Attention POWER REPORT Readers: Go to
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CRISIS AND OPPORTUNITY:  POWER MARKETS 2001
http://www.pmaconference.com/0103Agenda.pdf

Every day the headlines bring us more information:

-- Western governors are petitioning for streamlining of permitting for new
powerplants.
-- The availability of sufficient natural gas to serve Northeastern plants is
being questioned
-- The law which requires sales to bankrupt California utilities is slated
for revokation.
--  Hydroelectric plants which were considered candidates for decommissioning
are now likely to continue operating.
--  Microturbines, originally thought to be a niche market, seem set to make
dramatic market inroads.

You can find the individual stories at  http://www.powermarketers.com.   To
put it all in context, join some of the tens of thousands of your fellow
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--------------------T O P S T O R I E S--------------------

Top Stories (February 16)

CALIFORNIA GOVERNOR PROPOSES POWER PURCHASE
Plunging California deeper into the energy business, Gov. Gray Davis proposed
a multibillion-dollar plan Friday to rescue two utilities from the brink of
bankruptcy in part by buying miles of electric transmission lines.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/02/16/ao/0000-4627-power-woes

-WHOLESALE GENERATORS FACING WINDFALL PROFITS TAX IN CALIFORNIA? - ISSUEALERT
FOR FEBRUARY 16, 2001
Recently, Representative Bob Filner (D ) CA) introduced a bill (H.R. 443) to
amend the Internal Revenue Code of 1986 to impose a windfall profit tax on
wholesale electric energy sold in the Western System Coordinating Council
(WSCC). The bill was referred to the Committee on Ways and Means.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/writersd
esk/2001/02/16/eng-powerm-000001/eng-powerm-000001_132144_199_09736242611

GE POWER SYSTEMS, PG&E NATIONAL ENERGY IN $1B SERVICE PACT
GE Power Systems' Energy Services unit and PG&E National Energy Group signed
a long-term service agreement worth more than $1 billion.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/16/eng-djn/eng-djn_104050_195_895255249925

BUSH, FOX DISCUSS CONTINENT-WIDE ENERGY POLICY
U.S. President George W. Bush said Friday that he discussed with Mexican
President Vicente Fox the possibility of creating a continental energy policy
that would incorporate the resources and needs of Mexico, the U.S. and Canada
but acknowledged much work remains to be done to implement such a policy.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/16/eng-djn/eng-djn_200047_246_816723248921

TEXAS ELECTRIC DEREGULATION COULD SET PATTERN FOR STALLED STATES
How electric retail competition plays out in Texas next year could affect
whether other states move forward to deregulate their markets or remain
paralyzed in fear of repeating California's disastrous experience.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/16/eng-djn/eng-djn_224024_26_7442206968553

-NEW YORK ENERGY BUYERS FORUM SUPPORTS POWER AUTHORITY PLANTS
The (NYEBF), a coalition of commercial energy customers and suppliers in the
New York City area, has announced its support for the ten small power plants
planned by the New York Power Authority (NYPA) to ensure electric reliability
and price stability in the New York City area this summer.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/writersd
esk/2001/02/16/eng-powerm-000001/eng-powerm-000001_085405_82_0912937633693

----------------------------------------------------------------------
DOW JONES NEWSWIRES
----------------------------------------------------------------------
Access stories online at:
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

No New Details As Calif Gov Unveils Plan For Utils Buyout

Texas Elec Dereg Could Set Pattern For Stalled States

Empire District Elec Interim Rates -2:Begins March 1

Empire District Electric Seeks 8.18% Rate Increase >EDE

Indiana Gas Appeals Regulator Ruling On Natural Gas Rate

Empire District Electric Files For Interim Mo. Rates>EDE

REPEAT&CORRECT: DTE/Documentation -2: Seeks Fast Review

Bush, Fox Discuss Continent-Wide Energy Policy

NJ Acting Gov Moves To Expand Utility Bd To 5 Members

TI's Venezuela Unit Leads Phone License Bid With $1.15M

PRESS RELEASE: DPL Sr Unsec Still On Moody's Review >DPL

DPL Inc Baa1 Sr Unsec Still On Moody's Review >DPL

Bad News Prompts Skittish Investors Take A Long Weekend

US West Pwr Forwards Dn On Lower Dailies,Moderate Weather

DTE/Revised Documentation -2: Co Seeks Expedited Review

DTE Energy Files Revised Documentation For MCN Energy Deal

Spain's Cantabrico Supports Bid But Keeps Options Open

REPEAT&CORRECT: Electrabel Pact For Cantabrico Is On -TXU

US House Panel Sets Mar 5 Energy Tax Incentives Hearing

Brazil/Light Invest -2: Seeks Capacity Boost To 2,000 MW

Cantabrico/EDP/Cajastur -3: Ferroatlantica Has Option

Cantabrico/EDP/Cajastur -2: RWE Bid Still Pending >EDP

Cantabrico Decision Non-Binding, Open To Better Offers

Cantabrico Bd Approves EDP-Cajastur Takeover Offer >E.HIC

GE Power/PG&E Natl -2: For Gas Turbines At Power Plants

TXU Europe Confirms Electrabel Pact For Cantabrico Broken

GE Power Sys, PG&E Natl Energy In $1B Service Pact >GE

Metka, GE Consortium Win 44-47 MW Greek Wind Pwr Contract

ASIAN POWER:Philippine Debts Leave Sale As Only Option

US West Power Forwards Mixed: Palo Up, Mid-C Slightly Dn

FREE TRIAL: For a free trial of the Dow Jones Energy Service go to
www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

----------------------------------------------------------------------
N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-nat.htm

Calif. Gov. Proposes Power Purchase

Coal Expected to Fare Well on Bush's Shift

Qualified Facility Power Generators Form Creditors Committee to Evaluate
Options with Respect to Southern California Edison

Davis Seeks Payments to Energy Firms

Energy Cooperative Eyeing Elgin to Reduce Electrical Costs, Usage

Wind, Sun Seen As Energy Solutions Group Says Efforts Needed Now to Prevent
Crisis Like California's

Department of Energy Office of Fossil Energy Transco Energy Marketing CO.;
Selkirk Cogen Partnership, L.P.; Orders Granting Authority to Import And
Export Natural Gas

Business Briefly: Nuclear Plant's Power Worth $1 Billion Since July

Bush Expedites California Power Plants

Empire District Electric Files Interim Missouri Electric Rates

California to Float Power Grid Purchase

Bush, Mexico's Fox explore possible Mexican power exports to western U.S.

Top Energy Summaries - Friday, February 16, 2001 - 5:06 PM

GE Power Systems, PG&E National Energy Group Sign $1 Billion Service
AgreementPact to Cover More Than 20 GE Gas Turbines at New Power Plants

Maxim Power Corp.: [Formerly Jupiter Power International Inc. - Reverse
Takeover, Name Change

Green Mountain Energy Pulls Up Stakes in California

Penreco Ownership Changes - Zukerman Energy Buys 50 Percent Interest, Shares
Joint Venture with Conoco

Constellation Energy Group Declares Dividend

E Source Study Finds Voluntary Load Curtailment Solutions Are a Win-Win for
Electric Utilities And Customers Alike

Arc Energy Trust Announces 2000 Financial Results And Year-End 2000
ReservesNot for Distribution to U.S. Newswire Services Or for Dissemination
in The United States.

North Carolina Community Development Initiative to Make Grants for New,
Energy-Efficient Homes

Energy Update/Los Angeles Department of Water And Power Daily Energy Update,
Friday, Feb. 16, 2001

Energy Update

Advisory/Energy Producers Weekly Power Update Rescheduled

Fitch Rts Reliant Energy Resources' Notes 'Bbb+'; on Watch Neg

Repeats: Energy Volume And Open Interest Totals-Feb 16

Storms Help Water Down Energy Worries

Top Energy Summaries - Friday, February 16, 2001 - 2:03 PM

Manteca Eyed for Power Plant

DTE Energy Files Revised Documentation Seeking SEC Approval of Merger with Mcn

Power Company Selects Siemens Wireless Meter-Reading Technology

-Delaware Municipal Electric Corp. Retains ETC As Generating Plant Project
Manager

Bush issues memo requesting cabinet expedite California power plant review

-Wholesale Generators Facing Windfall Profits Tax in California? - IssueAlert
for February 16, 2001

Help Is on the Way for Power-Tight West

Energy Conservation Is the First Step

California Power Alert Still in Effect

Top Energy Summaries - Friday, February 16, 2001 - 11:55 Am

-New England Non-Profit Utilities Say Power Market Proposals Harm Consumer
Interests

Crowds Protest Power Plants Concerns Over Bergen's Water

Memorandum Expediting Federal Decisions Relating to the Siting And Operation
of Power Plants in California

-CMS Viron President Receives AEE Energy Executive Of The Year Award

Idaho Power Given Nod to Solicit Bids State Regulators Say Utility Can Take
Farmers' Offers to Sell Back Electricity
Budget Writers Warned About Response to Energy Shortage Plan to Buy Back
Irrigators' Power May Affect Economy

Top Energy Summaries - Friday, February 16, 2001 - 9:29 Am

-Managing Power Plant Mercury Emissions To Minimize The Risks

Bush:Expedite Review of CA. Power

A Fuel Cell Future - the Interview with Alan Niedzwiecki, Director of
Business at ImpcoThe Need for Cleaner, More Economical And Environmentally
Friendly Sources of Power Are Spotlighted

-New York Energy Buyers Forum Supports Power Authority Plants

-Consumer Groups Offer Litmus Test For Judging California Governor's Energy
Plan

Forbes Winding Down Operations at Its Amqui Plant

Peco Energy Transition Trust Completes Refinancing with Pricing of $805
Million Asset-Backed Bond Sale

Governor Readies Utility Blueprint / Parent Firms Would Help Defray Price
Increases

Matier & Ross ; Davis Able to Glide Through Power Crisis Morass

GE Power Systems, PG&E National Energy Group Sign $1 Billion Service Agreement

Top Energy Summaries - Friday, February 16, 2001 - 7:16 Am

States Shun Comparisons to California in Light of Energy Crisis

Is Detroit Abusing Its Power in Graimark Project?

The Power Crunch

Natural Gas Pinch Makes Farmers Fret the Now-Pricey Fuel Is Used to Make The
Nitrogen They Need for Corn Crops.

Wind Power Viewed As a Boost for Iowa

Puc Reviewing Utility Cutoff Rules

Near-Term Fixes to California Power Crisis Elusive, Analysts Say

Energy Northwest May Refund Up to $500 Million of Debt

U. Houston Expert Says Texas Prepared for Energy Deregulation-(U. Houston)

Texas A&M U. to Generate More Energy-(Texas A&M U.)

----------------------------------------------------------------------
I N T E R N A T I O N A L
----------------------------------------------------------------------
Access stories online at: http://www.powermarketers.com/pma-intr.htm

Nippon Electric Glass Builds Mexico Factory

Tanesco Announces Favorable Decision from Tribunal in Its Long-Standing
Dispute with Power Developer

BMW & Delphi Present the First Development Vehicle Equipped with A Solid
Oxide Fuel Cell

Nippon Steel to Abandon Wind Power Plan in N. Japan

Energy-Asia: Power Needs May Significantly Shape Foreign Policy

Peruvian Government to Auction for Power Transmission Lines in The Northern
Region

Paraguay: Parana River Mill Asks for Subsidized Energy

Westport Innovations Inc - Installs Power Generating Station

Forbes Winding Down Operations at Its Amqui Plant

Wind Farm Firms to Test Lie of the Land

First Wholly Foreign-Owned Power Project Starts Operation (2)

GE Power Systems wins 1 bln usd service contract from PG&E National Energy

Power Industry Leader Supports Tepco's 'Pluthermal' Plan

Huaneng Power Announces Share Issuance Approval

British Energy Diversifies Into Wind Farms

Philippine leader assures IMF on passage of stalled power reform bill

Philippines Power Corporation Holds Dialogue on Rate Increase

Friends of the Earth: Nuclear Industry Turns to Renewable Energy

Power Play

Maligned Nuclear Power Born Again

Energy: Asian Needs Likely to Have Major Geopolitical Consequences

China Has Vast Energy Resources

Foreign Investors Want to Build Power Plant in Indonesia

Malaysian-owned power plant in Tanzania to start operating in June

Us, Mexico Eye Energy Alliance

China Environment Board Tightens Screws on Power Plants, Steel Mills and
Others

Armenia Not Final Destination of Iran's Natural Gas

----------------------------------------------------------------------
KRT DAILY ENERGY NEWS
----------------------------------------------------------------------
Access stories online at http://www.powermarketers.com/pma-krt.htm

Experts Say California Is Moving Toward Reregulation of Power Industry

Wisconsin Increases Aid for Heating Bills to Needy Families

Tulsa, Okla.-Based Energy Trader Pledges Power for California

Utah Chemical Plant Says Pacificorp Overcharges for Electricity

California Utilities Discontinue Underground Wires Program to Conserve Cash

California's Pacific Gas & Electric Cuts Back on Overtime, Plans Layoffs

Santa Clara County, Calif., Supports Calpine Corp.'S Proposed Power Plant

Hydropower Dams in Northwest Must Choose between Salmon Or Power

Environmentalists Favor Debt-for-Nature Swap in California Power Crisis

Lawsuit, Supply Shortage Deepen California Power Crisis

California Power Crisis Boils Down to Chilly People

Inland California Water Official Challenges Enron on Power-Plant Plan

Idled California Power Plants Imperil Peach Crop

Struggling California Utilities Shake Up Investors

Portland, Ore.-Based Power Agency Seeks Deal with Longview, Wash., Paper Mill

Charlotte County, Fla., Commissioners Set Water Conservation Rates

Colorado House Bill Resurrects Water Bank

Job Applications Are Not Yet Available for Greenville, KY., Power Plant

California Utilities Officials Travel Courtesy of Energy Companies

Connecticut Attorney General Hopes to Prevent Merger of Two Utilities

Panel Asked to Explore Possibility of Waterford, Conn., Electric Utility

Contractor with Florida Electric Utility Faces Safety Controversy

Experts Warn Florida Could Repeat California's Power Deregulation Experience

The Kansas City Star, Mo., Jerry Heaster Column

Massachusetts Governor Considers Halting Pollution Limits on Power Plants

Electric Deregulation Process Begins in Texas

Energy Prices Likely to Fall Due to Economic Conditions, Analysts Predict

Natural Gas Prices Could Rise in Summer, Energy Experts Say

Texas Pilot Project for Electricity Competition Begins Today

Houston Hosts Conference on Energy Deregulation

California Wants to Buy Power Lines

Shareholders in California Utilities Face Unusual Risks

Texas Will Offer Electricity Deregulation Pilot Program

`Green' Electricity Supplier to Sell Power in Ohio

----------------------------------------------------------------------
REUTERS
----------------------------------------------------------------------
Access stories online at: http://207.32.82.57/news/ElectricPower.html

2/18/01 FEATURE-Copper holds the key to electrical energy efficiency

2/17/01 Putin talks about energy, rates in Tomsk-Omsk trip

2/17/01 Mexico-U.S. energy aides to meet on power exchange

2/17/01 Innogymay bid 1.9 bln stg for Yorks Elec-FT

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ELECTRONIC TRADING. Power is following natural gas to become an
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NUTS AND BOLTS OF RETAILING. What it takes to put an energy retailing
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RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
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is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

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Response: Reply from J A S  d 1
Can't remember what day it was, it may have been saturday

Your Message:
> Fr:Dana.Davis@enron.com
> Su:RE: RE: my2way
> Did you email me Friday?
>
> Fr: joe.s@my2way.com
>
> Response: Reply from J A S  d 1
> Yes
>
> Your Message:
> > Fr:Dana.Davis@enron.com
> Su:RE: my2way
> Joe?
>
> > Fr: joe.s@my2way.com
> sup hook
>
> J A S  d 1
>
>
>
> **********************************************************************
> 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.
> > **********************************************************************


Break a 100! Come on, have a little more faith than that.  I actually can't
play - something came up with work.  Have a good weekend.
Ben


I will try to drive.  Probably not tomorrow, but maybe Wednesday or Thursday.

Could we meet?  I wish I could pick you up, but that would take long.

What time will your cousin bring you to work this week?  I would really like to meet sometime, whether it be in my car or just at work early.

 -----Original Message-----
From: 	Villarreal, Alexandra
Sent:	Monday, October 29, 2001 2:44 PM
To:	Griffith, John
Subject:	RE:

park in the garage.  you can use my tag.

 -----Original Message-----
From: 	Griffith, John
Sent:	Monday, October 29, 2001 2:39 PM
To:	Villarreal, Alexandra
Subject:	RE:

I asked you first.  Are you going to be without your car all week?  That is a bummer.

 -----Original Message-----
From: 	Villarreal, Alexandra
Sent:	Monday, October 29, 2001 2:38 PM
To:	Griffith, John
Subject:	RE:

you tell me a story.

 -----Original Message-----
From: 	Griffith, John
Sent:	Monday, October 29, 2001 2:37 PM
To:	Villarreal, Alexandra
Subject:

Alex tell me a story.


Rory - this was made for you!

? No Wonder The English Language Is So Difficult To Learn:

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
We polish the Polish furniture.? ??
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
He could lead if he would get the lead out.
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??
A farm can produce produce.? ? ? ??
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??
The dump was so full it had to refuse refuse.?
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??
The soldier decided to desert in the desert.?

The present is a good time to present the present.

At the Army base, a bass was painted on the head of a bass drum.

The dove dove into the bushes.

I did not object to the object.

The insurance for the invalid was invalid.

The bandage was wound around the wound.

There was a row among the oarsmen about how to row.

They were too close to the door to close it.

The buck does funny things when the does are present.

They sent a sewer down to stitch the tear in the sewer line.

To help with planting, the farmer taught his sow to sow.

The wind was too strong to wind the sail.

After a number of Novocain injections, my jaw got number.

I shed a tear when I saw the tear in my clothes.

I had to subject the subject to a series of tests.

How can I intimate this to my most intimate friend?

I spent last evening evening out a pile of dirt.


As we discussed
 -----Original Message-----
From: 	Taylor, Liz M.
Sent:	Thursday, September 13, 2001 8:28 AM
To:	Kean, Steven J.
Cc:	McVicker, Maureen; Daw, Nicki
Subject:	Stranded Employees

Liz Taylor
Exec. Assistant to Greg Whalley
Office of the Chairman
Enron Corporation
Tel.   713.853.1935
Fax   713.853.1838


I looked into the proposed tax cut by George W. Bush.  On his website he
proposes a $460 billion tax cut over five years.
 The $213 billion "energy tax" imposed  from 1999 to 2001 by higher energy
prices, is roughly half of Bush's proposed tax cut.

Maureen


Mary:
I gave this file to Susan Fllynn.  There should have been a blue file made
for it.

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

	Mary Cook
	08/28/00 04:25 PM

		 To: Robert Bruce/NA/Enron@Enron, Mary Cook/HOU/ECT@ECT, Brent
Hendry/NA/Enron@Enron, Jason Peters/Corp/Enron@Enron, Sara
Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT,
Susan Bailey/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Tana
Jones/HOU/ECT@ECT, Brenda Whitehead/HOU/ECT@ECT, Chaundra Woods/HOU/ECT@ECT,
Becky Tlucek/HOU/ECT@ECT, Kaye Ellis/HOU/ECT@ECT, Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: File Search:  ISDA:  ENA and Public Service Electric and Gas
Company 11/29/99

Do you have this file?  It was last being worked by Flynn and St. Clair.
Thanks for looking.  Mary


See me about this.
-----Original Message-----
From: Smith, William A. [mailto:William.A.Smith@ElPaso.com]
Sent: Wednesday, December 19, 2001 5:33 PM
To: Kean, Steven J.
Subject:

Steve,
Thanks for your help.  I've passed along your information to Byron.  Clark
says hello and we all wish you an especially merry Christmas.  Regards,
Bill Smith

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


Dear Jeff,

Hope you are doing well.  It has been quite a long time since we last spoke
when I was with Pathnet.  I have since started another company called Cogent
Communications and the company has been progressing very well in the last
year.

I'm in the process of putting together an Advisory Committee for the company
composed of industry, business, and political leaders.  I think your depth
of experience in telecom could add a lot of value to the company and am
looking to gauge your interest level in joining the committee.  The
commitment is limited to one meeting per year and you would receive stock in
the company.  Thus far we have commitments from Sergio Zyman of Coca Cola
and are in discussions with Bob Dole and Vernon Jordan.

Cogent is a facilities-based ISP offering very high bandwidth Internet
access to business users in the top tier cities in the US.  Utilizing the
latest in fiber-optic technology, we've built an all optical nationwide
network and are offering 100mbps non-oversubscribed service for a flat rate
of $1,000 per month.  Feel free to take a look at our website at
www.cogentco.com.  The company has raised over $350MM in financing to date
with investors including Oak Investment Partners, Broadview Capital, Texas
Pacific Group, Capital Research, and Worldview Technology Partners.

Please give me a call/email at your earliest convenience.  I look forward to
speaking with you and catching up.

Sincerely,

Dave Schaeffer, CEO
202-295-4201


Organization Announcement

 It is my pleasure to announce that Kenneth Lovejoy has joined Enron Corp. EH&S Asset Operations.  He will be reporting directly to Donnie Willmann and  will support Central America, Caribbean and EES.  Ken has over 25 year experience in environmental, health and safety for the oil and gas industry.   He has been working for Enron since 1996 and has extensive international experience.    We are excited to have Ken in our team so, please welcome Ken in his new role.

Henry  Van


Chris,

the pipeline maps I found are worth looking at. They don't cost much ($950 for paper version and $795 for CD rom version) for both US and Canada. I think that CD-ROM version is a better bet: you can zoom in and out and you can print the parts you need. The real value is that they show every interconnect with every facility (power plants, industrials, even prisons:).

I think that it is something that would help us look into details when we approach different regions, and I think basis traders would appreciate it too.

Sample map of Montana is attached.

Vladi


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Subject:

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Date: ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Subject:

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Date: ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
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Subject:

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Subject:

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Subject:

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Date: ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Subject:

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Date: ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Subject:


AMEREX

Diana Scholtes
563461 - should be amerex/in as prebon/changed

Chris Mallory
563362 - he changed it to Prebon

PREBON

Chris Mallory
563461 - changed to amerex
563358 - killed/new heavy load deal entered - 563967

Evelyn Metoyer@ENRON
03/28/2001 02:32 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 3/38 Checkout

AMEREX

Diana/Sean
I am missing the following deal:
1) Enron sells to Powerex MId-C light 3/29 at $140.00

Chris Mallory
Amerex does not recognize deal 563362

BLOOMBERG
All deals are o.k.

PREBON

Chris Mallory
deal 563461
Is this a duplicate of 563460 because Prebon only recognizes 1 deal

deal 563358
Prebon says should be heavy not light hrs.


Need to know the scoop on City of Roseville and Puget Sound...
----- Forwarded by Tana Jones/HOU/ECT on 09/13/2000 11:01 AM -----

	Shari Stack
	09/11/2000 11:32 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: EOL Credit Responses 09/06/00

Leslie said that she will call you re: City of Roseville (and Puget Sound as
well).

----- Forwarded by Shari Stack/HOU/ECT on 09/11/2000 11:31 AM -----

	Shari Stack
	09/11/2000 09:27 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Rhonda L Denton/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT
		 Subject: Re: EOL Credit Responses 09/06/00

Tana:

The following CP's are not authorized to trade US Power Products:

Willowbridge Associates: Declined by Credit
City of Roseville: Need to speak with Elizabeth/Leslie  - will get back to
you on them today.
Coastal Field Services Restricted by Credit
Mississippi Chemical Corporation - Restricted by Credit

Thanks,

Shari


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June 25-27, 2002 - Washington, DC ? July 16-18, 2002 - Houston, TX
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Would you believe I don't know how late the maid stays?  I think on most
Tuesdays she comes in the afternoon, but beyond that I really don't know.  I
don't know if Paige will be here still, but she might.  Buy you really don't
need to do that, as we don't mind getting it whenever we next come to
Palacios -  makes the fun last longer.  We won't even celebrate our
anniversary until the weekend, as I will be out of town Tuesday-Wednesday
(New York), and Neil is gone Thursday-Friday (Dallas).  Tag team parenting!

Love,

Kay

Bill and Rita McCall <bmccall@wcnet.net> on 10/13/2000 03:47:52 PM
To: Kay.Mann@enron.com
cc:

Subject: Palacios again

Dad and I knew you were busy this monthbut wanted you to know we were here
and fishing was pretty good. We are going home next Saturday so we can get
back.We will probably come back the next week-end. We will be here all the
monthof Nov. Lee and Pat  are coming the 4th of Nov..Joyce and kenneth are
coming the next week-end. We have your Anniversary present here,also part
of neil's Birthday. we can't mail them, so would it be O.K. if we bring
them to Houston Tuesday afternoon and leave them with the maid? Isn't that
the day she works? How late does she stay?  We love you


Thanks for following up on this, Melissa. I've forwarded your e-mail on to
Chris Foster and asked him to discuss the counterparty name with Bob Ellery,
his contact at Sierra Pacific Holding Co. I'll let you know which name we
need (or if we need one at all) as soon as I hear back from him.

Thanks again,
Kate
503-464-7486

Melissa Ann Murphy
04/11/2001 10:27 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: New CTPY Request

Hello, Samuel Schott in Global Counterparty called this company and he was
told that they should be set up in our system as Sierra Pacific Industries,
Inc.  The contract has the long name on it so I am planning on asking Rhonda
Denton about this tomorrow when she comes in.  I am not sure if it will work
this way or not.  If you know anything else about this let me know.  Sierra
Pacific Industries, Inc. is in Enpower but I am not certain if we should use
that name.

I will let you know what Rhonda says tomorrow.
Thanks,
Melissa

   Kate Symes                04/09/2001 03:09 PM

To: Rhonda L Denton/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT
cc: Samuel Schott/HOU/ECT@ECT
Subject: New CTPY Request

I just heard from Samuel (thanks for your message!) that I need to send
Rhonda new counterparty information in order to get their names added to the
system. I called Rhonda, but it turns out she's out of the office for the
first part of this week, and her voice mail referred me to Melissa. (That's a
short explanation of why I'm sending this info. to all of you.)

Anyway, following is the information connected with the new counterparty name
Chris Foster has requested:

Name: Sierra Pacific Holding Company, dba Sierra Pacific Industries
Address: PO Box 496028
    Redding, CA 96049
Or: 19759 Riverside Ave.
      Anderson, CA 96007
Phone: (530) 378-8179
Fax: (530) 378-8139
Contact: Director of Energy Resources - Robert Ellery

I also have a copy of the Master Power Purchase and Sale Agreement if you'd
like me to fax that over. Just let me know how I can help. We've already
entered Chris's deal into the system with "New Counterparty," so the sooner
we can change that the better.

Thanks,
Kate


I'm thinking we are short lawyers.  Hope that means good things for the
survivors!


Just use a regular CA (yes, I changed my mind), describe as a power
generation transaction (no equipment reference).

Thanks,

kay

	From:  Kathleen Carnahan                           02/06/2001 04:53 PM

To: Kay Mann/Corp/Enron@Enron
cc: Chris Booth/NA/Enron@Enron, Fred Mitro/HOU/ECT@ECT

Subject: Three New CA's

Kay,

I have been asked to do three or more additional CA's for equipment:

Chris Booth is dealing with a broker for the potential sale of three
different kinds of turbines (end buyer unknown at this time).  I guess we
would need a CA for the broker, then CA's with potential buyers.

Fred Mitro needs a CA for Ryan Company and another for Panda Energy.  (Fred,
do you know what kind of turbines these companies are looking at?).

We did the attached CA for NRG ("...in connection with discussions concerning
a proposed [power generation project using a single General Electric 8EA.")
and might be a good form for these new CA's.

Please advise.

Kathleen


Dan,  Attached is a clean and redlined version of the non-binding LOI.  Let
me know if you have any questions.


Notice # 00-412
December 4, 2000

TO:
ALL NYMEX/COMEX MEMBERS
ALL NYMEX/COMEX MEMBER FIRMS
ALL NYMEX/COMEX CLEARING FIRMS
ALL NYMEX/COMEX OPERATION MANAGERS

FROM: Stu Smith, Senior Vice President, Operations

RE: Exchange Early Closing Schedule for December 22, 2000 and December 29,
2000

Please be advised that the Exchange will close markets earlier on Friday,
December 22 and Friday, December 29, 2000, the days preceding Christmas Day
and New Years Day respectively.  The following early contract closing
schedule will be implemented:

NYMEX DIVISION

Commodity and Closing Range for December 22, 2000

Palladium Futures: 11:58 a.m. - 12:00 noon

Platinum Futures and Options: 12:08 p.m. - 12:10 p.m.

Heating Oil Futures and Options: 12:58 p.m. - 1:00 p.m.

Unleaded Gasoline Futures and Options: 12:58 p.m. - 1:00 p.m.

Propane Futures: 12:58 p.m. - 1:00 p.m.

Crude Oil Futures and Options: 12:58p.m. - 1:00 p.m.

Henry Hub Natural Gas Futures and Options: 12:58 p.m. - 1:00 p.m.

Permian Pool Natural Gas Futures: 12:58 p.m. - 1:00 p.m.

Alberta Natural Gas Futures: 12:58 p.m. - 1:00 p.m.

Gulf Coast Gasoline Futures: 12:58 p.m. - 1:00 p.m.

Commodity and Closing Range for December 29, 2000

Palladium Futures: 11:58 a.m. - 12:00 noon

Platinum Futures and Options: 12:08 p.m. - 12:10 p.m.

Heating Oil Futures and Options: *12:58 p.m. - 1:00 p.m.

Unleaded Gasoline Futures and Options: *12:58 p.m. - 1:00 p.m.

Propane Futures: *12:58 p.m. - 1:00 p.m.

Crude Oil Futures and Options: 12:58 p.m. - 1:00 p.m.

Henry Hub Natural Gas Futures and Options: 12:58 p.m. - 1:00 p.m.

Permian Pool Natural Gas Futures: 12:58 p.m. - 1:00 p.m.

Alberta Natural Gas Futures: 12:58 p.m. - 1:00 p.m.

Gulf Coast Gasoline Futures: *12:58 p.m. - 1:00 p.m.

COMEX DIVISION

Commodity and Closing Range for December 22, 2000

Aluminum Futures and Options: 11:59 a.m. - 12:00 noon
Copper Futures and Options: 12:04 p.m. - 12:05 p.m.
Silver Futures and Options: 12:04 p.m. - 12:05 p.m.
Gold Futures and Options: 12:09 p.m. - 12:10 p.m.
The Eurotop 100 & 300 contracts will conduct normal trading hours.

Commodity and Closing Range for December 29, 2000

Aluminum Futures and Options: 11:59 a.m. - 12:00 noon
Copper Futures and Options: 12:04 p.m. - 12:05 p.m.
Silver Futures and Options: 12:04 p.m. - 12:05 p.m.
Gold Futures and Options: 12:09 p.m. - 12:10 p.m.
The Eurotop 100 & 300 contracts will conduct normal trading hours.

The NYMEX Division Late Submissions Area is scheduled to close at 2:30 p.m.
and the NYMEX Division Trade Correction Area will close at 3:15 p.m., the TMS
trade allocation screens will be available until 4:30 p.m.  The COMEX
Division,s OLTE System will be available for corrections until 2:30 p.m.  In
the event that you require additional time to process work, or have questions
regarding early close procedures, please call Fred Tantao 299-2045, Rob Stasi
299-2067, George Henderson 299-2071, Les Faison 299-2070 (NYMEX Division) or
David Sherman 299-2061, Michael Campanelli 299-2072 (COMEX Division).

* Last Trading Day Spot Month - Half Hour Closing Range (12:30 pm ) 1:00 pm)
* All Electricity Future and Option contracts traded on NYMEX Access will
close at 1:00 p.m.

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

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(00-412)"

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


I have not had a chance to review the memo yet but here it is.
----- Forwarded by Brent Hendry/NA/Enron on 08/18/2000 04:07 PM -----

	"Oquendo, Sergio" <sergioo@munizlaw.com.pe>
	08/18/2000 12:00 PM

		 To: "'Brent.Hendry@enron.com'" <Brent.Hendry@enron.com>
		 cc: "Fernandez-Davila, Carlos" <carlosf@munizlaw.com.pe>, "Forsyth, Albert"
<albertf@munizlaw.com.pe>
		 Subject: RE: Enron Online Survey

Dear Brent:

Attached please find a legal memorandum dealing with the questionnaire on
Internet Trading that you kindly submitted for our consideration. Please
feel free to contact any of us should you have any comments of if we can be
of any further assistance.

Kind regards,
Carlos Fern?ndez-D?vila w./Sergio H. Oquendo
Muiz, Forsyth, Ram?rez, P,rez-Taiman & Luna-Victoria Abogados
Las Begonias 475, Floor 6, San Isidro, Lima 27
Tel. (51-1) 422-1122 ext. 6134 and 6111, respectively; facsimile (51-1)
221-3512

 <<QUESTIONNAIRE.doc>>
 - QUESTIONNAIRE.doc


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From: "Acton, Jan" <JActon@crai.com>
To: "'gfergus@brobeck.com'" <gfergus@brobeck.com>, "'mlk@pkns.com'"
<mlk@pkns.com>, "'breasoner@gibbs-bruns.com'"  <breasoner@gibbs-bruns.com>
Cc: "Spann, Bob" <BSpann@crai.com>, "Savage, Timothy" <TSavage@crai.com>,
"Riker, David" <DRiker@crai.com>
Subject: DOJ Investigations of Williams and AES
Date: Wed, 6 Jun 2001 07:53:00 -0400
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Today's Washington Post and Wall Street Journal report that in filings to
the SEC, AES has advised that it and Wiliams are being investigated for
price manipulation by the Department of Justice for alleged withholding of
output in April and May 2000.

This is not a surprise to me, but I had not seen a formal announcement
before.

The Post notes the relationship to the $8 million fine that Williams paid to
settle the FERC complaint.

I have not yet read the SEC filing.

Jan Paul Acton
Vice President
Charles River Associates
1201 F St., NW, Suite 700
Washington, DC 20004-1204
Voice: (202) 662 3902
Fax: (202) 662 3910

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---------------------- Forwarded by Hunter S Shively/HOU/ECT on 01/18/2001
04:21 PM ---------------------------

Scott Neal
01/18/2001 08:24 AM
To: Andrew H Lewis/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT
cc:
Subject: NAT spot tanker rates

---------------------- Forwarded by Scott Neal/HOU/ECT on 01/18/2001 08:24 AM
---------------------------

"scott neal" <sneal12@mindspring.com> on 01/17/2001 10:08:42 PM
To: <sneal@enron.com>
cc:
Subject: NAT spot tanker rates

http://www.noenergy.com/mirror/members/fdam/ls/rates/vlcc.html


***  Respond to Debra Davidson by April 30 ***

Trading, Origination, Asset Services, and Community Affairs have purchased a
box suite (17 seats) at PGE Park.  This entitles these groups the opportunity
to have a total of 17 people attend each home Beavers and Timbers game.  The
Enron PGE Park Committee (comprised of some employees from the groups above)
is working together to ensure equitable distribution of tickets so that
everyone on the floor will have an opportunity to attend games.

In order to allocate tickets in the most beneficial way to those who are
interested, please respond to the following questions by Monday afternoon,
April 30.  If you would prefer to reply verbally, stop by Debra's desk and
she will write them down.  Debra also has information about the games if you
have questions.

Are you interested in attending any Timbers soccer games?
If yes to Timbers games, about how many games would you like to attend?
If yes to Timbers games, how many tickets would you be interested in getting?

Are you interested in attending any Beavers baseball games?
If yes to Beavers games, about how many games would you like to attend?
If yes to Beavers games, how many tickets would you be interested in getting
for each game?

If you have no interest in attending Beavers or Timbers games, please let
Debra know.

Keep in mind that there must be at least one Enron employee with guests.
Tickets cannot be given away or sold.  Contact Debra if you have any
questions.


----- Forwarded by Gerald Nemec/HOU/ECT on 03/19/2001 04:44 PM -----

	Brant Reves/ENRON@enronXgate
	03/19/2001 04:33 PM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc: Georgia Blanchard/HOU/ECT@ECT
		 Subject: Master Physical contract

Gerald,

Here is the first credit worksheet for terms to the draft Reliant contract.
Once you prepare the draft, e-mail it to me, and I will forward it to BGML.
After that, we can get the contact and address information to formally pursue
a negotiation.

thanks
brant


The FIX module v1.0 is now operational and meets all the specifications as
shown in the FRS.  The team would be happy to show you a demo at your
convenience, perhaps early next week.  We anticipate our back office using
FIX in parallel with existing systems for December 2000, and then using FIX
"under fire" for January 2001 invoices.

The demo uses actual data from Sempra, our largest volume natgas financial
counterparty.  In about a minute, FIX is able to compare Enron data and
Sempra data (received electronically as an excel spreadsheet and stored on a
mini version of our Deal Database), immediately matching about 1450 of the
1500 deals.  It then helps the user to manually match those 50 deals that the
primary match engine could not.  This whole process, if it were purely
manual, would take more than a day.  Using excel spreadsheets (and sort
functions), Enron currently spends 4 to 8 hours per month matching Sempra
invoices. FIX allows the user to perform all matching in about 10 minutes.

Our next deliverable is the Confirm Central module v1.0, due 1 December.  We
anticipate delivering it on time, as we have with FIX.

All the best,

Tom


At our last meeting, we identified several impediments to participating in
the aggregation programs in Northeast Ohio.  They included the uncertainty of
the shopping credit and the requirement for load following on 500-600
megawatts of capacity in Cleveland and possibly 2000 megawatts in Norheast
Ohio, where we have no generating capacity and no pool exists.  At the
conclusion of the meeting, we decided to try and find out if there are other
serious non-Ohio affiliated bidders out there before we took more aggressive
measures on why municipal aggregation doesn't work.

I have spoken to George Pofok at Cleveland Public Power who stated that he
has spoken to 12 power marketers and 1 power broker.  He has received a
number of bids below the shopping credit from suppliers who are both
affiliates and nonaffiliates.  He said that about three or four of the
bidders have voiced concerns about getting firm transmission service into
FE.  (Once the power reaches FE, under the Ohio settlement, they will treat
it like their own native load).  An equal number of marketers have also
expressed concern about the load following issue. Pofok's view is that
without generation in the region, it will be difficult to play in this
market.  He noted that in 3-4 years, Orion will be a major player once the
buy-back is completed.  Further, he believes that the problem is not as much
one of insufficient generation as it is of insufficient transmission and that
"paper solutions" will not solve the problem.  Jeff and I will be meeting
with him to discuss transmission issues.  (Pofok is also Chairman of the
Board of Amp-Oh).

Our competitors who are proposing/building capacity in Ohio include:
Cogentrix, Dominion, DPL Energy, Dresden, Duke, Entergy, Ohio National Energy
and  PG&E National Energy Group.

With regard to aggregation in FE service territory, I see three options which
are as follows:

1.  Do not compete in that market for aggregated load
2.  Reconsider building generating capacity in the FE service territory
3.  Bid on aggregation and take the risk for balancing or sign a network
operating agreement

With respect to the third option, preliminarily, it appears that under FE's
regs, if you don't have power within a control area's control, you have to
sign a network agreement.  I am in the process of obtaining that agreement to
see if that gets us over the hurdle, since if we signed the network
agreement, we would not have to worry about load following, (depending of
course on the price).  Point to point is only available to retail customers
taking service at 69 kv and above.

The other point with regard to balancing is that under the FE settlement, as
long as the system is balanced within 88 MW, there is no penalty,  A payment
of the cost to the utility would be required if the system was out of balance
by more than 88MW (based on FE's L-sub 10 limit) and our contribution to the
system was in the same direction as the imbalance.  Cash out is at market
price  with no penalties.  Market price is calculated as the incremental cost
to FE to buy the power if we are short or the sale price if we are long.
Penalties attach if there is a pattern of frequently being out of balance.
Under the FE agreement, we would schedule a day ahead but could change that
schedule up to twenty minutes before each hour which should help manage the
risk of getting into an imbalance situation.  This is very close to how we
managed the deal we did behind Duquesne.

One other issue I am looking into is ancillary services.  It appears in the
Alliance RTO filing that the intention is to require suppliers to pay for
ancillary services associated with retail services whereas the utilities
would not.  In the FE supplier tariffs, it indicates we must pay for
transmission and ancillaries, but in the retail tariffs unbundling service,
the transmission and ancillary charges are broken out and appear to be
included in the cost the customer pays the utility (minus the shopping
credit).  I asked Rick Hornsby of Tabors and Associates to look at this to
see if there is a double counting or an argument that could be made to keep
suppliers and customers from paying the same charge twice.  He concurred that
there appears to be a double counting.  I have written up an argument on this
which is being included in a pleading we are filing today and am also talking
to staffers about it.  This would improve the economics of any aggregation
deal we might do.

As soon as I get the network agreement, I will let you know.  Please let me
know your thoughts about how we ought to proceed.

Janine


Attached is an invitation to the Summer Picnic this Saturday, June 23 from
4:00-9:00 pm at the Regal Ranch.  Many of you may have already received this,
but I wanted to extend my personal invitation to you.  This is a really fun
activity, and has traditionally been one of the best opportunities to visit
with our Program participants on an informal basis.  This is a family outing
with lots of activities for the kids, and you can come and go as you please.

Please make an effort to attend on Saturday, even if you can only join us for
a little while.  Feel free to pass this invitation on to other executives in
your business unit.  The Analysts and Associates tell us that this type of
exposure to our business leaders helps drive excitement and enthusiasm within
the Program.  Your support of events like this is incredibly valuable, and
appreciated.

If you can join us, please rsvp to Jackie Coleman by email, or at extension
x54070.

Thank you,
Billy


I got a call from the Lower Colorado River Authority today asking us if we
would like to put a power enabling and ISDA Master Agreement in place with
them.  I spoke to Liz Sager and it appears we have already done a physical
power trade with them.  Of course, we can still not do financial trading
until we run through all the hoops with them.  I don't know who you directed
your marketing package to, but he wanted some information on online trading
and I said we would send him a packet.

Richard Ramirez
Fuel and Energy Risk Management
Lower Colorado River Authority
3701 Lake Austin Boulevard
Austin, Texas  78703

Thanks!


We know about this don't we Judith!!!

---------------------- Forwarded by Chris Germany/HOU/ECT on 01/12/2000 06:51
PM ---------------------------

Brenda H Fletcher
01/12/2000 09:19 AM
To: Judy Townsend/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT, Dan
Junek/HOU/ECT@ECT
cc:
Subject: Storage Demand Issue

FYI - You may already be aware of this but I'm passing this on in case you
didn't know this.

BF

 ---------------------- Forwarded by Jeff Coates/HOU/ECT on 01/12/2000 09:08
AM ---------------------------
From: Dave Nommensen on 01/10/2000 02:02 PM
To: Jeff Coates/HOU/ECT@ECT
cc:
Subject: Re: Storage Demand Issue

Storage deals require a meter on both the injection side and the withdrawal
side in order to bridge - even if there is only a demand charge.
A zone is not enough, it must have a meter.  Let me know if that works.

d.n.

	Enron North America Corp.

	From:  Jeff Coates                           01/10/2000 01:52 PM

To: Dave Nommensen/HOU/ECT@ECT
cc:
Subject: Re: Storage Demand Issue

The deal was entered on friday 1/7,  and your right it never bridged over to
Unify.  I don't understand the location question,
the deal was set up like all other storage tickets.  I'm just trying to get
the demand to download so VM can draft it.


Hi Kathleen,

I want to get Laura Luce to direct us to give Gregg signing authority.  As
you know, the request for Ben came from Janet, not Ben. I'll check with her.
do you have the LLC agreement to see how changes are handled?  If not, you
can get a copy of my copy.  It is not a standard agreement.

On the CA, please make the effective period two years from the latest
disclosure of info, and the disclosures will be ongoing. I don't have the CA
in front of me, but does it say that Peoples has to get their consultants to
sign a CA as well?  It is a good question.

Ta ta for now,

Kay

	From:  Kathleen Carnahan                           11/08/2000 08:27 AM

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

Subject: Re: enovate stuff

Kay,

Gregg posed an interesting question yesterday regarding the Confidentiality
Agreement.  If Peoples supplies our confidential information to Arthur
Andersen, and someone from AA tells the world our secrets, would Peoples be
on the hook pursuant to our CA?  I guess one way we could take care of this
would be to include Arthur Andersen on Schedule I of the CA as one of
Peoples' Representatives.  Any thoughts?

Also, I will work on getting Gregg signing authority re his message below.

Kathleen
---------------------- Forwarded by Kathleen Carnahan/NA/Enron on 11/08/2000
08:16 AM ---------------------------
From: Gregg Penman on 11/07/2000 04:15 PM
To: Kathleen Carnahan/NA/Enron@Enron
cc: Kay Mann/Corp/Enron@Enron

Subject: Re: enovate stuff

Kathleen - This e-mail should aid in the preparation of the Board
Resolutions.  The attached file lists the appointment changes.  As for my
signature authority, I am expecting that I would need to sign on behalf of
enovate, L.L.C., Enron MW, L.L.C. and I suppose Enron North America by
association.  The dollar amount can be set as low as practical.  I think in
the L.L.C. agreement the Board reserves the right to approve contracts in
excess of $50,000.  The real need is for pushing paper such as CA's, Master
Purchase Agreements, etc.  Here is another question, if my authority is
limited, who has the authority to sign in excess of my limit?  Laura Luce
previously had such authority as General Manager (she is a VP at ENA).  If
she now becomes the Board Member, can she also sign on behalf of enovate?  If
so, is that because she is an officer of Enron MW or because she is a Board
Member (i.e., can Peoples Board Member sign on behalf of enovate)?

Thanks - Gregg
----- Forwarded by Gregg Penman/Corp/Enron on 11/07/2000 03:47 PM -----

	Gregg Penman
	10/31/2000 11:50 AM

		 To: Kay Mann/Corp/Enron@Enron
		 cc:
		 Subject: Re: enovate stuff

1)

3) I think we want it to apply to whatever entity employs the individuals
with access.  Most of these people will probably Peoples Energy Corp.
employees, but I suppose we could make it also include all of their
affiliates.  enovate can sign the CA as well, but since enovate doesn't have
any employees I was assuming we could use Peoples Energy as the responsible
legal entity.

4) After 3:00 is fine, let me know for sure soon enough that I can lock Sarah
up.

Thanks,

Gregg

	Kay Mann
	10/31/2000 11:29 AM

		 To: Gregg Penman/Corp/Enron@Enron
		 cc:
		 Subject: Re: enovate stuff

1)The cybergoblins ate the attachment.
2) OK
3) Which Peoples is it?  Also, I think enovate should sign at CA.
4)  I sent Heather an email re her availability.  There's a bunch of
construction near downtown, so I would hesitate to commit to an early call,
but I know I'm free after 300 tomorrow.

Kay

From: Gregg Penman on 10/31/2000 11:25 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: enovate stuff

Kay -

1) Attached is my quick attempt at writing something to make the management
changes at enovate that we discussed.  Could you please review this and add
the appropriate legal language.  I don't think that we need any Board
approval for any of these changes, so is some type of notification sufficient?

2)  I would like to address the idea of signature authorities other than
Laura at the same time.  My suggestion would be that Richard and myself be
granted some level of authority to execute CA's, Master Agreements, etc. that
have been reviewed and approved by legal.  If you can at least pull the
template you used to get approval for the Director you mentioned and see if
there would be any changes necessary that would be helpful.

3) I need to get the CA form for the curves and other information started.
We can discuss this any time you want.

4) What is your availability tomorrow either 8-9:15 or after 3:00 to discuss
the intercompany loan agreement, and will Heather be available?

I will be leaving around 2:00 for suburban trick or treating.

Thanks,

Gregg


Today we concluded our investigation concerning the resignation of Jenny Lu.
We spoke to a total of five employees. Two were suggested by Jenny  Lu
(Vanessa Schultz and Wally Kinden) and three suggested by Joel Henenberg
(Mary Gosnell, Bill Hare and Connie Sutton). The investigation did not
uncover anything that would change our determination to accept Jenny's
resignation.

Therefore, Effective November 13, 2000,  We accepted Jenny Lu's resignation.
This was communicated to Jenny  Lu by Hector McLoughlin.  Hector McLoughlin
will be providing you with a verbal synopsis of the investigation. Please
feel free to call Hector or me if you have any questions.

Frank deJesus


Ditto Credit.

	Tana Jones@ECT
	04/02/2001 09:10 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 03-30-01

----- Forwarded by Tana Jones/HOU/ECT on 04/02/2001 09:09 AM -----

	Walter Guidroz/ENRON@enronXgate
	03/30/2001 04:01 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global Contracts and Facilities@ENRON, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications
		 cc:
		 Subject: EOL approvals, 03-30-01

Please see attached.


Members You can participate in the tradition of membership by sponsoring a
new member into the club and having your name put into the drawing for
great giveaways. To name a few, "a year of complimentary dues; a day at
Bella Rinova Spa"
    The next drawing will be at the Traditional Member Holiday Party on
                        December 3, 2001 @ The Met

                           Contact membership at
                       713.652.0700 or 713.890.8823
             for Information on a Special Initiation Fee Offer
                 for New Members Through October 31, 2001.
   The Downtown Club's Customary Initiation Fee will be Satisfied with a
                              Donation to the
         New York Police & Fire Widows' & Children's Benefit Fund

                         Friday, October 12, & 26
                            Friday, November 2
              Learn Basic Salsa, Merengue, Cha-Cha and Mambo
                            with Gerald Morris
       Two-Time World Dance Champion and Ten-Year Year Studio Owner
                                Center Club
           Six Two-Hour Sessions (Come for One or Come for All)
                       $300.00/couple  $60.00/class
                       $150.00/singles  $30.00/class
         Happy Hour with Complimentary Draft Beer, Wine and Snacks
        Gerald Morris will teach couples two-step, polka, and waltz
              Reservations:  Kelley in Athletics 712-654-0877

                            Tuesday, October 23
                            Special Day of Golf
                       At Houston Area Golf Courses
                           All Proceeds Benefit
      The New York Police & Fire Widows' and Children's Benefit Fund
                  Visit or Call the Club for More Details

                           Thursday, October 25
                       Chef Russell's Cooking Class
                                Center Club
                                 6:00 p.m.
                     Reservations:  Rudy, 713-654-0877

                           Thursday, October 25
                        Budget, Balance, & Beautify
                                  The Met
                                 7:00 p.m.
                       Food Demonstration & Tasting
                           Reservations Required
                               713-652-0700
                                   Menu
                                   Soup
             Garden Fresh Cauliflower and Roasted Garlic Soup
              Cinnamon Scented Roasted Butternut Squash Soup
                                   Salad
                Crisp Cucumber and Vine Ripe Roma Tomatoes
                            With Bermuda Onions
                  Tossed in Fresh Lemon-Dill Vinaigrette
                                  Entree
                Herb Rubbed Lemon-pepper Breast of Chicken
                    Wrapped in Whole Wheat Phyllo Dough
                     Hand-Selected Fresh Field Greens
                      Tossed in Raspberry Vinaigrette
                       Fresh Grilled Halibut Fillet
                         Orange Chili Pepper Glaze
                        Garden Vegetable Cous Cous
                              Accompaniments
                             Ripe Mango Salsa

                           Saturday, October 27
                              Halloween Party
                                  The Met
                             8:00 - 12:00 p.m.
               Food, Costumes, Awards, Music Drink Specials
                          $10.00 Cash at the Door
                          Benefits "Small Steps"
                 A center for at risk inner city children
            For more information and for reservations, contact:
                       Keith Robinson 713 -652-0700

                           Saturday, October 27
                                 Sky Dive
                 Meet at the City Club (by Compaq Center)
                                 7:30 a.m.
                            Sky Dive Spaceland
                         Rosharon, TX (30 Minutes)
                      One Hour of Training, Then You
                                   JUMP
                    Tandem, with a 1 minute "free-fall"
              Join Members from The Downtown Club, City Club
              and University Club for This Great Opportunity
            For more information and for reservations, contact:
                       Kristin Hawkinson @ City Club
                               713-840-9001

                               LUNCH SEMINAR
              "THE FUTURE OF INVESTMENT and ESTATE PLANNING"
                               Presented by:

                         Laurie A. McRay, CPA,RIA
       Principal Investment Officer ? McRay Money Management, L.L.C.
Ms. McRay will cover investment planning topics, retirement planning under
              the new tax act, state of the economy and where
                              to invest now.

                           Scott A. Morrison, JD
               Estate Tax Attorney ? Brown McCarroll, L.L.P.
                          Mr. Morrison will discuss estate planning topics
                      under the new tax act, education planning with 529
                      plans, estate and gift tax planning
                                  plus more informative topics

                               Date & Time:
                  Tuesday, October 30, 2001 at 11:30 a.m.

                                  Where:
                       The Downtown Club at the MET

                                   RSVP
                                713-652-0700
                       281-788-0817 or 713-861-8253
      Limited seating available.  Please feel free to bring a friend.
                    Luncheon cost is $20.00 per person
                     1 hour of CLE/CPE credit provided

                    St. Luke's Life Enhancement Program
      For More Information, Times or Reservations, Call: 713-791-8680

                             Blood Screenings
                             November 15 (Met)
                         December 13 (Plaza Club)
  Choice of: cholesterol* (with or without glucose), thyroid screen, full
 wellness profile*  (basic chemistry, cholesterol, glucose, complete blood
 court + thyroid, cancer screens, hepatitis panel, HIV screen, blood type
                  *12-hour fast required for these tests

                           Downtown Blood Drive
                          November 6 (Plaza Club)
                             December 19 (Met)
        Participants receive a free T-shirt plus drink and cookies.
       Blood type & total cholesterol reading will be sent via mail.

                            Mobile Mammography
                           October 30 (Plaza Club)
                              December 7 (Met)
This program requires advance registration & doctor's orders for women aged
                                   35 +.
    Please have your paper work into St. Luke's two weeks prior to your
                               appointment.
          Insurance will be accepted (when approved by your plan)

                          Osteoporosis Heel Scan
                          November 4 (Plaza Club)
                        For men or women ages 25 +.

                        CPR Certification Training
                          October 26 (Plaza Club)
                            Adult Infant/Child

                             Also available...
                         Smoking Cessation Program
    Wellness/Nutrition Counseling (by registered nutritionist and/or RN)
                         Personal Wellness Profiles
                              Fitness Screens
                        Infra-red Body Fat Testing

                           Bella Rinova Day Spa
                                 New Hours
            Closed Mondays (Massages available by appointment)
                   Tuesday - Wednesday, 11 a.m. - 8 p.m.
                    Thursday - Friday, 9 a.m. - 8 p.m.
                         Saturday, 9 a.m. - 4 p.m.

                   Complimentary Fall Updates Available
          Choose New Make-Up Colors to Enhance Your New Wardrobe
     Call 713-571-9216 to schedule your complimentary fall update and
                               application.

For those mid-week blues, try...

Squash Night -- Margarita Mixers
Every Wednesday night is squash and margarita night at the Met!
                 All Members and their guests are welcome.
                             6:00 - 8:00 p.m.
                             $10.00 Entry Fee

And Mark Your Calendar for These Upcoming Events ...

                           Thursday, November 1
                              Wine Committee
                                 6:00 p.m.
                            Houston Center Club

                        Friday, November 9, 10, 11
                              Squash Classic
                                  The Met

                           Saturday, November 10
                    Paintball Vs. City Club and U-Club
                        Contact:  Jennifer Mangini
                               713-654-0877

                           Thursday, November 15
                      Annual Nouveau Beaujolais Wine
                              Cocktail Party
                                   Plaza
                           5:30 p.m. - 7:30 p.m.

                            Monday, November 19
                            Order Turkeys To Go
                            Houston Center Club
                           Pick-Up by 5:00 p.m.
                          Wednesday, November 21
                               713-654-0877

                           Thursday, November 22
                            Thanksgiving Brunch
                                Plaza Club
                                 11-2 p.m.
                               713-225-3257

(See attached file: cycle studio-a 2001.doc)           (See attached file:
multipurpose studio C 2001.doc)                               (See attached
file: soft studio -b 2001.doc)             (See attached file: october
center club schedule.doc)

 - cycle studio-a 2001.doc
 - multipurpose studio C 2001.doc
 - soft studio -b 2001.doc
 - october center club schedule.doc


I'd be happy to give you some specific feedback on this project.  I think you
did a good job of bringing some focus to a project that badly needed focus.
I was particularly pleased with how you vectored off from what started out as
a computer system enhancement project and instead you brought home a solution
that allows us to improve things immediately with manual processes and then
upgrade to a system if we choose.  You showed a lot of creativity and
flexibility in adapting to the changing project focus.  I really valued your
thoroughness in getting input from all interested parties.  Your legwork up
front made it a lot easier to get needed buy-in when we finally brought
management in.  The product was timely and I expect it to deliver on my
expectations, although the implementation will be the key.  Thanks again for
the good work, and expect me to be a frequent customer.  DF

Sarabeth Smith
01/17/2000 12:10 PM
To: Drew Fossum/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON
cc: Mike McGowan/ET&S/Enron@ENRON

Subject: Feedback on Document Controls Investigation Project

Now that the investigation of documents has been completed and a general plan
of action has been agreed upon by the various departments involved, the
Document Controls Investigation Project has drawn to a close.  As I have
indicated to Contract Administration, I am available to assist them as they
deem necessary in further detailing and implementing the new enhancements to
the contracts process.

At the close of a project, it is always good to gain feedback from the
project sponsors and look for ways that Business Consulting/Business Services
can be even more effective within the ET&S organization.  With this purpose
in mind, Drew and Julia, would you be willing to send your comments to myself
and/or Mike McGowan on the following:

Did the end result of the project meet your expectations?
Did the end result meet the objectives outlined in the project scope?
Were you able to accomplish what you intended as a sponsor of the project?
Was the project delivered in a timely manner?
Any other comments that might be valuable for leadership or participation in
future projects by Business Consulting/Business Services?


Dear Equity,

Good morning,

Much like the Yankee's last night, there are some signs the economy may
pull out a bottom of the ninth inning win.  Our surveys are up to just
about where they were before 9/11, the auto survey is strong on incentives
and is now joined by the retail survey, M3 has surged $158 billion, the
market is up about 11% from 9/11, and now Tom Gallagher and Andy Laperriere
expect the new stimulus package to be as much as $100 billion.

The EMM today highlights the positives and of course the negatives as well.
 The three main concerns: falling commodity prices, a surge in layoff
announcements, and corporate earnings (or lack thereof).  But we still
expect inflation to slow quite a bit, and this coupled with oil and rates
falling, plus very low inventories should make for a good 2002.  I would
say that we are basically looking for a "lower case 'v.'"

In the political report, look for more on why Tom and Andy expect $100
billion in new stimulus, versus $75b.  This brings the total stimulus to
$225 billion in 2002.  Also, don't miss the "in depth" section on
Healthcare.  There is a good possibility the Medicare drug benefit never
happens.

Finally, I resisted all last week and I just can't hold back any longer.  I
would like to congratulate Ed, who received top ranking for the 22nd
straight year from Institutional Investor.  Nancy was also mentioned, and
very exciting, our political research group took number one for the first
time.  Congratulations.  And thank you!  They couldn't have done it without
the fans.

Have a great week.

	TABLE OF CONTENTS

p.3....ISI COMPANY SURVEYS BOUNCE BACK

p.6....2002 Inflation Slowdown Is the "Highest
	Probability Aspect" Of Our Forecast

p.7....2002 GROWTH LIKELY TO SURPRISE
	(From A Lower Base)

p.11...4th Week For End-Of-Recession,
	Liquidity Driven, S&P Strong Advance.

p.13...Weak Commodity Prices Suggest Weak 4Q Earnings

p.15...Nominal GDP May Be Contracting

Please click below for the entire ECONOMY, MONEY & MARKETS report.

http://www.isigrp.com/isip/lib21/1455/31632/10-22emm.html

If you have problems working with PDF files integrated in your browser,
then click below to access the link in a way that will let you save the
file to disk before viewing or printing it.

http://www.isigrp.com/isip/down/1455/31632/10-22emm.pdf

	All the best,

	Freddy Victoria
	212/446-9413


All -

Our challenge for the next few months is to build an automated system to
provide differential pricing on thousands of credits [5,000 by year-end].
Most of these credits will be illiquid in terms of market price information,
making the challenge harder, and the end result more important in terms of
competitive pricing advantage. What we need is an overall strategy for how we
plan to achieve this from the quantitative perspective.

Currently we have several models for credit pricing either in use or under
development:
FMC Model (default probability approach). Using Bloomberg's Fair Market (par
yield) Curves, probabilities are generated from the risky-LIBOR, then
default/bankruptcy swap prices computed using expectation methodology.
FMC Model (credit spread approach). Using the FMCs, then directly taking the
LIBOR credit spread at each tenor, adjusting for basis and compounding
differences.
Bond Model (FMC approach). Taking the FMCs as benchmark curves, the model
regresses the input bonds (specific to a name) on the two best fitting
benchmarks. The result is a zero yield curve with the same shape as the FMCs,
but with the level tweaked for the specific issuer. Prices are then generated
using both spread and probability approaches. Under testing.
Bond Model (spline approach). Taking only the bonds specific to an issuer,
the model fits an exponential cubic spline to the zero-coupon price curve,
then builds a zero yield curve from this. Under testing.
Market Prices. For certain liquid names, or sectors/ratings, CDS market
prices are used, then recovery and event discount used to get bankruptcy swap
prices.
KMV. Using Expected Default Frequencies (EDFs) from the KMV model and
database, we will build a model to price default swaps, making appropriate
risk adjustments. KMV is being installed now, so model will be worked on next.

Each of these models returns a price (credit default and bankruptcy), and the
accuracy of the price depends on many factors - liquidity and regulatory
differences between bond and CDS markets, recovery assumptions, risk premia,
capital charges, etc. The aim will be to accurately price as many liquid
names as possible, based upon these models, then use these prices, alongside
other financial information, as the backbone to a full automated pricing
system.

Our inputs to the proposed pricing system for a specific name are model and
market prices for all issuers, alongside name-specific 'soft' data from
credit reports and financial statements. If the credit is liquid enough, a
price will be generated from their own information only. Otherwise, the
credit will be mapped onto a subset of liquid credits, with financial
information and historical price movements providing the mapping and weights.
The model price will then be periodically adjusted to align itself with
market (or trader) prices, and this adjustment will feed back into the
weighting and mapping composition. In loose terms, we could think of the
system price for an illiquid credit as being a weighted average of liquid
market prices (bonds, equities, default swaps), where the weightings are
calibrated using credit analysis, financial ratios, etc.

The key steps to implementing such a system will be:
Establishing what exactly we want to 'predict' - is it a price, a rating, a
probability, or a score? We will need a clean market history to calibrate to,
which we only really have for ratings. We will then need to develop a mapping
from rating/score to price.
Getting and cleaning the historical financial and credit data required to
calibrate the model.
Building the mechanics of the model, ie, the calibration methodology. Neural
nets/fuzzy logic seem the obvious candidates, but which exact methods and
software packages to use?
Determining an automated methodology for mapping names with limited
information into the model.
Getting the "true" market price, in order to feed back an error. At present
such a price exists for very few credits.
Allocating resources to the development. McKinsey claimed such a system would
take 6-10 man-months to develop.

Further ideas or comments are requested, as we need to develop our strategy
asap. The model description above is fairly vague, as we don't yet have the
knowledge needed to fill in the specific details. Further help will be
especially required on this if we are to continue to move at 'internet speed'.

Regards

Ben


Your SAP user ID is P00501250.  Your initial password is your birthdate in
YYYYMMDD format.    808333
---------------------- Forwarded by Scott Becken/Corp/Enron on 08/15/2000
07:12 PM ---------------------------

	From:  Eric Bass @ ECT                           08/15/2000 10:15 AM

To: SAP COE/Corp/Enron@Enron
cc:

Subject: SAP Logon ID and Password

How do I go about getting my logon id and password?  I seem to have deleted
the e-mail that was sent out.

Thanks,

Eric Bass
x30977


I would like a view - could you talk to S&C too.
Thanks
Louise
---------------------- Forwarded by Louise Kitchen/LON/ECT on 15/11/99 19:04
---------------------------
From: Bryan Seyfried on 12/11/99 17:54
To: Joe Gold/LON/ECT@ECT, Louise Kitchen/LON/ECT@ECT, Richard
Lewis/LON/ECT@ECT, Jonathan Whitehead/LON/ECT@ECT, Niamh Clarke/LON/ECT@ECT
cc:

Subject: E Credit Trading

When you get a chance, have a quick read.  John got approval on Wednesday
from Skilling and Whalley to move forward quickly.  We have committed to
quoting on 200 reference credits, in 6 countries using Enron Online by 15
Jan.   As we intend to quote two-way prices on your biggest customers, in
addition to everyone else, I want to make sure that we evaluate all of the
implications.

 Pls. let me know your thoughts.

bryan


Scott,

Please take me off the e-mail distribution list...I receive the charts, etc.
from others here.

Thanks,

Fletch Sturm
Enron


Pete,

	I like the hell out of your idea.  I understand that you are going to continue the significant amount of spadework you have already done on the malpractice insurance and unauthorized practice of law issues, as we discussed.  If you can get those issues worked out and get management approval (and let me know how I can help with that), I will volunteer to take a case and will fly up to New York.

	Go, man.

	Britt


Please see response from Craig Young

Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 24/10/2000 08:58
---------------------------

Craig Young
23/10/2000 18:03
To: Justin Boyd/LON/ECT@ECT
cc: Alfred Pennisi/NYC/MGUSA@MGUSA, TJ Pimpinelli/NYC/MGUSA@MGUSA

Subject: Re: Enron Metals

Enron Trading Services Inc. will be acting as an IB/ FCM/Agent for internal
and external clients

EOL
Futures
Swaps

I would anticipate that we will leverage EOL and our client relationships
across most if not all of the commodities. Many of these commodities have
historical futures arbitrage between NY and London ---- an arbitrage
opportunity between markets and clients for Enron

Base Metals
Precious Metals
Energy
Softs

Craig Young

Justin Boyd
10/23/2000 09:29 AM
To: Alfred Pennisi/NYC/MGUSA@MGUSA
cc: Craig Young/NY/ECT@ECT, TJ Pimpinelli/NYC/MGUSA@MGUSA
Subject: Re: Enron Metals

Al

I would be grateful if you could provide me with responses to Mark Taylor's
questions.  My e-mail further below should give you further background
information.

Thanks.
Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 23/10/2000 15:28
---------------------------
From: Mark Taylor on 17/10/2000 09:19 CDT
To: Justin Boyd/LON/ECT@ECT
cc: Alan Aronowitz/HOU/ECT@ECT, Janine Juggins/LON/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT

Subject: Re: Enron Metals

Justin:

Do you know what other business MG London Inc. is or anticipates doing with
these same counterparties?  It may make a difference if they are acting for
these customers as an FCM.

Mark

	Justin Boyd
	10/16/2000 05:22 AM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT
		 cc: Janine Juggins/LON/ECT@ECT
		 Subject: Enron Metals

Gentlemen,

I met with Craig Young (MG US) last week, who is keen to progress metals
business with large US corporates (e.g. Anheuser Busch), on the following
basis:

o Assume ENA and US Corporate are existing parties to ISDA/Credit Support
Documents (the "Master").

o ENA and US Corporate would agree to expand range of OTC products to include
OTC metal derivatives under the Master.  The principals to the metals trades
would therefore be the US Corporate and ENA.  These trades would however be
"arranged" by MG London Inc. (an FCM) as "arranger" in the US for ENA.

o Enron Metals Limited (EML) from London would agree to provide metals prices
to ENA and/or MG London Inc. in the US, and in return receive a commission
from MG London Inc.

o ENA would back-to-back OTC metals derivatives with EML via an intra-group
ISDA Master.

Look forward to your views.

Thanks.
Justin


i will be in for cancun for sure.


Due to a change is Sara Shackleton's schedule she will not be able to attend
the meeting March 6 to discuss possible plans for authomation and web
enablement of FX deals.

Kaye Ellis for
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


Mark:  I left you voice mail last week regarding a due authorization opinion
from ENA to Statoil (for execution of a master).  Will you or Haedicke sign?

Also, who signs an enforceability opinion (under either NY or Texas law)?

Thanks.  Sara


EFF_DT PORTFOLIO_ID DOWN95
1/5/01  MANAGEMENT-CRD 24,752.
1/5/01  MANAGEMENT-GAS 220,002.
1/5/01  MANAGEMENT-PWR 127,715.
1/5/01  AGG-MANAGEMENT 330,482.


John:  Hi, there!  As you are aware of the structuring for tax purposes,
until the U.K. corporate agent is actuallly formed, there is nothing further
that I can do.  That formation should happen today or tomorrow.  With the
actual name and agreements with ENA and ECT Investments, Inc., I can provide
that information to Instinet and the other trading platforms you are
interested in transacting on.  Just FYI, the Instinet people are merely
waiting for the agent agreement in order to proceed.

Please let me know if you have any further questions.  Sara