis.

Please include in your written request the mid number or a map of the
proposed location where you will be requesting to install compression.  Also
include the incremental volume you are wishing to transport under the
compression agreement.  Your name, company name and address, state of
incorporation, phone and fax number, as well as an e-mail address, if
available,
should be included (please print or type).

Forward this information to:
    Joseph A. Thompson
    Manager, Business Development
    Dominion Transmission
                                Gathering & Production Division
    500 Davisson Run Road
    Clarksburg, WV  26301

After all requests are received, we will review the request and make a
determination on granting compression based on capacity available and
the capacity requests.  You will be contacted as soon as possible after
June 12, 2000 to notify you of those requests that have been approved.
Please realize that this is a "window" and the opportunity will close after
Noon on June 12, 2000.

I hope that this will provide opportunity for you to increase the value of
your production facilities, and I look forward to working with you on this
opportunity to add compression.  You can contact Joe Thompson at
(304) 623-8709 or Dan Stuart at (304) 623-8705 with any questions you may have
regarding this compression  "open season" request on Dominion Gathering.

Since rely,
H. Dale Rexrode
Di rector, Producer Services & Business Development

Posting #5
                                                  Posted May 9, 2000 9:07 a.m.

 Dear West Virginia Producer,

Over the last several years, Dominion Transmission has worked hard providing
additional value to producers on its gathering system and
through innovative projects and joint ventures.  In continuing with
that process to bring you more value for your local production and to
improve the efficiency of our gathering system, we would like to continue a
process where compression into our gathering system may be approved.
We have been able to grant a limited number of these requests in the past,
and would now like to make this opportunity somewhat more widely available to
the producers.

For this second offering, the process we will use is as follows:
For a period of 30 days, beginning 12:00 Noon on May 10, 2000,
the Gathering and Production Division of Dominion Transmission will accept
applications for compression rights into its gathering system for gas
feeding the Barbour County High Pressure System.  The Dominion "bubble"
affected is 4205.   Dominion recognizes that, although limited, there does
exist the incremental capacity for throughput through these compressor
stations.
The incremental capacity authorized through new compression agreements
will not exceed the limit Dominion determines to be the capacity of the
pipeline system.  Dominion will attempt to be flexible in approving the
applications it receives, but will limit approved applications so as to not
unreasonably interfere with the production from the existing non-compressed
gas entering the system.  Please submit your written application to
Joe Thompson at the Dominion Gathering & Production Office.
The application must indicate the amount of "incremental" gas for the
specific compression agreement.  Dominion recognizes that the installation
of compression requires differing time frames.  We will balance that
consideration with our need to insure that the application process is
not abused to the disadvantage of other producers; therefore, once granted,
the applicant must have the compression in place and operable within
six months of Dominion's approval, or the rights to all unconstructed
capacity will be forfeited.  In the event that more requests for compression
rights for incremental gas are received than for which there is capacity,
Dominion will award the rights on a prorated basis.

Please include in your written request the mid number or a map of the
proposed location where you will be requesting to install compression.
Also include the incremental volume you are wishing to transport under
the compression agreement.  Your name, company name and address,
state of incorporation, phone and fax number, as well as an e-mail address,
if available, should be included (please print or type).

Forward this information to:
    Joseph A. Thompson
    Manager, Business Development
    Dominion Transmission
                                Gathering & Production Division
    500 Davisson Run Road
    Clarksburg, WV  26301

After all requests are received, we will review the request and make a
determination on granting compression based on capacity available and the
capacity requests.  You will be contacted as soon as possible after June 12,
2000
to notify you of those requests that have been approved.  Please realize that
this is a "window" and the opportunity will close after Noon on June 12, 2000.

I hope that this will provide opportunity for you to increase the value
of your production facilities, and I look forward to working with you on this
opportunity to add compression.  You can contact Joe Thompson at (304)
623-8709
or Dan Stuart at (304) 623-8705 with any questions you may have regarding
this compression  "open season" request on Dominion Gathering.

Sincerely,
H. Dale Rexrode
Director, Producer Services & Business Development


Eric,

Attached is the assignment agreement.  It has been faxed to Barry and to Mark
Hawkins at Mercado.

Stephanie


The deal #'s are 517676.1 and 517678.1

Diana
 -----Original Message-----
From: 	Belden, Tim
Sent:	Tuesday, October 02, 2001 6:57 AM
To:	Nat, Steve; White, Stacey W.; Poston, David; Postlethwaite, John
Cc:	Crandall, Sean; Scholtes, Diana
Subject:	Weird Deal Change Yesterday

Something strange happened in Enpower yesterday.  A deal from the STNW book was changed and we aren't sure why.  It appears that some strips from a $180 sale in NP15 were erased.  Our theory is that something happened between FSP and Enpower that erased these strips.  Of course, we don't know what happened, which is why I am contacting you.  This is really scary if our systems are changing deals.  The only reason that we noticed was because of a huge P&L hit to the STNW book.  If the price of the deal had been closer to current market we wouldn't have noticed.  Please look into this and let the trading team know what happened.


Geof,

Please see the attached file for the inception document of the flexible position manager. I appreciate your comments. Sorry for the delay.

Thanks

Zhiyong


Please see the following revisions to Paragraph 4. Hourly Demand Response
Program and Exhibit 4.  They are important, not stylistic changes, and need
to be incorporated.  Thanks.


James:  Please ignore my earlier email.  I do have your email of 6/13/00 and
will respond as quickly as possible.  Thanks.  Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 07/05/2000 05:31 PM -----

	Sara Shackleton
	07/05/2000 03:40 PM

		 To: jcoiley@wfw.com
		 cc:
		 Subject: ISDA Agreement between Credit Agricole Indosuez and Enron North
America Corp.

James:  I just thought I'd follow up with you regarding our conversation of
June 7, 2000.  I thought that you were going to produce a new draft based
upon our discussion.  Please let me know if I misunderstood or if in fact the
ball is in my court.  Thanks.  Sara


Stacy,

Jeff asked me to pass this on to you for handling:

Tom Nuelle (pronounced "Nelly"), Risk Manager at BP Amoco called, and said
they need to assign a physical trade from one Amoco entity to another.  The
trade was done w/Amoco Energy Trading and they need to assign it to Amoco
Canada.  It's a Nov-March,EOL Deal no. 265080.  Tom's phone # is
281/366-4034.  Tom Moran from Credit had no problem moving the trade.


Louise,

Kevin Presto has some concerns about doing transactions with brokers and is thinking maybe on the power side that we will not do any broker transactions either over the telephone or online and he would like to talk about his ideas with you and the gas guys as well.

I won't start marketing to brokers until I hear from you or we meet on the subject.

Do you want me to organise a meeting?

Dave


Steve,

I am sending you a variety of charts with prices and operational detail.  If
you need to call with questions my home number is 713-463-8626.

As far as recommendations, here is a short list:

 1.  Examine LDC's incentive rate program.  Current methodology rewards sales
above monthly index without enough consideration of future
      replacement cost.  The result is that the LDC's sell gas that should be
injected into storage when daily prices run above the monthly index.
                    This creates a shortage in later months.

 2.  California has the storage capacity and pipeline capacity to meet
demand.  Investigate why it wasn't maximized operationally.
                      Specific questions should include:

  1.  Why in March '00-May '00  weren't total system receipts higher in order
to fill storage?

  2.  Why are there so many examples of OFO's on weekends that push away too
much gas from Socal's system.
       I believe Socal gas does an extremely poor job of forecasting their
own demand.  They repeatedly estimated they would receive       more gas than
their injection capablity, but injected far less.

 3.  Similar to the power market,  there is too much benchmarking to short
term prices.  Not enough forward hedging is done by the major
                    LDCs.  By design the customers are short at a floating
rate.  This market has been long historically.  It has been a buyers market
and the
     consumer has benefitted.

Call me if you need any more input.

Phillip


don't forget you owe me dinner...


Scott:
Could you please forward this to Sam and John?  I received a message that it
could not be delivered to them.  Do I have the right e-mail addresses?
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
----- Forwarded by Carol St Clair/HOU/ECT on 06/01/2000 11:40 AM -----

	Carol St Clair
	06/01/2000 11:38 AM

		 To: savitabi@llgm.com, pwright@llgm.com, sberins@llgm.com, jmcgreevy@llgm.com
		 cc: Leslie Hansen/HOU/ECT@ECT, Gaurav Babbar/HOU/ECT@ECT
		 Subject: Ace Insurance Policy

Scott, Bruce, Sam and John:
Gaurav has informed me that the next draft of the ACE insurance policy will
be distributed by ACE sometime tomorrow.  What we would like to do is
schedule a time on Monday that we could talk with you about it with the hope
that we could have a discussion with ACE soon afterward.  Could you please
e-mail to me and Gaurav Babbar some times on Monday that work for you as a
group and we will get something set up.  Thanks.
Carol


I believe this works.  I'm entering all sales to New Power at Broad Run on
deal 498019.  I created a purchase deal 498022 priced at FOM Index price.  We
should bookout these two deals.  The delivery to the citygate should be on
the big FOM deal ticket comingled with everything else.

11/17/2000 11:42 AM
Jeffrey Porter@EES
Jeffrey Porter@EES
Jeffrey Porter@EES
11/17/2000 11:42 AM
11/17/2000 11:42 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: NPC Purchases

Busy week while you were gone. Here is what I bought.

11/14-17   15,000/d   $5.83   TCOAP   DJenkins
11/15-20    30,000/d   $6.02   TCOAP   S.Hendrickson
11/17          4,108/d      $5.95   TGP/TCO Broadruncobb  DJ
11/18-20     4,108/d     $5.85    TGP/TCO Broadruncobb  DJ


The following would be too logical not to be in practice now, I could not
post to E-think.

The Power Company Name Recognition - Introduce Home Coupons

Make the internet profitable to households.  Newspapers advertise that this
week's Sunday paper has coupons that will save you $100.00.

Go one step better:

Every household must eat.  Some households buy the Sunday newspaper just for
the coupons to purchase.  Offer a Enron site where producers can post
manufacturer's coupons on The Enron B2B web page.  If the consumer downloads
the coupon, TPC records the transaction including the consumer's logon site
and Zip Code.  Sell the database to the manufacturer/producer.  Ask the
consumer if they would like direct solicitations for competitor's brand.
Expand it to appliances and manufacturer's coupons.

Then Link local grocery/appliance stores, for the consumer, by his
surrounding zip code.  The stores would post their price for that month's
coupon by store zip code on the B2B.  For those stores participating, prepare
a comparison by store also considering double and triple coupon offers and
the consumer can make a decision where to buy their groceries.  Sell the
download to stores for expected inventory control.

If it takes off, I think internet volume would be tremendous and newspaper
circulation??   McClere agreed that broadband won't take off until there is
some kind of "killer application" to drive more people toward high-speed
Internet access.


Guys:
We are on for tomorrow at 9 Houston time to talk to ACE.  Please let me know
who to contact to hook you into the call.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Karen,
	As requested by Ted, please find attached the latest Counterparty Trading status report of pm 15th Nov.  Please supply a hard copy to Rick.

Thanks.

Andrew Gibbins
Enron Contract Management
Enron House, 40 Grosvenor Place
London SW1X 7EN
Tel:   +44 (0)20 7783 4711
Fax:  +44 (0)20 7783 9240


No positions.  Archive.

DG

From: Jennifer Velasco/ENRON@enronXgate on 05/04/2001 10:13 AM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: RE: Updated Book Admin

I am setting these up so that they can be listed under US GAS WEST but I have
a question. Does WEST-KEYSTONE-IDX have any positions? Does it need to be set
as active?

Jennifer
X 5-2526

 -----Original Message-----
From:  Giron, Darron
Sent: Friday, May 04, 2001 9:36 AM
To: Velasco, Jennifer
Subject: RE: Updated Book Admin

Thanks.  I also noticed that we have some books that are not listed under US
GAS WEST but should be.  I cannot change tha Trading Group.  Do you do this
as well?  The books are:
  WEST-KEYSTONE
  WEST-NW
  WEST-PERM
  WEST-SJ
  WEST-SW
Thanks.

DG


Attached is the presentation for the Business Team Kickoff held last Friday.  Thanks to all of you who attended and shared information.  For those of you who were unable to attend, please let me know if I can answer any questions for you.  If you would like to print this, select File, Print, Pure Black and White.  This presentation is also accessible, along with other project information, through the Project QuickPlace site at:

http://gpgdomino.ots.enron.com/QuickPlace/ratesandrevenue/main.nsf

Wendy


On Wall Street, people are talking about Enron.  At Enron, we're talking
about people...our people.  You are the driving force behind every success
that our company has experienced, including our high-performing stock price,
which surpassed the $50 mark only a few days ago. You made it happen!

To show our appreciation for your hard work and commitment to Enron,s
continued success, eligible regular full-time and regular part-time employees
who were on the payroll of a wholly-owned Enron company at Dec. 31, 1999 will
receive 50 Enron stock options.  A special stock option award certificate and
a copy of the stock plan will be sent to you in the next few weeks.

About the stock options grant:
? The grant was effective Jan. 18, 2000, therefore, the option grant price is
$55.50.
? Options will have a seven-year term, which means you must exercise these
options before seven years have passed.
? Options will vest 25 percent on Feb. 28, 2000 and 25 percent each
subsequent January 18th thereafter until fully vested, as long as you are an
employee of Enron.  This means you may exercise 25 percent of these options
as early as Feb. 28.
? This grant is made in accordance with the terms and provisions of the Enron
Corp. Stock Plans and the award documents, which you will receive in the
coming weeks.

Due to varying international restrictions and legalities, Enron employees in
certain international locations will receive some other form of recognition.
Your local management and human resources representative will communicate
further details.

Visit home.enron.com for additional information.  There you can access a list
of frequently asked questions regarding stock options.  And you can view a
special message from Ken Lay.  To access the special message, you must have
IP-TV and a sound card. If you are not able to view Ken,s message, a
transcript is available.  If you encounter any technical difficulties, please
contact your PC Help Desk.

Again, thank you for all you do to make Enron a successful global energy and
broadband services company and a great place to work.


Larry and raetta, cand we make sure we do not bill for the vented gas.  Can we work with measurement and redcue
the actuals by the 8,000 to 10,000?  Steve, does anyone have the exact volume vented?  Thanks. Lynn

Steven January
06/01/2001 01:11 PM
To:	Gary Spraggins/ET&S/Enron@ENRON, Lynn Blair/ET&S/Enron@ENRON, Richard Barry/OTS/Enron
cc:

Subject:	Re: Warren Eunice

Lynn, how would we handle this Accounting wise? Since it went through our meter, the customer is going to get credit for this gas and transportation, which he should not. We need to get this situation stopped. They should blow gas upstream of the meter.  Gary, can you check with Bandel and get an approximate volume that has been vented? Richard, great job in bringing this to our attention. sj

Gary Spraggins
06/01/2001 01:04 PM
To:	Steven January/ET&S/Enron@Enron
cc:

Subject:	Warren Eunice

It was brought to my attention this last weekend that when Warren Eunice goes sour and our valve shuts, there is a blow off valve down stream of our measurement that Warren  personnel are using to vent the sour gas until it turns sweet. So, while they are venting the gas we still show flow of 8,000 to 10,000 which is measured as if we received the gas. I have notified Bob Bandel and he is looking into the situation. They were not aware that this was happening. Richard brought this to my attention.

Gary

<Embedded StdOleLink>


Stan - Operations have been normal this week. NBP's unit price recovered to above $38. Prices in the midwest have continued to be low vs. Alberta, so we have been running at around 90% load factor (200-300/d empty space). Hopefully the current cold weather will hang on until next week when the industries come back up after the new year.

 I have not seen Crestone/Bearpaw volumes this week. We should get an update after the holidays. No reports of any problems.

One very sad note. Larry Weisman (52) of the Petersburg Team on MGT died as a result of a heart attack on Christmas eve. I will send along details as I get them. We have sent flowers from here. I believe the funeral will be Friday. We will have Company representation at the funeral, but I do not plan to go.

I will be in the office this week, but on vacation Monday 12/31. I will give you a call next Wednesday with next week's update. On Friday 1/4, I will be in late due to the big party after the Husker Rose Bowl victory.

Please give me a call if there is any big new news regarding Enron this week.

Happy New Year,
Bill


Its good we didn't book anything because CES just sold a lot of their
customers to another company.

	From:  Steve Jackson                           05/05/2000 08:29 AM

To: Chris Germany/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT
cc:
Subject: Re: CES Retail Index Positions

FYI
---------------------- Forwarded by Steve Jackson/HOU/ECT on 05/05/2000 08:27
AM ---------------------------

Scott Neal
05/04/2000 05:32 PM
To: Colleen Sullivan/HOU/ECT@ECT
cc: Steve Jackson/HOU/ECT@ECT
Subject: Re: CES Retail Index Positions

I definatley think we should book these volumes for all of your reasons below
plus each month we don't seem to have a decent estimate until the 30th or
31st.

	From:  Colleen Sullivan                           04/28/2000 08:41 AM

To: Scott Neal/HOU/ECT@ECT
cc: Steve Jackson/HOU/ECT@ECT
Subject: CES Retail Index Positions

Scott--
Here is your problem in getting these booked.  You can do what you want, but
I still think we should book it.  The flexibility in takes is only 10% so
your flash to actual will not be that great--certainly less than if you don't
book anything.  Plus, at least if we book something it will be easier to tell
if they do not take the volumes they are supposed to.  In addition, per our
discussion with Retail--which Dick was in on that meeting--it is unlikely
that the sale of the CES-Retail business would occur before September or
October, which in my mind means it may not be til the end of the year.  This
would pretty much get us to the end of the deal term.  And finally, what if
Chris and/or Dick is gone at some point in time--we need the volume info in
there.

Obviously it is just my recommendation to book it---you can do what you
want.

---------------------- Forwarded by Colleen Sullivan/HOU/ECT on 04/28/2000
08:33 AM ---------------------------

	From:  Steve Jackson                           04/27/2000 04:03 PM

To: Colleen Sullivan/HOU/ECT@ECT
cc:
Subject: CES Retail Index Positions

FYI,

I talked to Chris and Dick about the issue that the CES index positions are
not reflected in the books.  Chris was concerned about what (firm) volume to
book since there is flexibility in the takes.  Also, he said he has a strong
feeling that CES-Retail may go away in the near future so why book it.  Dick
agreed that maybe we should not book anything on this right now.  So Chris
said he will look into this issue early next week and get with me.


i didn't get them through the big e.  some punk broker.


Debra - Thanks for all your efforts!

 -----Original Message-----
From: 	Perlingiere, Debra
Sent:	Thursday, October 25, 2001 9:55 AM
To:	Osire, Ann
Cc:	Dickson, Stacy E.; Wallumrod, Ellen
Subject:	RE: GISB Amendment - Mitchell Gas Services L.P.

In response to your email here is the Amendment for Mitchell.  Please forward to your contact.  Regarding Avista,  I have not received the amendment to date.

  << File: Mitchell Gas GISB Amend.doc >>

 -----Original Message-----
From: 	Osire, Ann
Sent:	Wednesday, October 24, 2001 3:17 PM
To:	Perlingiere, Debra
Cc:	Dickson, Stacy E.; Wallumrod, Ellen; Osire, Ann
Subject:	GISB Amendment - Mitchell Gas Services L.P.

Debra,

Kim Clausen has agreed, on behalf of the above referenced company, to have the GISB contract amended to designate ENA as confirming party.  Details are as follows:

Contract #: 96020382
E-mail:KClausen@mitchellgs.com
Phone: (713) 377-7090
Fax: (713) 377-6728

Please, if possible, give this amendment priority.  It is one of the "major problem counterparties" we discussed in the meeting.

Let me know if there is any way I can assist.

Thanks,

Ann


Credit Approval Requested:

Shipper :		Western Gas Resources, Inc.
Contract # :		27834
Service Type :	New FT
MDQ:			5,000 Dth/d
Rate:			$ 0.95
Term:			April 1, 2002 thru October 31, 2002

Dennis P. Lee
ETS
Gas Logistics
(713) 853-1715
dennis.lee@enron.com


alright, when you find out that mine is the best bid for an injury prone
player that has been unable to complete an entire season in his career, you
can come back to me and maybe toomer and garner (the third highest scoring
back in the league) will still be there.

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 09/26/2000 12:41:12 PM
To: "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject: RE: Taylor

No thanks.  I will shop.

Jason Bass
TSE
Compaq Computer Corporation

 -----Original Message-----
From:  Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent: Tuesday, September 26, 2000 12:39 PM
To: Bass, Jason
Subject: RE: Taylor

George has no value after last weeks games - I will give you garner and
toomer for taylor

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 09/26/2000 12:35:08 PM

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

Garner, Robinson and Walls

For Taylor and George

Think about it hard because that is all I can do and I am going to start
shopping Taylor around

Jason Bass
TSE
Compaq Computer Corporation

 -----Original Message-----
From:     Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent:     Tuesday, September 26, 2000 9:57 AM
To:  Bass, Jason
Subject:  Taylor

Alright, you know now that you need to trade Taylor - what do you want for
him?


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<<BPA-DS-011.doc>>

Attached is the response to BPA-DS:011.

Bill Ferranti
Murphy & Buchal LLP
503-227-1011
bferranti@mbllp.com

 - BPA-DS-011.doc


Dick Snell 713-653-8805 Thompson & Knight LLP
as small as $2,000, $320/hr , he does 706, 1041 done by accountant


We agree to pay a premium of $5 per MWH for power purchased by EPMI to cover
EES's load during March. We will revisit this arrangement during the second
half of March when it becomes clear what our on going load will be in
Southern California.

Thank you all again for your help over the last month !

NFB


Sure:

I am already taking care of that.

Thanks.
Paulo Issler

Vince J Kaminski
11/15/2000 09:59 AM
To: Paulo Issler/HOU/ECT@ECT
cc:
Subject: REQUEST for historical curve information

Paulo,

Can you please, help him with this?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/15/2000
10:06 AM ---------------------------

	Enron North America Corp.

	From:  Mike Barry @ ENRON                           11/15/2000 07:55 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: REQUEST for historical curve information

Vince,

Per our conversation this morning, I would appreciate the following
historical curve information as soon as possible:

1.  On February 17,2000, what was the summer '00 strip for Vent to ML 7,
Demarc to ML 7, and Vent to Chicago

2.  On July 27, 2000, what was the August '00 strip for Vent to Chicago

3.  On May 9, 2000, what was the May '00 strip for Vent to Chicago

4.  On May 30, 2000, what was the June strip for Vent to Chicago

5.  On June 29, 2000, what was July Strip for Vent to Chicago

6.  On Sep. 29, 2000, what was the October strip for Vent to ML 7

Thank you in advance for your prompt attention to this matter.  Please call
me if you have any questions.  Thanks again!

Mike Barry
402/ 398 - 7105


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John,

We have spoken with several online investment banks.  One of them, WitCapital, has lead an IPO in the past.  The others only co-manage IPOs.  Wit claims to have refined is business to focus on co-managing IPOs, rather act the primary distributor of securities.  In addition, Wit has increased its sales personnel, so that less of the stock distributed to its customers is purely over the internet.

I have asked Wit to give me the parameters (e.g., size, costs, primary versus secondary shares, etc.) by which they would lead an IPO distributed solely over the internet.  I am still waiting for this information.

The online investment banks appear to have a place in IPO distribution, but it is not as a primary distributor of shock.  I will get back to you when I hear from Wit.

Regards,

Kyle Kettler


all i know is we can never go back to teala's.  i don't want to get banned at
front porch also SUSAN!


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

 - 10-22 0800 Report.xls


call 415.782.7856 at 10 AM.


Pat ,

Further to our conversation,  here is a sample draft of ENA's GISB for your
review.  I will forward  the draft of the Master later today or tomorrow.
With regards to ISDA Contracts you will need to contact Stephanie Panus at
713-345-3249.

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


Hi I hope you had a happy thanksgiving
We went out to eat because my mom didn't want to cook.
Well see you soon
Julie


Thanks I will look at it tonight
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


have an inquiry from good person who wants to move from another company but
stay in new york. who would you recommend that we refer him to to talk about
any needs we may have in new  york office??