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Interesting!  Did she say why she was trying to call you at home?  I don't
care if you tell where you have been, unless you think it would make things
awkard between you. Probably not a good idea overall though.

	bswaldrop@aol.com
	03/21/2001 04:05 PM

		 To: Gerald.Nemec@enron.com
		 cc:
		 Subject: Help

Cynthia just walked by me downstairs and told me that she has been trying to
call me for the past two days at home.  She said that I am never home.  Do
you think that I should tell her where I have been?

So, I guess that explains the blocked #'s that I have been getting on my
caller id!


Angelika,

Thanks for the invitation.
Yes, I shall be glad to attend and repeat the same presentation.

Vince

Angelika Staude <AStaude@iirltd.co.uk> on 04/09/2001 04:19:08 AM
To:	"'vince.j.kaminski@enron.com'" <vince.j.kaminski@enron.com>
cc:
Subject:	PoweRisk 2001 - Your Invitation

PoweRisk 2001

The Global Premier ForumforEnergy Trading & Risk  Management

 6th - 9th November  2001, Paris

Dear Mr Kaminski,

I am responsible for the programme of this year's  PoweRisk conference in Paris. Helyette Geman has informed me that she has  contacted you concerning the workshop and that you are happy to do it with her  again this year - brilliant!

I would like to know if you are also interested in  delivering a paper again. The audience in previous years greatly appreciated  your contribution, and I would me more than happy if you could join us again.

To give you an idea of the programme so far, these are  the ("technical") topics that are already covered:

Chris  Strickland: Forward Curve Models with Jumps for the Pricing of Exotic Energy  Contracts

multi-factor forward  curve models for the valuation of energy contracts
adding jumps
applying the models to  exotic energy options
extensions to multiple  energy contracts

Les  Clewlow: Valuation and Risk Management of Virtual Power Stations and Gas  Supply Agreements

Structures of  Gas Supply Agreements (GSA)
Relationships  between Physical and Virtual Power Stations (PPS/VPS)
Valuation  methods for GSA's and VPS's
Risk Analysis of GSA's  and VPS's

Derek Bunn, Professor of Decision  Sciences, LONDON BUSINESS SCHOOL: Analysing The Impact Of NETA On  Market Efficiency & Volatility In The UK Energy  Market

Chris Harris,  Director of Market Development.Operations and Engineering, INNOGY: Applying  Cutting-Edge Portfolio Management Theory In Order To Optimise Your Risk Exposure

Establishing  and valuing the key factors using a bottom up approach
Looking at  the interconnection between key factors
The treatment of the risk  of infrequent but high impact events

Peter  Nance, Principal, TEKNECON: Combining Power  Systems And Monte Carlo Simulations For Effective  Pricing

Dan  Mansfeld, Head of Risk  Control,  VATTENFALL:  Assessing The Benefits And Risks Of Using  Derivatives As Part Of Your Risk Management Strategy

Spyros  Maragos: Analysing New Approaches To Building Forward Curves From Available  Market Data

Tamara  Weinert, Credit and Contracts  Manager, MIRANT  ENERGY: Successfully Measuring & Managing Credit  Risk

What is  Credit Risk?
Major changes  in the industry and their impact on Credit Risk
Effects of  new risk profiles on credit appetite: Credit analysis; Limit Setting; Risk  Reducing Structures
Importance of Credit in  the Organizational Structure: Reporting; Dependence; Structure of Credit  Department

Brett  Humphreys: Examining Cutting-Edge Credit Exposure Mitigation Tools: Combining  Counterparty and Portfolio Credit VaR Techniques

Helyette Geman: Pricing of exotic energy derivatives and structured  contracts

Please let me know if you are interested  in joining the PoweRisk 2001 speaker panel, and which topic you would like to  cover. I think that something along the lines of last year's talk (State-of-the-Art Volatility And Correlation Estimation  Techniques For Multiple Energy Portfolios)  would be brilliant again, but please  feel free to chose something else that has not been covered  yet.

I look forward to hearing  from you,

Kind Regards,
Angelika  Staude

Director PoweRisk  2001

Tel: 0044 207 915  5675
Fax: 0044 207 915  5101

PS: For your information, please find enclosed a list  of confirmed speakers for PoweRisk 2001.
 - Confirmed Speakers.doc


Kal:
As we discussed, enclosed is a draft of the letter.  Please review and make
sure that I have accurately described what will take place and if you find
acceptable, please forward on.  If any changes need to be made please call me
at 33989.
carol


I'm ready, are you?  Did you get my message about Dad?  I don't want you to
worry but he will have to be in bed with his leg elevated for a week.  Send
him a nice note, o.k?
----- Original Message -----
From: <Eric.Bass@enron.com>
To: <shusser@enron.com>; <dfranklin@hanovermeasurement.com>;
<Jason.Bass2@COMPAQ.com>; <daphneco64@bigplanet.com>;
<lwbthemarine@bigplanet.com>
Sent: Tuesday, November 14, 2000 3:09 PM
Subject: check it out

> http://www.telski.com/tandp/extras/photo_of_day/index.html
>


Alison, better send me what you have via fed-x or fax (505) 627-8172.  I have
spoken to Bill about this.  We need to send a check to the agency to cover
ourselves prior to the April 30 deadline. I beleive that EOTT is responsible
for paying the fee.  I have left a message with Larry Fensted and  his
associate Ruth Ann and expressed the need for the $416.00 check by 4/1.

From: Alison Campbell@EOTT on 04/26/2001 10:52 AM CDT
To: Larry Campbell/ET&S/Enron@ENRON
cc: William_Kendrick@Enron.com@Eott

Subject: Re: Hendrick Wink Tank Farm

I didn't forget about you.  I was trying to verify which facility you were
asking about since there are several Hendrick and Wink facilities on my file
list.  I was able to verify that an EOTT "PLP" check in the amount of $416.00
was cut on 10/29/99 to pay the FY 2000 Emissions Fee (9/1/99 - 8/31/00) for
Hendrick/Wink Station (TNRCC Account # WM01910).  However, there is no
evidence of payment for FY 2001.  I believe, though, that Craig Willoughby of
ENTRIX did some work on emissions for at least one of the Hendrick facilities
while he was working for EOTT last year.  I left a message for him a couple
of days ago but haven't heard from him yet.  I think that whatever he put
together is in the ETS file.  I've left a message for Kerry Fields to check
the ETS files for information.  Bottom line:  Looks like the invoice you have
does need to be paid, but which company is responsible for this fee?

P.S. Would you like a copy of what I found?

Alison Campbell
Fleet Operations
Phone:  (713) 993-5088
Fax:  (713) 402-2842
Email:  alison.campbell@eott.com

	Larry Campbell@ENRON
	04/25/2001 03:33 PM

		 To: Alison Campbell/Houston/Eott@Eott
		 cc: William Kendrick/OTS/Enron@ENRON
		 Subject: Hendrick Wink Tank Farm

Alison, have you found out anything about the above referenced?  The deadline
for submitting the FY 2001 emissions fee is April 30.  The TNRCC can levee a
fine on the facility if we dont provide them with some informaiton pretty
fast.  Your assistance in this will be appreciated.


Everyone-

I will be out of town until Friday (will be in office Friday mid-morning) and then we will be in Belize from the 6th to the 13th.

We will be staying at:

VICTORIA HOUSE RESORT
P.O. Box 22
Ambergris Caye, Belize
Central America
Tel: 501-262067
Fax: 501-262429

The best way to reach me is probably via my home e-mail (drherndon@aol.com) I will be checking this via internet cafe at least twice a day.  Feel free to call the hotel and leave a message as well.  I will try to check my enron e-mail if i can from Belize.

Have a great New Year and see you briefly on Friday the 4th.

RH


Please email the letter to me before Ben signs it.  Thanks.

	From:  Rebecca Walker                           02/05/2001 10:01 AM

To: Roseann Engeldorf/Corp/Enron@ENRON
cc: Kay Mann/Corp/Enron@Enron, Ben Jacoby/HOU/ECT@ECT

Subject: LM 6000 LOCs

Rose

Ben Jacoby has asked me to follow up with you on the GE LM 6000 LOCs.

I have been in contact with GE, asking them to reissue the E-Next Generation
LOCs in the names of the appropriate project companies.  In order to do this,
GE requested that we send them the original  LOCs.  Upon receipt of the
originals, GE also requested a letter from E-Next Generation cancelling the
original LOCs.

After discussing the matter with Catherine Clark in Global Finance, she and
Lisa Bills advised me that the best way to do this was to write a letter from
ENA as Agent for E-Next Generation, cancelling the original LOCs.  I have
composed this letter, and I am waiting for Ben Jacoby to approve/sign it
before I send it to GE.  Once GE receives the letter, they will have Chase
reissue the LOCs, which will then be sent directly to the new beneficiaries,
Fountain Valley Power, L.L.C. and CA Development I and II, L.L.C.

Kay

I need the appropriate address, contact name, and phone number for CA
Development I and II.

Ben

I left the letter mentioned above on your desk on Friday.  Have you had a
chance to look at it?  If not, I can send it to you electronically.

Feel free to call me at x57968 to discuss.

Regards,
Rebecca


See assignments and comments in red.  Reagan/Kayne/Dave/Jeff responses due to Kay by noon today.

1)	General comments -
a)	We have not seen a draft of the MPPSA or the MGPSA for review and comment. Kay
b)	All section references in the draft should be reviewed and checked.  The majority of the references checked were incorrect. Kay
c)	Since financial security is still an outstanding issue, all comments regarding the provisions in the draft pertaining to that subject have been excluded.  Kay
d)	The draft contains references throughout to exhibits that will be attached to the agreement that were not included in the draft.  See bleow.

2)	Article 1, pages 6 and 7 - Profit and Savings: These definitions reference exhibits that were not included in the draft.   One of the most significant issues we had with the prior drafts were with the definition for "savings" so it is important to review a draft of these exhibits as soon as possible.   Reagan/Kayne/Dave/Jeff to chech with Marvin.  He should have forwarded exhibits with everything else.  time is running out on them to do anything here.  Will report more on this issue.

3)	Section 3.1(b): This section obligates EPMI to "Propose" a load projection and stack model.  Should this say "Prepare" as opposed to "Propose".  "Prepare" is fine.

4)	Section 3.1(c): First line refers to a "request by Customer".  Customer is not defined, is this intended to refer to MDEA?  If not, include a definition of Customer.  "...upon request by Customer" is not necessary.  This has already been done.

5)	Section 3.2(a): Provides that EPMI will use "commercially reasonable efforts".  The draft does not include a definition for this term.  Suggest including a definition since this standard is used throughout the draft.  Kay

6)	Section 3.2(a): Suggest adding the following phrase in the second line after "schedule Products", "in a manner intended to minimize the cost of serving MDEA's native load".  Adding this seems fine; however, are there any legal implications, Kay?  If not, add it in.

7)	Section 3.2(c): Line 3 refers to Cajun and EPI, which are not defined in the draft.  Suggest including definitions or inserting the phrase "Existing Contract Resources" in place of "SEPA, Cajun, EPI".  The substitution is fine.

8)	Section 3.2(h): Line 1 provides "EPMI will optimize scheduling and usage or resale (when appropriate)".  Would suggest deleting "when appropriate" and inserting "(in accordance with the terms and conditions of each Existing Contracted Resources contract)".  The suggested change is OK.

9)	Section 4.1(a): Line 1 requires MDEA to operate and maintain its native load distribution system in accordance with Prudent Operating practices?.".  Would suggest deleting the phrase "and the Native Load distribution system".  This agreement does not bear on how the cities would operate and maintain their distribution systems.  Reagan/Kayne/Dave/Jeff

10)	Section 6.4: The fourth sentence states " due to the use of imprecise data such as weather reports, heat rate estimates and the like, it is understood between the Parties that the resulting projections, recommendations and daily plan are consistent with commercially reasonable industry practices".   According to this provision, the parties agree in advance that the resulting projections, recommendations and daily plans are consistent with commercially reasonable industry practices.  We believe that the "use of that type of data" is consistent with commercially reasonable industry practices, but do not believe that that this automatically translates into the projections themselves being consistent with commercially reasonable industry practices.  Text should be changed as appropriate to reflect this change.  Reagan/Kayne/Dave/Jeff

11)	Section 7.1: Second sentence provides "Risk of loss and all price and unit contingency and transmission risk shall be borne by Customer".  Suggest adding the phrase " For Back to Back Transactions" at the beginning of this sentence.  MDEA should not be responsible for unit contingency, transmission risk etc. for an EPMI Transaction.    Reagan/Kayne/Dave/Jeff

12)	Section 10.2(a): Line 3, change " MDA" to "MDEA".  Kay

13)	Section 14.6: Line 3, change "and the MPPSA" to "the MPPSA and the MGPSA".  Kay

14)	Section 15.1(d): provides three business days written notice to the defaulting party to cure a Financial Event of Default, otherwise the agreement can be terminated.  Three days is too short of a time period for MDEA.  Kay/David Hunt/Jeff

15)	Section 17.1: Second sentence, provides that an independent auditor reasonably acceptable to EPMI is entitled to audit all books and records of EPMI.  However this provision goes on to state that EPMI shall be entitled to audit MDEA's books, not an independent auditor subject to MDEA's approval. Suggest deleting "EPMI shall be entitled to audit" and adding "An independent auditor reasonably acceptable to MDEA".  Kay

16)	Article 28: As we have previously noted, this section contains language related to conflict of interest issues and the lack of notification related to conflicts of interest that should be read carefully reviewed by MDEA and the Cities.  Kay/David Hunt/Jeff


Anne,

We will need to add a message to the email that we send out to the
publications this bidweek.  Let's get together to discuss the text.  We have
added new products that will need to be matched with their respective Index
postings.

Thanks,
Mike


Attached is the form of master agreement which I sent to you earlier today.
Please forward to AEC to facilitate their review.  I have highlighted the
sections that are different from the existing master in place with AEC.  I
did not have the original 97 agreement on word document so I simply
highlighted those sections.


Well then I guess I'm going to have to wear them more often.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Friday, February 01, 2002 11:42 AM
To:	Rybarski, Amanda
Subject:

i like the glasses


---------------------- Forwarded by John J Lavorato/CAL/ECT on 12/27/99 02:49
PM ---------------------------

Bryan Seyfried
12/23/99 01:48 AM
To: EnronCredit.com
cc: Credit Trading
Subject: EnronCredit.com

As many of you already know, we have officially embarked on building a
commercial credit trading business based in Europe but globally focused with
trading operations in London and Houston.  We are focused on externally
launching the business by making two way prices on approximately 200 energy
credits in the US, Canada, UK and Nordic markets by 24 Jan. 2000 but we
expect to scale up the number of reference credits that we quote on very
quickly.  The initial names have been selected and provided to the credit
department in both locations for initial review and will be subsequently
distributed to the appropriate trading and origination groups for review
prior to going live.  The intent is to capture as much of the corporate
credit market as possible, as quickly as possible, by leveraging our internal
resources (people, processes and systems especially EnronOnline) and the new
mediums for communication.    To this extent, any ideas that you might have
for getting the eyeballs of potential counterparties please let us know.

This email marks the first of regular updates on our credit trading
initiatives.  We will use this as a mechanism to keep all of you in the loop
as to where we are in the implementation process and solicit your input on
ways to integrate credit products into your existing business models and
customer base.


you are welcome! i think sintra is just a little trainride away (maybe 45
min. or something). i was in london that one year over thanksgiving and my
mom came to visit... we found a place with turkey but somehow it just wasn't
the same!!! (they certainly weren't as excited as we were about the
turkey!!!). no big plans for me...just going to my grandmothers' in fort
worth and then to the game in austin....

have fun and be safe! mb

-----Original Message-----
From: Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent: Tuesday, November 14, 2000 4:46 PM
To: mbeckworth@velaw.com
Subject: RE: Hello!

You are very welcome!  I enjoyed it.

 Thanks for the name of the city.  We will probably be in Lisbon 2 days, so
we'll try to check it out.  Thanksgiving in Spain/Portugal should be
interesting?  Probably won't be able to find turkey, dressing, or american
football anywhere.   Any fun plans for the Thanksgiving holiday?

                    "Beckworth,

                    Melissa"             To:     "'Gerald.Nemec@enron.com'"
<Gerald.Nemec@enron.com>
                    <mbeckworth@v        cc:

                    elaw.com>            Subject:     RE: Hello!

                    11/14/2000

                    02:49 PM

thanks for lunch! i knew i would remember it -- the name of the little city
in portugal is sintra. i think it is northwest of lisbon. really cool city.
have a great trip and be careful! mb

-----Original Message-----
From: Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent: Friday, November 10, 2000 10:35 AM
To: mbeckworth@velaw.com
Subject: RE: Hello!

Miyako sounds great.  Why don't we meet there at 12:00.

I didn't get to know Terry that well.  I was pretty green at that point.
That was actually the first deal I worked on when I got to legal.  I went
to law school a little later in life.  I have been practicing for about 2
years.  Terry reminded me of an absent minded professor.  He had this pair
of glasses that during the course of the deal, they became more and more
broken down.  By the end, one of the ear pieces was missing and they barely
stayed on his face.  At the closing dinner Enron bought him a new pair of
glasses.

South America.  That sounds pretty interesting, ever travel down there?

                    "Beckworth,

                    Melissa"             To:     "'Gerald.Nemec@enron.com'"
<Gerald.Nemec@enron.com>
                    <mbeckworth@v        cc:

                    elaw.com>            Subject:     RE: Hello!

                    11/09/2000

                    11:59 AM

hi gn. so funny...terry and david are in my group. i don't know david as
well really, but terry is a good friend and is a total riot! i don't know
how well you got to know him, but he really is just great. anyway, i have
really been working with enron south america on the cuiaba project
exclusively for the past year and a half. the enron attorneys are randy
young and john novak. prior to that i did a few structured deals --
christina mordaunt was the atty.

yes, annie wu (we just call her "the wu") is a stitch! remind me to tell
you
the story about when she came to visit me in london...and a few other
stories. she is a trip! truly a sweet person and a good friend too. i heard
you know my friend walter daniel, too. he was in my law school class and is
also a good friend.

whenever/wherever on the 14th is fine. do you like sushi? we could go to
miyako...or zydeco or becks? those are the places where i usually meet
enron
folks since they are in between... let me know! mb

-----Original Message-----
From: Gerald.Nemec@enron.com [mailto:Gerald.Nemec@enron.com]
Sent: Wednesday, November 08, 2000 10:29 AM
To: mbeckworth@velaw.com
Subject: Hello!

Hi Melissa,

Thanks for the call.  I thought it might be easier to communicate via email
since we are both kind of difficult to reach via phone.  Sounds like they
keep you busy at V&E.

Yes, I do work for Enron.  I am an attorney for Enron North America in gas
and power origination.   I actually worked with some attorney's from V&E on
a couple of asset financing deals we did about a year ago.  Terry Yates and
David Keyes.  Joel Ephross also worked on those deals, but he is now at
Enron in our Global Finance Legal Group.

Sounds like you have worked alot on Enron deals.  I know we keep you guys
pretty loaded with work.  Who are your Enron contacts?  Enron is a big
place, but I might know them.

Lunch sounds great.  The 14th works for me.  Any preferences as to
location?

In case you were wondering about how Ann Wukasch and I know each other; Ann
and I met at my sister's wedding in Colorado.  My sister and Ann are good
friends and work at the same school in Dallas.   Ann is a trip!

Gerald
          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You

          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You

          ++++++CONFIDENTIALITY NOTICE+++++
The information in this email may be confidential and/or privileged.  This
email is intended to be reviewed by only the individual or organization
named above.  If you are not the intended recipient or an authorized
representative of the intended recipient, you are hereby notified that any
review, dissemination or copying of this email and its attachments, if any,
or the information contained herein is prohibited.  If you have received
this email in error, please immediately notify the sender by return email
and delete this email from your system.  Thank You


Thank you for your cool chick thank you card. I loved it!  Jennifer House
merged with Phillips and Akers in the Phoenix Tower.


Thank you for doing  this . I am in Kim.


Angela,

As discussed, the following file contains hisoricals for PGE.  Chris should
have deleted data in the database from the middle of March back so you can
import anytime.  This data goes up to 2/6/01 and Chris will reload from
2/7/01 to present.  Thanks.

Mat


Ava told me you were on Jury Duty on Monday.  I meant Tuesday, Oct. 30th, if you are that day.  Sorry for the mistake.

Randy

 -----Original Message-----
From: 	Blair, Lynn
Sent:	Friday, October 26, 2001 4:57 PM
To:	Janzen, Randy; Buchanan, John; Kowalke, Terry; Benningfield, Robert; McDaniel, Janet; McCarran, Penny
Cc:	Garcia, Ava
Subject:	RE: Tentative Meeting - Amarillo Natural Gas problems

	I am on jury duty Oct. 29th.  Please be sure you are working with Ava to check
	my calendar before scheduling a meeting.  Thanks. Lynn

 -----Original Message-----
From: 	Janzen, Randy
Sent:	Friday, October 26, 2001 2:12 PM
To:	Blair, Lynn; Buchanan, John; Kowalke, Terry; Benningfield, Robert; Janzen, Randy; McDaniel, Janet; McCarran, Penny
Subject:	Tentative Meeting - Amarillo Natural Gas problems

We have tenatively scheduled a meeting with Lynn to discuss the problems we are experiencing with Amarillo Natural Gas.  The reason it is tenatively is because Lynn has Jury Duty selection on Monday and if picked, she will not be here...maybe!

Date: Monday, Oct. 29th
Time: 9:00 am
Place: Lynn's Office

Any questions, please let me know.

Randy


---------------------- Forwarded by Chris Germany/HOU/ECT on 10/18/2000 08:04
AM ---------------------------
From: Heidi Griffith@EES on 10/17/2000 10:32 AM EDT
To: Wade R Price/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT, Gloria G
Barkowsky/HOU/ECT@ECT, LaShanda Poledore/Corp/Enron@ENRON, Mary Theresa
Franklin/HOU/ECT@ECT
cc:
Subject: CNG-Hastings Commonwealth Energy

FYI.  Commonwealth Energy is adding a new meter to their existing contract.
The meter number is 4371201 and is at Hastings.  This meter is gathering
dry.  This meter was a new meter set and will probably begin flowing at the
end of October.  It is estimated to produce about 30 dths a day.  Please
forward this on to anyone that needs to schedule this gas.  I'm not real sure
who is doing your noms on CNG.

Thanks,
Heidi


Jeff,

     Thanks again for taking the time to meet with Alfredo and I yesterday.
We felt the meeting was very useful and informative.  Talk with you soon.

Mark


Mr. Nemec,

Please see the attachment. <<LRCI Termination Clause 9-10-01.doc>>

Kyle Webster
Senior Landman
Enterprise Products Operating LP
P.O. Box 4324
Houston, Texas 77210-4324
713-803-8206 Office
713-803-8290 Fax
KWebster@eprod.com

 - LRCI Termination Clause 9-10-01.doc


no but whe will be out numbered by ut fans

 -----Original Message-----
From: 	"siva66" <siva66@mail.ev1.net>@ENRON [mailto:IMCEANOTES-+22siva66+22+20+3Csiva66+40mail+2Eev1+2Enet+3E+40ENRON@ENRON.com]
Sent:	Wednesday, September 19, 2001 2:25 PM
To:	Quigley, Dutch
Subject:	RE: UH ticket

i just wanted to make sure that joanne would not be sitting alone

---------- Original Message ----------------------------------
From: "Quigley, Dutch" <Dutch.Quigley@ENRON.com>
Date: Wed, 19 Sep 2001 14:10:04 -0500

>no there are two tix together but not with ours , i need to check
and
>make sure they were not in the temp seats that are now closed
>
>I was planning on just sitting together and see what happens
>
>
>
>>  -----Original Message-----
>> From: 	"siva66" <siva66@mail.ev1.net>@ENRON
>> [mailto:IMCEANOTES-
+22siva66+22+20+3Csiva66+40mail+2Eev1+2Enet+3E+40EN
>> RON@ENRON.com]
>> Sent:	Wednesday, September 19, 2001 2:07 PM
>> To:	Quigley, Dutch
>> Subject:	Re: UH ticket
>>
>> is it with our seats?
>>
>>
>> ---------- Original Message ----------------------------------
>> From: "Quigley, Dutch" <Dutch.Quigley@ENRON.com>
>> Date: Wed, 19 Sep 2001 13:56:13 -0500
>>
>> >You can use the extra ticket that i bought for the UT vs UH
game
>> >
>> >dq
>> >
>> >
>>
>******************************************************************
>> ****
>> >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.
>>
>******************************************************************
>> ****
>> >
>>
>>
>> ________________________________________________________________
>> Sent via the EV1 webmail system at mail.ev1.net
>>
>>
>>
>>
>

________________________________________________________________
Sent via the EV1 webmail system at mail.ev1.net


Susan:  Why is the RMT/NNG on hold?  A two-year deal was booked in
mid-November and we'd like to confirm under a master.  Thanks.  Sara


Do you need it for this morning's meeting?

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Tuesday, May 01, 2001 8:21 AM
To:	Miller, Don
Subject:	Re: Weekly Update

Could you include under the size column an indication of bookable gain - obviously with some assets this will be very rough but please include.

Thanks

From:	Don Miller/ENRON@enronXgate on 04/30/2001 07:00 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:

Subject:	Weekly Update

Louise,

As discussed, attached is the first weekly update.

Thanks,

Don

 << File: Asset Marketing WIP Report.xls >>


Rick

Actions for IT contingency  - may I get back to you on this, as we had set
tomorrow as a deadline internally to discuss status of IT efforts on bug
fixing and the wider resourcing plan for inventory control coding.
Additionally, I am reviewing with my Middle Office staff our contingency plans

Actions for SAP - we have decoupled the Merchanting Business implementation
from the Financial Brokerage Business implementation ( where the greatest
operational risk and therefore SAP benefits exist ). We are still go live for
the brokerage business as at 1 April. I will forward the communication letter
re decoupling in due course

Regards

Mike

Richard Causey@ENRON
28/02/2001 21:39
To: Mike Jordan/LON/ECT@ECT
cc: Rick Buy/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Fernley Dyson/LON/ECT@ECT,
Michael R Brown/LON/ECT@ECT, Ted Murphy/LON/ECT@ECT

Subject: Re: Metals - Imminent Actions - an update

So what are the actions coming out of this?  Just pushing IT (who don't seem
to have the AS400 resources) won't fix the problem.  Also, what is the plan
re SAP?

Mike Jordan@ECT
02/26/2001 01:11 PM
To: Richard Causey/Corp/Enron@ENRON, Rick Buy/HOU/ECT@ECT, Sally
Beck/HOU/ECT@ECT
cc: Fernley Dyson/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Ted
Murphy/LON/ECT@ECT

Subject: Metals - Imminent Actions - an update

Rick / Rick / Sally

I attach the  'executive' summary of a note sent to the office of the chair
last week detailing current operational difficulties with the Metals
Merchanting business. Subsequently an 'all hands' meeting was called to
discuss the operational issues and the business imperatives of
Off Balance Sheet Facility ("OBSF") renegotiation
Minimising working captial
SAP implementation
The notes of that meeting are also attached at the bottom of this email

Should you require any further information please call, otherwise I will
forward updates as they are completed.

Regards

Mike

ISSUE

The Physical metals business implemented an Off Balance Sheet Structure
(OBSF) pre year-end to meet Enron requirements for gearing ratios.

Whilst this does not present undue problems for LME warrants, these being
bearer documents, it does present an issue when physical metal, the value of
which depends upon brand and location, is placed into the facility. Given the
hard deadline of year-end the operational support of this process initially
took place on spreadsheets.

The impact of the OBSF on the operational side of the physical business
should not be underestimated. The process of moving material off and on
balance sheet places considerable strain from trading through to settlements,
particularly when there is an absence of necessary control functionality in
the AS400. With the specified functionality it is believed that all
operational and trading issues arising from OBSF can be managed
satisfactorily.

The core functionality, which was due prior to the year-end, was released
during January but was subsequently found to have introduced +bugs, to the
integrated business control processes. Whilst an improvement on having no
OBSF functionality, the +bugs, have had an increasingly negative effect on
the control environment, compounded by the fact that IT can not provide a
guaranteed delivery for the +bug, fixes and non core ,reporting,
functionality.

This has given rise to the following concerns:

? There are insufficient experienced resources to fully reconcile stock at a
brand & location level to coordination records (the global position is
reconciled however).
? It is not possible to substantiate the DPR for EM&CL as:
? a) P&L on spread moves from Cash to 3 months positions (and related cash to
3 months provisions) can not be produced by the system and must be estimated,
and
? b) System bugs have created uncertainties over trial balance values.

These concerns are compounded by the following:

? The most experienced AS400 IT developer for the EM&CL business has
resigned. He is currently working his 6 months notice which will expire in
July 2001.
? The most experienced AS400 IT developer on the EML side of the business has
also resigned. He left in January 2001.
? There is no documentation for the AS400. It is therefore difficult for
experienced AS400 programmers to get upto speed on the system.

Conclusion

It is essential that we do not become hostages to the development of the
AS400 system and the renegotiation of the OBSF facility with Barclays. The
current situation has arisen due to non-delivery of IT developments and tight
timescales on the finalisation of the OBSF facility.

To meet Q1 end requirements (i.e. full production of the DPR and stock
reconciliation), IT and the OBSF deal team must make concrete commitments on
delivery timeline. The business will not be able to commit to successful
implementation of the facility and resubstantiation of the Trial Balance
without these

---------------------- Forwarded by Mike Jordan/LON/ECT on 26/02/2001 16:18
---------------------------

Mike Jordan
26/02/2001 16:18
To: Michael R Brown/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Joe
Gold/LON/ECT@ECT, Michael Farmer/EU/Enron@ENRON, Michael J
Hutchinson/EU/Enron@Enron, Anne Edgley/LON/ECT@ECT, Melissa
Allen/LON/ECT@ECT, Mark Pickering/LON/ECT@ECT, Paul Chivers/LON/ECT@ECT,
Robert Campbell/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Howard
Carter/EU/Enron@Enron, Bill Appleby/LON/ECT@ECT, David P Tregar/EU/Enron@Enron
cc:

Subject: Metals - Imminent Actions - notes of meeting 23 rd Feb

To all

I seek to clarify the actions discussed at Friday's meeting and to emphasise
the critical importance of getting all the below completed as quickly as
possible to meet our Q1 requirements ( revenue targets, balance sheet
targets, interest expense minimisation etc ). The proposed tactical plan that
was circulated is not attached as it has already been superceded!

There was agreement on several broad areas of immediate focus with specific
objectives and accountabilities -

IT resourcing

Communicate priority to HR about the importance of obtaining skilled AS400
programmers - for tactical short term and for long term work - action MP
Resourcing for long term AS400 'off-load' initiative to be completed asap -
action MP
Merchanting resource focus to be on bug fixes impacting MO ability to update
OBSF options in AS400 and for traffic to update recent location movements of
stock in OBSF - action RC ( deadline 1 week )
Completion of inception document for full OBSF inventory control
functionality - action RC ( deadline 1 week )
Split of resources for SAP interface - only EML SAP implementation is now
planned for 1/4/01 - action RC to confirm resource reallocation 27/01
Immediate improvement in IT Operations support required ( including
completion of transfer of support responsibility from Dev. to Ops. ) - action
MP

Operational Support

MO risk/trade accounting resources to focus on rebooking all remaining
transactions on OBSF inventory spreadsheet - action HC ( deadline asap )
Validation of system generated p&l to commence following the above - action
HC ( deadline asap )
Timetable for catch up of traffic OBSF location movements to be completed
with John Lunzer 27/02 - action HC
Determine action for improvement in delivering metal to facility ( initial
assumption for recent working capital increase was that we had operationally
slowed down in placing qualifying material into facility ) - action HC / AC
(deadline asap)

Working Capital

Detailed daily analysis of working capital movements to be produced and
formatted in style of sources and uses of funds   ( including facility
headroom ) - action AC ( deadline asap )
Forward estimate of working capital to be produced for rest of quarter and
used for estimation of full interest expense - action AC, MJ & MA ( deadline
asap )
Analysis for trade receivables ( and reasons for recent increase ) and
investigation of possible factoring - AC/MJ and AE/BA ( deadline asap )
Determining extent to which pricing signals for working capital usage can be
communicated to traders, traffic and operations - action JG, MJ ( contingent
on above )

OBSF negotiation

Documentation of current negotiation issues ( including AA sign-off issues )
to be drafted and circulated with clear accountabilities  - action MA/DT/BA
(deadline 26/3)
Operational impact of agreement to be considered in parallel to negotiation -
action HC/AC/BA

LME relationship

Consider utilising a US subsidiary to book OBSF transactions to negate LME
reviewing facility as part of regulatory regime - action MA/FD
Monitoring notice of investigation issued by LME  -action FD/DT


Hi Ted:  Last week you ask about the allocation of the RAC budget to Europe.  The Ken Lay budget presentation for 2002 has been postponed a few days so Rick B. plans to review the numbers in detail when he returns so there may be some changes.  However, based on what we have so far, shown below is the % allocation that we were provided by each RAC group applied to the revised (10% reduction) RAC budget.  Also shown is the current allocation for 2001.  Please let me know if you think there are any issues and I will get you more detail.   Regards!   Rick C.

 -----Original Message-----
From: 	Jolly, Kevin
Sent:	Tuesday, September 04, 2001 9:59 AM
To:	Carson, Rick L.
Subject:	RE: Budget

Yes, here are each cost center's % and $ allocated to Europe for 2002:

CRM			5%	$368,869
Portfolio			5%	$108,832
Underwriting		10%	$499,367
MRM			13%	$629,966
Compliance		0%	-
Assurance Services	5%	$20,000
				$1,627,034

This is what was budgeted for these same cost centers in 2001:

CRM			7.5%	$441,985
Portfolio			10%	$342,533
Underwriting		10%	$586,480
MRM			14.4%	$1,000,022
Compliance		 0%	-
Assurance Services	10%	$30,800
				$2,401,820

Let me know if you need anything else.

Kevin

 -----Original Message-----
From: 	Carson, Rick L.
Sent:	Tuesday, September 04, 2001 9:23 AM
To:	Jolly, Kevin
Subject:	FW: Budget

Kevin:  Have all RAC groups given you a % allocation to Europe.  Thanks  Rick

 -----Original Message-----
From: 	Murphy, Ted
Sent:	Friday, August 31, 2001 3:17 AM
To:	Carson, Rick L.
Cc:	Taucher, Lisa
Subject:	Budget

Rick,
I am not sure where anyone is in this process, but, as soon as you have an inkling, would you please give me an idea of what the allocation of the RAC budget to Europe will be and what the methodology for determing?  I am sure that this will be a number that will be looked hard at by Michael Brown.
Thanks
Ted


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---------------------- Forwarded by Judy Hernandez/HOU/ECT on 01/26/2000
12:11 PM ---------------------------

Lisa Shoemake
01/26/2000 09:40 AM
To: Melissa Rodriguez/HOU/ECT@ECT, Leslie Smith/HOU/ECT@ECT, Amber
Limas/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT, Stephanie Cole/HOU/ECT@ECT,
Stacey Duplessis/HOU/ECT@ECT, Ragayle Pellum/HOU/ECT@ECT
cc:
Subject: FW: Hope you like this poem...

---------------------- Forwarded by Lisa Shoemake/HOU/ECT on 01/26/2000 09:39
AM ---------------------------

	Cheryl Slone
	01/25/2000 03:07 PM

To: Copier Repair/EPSC/HOU/ECT@ECT, emoses@mdanderson.org,
hapkido@freewwweb.com, coreys@ci.los-lunas.nm.us, dorothyb@ev1.net, Stephanie
Cole/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT, Jenny Phillips/Corp/Enron@ENRON
cc:
Subject: FW: Hope you like this poem...

> Does Heaven have a phone number?
> Mommy went to Heaven, but I need her here today, My tummy hurts and I fell
> down, I need her right away, Operator can you tell me how to find her in
> this book?
>
> Is heaven in the yellow part, I don't know where to look.
> I think my daddy needs her too, at night I hear him cry.
> I hear him call her name sometimes, but I really don't know why.
> Maybe if I call her, she will hurry home to me.
> Is Heaven very far away, is it across the sea?
> She's been gone a long, long time she needs to come home now!
> I really need to reach her, but I simply don't know how.
>
> Help me find the number please, is it listed under "Heaven"?
> I can't read these big big words, I am only seven.  I'm sorry operator, I
> didn't mean to make you cry, Is your tummy hurting too, or is there
> something in your eye?
>
> If I call my church maybe they will know.
> Mommy said when we need help that's where we should go.
> I found the number to my church tacked up on the wall.
> Thank you operator, I'll give them a call.
>
> forward this to at least 7 people if you love your mom.

 - WINMAIL.DAT


Thanks for your fast response.  I really hope all goes well and that I have
done enough to demonstrate that I can contribute and be successful in the
program.  Thanks again!
Ben


This deal, along with three other options I entered yesterday, defaulted to
AM when I changed the expiry frequency from Day to Month. It's been changed
now. Thanks for the heads up.

Kate

Stephanie Piwetz   12/21/2000 08:06 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: deal 483759.01

Kate-
Can you please change the expiry strip to be 2:00 pm.
thanks


As most of you know, in a last ditch attempt, we are trying to develop a
complete "solution" to the California problems that can be presented in the
Sec of Treasury discussions.  It would be very helpful if people would
comment or provide analysis on the likelihood of the following settlement
points:

1. Long-Term Contracting
key need of CA is NEW POWER PLANTS - KEY MESSAGE - AND IT'S IN CALIFORNIA'S
AUTHORITY TO DELIVER
Live Auction conducted by DEALBENCH
auction should be focused on "build" economics
parties bid ($/Mwh) for the right to deliver 500+ MW (the right size needs to
be determined) into Cal ISO control area for 5 years and the winning bidder
obtains a pre-approved generation site in California (with all permits,
siting obligations, and interconnection - BIG ISSUE) to build starting within
2 months
focusing on just delivered energy without generation site is difficult to
price (market too illiquid)
keep the number of auctions to a minimum (probably 6 - 10) for each utility
Counterparty is State of California (some agency)
maybe structure the bids to be 50-50 baseload vs. peaking

2. Utility Retail Ratemaking
per RELIANT ENERGY model, need $85/Mwh on average to work within retail
framework (how much would rate increase does this create?)
goal must be to have EBITDA positive utilities, although long-term utilities
should be EBITDA = $0 for generation sales
keep the current PX structure?
Utilities may have to "eat" some of the current undercollection

3. Interim Credit Support
pro rata credit from all creditors (including banks and energy suppliers)
60 day forbearance (to allow the auction to occur)

4. Liability
PG&E, SDG&E, and SCE agree not to sue any suppliers
State of California considers "taking" all civil cases and not pursuing
State of California agrees not to pursue any criminal cases

5. Other Actions
FERC agrees to immediate price cap lifting
FERC and California agree to complete non-stakeholder board for ISO
CPUC immediately finds that the result of the auction is "reasonable"

The key point is to (1) stop the current bleeding by getting long-term deals
in place soon and (2) manage the rate shock.  We will be working three things
(1) structure of the long-term auction, (2) rate model showing how high
prices of long-term auction power can be, and (3) financial results for
utilities under this outcome.

What else needs to be included in a settlement?

Jim


Shmuel,

Sorry for not getting back to you earlier.
If the 23rd of October is still open, I can make the presentation on this
day.

Vince

"Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/30/2000 08:18:15 AM
To: <Vince.J.Kaminski@enron.com>
cc:
Subject: Re: Hello from Vince Kaminski at Enron

Originally you mentioned October 23 so I reserved that week which is still
open.
/////////////////////////////////////////////////////////
Shmuel S. Oren, Professor
Dept. of Industrial Engineering
        and Operations Research
4117 Etcheverry Hall
University of California
Berkeley, CA 94720-1777
e-mail: oren@ieor.berkeley.edu
phone: (510) 642-1836 or 5484
Fax:      (510) 642-1403
///////////////////////////////////////////////////////////

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <OREN@queue.IEOR.Berkeley.EDU>
Cc: <Vince.J.Kaminski@enron.com>; <Ashley.Baxter@enron.com>;
<Shirley.Crenshaw@enron.com>
Sent: Wednesday, August 30, 2000 9:03 AM
Subject: Re: Hello from Vince Kaminski at Enron

>
> Shmuel,
>
> Let's see if we can either rearrange the seminar speakers
> or change the date of our visit to the campus. Ashley Baxter, our
> coordinator is very efficient and
> got a faculty room for a presentation on Monday morning on the 16th.
>
> Vince
>
>
>
>
>
>
> "Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/29/2000 05:37:33 PM
>
> To:   <Vince.J.Kaminski@enron.com>
> cc:
> Subject:  Re: Hello from Vince Kaminski at Enron
>
>
> Dear Vince. I spoke too soon. Apparently the seminar slot on the 16 was
> already filled. I will see if I can switch the speaker for that week to
the
> following week. In any case we are on for dinner on the 16.
> /////////////////////////////////////////////////////////
> Shmuel S. Oren, Professor
> Dept. of Industrial Engineering
>         and Operations Research
> 4117 Etcheverry Hall
> University of California
> Berkeley, CA 94720-1777
> e-mail: oren@ieor.berkeley.edu
> phone: (510) 642-1836 or 5484
> Fax:      (510) 642-1403
> ///////////////////////////////////////////////////////////
>
> ----- Original Message -----
> From: <Vince.J.Kaminski@enron.com>
> To: <OREN@queue.IEOR.Berkeley.EDU>
> Cc: <Vince.J.Kaminski@enron.com>; <Ashley.Baxter@enron.com>
> Sent: Tuesday, August 29, 2000 5:01 PM
> Subject: Re: Hello from Vince Kaminski at Enron
>
>
> >
> > Shmuel,
> >
> > The date of our trip to Berkeley has been set. It will be October 16th
> and
> > 17th
> > (Monday and Tuesday).
> >
> > I shall be glad to make a presentation on energy derivatives markets
> > (development of the markets in the US and Europe, valuation
difficulties,
> > Enron's role
> > in developing the forward markets for natural gas and electricity).
> >
> > Please, let me know if this topic would be of interest to you. If this
is
> > the
> > case, I shall follow with a title and an abstract.
> >
> > By the way, are you free for dinner on Monday?
> >
> > Vince
> >
> >
> >
> >
> >
> >
> > "Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/24/2000 08:59:38 AM
> >
> > To:   "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> > cc:
> > Subject:  Re: Hello from Vince Kaminski at Enron
> >
> >
> > Great. Our seminars are 3:30 to 5PM. If it works for you please send me
a
> > title and abstract.
> > /////////////////////////////////////////////////////////
> > Shmuel S. Oren, Professor
> > Dept. of Industrial Engineering
> >         and Operations Research
> > 4117 Etcheverry Hall
> > University of California
> > Berkeley, CA 94720-1777
> > e-mail: oren@ieor.berkeley.edu
> > phone: (510) 642-1836 or 5484
> > Fax:      (510) 642-1403
> > ///////////////////////////////////////////////////////////
> >
> > ----- Original Message -----
> > From: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> > To: "Shmuel Oren" <OREN@queue.IEOR.Berkeley.EDU>
> > Cc: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>; "Ashley Baxter"
> > <Ashley.Baxter@enron.com>
> > Sent: Thursday, August 24, 2000 9:58 AM
> > Subject: Re: Hello from Vince Kaminski at Enron
> >
> >
> > >
> > >
> > > Shmuel,
> > >
> > > Thanks for the message. I am working with our recruiter, Ashley
Baxter,
> > > to finalize the date of the trip. I shall shoot for October the 23rd
> > > if this date works for the rest of our team.
> > >
> > > Vince
> > >
> > >
> > >
> > >
> > >
> > >
> > > "Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 08/23/2000 11:46:19 AM
> > >
> > > To:   Vince J Kaminski/HOU/ECT@ECT
> > > cc:
> > > Subject:  Re: Hello from Vince Kaminski at Enron
> > >
> > >
> > >
> > > Dear Vince.
> > > I sent you a reply earlier this month but I haven't heard from you
> about
> > the
> > > date of your visit. Our department has a Seminar every Monday. If you
> can
> > > schedule your visit on a Monday I would like to invite you to give a
> > seminar
> > > which will be attended by many of our graduate students and faculty
and
> > will
> > > give you an opportunity to tell them about your program. With
> sufficient
> > > lead-time I can advertise the seminar in the Hass school to their
> > financial
> > > engineering students.
> > > Shmuel.
> > > /////////////////////////////////////////////////////////
> > > Shmuel S. Oren, Professor
> > > Dept. of Industrial Engineering
> > >         and Operations Research
> > > 4117 Etcheverry Hall
> > > University of California
> > > Berkeley, CA 94720-1777
> > > e-mail: oren@ieor.berkeley.edu
> > > phone: (510) 642-1836 or 5484
> > > Fax:      (510) 642-1403
> > > ///////////////////////////////////////////////////////////
> > >
> > > ----- Original Message -----
> > > From: <vkamins@ect.enron.com>
> > > To: <OREN@queue.IEOR.Berkeley.EDU>; <vkamins@enron.com>;
> > > <ashley.baxter@enron.com>
> > > Sent: Tuesday, August 08, 2000 10:59 AM
> > > Subject: Hello from Vince Kaminski at Enron
> > >
> > >
> > > > Shmuel,
> > > >
> > > > I hope you remember me. I visited you together with Aram Sogomonian,
> a
> > > > good friend of mine, a few years ago. I am currently responsible,
> among
> > > > other things, for recruiting graduates with finance and/or technical
> > > > backgrounds at the University of Berkeley. I would be glad to give
> you
> > a
> > > > call and talk more about the details of our program. My colleague,
> > > > AshleyBaxter, from the Analyst/Associate Program at Enron would join
> me
> > > > as well.
> > > >
> > > > I am sending you a copy of the brochure about the Analyst /
Associate
> > > > Program.
> > > >
> > > > Vince Kaminski
> > > >
> > > >
> > > > Vincent Kaminski
> > > > Managing Director - Research
> > > > Enron Corp.
> > > > 1400 Smith Street
> > > > Room EB1962
> > > > Houston, TX 77002-7361
> > > >
> > > > Phone: (713) 853 3848
> > > > Fax  :  (713) 646 2503
> > > > E-mail: vkamins@enron.com
> > > >
> > >
> > >
> > >
> > >
> > >
> > >
> >
> >
> >
> >
> >
> >
>
>
>
>
>
>


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http://iPayit.enron.com

Note:  Log into iPayit using the same Employee PID (P-Number) and Password you use to enter the eHRonline system and/or SAP.

First time iPayit user?  For training materials, click on the link below:
http://sap.enron.com/sap_doclib/user/file_list.asp?cabinet_id=265

Need help?
Please contact the ISC Call Center at (713) 345-4727.

If you are in Europe, please contact European Accounts Payable at +44 20 7783 7520.


Janet, I believe a current board member is likely to be picked - last I heard
the mayor of Tupelo.  Craven will be in office until May.

Regards
Delainey


My father Bob Watson pased away last Thursday. A family service was held in Santa Cruz on Sunday. He will be terribly missed by all of us, especially by me.  Contribritutions can be made to the Giving Fund,

2622 SW Glacier Ste 110
Redmond, OR 97756

Thank you all for you wonderful support over the last week.

Hayden


Dan also made a comment when we were chatting that the trading floor and EOL
tour was "discouraging in a way" because they were not yet prepared to
regulate such activities. I thought it was kind of frightening that he feels
they need to regulate such a free market, although it was not clear exactly
what he meant and I was not able to pursue it with him.

    Bill

Shelley Corman
07/18/2000 11:56 PM
To: Stanley Horton/Corp/Enron@Enron, Bill Cordes/ET&S/Enron@ENRON, Rockford
Meyer/FGT/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, rkilmer@enron.com,
Ray Neppl/NPNG/Enron@ENRON, Teb Lokey/FGT/Enron@ENRON, Bambi
Heckerman/NPNG/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Michael Moran/ET&S/Enron@ENRON, Dorothy
McCoppin/FGT/Enron@ENRON, jplace@enron.com, Maria Pavlou/ET&S/Enron@ENRON,
Susan Scott/ET&S/Enron@ENRON, Tony Pryor/ET&S/Enron@ENRON, Frazier
King/FGT/Enron@ENRON, Dari Dornan/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Julia
White/ET&S/Enron@ENRON
cc: James D Steffes/HOU/EES@EES, Christi L Nicolay/HOU/ECT@ECT, Steven J
Kean/HOU/EES@EES, Joe Hartsoe/Corp/Enron@ENRON, dfulton@enron.com

Subject: Larcamp Visit Today


hey jay!
I didn't end up going to texas for financil reasons. amanda and i did just
get back from colorado visiting some friends for spring break. it was a good
time. i'm moving to florida for an internship in may when classes are over.
i'll be living with nate and tiff. i'm really excited about that. then i
come back here in november and graduate and move into the real world. how's
your job going? classes are pretty easy this semester so i've been having
fun, but i have a big test tomorrow, so better get back to studying. love,
your beautiful cousin natalie
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


fyi
 -----Original Message-----
From:  Aldis, Laura
Sent: Friday, March 02, 2001 4:52 PM
To: Luu, Duong
Cc: Smith, Will F.; Costanzo, Nadine
Subject: RE: A bug in Deal Blotter

Mr. Luu,
Nadine and I both tested the prod code against TestN database and have not
been able to reproduce this, or any other, error.  Is it possible that the
trader miss-entered the information? Since it was entered yesterday, we
cannot see exactly what was entered in Blotter.
However, it took greater than 10 minutes for some of the deals to be
EnPowered.  This is not usually the case, obviously, and I was only doing one
deal at a time.

I will continue to work on it Monday if you think I should.  Have a good
weekend.
Laura

 -----Original Message-----
From:  Luu, Duong
Sent: Friday, March 02, 2001 3:20 PM
To: Aldis, Laura; Costanzo, Nadine
Cc: Smith, Will F.; Semperger, Cara
Subject: FW: A bug in Deal Blotter

QAs,

Please test this immediately

dluu

 -----Original Message-----
From:  Semperger, Cara
Sent: Thursday, March 01, 2001 12:33 PM
To: Duong Luu/HOU/ECT@ENRON
Cc: Scholtes, Diana; Crandall, Sean; Alonso, Tom; Fischer, Mark; Williams
III, Bill; Symes, Kate
Subject: A bug in Deal Blotter

Good Morning,

When a transmission deal is entered in blotter, for some reason the volume
also gets put in to the loss column as well, showing us with the full volume
on one end of the deal, and zero volume on the other.

This happened with two deals today,  deal 535344 and 535343 put into blotter
by Crandall.  Once the problem was identified, I went into the deal and
changed the loss volume to zero.

C


We are sending this letter to TVA today.  (Hardcopy sent to Cynthia).


Are you investing the right way?

Dear Richard,

There is an easy way to make sure your investment strategies are right
for you. We have the innovative research tools and educational
resources to help you do just that:

* PERSONALIZED SOLUTIONS
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mutual funds that have passed Morningstar's rigorous independent review.

* The E*TRADE KNOWLEDGE CENTER
Find time-tested investment strategies, retirement planning information,
explanation of market terms, and much more.

*OUTSTANDING SERVICE
Our dedicated financial service associates are available 24/7, 365 days
a year to assist you.

** 25 TRADES ON US! **
Open an E*TRADE brokerage account by June 30, 2001, and you'll receive
up to 25 stock trades on us! (E*TRADE will rebate commissions for up
to 25 stock trades made during your first month as an E*TRADE
customer.)(1) $1,000 minimum deposit required.

http://e-trade.0mm.com/ETR223006+275794428

Discover how rewarding and easy investing can be. Start making the
most of your money. Open an account today at E*TRADE and see why we're
the #1 place to invest online. (2)

(1)Offer not valid for IRAs, retirement, business, club, or E*TRADE
Bank(R) accounts. Excludes existing E*TRADE customers, E*TRADE
Associates and non-U.S. residents. E*TRADE will rebate the commission
of up to $19.95 per trade on up to a maximum of 25 stock trades for
the first 30 days the qualifying account is open. You will pay the
normal rate on all stock trades at the time of the trades, and your
account will be credited with the rebate within eight weeks of account
approval and funding. For listed orders over 5,000 shares, add $0.01/share
to the entire order. Add $35.00 for broker-assisted trades. Rebate
applies to stock transactions only. Account holders must maintain
minimum funding in all accounts ($1,000 for cash accounts, $2,000
for margin accounts, less any losses) for at least six months.
E*TRADE reserves the right to terminate this offer at any time. Not
valid with any other offer. This offer is nontransferable.

(2) E*TRADE ranked the #1 Internet broker by the Lafferty Internet
Ratings annual survey (9/00).

-----------------------------------------------------------
You received this e-mail because you registered on the
E*TRADE Web site, or on one of our partners' sites. If you
do not want to receive partner e-mail offers, or any
E*TRADE marketing e-mail, you can change your preferences now at:
http://e-trade.0mm.com/ETR223007+richard.b.sanders@enron.com+275794428 .
You are subscribed at: richard.b.sanders@enron.com. E*TRADE
takes your privacy seriously. To learn more about E*TRADE's
use of personal information, please read our Privacy Policy at:
http://e-trade.0mm.com/ETR223008+275794428
-----------------------------------------------------------

System response and account access times may vary due to a
variety of factors, including trading volumes, market conditions,
and system performance. The services described herein are
available to U.S. residents only.

(C) 2001 E*TRADE Securities, Incorporated, Member NASD/SIPC. All
rights reserved. E*TRADE and the E*TRADE logo are registered trademarks
of E*TRADE Securities, Inc.


- ATTA2I68


Hi everyone,

We've just returned from a vacation to the Pacific
Northwest.  Some of you know because we visited you
there.  This is a picture of us at Crater Lake in
southern Oregon.  The trip was simultaneously
wonderful and sad.  We saw the greatest people and
most breathtaking scenery on our way to the funeral of
our friend Richard, a beautiful person who died after
a long battle with cancer.  I'm wearing his red sox
cap in the picture which has been returned to the city
from which it came.

Last week Maddie had her first birthday which was
attended by many family and friends.  Keep checking
the photo gallery for pictures from this event as well
as halloween trick-or-treating once we get the film
developed.  The web site is as follows:

http://www.ophoto.com/I.jsp?m=8098111503&n=1447007383

We've put up a few more vacation pictures as well.

Hope this finds you all well and enjoying life and
each other.

Love Adam, Nic and Maddie

__________________________________________________
Do You Yahoo!?
From homework help to love advice, Yahoo! Experts has your answer.
http://experts.yahoo.com/
 - Postcard.jpg


EES' receivables related to PX-credit payments that PG&E continues to
withhold has grown dramatically
EES is going to meet internally to re-visit the issue of putting customers
back on utility service (but honoring the financial terms of our contracts)
They will try to convene a meeting, as early as Tuesday to discuss the
switch-back issue w/Steve, Mark, Blachman, Sunde, etc., similar to the
meeting held a couple of weeks ago
Given the market's negative response to the Commission's decision, EES will
immediately try to tie up bankruptcy counsel in anticipation of the fact that
the utilities may be forced to file, which EES estimates will occur by end of
next week, if it happens


Bill,

To recap our meeting concerning the December physical crude position:

?	ERAC will not be physically exercising any of the 6,032,000 P+ Put options

?	The physical position is roughly 5,000,000 short and Don and Rob will be trying to purchase bbls and balance positions with the following cp's:

o	Coastal		1,700,000
o	Dynegy		1,240,000
o	Duke		   965,000
o	Diamond	   315,000
o	Bayoil		   201,500

Regards,
tm


-----Original Message-----
From: 	Chang, Fran
Sent:	Thursday, November 08, 2001 10:53 AM
To:	Crandall, Sean
Subject:	Important! DART product
Importance:	High

Sean:

Torrey Moorer in EOL IT group has created the Mid-C DART product on EOL.  In the future when a trade is done on EOL, it will be bridged into Enpower Deal Entry. However, although the "DART flag" will be on in deal entry, I believe for now it's informational only, and it's not doing anything to alert the schedulers.  I would like to know the rationale for creating this DART product and how you would like the schedulers in Day Ahead group (Cara's group) and Real Time (Bill's group) to see in their applications.  If I can get this info from you, I'll work with Enpower IT to put all necessary DART processes in place.

Thanks,

Fran Chang
West Power Risk Management
503.464.7973 (phone)
503.464.3740 (fax)


Great job guys  - keep it coming!

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/02/2000
02:18 PM ---------------------------

Richard Lydecker@ENRON
11/02/2000 10:07 AM
To: David W Delainey/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT
cc: Jesse Neyman/HOU/ECT@ECT, Brandi Morris/HOU/ECT@ECT
Subject: Brigham

We have completed the sale of our Brigham investment for $20.0 million
(JEDI/ENA).  ENA's net share of the proceeds for $12.5 million.   The
transaction has been closed and funded and at the book/raptor value.

My metaphor for pulling together liquidation transactions of severely
distressed assets like Brigham is trying to shield a pencil balanced on its
point in the midst of a hurricane.  In the case of the Brigham deal the
hurricane was a Force Five.

Jempy Neyman, who led the transaction, and Brandi Morris, a senior specialist
in Special Assets, did an outstanding job getting this tough deal done.

The next "balanced pencil" is closing the Basic Energy (Sierra Well Service)
sale by mid-November.  We're on track:  so far, the hurricane has not  blown
the pencil away.


request_number:  DS-WA:015
firstname:  Terry
lastname:  Mundorf
e-mail:  terrym@millcreeklaw.com
exhibit_wp-02-e-:  JGC-01, 02
page_numbers:
request_text:  :  Please disclose and/or produce copies of any and all
communications, from October 16, 2000 to the present, between any BPA
representative and any representative of any other party, concerning any of
the following subjects:

 a. The general structure of the Cost Recovery Adjustment Clauses (CRACs)
described in the testimony of the Joint Customers;

 b. Any differences between the form of the CRACs described in the testimony
of the Joint Customers and the CRACs contained in BPA's Amended Proposal, or
those contained in BPA's Supplemental Proposal;

 c. The detailed mechanics of implementing the CRACs described in the
testimony of the Joint Customers;

 d. Revenue effects of the CRACs described in the testimony of the Joint
Customers, any modifications; or

 e. Any aspect of the Partial Stipulation and Settlement Agreement and the
Parties' Proposal attached thereto.

For purposes of this Request, "disclose and/or produce" has the meanings
described below.  With respect to oral communications, "disclose and/or
produce" means to describe the time, date, approximate duration, and
substantive content of the communication; the identity and organizational
affiliation of the communicating individuals; whether the communication
occurred in person or by telephone; the location of the communication if in
person; the identity of any witnesses to the communications, including all
individuals in the room if the communication occurred by speakerphone; and
whether the communication was made in the presence of or after coordination
with BPA counsel (if so, identify such counsel).  For purposes of this
Request, you need not "disclose and/or produce" oral communications that
occurred during meetings noticed in compliance with Rate Case Rule 1010.7(d).

With respect to written communications, the Request includes communications
in any recorded form, whether on paper, electronic (including, without
limitation, e-mails), or whatever form.  For such communications, "disclose
and/or produce" means to provide copies of all non-identical versions of any
written communications and to describe with particularity the location where
such communications were found and/or stored, including the identity of the
individual with possession or control of the written communications; to
describe with particularity the circumstances under which they were generated
or referred to; and to fully "disclose and/or produce" any oral
communications made in connection with the written communications consistent
with the preceding paragraph.  For purposes of this Request, you need not
produce papers served on all parties to the rate case and made part of the
official file in the rate case.

response_text:
Exhibit 1 reflects e-mails currently on file. The computer of Terry Mundorf
suffered a virus attack on or about 2/15/01, which corrupted the Outlook
program.  In order to repair the damage, all incoming e-mail was purged on or
about 2/20/01, which eliminated records of incoming e-mail prior to that date.

WPAG has no records of meetings or telephone calls that requested in
DS-WA:015-017, so the information contained in Exhibit 2 is based on best
recollection.

For written communications, see Exhibit 1.
For oral communications, see Exhibit 2.

The exhibits and attachments are available in BPA's Data Response Room.

The following information is from the web server:
1.  Logon: IUSR_GRANITE
2.  Remote Host:  router.millcreeklaw.com
3.  Remote IP Address:  204.57.181.3
4.  Form URL:
https://secure.bpa.gov/power/secure/psp/ratecase/discovery/wp_02_response.html
5.  Browser Client:  Mozilla/4.0 (compatible; MSIE 5.01; Windows 95)


Mark, thanks a 10E6, Val.


Listening to HELLO ENRON is the latest trend among Enron employees.  This
radio-style news program was created with you in mind, so get plugged in
through your telephone or computer!

The new program will bring you up to speed on the 1999 Chairman's Award and
the new office tower being constructed in downtown Houston.  Also hear from
Portland General Electric President Peggy Fowler and three PGE linemen.

There are two ways to listen:

(1) on your telephone by dialing 713-853-HELO or toll free 1-888-335-0403
(see attached for international numbers).

(2) on your computer through streaming audio -- visit home.enron.com for
access.
 Note: This option may not work on all PCs.  If you experience problems,
please use the telephone version or read the transcripts provided on
home.enron.com.


Mark,

Attached is the draft Broker Electronic Transaction Agreement.? In preparing
the draft, I have made the following assumptions or decisions, each of which
can be changed as Enron desires:

1.? There will be pre-existing relationships with the ultimate
buyers/sellers, each of which I have designated a "Participant," pursuant to
which the Enron-Participant relationship will be conducted (these may be very
informal).? Enron will have approved Participants in advance and will know
the identities and other characteristics of Participants represented by
brokers.? The pre-existing agreements with Participants are "Participant
Agreements."

2.? Brokers will propose trades, which I have characterized as the "selection
of prices, quantities and other terms and conditions" on behalf of
Participants, and have defined as "Execution."

3.? Once an Execution is confirmed by Enron, it becomes a "Transaction" with
a Participant.? A Participant in a "Transaction" is a "Counterparty."? Enron
and Counterparties are parties to a "Purchase Agreement," which is the
binding agreement between Enron and the principal to buy or sell a commodity
with respect to which a Broker has "Executed."? I think these potentially
complicated definitions are necessary to maintain clear distinctions between
the acts that bind the Brokers and those that bind the Participants.

4.? I think that all of the requirements, representations and agreements in
the password application are now in the BETA.? I am presuming that there will
be other forms or methods by which Enron will collect credit and other
information about brokers.

5.? I have placed upon the Brokers the responsibility for obtaining whatever
regulatory approvals they need (FERC, at least).? We may need to address
whether Enron needs to establish independently that Brokers do not have
characteristics that subject EnronOnline to CFTC jurisdiction, but I believe
that we have sidestepped that issue by not making the brokers parties to the
trades.

6.? The key provision of the BETA is paragraph 3(f), which defines the
Broker's obligation to pay damages.?

7.? I have not provided a blacklined version (against the ETA) because I have
changed the document extensively (and also, I don't know how to blackline
from home).? We will provide that blackline later today, because there may be
changes to the ETA that you want to consider based on my revisions of the
basic terms of that agreement in preparing this one.

Enjoy!? Talk to later.

Bob

-----Original Message-----
From: Mark.Taylor@enron.com [mailto:Mark.Taylor@enron.com]
Sent: Monday, November 20, 2000 11:25 AM
To: rlawrence@milbank.com
Subject: GTC's

(See attached file: ECT Natgas GTC.doc)
(See attached file: ENA Financial GTC.doc)

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

?

?
 - BROKER ELECTRONIC TRANSACTION AGREEMENT.doc


----- Forwarded by Steven J Kean/NA/Enron on 03/15/2001 10:07 AM -----

	eserver@enron.com
	03/14/2001 11:54 AM

		 To: "Steven.J.Kean@enron.com" <Steven.J.Kean@enron.com>
		 cc:
		 Subject: <<Concur Expense Document>> - AMEX - 02/02/01

The following expense report is ready for approval:

Employee Name: Mark A. Palmer
Status last changed by:  Automated Administrator
Expense Report Name: AMEX - 02/02/01
Report Total: $8,222.28
Amount Due Employee: $8,222.28

To approve this expense report, click on the following link for Concur
Expense.
http://nahou-wwxms01p


can you fill it in yourself? I will sign it.


---------------------- Forwarded by Phillip M Love/HOU/ECT on 04/09/2001
12:59 PM ---------------------------
Eric Bass   04/09/2001 11:41 AM

To: Shanna Husser/HOU/EES@EES, Bryan Hull/HOU/ECT@ECT, Timothy
Blanchard/HOU/EES@EES, Matthew Lenhart/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Patrick Ryder/NA/Enron@Enron
cc:
Subject: FW: Check this out.

---------------------- Forwarded by Edward D Gottlob/HOU/ECT on 04/09/2001
10:36 AM ---------------------------

"Gottlob Jr, Donald W" <GOTTLODW@bp.com> on 04/09/2001 10:24:25 AM
To: "Williamson, Alvin G" <WILLIAA7@bp.com>, "Befort, August III"
<Beforta@bp.com>, "'Aunt Billie'" <tejas@txcyber.com>, "'Bill Larson'"
<BillLarson@wyoming.com>, "'coe/jay wk'" <stubeco@aol.com>, "'Craig Janek'"
<craigjanek@aol.com>, "'David Smith'" <DS1020@aol.com>, "Richardson Jr,
Donald B" <RICHARDB@bp.com>, "'Ed'" <egottlo@ect.enron.com>, "'Hal'"
<Barrow4@Prodigy.net>, "Hooter, Howard" <HOOTERHL@bp.com>, "Ivy, Ross A"
<Ivyra@bp.com>, "'J Carter'" <jcarter@utmb.edu>, "'J Snider'"
<john_snider@sgs.com>, "Guyton, Jimmie V" <GUYTONJV@bp.com>, "'Jan Payne'"
<jpayne@hydril.com>, "'Jeff hm'" <bayshore2@earthlink.net>, "'jeff work'"
<GottlobJW@2mawnr.usmc.mil>, "'Jessie'" <nowir1x1@aol.com>, "'John Garza'"
<ajgarza@msn.com>, "Geddes, John T" <GEDDESJT@bp.com>, "Clark, Ken"
<CLARKRK@bp.com>, "Payne, Kenneth M" <PAYNEKM@bp.com>, "'koral'"
<kkypreos@yahoo.com>, "'Kyle'" <kyle.johnston@anico.com>, "Frank, Larry J"
<FRANKLJ@bp.com>, "'Leigh'" <LeighRV@aol.com>, "'louie'"
<trochesset@aol.com>, "'lynn'" <ljamail@galvestoncvb.com>, "Painter, Martin
D" <PAINTEMD@bp.com>, "'melinda'"  <mlgarlan@email.utmb.edu>, "Lozano,
Michael A" <LOZANOMA@bp.com>, "'paul hm'" <pwhitewing@aol.com>, "'paul wk'"
<pwhiteman@endurosys.com>, "Eames, Richard D" <eamesrd@bp.com>, "'R.Novelli'"
<ross@txlending.com>, "Pinder, Charles R" <PINDERCR@bp.com>, "'Raul'"
<rrcastro@utmb.edu>, "Moseley, Robert L" <MOSELERL@bp.com>, "'Ronnie'"
<rch965@aol.com>, "'s garza'" <sgarza@endurosys.com>, "Tenhaaf, Stephen P."
<tenhaasp@bp.com>, "'stacey'" <sgottlob@utmb.edu>, "Douat, Stephen F"
<DOUATSF@bp.com>, "'steve levy'" <slevy@wt.net>, "'susan garza'"
<segw99@aol.com>, "'Tina (wk)'" <Tina.walker@tdh.state.tx.us>, "Fox, Vernon
D"  <FOXVD@bp.com>, "Daley, Vicki R" <DALEYVR@bp.com>, "Blundell, Wayne"
<BLUNDENW@bp.com>, "Larson, William L" <LARSONWL@bp.com>
cc:
Subject: FW: Check this out.

?
-----Original Message-----
From: Barnes, Mark T
Sent: Saturday, March 17, 2001 03:29
To: Gottlob Jr, Donald  W; Evans, Jay
Subject: FW: Check this out.

?
 - HAPPY.EXE


<http://www.amazon.com/exec/obidos/subst/home/home.html/ref=mk_cust_super_1>
Search Amazon.com for:   Go!

We hope you enjoyed receiving this message. However, if you'd rather not receive future e-mails of this sort from Amazon.com, please visit the Help page Updating Subscriptions and Communication Preferences <http://www.amazon.com/exec/obidos/tg/browse/-/468552/ref=mk_cust_super_3> and click the Customer Communication Preferences link.

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Beta Bros.,?Does anybody remember ALL the words to "Drunken Beta"?? Please
send  them to me.? I get through Adam and Socrates and then I start doing a
lot  of humming.?Art Kretz sent along some choice vintage snaps.? Check out
"attached".?Mannino can't figure out weather to bring his golf clubs or his
guitar.? What do you think?? Carl Hohl and Elvis have both expressed
interest in DON DOING DYLAN.?Information regarding alumni events and
activities during homecoming  weekend?can be found at:?
http://alumni.smu.edu/reunions2000.html??  Elvis is tracking down specific
class reunion stuff and will be sending that  along soon.?If you need help
with names after you look at the pictures, scroll down  here.?-kai-Beek??????
?????????Victor Argenzio, Bambino Mannino, Bud (Nip It) Nelson John Jones,
Artie KretzArt Kretz, WoodyBuddly and Victor??????????????????????
 - Art's.JPG


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

    LOG MESSAGES:

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

Error retrieving HourAhead price data - process continuing...


John,

The code is revised. Please compare 1098075 with 1098076(with exchange
options vol skew added)
Please call Jeremy for moving this change into produtions. I'll be off this
Friday and next Monday.

Thanks!

Dave
ext. 5-3853


The Networking team will be testing the connection again this evening
starting at 7:30 PM.    If you have any questions or concerns please feel
free to contact me or Chip Cox.

Thank you for your patience.

Diana


Jane:

This responds to your questions relating to the gambling issues for weather
derivatives which we discussed last week.  This advice is based on discussions
with Naoaki Eguchi and Shinji Toyohara.  We have tried to provide a practical
response to all of the issues raised.  If you need further discussion on the
theoretical underpinnings, please let me know.

As background, the main advice to date on this issue has been our initial
advice
of January 14, 2000, a memorandum to John Viverito dated July 7, 2000 and an
email to John Viverito dated July 13, 2000.

Question 1: (Can/Should ToaRe and Enron Japan give a mutual representation
to the effect that they are each entering into the transaction "to hedge
weather
related risks arising in the ordinary course of [their] business".  If not,
can
the representation be deleted or amended?)

    ToaRe has taken the position that it is a "risk
taker" in this transaction and that, accordingly, it cannot give the
representation because it is not hedging risk.  Similarly, Enron Japan does
currently have weather exposure in Japan and, accordingly, cannot be said to
be
hedging weather risk.

    It follows, that the representation, as
currently drafted, does not fit the actual circumstances of either party and
needs to be modified or deleted.

    Our recommendation would be to modify the
representation as follows:

    (a) each party represents to the other that
it understands the transaction, it is entering into the transaction in the
ordinary course of its business and that it has a legitimate business purpose
for entering into the transaction;

    (b) ToaRe represents to Enron Japan that it
has the power and authority to enter into the transaction under the Insurance
Business Law.

    The modification to paragraph (a) removes the
word "hedge" which would have been problematic to both parties, but retains
the
basic concept that this is a  commercial transaction within the ordinary scope
of business of both parties.  We understand that Enron Japan's business
purposes
allow Enron Japan to engage in weather derivative transaction.  We also note
that the Financial Law Board (Paper on Derivatives Transactions and Gambling,
issued on November 29, 1999; the Financial Law Board is an unofficial
organisation of legal practitioners) has stated that a company that enters
into
derivative transactions as a business may be able to argue that it has a
legitimate business purpose in entering into the transactions - particularly
where the parties to the transaction are sophisticated and the transactions
are
conducted within reasonable parameters.  Based on these factors, we believe
that
Enron Japan should be able to give both representations.  However, Enron Japan
should note that the issue is not entirely clear under Japanese law and there
remains a remote possibility that a Japanese court might determine that Enron
Japan did not have a legitimate business purpose in entering into the
transaction.

    The representation in paragraph (b) is based on
the provisions of the Insurance Business Law that enable insurance companies
(including Japanese reinsurance companies) to enter into certain types of
derivative transactions.  We understand that the FSA has provided informal
guidance to certain financial institutions to the effect that the provisions
allowing financial institutions to enter into financial derivatives are wide
enough to also allow financial institutions to enter into weather derivatives.
However, this is a matter that ToaRe would need to confirm with the FSA
directly, and we are not able to express a general view - all that is possible
is for Enron Japan to request the representation from Toa Re.

    Please note that in cases where Enron Japan's
counterparty is a manufacturing company, the representation, as originally
drafted, should be given by the counterparty.

Question 2:  (Exposure for Enron Japan).

 As discussed in our earlier advice, the issue of whether weather
derivatives constitute gambling under the Japanese Criminal Code is not clear,
and we are not able to provide a definite opinion on these issues.

 There are two defenses to an allegation of gambling under the Criminal
Code:  "acts in accordance with law" and "legitimate business purpose".  In
principle, each counterparty must be able to show that one of the defenses
applies to it.  There is at least a suggestion in the Financial Law Board
paper
that if the "act in accordance with law" defense applies to one party, the
counterparty should also be able to rely on this defense.  However, this
argument does not have judicial support, and the more conservative position is
to ensure that each party meets one or more of the defenses.

 In this case, looking at each defense in turn:

    (a) ToaRe is a reinsurance company and will
be entitled to rely on the provisions of the Insurance Business Law to argue
that entering into a weather derivative transaction is an act in accordance
with
law, and thus does not constitute gambling; and

    (b) it is arguable that, consistent with the
comments of the Financial Law Board discussed above,  both ToaRe and Enron
Japan
have a legitimate business purpose in entering into the transaction on the
basis
that:

* each party is carrying on a business of trading weather risk;

* each party is a sophisticated investor (as Enron Japan is a new company,
it would need to rely on the experience of Enron Japan traders previously
located offshore to show "sophistication"); and

* each party (at least in the case of Enron Japan) is conducting the
transaction in accordance with reasonable parameters.

    Accordingly, assuming that ToaRe is able to give
the representations referred to above, and that these representations are
correct, both paragraph (a) and paragraph (b) appear to apply.  Thus, we do
not
believe that the risk for Enron Japan in entering into this transactions with
ToaRe will be any higher than would have been the case if Enron Japan had
entered into the transaction with a legitimate end user (for example an air
conditioning company).  We have previously characterised this risk as being
"relatively low".

    It is conceivable that Enron Japan may, in the
future, enter into transactions with entities that are neither financial
institutions nor end users (for example, other traders like Enron itself would
fall into this category).  In such a case, Enron Japan will not be able to
rely
on the "act in accordance with law" argument, and will be obliged to rely only
on the "legitimate business purpose" argument based on the fact that the
counterparty is a trader of financial products.  In our view, the risk for
Enron
Japan in this scenario would increase, but could still be characterised as
being
"relatively low".  In this situation, Enron Japan and the counterparty would
give mutual representations to the effect of the representation set out in
paragraph (a) under Question 1 above.

Question 3: (Criminal Sanctions)

    From a technical point of view, criminal
sanctions apply only to individuals, and not to companies.  In this case, the
criminal sanctions (if any) for gambling could potentially apply to the trader
that entered into the transaction.  The responsible managers may also have
criminal liability on the basis that they controlled the acts of the trader,
or
solicited the acts of the trader.

    The penalties are:

    Simple gambling  - up to Yen 500,000 fine
    Habitual gambling - imprisonment up to 3 years;
    Booking - imprisonment of between 3 months and 5
years.

Question 4: (Conducting the transactions using an Enron affiliate located
outside Japan)

 As noted in section 5 of our July 7, 2000 memorandum, we consider that
the risk that the activity constituted gambling would be reduced if Enron were
to enter into weather transactions from offshore.

Embedded in the foregoing comments is the concept that the representations in
the GTC's need to vary depending on whether the counterparty is a financial
institution, another unregulated trader or an end user of weather derivatives.
The representations previously proposed were proposed on the basis that the
counterparty would be an end user. If appropriate, we would be happy to
provide
alternate forms of representations for your reference.

Please let us know if you have any questions.

Best regards

Jeremy Pitts

Registered Foreign Lawyer - Jurisdiction of Primary Qualification - New South
Wales
Designated Jurisdictions - England and Wales and the State of Victoria
Direct Tel:  (81-3) 3479 3839
Direct Fax:  (81-3) 3479 0225
Voice/Fax Messaging: (81-3) 4464 6094

This is an e-mail from Baker & McKenzie - Tokyo Aoyama Law Office (Qualified
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The contents of this e-mail may be privileged and confidential and are
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notify us immediately (by reply e-mail) and delete this e-mail from your
system.
Thank you.

  -----Original Message-----
  From: Jane.McBride@enron.com [mailto:Jane.McBride@enron.com]
  Sent: Friday, October 20, 2000 6:18 PM
  To: Jeremy.Pitts@BAKERNET.com
  Cc: Alan.Aronowitz@enron.com; Mark.Evans@enron.com;
Mark.Taylor@enron.com
  Subject: ... Urgent Weather Derivative Advice ...

   << File: Weather-HDD-Floor-OTC-ToaRejmb2000-10-20!.doc >> Dear
Jeremy,

  Pls see for your information my email to Alan, Mark and Alan.

  As discussed, your answers to my questions can be quite brief
and pls cross
  reference previous advice rather than repeating it.

  I think the answer to question 1 - whether we can give the
warranty - has
  got to be no.  So short and sweet on this is fine.

  Re whether we can go ahead without the same (c)(ii) from them
(but with
  (c)(iii)) is a harder question and I understand that all you can
do is
  explain our risk and exposure, in light of the current factual
situation.

  This is a risk appetite question at the end of the day.

  Jane

  ----- Forwarded by Jane McBride/AP/Enron on 10/20/2000 05:57 PM
-----

                      Jane McBride

                                           To:     Alan
Aronowitz/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
                      10/20/2000           cc:
Jeremy.Pitts@BAKERNET.com, John Viverito/Corp/Enron@Enron,
                      05:57 PM             Jonathan
Whitehead/AP/Enron@Enron, Mark Evans/Legal/LON/ECT@ECT,

Paul.TYO.Davis@BakerNet.com, Morten E Pettersen/AP/Enron@Enron, Joseph P
                                           Hirl/AP/ENRON@ENRON

                                           Subject:     ... Urgent
Weather Derivative Advice ...(Document link: Jane
                                           McBride)

  Dear Alan and Mark,

  I am going to need you to help me make a risk decision.  I
welcome input
  from Mark Evans but he may be more comfortable leaving this up
to Alan and
  Mark because Alan and Mark have been involved in this gambling
issue from
  the beginning.

  Jeremy Pitts and I have had a brief conversation re my email to
him below,
  this afternoon, but he will not be able to get written comments
signed off
  by Japanese lawyers to me until Monday.

  The situation relates to the Tokyo's office's first weather
derivatives
  deal, which is with a company called Toa Reinsurance.  In a
nutshell the
  situation is that negotiations have come to a standstill because
neither
  side can move on their positions re the gambling warranties.
The deal of
  course though has already been done over the telephone several
weeks ago.

  In a nutshell then, based on discussions with Jeremy Pitts, but
to be
  clarified by Japanese lawyer on Monday, the situation is:

  1.   In terms of Enron Japan's ability to trade weather
derivatives here,
  we are operating in the grey even if we can get warranty
5(c)(ii) from
  them.

  2.   ToaRe will not give us the important warranty - 5(c)(ii)
below,
  because they say they can't.  They say they are not actually
"entering into
  the deal to hedge weather related risks arising in the ordinary
course of
  their business" - which is what the subject warranty says.  B&M
have
  advised that the obtaining of this warranty from a counter party
helps keep
  us in the grey and out of the red in terms of what we are doing
and also
  gives us comfort that the counter party can do the deal.

  3.   ToaRe is, in addition, separately asking us to give them
the same
  warranty.

  Jane McBride analysis

  Re 3 - Given that our legal situation is grey at best, I do not
think we
  should be giving the warranty they have requested.  They say
they will not
  give us that warranty.  The issue then is whether we can go
ahead without
  getting the warranty from them, bearing in mind that a binding
telephone
  deal has been done.

  If you agree with me that we can't give the warranty, then we
have to
  decide whether we can go ahead without getting the warranty
referred to in
  (2) above, from them.  I am not sure however that in practice we
even have
  a choice given that the trade has been done.

  If we go ahead without giving and without getting the warranty,
the risk to
  us is that we are more likely to be in breach of the prohibition
on
  gambling in the Criminal Law.  Are we willing to take this risk
and who
  needs to give me this answer?

  Jane

                      Jane McBride

                                           To:
Jeremy.Pitts@BAKERNET.com
                      10/20/2000           cc:
Paul.TYO.Davis@BakerNet.com, Alan Aronowitz/HOU/ECT@ECT, John
                      02:06 PM
Viverito/Corp/Enron@Enron, Mark Evans/Legal/LON/ECT@ECT, Jonathan

Whitehead/AP/Enron@Enron, Mark Taylor/HOU/ECT@ECT
                                           Subject:     ... Urgent
Weather Derivative Advice ...(Document link: Jane
                                           McBride)

  (See attached file:
Weather-HDD-Floor-OTC-ToaRejmb2000-10-20!.doc)

  Dear Jeremy,

  I would like to refine the following instructions.  There are
two (only)
  issues on which we need specific written advice and they both
relate to
  Warranty (c)(ii) of the draft which says "XYZ is entering into a
weather
  derivative transaction to hedge weather related risks arising in
the
  ordinary course of its business".

  1.   (a)  Can Enron Japan give the warranty at this stage in its
growth?
  Have we already had any written advice from you on whether Enron
Japan can
  warrant along these lines?  If so, when?  If not, the facts seem
to be
  that:

     Enron Japan plans to trade commodities which are energy
related but
     because we are still building up the business we are not
trading these
     products yet.
     As you know, we are getting into the power market.  If we
have done a
     weather derivative, then we can of course offer better prices
on the
     electricity deals we are negotiating.
     Other Enron companies are of course already trading many
weather
     dependant commodities and power.

  It could be argued therefore that unless we can rely on the
weather related
  risks of other Enron companies to justify our weather derivative
  transacting in these early days, that this is a speculative
transaction
  constituting gambling (depending on how the law on this works).
It is
  understandable that ToaRe would want us to warranty in effect
that we are
  not gambling because we are asking them to do so.  I know we
have had sign
  off from B&M re our weather derivative trading but I wonder if
anyone
  considered what the situation would be before we ourselves had
other
  transactions giving us weather related risks.

  (b)  If not, how could it be amended so that we can give it?

  (c)  If still relevant in the context of your answers to (a) and
(b) above,
  they did offer previously to take out all warranties so that
neither party
  gives any warranties.  The deal cannot be cancelled because it
was done on
  the telephone late Sept.  Accordingly, what is the practical
risk of us
  proceeding without the benefit of any warranties from ToaRe
(including the
  warranty that they are under the Insurance Business Law - ie an
insurance
  company.)?

  2.   They are insisting they not give (ii) and that we be
satisfied with
  (iii) only for the purposes of the Gambling Law  Pls confirm in
writing
  whether you think we can still go ahead on this basis.

  Thanks.

  Jane McBride
  Senior Legal Counsel
  Enron Japan Corp.

  Otemachi 1st Square Bldg.
  West 11th Floor
  1-5-1 Otemachi, Chiyoda-ku
  Tokyo 100-0004
  Japan

  Tel.:       81-3-5219-4500 (Main)
                81-3-5219-4553 (Direct)
  Fax:       81-3-5219-4510

  Assistant (Maggy Yamanishi)
  Tel.:        81-3-5219-4554
  Email:      Yo.Yamanishi@enron.com

                      Jane McBride

                                           To:
Jeremy.Pitts@BAKERNET.com, Paul.TYO.Davis@BakerNet.com
                      10/20/2000           cc:

                      10:57 AM             Subject:     RE: ToaRe
documentation(Document link: Jane McBride)


I paid extra for the 2 Business Day delivery from UPS.  Per the tracking info
on their website they have not tried to deliver to my house yet and it has
been three business days.  Do I receive some sort of refund or credit?

Thank you,

Errol McLaughlin


Fantastic.  You behave yourself and try to get us jobs TOO!!!!!!!!!!

 -----Original Message-----
From: 	"Shanna Boudreaux" <shannaboudreaux@hotmail.com>@ENRON
Sent:	Tuesday, December 18, 2001 10:46 AM
To:	Townsend, Judy; Germany, Chris
Subject:	Good News!!!

Hey Ya'll,

Just wanted to let ya'll know that I am employed now!!  Yeah!!!!  I am going
to be a Algonquin Gas Scheduler for Duke-Energy!  I am so excited and
relieved.

Hope ya'll have a great Christmas!

Keep in touch,

Shanna

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