Hi folks:
 Very glad to hear about the new developments. Just to recap what we
discussed this morning about different things you need to look into to set up
trading operations and the contacts:

1. Licence to trade: Regulatory people: I guess you know about this part
better than me.

2. Trading & Risk Mgmt: Global Risk Mgmt oversight: John Sherrif in London
has the overall responsibility outside Western Hemisphere. Research group can
help with the structuring models used for trading.

3. Risk Conrols: Before trading group is operational, it needs to get the
authorization from the Board of Directors of Enron along with total position
limits and possibly value@risk limits. These limits are typically by
commodity type and by region. Risk Assessment & Control (RAC) under Rick Buy
performs the internal control function ensuring that the businesses adhere to
these trading limits.  Ted Murphy is the VP in RAC overseeing the trading
operations. The value@risk models come from the Research group, but
day-to-day monitoring of the numbers is done by Ted's group.

4. Credit Risk: A credit reserve number is computed for each deal (again, the
models are created by Research) and is transferred to the credit group under
Bill Bradford (also in RAC). This is basically like buying insurance from the
corp. , so that if there is a couterparty default, the loss is covered by the
reserve pool of the credit dept.

5. Legal: The name I was given is Alan Aronowitz for legal help.

6. Back Office: Initially can survive with Excel spreadsheets. You should
contact the IT though when the plans finalize to talk about systems.

Australia is the most recent place where we set up the trading operations.
You can talk to Paul Quilky, the trader there to talk about these issues
(mention to him that Grant Masson in Research gave his name).

Barry Pierce in London was incharge of back office at the begin there.
 I can coordinate for talking with people next week. Give me a call Monday if
possible. I hadn't the time to search for the presentation stuff today. Will
do it next week.

Krishna.


[IMAGE] Forums Discuss these points in the Forums:  Forexnews Forum       Technicals Live Charts Analysis available from: Cornelius Luca   J.P. Chorek   Technical Research Ltd.   Charts & News featuring Standard & Poor's       Interest Rates   US: Japan: Eurozone: UK: Switzerland:   1.75%  0.15%  3.25%  4.0%  1.25-2.25%       [IMAGE] 	 [IMAGE]  Japanese Forex Trading Preview  March 5, 7:00 PM: EUR/$..0.8711 $/JPY..132.25 GBP/$..1.4235 $/CHF..1.6948  Japanese Forex Trading Preview by Darko Pavlovic  At 6:50:00 PM Japan Feb Business Confidence (exp n/f, prev n/a)  The dollar looks steady around 132.20 yen after falling to a six week low of 131.57 due to a strong repatriation flows ahead of March 31, the end of fiscal year. Nikkei fell yesterday after gaining almost 6% on Monday and traders are waiting for to see the stock performance today, as the rise could strengthen the yen. Nonetheless it is likely that the USD/JPY will hover around 132.50 area. The dollar got support after ISM non-mfg index jumped to its highest levels since November 2000, boosting market expectations for the faster US recovery. Markets ask the govt. to incorporate tax reform into the anti-deflation package that it is expected to strike as early as this month. Many consider the renewal of private demand through tax reform crucial, especially in reducing the corporate and inheritance tax rates. Panelists on the Forum for Policy Innovation would like to see the BoJ placing inflation target as it would force the central bank to rally all kinds of measures at its disposal in order to attain a preset level of price increases. Many government and ruling party officials have hard-pressed the BOJ to set inflation target.Japan's Oct-Dec cap spending fell 14.5% from previous year. Big firms Jan-Mar sentiment index is at  -22.1 (compared with -28.3 for Oct-Dec period)  Oct-Dec current profits down 31.4% y/y. Japanese firms see 01/02 sales down 4.2% y/y Japanese companies Oct-Dec sales down 3.8% y/y Japan firms see 01/02 current profits down 23.2% y/y The lower house will likely pass on Wednesday by a majority vote the 81.23 trillion yen budget for fiscal 2002, clearing the way for final Diet approval before the end of the current fiscal year. Japan's Center for Economic Research announced that GDP grew 1.9% from the preceding month in January, the first positive month-on-month GDP growth in three months due to an increase in consumer spending and exports. Resistance is eyed at 132.70, 133.0 and 133.50. Support stands at 132.0, 131.75 and 131.50.  Today, President Bush announced the decision to levy a 30% tariff on steel imports that portends the start of a trade war. The US explained that the tariffs would be "temporary safeguard measures" and would remain in place for three years starting on March 20. Analysts noted that the government was enacting these measures in order to avoid a change in the strong dollar policy and to help the ailing US steel industry in an election year.   EUR/USD is trading around 87.10 after hitting a 1-week high of 87.20, supported by the second consecutive monthly rise in the Eurozone services PMI to 51.1 in February from the prior month's 51.0. In particular, the new business component broke above the key 5-level to 50.6 from 49.7 for the first gain since last summer, thereby spurring hopes that an economic recovery in the Eurozone is imminent. The single currency overlooked a 6,200 count rise in the German unadjusted total to 4.296 mln today, while Euroarea unemployment eased to 8.4% in January. Increasing signs of a turnaround in the Eurozone are thus fueling the prevailing belief that the European Central Bank will keep rates unchanged at 3.25% this Thursday at its monetary policy meeting and may even raise rates later in the year. Resistance is seen at 87.20, 87.40 and 87.80. Support is viewed at 86.30, backed by the 86.0-cent figure, and 85.50.   Major data due from the US this week consist of factory orders, the Fed Beige Book, jobless claims, productivity, consumer credit, and the labor market report. Key Eurozone indicators include German manufacturing orders, German unemployment, ECB rate decision, Italian GDP and Dutch CPI. The main data releases from the UK are the NTC/FRES report on jobs, housing starts and the Bank of England's rate decision. Highlights from Japan comprise the MoF corporate survey, trade balance, indices of business conditions, GDP, money supply and wholesale prices.    	[IMAGE] Audio Mkt. Analysis Trade Concerns Overwhelm USD, Despite Data       Articles & Ideas  Will Dollar be Fuelled against the Euro?   Euro: The Lonely Tender       Articles & Ideas Forex Glossary   Economic Indicators   Forex Guides   Link Library      [IMAGE]
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Based on latest info hear's latest assessment of Gov's talk:

I'm in charge.
Here's all the wonderful things I've done thus far to address the crisis
(likely to include Edison TX talks, since it seems he has no choice but to
continue that charade).
It's bad and getting worse and we've got to pull together as a state to get
through it.
Rate increases are a necessary evil that---painful as they are, and they will
be painful---must be part of the solution; and future increases may well be
likely.
Blame FERC and the generators, because it's their fault.
Windfall profits is a good idea.

Kari Dohn of the Gov's office  and I have been trading voicemails.  She's
going to LA with Governor Backbone later this afternoon for the speech.  If
she and I hook up, I'll report back on what, if anything, I hear.

Best,
Jeff


Sally,

Congratulations on the promotion to Managing Director!!!!!! VERY WELL
deserved.  Continued success.

Liz Taylor


FYI this is what Joe Hillings was asking for.
---------------------- Forwarded by Ricardo Charvel/NA/Enron on 02/18/2000
01:43 PM ---------------------------

Ricardo Charvel
02/18/2000 01:43 PM
To: Joe Hillings/Corp/Enron@ENRON
cc:
Subject: Re: Mexico-Secretary Richardson Is Leaving For A Mexico Meeting With
Minister Tellez Today-Need Talking Points ASAP

Joe,

I am sorry I missed your call.  Max and I had a conference call with Chris
Long on Monday in which we touched upon some of these points but I think that
it is important for us to insist in the following:

1 Regulate the pricing of infrastructure and services for true
undiscriminated open access. To enhance the possibility of having a
competitive natural gas markets through importing gas in northern Mexico it
is necessary to set a regulated price for the use of infrastructure which is
in hands of a monopoly or where there is no alternative..  Currently Pemex is
able to offer discounts in infrastructure (transport) and other services in a
way which effectively creates barriers of entry to any competitor even in the
marketing segment of the business.

2. Promote complete unbundling between Pemex affiliates in the gas business.
There has to be a true unbundling between Pemex Production (PEP) and Pemex
transport and marketing (PGPB).  Currently anyone that wants to buy gas has
to do so from the PEMEX marketer/transporter (PGPB) instead of being able to
buy gas from the producer, pay for the transport etc.  in a transparent way
and within real competitive circumstances.

3. Revise the 1996 natural gas pricing directive.  In this pricing formula
Pemex  fixed a differential that is subtracted from the Tetco-Valero Price.
This differential changes according with the conditions of the market.  The
conditions of the market have changed since 1996 making this fixed
differential a true barrier of entry for competition.  The differential
should be included as a variable that is subject to real market conditions.

In conclusion we could say that despite apparent changes in the natural gas
industry in Mexico, the truth is that there are many aspects within the way
in which Pemex operates that can be changed that would allow for true
competition.  There is still a lot of work to do in these matters.  We work
closely with the Mexican regulators in relation to these matters.

Best,

Ricardo Charvel
Director of Strategy
011-525-258-9933

P.S. Maybe Secretary Richardson could retake the subject o Hedging Mexican
oil by Enron and others in order to guarantee Mexico a stream of income that
otherwise might not be there if prices fall.


---------------------- Forwarded by Chris Germany/HOU/ECT on 12/28/99 02:02
PM ---------------------------

Chris Germany
12/28/99 02:01 PM
To: pdrexel@columbiaenergygroup.com @ ENRON
cc:
Subject: Re: NIMO JAN 2000

How much of this capacity do we have for the first?

pdrexel@columbiaenergygroup.com on 12/27/99 03:15:16 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: NIMO JAN 2000

Chris this is capacity we got from NIMO as part of a peaking deal with them,
they can call on gas delivered to their gate,they reimburse for all cost at a
north point gas daily price plus 100% transport.  We in essance can sell the
capacity off on a monthly basis (sell it delivered)  NIMO would not allow us
to
use this as part of our transport to our enduses though, we also have capacity
for that.

Chris_Germany@enron.com on 12/27/99 02:52:40 PM
Please respond to Chris_Germany@enron.com

To: John Hodge [NOTES.jwhodge]@LMSOV, Paul
Drexelius/CES/ColumbiaGas@COLUMBIAGAS
cc:

Subject: Re: NIMO JAN 2000

How much of the NIMO capacity (about 15,000 day of North to North) was
dedicated
to retail?

From what I'm seeing, the retail volumes are looking fairly small.

pdrexel@columbiaenergygroup.com on 12/27/99 02:39:46 PM

To:   Dan Junek/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT
cc:
Subject:  NIMO JAN 2000

Here are some more
---------------------- Forwarded by Paul Drexelius/CES/ColumbiaGas on
12/27/2000 02:45 PM ---------------------------

Heidi Boyd
12/27/99 02:25 PM

To: Morgan Sharifi/CES/ColumbiaGas@ColumbiaGas
cc: Noel Bartlo/CES/ColumbiaGas@ColumbiaGas, Paul
Drexelius/CES/ColumbiaGas@ColumbiaGas
Subject: NIMO JAN 2000

FINAL

Hi Morgan,

Please schedule the following (in DTH's) off of CNG to Niagra Mohawk:

Pooled  East Meter 20550 821/day
  West Meter 20500    421/ day

Balanced East Meter 20550 381/day
(firm)  West Meter 20500 430/day

Thanks!


well, we finally received from counsel for one of the co-defendants - after
much hounding - the key filings from the previous shultes case . . . and it
looks like our decision not to pitch in for a lawyer for nsm managment co.
("nsm co.") was a smart move.  it turns out that when the plaintiff moved to
add nsm co., our co-defendants' attorneys (who we have every reason to
believe are going to effectively control nsm co's counsel) actually opposed
the plaintiff's motion on the grounds, inter alia, that if the court allowed
the amendment, THEY would have to bring in enron!  thanks a lot.  now we know
where the plaintiff got the idea to sue enron.  thankfully, however,
plaintiff's counsel disputed that enron was liable and would have to be
brought in! you can be sure we will figure out a way to get these helpful
statements into the motions we are drafting.

Charna E. Sherman
Hahn Loeser & Parks  LLP
cesherman@hahnlaw.com
216-274-2556 (voice)
216-274-2555 (fax)

**************************************************
This transmission contains confidential
information intended only for the addressee(s).
If you are not the intended recipient,
any use, dissemination, distribution or
copying of this document or its contents
is strictly prohibited.
**********************

                                                     !
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George,

How are you doing.  Well, I hope.  Could you just give me a quick shout and
let me know when you think you will be able to start in our group.

Thanks,

Errol McLaughlin, X5-8274


Trust me, I know about being swamped.  I was here until 8:30 last night.  The
homecoming game is a good choice.  I'll be going in on Thursday evening
because
I'm planning to run in the 2 mile Gator Gallop fun run on Friday morning.  The
run is followed by the homecoming parade and then Gator Growl is Friday night.
Gator Growl is the largest student run pep rally in the country and they
always
have two or three nationally recognized comedians.  The game is Sat and then
we
could fly home on Sun on either the 7:00 a.m. that arrives at 8:30 (this is
the
flight I usually take even though it means getting up early on Sun) or the
12:25
that arrives at 1:50.  I usually fly in and out of Jacksonville.  I've
checked a
number of flights today and you could fly in any time on Thurs or Fri and out
on
Sun for $196.  Not too bad.  I'll pick up the rental car costs and we can stay
at my brother's (college apt, but it will work for a night or two).  Let me
know
what you want to do.  I'll probably book my flight today or tomorrow to get
this
cheap rate.

Gerald.Nemec@enron.com on 09/20/2000 12:01:23 PM

To:   Kelly OBrien/NorthAmerica/EnergyServices@DukePower
cc:
Subject:  Re: Football!

Hi Kelly,    Sorry I haven't gotten back to you sooner, but have been
swamped.  I am thinking the South Carolina game works.  However, what does
a flight to Florida cost?  I need to factor that in as well, as I am
planning on going to Spain in November and probably need to watch my $$$.

I have been to several OU games in Dallas, and it is actually more fun than
the A&M game because they split the stadium 50/50 Texas OU.  It is pretty
intense.  I am trying to get tickets to the game this year and will
probably go.

                    "Kelly OBrien"
                    <kjobrien@duke-e        To:     gerald.nemec@enron.com
                    nergy.com>              cc:
                                            Subject:     Football!
                    09/18/2000 10:53
                    PM

Okay, here's the rest of the Gators' home schedule and the Longhorns'
schedule
for comparison.

          Gators              Longhorns
Oct 7          LSU            Oklahoma in Dallas
Oct 14         Auburn              at Colorado
Nov 11         South Carolina      at Kansas

Do you go to the game Oklahoma game in Dallas?  I went one year and it was
a lot
of fun.

So, if you have any desire to do this swap, let me know.


Mike Roberts                                                  EB3240A
 Jose Marquez                                                  EB3240B
  Kevin Moore                                                     EB3240C
  Vince Kaminski                                               EB3240D
 Patricia Tlapek                                                 EB3240E
 William Smith                                                     EB3240F
 Elena Chilkina                                                   EB3240G
 OPEN
EB3239F
 Charlie Weldon                                                EB3239E
    OPEN
EB3274A
   OPEN                                                                EB3273A

These are the only seats we have on the 32nd floor.
The two open spaces are being used by another group temporally.

If you need additional information please feel free to call x34710.

                                                            Thanks
                                                          Kevin Moore


Jeff

Can you set up a meetin with you and your desk heads and me for 1 hour this
week to talk about EOL and product offerings.


---------------------- Forwarded by Susan M Scott/HOU/ECT on 11/29/2000 10:13
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Mason Hamlin                           11/29/2000 04:18 PM

To: Nick Hiemstra/HOU/ECT@ECT, Joseph Piotrowski/NA/Enron@Enron, John
House/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT, Susan M Scott/HOU/ECT@ECT, John
Swinney/HOU/ECT@ECT, Scott Earnest/HOU/ECT@ECT, Michelle Bruce/HOU/ECT@ECT,
Zachary McCarroll/Enron Communications@Enron Communications
cc:
Subject: Priceless!

 - Priceless.jpg


Sure:

I think that would be a great opportunity to get more insights on modeling
forward curves.
I would like to participate on both courses if possible.

Many thanks for remembering my name.
Paulo Issler.

Vince J Kaminski
11/13/2000 08:15 AM
To: Paulo Issler/HOU/ECT@ECT, Alex Huang/Corp/Enron@ENRON
cc:
Subject: Lacima Energy and Weather Derivatives Courses by Clewlow and
Strickland

Paulo, Alex,

Any interest?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/13/2000
08:22 AM ---------------------------

"Julie" <julie@lacima.co.uk> on 11/12/2000 02:05:40 PM
To: <Undisclosed-Recipient:@mailman.enron.com;>
cc:
Subject: Lacima Energy and Weather Derivatives Courses by Clewlow and
Strickland

Please find attached information?for our next two courses and  workshops:?
Energy Derivatives:? Pricing and Risk Management and
Weather Derivatives, which will be conducted in Houston and in London in  Feb
/ March 2001.? Instructors will be Dr Les Clewlow and Dr Chris  Strickland.
?
Because the course requires intense interaction, the courses will  be?limited
to a maximum of 15 people, so early registration is  encouraged.
?
If you require further information, or would like to register for either or
both?courses, please contact me via this email or our web site,?www.
lacimagroup.com
 - Energy.pdf
 - weather.pdf


Errol & Joey,

The post id for Friday's date (1304275) was manually pulled in.  I manually pulled in the post id for Monday (1306371) therefore, positions are in and var is being re-run.  To avoid manually pulling in the post ids in the future for this book,  the WHERE clause in the gas daily tab needs to be filled in with either "1=1" or "Region Code = DESK".  Please contact me if you have any questions.

Thanks,
Susan
x3-1462


----- Forwarded by Drew Cluff/SLC-ComOps/EnergyTrading/PEC on 03/20/2001
12:41 PM -----

                    "Baird,
                    Steven L. -          To:     "'john.hogan@mirant.com'"
<john.hogan@mirant.com>,
                    TP6SLB"              "'dacluff@duke-energy.com'"
<dacluff@duke-energy.com>
                    <SBaird@socal        cc:
                    gas.com>             Subject:     FW: LA Times Article

                    03/20/2001
                    12:19 PM

>  -----Original Message-----
> From:   Hemmerly, James A. - TP4JAH
> Sent:   Monday, March 19, 2001 9:22 AM
> To:     Baird, Steven L. - TP6SLB
> Subject:     LA Times Article
>
> http://www.latimes.com/business/20010318/t000023590.html
>
>
>
> Jim Hemmerly
> Natural Gas Trader
> Southern California Gas Company
> Telephone Number (213) 244-3864
> jhemmerly@socalgas.com


<title>E-mail</title>
<meta http-equiv?ontent-Type" content?ext/html; charset\o-8859-1">

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Return-Path: <chonawee@umich.edu>
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From: "Chonawee Supatgiat" <chonawee@umich.edu>
To: <VKaminski@aol.com>
Subject: Fw: Please send letters of recommendation
Date: Fri, 21 Dec 2001 00:29:22 -0600
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Hi Vince,
At least there is some hope (see  below). Would you please send a reference
letter to Prof. Daskin (at your  earliest convenient) ?
Please send an electronic version to him at m-daskin@northwestern.edu   and
please follow up with a signed original letter to him at
Prof.  Mark S. Daskin
Chairman, Faculty Recruiting Committee
Department of  Industrial Engineering and Management Sciences
Northwestern  University
Evanston, IL 60208-3119
Thank you very much, Vince. I will  also need to ask you for more letters too. Will
let you know in my next  mail.
Best Regards,
-Chonawee

----- Original Message -----
From: "Mark S. Daskin" <m-daskin@northwestern.edu >
To: <chonawee@umich.edu >
Sent: Thursday, December 20, 2001 3:34  PM
Subject: Please send letters of  recommendation
> Dear Dr. Supatgiat,
>
> We are quite interested in your  application for a faculty position at
> Northwestern University.   Could you please ask your references to send us
> letters of  recommendation as soon as possible?  They can send the letters
> to  me as either a PDF file or a Word document as long as they follow that
>  up with a signed original letter.
>
> Many thanks and best wishes  for the holiday season and the new year.
>
> Sincerely,
>
> Mark S. Daskin
>
>
> Mark S. Daskin
>  Northwestern University, Evanston, IL.  USA
> m-daskin@northwestern.edu


With ECS (Enron Center South) rapidly approaching completion, Enron is forced
to change the numbering scheme on the existing Stentofon system.  To increase
our capacity to support this expansion, we must increase the number of valid
Stentofon address numbers.  Enron currently uses 100, 200, 300, 400, 500, 600
and 900 series numbers for the addresses.  In order to add more addresses to
the system, Enron will be converting the dial plan from a three digit dialing
system to a four digit dialing scheme on the Stentofon system.  This
conversion is scheduled to occur on the weekend of May 18th.

In efforts to minimize confusion, we will convert all Stentofon addresses in
EB1 to a 4000 series number.    (i.e.  If your Stento number was 364, then
your new number will be 4364.)  We will also change all speed dials to
reflect the new dialing scheme.  Please instruct the users within your group
of this change.

Thank you for your understanding and cooperation.

Regards,
Darren Adamik
Mgr.-Trading Technology
Enron Net Works, LLC
713.853.4764 Office
713-853-9828 Fax
mailto:darren.p.adamik@enron.com


Dear Mike,

Thanks for your insight.  In the past few months we have established a
detailed approach to doorstep which includes interfacing with BRM.  Through
my calls the past week, I've been trying to update you so we can determine
how best to coordinate the Enron Europe work, as well as get an understanding
of what resources you can supply for this global initiative.

My next step is to contact some of the people on the list you gave me to
determine their skill set and what locations/commodities they'd be best to
work on.

I'll send you an updated schedule once I've finalized this.

Thanks

Shona

Mike Jordan@ECT
10/11/2000 09:37 AM
To: Shawn Kilchrist/NA/Enron@Enron, Shona Wilson/NA/Enron@Enron
cc: Fernley Dyson/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT

Subject: Transparently controlling the wholesale trading businesses - an
internal approach to internal audit

Shawn / Shona

We have talked round this issue for some time so I thought I would try to
take a brief stab at documenting what my preferred approach is (we will need
to do a great deal of talking before we would circulate widely):-

Aims
Accountability for internal controls must rest with the commercial support
teams and absolutely with the leaders of those teams.
A culture of control and operational risk assessment requires extensive
on-going communication and a structure of measurement and tracking.
Any independent process of review such as Doorstep and BRM should fully
leverage the work engaged by staff in the line and indeed should be focused
by it
All elements of implementing, completing and reviewing internal control
should generate defined output
We focus independently the review efforts for trading controls and
origination controls (we have defined the control structure for trading
offices, agency offices and origination offices and we must police our
labelling for each office)
The output from Enron's perspective is appropriate risk issue lists to be
discussed at control/governance meetings (eg at Sally/Ted/Fernley's level and
at the audit committee level) - the important issue here is that every list
must be extracted from an agreed database of issues - different lists have
different amounts of filtering applied - judgementally by senior/experienced
staff
The output from AA's perspective is their internal controls audit opinion
based upon our database and our review and management process of it

Trading Process - monthly
Routine judgemental self assessment on areas within the trading transaction
cycle - rating made by business controller is red, amber, green - with trend
indicator of static, improving or declining - see attachment 2 for full
listing
Monthly metrics collected for key standards set for risk management - see
attachment 1 (you will notice that this is a summarised version of attachment
2 - and as a senior controller I would expect the metrics to underpin but not
solely drive the judgement within the self assessment) - Shona, this is the
work that Mike Moscoso is leading
Periodic review meeting between controller and commercial lead to discuss
operational risk and areas of concern (red and amber) with agreement of
action plans for such areas
Monthly review by controller/senior controller of database where all high
(red) and medium (amber) risk issues are recorded.  Milestones for action
plans revisited, reconfirmed or amended
Monthly meeting between remote office staff and controllers to identify if
the risk rating for any remote offices has changed
All new information on issues raised by self assessment, doorstep review or
BRM completion populated into database
Database utilised globally to report to various levels of governance and
decision on whether original BRM and doorstep plans require amendment

Process - Yearly Planning
Checkpoint taken of
current operational environment (say end Oct)
proposed new offices for coming year or proposed changes to activity in
office, and
IT development plans for next year
Prioritisation made for doorstep - which offices require a visit and what
depth does report need to go to.  Note the doorstep review would be an end to
end review for entire business unit and therefore is the independent review
of the existing self assessment and would leverage the work by focusing the
review effort on areas of concern, the actions plans in place and concluding
on the 'mitigation of operational risk to an acceptable level'
Prioritisation made for BRM - which functions, NOT BUSINESS UNITS, require
external independent review - highly leveraging the above self assessment and
doorstep processes (could AA signoff simply by auditing our own internal
governance process?) - most likely reviews completed on functions that
assessed as concerns across multiple business - such as FX exposure
management, cash management, credit exposure management, IT change management
controls/process

Where are we NOW - if we all thought to do this immediately

We do not have bottom up operational risk assessment for all businesses - I
am suggesting that we demand that all business controllers at the Houston
offsite do this? 23rd Oct
The above would validate a high level operational risk summary that we as
senior controllers could put together for the audit committee - last week Oct
We agree on a robust tracking process - throw out one of the BRM and Doorstep
databases - November
Given AA have never historically risk rated their issues we should repopulate
the database from scratch - November
Review Doorstep plan to check that our risk rating for business units and
remote offices means that we have resource focused correctly - do we need to
visit all? - November
Review all of the above and blend into risk based approach for BRM planning -
end November to end December !!

Wow - lets chat about this

Mike

Attachment 1

Attachment 2 - the areas where a judgement should be proactively made by each
business unit controller -

Business oversight
System development project and change management
People management - coaching and skills/headcount gaps
Model Review
Stress testing and business risk identification
Operational capacity assessment signoff
Error management

Control Cycle
Risk Management Control
Recognition of risk origination
Monitoring of trading activities - limit checking, trader mandates
Specific transaction analysis - DASH, CACS etc
Transaction capture - deal form analysis and risk management system input
Logistics support - delivery position analysis, incoming and outgoing invoice
maintenance, post deal execution contract management
Portfolio edits - required amendments to previously transacted risk/contracts
Market risk/position signoff - both transaction specific and portfolio
management
DPR production and signoff
Limit excession reporting
Market risk feeds to GRMS - review VAR applicability (backtesting?)
Credit risk review - liaison with RAC over provisioning for credit charges
Price input checking and verification
Reserving and income recognition issues
Weekly Executive Summary
Monthly Revenue Summary

Documentation
Documentation generation
Re-review of contract loading in risk management system
Affirmation chasing
Broker information reconciliation

Trade Accounting
General Ledger account ownership
Balance sheet to CPR reconciliation
Accounts receivable maintenance/monitoring
Accounts payable maintenance/monitoring
Monthly management accounts by profit centre/business segment
Inter company/inter entity reconciliation differences
Legal entity balance sheet analysis for Fin Ops

Settlements
Outgoing invoice generation
Incoming invoice reconciliation
Exchange statements reconciliation
OTC brokerage charges reconciliation and processing
Nostro reconciliations
Cash management liaison


Take advantage of the following courses remaining for 2001.

Electric Business Understanding - November 27
The Electric Business Understanding Seminar will give a basic overview of the electric business for those with limited knowledge of this industry. This seminar is recommended for entry level to mid-level employees in either the gas or electric business or in businesses providing services to these industries.

Understanding Swaps - November 8 & 9 and December 13 & 14
This course is appropriate for all employees wishing to obtain a practical understanding of the basic natural gas and power derivative structures that are traded and marketed today. An emphasis is placed on understanding how financial tools are added to physical structures to meet the risk management needs of clients.

Understanding Options - November 27 & 28 and December 18 & 19
This course builds on our Derivatives 1 program and is appropriate for all employees looking to extend their knowledge of basic derivatives. Swaps and options are revisited, but from a more sophisticated perspective. Option pricing concepts are approached pragmatically, both from the trading and structuring/marketing perspectives. The program does not involve complex mathematics.

Structuring Natural Gas Transactions - November 19 & 20
This course builds on the DI - Applied Energy Derivatives program, focusing on deal structuring opportunities particular to the Natural Gas markets.  Participants will develop insights into the economic inter-relationships between the physical operations (pipelines, storage, generation, etc.) and their synthetic financial counterparts (basis, time spread and multi-fuel derivatives).  Emphasis is directed at identifying marketing opportunities that follow from these concepts.  This is not an introduction to natural gas markets.

For enrollment, or more information on these courses, please log on to http://elm.enron.com.


John, thank you so much for your help and your leads.
It is strange not having to go into Enron any more. I
have an interview with Salomon Smith Barney on Wed, so
just doing some research and sharpening my interview
techniques. I will keep you posted on my situation as
things change. Thanks again
I am going to send debby and john my resume now
jr

--- "Griffith, John" <John.Griffith@ENRON.com> wrote:
> Justin,
>
> I want you to email your resume to Debby Young at
> Caminus.  Caminus is a
> large software company that bought out Nucleus
> (where I used to work).
> Debby and I are good friends and I told her that you
> would be getting in
> touch with her.  Her email address is
> debby.young@caminus.com.  Let me
> know if you have any questions.  Thanks. Have a
> great day.  Hope all is
> well.
>
> John
>
>
>
**********************************************************************
> This e-mail is the property of Enron Corp. and/or
> its relevant affiliate and may contain confidential
> and privileged material for the sole use of the
> intended recipient (s). Any review, use,
> distribution or disclosure by others is strictly
> prohibited. If you are not the intended recipient
> (or authorized to receive for the recipient), please
> contact the sender or reply to Enron Corp. at
> enron.messaging.administration@enron.com and delete
> all copies of the message. This e-mail (and any
> attachments hereto) are not intended to be an offer
> (or an acceptance) and do not create or evidence a
> binding and enforceable contract between Enron Corp.
> (or any of its affiliates) and the intended
> recipient or any other party, and may not be relied
> on by anyone as the basis of a contract by estoppel
> or otherwise. Thank you.
>
**********************************************************************

__________________________________________________
Do You Yahoo!?
Check out Yahoo! Shopping and Yahoo! Auctions for all of
your unique holiday gifts! Buy at http://shopping.yahoo.com
or bid at http://auctions.yahoo.com


Dear All

If you wish to find out more about the mission in
Kosovo, you can find news and photos at
"www.kforonline.com".

Take care, Mark

____________________________________________________________
Do You Yahoo!?
Get your free @yahoo.co.uk address at http://mail.yahoo.co.uk
or your free @yahoo.ie address at http://mail.yahoo.ie


-----Original Message-----
From: 	Dronet, David
Sent:	Thursday, October 25, 2001 10:45 AM
To:	Plachy, Denver; Pimenov, Vladi; Agarwalla, Dipak; Bajwa, Bilal; Bayer, Adam; Berutti, Aaron; Burk, Bart; Cardenas, Catalina; Chang, Sheila; Falik, Brian; Gaskill, Chris; Huble, Amanda; Kurdov, Milen; Lieskovsky, Jozef; Lo, Jeremy; O'Malley, Justin; Pathak, Neeran; Schlesinger, Lauren
Cc:	Sulistio, Franky; Hyde, Chris
Subject:	urls for tickers

Due to performance issues with our plasma screens we have restricted access to the EOL feeds to the plasma machines themselves.
You can however still access the NYMEX strip on the right utilizing the following links.  If you know anyone else who has need
for this information, please forward this email on to them.

Prod Nymex Financial
http://hotcs.enron.com/fundyplasma/site/Financial.jsp
Prod Nymex Financial with EOG
http://hotcs.enron.com/fundyplasma/site/FinancialEOG.jsp
Prod Nymex Current
http://hotcs.enron.com/fundyplasma/site/Current.jsp

Thanks,

Dave


Stinson,

Can you please take a quick look and fwd it to Sam
Smith (wsmith2@enron.com)

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/07/2001
09:59 AM ---------------------------

VKaminski@aol.com on 05/06/2001 07:59:33 PM
To: vkamins@enron.com
cc:
Subject: Newsletter

A reminder: this column serves two objectives. The firstis introduction of
new members of the Research Group, and of the associates andsummer interns
rotating through the group. The second objective is to reviewinteresting
publications related to energy markets, quantitative finance andother topics
of interest to the Enron audience. I have run out of the newmembers to
introduce and it,s time to some real work.

Today,s column is devoted to the issue of technicalanalysis. Financial
economists tend to dismiss technical analysis (chartism) asvoodoo science.
Over the last few years, however, a significant amount ofevidence that
technical analysis works at least in some markets. A paperpublished recently
by Carol Osler of Federal Reserve Bank of New York (CurrencyOrders and
Exchange-Rate Dynamics: Explaining the Success of Technical Analysis)reviews
two cases in which technical analysis proved quite successful inoffering
useful predictions in the foreign currency markets. The firstprediction is
that trends tend to be reversed at identifiable support orresistance levels.
The second is that if a support or resistance level isbreached, trends tend
to accelerate.

The explanation of this success can be found, according toCarol Osler, in
the
microstructure of the F/X market: take-profit and stop-lossorders tend to
cluster around certain typical levels (like exchange rate endingin a
specific
market at 00 or 50 level). For example, the author found thatthat roughly
2.8% of all stop-loss buy orders are triggered when the rate hitsa round
number, while 10.5% of take profit sales orders are triggered. Thisasymmetry
explains the success of the first prediction of technical analysis. Asecond
asymmetry is related to clustering of orders just above and just belowround
numbers ending in 50 and 00. Stop-loss buy orders are infrequent at
ratesjust
below these levels, and cluster above these levels. Stop-loss sell
orders,however, cluster just below 00 and 50 levels a relatively scarce at
rates justabove these levels.

The question remains, why conditional orders tend tocluster at certain
levels. One possibility is cognitive advantage tradersderive from managing
large volume of information using simplified rules.Another possibility is
that they follow recommendations of technical analysisin managing their
books. In this case, technical analysis becomes aself-fulfilling prophecy.

Please, contact us for thecopy of the paper if this caught your attention.
 - wjk0506.doc


PLEASE NOTE:

The ClickAtHome ordering will be taking place in MT. RAINIER from 1pm to 5pm.
Please let me know if you have any questions.

- Grace
x8321
---------------------- Forwarded by Grace Rodriguez/PDX/ECT on 02/25/2001
04:24 PM ---------------------------

GRACE RODRIGUEZ
02/23/2001 03:16 PM
To: Portland West Desk
cc:  (bcc: Grace Rodriguez/PDX/ECT)
Subject: ClickAtHome Portland Road Show

Please note the following changes:
We would like to know the approximate number of attendees for the morning
sessions, so please be sure to let me know which of the two sessions you are
interested in attending.
The afternoon session will begin at 1:00pm, rather than 12:00pm
In order to keep the "flow" of traffic moving through Mt. Hood, please plan
on stopping by at the top of the hour (1pm, 2pm, 3pm, 4pm, 5pm).

If you have any questions, please let me know.

Regards,
Grace
x8321


The attached press release was sent over PRNewswire at 6:00 a.m. today.

(See attached file: 3Q00 Sales and Earnings Release.doc)

 - 3Q00 Sales and Earnings Release.doc


Return-Path: <Stinson.Gibner@enron.com>
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Vince,

A quick update on job candidates:

1)  Nelson Neale:   relayed your request to Norman, and told Nelson that an
offer is in progress.  Did not mention specific numbers to him.

2) Charles Shen:  left a message for him that we would get back to him next
week with details of an offer.

3)  Interviewed by phone Tom Barkley at Thunderbird (brought to our
attention by Enron recruiters there).   He looks very interesting so I am
trying to schedule a visit to Enron for him.   He will finish T-bird in
December (MBA) and has a bachelors with honours in Mathematics.

Have a great weekend.

Stinson


We have created the new southern border index products for Socal and PG&E
topock.  Please create your new basis and gas daily products for these
indices as soon as possible.   Mattt will need to create the gd index
products as well.  Let the brokers know about the new indices  I have the
back office setting up new curves to book these deals.  You will have two
curves for Socal now.  The curves will show your risk on the old index, as
well as the new index.  The new Socal index is the same as the old except
that excludes KRS.

I will be taking these phys products out on EOL as soon as possible.

Thanks,
Mike


[IMAGE]
 Anna Kournikova Exclusive Fantasy Offer!


If you are reading this message in plaintext or if you have an AOL address you must click on this link: http://listserv.otcjournal.com/otcjournal/20010530-1.html  and wait for a web page to automatically open up to properly read this newsletter.
[IMAGE]		[IMAGE]

[IMAGE]

  [IMAGE] May 30, 2001 [IMAGE]   [IMAGE] Volume IV, Issue 48 [IMAGE]     Email : info@otcjournal.com   URL : http://www.otcjournal.com    To OTC Journal Members:   Quick Note- This is our first Trading Alert since March 12th. Before deciding if you want to participate, please read the OTC Journal on Trading Alerts  found on the left hand menu bar of our home page. For a Track Record of former Trading Alerts, Click Here .      [IMAGE] Trading Alert: Petapeer Holdings, Inc (OTC BB: PETP)   We were first asked to look at this company over two months ago and were fascinated by the potential. You might not be familiar with the company, but unless you live in a vacuum you should be familiar with the issues surrounding their technology.   Petapeer Holdings, Inc owns the commercial rights to market the Gnottella Network technology, which many see as the replacement for the highly publicized demise of the on-line Napster Music Community.   You can visit http://gnotella.com  to learn more about P2P (Peer to Peer) file sharing for which Gnotella provides technology.   The Gnotella network provides technology which allows simultaneous users to look directly into other user's computers, and transfer files directly. Files are not limited to MP3 flies, as is the case with Napster. You can exchange anything from the most complex software to a recipe for fried chicken.   More importantly, management at Petapeer Holdings claims their technology does not infringe on copyright laws. Whereas Napster provides the ability to share files directly through Napster's server, Gnotella does not. Gnotella simply provides software which allows computers to interface over the internet, and has no control over the exchange of files. Therefore, any violations would be the responsibility of the user, not the software provider.   Today, after the market closed, Petapeer Holdings issued a very significant press release which has the potential to push this virtually unknown stock much higher.   Petapeer Holdings announced it has filed a Provisional Patent Application for a "new proprietary technology that will implement systems and methods for bolstering the Gnutella Network while generating revenue for Petapeer".   We believe this stock has the potential to become high profile when one considers all the press which surrounded the Napster demise. Furthermore, the company has come up with a revolutionary way to make money off the technology, and will be filing a patent on it.   The stock surged nicely two weeks ago, and has since retraced 50% of its previous gain, providing a low risk entry point.     [IMAGE] Trading Alert Details [IMAGE]  [IMAGE]  Petapeer Holdings, Inc (OTC BB: PETP) traded as high as $1.70 on May 14th. Today the stock closed at $1.15.   Here are our thoughts on this Trading Alert on Petapeer Holdings, Inc (OTC BB: PETP):   As depicted in the chart, the nearest line of support is $1.06. The stock has retraced about 50% of its gain the run made from late April to mid May. Today's news after the close should create a great deal of interest and volume. Here is our recommendation:   *Buy up to $1.30 which gives you room to make money if the stock trades in our favor. *Set your Stop Loss at $1.06 ( Next Support Level as depicted in the chart) or what ever your risk tolerance is. *If the stock can get through $1.75 in the next couple of days it should go higher it could find its way to nearly $2.  We view this stock as highly risky, and this is not a long term recommendation. Don't be afraid to take profits quickly if the market provides a gain, and don't be afraid to sell quickly if the stock trades against you.   This newsletter is our opinion only, and not a solicitation to buy this stock. Make up your own mind. If you are looking for a short term trade limit your loss if the stock goes against you. As always, we remind you to review the section on our home page on Trading Alerts,  paying particular attention to the section on trading rules. The track record on our previous alerts can be obtained by clicking here.    Here is the complete text of the news release for your review:     Petapeer Holdings Inc. Files Provisional Patent Application With US Patent and Trademark Office for Revenue Model With US Patent and Trademark Office for Revenue Model      NEW YORK, May 30 /PRNewswire/ -- Petapeer Holdings, Inc. (OTC Bulletin Board: PETP), announced today it has recently developed a new  proprietary technology that will implement systems and methods for bolstering the Gnutella Network while generating revenue for Petapeer.  Petapeer has filed a provisional patent application covering the technology with the United States Patent and Trademark Office.        The new technology covered by the application shall be used by Petapeer as a central part of its revenue model, and is intended to work with Petapeer's "Gnotella" peer-to-peer file sharing software described below.  As the regular patent application has not yet been filed and the technology and process not yet disclosed, no further details can be revealed at the moment, except that, like Gnotella, the new technology does not rely on advertiser-support or "stealth" advertising components, known as "spyware" or "adware".  In accordance with United States patent practice, the invention now has an effective filing date that can be used in a later regular US patent application, provided that it is filed before the United States Patent and Trademark Office within 12 months of the provisional application.  This regular US patent application is currently being drafted and is scheduled to be filed shortly.  Corresponding foreign patent applications may be filed under conventional priority within the same 12-month period, which the Company is considering.       Petapeer Holdings Inc.'s "Gnotella" peer-to-peer file sharing software does not employ or support background or "stealth" advertising components, known as "spyware" or "adware".  Spyware is sometimes employed to generate revenue for providers of free software by installing itself into users'  computers and collecting personal information about those users, and then transmitting it to the providers of the spyware, sometimes without users' knowledge or consent.   Recent reports have revealed that "spyware" and "adware" are contained in some software used to access the Gnutella Network. Petapeer's "Gnotella" software does not contain, nor has it ever contained or employed "spyware" or "adware".       "We are pleased to be the very first to develop this technology, which will be available to our users if -- and only if -- they want to use it," said Stephane Chouinard, interim CEO of Petapeer Holdings Inc.  "The technology should provide us with an innovative revenue model that promotes and strengthens the Gnutella Network without the need for 'spyware' or 'adware', and thus propels legitimate P2P file sharing to the next level.  While it will be up to each user to choose whether or not to use it, we hope it will be a hit."       Petapeer Holdings Inc. identifies and commercializes market-ready peer-to-peer (P2P) technologies.  Its first licensed technology, Gnotella, is  an application of the open Gnutella Network that allows users to quickly and accurately search and share files anytime, anywhere with anyone in the network.  Created for Windows, users can download any type of file, including text, audio, video, spreadsheets, word processing, software and more, through the Gnutella Network.       Petapeer Holdings Inc. urges its users to obey copyright laws and rights of third parties, but does not and cannot monitor user activity.  Neither does it collect or sell user information.        Gnotella is available for free download at http://gnotella.com .       This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Actual results could differ materially from those projected in the forward-looking statements if assumptions upon which the forward-looking statements are based do not turn out to be true.  Assumptions upon which the forward-looking statements are based include, without limitation, the following:       -- That the U.S. Patent on the technology will be granted;      -- That the technology will not infringe previously patented technology;      -- That the revenue models will function as anticipated;      -- That the revenue models will be accepted by users of Petapeer's         Gnotella software; and      -- That the revenue models will not interfere with the current popularity         and use of Petapeer's Gnotella software.     SOURCE  Petapeer Holdings Inc.      -0-                             05/30/2001      /CONTACT:  Henry Eshelman, heshelman@bwr-la.com, or Brian Davis,  bdavis@bwr-la.com, both of B|W|R Public Relations, 310-550-7776, for Petapeer  Holdings Inc./       The OTC Journal is a proud partner of the SwingWire.com Online Investment Community . A next generation Online Analyst Exchange providing Members the ability to search, review, track and monitor some of the Internet's best Online CAs (CyberAnalysts). Members have the opportunity to potentially achieve higher returns by viewing top performing portfolios and receiving real-time alerts from favorite CAs.    SwingWire.com  also has a lucrative incentive model for experienced investors and traders who consistently outperform the market. Share market ideas with other like-minded investors, establish a proven track record, provide insightful commentary, attract followers and ultimately become one of the Internet's highest paid and most sought after CyberAnalysts!    Click here to receive your FREE 30-Day Trial Membership with no further obligation. Sign Up Today!        Disclaimer   The OTCjournal.com Newsletter is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from certain of the companies which it features.  Likewise, this newsletter is owned by MarketByte, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication.   Click Here  to view our compensation on every company we have ever covered, or visit the following web address:  http://www.otcjournal.com/disclaimer.html  for our full profiles and http://www.otcjournal.com/trading-alerts/disclaimer.html  for Trading Alerts. MarketByte LLC, the owner and publisher of the OTC Journal has been paid a fee of $50,000 by IC Investments on behalf of the company for the dissemination of this report.    All statements and expressions are the sole  opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities  mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.   The editor, members of the editor's family, and/or entities with  which they are affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication.   The profiles, critiques, and other editorial content of the OTCjournal.com may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein.   THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN  SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN  CONSENT OF THE EDITORS OF OTCjournal.com.   We encourage our readers to invest carefully and read the investor information available at the web sites of  the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com . We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at  http://www.sec.gov/consumer/cyberfr.htm . Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.     Unsubscribe Here     You can unsubscribe from this list at any time by Clicking Here  and HITTING SEND. If you are having difficulty removing yourself or wish to change your address please go to http://listserv.otcjournal.com/opt.cgi?email=alewis@ect.enron.com .

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  ---
You are currently subscribed to otcjournal as: alewis@ect.enron.com
To unsubscribe send a blank email to leave-otcjournal-1163964L@lyris.otcjournal.com


Please follow up if appropriate.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/24/2000
07:26 PM ---------------------------

Eric Gadd
07/21/2000 04:32 PM
To: David W Delainey/HOU/ECT@ECT
cc: TJ.pimpinelli@mglondon.com
Subject: Metals - Energy Prospect

Dave- please see TJ's attached note and advise who he should contact inside
Enron for assistance on the energy and asset development side.
---------------------- Forwarded by Eric Gadd/LON/ECT on 21/07/2000 22:30
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  TJ.Pimpinelli@mglondon.com                           21/07/2000 19:48

To: egadd@enron.com, Tom_McKeever@mgusa.com, Michael_J_Hutchinson@mgusa.com,
Tim_R_Jones@mgusa.com, Philip.Bacon@mgusa.com, Marcelo.Parra@mgusa.com
cc:

Subject: Metals - Energy Prospect

(See attached file: Bonnell-memo.doc)

TJ Pimpinelli
MG London Inc.
520 Madison Avenue
28th Floor
New York, NY 10022
Tel: 212.715.5867
Fax: 212.715.2360
E-mail: tj.pimpinelli@mglondon.com

 - Bonnell-memo.doc


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/02/2001
04:56 PM ---------------------------

Sajjad Rizvi <Sajjad.Rizvi@paconsulting.com> on 02/01/2001 11:48:20 AM
To: "'vkamins@enron.com'" <vkamins@enron.com>
cc:
Subject: Volatility Presentation/Discussion

Vince, it was an excellent presentation to get some discussion going among
the practitioners on how to map the volatility process.
I think we will never be able to build a single black box to value
volatility, otherwise markets will cease to exist and we in risk will be out
of business.
However, it will be possible to build a framework to structure volatility
modeling process. Like the general equilibrium modeling approach you
proposed.
Atleast we can agree on the key drivers of supply and demand and the
significant variables of a fundamental model.

I hope we get to have a continuing discussion on this topic.

I would also request if you could please send me a copy of you power point
presentation.

Thanks

Sajjad H. Rizvi
Consultant
PA
Three RiverWay, Suite 300
Houston, TX 77056
+1 (713) 403-5250 office
+1 (713) 403-5257 direct
+1 (713) 851-9402 mobile
+1 (713) 961-4153 fax

Sajjad.Rizvi@paconsulting.com
http://www.paconsulting.com

This electronic message transmission, including any attachments, is intended
only for the use of the individual or entity to which it is addressed and
may contain information that is privileged, confidential and exempt from
disclosure under applicable law. If you are not the intended recipient or
the employee or agent responsible for delivering this transmission to the
intended recipient, you are hereby notified that any review, copying,
dissemination, distribution or the taking of any action in reliance on the
contents of this transmission is strictly prohibited. If you have received
this transmission in error please notify me immediately.

 <<Sajjad Rizvi.vcf>>

 - Sajjad Rizvi.vcf


In light of the difficulties you are experiencing with LiveLink, please try the following URLs.  Please contact Rob Wells if your entry difficulties persist.  Rob's phone number is .30965.

Thanks,
Ed

 -----Original Message-----
From: 	Wells, Rob
Sent:	Friday, January 25, 2002 01:49 PM
To:	Hearn III, Ed B.
Subject:	Livelink URL's & passwords

Here are the URL's for all three LiveLink instances

The URL to get into Livelink from your Internet Explorer browser id is:
	ELU 	 http://www.generalquarters.com/livelink/livelink.exe
	Corp	 http://nahou-kmcprm01p/livelink/livelink.exe
	ENA 	 http://edms.livelink.enron.com/ena/livelink.exe

The logon ID is the same as the Enron network ID. The password is currently the same as the ID.
Please change your password on all but ENA. ENA is linked to your Network ID .
To change a LiveLink password goto the 'Change Password' option from within the 'GOTO' pulldown from menu on the LIvelink 'Enterprise' screen.

The attachment below explains how to change your password, logon, search, maneuver and many other basics:


You now have edit access to the financial trading agreements database.
----- Forwarded by Tana Jones/HOU/ECT on 05/10/2001 04:53 PM -----

	ARSystem <ARSystem@mailman.enron.com>
	05/10/2001 04:46 PM

		 To: "tana.jones@enron.com" <tana.jones@enron.com>
		 cc:
		 Subject: Request Closed: Access Request for randy.otto@enron.com

The request has been completed with all resources requested either completed
or rejected. You can view the details of the  request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000034072&Page=
MyReq.


I saw this in Houston, and this might be a promising piece of software for seeing what we have done.

c

---------------------- Forwarded by Cara Semperger/PDX/ECT on 04/06/2001 05:57 AM ---------------------------
From:	Duong Luu/ENRON@enronXgate on 04/06/2001 07:50 AM CDT
To:	Cara Semperger/PDX/ECT@ECT, David Poston/PDX/ECT@ECT
cc:	Steve Nat/ENRON@enronXgate
Subject:	FW: New App in Enpower - Schedule Extraction

Cara & Poston,

Please see if anyone else in Portland can benifit from this program.

dluu

 -----Original Message-----
From: 	Grace, Rebecca
Sent:	Thursday, April 05, 2001 3:32 PM
To:	Allen, Thresa; White, Stacey; Bentley, Corry; Misra, Narsimha; Coulter, Kayne
Cc:	Luu, Duong; Govers, Guido; Jacobson, Michael; Thompson, Virginia
Subject:	New App in Enpower - Schedule Extraction

Please forward this message to all members of your group and to anyone else who might benefit from this program.

Enpower IT has done an outstanding job in creating this application.  It is invaluable to me in verifying that all my deals are in Enpower correctly
and the delivery point is balanced.  It should be very helpful to be sure that a desk, delivery point and/or region is balanced.  Please take a look
and come by my desk for a demo if you would like.

PS - Thanks you Casey, JP, Gerald and Jason for helping me to test this application.

Rebecca

To Open:

To Run:

1)  Enter the criteria into the filter at the top, paying close attention to whether you want Physical or Financial deals, and whether
you want to "Include Desk-to-desk" deals.  The more filter criteria you add the fast the extract will run.

2) Hit Extract

To Export:

The middle section of the application displays all the records or strips that were extracted.  This may be quickly saved to a text
file to analyze in Excel, by choosing File...Save... from the menu.

To Summarize and Subtotal:

The Subtotal area at the bottom of the screen, groups and subtotals the records based on the fields that are dragged
into the gray area right below the filter (shown here in blue).  At the very bottom of the subtotal area is a GRAND TOTAL
for all records extracted.

<Embedded Picture (Metafile)>
<Embedded Picture (Metafile)>
<Embedded Picture (Metafile)>
<Embedded Picture (Metafile)>


I am having lunch on Monday with Michael Isikoff, a newsweek investigative
reporter.  He is doing yet another Ken Lay/Enron political influence story.
One of the things he wants to talk about though -- and I think this is a good
sign -- is Enron's climate change policy and how it compares to the
administration's.  What I need from you, as soon as possible, is a timeline
(what the Administration said when -- doesn't have to be down to the day);
the Administrations position; and our position (and how they differ).  Borrow
heavily from existing materials.


If you're on the internet right now, I'm trying to call...our meeting was postponed.


---------------------- Forwarded by Cynthia Sandherr/Corp/Enron on 04/27/2000
07:30 PM ---------------------------

"Bonner, Thomas D" <TDBonner@midamerican.com> on 04/27/2000 12:36:46 PM
To: "'apkavanagh@aep.com'" <apkavanagh@aep.com>, "'aae@dellnet.com'"
<aae@dellnet.com>, "'Ron_Moeller@cargill.com'" <Ron_Moeller@cargill.com>,
"'Linda_Thrasher@cargill.com'" <Linda_Thrasher@cargill.com>,
"'Elizabeth.Moler@ucm.com'" <Elizabeth.Moler@ucm.com>, "'myacker@elcon.org'"
<myacker@elcon.org>, "'csandhe@enron.com'" <csandhe@enron.com>,
"'cstinger@gpu.com'" <cstinger@gpu.com>, "'jryan@cla.ci.la.ca.us'"
<jryan@cla.ci.la.ca.us>, "'bud_Albright@reliantenergy.com'"
<bud_Albright@reliantenergy.com>, "'chris_giblin@reliantenergy.com'"
<chris_giblin@reliantenergy.com>, "'bonnie.suchman@troutmansanders.com'"
<bonnie.suchman@troutmansanders.com>, "'CREASTMA@srpnet.com'"
<CREASTMA@srpnet.com>, "'wneal@oppd.com'" <wneal@oppd.com>,
"'adeboissiere@cinergy.com'" <adeboissiere@cinergy.com>,
"'blibro@mnpower.com'" <blibro@mnpower.com>, "'tanderson@lthenergy.com'"
<tanderson@lthenergy.com>, "'susan_l_labombard@ameren.com'"
<susan_l_labombard@ameren.com>, "'dlimbac@alleghenyenergy.com'"
<dlimbac@alleghenyenergy.com>, "'JSheffer@En-NetServices.com'"
<JSheffer@En-NetServices.com>, "'Annie.Caputo@ucm.com'"
<Annie.Caputo@ucm.com>, "'larry.bruneel@wepco.com'"
<larry.bruneel@wepco.com>, "'loomis@neesnet.com'" <loomis@neesnet.com>,
"'bburchet@wrf.com'" <bburchet@wrf.com>
cc:

Subject: FW: Meeting on Roundtable Policy Statement

I just received the following questions from NARUC re: the transmission
provisions.  My initial political response to the majority of the questions
(goodness knows you're not going to get a substantive response out of me --
that's other folks' job) is that these things are going to happen anyway as
a result of external factors (particularly RTO formation).  Our proposal
reflects an attempt to find a reasonable transition process to get from
point A to point B.

I don't expect to do a whole lot of the talking at this meeting, so our
legal types should be prepared to go.

-----Original Message-----
From: Gray, Charles [mailto:CGray@naruc.org]
Sent: Thursday, April 27, 2000 9:34 AM
To: 'Bonner, Thomas D'
Cc: Mele, Chris
Subject: Meeting on Roundtable Policy Statement

Tom -

In preparation for our meeting this afternoon, I've put together the
following questions.  Look forward to seeing you at 1:30.

Here are the questions:

Questions concerning transmission jurisdiction:

1. How would FERC's jurisdiction over all transmission services
work (retail and wholesale, bundled and unbundled)?
2. Particularly, in a mechanical sense, how would FERC's authority
to regulate the transmission component of bundled retail service work?
Would FERC set a rate that would then be reflected in retail rates and
bills?
3. Would this process directly or indirectly require that retail
services be unbundled, notwithstanding State policies to the contrary?
4. Is it the case that the principles require that all transmission
uses be treated identically?  E.G, would bundled retail and unbundled
wholesale services be provided under identical rates, terms and
conditions?  Is it the stakeholders' view that these are equivalent
services?
5. Retail customers have borne the burden of financially supporting
the cost of the transmission network through so-called residual
ratemaking.  Do the stakeholders believe that these customers have any
equitable claim on the transmission system?  Should native load
customers be compensated for any loss of priority or preferential access
to transmission services?
6. Do the stakeholders support the extension of FERC's jurisdiction
to all transmission services provided by all classes of transmission
owners, e.g. munis, coops and PMAs?  More specifically, would FERC have
jurisdiction over bundled transmission service provided to customers of
munis and coops?  If so, would such services be treated identically with
wholesale services? With IOU services?
7. Must FERC have exclusive jurisdiction over all transmission uses
or is some compromise involving shared jurisdiction over retail services
possible?  E.G., right of appeal to FERC for discriminatory State
commission decision, delegation of FERC authority to regional group of
State regulators.
8. Concerning the Roundtable Policy, how does the reservation of
transmission capacity for native load work?  Does this mean that they
will have preferential rights to capacity in constrained situations?
Does it matter whether retail services are bundled or unbundled?


Here's a first draft.  It isn't quite done, but I wanted to let you have a
look at it ASAP.

Kay


ISO Market Participants:
  Last week, we solicited questions for tomorrow's conference
call on implementation issues related to the proposed Market Stabilization
Plan.  Attached are questions we received along with answers based on our
current plans.  We will address these questions and answers - as well as
others that may have arisen since then - at tomorrow's call.
   <<010326 MS Questions.doc>>
  For your reference, the call information is as follows:
  Market Stabilization Plan Implementation Conference Call
  11:00 a.m. - 2:00 p./m. PST
  Call In Number: (877) 381-6005
  Conference ID: 98843
  Conference Leader: Byron Woertz
  The call starts at 11:00 a.m. PST
  Byron B. Woertz, Jr.
  Director, Client Relations
  (916) 608-7066

 - 010326 MS Questions.doc


All:

Attached you will find a list that reflects your seat assignments for Business Continuity Planning (BCP).  These seats are located on the 30th and 31st Floors of Enron Center North (ECN).  As previously communicated, you will report to these designated seats in the event of an outage in ECS.

The exception to this is as follows:
If your seat assignment is located on the 31st Floor, you will report to your original location that you occupied prior to your move into ECS.  This will hold true until the Monday after Thanksgiving, as we will have the 31st floor seats set up at that time.

Testing:
Once you have moved to ECS, if you would like to test your BCP location, you will be able to test your seat for functionality every Thursday from 3-6pm.  Testing is not required, but is highly recommended.

If anyone has any questions or concerns about these procedures, please feel free to contact me at any time.

Regards,

Stephen R. Harrington
Technical Project Manager, ECS Project
Enron Net Works, LLC
w:  713-853-7619
p:  877-651-7361
c:  713-444-7279
stephen.harrington@enron.com


One quick question - the LLC agreement provides for audit rights in relation
to all of enovate's business.  Do you think that this CA also covers the
provision of information for audit purposes?  If not, can we include that in
this CA or should we have a separate CA for audit?

Thanks - Gregg

	Kathleen Carnahan
	11/09/2000 03:32 PM

		 To: Gregg Penman/Corp/Enron@Enron
		 cc:
		 Subject: Peoples and enovate Confidentiality Agreements

Gregg,

Attached are the drafts of CA's for enovate for your review.  I am going to
go ahead and have Kay approve these unless you have some major changes.

Please advise.

Kathleen


---------------------- Forwarded by Shauncy Mathews/HOU/ECT on 11/13/2000
12:27 PM ---------------------------

Lori Boutte@ENRON
11/13/2000 11:03 AM
To: Kathy Bass/HOU/EES@EES, Albernita Travis/Corp/Enron@Enron, Donna
Ruff/Corp/Enron@ENRON, Elida Aguilar/Corp/Enron@Enron, Shauncy
Mathews/HOU/ECT@ECT, Janet Warri/NA/Enron@Enron, Celia
Delahoussaye/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, gofrilot@aol.com,
MOButler@MarathonOil.com, lkuykendall@chlcpa.com, eboutte@aisp.net,
cnedixon@mediaone.net
cc:
Subject: This will give you chills!

Thanks,

Lori Boutte'
IT Sourcing and Procurement
Enron Corp
(713) 345-6253
----- Forwarded by Lori Boutte/Corp/Enron on 11/13/2000 10:58 AM -----

	Kathy Bass@EES
	11/13/2000 10:24 AM

		 To: Dorothy Dade/NA/Enron@Enron, lberrym@emtergy.com, Sandra
Strickland/NA/Enron@Enron, Yvette Butler/HOU/EES@EES, Helen
Mathews/HOU/EES@EES, claudedog364@entergy.com, cjohns5@entergy.com, Lori
Boutte/Corp/Enron@Enron, Denise McDaniel/HOU/EES@EES, Nicholas
Isom/HOU/EES@EES
		 cc:
		 Subject: This will give you chills!

---------------------- Forwarded by Kathy Bass/HOU/EES on 11/13/2000 10:14 AM
---------------------------

	Enron Energy Services

	From:  Helen Mathews                           11/13/2000 10:07 AM
	Phone No: 713-345-8648

To: Chaun Roberts/NA/Enron@Enron, Maricela Chavez/HOU/EES@EES, Georgia
Schmidt/HOU/EES@EES, Susan Rouse/HOU/EES@EES, Martha J Woytek/HOU/EES@EES,
Louis Allen/EPSC/HOU/ECT@ECT, Beverly Jones/HOU/EES@EES, Jacqueline M
Jackson/HOU/EES@EES, Kathy Bass/HOU/EES@EES, Nicholas Isom/HOU/EES@EES,
Evelyn Davis/HOU/EES@EES
cc:
Subject: This will give you chills!

---------------------- Forwarded by Helen Mathews/HOU/EES on 11/13/2000 10:03
AM ---------------------------

Beverly Jones
11/13/2000 09:19 AM
To: Helen Mathews/HOU/EES@EES
cc:
Subject: This will give you chills!

---------------------- Forwarded by Beverly Jones/HOU/EES on 11/13/2000 09:19
AM ---------------------------

	Enron Energy Services

	From:  Brenda Boutte                           11/13/2000 09:16 AM
	Phone No: (713) 345-4033

To: linda.walker@enron.com, bjones3@enron.com, rodney.keys@enron.com,
gharper@mail.mdanderson.org, blethrid@mdanderson.org,
traleigh@mdanderson.org, "Allison-Hynson, Cynthia"
<Allison-HynsonC@epenergy.com>, JACKIE.P.Davis@EXXON.sprint.com, Joseph
Collins/HOU/EES@EES, Angela Ramirez@AZURIX
cc:
Subject: This will give you chills!

> This is the kind of God I serve.  WOW!

> > This will give you chills!
> >
> > A young man had been to Wednesday night Bible
> > Study.  The Pastor had shared
> > about listening to God and
> > obeying the Lord's voice.  The young man couldn't
> > help but wonder, "Does God
> > still speak to people?"
> > > > >
> > After service he went out with some friends for
> > coffee and pie and they
> > discussed the message. Several
> > different ones talked about how God had led them
> > in different ways. It was
> > about ten o'clock when the young man
> > started driving home.  Sitting  in his car, he
> > just began to pray, "God, If
> > you still speak to people, speak to me. I will
> > listen. I will do my best to obey."
> > > > >
> > As he drove down the main street of his town, he
> > had the strangest thought
> > to stop and buy a gallon of milk. He
> > shook his head and said out loud, "God is that
> > you?" He didn't get a reply
> > and started on toward home.  But again, the
> > thought, buy a gallon of milk.  The young man
> > thought about Samuel and how
> > he didn't recognize the voice of God, and how
> > little Samuel ran to Eli. "Okay, God, in case that
> > is you, I will buy the
> > milk." It didn't seem like too hard a test of
> > obedience. He could always use the milk.  He
> > stopped and purchased the
> > gallon of milk and started off toward home.
> > > > >
> > As he passed Seventh Street, he again felt the
> > urge, "Turn down that
> > street." This is crazy he thought and drove on
> > past the intersection.  Again, he felt that he
> > should turn down Seventh
> > Street.  At the next intersection, he
> > turned back and headed down Seventh. Half
> > jokingly, he said out loud,
> > "Okay, God, I will".  He drove several blocks,
> > when suddenly, he felt like he should stop.  He
> > pulled over to the curb and
> > looked around. He was in semicommercial
> > area of town. It wasn't the best but it wasn't the
> > worst of neighborhoods either.
> > > > >
> > The businesses were closed and most of the houses
> > looked dark like the
> > people were already in bed.   Again, he sensed
> > something, "Go and give the milk to the people in
> > the house across the
> > street." The young man looked at the house.
> > It was dark and it looked like the people were
> > either gone or they were
> > already asleep.  He started to open the door
> > and then sat back in the car seat.  " Lord, this
> > is insane. Those people are
> > asleep and if I wake them up, they are
> > going to be mad and I will look stupid." Again, he
> > felt like he should go and give the milk.  Finally, he opened the
> > door, "Okay God, if this is you, I will go to the
> > door and I will give them
> > the milk. If you want me to look like a crazy
> > person, okay. I want to be obedient. I guess that
> > will count for something,
> > but if they don't answer right away, I
> > am out of here."  He walked across the street and
> > rang the bell.  He could
> > hear some noise inside. A man's voice
> > yelled out,  "Who is it? What do you want?"  Then
> > the door opened before the
> > young man could get away.
> > > > >
> > The man was standing there in his jeans and
> > T-shirt.  He looked like he had
> > just got out of bed. He had a strange
> > look on his face and he didn't seem too happy to
> > have some stranger standing
> > on his doorstep.  "What is it?"
> > The young man thrust out the gallon of milk,"Here,
> > I brought this to you."
> > The man took the milk and rushed down
> > a hallway speaking loudly in Spanish. Then from
> > down the hall came a woman
> > carrying the milk toward the
> > kitchen. The man was following her holding a baby.
> > The baby was crying. The
> > man had tears streaming down
> > his face. The man began speaking and half crying,
> > "We were just praying.  We
> > had some big bills this month and
> > we ran out of money. We didn't have any milk for
> > our baby.  I was just
> > praying and asking God to show me how
> > to get some milk." His wife in the kitchen yelled
> > out,"I ask him to send an
> > Angel with some.  Are you an Angel?"
> > The young man reached into his wallet and pulled
> > out all the money he had on
> > him and put in the man's hand. He
> > turned and walked back toward his car and the
> > tears were streaming down his
> > face.  He knew that God still
> > answers prayers.
> > > > >
> > THIS IS A SIMPLE TEST....
> > If you believe that God is alive and well, send
> > this to ten people and the
> > person that sent it to you
> >
> >


Folks--
 Attached are my objectives and the budget that I submitted to Rick.  Also
included is Richard Tabors estimate of how much he thought would be spent in
each of the regions based on work he has done for us the last two years.  The
regional costs were not included in my origional submission to Rick.  Call if
you have questions.


Hello, this trade is in as a sell and it is a transmission deal with BPA.
Could you check to see if this should be a purchase?

Thanks,
Melissa


Here is what we reported for consolidated Canada as of Nov. 17.   Listed
amounts are in thousands.

Jun July Aug Sept Oct Nov  YTD
274 -4,672 5,115 990 -2,517 -6,708  27,552

I'm still working on the first half of the year.

Thanks,
Robin


Here's the draft form I received this am.

Look forward to talking to you later.

Kay


Wilson,

Please call me when you have a minute.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/26/2001 12:38
PM ---------------------------
From: Reagan Rorschach/ENRON@enronXgate on 03/20/2001 02:45 PM
To: "Robert Priest (E-mail)" <priest@yazoopsc.org>@SMTP@enronXgate, "Marvin
Carroway (E-mail)" <mcarroway@watervalley.net>@SMTP@enronXgate, "Marvin
Carroway (E-mail 2)" <cpuadmin@clarksdale.com>@SMTP@enronXgate
cc: Kay Mann/Corp/Enron@Enron, David Fairley/ENRON@enronXgate, Christi L
Nicolay/HOU/ECT@ECT, Ozzie Pagan/ENRON@enronXgate, Lloyd Will/HOU/ECT@ECT

Subject: Letter of Intent

Marvin and Bob,

Attached is the most recent version of the LOI.  This version includes
revisions resulting from conversations between David Hunt and Kay Mann.  The
Beck comments are also included.

David Fairley and I will call to follow-up.  In the meantime, feel free to
call with any questions.

Thank you,

Reagan Rorschach
713.345.3363


looks like i will get to denver tues, aug 8th in the afternoon and leave
thurs aug 10 in the afternoon.  i wont have much time but we will figure
something out.  i have to work in the mornings out of the denver office and
then we have some seminars to go to in the afternoon and some golf tourneys.
i will figure something out and let you know.


Vince,

Attached is a copy of the typeset version that I will be reading today.  I
will check to make sure that all the changes you gave me this weekend are
incorporated.  I will also be writing a 200 word summary for the paper
today and will pass that by you as well.

Have a great day.

john

p.s. I'll call Shirley about the revenue question I sent you yesterday.

 - 134martin-cx1.pdf

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


just got your email address from rachel.  congrats on your promotion.  i'm
sure it's going to be alot different for you but it sounds like a great
deal.  my hubby and i moved out to katy a few months ago.  i love it there -
my parents live about 10 minutes away.  new news from me - i'm having a baby
- due in june.  i can't even believe it myself.  the thought of me being a
mother is downright scary but i figure since i'm almost 30, i probably need
to start growing up.  i'm really excited though.  rachel is coming to visit
me in a couple of weeks.  you planning on coming in for any of the rodeo
stuff?  you'll never guess who i got in touch with about a month ago.  it was
the weirdest thing - heather evans.  i hadn't talked to her in about 10
years.  seems like she's doing well but i can never really tell with her.
anyway, i'll let you go.  gotta get back to work.  looking forward to hearing
back from ya.


Hi Ken,

I am delighted that the City Council approved the interlocal agreement for
the new arena. What a powerful statement for the importance of the arena
your and Don's leadership provides. After that, the election ought to be
easy. All of us are grateful to you both. I'll be at the press conference.
Please call on me at anytime that I can help.

Please give my regards to Linda.

Warmly,

Alex


----- Forwarded by Richard B Sanders/HOU/ECT on 08/15/2000 11:34 AM -----

	Jeff Dasovich@EES
	08/11/2000 05:26 PM

		 To: Richard B Sanders@ECT, Richard Shapiro/HOU/EES@EES, Paul Kaufman@EES,
Mona L Petrochko/SFO/EES@EES, Sandra McCubbin/SFO/EES@EES, James D
Steffes/HOU/EES@EES, Joe Hartsoe/Corp/Enron@Enron, Mary
Hain@ENRON_DEVELOPMENT, Dave Parquet@ENRON_DEVELOPMENT, Susan J
Mara/SFO/EES@EES, Bruno Gaillard/SFO/EES@EES, Steve Kean
		 cc:
		 Subject: Investigation of Parquet et al by AG Called Off

Rozsa, Peace's chief henchman, informed Jan Smutney-Jones today that the AG
is not longer investigating Smutney, Parquet, Blue (and whomever else)
regarding ISO Board voting.


I've spoken with Shanna this morning about Rob Fuller, and my need to keep him here for the next couple of months.  She relayed to me that it would be appropriate now to let him know of a gauranteed payment of $200,000 to him if he is here Feb 4, as long as he was performing to a satisfactory level.

He is probably one of two or three that I need to do this with ( the others less pressing), and I will be communicating with Rob today about this.

Thanks

Jeff


Sara,

I talked to Chuck Kaufmann and Randy Beevis at Cinergy Marketing.  We have
come to a resolution on the guaranty issues, and I want your thoughts on
this.

1) With respect to their guaranty to Enron, we are going to keep the dollar
amount at $10MM, and decrease their collateral threshold in the ISDA to
$8MM.  This way they have $2MM in cushion for Cinergy Capital and their
physical gas business.  In addition, their current guaranty includes Enron
Canada Corp, although they would like this removed as a guaranteed entity.

2) With respect to the guaranty Enron provides to Cinergy, the dollar amount
should be increased $15MM, leaving the collateral threshold at $10MM.  Also,
several of the Enron entities on the guaranty should be removed.  These are:
Enron Canada, HPL Resources and Louisiana Gas Marketing.  Houston Pipe Line
Company should be added as an additional guaranteed counterparty.

So in summary, we are lowering the collateral threshold for Cinergy to $8MM,
ENA's will stay at $10MM, and the above amendments need to be made to the
guaranty's.

I will bring copy's of these guaranty's up to you and we can discuss when you
have had a chance to digest all this.

Thanks

Russell


Tana:

I very much appreciate your cooperation.

Regards,

Luis


At this point, I don't think any assignment to ECS solve any of these issues.  We still have to get approval for any cash outlaws from ECS since it is 100% owned by ENA.  Also assignment from a debtor entity to a non-debtor entity might require certain approvals from the Bankruptcy Ct. and the DIP financing.  I can look into it if it necessary, but does it really help the cash situation?

-----Original Message-----
From: Knippa, Mark
Sent: Monday, December 17, 2001 5:05 PM
To: Gorte, David; Nemec, Gerald
Cc: Zisman, Stuart
Subject: RE: ENA - NNG Hubbard Transaction - Past Due Amounts payable to Midland Power Cooperative ("Midland")

Gerald,
Since the agreements with Hubbard were executed by ENA (and not ECS)
is there some assignment from ENA to ECS that we should or need to look
at for post-petition business?

Sounds like they are planning to not pay the delinquent bills but to make
assurances for the billing going forward.  This is a BIG deal to these small
Cooperatives that we typically work with.  Our load generally represents a
very large percentage of their total business and they have wholesale providers
that they have to pay.  A couple of our monthly bills could put these guys
into financial distress themselves.

I need to find and read throught the contract with Midland Power before this
gets too far down the road.  I'm out today (Monday) and tomorrow dealing
with some personal stuff with my mom.  Call me tomorrow morning (9 - 10) or we can visit on Wednesday when I'm in the office.

mk

-----Original Message-----
From: Gorte, David
Sent: Mon 12/17/2001 3:34 PM
To: Zisman, Stuart; Schneider, Chip
Cc: Knippa, Mark; Nemec, Gerald; Miller, Don (Asset Mktg); Sewell, Doug; Woods, Steve; 'davidzdunkewicz@akllp.com'
Subject: RE: ENA - NNG Hubbard Transaction - Past Due Amounts payable to Midland Power Cooperative ("Midland")

Stuart,

Ultimately we may have to decide if it is more advantageous to pay the pre-petition amounts due or put up whatever deposits/prepayments that may be required to give the utility "additional assurance" of payment of post-petition amounts.  Remember, however, that pre-petition payments will need to be considered in light of the relatively tight baskets imposed by the bankruptcy court and the DIP lenders.

Regards,

Dave

 -----Original Message-----
From:   Zisman, Stuart
Sent:   Monday, December 17, 2001 1:55 PM
To:     Schneider, Chip; Gorte, David
Cc:     Knippa, Mark; Nemec, Gerald; Miller, Don (Asset Mktg); Sewell, Doug; Woods, Steve; 'davidzdunkewicz@akllp.com'
Subject:        ENA - NNG Hubbard Transaction   - Past Due Amounts payable to Midland Power Cooperative ("Midland")

Chip/Dave,

If you will recall, you had me check into whether Midland was a utility under the Bankruptcy Code.  Your thought was that past due amounts to "utilities" had special treatment under the law of bankruptcy.  Gerald and I communicated with David Zdunkewicz of Andrews & Kurth and concluded that Midland is likely a "utility" and that as such, would not be able to stop service for failure to pay pre-petition obligations.  Utilities, such as Midland, are however entitled to request additional assurance of payment.  Our first day bankruptcy order provides such additional assurance by definition, unless a utility counterparty objects in a writing sent to Steve Woods within 30 days of the filing of the petition in bankruptcy (December 2nd).

By carbon copy of this email, I am asking Steve whether he has received any such objection from Midland and, if none has been received to date, to notify myself and Gerald Nemec upon receiving any such objection.

David Z. suggested that we wait until the expiration of the 30 day period (roughly January 2, 2002) and if nothing is received by that time, just pay invoices which relate to post-petition periods.  We must, however, pay all post petition invoices in a timely manner and it probably makes sense to pre-approve these.

Thanks

Stuart