USA: Enron shares in stay in doldrums after downgrade.
Reuters English News Service, 10/29/01
USA: US companies' credit quality to worsen-Moody's.
Reuters English News Service, 10/29/01

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
Bloomberg, 10/29/01

USA: Enron shares drop despite further triage attempts.
Reuters English News Service, 10/29/01

USA: Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
USA: UPDATE 1-Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
POWER POINTS:Enron May Have To Rethink Asset-Light Focus
Dow Jones Energy Service, 10/29/01
OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's
AFX News, 10/29/01
USA: Moody's cuts Enron to 2 notches above "junk".
Reuters English News Service, 10/29/01
UK: Europe energy firms wary of Enron on credit worries.
Reuters English News Service, 10/29/01
BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
Dow Jones Energy Service, 10/29/01

USA: Enron shares in stay in doldrums after downgrade.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron Corp.'s share price hovered above seven-year lows touched in earlier trade Monday after Moody's Investor Service cut the credit status of its senior unsecured debt of North America's largest energy trader to two ratings above junk status.
Enron, the largest electricity and natural gas trader in North America, also on Monday said it was in talks with banks to expand its credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron shares were down $1.40, or 9.03 percent, to $14.10 on the New York Stock Exchange, after earlier in the session trading below $14 for the first time since December 1994.
Moody's also warned that it could cut the debt rating again, now downgraded to Baa2, as well as its rating for the Enron's commercial paper.
Enron's credit-worthiness will have a direct affect on its day-to-day trading operations and its trading partners' perception of making good on trades. With a credit rating hovering above junk status, the cost of doing business will soar as trading partners look for increased collateral to back trades.
Last week Enron shares lost almost $14 billion in market value as a series of piecemeal disclosures about the company's involvement in complex partnerships began to trickle out.
Investors have fled Enron's stock in droves following disclosures that the company did off-the-balance sheet transactions with two limited partnerships run by former chief financial officer Andrew Fastow in deals the U.S. Securities and Exchange Commission is now looking into for possible conflict of interest.
Enron compensated its partners in this off-balance sheet structure with the promise of Enron shares, if the value of private investments in several of its units fell below a certain level.
Many industry observers see Enron's request for additional credit, after the company tapped its banks for $3.3 billion last week, as a sign a weakness.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carol Levenson, an analyst with independent research firm gimmecredit.com.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: US companies' credit quality to worsen-Moody's.
By Jonathan Stempel

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - U.S. corporate credit quality is likely to grow much worse before it gets better, a leading credit rating agency said in a report issued on Monday.
Moody's Investors Service said that in the third quarter, it put on review for downgrade its credit ratings for 122 U.S. companies. At the same time, it put on review for upgrade its ratings for just 22 companies.
That 5.5-to-1 ratio is far greater than the 1.3-to-1 ratio in the second quarter.
In dollar terms, the situation looks more dire. Moody's warned it may downgrade $543 billion of debt, dwarfing the $66 billion Moody's said it may upgrade by 8.2-to-1.
"Particularly in light of September 11, the fourth quarter will be particularly weak for credit rating changes," said John Puchalla, Moody's senior economist. "A wide excess of rating reviews for downgrade over upgrades in the third quarter suggests credit deterioration will persist at least into early next year."
Rating reviews are significant because, unlike actual rating changes, they are not a "lagging" indicator, and suggest the future direction of corporate credit. Moody's normally wraps up its reviews within three months.
U.S. corporate credit quality is falling for many reasons. These include the weakening U.S. economy, an inability of marginal companies to raise cash, debt-financed merger activity and fallout from the Sept. 11 attacks on such industries as airlines, insurance, and travel.
For example, Moody's in July warned it may cut Comcast Corp.'s ratings after the Philadelphia-based company bid $44.5 billion for AT&T Corp.'s cable TV operations.
Then last month, Moody's warned it may cut Chicago-based Boeing Co.'s ratings because of the attacks' potential impact on demand for commercial airplanes.
In the third quarter, Moody's warned it may cut its ratings of 54 speculative-grade, or "junk"-rated, companies, and raise the ratings of just 11. For investment-grade companies, the gap was even more yawning: 68-to-11.
And in the fourth quarter? Through Friday, Moody's warned it may downgrade 47 companies and raise a mere four. On Monday, it downgraded embattled energy trading giant Enron Corp., and put all of its ratings on review for another downgrade.
Puchalla, however, said the decline could slow next year, in part because interest rates are low and companies are managing their balance sheets more conservatively.
"Lower borrowing costs and slowing debt growth should reduce debt servicing costs, and fiscal stimulus from the federal government should boost business revenues," he said. "That is a positive for credit quality."
The third quarter was the 14th in a row when corporate rating downgrades outpaced upgrades. The record is 19 quarters, set between 1988 and 1993.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
2001-10-29 12:16 (New York)

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)

     (Updates with analyst comment in fifth paragraph.)

     Houston, Oct. 29 (Bloomberg) -- Enron Corp., which can't get
low-interest, short-term loans, faces skeptical lenders who will
demand increasingly harsher terms as the largest energy trader
tries to get cash in the bank, credit analysts said.

     ``Anyone providing new funding is going to be nervous,'' said
Sean Egan, managing director at Egan-Jones Ratings Co. ``It's
likely that lenders are going to demand collateral.''

     Enron is trying to get $1 billion to $2 billion in loans from
Citigroup Inc., J.P. Morgan Chase & Co. and other banks to calm
investors after a 52 percent drop in the company's stock since
Oct. 17, the Wall Street Journal reported. The company needs cash
every day to settle commodities transactions and to keep trading
partners.

     The company on Thursday tapped $3.3 billion in bank credit
lines last week to pay off about $2 billion in commercial paper,
or short-term corporate loans. A week ago, the Enron said the U.S.
Securities and Exchange Commission had began an inquiry into
related-party transactions. They cost the company $35 million and
$1.2 billion in lost shareholder equity.

     ``Banks are in the driver's seat, and Enron is a little
desperate,'' said Peter Petas, a debt analyst at CreditSights Inc.
``I think their interest rates for loans would go up.''

                       Sells Assets for Cash

     Companies in Enron's situation often agree to other bank
terms in order to secure loans, Petas said. Those can include
agreeing to use proceeds from selling assets to pay debt and
putting up assets as collateral.

     Enron is attempting to sell assets to raise cash. Two related
partnerships, Osprey and Marlin, depend on selling power plants
and similar assets to repay $3.3 billion borrowed to buy the
plants. Enron may have to pay any difference between the debt and
sales proceeds.

     The company plans to complete the $2.9 billion sale of
Portland General Electric, an Oregon utility, to Northwest Natural
Gas Co. next year.

     Shares of Houston-based Enron fell $1.30, or 8.4 percent, to
$14.10 in midday trading. Earlier, they touched $13.55, down 12
percent. The company's credit rating was cut by Moody's Investors
Service after it wrote down the value of its assets.

     The stock had tumbled 80 percent in the past 12 months.

--Russell Hubbard in the Princeton newsroom, 609-750-4651

USA: Enron shares drop despite further triage attempts.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron shares slipped to a new six-year low in early trade as North America's largest natural gas and electricity trader said it was talking to banks about tapping additional credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron's shares were trading down 90 cents, or 5.8 percent, to $14.60 in early morning trade on the New York Stock Exchange. Shares crashed through $15, a low not seen since February 1995.
Last week, Enron shed almost $14 billion in market value as its stock price tumbled more than half since last week, when a series of piecemeal disclosures about its involvement in complex partnerships began to trickle out.
However, many industry observers see Enron's request for an additional credit after tapping its banks for $3.3 billion last week after as a sign a weakness not of strength.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carole Levenson, research analyst with independent research firm gimmecredit.com.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a move to shore up investor confidence.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on a new credit line.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
Enron shares sank 50 cents, or 3.2 percent, to $15 in early morning trade on the New York Stock Exchange. ((David Howard Sinkman, New York Newsdesk 646-223-6094)).

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: UPDATE 1-Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a new move to shore up investor confidence after it tapped about $3 billion in credit last week, and to stop a plunge in the company's stock that set new six-year lows.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on the new credit line.
Enron shares crashed through a psychological barrier of $15 a share, shedding $1.66, or 10.65 percent, to $13.85 in early morning trade on the New York Stock Exchange. The stock has lost more than half of its value in the past two weeks, losing more than $14 billion in market capitalization.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer in Houston.
Enron shares have tumbled since the company reported its first-quarterly loss in more than four years on Oct. 16. The company also wrote down $1.2 billion in equity, including transactions with partnerships formerly run by its chief financial officer who was forced to step down from Enron last week.
The sell-off was sparked by investor concern about the transparency of the transactions, which the Securities and Exchange Commission is examining. Enron last week replaced CFO Andrew Fastow as part of efforts to restore investor confidence.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
"Clearly, both the stock and bond market view Enron as being in dire straits," said independent research firm Gimme Credit analyst Carol Levenson.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead it's an act of desperation."

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

POWER POINTS:Enron May Have To Rethink Asset-Light Focus
By Mark Golden

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- On the face of things, it's hard to understand the stock market's headspinning reaction to Enron Corp.'s (ENE) revelation of some bad news in recent weeks.
Why the talk of a "death spiral" for North America's premier energy trading company? The stock price of Cisco Systems Inc. (CSCO), for example, saw an almost identical drop over a similar 12-month period. Nobody questioned the viability of Cisco.
The difference is that over the past few years, Enron has redefined itself as a company that runs on financial and intellectual muscle - not hard assets - and that focus is getting the company into trouble now that its credibility is in question.
If you're buying network components, you can probably stand some ambiguity in the finances of your supplier. After all, you're buying something you can touch. But if you're buying power or gas, what you're really buying is a commitment to deliver. If your supplier doesn't come through when the market gets tough, you're left totally exposed. In Enron's energy trading business, then, credibility at every level is critical.
For now, Enron looks to be more than viable. But the company's asset-light strategy might not be. Gross profits from trading have shrunk to 1.65% in the third quarter from 5.26% in the first quarter of 1998. Meanwhile, asset-heavy energy companies like Mirant Corp. (MIR) and Calpine Corp. (CPN) successfully use trading to optimize the performance of power plants and other infrastructure.
Two weeks ago, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. That didn't send investors running, however. In fact, its stock price rose a bit on the news.
What hurt was the disclosure that Enron had reduced its net assets, or "shareholders' equity," by $1.2 billion as a consequence of unwinding positions in partnerships headed by former Chief Financial Officer Andrew Fastow. That, along with warnings of possible downgrades by credit ratings agencies and an inquiry by the Securities & Exchange Commission produced a $15.6 billion drop in Enron's market value.
On Monday, Moody's Investors Service followed through by downgrading its rating on Enron's senior, unsecured long-term debt to Baa2 from Baa1, leaving it two steps above junk-bond levels. The agency kept Enron's ratings on watch for further downgrade.
Long-Running Concerns

A 50% hit to shareholder value still seems like an overreaction to a 10% reduction in shareholders' equity. The stock price reflects the expectation of additional losses to be reported and Enron's loss of credibility. Enron executives in a conference call Tuesday insisted that the worst was behind them, but few on the call believed that.
For some analysts, Enron's revelations only fed long-running concerns about the company's lack of financial disclosure.
Cary Wasden, managing partner of Reed Wasden Research, has had a "sell" recommendation on Enron since March. Unlike the analysts at big Wall Street firms, Wasden isn't in the business of selling stock. His firm isn't involved in brokerage and isn't a hedge fund. Wasden gets paid for his research, and the company doesn't invest in the securities it covers.
A main Wasden concern with Enron is that the company has regularly included the proceeds from one-time sale of physical assets in operating income. His belief is that Enron has dramatically inflated its earnings for the past couple of years - a concern to which an Enron spokeswoman couldn't immediately respond.
"Don't believe by any means this is the end of the story," Wasden said.
Wall Street sell-side analysts have largely kept Enron as a "buy" or "strong buy" as the stock fell from $90 to $20. But even they are expressing concerns about the quality of Enron's reporting.
For now, the plunge in the price of Enron's shares and bonds, which last week started trading like junk-rated debt, hasn't hurt its credit standing with energy trading partners.
"We haven't changed our thinking regarding Enron or our policies and practices. We're watching it, and so is everybody else, but they are a solid company," Reliant Energy Inc. (REI) spokesman Richard Wheatley said in a typical reaction. "This is unfortunately a feeding frenzy regarding some dealings that I'm sure Enron will be able to come out of at some point."
Keeping Talent A Challenge

Enron is a big company - far too big to ignore. But continued deterioration in the price of its shares and bonds could lead counterparties to restrict their traders' transactions with Enron. If the company's investment-grade bonds continue to trade near levels traditionally considered distressed, risk managers won't be able to ignore it, whatever else Moody's does.
Assuming that doesn't happen, Enron still faces a tough road ahead. Like all companies, Enron is the combination of capital and talent. For financial companies, talent is the more important ingredient, and Enron has been suffering damage to its talent for some time.
New Chief Executive Jeff Skilling left in August, and a handful of his key lieutenants left earlier in the year. The losses can be expected to continue. Much of the top management cashed out when the company's stock price was high and moved on. Now middle management on down is angry and anxious to move on, if they haven't already.
Over the years, Enron has compensated its very talented labor with stock options to make up for base pay considered low by the industry. Those options are now nearly worthless. If Enron's debt-service costs rise, the company could struggle to attract the talent needed to generate income in its core business of trading energy in North America.
Some analysts would like to see more turnover at the very top. When Skilling left, nobody believed Skilling or Chairman Kenneth Lay's assurances that it was for "personal reasons." When CFO Fastow was forced out of his position last week, Lay said, "In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO."
That's putting words in Wall Street analysts' mouths. Who thought scapegoating Fastow was really the answer?
"I don't know anybody who said that," Wasden said. "What did the CFO do, what did Skilling do, that Ken Lay wasn't part of?"
Real change will have to come from without, Wasden said.
"Enron has been a cult, more than a company," he said. "Recruiting from within does nothing to change the company, it just changes the disciples. Enron needs to pull some top talent from outside."
Nevertheless, Wasden thinks Enron's stock has reached its natural floor and, if the company starts disclosing how it really makes money, it can recover over time.
"There are a lot of earnings that can be wrung out of really strong operating assets, like pipelines and power plants," he said.
That means paying more attention to the assets that Enron has spent the past few years denigrating. Given the bind Enron is in, Lay won't have much choice. Enron will survive, but it won't be the same company at all.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's

10/29/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

(Moody's corrected its stance on Enron ratings to a downgrade)
NEW YORK (AFX) - Moody's Investors Service said it has lowered the senior unsecured long-term debt ratings of Enron Corp from Baa1 to Baa2 following a deterioration in Enron's financial flexibility since the company announced significant writedowns as well as equity charges in previously undisclosed partnership investments.
The long-term debt ratings remain on review for further downgrade, Moody's said.
Moody's also placed the company's Prime-2 rating for commercial paper on review for downgrade.
Moody's initially placed Enron's long-term debt ratings on review on Oct 16. The write-downs and equity charges led to a substantial loss in investor confidence that has led to a more than halving of Enron's share price and difficulties in rolling over commercial paper, according to Moody's.
In response to these events, Moody's said Enron has shored up its near-term liquidity position by drawing down on all of its committed revolving credit facilities and buying back its outstanding commercial paper, leaving the company with a net cash position of approximately 1.2 bln usd.
Moody's said it plans to focus on management's success in lining up further liquidity support and on their ability to retain credit availability from their major counterparties.
aw/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

USA: Moody's cuts Enron to 2 notches above "junk".

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Moody's Investors Service on Monday cut embattled energy trading giant Enron Corp.'s senior unsecured debt rating to two notches above junk status, and warned it may cut that rating again, as well as its rating for Enron's commercial paper.
The rating agency cut Houston-based Enron's senior unsecured debt to "Baa2" from "Baa1," and said it may cut Enron's "Prime-2" commercial paper rating, which affects short-term debt. Its rating actions affect $13 billion.
Moody's said Enron is suffering from deteriorating financial flexibility since it announced big write-downs and equity charges from previously undisclosed partnership investments this month. This triggered "difficulties in rolling over commercial paper," Moody's said.
Enron, which has about $63.4 billion in energy assets, said on Monday it is talking with banks to get more credit, after last week drawing down $3 billion from a bank credit line to buy back its outstanding commercial paper.
Its shares traded Monday on the New York Stock Exchange at $13.75, down $1.75, or 11.3 percent. They have fallen 62 percent since Oct. 12, from $35.81.
Rating agency, Standard & Poor's, on Thursday revised its outlook for Enron's ratings to "negative" from "stable."

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

UK: Europe energy firms wary of Enron on credit worries.
By Stuart Penson

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 29 (Reuters) - Energy companies in Europe are shying away from trading with troubled U.S. energy group Enron amid concerns about the company's credit status, industry sources said on Monday.
Several large energy groups have frozen their dealings with Enron - one of Europe's biggest gas and power traders - as they hold urgent talks with the U.S. group about setting up new credit arrangements, the sources said.
"I think Enron's approach is to get the major counterparties back on board as quickly as possible and then hope the smaller ones will follow," said the head of risk management at one UK utility that halted its trade with Enron last week.
"They are talking with us about bank letters of credit," he said. "The people that are still trading with them are doing so on a very restrictive basis."
A spokesman for Enron's European headquarters in London headquarters declined to comment.
Reluctance to trade with Enron in Europe comes as the company tries to rebuild investor confidence after its stock hit five-year lows.
Triggering the slide was news last week the U.S. Securities and Exchange Commission is investigating huge losses relating to a private equity operation run by its former chief financial officer.
Houston-based Enron trades a large amount of its volume in the U.S. and Europe through its Internet EnronOnline system.
Last Friday the company said trade on EnronOnline was above average levels with more than 8,400 transactions at a notional value of approximately $4 billion.
Traders said Enron's plight could hit liquidity in European gas and power markets, where liberalisation has unleashed rapid growth in energy trading in the last couple of years.
One industry source cited a brokers list showing eight companies in the UK electricity market had put on hold their trading Enron, which is among the biggest five traders in the market.
In mainland Europe, where Enron has been a major driver of liquidity, potential counterparties are treading with care.
"We are avoiding them as counterparties - either by not trading with them or by using a 'sleeve' (a third party trader)," said a senior trader at one of Germany's big utilities, who declined to be named.
French traders said wariness about dealing with Enron had dampened liquidity although Enron was still in the market on Monday morning.
"Enron is a major player so counter parties are looking to see if there is a problem," said one French trader.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
By Michael Rieke

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Thanks to Enron Corp. (ENE), the broadband sector again looks like a place to make money.
But it won't be traders who will cash in on this new potential. It will be class-action attorneys. They're already lining up to sue Enron in at least five shareholder suits.
As of Oct. 25, two of lawsuits had been filed against Enron in federal court and three more in Texas state court. Most of them name as defendants Ken Lay, Enron's longtime chairman, former Chief Executive Jeff Skilling and Andrew Fastow, Enron's chief financial officer until he was put on leave of absence Oct. 25.
Still another suit, which isn't a class action suit, was filed naming as defendants members of Enron's board of directors.
All the lawsuits concentrate on private investment partnerships Enron set up, many of them managed by Fastow. Most of the suits contend that it was a conflict of interest to have the Fastow partnerships doing complicated hedging transactions with Enron.
The transactions named in the lawsuits involved billions of dollars of underperforming assets in broadband, water and other Enron investments.
Fastow operated on both sides of some of those transactions. As Enron's chief financial officer, he was being paid to manage the corporation's finances. As general partner of two LJM partnerships, he managed the counterparties to billions of dollars of trades with Enron. He shared in profits of those partnerships.
When investors began demanding information about the transactions, Enron's share price began to slide. With the heat on, Enron recently unwound the trades with the partnerships and booked $544 million related to losses from early termination of the deals, among other things.
That's when the class action attorneys went to work. So far, at least 14 law firms are representing the plaintiffs. Enron didn't respond to calls asking about the lawsuits.
Among the law firms representing plaintiffs is Milberg Weiss Bershad Hynes & Lerach, which put out a news release announcing its lawsuit. The release points out that the firm has been responsible for recovering more than $30 billion from class action lawsuits.
The lawsuits bring up questions about the bandwidth trading market. Some of the deals with the LJM partnerships run by Fastow "purportedly involved hedging transactions in the broadband market," according to Abrams and Franks v. Enron et al.
That could tie into questions that have lingered in the bandwidth market for months. Market skeptics have said Enron and other energy companies are the only ones trading bandwidth.
Enron has reported that it has been trading with a growing number of counterparties, a total of 120 in the second quarter of this year, according to Enron.
Now market watchers will want to know if any of Enron's trades were done with the LJM partnerships managed by Fastow.
They will also want to know how many bandwidth trades were done with Chewco Investments. That Houston company, according to a report in The Wall Street Journal, was managed by Michael Kopper and was set up in 1997 when Kopper was a managing director with Enron's Global Equity Markets Group. He left Enron earlier this year to work for partnerships run by Fastow.
Do the plaintiffs' attorneys know whether Enron was trading bandwidth with any of those investment partnerships?
"I think if is too early to tell," Thomas Bilek of Hoeffner & Bilek told Bandwidth Beat. "As you know, (information) is coming out in drabs and dribbles from Enron."
It could be several months before plaintiffs' attorneys get a chance to ask Enron officials those questions, Bilek said.
It's also too early to tell what potential damages plaintiffs could win, said Steven Schulman, an attorney with Milberg Weiss. "At this point, you can only talk about it in terms of (shareholder) losses, and the losses are in the billions."
Total losses will depend on the price each shareholder plaintiff paid for the stock and the price at which each shareholder later sold the stock.
Enron's share price topped out between $90 and $91 in the summer of last year. It set a 52-week low Oct. 26 at $15.04. That spread leaves plenty of room for losses.
Schulman told Bandwidth Beat that the record for losses in shareholder cases is $11 billion in a case involving Cendant Corp. (CD). Damages are usually a substantial portion of losses, Schulman said.
"Whether (the Enron case) is bigger or less, I couldn't opine," he said. "This is a big case, by any means."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


Breathitt's hanging tough, siding w/Hebert, standing for markets.  Jeff


The pre-enrollment process for the Enron Kids' Center is underway and ends
Friday, March 30, 2001.  Enrollment packages can be picked-up at the HR Kiosk
between 11:00 AM and 2:00 PM or call Cynthia Vasquez at  X3.1726.

Our childcare center will be located on Louisiana Street across from our
corporate headquarters.  The anticipated opening date is fall 2001.  Any
eligible full-time or part-time Enron employee who will have a child/children
between the ages of six weeks and four years by the opening date of the
center will be eligible to utilize the center.

Please go to http://home.enron.com:84/messaging/ekidctr.pdf to learn more
about Enron,s onsite child care center.  If you still have questions or
concerns, please contact Knowledge Beginnings at 1-877-244-5346 (between 8:00
am - 5:00 p.m. PST) or visit their web site at www.knowledgebeginnings.com .
Enron is excited about the plans for the Enron Kids, Center and we look
forward to the grand opening!


Hello, Everyone -

Many of you have requested that we extend the time of the meeting at the Kingstad Conference Center next Wednesday, December 19, for review and discussion of the draft documents posted today.  The filing utilities agree that more time will be helpful for this review, so we will extend the meeting from 12:30 p.m. to 4:30 p.m.  We will begin at the usual time of 8:30 a.m.  I apologize for the inconvenience this may cause some of you who have already made plane reservations to leave earlier.  We are preparing a plan and schedule for further review and feedback opportunities after December 19, and we'll present this plan on December 19 as well.  In addition to your oral comments at the December 19 meeting, the filing utilities welcome any written comments on the drafts posted today that you'd like to make after the meeting.  We'll discuss Wednesday the most efficient response process.

The documents posted today address congestion management, pricing, facilities inclusion, market monitoring, and planning.  You can access these documents on the RTO West website at www.rtowest.org/Stage2RRG_Upcoming.htm <http://www.rtowest.org/Stage2RRG_Upcoming.htm>.   As I mentioned in the previous notice, these documents are preliminary rough drafts and represent work-in-progress on these subjects.  These preliminary drafts are being made available to interested parties now so we can all have the benefit of thorough review and feedback as drafting proceeds.  None of the documents have been approved by the filing utilities.

We look forward to seeing you next Wednesday,

- Bud

P.S. - As with the previous announcement related to the December 19 meeting, this message is being sent to multiple recipient lists that have overlapping participants.  I apologize to all of you who get multiple copies of this message.


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W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

November 17, 2000 5:00pm through November 20, 2000 12:00am
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SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: SEE ORIGINAL REPORT

EI: SEE ORIGINAL REPORT

ENRON NORTH AMERICAN LANS:  No Scheduled Outages.

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

LOTUS NOTES: No Scheduled Outages.

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS: SEE ORIGINAL REPORT

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:
Impact:  CORP
Time:  Sat 11/18/2000 at  6:00:00 PM CT thru Sun 11/19/2000 at  8:00:00 AM CT
 Sat 11/18/2000 at  4:00:00 PM PT thru Sun 11/19/2000 at  6:00:00 AM PT
 Sun 11/19/2000 at  12:00:00 AM London thru Sun 11/19/2000 at  2:00:00 PM
London
Outage:  Unify
Environments Impacted:  Unify Users
Purpose: Rebuilding all the indexes and changing the number of partitions for
better performance
Backout: Restore from Backup
Contact(s):  William Mallary  713-345-3485
------------------------------------------------------------------------------
-------------------------------------------------------
FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center
(713) 853-5536   Information Risk Management

Specific Applications Help:
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
All Other Systems    (713) 563-5797  [Pager]
      or (713) 563-5987  [Pager]


Are you on of this?  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 02/17/2000
08:35 AM ---------------------------

	From:  Eric Benson                           02/16/2000 03:35 PM

To: Philip Crowley/ET&S/Enron@Enron, Colleen Raker/ET&S/Enron@Enron, Louis
Soldano/ET&S/Enron@Enron, Dari Dornan/ET&S/Enron@Enron, Maria
Pavlou/ET&S/Enron@Enron, Drew Fossum/ET&S/Enron@Enron, Dorothy
McCoppin/FGT/Enron@Enron, Shelley Corman/ET&S/Enron@ENRON, Stephen
Allen/OTS/Enron@ENRON, David L Johnson/OTS/Enron@ENRON
cc: Michael Moran/GPGFIN/Enron@Enron

Subject: 1999 Enron Corp. Compliance Report

To: Distribution
From: Eric Benson

 You all should have received by now a photocopy of the 1998 Compliance
Report from the Enron Gas Pipeline Group Compliance Committee that may be
used to report 1999 compliance report activities.  In my January 5, 2000 memo
to you all, we requested that handwritten comments/updates be provided to my
attention by February 15th.

 I have yet to receive any such comments/updates.  Please provide any
comments/updates by the end of this week so the report can be finalized and
sent to Sharon Butcher within the time frame she requested.  If there are no
comments/updates, please let me know.

Thanks,

Eric Benson
Research Analyst


-----Original Message-----
From: 	"Linda Hayman" <LHAYMAN@skadden.com>@ENRON [mailto:IMCEANOTES-+22Linda+20Hayman+22+20+3CLHAYMAN+40skadden+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, September 24, 2001 9:08 AM
To:	mtaylo1@ect.enron.com
Subject:	Fwd: OHIOIAN

ya gotta love it..........

Linda Hayman
Skadden, Arps,Slate, Meagher & Flom, LLP
4 Times Square, 42nd Floor
New York, NY  10036
T:  212-735-2637
F:  917-777-2637
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After more than three decades of living in Ohio, I know how to be an
Ohioan.  While I was learning,
written guidelines would have been helpful. So I've written some to
assist others.

1.  Know the state casserole.  The state casserole consists of canned
green beans, Campbell's cream of
mushroom soup and dried onions. You can safely  take this casserole to
any social event and know that
you will be accepted.   In fact, Neil Armstrong almost took this
casserole to the moon in case
he encountered alien life there.  NASA nixed the plan out of concern
that the casserole would
overburden the Apollo rocket at liftoff.

2.  Get used to food festivals.  The Ohio General Assembly, in an effort
to  grow bigger offensive
linemen, passed legislation years ago requiring every  incorporated
community to have at least one
festival per year dedicated to  a  high-fat food.  Thus, Sugarcreek
honors Swiss cheese, Bucyrus  has a
bratwurst celebration and Gahanna, seeking an edge over other towns, has
recently introduced the
Triglyceride and Low-density Lipoprotein Festival.   It is your duty as
an Ohioan to attend these
festivals and at least buy an elephant ear.

3.  Know the geography.  Of Florida, I mean.  I've run into Ohioans who
couldn't tell you where Toledo
is but they know the exact distance from Fort Myers to Bonita Springs.
That's because all Ohioans go
to Florida in the winter.  Or plan to when they retire.  Or are related
to retired Ohioans who have a
place in Sarasota.  We consider Florida to be the Lower Peninsula of
Ohio.

4.  If you can't afford to spend the winter in Florida, use the state
excuse, which is that you stay here
because you like the change of seasons.  You'll  be lying, but that's
OK.  We've all done it.

5.  Speaking of Ohio weather, wear layers or die.  The thing to remember
about Ohio seasons is that
they can occur at anytime.  We have springlike days in January and
wintry weekends in October. April
is capable  of providing a sampling of all four seasons in a single
24-hour period. For these reasons,
Ohio is the Layering Capital of the World. Even layering, however, can
pose danger.  Golfers have been
known to dress for hypothermia  and end up dead of heat stroke because
they couldn't strip off their
layers of plaid fast enough on a changeable spring morning.

6.  Don's take Ohio place names literally.  Upper Sandusky is below
regular Sandusky.  Circleville is
square.  East Liverpool has no counterpart to the west.  Also, if a town
has the same name as a foreign
capital.....Lima or Berlin, for example......you must not pronounce it
that way lest you come under
suspicion as a spy.  Hence, it's not LEE-ma as in Peru, but LYE-ma as in
bean, and it's BER~lin, not
BerLIN, like in Germany.

7.  Become mulch literate.  Ohioans love mulch and appreciate its subtle
differences.  Learn the
difference between hardwood, cypress and pine bark at  a minimum.
Researchers think the state
affinity for mulch derives from its relatively flat terrain.  People
have a subconscious need for
topography,  and when it can't be supplied naturally, they are more
likely to make little mulch hillocks
in their front yards.

8.  In order to talk sports with obsessive fans in Ohio, you have to be
knowledgeable on three
levels-professional, college and high school. The truly expert Ohio
sports fan knows not only the name
of the hotshot quarterback at Abercrombie and Fitch High School, but
also what colleges he's
interested in, how much he bench-presses, who he took to the prom and
what he got on his biology quiz
last week.

9.  Remember that Ohioans are never the first to embrace trends. When we
do embrace them, we do so
with a Midwestern pragmatism. For example, if you see an Ohioan with a
nose ring, there's a good
chance he's had it undercoated  to guard against rust.

10.  The best way to sell something in Ohio is to attach the term
"Amish" to  it.  The product need not
be genuinely Amish.  This would explain the existence of Amish moo shu
pork.

I hope you found this guide to be useful.  If it offends you, please let
me know and I will bring green
bean casserole to your home to make amends.

 - Linda Hayman.vcf


As you are probably already aware, Enron has been named the Most Innovative
Company in America for the past five years.  What do you think we can do to
hold this rank?  By finding new ways to manage our intellectual talent?  By
creating new products that can be traded as a commodity?  By developing new
e-commerce activities for our business unit efforts?  By sharing knowledge
across the company and implementing competitive intelligence activities?
What do you think?  What are your ideas?

The eThink Team has opened up a category in eMeet at ethink.enron.com for you
to share your comments, suggestions and ideas.  Please join us on this
company-wide effort to stay ahead of the competition.

NEW & IMPROVED: we have now installed a "trigger response method" onto the
eMeet system.  If you enter your email address while creating a topic, you
will be sent an email when someone has responded to your topic!

eThink: Invest Your Mind


I will need to hear from you today on your choice of activities scheduled for
the outing in October.  The following is a list of activities and
corresponding names of customers planning to participate.  Please let me know
which you would like to participate in.  You may all discuss if you would
like to, but make sure I hear from you today, not tomorrow, today (smile).

  Activity  Name   Thursday Friday

  Golf  Tom Carlson           x        x
    Tommy Thompson          x                            x
    Ed Meaders           x
    Jane Tholt           x

  Shopping Penny Barry           x
    Cathy Bulf           x
    Carla Johnson           x

  Fishing Ed Meaders           x
    Scott Walker           x

  Jeep Tours Penny Barry           x
    Carla Johnson           x

  Spa  Cathy Bulf           x
    Jane Tholt           x
    Carla Johnson           x
    Elsa Johnston           x

  Water Rafting Elsa Johnston          x
    Penny Barry                         x

  No Response Craig Carley
    Richard Jordan
    Mark Fenton
    Melvin Christopher


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/10/2001
05:21 PM ---------------------------

Vince J Kaminski
01/08/2001 01:10 PM
To: Sandeep Kohli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Reminder

Sandeep,

I am meeting Jeff on Tuesday, 1:30.

The best number to reach me (outside the office) is my cell phone
(always on): 713 410 5396.
My home number is 281 367 5377.

Vince

Sandeep Kohli@ENRON_DEVELOPMENT
01/06/2001 08:30 PM
To: Vince J Kaminski@ECT
cc:
Subject: Reminder

Vince,

Before leaving for India I just wanted to jot you this small reminder to talk
to Jeff Shankman on Monday.

Aside from myself, I wanted to remind you to talk about Anshuman Shrivastava,
who is currently Assistant Manager in India, and has my recommendation for
promotion to Manager.  He is our point person on many DPC matters, and is
also the person I have used on most fuel related issues.  He will be a real
asset to Jeff when located in HOuston.  Sinc he is single, and quite young,
it will not be a problem to move him here at short notice.

I will call you from India as soon as I get in.  It will be Monday evening in
Houston at that time, so could you please jot me a note telling me what would
be a good number to call you on.

I look forward to working with the team in Research.

Thanks again,

Regards,
Sandeep.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/12/2001
11:11 AM ---------------------------

"John D. Martin" <J_Martin@baylor.edu> on 02/12/2001 09:52:57 AM
To: TimOpler@Yahoo.com, Raj_Srivastava@bus.emory.edu,
vaysman@mail.utexas.edu, vkamins@enron.com, cpaoli@sternstewart.com,
Michael.froehls@citicorp.com, Corey.carbonara@systems.tstc.edu,
Michael_Korpi@baylor.edu, dpalumbo@sapient.com
cc:
Subject: One page background and position statement

Guys,

Attached are the "one-page" background/position statements that I have
received to date (with the exception of Mike Korpi's which I left at home).
 If you haven't provided me with this material please do so asap and if you
did please give my any edits you might like to make to the attached pages.

Thanks

john

p.s. its rainey and 60's this week but we've put in an order for 70's and
sunshine for next week's conference.
 - Bennett_Stewart.doc
 - David Palumbo current Bio.doc
 - G_Ferrell.doc
 - JMartinBiosketch.doc
 - M_Froehls.doc

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


The first facility agreement which needs to be finished is the ESA Facility
Agreement.  Peter and/or Chris, could you please send/re-send the most recent
version with a email stating any open issues, copying everyone on this
email.  We need to get this one ready to sign tomorrow, if at all possible.

My understanding of the commercial deal is that the scope should include
change order #3, with 75% of the value of change order #3 payable on or
before Dec. 27, 2000, and 25% of change order #3 being added to the January,
2000 payment.

Kent/Lee, sorry I didn't mention this in our phone call this afternoon.
That's what happens when I'm not working from my list.

Thanks,

Kay


The only one that I don't see is the SDG&E offer from Parquet last year.

Jim

	Jeff Dasovich
	Sent by: Jeff Dasovich
	03/19/2001 08:24 PM

		 To: James D Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron,
skean@enron.com, Susan J Mara/NA/Enron@ENRON, Sandra McCubbin/NA/Enron@Enron,
Susan J Mara/NA/Enron@ENRON, Harry Kingerski/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Janel Guerrero/Corp/Enron@Enron, Karen
Denne/Corp/Enron@ENRON, mpalmer@enron.com, Alan Comnes/PDX/ECT@ECT
		 cc:
		 Subject: Summary of Supply Offers in California

Jim:

Attached is a fairly distilled summary of the projects Enron's offered to the
utilities, DWR and the ISO over the past 9-12 months, or so.  With respect to
the power contracts offered to the IOUs, only the offers accepted by PG&E and
Edison are included---the desk doesn't keep records of offers rejected, only
offers accepted.  However, I'm fairly confident that I can dig deeper and get
more info on the other power deals offered to Edison, PG&E and SDG&E if folks
would like that information.  Just let me know. Prices are included for the
offers that had prices attached when submitted.

Best,
Jeff


Clarifications:

SDG&E's Bill cap is as follows

Residential: $68 per mouth through 1/1/01 and $75 per mouth through 12/31/01
for those who consume 500kWh per month or less - market prices for the others
residential.
Commercial: $220 per mouth through 1/1/01 and $240 per mouth through 12/31/01
for those who consume 1500 kWh per month or less - market place for other
commercial
The decision intends to allow for future adjustment of the kWh monthly
consumption for bill caps retroactive to June 1, 200 to ensure that customers
in hotter inland regions have an appropriate level of usage cap and medium
size commercial customers are provided relief.
---------------------- Forwarded by Bruno Gaillard/SFO/EES on 08/22/2000
02:56 PM ---------------------------

Bruno Gaillard
08/21/2000 03:45 PM
To: Edward Hamb/HOU/EES@EES, Jennifer Rudolph/HOU/EES@EES, Chris
Hendrix/HOU/EES@EES, Greg Cordell/HOU/EES@EES, Harold G Buchanan/HOU/EES@EES,
Martin Wenzel/SFO/HOU/EES@EES, Douglas Condon/SFO/EES@EES, James M
Wood/HOU/EES@EES, Gary Mirich/HOU/EES@EES, Dennis Benevides/HOU/EES@EES,
Roger Yang/SFO/EES@EES, David Parquet@ECT, mday@gmssr.com, SF Directors,
Marcie Milner/Corp/Enron@ENRON, Paul Kaufman/PDX/ECT@ECT, Mary Hain@Enron,
James D Steffes/HOU/EES@EES, Richard Shapiro/HOU/EES@EES, Harry
Kingerski/HOU/EES@EES, Thane Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Steven J Kean/NA/Enron@Enron
cc: Maureen McVicker/NA/Enron@Enron, Ginger Dernehl/NA/Enron@Enron
Subject: SDG&E Rate Cap

Duque's Decision passed 3-2 (Duque, Neeper, Bilas - Lynch, Wood) - Both
Neeper and Bilas said that they were only voting for this decision because of
pressure. They both felt that last meeting's decision provided sufficient
relief and provided for a investigation to address longer term problems.

Summary:

The Decision institutes a rate stabilization for residential and commercial
customers
 Residential: $68 through 1/1/01 and $75 through 12/31/01 for those who
consume 500kW or less - market prices for the others residential
 Commercial: $220 through 1/1/01 and $240 through 12/31/01 for those who
consume 1500 kW or less - market place for other commercial

Other rate schedules: Subject to market prices

Implementation date: Retroactive to 6/1/00 - SDG&E will provide a credit for
those customers that are eligible no latter than September 30th

The decision intends to allow for future adjustment of the kWh rate caps
retroactive to June 1, 200 to ensure that customers in hotter inland regions
have an appropriate level of usage cap and medium size commercial customers
are provided relief.

The bill stabilization plan requires SDG&E to file comments, by September 30,
addressing the implementation and transition of a Levelized Payment Plan
(LPP) for all customers on an "opt out" basis. However, the procedure for the
implementation of the LLP will allow customers to readily exercise choice,
while those that do not exercise choice will default into the LPP.

The Commission will also further study the bill stabilization plan as to
direct access customers.

Revenue shortfalls are to be booked into the TCBA for future recovery of the
net shortfall.

Discussion:
Senator Alpert, Assembly Women Davis, Mayor Golding , the former mayor,
several members of the City and County of San Diego Board of Supervisors made
a public appearance. All thanked the Commission for  having this special
session. All supported the Wood decision. All stated that it did not  go far
enough and insisted that all customers should be subject to the cap. Assembly
Women Davis stated that she would be going back to the legislation  to pass
the Davis/Alpert Bill establishing a cap for all customers. However,
Asseblymember Wright, chairman of the Utilities and Commerce Committee, has
been open and has shown opposition to the Alpert/Davis bill.

If you have any questions, please call me at 415-782-7810

Bruno Gaillard - Government Affairs


Thanks.  Please continue to include me on all the FERC related ditties.  Mary
agree that we don't need to file separately?

	Susan J Mara@EES
	09/28/2000 06:04 PM

		 To: Mary Hain/HOU/ECT@ECT@ENRON
		 cc: <mary.hain@enron.com>@ENRON, <snovose@enron.com>@ENRON, Paul
Kaufman/PDX/ECT@ECT@ENRON, James D Steffes/HOU/EES@EES, Tim
Belden/HOU/ECT@ECT@ENRON, Robert Badeer/HOU/ECT@ECT@ENRON, Jeff
Richter/HOU/ECT@ECT@ENRON, carrrn@bracepatt.com@ECT@ENRON,
rcarroll@bracepatt.com, Jeff Dasovich/NA/Enron@Enron, Mona L
Petrochko/SFO/EES@EES
		 Subject: Re: Cal ISO Amendment 30

WPTF has just voted to file a protest on Amendment 30 (the ISO is asking to
be able to buy power for itself in the forward market).  I agreed to fund as
did 4, maybe 5, others.  The discussion was not exactly as you describe below
but I will be able to have lots of input on the filing, and am sure I can get
the points included.  Therefore, I recommend that Enron NOT make a separate
filing on this.

Here is what WPTF voted on:  Ask FERC to limit ISO procurement only to the
super peak product that has already been developed by the APX and require
that the price caps end in 6 months; if the ISO wishes to renew the price
caps it would have to file 60 days in advance of the 6-month deadline.

Mary Hain@ECT
09/28/2000 12:28 PM
To: Susan J Mara/SFO/EES@EES
cc: <mary.hain@enron.com>@ENRON, <smara@enron.com>@ENRON,
<snovose@enron.com>@ENRON, Paul Kaufman/PDX/ECT@ECT, James D
Steffes/HOU/EES@EES, Tim Belden/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Jeff
Richter/HOU/ECT@ECT, carrrn@bracepatt.com
Subject: Cal ISO Amendment 30

Sue- in WPTF's protest of Amendment 30, is WPTF proposing to make the
following arguments?  If not we need to have Ron give an estimate for an RCR
and draft a protest.

Amendment 30, which would allow the Cal ISO to do limited forward contracting
and to allocate the costs thereof to under/overschedulers (protests due
Oct.2)the traders would like to say that the ISO should not be in the forward
market, rather the IOUs should be in the forward market and should be
incented to do so.  Rather than doing anything to fix this failure to hedge
and underscheduling by the IOUs, this filing would further amplify the
problem by concentrating even more transactions with the ISO and lead to the
slippery slope to the ISO running the entire market.

Since, the filing also creates other problems.  Through the proposal to do
bilateral deals without first receiving bids, the ISO moved itself out of
compliance with Order No. 2000 (assuming it ever complied) by starting to
violate the independence characteristic - the FERC's first minimum
characteristic for an RTO.  Under this, the RTO is required to be independent
of market participants.  Order No. 2000 defines a market participant as any
entity or its affiliate that buys or sells electric energy in the RTO's
region or in any neighboring region that might be effected by the RTO's
actions.

Further, the ISO is already buying out of market and this move would further
complicate existing problems that we have with OOM.

In addition, although the filing claims that it's request is  limited, yet
there is no time limitation.  Further, the limitation seems to have little
real effect.

	Enron Capital & Trade Resources Corp.

	From:  "Ronald Carroll" <rcarroll@bracepatt.com>
09/19/2000 03:23 PM

To: <mary.hain@enron.com>, <smara@enron.com>, <snovose@enron.com>
cc:
Subject: New California Filings

There have been several recent filings related to California that you may
wish to intervene in and/or protest:

1.  CAISO proposal to extend price cap (ER00-3673-000) (due Oct. 5);

2.  CAISO compliance filing with San Diego order to make limited forward
contracting and to allocate the costs for those contracts to SCs whose
forward schedules do not reflect their actual real-time demands.
(ER00-3636-000) (due Oct. 2);

3.  City of Vernon filing to join ISO (EL00-105-000) (due September 29).
This filing triggers the CAISO's TAC charge effective 1/1/01;

4.  Complaint by Cities of Anaheim, Azusa, etc. regarding the CAISO's
collection of OOM incurred to meet system reliability and to require the
CAISO to abide by the cap in Neutrality Adjustment Charge.

Please let me know as soon as possible if you wish to intervene in and/or
protest any of these filings.  Thanks.  Ron


I will be out of the office Thursday July 12th on Jury Duty.  I will be back in the office on Friday morning.  If there is anything you may need from me before the end of today let me know. Debra will be able to assist you if you need anything while I'm out.

Thanks, Jill


? Ajay Sreekanth <ajay@Haas.Berkeley.EDU> wrote:
Date: Thu, 24 Aug 2000 13:00:06 -0700 (PDT)
From: Ajay Sreekanth
To: music@haas.berkeley.edu
CC: mba02@haas.berkeley.edu
Subject: Jazz on a Summer's Day / "music" list

"Jazz on a Summer's Day, the FABULOUS documentary featuring
performances from the 1958 Newport Jazz Festival is playing on the big
screen in Berkeley!!! It's at the Fine Arts Cinema (at 2451 Shattuck
@ Haste) from the 23rd to the 29th at 9:10 p.m. daily.

Forget the Woodstock film - this is the first live concert film and is
unanimously considered to be the best. In my opinion, Mahalia
Jackson's closing performance is worth the price of admission alone,
but in addition it features Louis Armstrong, Thelonious Monk, Art
Pepper, Chuck Berry (I think) and a whole bunch of other legends.

Even better, it's part of a double feature, with "Louis Prima:! T! he
Wildest" at 7:30 p.m. daily. I haven't seen this, but it promises to
be a blast too - to hell with the Gap commercials - see the original
"Jump, Jive An' Wail" swing master whom everyone from Brian Setzer to
David Lee Roth ripped off. He also wrote "Sing, Sing, Sing" that was
popularized by Benny Goodman.

MBA '02-ers, I will not spam your whole class again. The "music"
mailing list is used to send out information about upcoming live
music events in the area, and often coordinate ticket purchases,
rides, etc.

If you'd like, subscribe to the list in the usual way - either mail

subscribe music

in the body of the message to "majordomo@haas", or do so over the Web.

---
- Ajay Sreekanth "A bear however hard he tries,
(ajay@haas.berkeley.edu) Grows tubby without exercise."
- A. A. Milne

Do You Yahoo!?
Yahoo! Mail - Free email you can access from anywhere!


Attached is the information requested for the Fleet Tank Survey.

Thanks


The following name changes were made in Global Counterparty today.  Please go to O:\Global_Cntrprty\Name Change Notification to view the details.  Refer to tab "Jun '01.

All shortname changes have been made in GCP today, and will be updated by ERMS IT.

Records will be inactivated on July 5.

CP ID	FROM						TO
84846	AGL Energy Services, LLC			Sequent Energy Management, LLC
54772	Allegheny Teledyne Incorporated			Allegheny Technologies Incorporated
67273	BP Amoco p.l.c.				BP p.l.c.
93123	Enron Broadband Services Singapore Pte.	Enron Broadband Services Asia/Pacific Pte. Ltd.

Please call me with any questions or concerns.

Cheryl Johnson
Enron Net Works
Global Data Management
713.853.3103


-----Original Message-----
From: Anzer, Kuman [mailto:anzer@amtexenterprises.com]
Sent: Wednesday, October 31, 2001 5:57 PM
Subject: Reduce your hiring / Development cost by 40%

Dear Sir/Madam

Reduce your hiring/development cost by 40%

We would like to be a technical consulting services vendor for your esteemed organization. Amtex Enterprises, Inc. is a California based organization into software consulting & project services.  We have pioneered onsite & offsite development to deliver guaranteed cost benefits up to 40%. Our technical practice standards enable faster time-to-market, while adhering to stringent quality standards to ensure the best-of-breed solutions. Our full service portfolio covers Systems Integration, Package Selection, Custom Application Development, Application Maintenance and Technology Infrastructure Development in addition to Personnel Contracting & Consulting. We combine the best people, processes and technology to achieve excellent results - consistently. We offer customers the advantages of:

Speed we understand the importance of timing, of getting there before the competition. Tried and tested methodology ensures that we follow a predictable, low-risk path to achieve results. Our track record is testimony to complex projects delivered within and even before schedule.

Quality our emphasis on quality is manifested in the stringent quality control procedures we follow. Now we have taken an initiative to reduce defects and cycle times in support function processes.

Expertise our teams combine cutting edge technology skills with rich domain expertise. We share a strong customer orientation that means we actually start by listening to the customer. We're focused on coming up with solutions that serve customer requirements today and anticipate future needs.

A Full Service Portfolio We offer customers the advantage of being able to Architect, Integrate and Manage technology services. This means that they can rely on one, fully accountable source instead of trying to integrate disparate multi-vendor solutions.
? Software Development Services
? Engineering Services
? Systems Integration
? ERP Solutions
? Customer Relationship Management
? Supply Chain Management
? Product Development
? Electronic Commerce
? Consulting
? IT Outsourcing
Productivity: Over 90% of our clients have done repeat business with us.
Our consultants are offered at very competitive bill rates, rates that are guaranteed not to change during the life of your assignment.
Reliability: Your positions are filled and your projects get completed. You are guaranteed that our consultants will stay for the entire assignment. If you say you need them for 12 months that is how long you will have them.
We do your homework for you: We technically screen to verify competence. We check references; we will also check criminal backgrounds and/or drug screen upon request. Only consultants who have expressed a sincere interest in your project are considered.  All consultants are committed to staying on the project until completion and are committed to a specific hourly rate.
We look forward to working with your great organization and it would greatly appreciate if your good offices will consider us for a mutually beneficial association.

Hope to hear a positive & favorable reply from you soon.

Regards
Anzer Kuman
Account Manager
Amtex Enterprises, Inc.
Tel:   408-734-4050 x 11
Cell: 408-515-1621
Fax:  408-734-4525
anzer@amtexenterprises.com


---------------------- Forwarded by Phillip M Love/HOU/ECT on 10/23/2000
03:32 PM ---------------------------

"Love, Dianne" <love@cl.uh.edu> on 10/23/2000 01:19:30 PM
To: "'plove@enron.com'" <plove@enron.com>
cc:
Subject: FW: Auburn Alumni Board Disaster

> -----Original Message-----
> From: Perdue, Grady
> Sent: Monday, October 23, 2000 12:56 PM
> To: Love, Dianne
> Subject: FW: Auburn Alumni Board Disaster
>
> Do you know anything about all of this stuff?
>
> -----Original Message-----
> From: Flores-Olson, Linda
> Sent: Monday, October 23, 2000 12:15 PM
> To: Perdue, Grady
> Subject: FW: Auburn Alumni Board Disaster
>
> UHCL is not the only one...
>
> -----Original Message-----
> From: Ott, Resa
> Sent: Monday, October 23, 2000 11:08 AM
> To: Flores-Olson, Linda
> Subject: Auburn Alumni Board Disaster
>
>
> This is from the Chronicle of Higher Ed
>
> Resa
>
> As Accusations Fly, Judge Orders Auburn Alumni Association to Hold New
> Election
> By COURTNEY LEATHERMAN <mailto:courtney.leatherman@chronicle.com>
> An election for new members of the Auburn Alumni Association's board
> turned so ugly Saturday that first the voting was postponed and then,
> after a state judge was called in, the whole thing was scrapped. The judge
> ordered the association to hold a new election in two weeks.
> Voting for a new slate of alumni leaders is traditionally a low-key
> affair, but it turned into high drama when an alternative slate of
> candidates was put forward at the last minute and at least 150 people
> showed up to vote. Beneath all the accusations -- that proxies were
> improperly collected and that fax machines were jammed to prevent opposing
> votes -- is the real issue: Next month, voters in Alabama will decide
> whether to amend the state constitution to change the way that Auburn's
> trustees are elected. If the referendum passes, as it is expected to,
> leaders of the alumni association will have a say in the selection of
> trustees.
> The amendment calls for the creation of a nominating committee consisting
> of the governor, two trustees, and two directors of the alumni
> association's board. Currently, trustees are appointed by the governor.
> On Saturday, seven nominees -- a new president, vice president, and five
> other members -- were to have been elected to the association's board. The
> slate, which was put forward in July by the association's nominating
> committee, included some people who have pushed for changes in the way
> that Auburn's trustees are elected. The proposed changes on this year's
> ballot include a measure that would establish term limits for Auburn's
> trustees and that would allow alumni who live outside of Alabama to serve
> as trustees, as well as involve alumni leaders in the selection of
> trustees. That's the legislation that will go before voters.
> Less than a week before the alumni association vote was to take place, an
> alternative slate for all the posts but president was put forward by the
> nominee for president, Golda McDaniels. Ms. McDaniels could not be reached
> for comment, but critics of the new slate believe that Ms. McDaniel was
> nervous about whether she would really be elected and sought proxy votes
> in her behalf from many alumni, including a controversial and long-time
> Auburn trustee, Robert E. Lowder.
> Mr. Lowder has opposed efforts to change the way trustees are selected,
> and his critics speculate that he saw an opening when Ms. McDaniels asked
> for his support: He planned to get her to put forward a whole new slate
> for all the other posts to be elected by proxy votes. The suggestion is
> that Mr. Lowder wanted to "take over" the alumni association so he and his
> allies could maintain control over the Board of Trustees.
> "We failed to realize the steps that Mr. Lowder will go to to not allow
> any alumni involvement in the election of trustees," said Andy Hornsby, a
> nominee to the alumni association's board and an outspoken advocate of
> changing the trustee-selection process.
> Mr. Lowder called the charges "ridiculous." He said his only involvement
> was that Ms. McDaniel had asked for his proxy vote and he had agreed to
> give it. "I was just trying to help the lady," he said, noting that she
> would be the first woman elected president of the alumni association. "I
> get blamed for everything over there," he said. Mr. Lowder accused the
> supporters of the original slate of improperly adjourning the meeting
> because they didn't have enough proxy votes to win.
> While Auburn's homecoming game against Louisiana Tech was going on, alumni
> leaders were meeting in Lee County Circuit Court, where Judge Jake Walker
> denied Ms. McDaniel's request to reconvene the election meeting and her
> request to end the period for proxy votes. Instead, the judge told the
> alumni association to hold a new election.
>
> Resa M. Ott
> Community Relations Coordinator
> University of Houston-Clear Lake
> Phone 281-283-2016, FAX 281-283-2017
> --------------------------------------------------------------------------
> --------
>
>


Brudda,

I spoke with Jenn about accommodations in Beijing as well as Shanghai and
she said her dad is also getting some info from a local Chinese travel
agent.  How about dropping Dan a line and working with him to recommend &
book everyone's hotel.  His e-mail address is:  djunk_epc@yahoo.com

I believe part of the group is looking to Jon and the other part is looking
to Dan to make their accommodations for them. I hereby anoint the two of you
to make the lodging decisions for everyone else, as we are drooling cows
with no direction or relevant info.  Therefore, the two of you need to get
together and decide on a hotel (for Shanghai & Beijing), so we can all be
together and don't have to coordinate getting together everyday in freakin'
China (i.e. nightmare).  Jon maybe send an e-mail to Dan suggesting a few
hotels/price/level of accommodations/etc./your recommendation/ and then you
two make the call and book it for us.

I think the "core" group we should worry about getting
reservations/accommodations is as follows:
Shanghai: (arrival on the 5th, Jenn, Eric, Heather, Gayle, Dan, Gerald,
Barbara) 7 people-3 rooms for the night most likely (Jon you can crash in my
room)
Mom & Dad & aunt Jean and Kid arrive on the 6th (2 more room)
Jeff and Cathy arrive on the 7th (1 more room)
8th we all fly to Qing dao, hotel in Qing Dao is selected and booked
Beijing - Everyone listed above is traveling to Beijing as a group.

As far as getting rooms for the other people (Staters, Rassmussen's, etc),
that's your call, but we are operating without any real good info.  I'd say
they are on their own as we don't know when they get in, what their plans
are, etc?  If it's no big deal reserving rooms and not getting dinged if
noone shows up then maybe get a few extra rooms at certain places, I don't
know the Chinese hotel system, level of $$ exposure, hotel availability,
etc., its your call, I'd assume they can probably get a room no problem so
let's not try to coordinate more people than we have to, they can sleep on
my floor if they can't get a room in China....

This is what is called Wedding planning lotus bliss...

We are all looking forward to this...

-----Original Message-----
From: jonathan gillaspie [mailto:jongill78@hotmail.com]
Sent: Friday, May 18, 2001 4:20 AM
To: Gillaspie, Eric
Subject: RE: new e-mail addy

Eric,

Thanks for the info. Will book flight for June 8th and find suitable lodging

in Shanghai. Do you want me to line up lodging in Beijing for you and the
rest of the entourage?

Let me know, and I'll finish this madness while I'm in Qingdao this weekend
with our friendly travel agent chum, Zang Bao Guo. Take care.

Chazow,

Jonny Luv

>From: "Gillaspie, Eric" <EGillaspie@coral-energy.com>
>To: "'jonathan gillaspie'" <jongill78@hotmail.com>
>CC: "Jeff Gillaspie (E-mail)" <Jgillaspieci3@netzero.net>
>Subject: RE: new e-mail addy
>Date: Wed, 16 May 2001 10:29:27 -0500
>
>Arrive in Shanghai on the 5th:
>Gerald Nemec
>Barbara Waldrop
>Gayle Junk
>Dan Junk
>Heather Junk
>Jennifer Gillaspie
>Eric Gillaspie
>
>Arrive in Shanghai on the 7th:
>Jeff Gillaspie
>Cathleen Clarke
>
>
>I presume we'll all fly out to Qingdao together on the 8th in the morning.
>We do need help getting hotels in Shanghai, maybe something around the
>touristy areas, or whatever you suggest.
>
>-----Original Message-----
>From: jonathan gillaspie [mailto:jongill78@hotmail.com]
>Sent: Tuesday, May 15, 2001 8:09 PM
>To: Gillaspie, Eric
>Subject: Re: new e-mail addy
>
>
>Dear Eric,
>
>Congrats on the new job. I've been e-mailing/harassing you for over one
>week
>
>now trying to get some much needed info out of you concerning the upcoming
>trip. I was beginning to get a little freaked-out: like you'd been
>kidnapped
>
>or something. Unfortunately, my information requests coincided with your
>job
>
>change and you probably never even got the messages. Fuckin great, man.
>
>Anyway- as you may well discern: I'M IN SUPER FREAK-OUT MODE. Please assist
>me in obtaining the correct spellings of everyone's names in your
>entourage.
>
>I'm trying to book flight tix for everybody from Shanghai>Qingdao. For
>example, I don't even know Gerald and Barbara's surnames. I would also like
>you to confirm the spellings of the Junk family's names.
>
>Two more things. Do you want help finding lodging in Shanghai? Do want me
>to
>
>go ahead and book hotel rooms in Beijing for your entourage post-wedding?
>Let me know what you want me to do.
>
>Looking forward to your repsonse. Hope the new job is a good fit for you.
>Sorry to dump my load of stress on you. Take care.
>
>Love,
>
>Jon Gillaspie
>
>
> >From: "Gillaspie, Eric" <EGillaspie@coral-energy.com>
> >To: "'jennifer-gillaspie@reliantenergy.com'"
> ><jennifer-gillaspie@reliantenergy.com>,   "'jgillaspieci3@netzero.net'"
> ><jgillaspieci3@netzero.net>,   "'jongill78@hotmail.com'"
> ><jongill78@hotmail.com>,   "'gerald.nemec@enron.com'"
> ><gerald.nemec@enron.com>
> >Subject: new e-mail addy
> >Date: Tue, 15 May 2001 15:02:08 -0500
> >
> >FYI, my work e-mail addy has changed, as I have changed jobs.
>
>_________________________________________________________________________
>Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.


Notional smotional, I'm looking to pull the trigger, Big Boy!  Give me a real
#, Buddy.

Chris Germany@ECT
11/22/2000 12:08 PM
To: Michael H Garred/HOU/EES@EES
cc:
Subject: Re: Tetco M2

I know you don't believe this but I am working on a notional offer.

Michael H Garred@EES
11/22/2000 09:43 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Tetco M2

Chris,

I'm looking for gas delivered to two Tetco M2 interconnects with TCo.

At the minimum, I'm looking for an offer for a flat baseload volume for
December flow.  My preference is to get an offer for a flat baseload volume
from December through March.  The points and volumes are:
 Delmont {Volume:  3,712/day}
 Windrifge {Volume:  2,859/day}

Can I get a nymex plus offer?

Thanks.

mhg


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 07/13/2000
02:36 PM ---------------------------

Maria Sandoval
07/13/2000 01:50 PM
To: Chantelle Villanueva/HOU/ECT@ECT, Elizabeth Soto/HOU/ECT@ECT, Melissa
Rodriguez/HOU/ECT@ECT, Judy Hernandez/HOU/ECT@ECT, Andrea R
Guillen/HOU/ECT@ECT, Pamela Sonnier/HOU/ECT@ECT
cc:
Subject: Fwd: Why ladies are the best!

---------------------- Forwarded by Maria Sandoval/HOU/ECT on 07/13/2000
01:49 PM ---------------------------
From: Brenda Barreda@ENRON_DEVELOPMENT on 07/12/2000 02:43 PM
To: MY BUDDIES, Iracema Hernandez/Corp/Enron@ENRON
cc:
Subject: Fwd: Why ladies are the best!

---------------------- Forwarded by Brenda Barreda/ENRON_DEVELOPMENT on
07/12/2000 02:42 PM ---------------------------

Sara Carrizal <scarrizal_99@yahoo.com> on 07/12/2000 02:39:26 PM
To: Martha Arriola <marriola@yorkgrp.com>, sherita_scott@enron.net,
lnmarino@email.msn.com
cc:

Subject: Fwd: Why ladies are the best!

Note: forwarded message attached.

__________________________________________________
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Subject: Why ladies are the best!
Date: Wed, 12 Jul 2000 13:21:47 CDT
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From: "Parra, Eli" <ParraE@EPEnergy.com>
To: "'grace0107@hotmail.com'" <grace0107@hotmail.com>,
"'cmarie34@hotmail.com'" <cmarie34@hotmail.com>, "Lopez, Lorely"
<LopezL@EPEnergy.com>, "Pinales, Nancy" <PinalesN@EPEnergy.com>, "De La
Garza, Marylou" <DeLaGarzaM@EPEnergy.com>
Subject: FW: Why ladies are the best!
Date: Wed, 12 Jul 2000 09:52:06 -0500

 > Chicks rule!!!
 >
 > We got off the Titanic first.
 >
 > We can scare male bosses with mysterious gynecological disorder excuses.
 >
 > We've never lusted after a cartoon character or the central figure  in  a
 > computer game.
 >
 >  Taxis stop for us.
 >
 > We don't look like a frog in a blender when dancing.
 >
 > No fashion faux pas we make could ever rival The Speedo.
 >
 > We don't have to fart to amuse ourselves.
 >
 > If we forget to shave, no one has to know.
 >
 > We can congratulate our teammate without ever touching her butt.
 >
 > We never have to reach down every so often to make sure our privates are
 > still there.
 >
 > We have the ability to dress ourselves.
 >
 > We can talk to people of the opposite sex without having to picture  them
 > naked.
 >
 > If we marry someone 20 years younger, we're aware that we look like an
 > idiot.
 >
 > There are times when chocolate really can solve all your problems.
 >
 > We'll never regret piercing our ears.
 >
 > We can fully assess a person just by looking at their shoes.............
 >
 >
 > Send this to five bright women you know and make their day!!!
 >
 >

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