_________________________________________________________________

            B R E A K F A S T   W I T H   T H E   F O O L
                    Wednesday, November 1, 2000

benjamin.rogers@enron.com
_________________________________________________________________

REGISTER TO BECOME A FOOL -- GET FREE STUFF!
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"The prime purpose of eloquence is to keep other people from
talking." -- Louis Vermeil

WORLDCOM TO SPLIT INTO TWO
Telecom company WorldCom is going to create a tracking stock for
its MCI division.

By LouAnn Lofton

In an effort to boost its sagging stock price, and unlock
greater opportunities for the parts of its business that are
growing the quickest, telecommunications company WorldCom
(Nasdaq: WCOM) announced restructuring plans this morning. The
company, which has seen its stock tumble from a 52-week high in
November 1999 of $61.33 to its current price of around $23, will
create a tracking stock for its MCI business. The ticker for the
new stock will be MCIT.

WorldCom shareholders will receive one share of MCI for every 25
shares of WorldCom they own. The distribution of MCI stock is
expected to happen by the end of the first half of 2001.

Tracked under the new MCIT ticker will be WorldCom's
slowest-growing divisions. The bulk of the operations that will
be reflected with the tracking stock are WorldCom's
long-distance and dial-up Internet services for consumers and
small businesses. These parts of WorldCom's business generate
about $16 billion in annual revenues.

The split leaves WorldCom with the best-performing and
highest-growth businesses. That includes its Internet and data
businesses, its international business, and its wireless
business. These divisions of WorldCom contribute annual revenues
of around $23 billion, with $16 billion coming from the
company's data, Internet, and international operations.

WorldCom also issued earnings guidance this morning. The company
said it sees fourth-quarter earnings per share coming in between
$0.34 and $0.37. Analysts as polled by First Call/Thompson
Financial were looking for $0.49 a share. The company pointed to
"intense pricing pressures, unfavorable foreign exchange rates
and the shift of consumer voice to wireless technologies" as the
reasons for the shortfall. It also lowered expectations for its
next fiscal year.

WorldCom's decision to split its businesses comes not long after
a similar move from competitor AT&T (NYSE: T), which announced
last week that it will split itself into four parts.
http://www.fool.com/m.asp?i=177644
_________________________________________________________________

NEWS TO GO

Health insurance company Aetna (NYSE: AET) announced
third-quarter earnings this morning. Operating earnings,
excluding onetime items, dropped to $158.1 million from $184.1
million last year. On a per-share basis, that translates into
$1.10 a share, versus $1.21 a year ago. Analysts were expecting
$0.90 a share. Revenues climbed 15% to $8.1 billion. In last
year's third quarter, Aetna's revenues were $7.1 billion.

Airborne Freight (NYSE: ABF) reported a third-quarter loss last
night that was greater than had been expected. The company lost
$5.5 million in the quarter, or $0.11 a share. It warned
analysts in September to look for a loss of between $0.05 and
$0.10 a share. Previously, analysts had expected a profit of
$0.28 a share. After the September warning, the consensus
estimate fell to a loss of $0.07 a share. Airborne Freight
blamed high fuel costs and softness in its core domestic
business for the shortfall. In last year's third quarter,
Airborne Freight earned $21.6 million, or $0.44 a share.

Broadband company Covered Communications (Nasdaq: COVD)
acknowledged today that CEO Robert Knowling will resign. This
comes just two weeks after Covad reported a wider-than-expected
loss for the third quarter. The company's stock has been pounded
this year, falling from a high of $66.63 to around $5 a share.
Frank Marshall, one of Covad's directors, has been named interim
CEO. Former chief and founder Charles McMinn will assume the
role of chairman.

Computer Sciences (NYSE: CSC), the information technology
services company, announced that it's inked a $2.2 billion
agreement with British defense contractor BAE Systems. The
agreement is for six years and replaces a current agreement
between the two which expires in March 2004. Under the deal,
Computer Sciences will manage BAE's IT infrastructure in the
United Kingdom and here in the states.

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prohibited without the prior written consent of The Motley Fool.

.

MsgId:
msg-30584-2000-11-01_9-07-28-3284809_2_Plain_MessageAddress.msg-09:12:04(11-01
-2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


Hey there!

Don't let me forget tonight to take home those videos.  I need to return them
tomorrow!

I think that means that we are going to have to watch Dr. T and The Women!
Sorry!


---------------------- Forwarded by Darron C Giron/HOU/ECT on 01/26/2001
03:25 PM ---------------------------

Patrick Ryder@ENRON
01/26/2001 03:24 PM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: FW: Wrestling fake?

---------------------- Forwarded by Patrick Ryder/NA/Enron on 01/26/2001
03:23 PM ---------------------------

	Enron Capital Management

	From:  David Baumbach @ ECT                           01/26/2001 10:22 AM

To: Jody Crook/Corp/Enron@ENRON, Patrick Ryder/NA/Enron@Enron, Denver
Plachy/NA/Enron@Enron
cc:

Subject: FW: Wrestling fake?

---------------------- Forwarded by David Baumbach/HOU/ECT on 01/26/2001
10:21 AM ---------------------------

From:  Bryan Hull
01/26/2001 10:19 AM

To: David Baumbach/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT, O'Neal D
Winfree/HOU/ECT@ECT, Michael Walters/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT
cc:
Subject: FW: Wrestling fake?

---------------------- Forwarded by Derek Bailey/Corp/Enron on 01/23/2001
03:22 PM ---------------------------

Jeff_Cade@Dell.com on 01/23/2001 02:00:25 PM
To: Asnider@nabi.com, anna.rocha@weatherford.com, BLSAVAGE@IKON.COM,
derek.bailey@enron.com, kevin.labourdette@oracle.com, JFuller@co.platte.mo.us
cc:

Subject: FW:  Wrestling fake?

> -----Original Message-----
> From: Sanders, Joe
> Sent: Tuesday, January 23, 2001 1:54 PM
> To: Molina, Jairo; Mireles, Marc; Cade, Jeff; Barker, Randy
> Subject:  Wrestling fake?
>
>
> Subject: Wrestling fake?
>
> Warning ... it'll make you say ewwwww!    This is not for squeemish!
>
>  <<cj_3092.avi>>

 - cj_3092.avi


Sara-

Pursuant to my voicemail message of yesterday, it would be very helpful if
you would assist me in locating the Service Agreements relating to the
captioned matters.

Thanks,

John


Just to clarify - you are booked in the Mt. Bachelor conference room for your
Monday morning staff meetings, 9 to 10:15 a.m., from now until this time next
year. Hopefully this will eliminate any last minute confusion like what we
ran into this morning. If you have any other questions, please let Mollie or
myself know and we'll address them as quickly as possible.

Thank you -
Kate Symes
West Origination Clerk


Sara:
I have never had one executed.  Here are the forms of Annexes that I have
used, 1 with the PSA Form (Chase 1/29/98) and the other with the ISMA form.
Also I'm sending you some questions that I have asked Kinneman et al in the
past.
Carol


I thought the goup had plans SAT?

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Please put the following dates on your calendar for the Brokerage Agreements
meetings.

Monday, February 26 at 2 pm in 38C1

The following meetings will all be held at 1:30 pm in 38C2:

March 14 March 28
April 11  April 25
May 9  May 23
June 13  June 27
July 11  July 25
August 8 August 22
Sept. 12 Sept. 26
Oct. 10  Oct. 24
Nov. 14  Nov. 28
Dec. 12  Dec. 26

Please let me know if you have any conflicts.

Thanks
Kaye


She had a section this morning at 8:00 Oregon time.  Did I let Dustin have it.  It is a boy 8lbs 3 oz.


I don't know Mog Hue.  Please return this request to the person who
originated it so that the Manager section can be completed.  By including the
manager's name, that will help me to identify who this person is, what job
they perform and whether or not the request makes sense.  I have over 400
people in my group, so without more detail on these requests it is not worth
taking my time to approve these.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 08/10/2000 03:30 PM
---------------------------

From:  Information Risk Management/HOU/ECT

Subject: Your approval is requested

	Security Resource Request System
Application Approval
Please review and act upon this request. You have received this eMail because
you are listed as an approver on the original request.
			Instructions
For: 	Mog Heu
Request	Original:
Application Name:	EOL - Risk Management
Request Type:	Grant
Role(s):	Application Product Data Manager
Comments:	copied from ARSystem to SRRS System for approval		Review the request in the
Request section at left.
			For more information regarding who the request is for, do the following:
			Click on the name for PeopleFinder info
			See the Further Information section below
			In the Approval Section, select Approve or Reject, enter comments as
necessary and click [Submit].

	Further Information

Requestor:			Mog Heu/NA/Enron
Manager:
Request Date:	08/09/2000 06:08:02 PM
RC #:	104503	WO #:
Company #:	0413	Priority:	Normal
General Comments:


suzanne:
Could you please print these out for me on Monday?
Carol
---------------------- Forwarded by Carol St Clair/HOU/ECT on 04/14/2000
05:49 PM ---------------------------

	Corporate Administrative Services

	From:  Sara Davidson                           04/14/2000 11:14 AM

To: BCC
cc:  (bcc: Carol St Clair/HOU/ECT)
Subject: Begley and Corman Presentations

Attached please find the presentations made by Bryan Begley and Shelley
Corman during the 2000 Enron Law Conference last week in San Antonio.  Also,
just a reminder to complete the evaluation forms found in your Law Conference
notebooks and send them to me in EB4804C.  (If anyone needs a notebook, I
have extras).  If you have any questions regarding CLE credit or forgot to
fill in the CLE sign-up sheets at the conference, please contact Brenda
McAfee.


yes thxs dave


Start Date: 4/27/01; HourAhead hour: 5;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042705.txt


Nice to know how highly regarded we are in the industry.  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 06/23/2000
02:22 PM ---------------------------

Subject:  Latest Press Release

FOR IMMEDIATE RELEASE

Today Enron and Hades announced a definitive energy services agreement
said to be worth an estimated $666 Trillion.  In the deal, Enron will
provide both gas and electric commodities to Hades' facilities throughout
and under North America.  John D. Rockefeller, former CEO of energy
monopolist
Standard Oil, is now head of Hades' energy management division.  Said
Rockefeller, "Obviously Hell has significant heating demands.  While eternal
flames are a great idea in concept, they require vast and reliable fuel
resources.  Enron was the only supplier willing to make a deal with my
boss, and, as a former monopolist, I just
like the way they do business."  A spokesperson for Enron said the two
cultures were able to work easily together during negotiations.  According
to the company, "The deal fits both companies exceptionally well.  With
Hades' ability to attract and retain new customers, we see this as a
fabulous
growth opportunity for millennia to come."  According to several energy
industry insiders, Hades' high heating demand with very little need for
summer air conditioning make it a very attractive energy portfolio addition.
Hades is a multinational corporation with millions of sites worldwide
and approximately 173 quintillion customers.  The entity boasts sustained
high growth rates over the last two thousand years.  Enron is one of the
world's leading energy and communications companies.  The company owns
approximately $37 billion in energy and communications assets.  Enron
ranks in the top quarter of Fortune's "Best 100 Companies to Work For
if You Can Keep A Job There and Don't Mind Working 80 Hours A Week," and
is among the most respected corporations in America, as ranked by customers
with respect-us-or-get-curtailed clauses in their energy supply contracts.

______________________________________
This message, together with any attachments, is intended only for the
use of the individual or entity to which it is addressed and may contain
information that is legally privileged, confidential and exempt from
disclosure.  If you are not the intended recipient, you are hereby
notified that any dissemination, distribution, or copying of this
message,or any attachment, is strictly prohibited.  If you have received
this message in error, please notify the original sender (or the WSPR
Help Desk) immediately by telephone (212-858-1000) or by return
E-mail and delete the message, along with any attachments, from
your computer.  Thank you.


The enclosed spreadsheet shows the net online position by product, by counterparty, for a number of liquid gas products.  Each column represents the life-to-date position generated on that product, for that customer, through the date in the heading of the column.

I don't see an immediate indication of these customer closing out of positions.

If I can put this into a more convenient form, let me know what would help.

Thanks!
 -jay


Thanks for figuring this out!

	Taffy Milligan
	06/27/2000 06:07 PM

		 To: Mark Taylor/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Lance
Schuler-Legal/HOU/ECT@ECT, Peter del Vecchio/HOU/ECT@ECT
		 cc: Jenny Helton/HOU/ECT@ect, Dina Snow/Corp/Enron@Enron, Janette
Elbertson/HOU/ECT@ECT, Sheri L Cromwell/HOU/ECT@ECT
		 Subject: UK Mobile Phone

For your information:

Telephone No. if dialling from the USA 011-447881512535 or UK local 07881
512535

To access voice mail from the USA dial 011-44-777 533 7885 or UK local dial
44 777 533 785
 You may interrupt the message by pressing "9"
 Global Access No is "3333"
 Follow the verbal prompts

Please let me know if you have any questions X57373.


Yes.

 -----Original Message-----
From: 	Dernehl, Ginger
Sent:	Wednesday, October 17, 2001 4:36 PM
To:	Steffes, James D.; Hemstock, Robert; Kingerski, Harry; Montovano, Steve; Robertson, Linda; Shapiro, Richard; Dasovich, Jeff
Cc:	Dernehl, Ginger; Noske, Linda J.; Buerger, Rubena; Bellas, Kirsten; Sullivan, Lora
Subject:	Golf - November Direct Report Meeting

Howdy Golfers,

Tee times have been arranged on the East Course (18 holes of golf) at the Broadmoor for Thursday, November 8 (tee times: 1:40pm & 1:48pm).  The price for playing this course is actually $90; slightly cheaper than what is indicated below.  I have arranged for each of your golf charges to be charged to your individual rooms.  Please refer to the list below for additional charges such as, clubs & shoe charges.   I'm hoping to finalize all the activity choices by the end of the week, so please confirm by COB tomorrow Thursday, October 18 that your activity choice will remain golf.

Thanks!

Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160

 -----Original Message-----
From: 	Dernehl, Ginger
Sent:	Monday, October 15, 2001 4:39 PM
To:	Steffes, James D.; Yoho, Lisa; Nord, Sue; Migden, Janine; Montovano, Steve; Hemstock, Robert; Kaufman, Paul; Ryall, Jean; Kingerski, Harry; Ibrahim, Amr; Dasovich, Jeff; Nicolay, Christi L.; Novosel, Sarah; Linnell, Elizabeth; Petrochko, Mona L.
Cc:	Dernehl, Ginger; Shapiro, Richard; Noske, Linda J.; Warner, Geriann; Sullivan, Lora; Knight, Laurie; Bellas, Kirsten; Sietzema, Linda; Hunter, Bevin; Buerger, Rubena; Stransky, Joan; Alamo, Joseph; Hawkins, Bernadette; Perez, Carmen
Subject:	November Direct Report Meeting Changes

There are several changes to the Direct Report meeting in November.

First, the meeting will now conclude by 12:00 (noon) on Friday, November 9.

Second, the activities portion of the trip will not be sponsored by Enron....each individual will be responsible (personally) for payment of activity of choice.  Most individuals either chose golf or horseback riding.....below is an estimate as to how much these activities will cost.

Golf:
Green Fees	(East/West Course)	$155.00/18 holes (Includes golf cart, use of practice balls, club care & storage)
		(East/West Course)	$85.00/9 holes	(includes - same as above)

		(Mountain Course)	$95.00/18 holes  (includes - same as above)
		(Mountain Course)	$50.00/9 holes	 (includes - same as above)
Rentals:
Golf clubs with sleeve of balls	$55.00
Golf Shoes			$20.00

Horseback riding:		1hour		$25.00/person
				1hour pkg	$35.00/person (pkg includes shuttle ride to stables)
				2hour		$40.00/person
				2hour pkg	$50.00/person (pkg includes shuttle ride to stables)

				mini ride	(group only) $15.00/approximately 20 minutes

If you have an interest in the spa services that are available, please let me know and I will fax the spa list to you.

Please let me know ASAP which activity you choose so I can make the necessary arrangements.

Thanks and please call me if you have any questions.

Ginger Dernehl
Administrative Coordinator
Global Government Affairs
Phone# 713-853-7751
Fax# 713-646-8160


----- Forwarded by John J Lavorato/Corp/Enron on 01/21/2001 09:16 PM -----

	Mark Powell@ECT
	01/19/2001 09:23 AM

		 To: John J Lavorato/Corp/Enron@Enron
		 cc:
		 Subject: Enron Canada Corp. Resignation

Please find attached a form of resignation relating to your office of
Managing Director of Enron Canada Corp.  Please sign the document and have
Kim forward it to me at your earliest convenience.  If you have any concerns,
my number is (403) 974-6708.

Thanks,

Mark Powell.


Notice No. 01-178
May 30, 2001

TO:
All NYMEX Division Members

FROM:
Neal Wolkoff, Executive Vice President

RE:
Procedures for Recording Spread Transactions on NYMEX Division Trading
Pads/Cards

NYMEX members have recently been advised through Notice to Members 01-174 of
the upcoming incorporation of spreads into the one-minute trade time
statistics.  Weekly statistics are currently being posted outside the NYMEX
Division trading floor.  Monthly statistics will subsequently be posted.
These spread statistics will not be counted in a member,s overall percentages
until the closure of a phase-in period, which is anticipated to be
approximately ninety (90) days.

  In connection with this matter, a number of discussions have taken place
between the Ad Hoc Committee of the Floor Committee, who is presently
involved in the upcoming audit trail classes for members (Thursday, June 14,
Tuesday, July 10, and Wednesday, August 15, 2001).  During these discussions,
questions have been raised with Staff as to the proper or acceptable ways of
recording spread transactions on a member,s trading pad/card.  To assist
floor members, the attached pictorial demonstrates three methods of recording
the sale of a spread (no prices-A, one leg price-C, and both leg prices-D),
as well as a purchase of a spread (B).

These images can be found at
http://www.nymex.com/refernce/notices/2001/ntm_178.htm

Any questions related to this matter should be addressed to Fred Tantao,
Manager, Floor Data Entry, at 299-2045, George Henderson, Vice President,
Floor Operations, at 299-2071, or Thomas LaSala, Vice President, Compliance,
at 299-2897.

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

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-178)"

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


California and Energy Providers in Talks Over Electric Fees
The New York Times, 06/26/01

Taking No Chances; Disaster-Conscious Firms Treat Global Warming as a Reality
The Washington Post, 06/26/01

Conflict of Interest
Los Angeles Times, 06/26/01

India Flagging Asset Sales Risk Lower Moody's Outlook (Update2)
Bloomberg, 06/26/01

SMARTMONEY.COM: California Dreamin'
Dow Jones News Service, 06/25/01

Much Calif Power Price Gouging Beyond FERC's Reach -ISO
Dow Jones Energy Service, 06/25/01

Oregon House May Vote Monday On Electricity Deregulation
Dow Jones Energy Service, 06/25/01

USA: Fresh look at wind energy blows to US from Europe.
Reuters English News Service, 06/25/01

USA: UPDATE 3-Some $15 billion at stake in US power refund talks.
Reuters English News Service, 06/25/01

USA: FPL starts wind farm to power 10,500 Wisc. homes.
Reuters English News Service, 06/25/01

USA: Calif says power refund demand will top $9 billion.
Reuters English News Service, 06/25/01

Business/Financial Desk; Section C
California and Energy Providers in Talks Over Electric Fees
By JOSEPH KAHN

06/26/2001
The New York Times
Page 7, Column 1
c. 2001 New York Times Company

WASHINGTON, June 25 -- For the first time since the end of the Clinton
administration, California and the companies that sell it electricity sat at
the same table today to try to resolve a multibillion-dollar feud over the
state's energy bills.
California is demanding that power companies refund as much as $9 billion for
what it says were overcharges, while power companies say that the state's
nearly insolvent utilities owe them billions of dollars. City and state
officials from across the West are also participating in the negotiations.
The Federal Energy Regulatory Commission convened the talks, which are
scheduled to last up to two weeks. The sessions are the first since top
Clinton administration officials tried and failed to broker a settlement to
California's electricity crisis in their waning days in office.
''The time to put California's past energy problems to rest and structure a
new arrangement for California's energy future is now,'' said Curtis Wagner,
an administrative law judge for the energy commission who is presiding over
the settlement talks.
The proceeding, which was standing-room-only on opening day, attracted scores
of people representing multiple sides in the dispute. The main participants
are electricity generating companies, electric utilities, and public
officials from state and local governments and regulatory agencies.
Mr. Wagner urged the public officials and companies involved to reach an
agreement on how much California and other states in the Western grid should
have paid for power over the last year, when California's partly deregulated
market broke down. He said that if they failed to do so by July 10, he would
recommend a solution to the energy agency's five commissioners, who would
then have the option of imposing a settlement.
Wholesale power costs in California, which totaled $7 billion in 1999, soared
to about $27 billion last year and, by some state estimates, could double
again this year. The higher costs, which have not been fully passed along to
consumers, have rendered California's two main utility companies unable to
pay their bills and forced the state to buy power in their place.
The opening bid by Gov. Gray Davis, who set out his views in a letter sent to
the energy commission today, is that the leading electricity generators
should refund about $9 billion that ''they have overcharged the people of the
state of California.'' Michael Kahn, chairman of the California Independent
System Operator, is leading the state delegation.
Generating companies have dismissed that figure as grossly inflated. They
acknowledge that prices are high. But they say the charges are linked to
shortages of natural gas, a crucial fuel for electricity generation, and were
set fairly in a free market.
The companies also contend that a large proportion of what they have billed
California is a credit premium justified because wobbly utilities owe them as
much as $15 billion. Reliant Energy, Duke Energy, the Williams Companies, the
Enron Corporation and the Mirant Corporation are among the major sellers of
electricity in the Western region.
The energy commission, which has the duty of determining ''just and
reasonable'' electricity prices under a New Deal-era law, long ago found that
the California market had become dysfunctional and that prices were
unjustified. But the agency has struggled to come up with a method for
determining fair rates, changing its method three times in recent months.
So far, the agency has identified about $125 million in potential
overcharges. But that number was reached using a restrictive method that the
agency has since abandoned.
Last week, the agency adopted a new price control regime that is intended to
limit price spikes throughout the West. If the controls it is using now were
retroactively applied to electricity sales made over the last year, the
generators would be asked to refund much more money. By some estimates, the
refunds could total more than $1 billion but seem likely to fall well short
of the $9 billion California is seeking.

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

Financial
Taking No Chances; Disaster-Conscious Firms Treat Global Warming as a Reality
Greg Schneider
Washington Post Staff Writer

06/26/2001
The Washington Post
FINAL
E01
Copyright 2001, The Washington Post Co. All Rights Reserved

After two unusually warm winters melted profits at his natural gas
distributing company in Dallas, Robert W. Best decided he needed protection.
So he spent $4.9 million on a new tool called weather insurance.
If global warming causes the customers of his Atmos Energy Co. to continue
using less gas to heat their homes, the policy will pay out cash to offset
the company's operating losses.
That's the kind of practical response beginning to take place throughout U.S.
industry as business leaders face up to the prospect of climate change.
While the Bush administration debates other governments about whether
man-made pollution causes global warming -- and, if so, who should take
responsibility -- many industries are trying to cope with the realities of
extreme weather.
Insurance companies have begun hiring meteorologists to reassess the risk of
natural disasters. Farmers are planting different types of crops and looking
for crisis-proof seeds. Great Lakes shipping companies are petitioning
Congress for dredging to compensate for falling water levels. Colorado ski
resorts are discounting tickets to bring people back to the slopes after two
sweaty winters.
These changes are incremental, not massive shifts in operations. But over
time, those incremental reactions could add up to a major adaptation to
"climate change's pervasive and growing impacts over the next century," said
Nick Sundt, a scientist with the U.S. Global Change Research Program in
Washington.
"I don't know for sure about global warming, but I do know the past 15 or 20
years have been warmer than normal," said Best, the chairman, president and
chief executive of Atmos. "Some people will claim it's the natural cycle, but
for us it doesn't really matter. . . . We've got to do something to protect
ourselves."
Atmos, which distributes natural gas in 11 states, including Virginia, began
investing in weather insurance a year ago. The winter that began in November
1998 and the one that followed were both more than 15 percent warmer than
usual across the company's entire market, Best said.
He read about weather insurance in a trade journal and bought it through
energy broker Enron Corp. If temperatures had been warmer than average last
winter by a certain amount, Atmos would have gotten money back. As it turned
out, last winter was slightly cooler and the insurance didn't kick in. But
Atmos, concerned about the broader warming trend, has signed up for two to
three more years.
Enron began offering the insurance in about 1997, said Todd Kimberlain, chief
meteorologist for Enron Weather Risk Management. El Nin~o -- a periodic flow
of warm surface water in the Pacific that disrupts weather patterns worldwide
-- had produced several extremely warm winters, and companies were looking
for a way to make themselves less financially vulnerable, Kimberlain said.
Some scientists believe El Nin~o and other weather systems intensify when
gases such as carbon dioxide are released into the atmosphere by the burning
of fossil fuels. Such substances are called greenhouse gases because they
tend to trap heat, warming up the earth's surface.
The extra heat could provide energy to drive El Nin~o, hurricanes and other
weather events. Warmer air can hold more moisture, so when it does rain,
there is more potential for flooding. The real danger of global warming, some
scientists say, is that it could produce greater extremes in the weather -- a
possible explanation for such recent phenomena as unforeseen high storm waves
in the North Atlantic and flooding in Europe.
An unusually fierce El Nin~o has been blamed for reducing water levels in the
Great Lakes over the past three years. Pleasure boats float below dock level
and cargo ships can't pull up to shore to unload -- all symptoms of a problem
that caused shipping companies to lose thousands of tons of carrying capacity
last year.
George J. Ryan, president of the Lake Carriers' Association of shipping
companies, said he personally worries about the causes of the lower water
levels, but professionally just has to focus on the solutions. "I have to say
from an industrial standpoint, I just have to consider what it will take for
us to remain competitive," he said.
While Great Lakes water levels have gone through low cycles in the past, Ryan
said, none of them came on as quickly as the most recent cycle. The recent
warm winters prevented the lakes from freezing, causing them to continue
evaporating year-round.
For now, boating interests are asking Congress to spend about $2 million to
deepen a pair of Great Lakes channels. But both industry and scientists fear
global warming could cause long-term water loss -- predicted to be as much as
four feet by the end of the century -- that would require far more expensive
dredging and could even threaten the U.S. steel industry with crippling
transportation costs.
The same uncertainty has affected the recreational skiing industry. Beginning
in 1998, U.S. ski resorts suffered two straight winters of unusual warmth and
low snowfall. While this year brought better conditions for the Northeast,
several resorts in Colorado had to extensively discount tickets to boost
their business. That led to sharp drops in profits.
On the other hand, business is fine for Areco Snow Systems North America, the
Vermont-based distributor of Swedish snow-making equipment. Artificial snow
has become the only way ski resorts can guard against increasingly erratic
winters, said the company's president, Peter Geise. "There's definitely a
warming trend," he said.
For some industries, the biggest worry is that the weather is becoming more
unpredictable and extreme.
"What's of increasing concern to those in agriculture is that it seems like
we have greater variation in the weather," said Richard Stuckey, past
executive vice president of the Iowa-based Council for Agricultural Science
and Technology.
What farmers really need, he said, are seeds that can withstand both drought
and floods. In western Iowa, for instance, a recent period of unusual dryness
led farmers to switch from corn to the more drought-resistant sorghum. But
now they are struggling with unseasonably cool, wet weather.
Wanda Sorrells hears similar complaints from gardeners all over the country
who call her for advice at the Park Seed Co. in Greenwood, S.C. As a senior
staff horticulturist, Sorrells said she has become increasingly perplexed by
the weather extremes she hears about from customers.
"There just seem to be unusual occurrences and these fluctuations where it
will be unusually warm for a few weeks and then unusually cold, and that can
be hard on certain plants," Sorrells said.
The biotechnology giant Monsanto Co. has an extensive search program for
plant genes that are resistant to drought and other stresses in hopes of
engineering hardier crops. While a company spokesman said those efforts are
not aimed specifically at global warming, they are in response to an
increasing demand from farmers for more resilient plants.
Agricultural scientists agree there are higher levels of carbon dioxide in
the atmosphere. But they disagree on whether the increase is caused by human
activity and whether it leads to global warming. Higher carbon dioxide is not
necessarily bad for agriculture; it's what plants breathe, after all.
Even climatic warming could have short-term benefits.
"The temperature change in itself might lengthen the growing season and it
might enable people farther north to grow crops that are now" not feasible,
said Paul Waggoner, a scientist at the Connecticut Agricultural Experiment
Station in New Haven. "Maybe the Dakotas would become like Kansas. You'd go
from spring wheat to winter wheat. That sort of thing."
While farmers have years to adapt to such potential changes, the uncertainty
alarms another industry: insurance, which needs to understand long-term risk
to set rates and stay financially viable. "They don't want to get caught
behind the eight ball and have the risks change without them knowing about it
in advance," said John M. Wallace, a professor of atmospheric sciences at the
University of Washington who has taken part in national climate studies.
Many of his colleagues, Wallace said, have held conferences to explain
climate change to the insurance industry, "and they're starting to hire some
of our graduates, as well."
One of those graduates is Lixin Xeng, who advises insurance companies as a
vice president for risk analysis and technology services at Benfield Blanch
Co., a global risk management and distribution firm.
"This year is warmer than 50 years ago on average, no argument," Xeng said.
"And what we're interested in is whether this warming causes more natural
disasters to occur."
Those disasters can range from the unexpected ferocity of a Hurricane Andrew,
which devastated southern Florida in 1992, to the spread of a tropical
disease such as the West Nile virus in a temperate place such as New York.
Meanwhile, British Petroleum PLC not only accepts that rising levels of
carbon dioxide are causing the earth's average temperature to rise, it hopes
to make a profit on it. The company is looking for profitable ways to reduce
emissions and hopes to become the world's largest manufacturer of solar
energy equipment.
"Now people are starting to look at this as a business opportunity," said
Jeff Morgheim, who occupies a new position at BP: climate change manager.
Companies, he said, are starting "to look at this in a whole new way."

http://www.washingtonpost.com

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

California; Letters Desk
Conflict of Interest

06/26/2001
Los Angeles Times
Home Edition
B-12
Copyright 2001 / The Times Mirror Company

Re "Army Boss Vows No Conflict in Enron Ties," June 20:
I see that Army Secretary Thomas E. White Jr., holder of $25 million worth of
stock in the Enron energy company, is seeking advice from Army lawyers about
whether to recuse himself from any role in Army decisions on Enron contracts.
This is the same man who vowed in his confirmation hearing: "I will
personally commit to you to avoid even any appearance of a conflict in terms
of any future relationships that Enron may choose to have with the department
or attempt to have with the department."
Would somebody please tell Secretary White that no decent, honest person
needs a lawyer to tell him that he does, indeed, have a very serious conflict
of interest.
Bill Sharp
Huntington Beach

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

India Flagging Asset Sales Risk Lower Moody's Outlook (Update2)
2001-06-26 01:50 (New York)

India Flagging Asset Sales Risk Lower Moody's Outlook (Update2)

     (Adds date Fitch lowered its outlook.)

     Mumbai, June 26 (Bloomberg) -- India must step up sales of
state assets and trim its budget deficit to avoid a reduction in
the outlook for its debt, said Kristin Lindow, vice president and
lead analyst for India at Moody's Investors Service.
     ``We are disappointed and would like to see urgency in
completing the economic reform process,'' Lindow said in an
interview. ``Our positive outlook on India is getting to a point
where we are wondering whether it shouldn't be changed.''
     A lower outlook for India's debt would mean the country and
its companies would miss a chance to reduce their borrowing costs,
among the region's highest. The yield on India's benchmark 10-year
bond fell 5 basis points to 9.52 percent today on expectations of
an interest rate cut. That's higher than 6.33 percent for
comparable Chinese bonds and 6.44 percent for South Korean bonds.
     Moody's gave India a positive outlook in June 1999, meaning
it was considering an upgrade of its ``Ba2'' rating, which is two
notches below investment grade and among the lowest in the region.
Since then, India has missed targets for the sale of state assets,
a move that would boost corporate performance and raise revenue
for the state.
     ``The timing of the government's sale of state-run companies
isn't good,'' Lindow said. ``Several of the companies have now
become unprofitable.''
     Among the state-run companies to be privatized are Indian
Airlines and Bharat Heavy Electricals Ltd., a maker of power plant
equipment.

                         Airline Loss

     Indian Airlines lost 1.77 billion rupees ($38 million) in the
year ended March 31 and is expected to lose another 2.51 billion
rupees this financial year, according to media reports. Bharat
Heavy Electricals' profit for the year ended March 31 dropped 49
percent to 3.05 billion rupees.
     India needs money from sales in stakes of more than 200
companies to trim its budget deficit. In the fiscal year that
ended March 31, India planned to sell stakes in 43 companies to
raise 100 billion rupees. It made just one sale -- a 74 percent
stake in a bakery, Modern Food Industries, for 1 billion rupees.
     This year, India plans to raise 120 billion rupees through
asset sales. The government plans to trim the deficit to 4.7
percent of gross domestic product this fiscal year from an
estimated 5.2 percent of GDP last year.

                    Falling Bond Yields

     Government bond yields have been falling to record lows on
expectations that the Reserve Bank of India will cut interest
rates, following a widely predicted move by the U.S. Federal
Reserve later this week.
     ``There won't be any movement in the market based on the
possibility of Moody's lowering its outlook on India,'' said Rajiv
Anand, who manages 16 billion rupees of Indian debt for Standard
Chartered Mutual Fund. ``The correction would happen if Moody's
actually downgraded the rating.''
     Bond yields rose after ratings company Fitch cut India's long-
term sovereign ratings outlook to ``negative'' from ``stable'' on
May 31. Fitch, which rates India ``BB plus,'' one notch below
investment grade, cited ``concerns about fiscal policy,
privatization and a deterioration in the investment climate.''

                         Enron Dispute

     Lindow of Moody's said she was concerned about a dispute
between the Maharashtra State Electricity Board and Enron Corp.,
the country's biggest foreign investor, which built a $3 billion
power plant. The dispute is widely seen as a litmus test for
foreign investment in India.
     The state electricity board has refused to pay 3 billion
rupees for power supplied by Enron's local unit, Dhabol Power Co.
India hasn't delivered on guarantees to pay for the power. Lindow
also cited the Enron dispute as a cause
     ``Foreign investors are becoming wary because of Enron's
problem and the government failure to honor its contractual
obligation,'' Lindow said. ``It has put up several red flags.''
     A third major ratings company, Standard & Poor's, rates India
``BB,'' two notches below investment grade.

SMARTMONEY.COM: California Dreamin'
By Michael DeSenne

06/25/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Of SMARTMONEY.COM

DESPITE THE ROUND-THE-CLOCK efforts of state and federal officials to solve
California?s energy crisis, residents are bracing for more rolling blackouts
this summer. And while the nation?s energy prices on the whole are starting
to decline, it?s clear that fossil fuels won?t light our homes and cool our
offices forever.
Even President Bush, a loyal oilman, understands this reality. While pushing
a reform plan heavy on fossil fuels last month, he acknowledged the need for
new, alternative-energy sources.
Of course, there?s still no consensus on what those sources will be, and this
is a high-risk game. Investors who pick correctly from among the leading
possibilities could find themselves sitting on a gusher during the next
energy crunch. But as anyone who invested in previous alternative-energy
sources like solar power, ethanol or - god forbid - cold fusion - can attest,
this is a business that?s big on dreams, long on waits and short on
commercially viable technologies.
And even the long-term winners among these stocks (if there are any) can be
counted on to deliver some major volatility in the meantime. The blame for
that goes to the California crisis, whose twists and turns drive
alternative-energy stocks up and down, headline by headline. "Anytime it
appears that the California panic is being solved, these stocks tend to trade
down, so the sentiment is shifting on a daily basis," says Christine Farkas,
a Merrill Lynch energy analyst.
For adventurous investors who find such prospects electrifying, the most
promising technology at this point seems to be the fuel cell, a device that
extracts hydrogen from fossil fuels such as natural gas or coal and converts
it into electricity. Environmentalists love fuel cells because the byproducts
of the electrochemical process - mostly heat and water vapor - include few
harmful emissions, especially when compared with what?s put out by internal
combustion engines.
Right now, the fuel-cell sector is crowded, with different companies at
different stages of the product-development cycle aiming for different
end-users. While some are building smaller fuel-cell systems to power cars,
others are constructing large fuel-cell-powered plants that can meet the
electricity needs of huge factories. Still others are targeting residential
uses. Which ones are likely to emerge as leaders? One may be FuelCell Energy
(FCEL). According to Chief Executive Jerry Leitman, the Danbury, Conn.-based
fuel-cell developer expects to start booking orders by year?s end for its
first product, a 300-kilowatt power plant roughly the size of a semi-trailer
that can light up the equivalent of 100 homes. Quieter and more mobile than
traditional electricity generators, the fuel-cell-powered plants can be
located closer to commercial and industrial customers, such as hospitals and
office buildings. Eventually, FuelCell plans to roll out 1.5 megawatt and
three megawatt units. Investors seem to like what they see. FuelCell?s stock
price, while highly volatile, has jumped 76% over the past year. (By
contrast, fuel-cell rival Plug Power?s (PLUG) residential products are
further from retail reality - and its stock is down 65% in the past 12
months. The same goes for Ballard Power Systems (BLDP), a Canadian firm
targeting the auto industry, whose shares have lost 50% in the last year.)
Earlier this month, FuelCell netted $241.5 million through a secondary stock
offering. CEO Leitman says the proceeds will be used to boost annual
manufacturing capacity to between 400 megawatts and 500 megawatts, a goal he
expects to reach in 2004. "That puts us into a profitable position when we
get to that 400 to 500 megawatts of production," he says. (Leitman declined
to offer more specific profit projections.) Merrill Lynch expects the company
to hit 400 megawatts of capacity in 2004 or 2005, with profitability coming
in 2005. In the interim, however, the earnings picture isn?t pretty. For its
second quarter ended April 30, FuelCell booked just $6.5 million in revenues
and posted a net loss of $5.1 million.
FuelCell investors were reminded about quickly shifting sentiment last
Tuesday. During a hearing over state funding of an Enron (ENE) fuel-cell
project in Connecticut, opponents of the plan suggested the money could be
better spent on other power endeavors. As a result FuelCell, which would
supply fuel cells to the power-plant project, saw its shares fall 17% to
$24.50 that day. In response to the sell-off, Friedman Billings upgraded the
stock to Buy from Accumulate, saying the drop was unwarranted since long-term
fundamentals remain very positive. FuelCell shares jumped 10% to $26.97 on
Wednesday. A final decision on the funding won?t be handed down by state
regulators until September. The next hearing is scheduled for mid July.
Another promising player is Active Power (ACPW), an Austin, Texas-based maker
of battery-free backup power systems. The gist: A spinning steel disk stores
kinetic energy, which kicks in when a primary power supply goes down. The
target audience includes high-tech firms and telecoms that rely on
uninterrupted power supplies. Active Power says one of its systems, about the
size of a refrigerator, replaces 50,000 pounds of lead and sulfuric-acid
batteries.
The good news: Active Power already has products on the market. The most
promising, which went on sale last summer, is the CAT UPS, a flywheel-based
backup power system jointly developed with Caterpillar (CAT). Base units
retail for $90,000 to $115,000, with top-of-the-line configurations selling
for as much as $350,000. The product, which is expected to make up about 80%
of Active Power?s sales for 2001, is already having an impact on the top
line: Revenues jumped to $5.1 million in the first quarter, up 91% from the
fourth quarter. (It posted a net loss of $6.7 million, or 17 cents a share.)
Active Power shares, which ended Friday at $18.47, are down 65% from their
first-day close of $52.75 but are still above their August 2000 offering
price of $17.
Active Power is on the verge of announcing the distributor of its next
commercial product, the HIT6, a more advanced power-supply product aimed at
telecoms that?s being field-tested in 2001 with commercial rollout slated for
2002. Upbeat news about another commercial product could do some nice things
to Active Power?s stock - in the short run, at least. And that?s the essence
of alternative-energy investing: lots of promise, little profit and stunning
share price volatility based mostly on the news. But while we?re still a long
way from a fuel cell in every proverbial pot, we?re a lot closer than we used
to be. And the California crisis is only heating up the race to find new
power sources. After weighing the risks, which are substantial, the key
question for investors is, are these technologies of tomorrow worth putting
money into today? If you decide that they are, be sure to plunk down your
money after a big sell-off. There?ll probably be plenty to choose from.
For more information and analysis of companies and mutual funds, visit
SmartMoney.com at http://www.smartmoney.com.

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

Much Calif Power Price Gouging Beyond FERC's Reach -ISO
By Jason Leopold
Of DOW JONES NEWSWIRES

06/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- Federal energy regulators only have the authority
to order refunds for about a third of the $9 billion California Gov. Gray
Davis claims energy companies have overcharged the state in the 12 months to
May 2001, documents from the state's wholesale market operator show.
Of the total, $2.9 billion came from the May-September period the Federal
Energy Regulatory Commission has said it can't act on, and $2.8 billion from
the October-May period is attributable to municipal utilities over which FERC
lacks jurisdiction, according to documents from the California Independent
System Operator.
That leaves just $3.3 billion in alleged overcharges that FERC could
potentially order refunded - far less than the $9 billion Davis seeks.
Talks between generators and state officials to settle billions of dollars in
unpaid bills and issues of overcharging began Monday. Curtis Wagner, the FERC
administrative law judge presiding over the talks, has said California will
likely see refunds from generators, but far less than the $9 billion Davis
expects.
Davis said Sunday California is going to Washington, D.C., "with one goal,
and that is to bring back $9 billion."
Nearly half that amount is attributable to municipal utilities, the ISO
documents show. The ISO said the Los Angeles Department of Water and Power,
for example, overcharged California $75 million between May and October.
David Freeman, the governor's chief energy adviser and the former general
manager of the LADWP, said the agency didn't overcharge the state, but
conceded it profited by selling spare power to the ISO.
Davis adviser Nancy McFadden said the state needs FERC to lay the groundwork
for the state to seek refunds from public utilities by ordering refunds from
corporate energy suppliers.
But during a conference call Sunday with reporters, McFadden and Davis press
secretary Steve Maviglio couldn't explain how the governor would go about
getting refunds from companies whose wholesale power prices aren't regulated
by FERC.
Davis testified before the U.S. Congress last week that generators
overcharged the state $9 billion and that FERC should order the refunds.
State Sen. Jim Brulte, R-Rancho Cucamonga, has asked for an investigation
into Davis's testimony, saying the figures were based on "shaky
calculations."
To come up with its conclusions, the ISO compared hourly market prices
received by sellers to an estimate of market prices that could have been
expected under competitive market conditions.
The ISO established a benchmark for what it determined was competitive - at
times about $125 per megawatt-hour to $200/MWh, a fraction of actual prices
in the market - based on the cost of natural gas and compliance with
air-quality rules.
The ISO, however, typically used the price of gas at California's northern
border, according to the documents. Generators paid a higher price for the
fuel in Southern California, raising the cost of making electricity.
The ISO also used reports of earnings by the state's "Big Five" power
suppliers during 2000 - earnings that for some quadrupled - to draw the
conclusion that generators overcharged the state, according to the documents.
The ISO attributed high power prices in part to the state's three largest
utilities' failure to buy the power they needed in advance, leaving the grid
operator to pick up the shortfall at the last minute, according to the
documents.
The ISO alleges the following companies overcharged the state by the listed
amounts between May 2000 and February: American Electric Power Service Corp.
(AEP): $22.9 million
Arizona Public Service Co. (PNW): $24.6 million
Aquila Power Corp. (ILA): $28 million
Avista Energy Inc. (AVA): $48 million
Automated Power Exchange: $16 million
British Columbia Power Exchange Corp: $439 million
Calpine Corp. (CPN): $236 million
Constellation Power Source Inc. (CEG): $7.8 million
Cargill-Alliant LLC: $1.4 million
Citizens Power Sales: $557,000
Coral Power, LLC,. a unit of Shell Oil (RD): $27 million
Duke Energy Corp. (DUK): $804 million
Dynegy Inc. (DYN): $530 million
Enron Corp. (ENE): $39 million
El Paso Corp. (EPG): $29 million
El Paso Power Electric Co. (EE): $24,475
Hafslund Energy Trading LLC: $712,528
Idaho Power (IDA): $28 million
Koch Energy Trading: $2.5 million
Los Angeles Department of Water and Power: $75 million
MDSC: $24 million
Mieco Inc.:$1.6 million
Morgan Stanley Capital Group (MWD): $124,644
NewEnergy Inc.: $1.5 million
Nevada Power Co. (SRP): $9.1 million
PacifiCorp: $65 million
PECO Energy Co. (EXC): $4.2 million
Portland General Electric (ENE): $44 million
Public Service Co. of Colorado: $14.1 million
Public Service Co. of New Mexico (PNM): $15.5 million
Puget Sound Energy: $24 million
Reliant Energy Inc. (REI) $750 million
Mirant Corp. (MIR), formerly Southern Co., $753 million
*Sempra Energy Trading Corp. (SRE): $82 million (this number has been
wiped out by the ISO)
Sierra Pacific Power Co. (SRP): $23 million
TEK: $11 million
Tuscon Electric Power: $1.1 million
UPA: $131,715
Winston and Strawn: $11,917
Williams Cos. (WMB) $860 million

Total FERC jurisdictional sellers: $4.7 billion
*Total without SETC/SDG&E: $4.6 billion

Total FERC and Non-FERC sellers: $6.7 billion
*Total without SETC/SDG&E: $6.6 billiion

Total March-May overcharges: $2.3 billion

-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

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

Oregon House May Vote Monday On Electricity Deregulation

06/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -(Dow Jones)- Oregon's House of Representatives may vote Monday
on delaying electricity deregulation for large businesses until March 1,
2002, a spokesman for the Oregon Public Utilities Commission, or OPUC said.
Under the partial-deregulation bill, large business customers of Enron
Corp.'s (ENE) Portland General Electric Co. unit and Scottish Power's (SPI)
PacifiCorp (X.PCP) unit could buy power from competing electricity suppliers,
or opt to retain regulated rates until July 2003, said OPUC spokesman Bob
Valdez.
Residential and small-business customers would continue to have regulated
rates.
If the restructuring bill passes, the OPUC would determine by late July which
customers qualify as "large businesses", Valdez said. He added that he
couldn't speculate on what percentage of the state's total electricity load
might fall under partial deregulation.
The bill, which passed the Senate on Friday and is scheduled for a vote in
the House Monday, delays large customer choice from its original Oct. 1 start
date.
The revised date ensures the state will get through the winter, when demand
is highest, without the possibility of glitches caused by the new system,
Valdez said.
The new date also ensures customers won't mistakenly attribute a rate
increase, also planned for Oct. 1, with the start of deregulation. The rate
hike is necessary because the Bonneville Power Administration, a federal
hydropower marketer which sells to the state's utilities, must buy some power
next year in the high-priced spot market to meet burgeoning customer demand.
The rate hike will reflect the extra costs.
"Delaying the start of restructuring until March provides a separation in
people's minds from the rate hike this fall. It's political," Valdez said.
Monday's vote on the Republican-sponsored bill also may be delayed, however.
Democrats walked off the House floor late Monday morning, because they were
upset about a separate bill on redistricting, Valdez said.
"At most, the delay will last a day or so. At some point, the House Speaker
will get tired of it and just force them back on to the floor," Valdez said.
Republicans have a six-vote majority in the House, but support for the
restructuring bill doesn't really fall along party lines, he said.
-By Jessica Berthold, Dow Jones Newswires; 323-658-3872;
jessica.berthold@dowjones.com

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

USA: Fresh look at wind energy blows to US from Europe.
By Jonathan Landreth

06/25/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, June 25 (Reuters) - Windpower is poised for a relaunch in the
United States, where regulators, investors and utilities, following Europe's
lead, are tilting toward improved technology that now makes windpower
cost-effective, experts say.
Long-tainted by failures that burned early U.S. backers and by critics who
saw windmills as an eyesore and as a danger to birds, windpower still only
provides the United States with less than 1 percent of its energy.
"But now there is a perceived shortage of power that wasn't there 5 to 10
years ago," said Maurice Miller, an independent renewable energy consultant
in California, where a bungled attempt at deregulation and a host of other
factors has made rolling electricity blackouts part of life in the state.
"Wind energy companies are now perceived as viable, competitive businesses,"
said Miller, who, as former chief financial officer of U.S. Windpower, the
wind industry's most notorious failure would know.
Nowadays, windpower is a viable business by nearly any standard, and is
growing at 25 percent a year worldwide.
Led by Denmark, which gets 10 percent of its electricity from wind, and by
widespread wind development in Germany and Spain, well-placed windfarms in
spots such as the American plains states are estimated to be capable of
producing three times the total electricity now generated in the entire
nation.
Wind turbine technology, vastly improved in recent years, is ideal for
flatlands where hot air rises - off the plains of the Dakotas, Kansas and
Texas, for instance - and where cool winds are drawn off bodies of water such
as the Great Lakes, the Gulf of Mexico or the Pacific Ocean off California's
coast.
SLOW TO SHIFT
But Merrill Lynch analyst Steven Fleishman said wind is still a "minute
factor" for the two biggest players in the U.S. windpower market, giant
utility Florida Power and Light , and Enron Corp. , the largest U.S. maker of
wind turbines.
Still, spurred by prices that make windpower as affordable as natural gas or
coal as well as by tax subsidies for developers and government mandates
requiring utilities to buy more power from renewable energy sources, both
companies are now involved in big windpower projects.
And now a handful of other U.S. fund managers say wind has huge potential to
make money. So much so, that Jack Robinson's Winslow Green Growth and Green
Century Balanced mutual funds have twice the weighting in renewable energy
companies as the S&P 500 index .
"Wind is at an inflection point where it doesn't need subsidies to be
competitive with traditional power sources," Robinson said.
THE COST OF WIND
While governor of Texas, President George W. Bush signed a law mandating
utilities to buy more power from alternative energy sources. Texas now has
the fourth largest installed windpower capacity in the United States, and can
deliver wind power at a competitive 5 cents per megawatt hour.
But Robert Beningson, chief executive of York Research Corp., an alternative
energy developer based in New York City, said wind only achieves such
competitive prices with the crutch of tax subsidies for developers.
What the U.S. wind industry needs now to catch up with Europe's wind power
craze, Beningson said, is an extension of the Production Tax Credit (PTC), a
move mentioned but not mandated in the Bush administration's new proposed
energy policy.
Lyn Harrison, editor of industry magazine Windpower Monthly agrees.
"Wind is Bush's chance to marry his big business stance and the environmental
messages in his proposed energy plan," said Harrison, whose magazine has
offices in wind-rich Denmark and California.
Long term forecasts in the early 1990s by Pacific Gas & Electric and the
Electric Power Research Institute (EPRI) said wind would ultimately become
the least expensive electricity source.
Current data shows those forecasts are no longer pipe dreams. Based on its
knowledge of current market conditions, the Washington, D.C.-based American
Wind Energy Association (AWEA) estimates that the cost of tax-subsidzed wind
energy at good sites ranges from 3 cents to 6 cents per kilowatt-hour (kWh).
Without the tax subsidies, or PTCs, wind generated electricity still sells at
a low cost between 4 cents and 6 cents per kWh, comparable with the 4.8 cent
to 5.5 cent per kWh cost of coal and the 3.9 cent to 4.4 cent per kWh cost of
gas.
WIND'S TROUBLED PAST
But experts note that wind still suffers from its early bad reputation with
U.S. investors.
Since its inception in the United States the late 1970s, the American wind
power industry faced an uphill battle against bigger and more established oil
and gas companies.
In September 1993, a California company called U.S. Windpower, then the only
U.S. maker of wind turbines, raised $90 million in an initial public offering
underwritten by Merrill Lynch, hoping to use the money to improve its turbine
technology.
By May 1996, U.S. Windpower filed for bankruptcy after a series of mechanical
failures proved windpower too expensive.
"There isn't a major institutional investor who wasn't burned by U.S.
Windpower," said Jan Paulin, chief executive of Sea West, a private wind
developer based in San Diego. "Their efforts were noble but they
miscalculated."
Because wind development's cost reflects the time and money needed for making
better equipment, scouting the windiest sties, and getting permits to build
wind farms, the economics of the wind turbine business are highly sensitive
to the interest rate banks charge developers, experts say.
"It's a shame that U.S. institutional investors have such an outdated view of
the industry and the technology," Paulin said. "To this day, most of the U.S.
wind power developments were initially funded by European banks."
Also, governmental commitment to windpower in Europe helped jump-start the
industry before it became self sufficient.
WINDPOWER IN EUROPE
If wind farms were financed on the same terms as natural gas plants, their
cost would drop by nearly 40 percent, according to an AWEA study.
Technological improvements that enable turbines to generate steady streams of
power no matter what the wind's speed means that it is just a matter of time
before U.S. investors, like Europeans, head straight into the wind business,
fund manager Robinson said.
"American investors will come to wind, but they may not be investing in U.S.
companies at this point in time as there are very few pure plays," said
Robinson, whose funds hold the shares of Denmark's two biggest publicly
listed wind turbine makers, Vestas Wind Systems , the largest wind turbine
maker in the world, and NEG Micron , the No. 4 wind turbine company in the
world.
Shares of Vestas and NEG Micron - both part of the Copenhagen Bourse's top-20
index, KFX - soared on May 1 after a Danish government researcher forecast
that wind turbines would supply 10 percent of the world's electricity in 20
years.
Soon after, Merrill Lynch started coverage of Vestas with a "neutral" rating
in the intermediate term and a "buy" rating in the long term, citing a belief
that the wind power companies were on course for a sustained period of strong
growth.
Denmark already gets 10 percent of its power from wind, and Vestas and NEG
Micron share prices have doubled in a year.
Vestas also holds a 40 percent stake in world's No. 2 wind turbine maker,
Gamesa Eolica, which is part of Spain's Gamesa Group .

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

USA: UPDATE 3-Some $15 billion at stake in US power refund talks.
By Patrick Connole

06/25/2001
Reuters English News Service
(C) Reuters Limited 2001.

WASHINGTON, June 25 (Reuters) - California and other Western states angered
by alleged bilking by power generators on Monday sought to convince the U.S.
Federal Energy Regulatory Commission's chief law judge to refund them some
$15 billion for wholesale power purchases made during the past year.
The settlement talks, involving dozens of companies and state officials from
California and the Western region, were to continue for the next two weeks.
California alone believes it was bilked out of more than $9 billion by
electricity generators during an unrelentingly expensive power price spike in
its partially deregulated wholesale market.
"We are not going to ask FERC for $9 billion. We're going to ask for a lot
more than that for our litigating position," Michael Kahn, chairman of the
California Independent System Operator, told reporters outside the
closed-door settlement conference at FERC. The California ISO operates the
state's electricity transmission grid.
Judge Curtis Wagner, who convened the talks in a packed hearing room at FERC
headquarters, said parties must reach a deal "now" or face the prospects of a
FERC-ordered plan.
"I can tell you now that you are far better off to work out the refund issue
in these settlement proceedings," he told lawyers representing some 60-odd
parties before the conference went into closed session.
"The time to put California's past energy problems to rest and structure a
new arrangement for California's energy future is now. We can do it if we
try. I have the utmost faith in you," Wagner said.
CLAIMS, COUNTER CLAIMS
While California claims it was overcharged by electricity generators who
deliberately pushed prices higher, many of the out-of-state generators claim
they have not yet been paid for some transactions.
The generators - including Enron Corp. , Duke Energy Corp. and Williams Cos.
- have denied wrongdoing.
A representative from energy generator and marketer Reliant Energy Inc.
attending the settlement conference said he was concerned the California
Independent System Operator's method of calculating its $9 billion sales
overcharge figure is based on "black box" methodology.
"Those are mystical calculations," said John Stout of Reliant. "From what we
can gather they don't cover all our costs."
The ISO's cost calculations do not account for operation and maintenance fees
of generating facilities, Stout said.
"That doesn't seem quite fair," he said.
In his statement opening the conference, Wagner acknowledged the enormous
sums at issue.
"This issue includes the enormous number of dollars in wholesale power that
have been purchased for PG&E Corp., SoCal Edison and (the state) Department
of Water Resources, for which the generators have not been paid," Wagner
said.
"On the other hand, the state of California alleges that its distribution
companies and the DWR have been overcharged $9 billion. The amounts involved
must be, both ways, resolved at the outset to put everyone on the same
playing field."
While the state's power grid operator has vowed to press for more money,
California Gov. Gray Davis has said the state is owed roughly $9 billion
dollars for overcharges.
In April, the state's largest utility Pacific Gas and Electric Co., a unit of
PG&E Corp. , voluntarily filed for protection from creditors due to the
state's electricity crisis. Southern California Edison (SoCal), a unit of
Edison International , is trying to avoid the same fate.
Wagner said if the talks were not successful by July 9, he would make a
recommendation on refunds and non-payment issues to FERC's five
commissioners.
FERC previously ordered about $124 million in refunds for overcharges during
January and February.
Last week, FERC expanded a "price mitigation" plan to all 11 Western states
to curb runaway wholesale prices. The plan fell short of the strict price
caps sought by California officials and some Democrats, but has been praised
as a good first step in stabilizing wholesale prices.
California state officials were to meet later on Monday with Wagner to help
set an agenda for the settlement talks, Kahn told reporters outside the
settlement conference.
The settlement conference was open to the public for the first hour before
being closed for companies to discuss confidential business information.
JUDGE LISTS ISSUES
Wagner said in addition to the refunds and payment issues, there were six
other matters that must be considered and agreed on by the numerous parties.
They included the question of how much additional power generation for sale
should be moved from the spot market to longer-term contracts.
"This includes both current and future long-term contracts and the length of
such," Wagner said.
Other matters listed by the judge were:
- Resolution of the credit worthiness of power buyers;
- The independence of the California Independent System Operator board,
possibly including a reorganization of the state grid operator;
- Issues concerning intrastate and interstate natural gas transportation and
the constraints in southern California;
- Question of whether the settlement should offer immunity from existing and
future lawsuits and prosecutions against the generators;
- The issue of the Pacific Gas & Electric bankruptcy.
(Additional reporting by Chris Baltimore).

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

USA: FPL starts wind farm to power 10,500 Wisc. homes.

06/25/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, June 25 (Reuters) - FPL Energy, LLC, a unit of FPL Group Inc. ,
said Monday it began operations at the largest wind-generating power plant in
Wisconsin, the 30-megawatt (MW) Montfort Wind Farm located west of Madison in
Iowa County.
The plant will generate enough electricity to power 10,500 Wisconsin homes,
FPL said in a statement.
Electricity generated at the facility, in the town of Eden, Wisc., is being
sold under multi-year contracts to Wisconsin Electric-Wisconsin Gas, a unit
of Wisconsin Energy Corp. , and Alliant Energy-Wisconsin Power and Light ,
FPL said.
The facility consists of 20 1.5-MW Enron wind turbines atop 215-foot towers
outfitted with 110-foot blades.
Wind trade associations have said that wind power will account for more than
18,000 MW of capacity worldwide before the end of 2001.
Wind power and other renewable energy sources like solar and geothermal have
been spotlighted in recent months as clean alternatives to burning more
fossil fuels to meet rapidly rising electricity demand.
FPL Energy is the largest generator of wind power in the U.S. with more than
1,000 MW of capacity in Iowa, Texas, Minnesota, Wisconsin, Oregon and
California.
FPL has a net ownership of approximately 600 MW.
The company also has four wind projects under construction that will add
nearly 850 MW to its portfolio by the end of 2001.
FPL Group's principal subsidiary is Florida Power & Light Co., which serves
more than 7 million people in Florida.
- New York Power Desk, 646 223-6074, fax 646 223-6079, e-mail
Eileen.Moustakis@reuters.com.

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

USA: Calif says power refund demand will top $9 billion.

06/25/2001
Reuters English News Service
(C) Reuters Limited 2001.

WASHINGTON, June 25 (Reuters) - A California official said Monday the state
will seek "a lot more" than $9 billion in negotiations with generators for
alleged wholesale electricity overcharges during the past year.
Michael Kahn, chairman of the California Independent System Operator, the
entity that runs the state's power grid, told reporters that overcharge
claims would run much higher than the $8.9 billion previously estimated.
"We are not going to ask FERC (Federal Energy Regulatory Commission) for $9
billion. We're going to ask for a lot more than that for our litigating
position," Kahn told reporters outside a closed-door settlement conference at
FERC. The conference led by FERC Administrative Law Judge Curtis Wagner began
earlier on Monday in an attempt to reach a settlement.
Kahn also said that the $8.9 billion overcharge figure previously cited by
California Governor Gray Davis was "extremely conservative but one that the
ISO is confident in." State officials would meet later in the day with Judge
Wagner to help set an agenda for the settlement talks, he said.
While California claims it was overcharged by electricity generators who
deliberately pushed prices higher, many of the out-of-state generators claim
they have not yet been paid for some transactions. The generators - which
include Enron Corp. , Duke Energy Corp. , Reliant Energy Inc. and Williams
Cos. - have denied any wrongdoing.

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


I can't open this--please fax or email to me in a format I can open.  thanks
df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 02/11/2001
07:44 PM ---------------------------
From: Shelley Corman/ENRON@enronXgate on 02/09/2001 05:12 PM
To: Drew Fossum/ET&S/Enron@ENRON, Dorothy McCoppin/FGT/Enron@ENRON, Janet
Place/NPNG/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Maria
Pavlou/ENRON@enronXgate, Dari Dornan/ET&S/Enron@ENRON, Frazier
King/FGT/Enron@ENRON, "Robert Kilmer (E-mail)"
<rkilmer@enron.com>@SMTP@enronXgate, Ray Neppl/NPNG/Enron@ENRON, Lee
Huber/ET&S/Enron@ENRON
cc:

Subject: INGAA's Answer in CP95-218

Please review INGAA,s proposed answer in support of the FERC,s Dec. 14 order
allowing pipelines to reserve capacity on other pipelines without advance
FERC approval.  I need to get comments back to INGAA by noon Monday, Feb. 12.


Hi Vince,
?
How are things with you? Well I hope. Do you have  the latest version of your
part of chapter 3? (I think GRant has sent thru a  seperate, updated version
to you, which has been typeset). Everything else has  been tied up and we
will go with the version we have, unless we hear  otherwise.
?
Many thanks and best regards.
?
Chris.
?


I just got it.  I'll fax it.  Trying to read, but am currently reading the latest version of SB 78, which we just got and Scott has faxed.  Jim, here's the latest.  It's going to be heard this afternoon, per Scott's note.  It is not clear whether 1) it's going to make it through the Legislature, and 2) if it does make it through, whether Davis will sign.  It's very tied up with/linked to the other measures (Edison bailout, etc.).  Am trying to get more info, but that's it at this point.  Will report back on what happens at the hearing on the bill.

Best,
Jeff

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Monday, August 27, 2001 1:56 PM
To:	Thome, Jennifer
Cc:	Dasovich, Jeff
Subject:	Windfall Profits Tax

Jennifer --

Can you get a copy of the SBX2 1 and provide short synopsis?

Thanks,

Jim

 -----Original Message-----
From: 	"Scott Govenar" <sgovenar@govadv.com>@ENRON [mailto:IMCEANOTES-+22Scott+20Govenar+22+20+3Csgovenar+40govadv+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, August 27, 2001 11:04 AM
To:	Rick Shapiro; Steffes, James D.; Kaufman, Paul; Jeff Dasovich; Kingerski, Harry; Lawner, Leslie; Susan J Mara; Hedy Govenar; Bev Hansen; Mike Day
Subject:	Today's Hearings

The following energy bills will be heard today.

SBX2 78 (Polanco/Sher), SCE MOU, will be heard by the Assembly Energy, Costs
and Availability Committee upon adjournment of the Assembly Transportation
Committee (approximately 2:30 p.m.) in room 437.  Late Friday, Assemblyman
Hertzberg informed his caucus that the Assembly may take this measure up on
the floor as early as today.  Because floor session is currently scheduled
for 11:00 a.m. this would require the Assembly to reconvene late this
afternoon, however, this has not been scheduled and such an action would
likely interfere with several Assembly fundraising events this evening.

SBX2 1 (Soto/Scott), windfall profits tax, will be heard by the Assembly
Revenue and Taxation Committee at 1:30 p.m. in room 126.

SB 532 (Sher), renewable portfolio standard, will be heard by the Assembly
Natural Resources Committee at 1:30 p.m. in room 447.  This measure would
require DWR and/or the IOUs to purchase specified amounts of renewable
energy.


Dear Algebra Students,

You successfully completed Trimester I, and we're headed into Trimester
II. As I'm sure you've already noticed, the material is getting more and
more challenging. You should also be aware that I will be expecting more
and more higher level thinking as the year progresses. The Unit 4 Test
is a good example of the thinking skills that I'd like to see. The
multiple choice questions were quite challenging and required that you
apply what we'd learned. Although the class average was 73 on this test,
and many of you scored lower than you normally do, I think that we have
to give ourselves credit for "passing" such a challenging test. The best
news is that your portfolio grades will more than make up for a lower
test score. One might say that I even planned it that way. :-) Now, we
have to get ready for the next test. It will be a similar test in style
and difficulty, and we won't be doing a portfolio. So, you should take
the Unit 4 Test and study the type of questions that you missed. Don't
worry...I know you can handle this! By the end of the year, you will be
a superb test taker and algebraist!

PS: Don't forget to discuss your Unit 4 Test score with your parents.
They had to take challenging tests in their day (:-)), and they can help
you prepare for the types of questions (even if they've forgotten some
of the math).

Mrs. Ward


Dear Collector,

Ken Farmer Auctions and Sothebys.com are pleased to offer Property from the Estate of Mildred H. Boink of Evansville, Indiana, along with complementary property from other local estates. Mrs. Boink was a quintessential eclectic collector, and this Special Auction reflects many of her wide-ranging tastes. The collection features a great variety of decorative arts including Americana, country furniture, art glass, silver, rugs and carpets, Eduoart silhouettes, and some excellent examples of fine arts.  Please click here to go directly to the sale.

https://news.sothebys.com/cgi-bin2/flo?y=eEqH0DBy5t0OX0BC3U0Az

The highlight of this Special Auction is certainly the rediscovered rare and lovely painting of  "The Misses Stewart Hodgson" by Frederic Lord Leighton.  This work will be exhibited at Sotheby's in New York and London, and will be available for Internet bidding by interested parties on November 29.   Other highlights will be on exhibit at Ken Farmer Auctions in Radford, Virginia.   Visit the sale now; bidding ends on November 7.

https://news.sothebys.com/cgi-bin2/flo?y=eEqH0DBy5t0OX0BC3U0Az

We hope you enjoy building your collection with us online.

Sincerely,

Lark Mason
Director of Online Auctions
Furniture and Decorative Arts
Lark.Mason@sothebys

----------------------------------------------------------------------
Your Email Address:[jeff.shankman@enron.com] is in our mailing list. To unsubscribe, forward this message to [justunsubscribe5@news.sothebys.com]. To subscribe, forward this message to [justsubscribe5@news.sothebys.com].  To update your profile, visit https://news.sothebys.com/cgi-bin2/profile?y=eEqH0DBy5t0OXp


Marty Sunde had also invited Vince Kaminski to be on the Steering committee.
Thanks,
Krishna.

To: Breakthrough Initiative (DOGS), Breakthrough Initiative (RISK),
Breaktkhrough Initiative (CATS), Breaktkhrough Initiative (LEADERS)
cc: Breakthrough Initiative (CATS) Adm, Breakthrough Initiative (Leaders)
Adm, Breakthrough Initiative (Risk) Adm
Subject: Breakthrough Initiative Participant List and Meetings Schedule

Attached are the subject documents.

If there are any corrections (the right assistant, telephone extension,
etc.), please notify me.

I wish you all a Blessed and Happy Thanksgiving.....

Paulett Smith CPS


_________________________________________________________________

                        F O O L W A T C H
                    Wednesday, November 22, 2000

benjamin.rogers@enron.com
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MsgId:
msg-24347-2000-11-22_18-03-32-6501244_1_Plain_MessageAddress.msg-18:24:41(11-2
2-2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


Mark-

We have received some preliminary comments from IBJ, attached hereto for your
review.  Please give me your thoughts regarding deletion of Part 6 of the
Schedule and not utilizing the CSA.

Thanks,

John
----- Forwarded by John Viverito/Corp/Enron on 08/30/2000 07:44 PM -----

	"Yamato Konishi" <yamato.konishi@ibjbank.co.jp>
	08/30/2000 07:59 AM

		 To: <John.Viverito@enron.com>
		 cc: <Jonathan.Whitehead@enron.com>, "Tom Bruce-Jones"
<Tom.Bruce-Jones@enron.com>, "teruyo.suzuki" <teruyo.suzuki@ibjbank.co.jp>,
"Maeda san" <kazunobu.maeda@ibjbank.co.jp>
		 Subject: Re: IBJ ISDA MASTER AGREEMENT

Dear Mr.Viverito

Thank you very much.
Now we start checking your draft and maybe we can return comment on this
Friday.

Please be advised following points at this time.
1)Part 6 on the schedule is needed to be deleted.
  We think that it's enough if the terms in Part 6 are referred in the
individual confirmation.
2)ISDA Credit support annex is not acceptable
  Unfortunately, we don't have internal system for concluding CSA with
non-financial entity.

Please keep support us for concluding ISDA ASAP for our business in near
future.
If any question, please feel free to contact me.

Best regards,
Konishi /IBJ Tokyo 81-3-3214-1008
----- Original Message -----
From: <John.Viverito@enron.com>
To: <yamato.konishi@ibjbank.co.jp>
Cc: <Jonathan.Whitehead@enron.com>
Sent: Wednesday, August 30, 2000 5:31 PM
Subject: IBJ ISDA MASTER AGREEMENT

> Dear Mr. Konishi,
>
> Attached hereto, is the draft ISDA documentation, for your review.
> Included are the Schedule, the Credit Support Annex and the Enron Corp.
> Guaranty.
>
> I apologize for the delay in the preparation and distribution of these
> documents.
>
> We look forward to receiving your comments.
>
> Best regards,
>
> John Viverito
>
>
> (See attached file: IBJ Schedule 30.08.00.doc)(See attached file: IBJ CSA
> 30.08.00.doc)(See attached file: IBJ EC guarantee 30.08.00.doc)


Greg,
I  have some tickets available for the Missouri game at face value.  Do you
want any?
DG


Are you available this week to discuss the issues pertaining to the ISDA with Cinergy Services?


Drow,

You don't want to hear this, but if they have already pursued every angle of appeal (A two sentence statement sounds pretty final.) to no good result, then they have to fight fire with fire.  If this was more a political move than anything else, they need to apply to come back in an equal and opposite posture so the national can look good accepting their application.

How?  Get the black fraternity on board (quietly at first) showing them this chapter "was not fairly represented by these stupid acts", something to that effect.  By on board I mean Beta leaders meet their leaders and convince them to endorse the application to national (A letter from them would be powerful, saying 'these guys are real and they are rushing some of our people', I don't know).  The re-charter, then, is a correction of the mistakes and, therefore, the new chapter is clean.

As you can tell, I know nothing of the procedures behind a charter and this could take forever, but what alternatives are there if the appeals fell flat?

To quote another ass from Little Rock, I feel your pain, as I have Travis, Tyler and Trenton coming along later and I will fight like hell to protect my guys from this type of injustice in any case.

Sarl, Hans Hohl, Carl

... And I hope to be a better one.

---
Carl Hohl: Tomball native.  Active father of 3 boys, Travis, Tyler and Trent; 2 dogs, Susie the Shelty and Socks the Beagle.  Wife is Paula, 'Commercial Real Estate Typhoon'.

Both Carl and Paula are in relentless pursuit of excellence in solutions to Real Estate sales and acquisition problems.

e, a Beta pledge at Auburn, called me last night to
>inform me their chapter's charter has been revoked, effectively ending 34
>years of Beta's at Auburn.  At a recent costume party, several pledges (Joe
>NOT being one of them) decided it would be funny to mock the all black
>fraternity on campus by painting their faces black and wearing that frat's
>letters.  As unbelivable as it seems, that one act set off a chain reaction
>in Oxford and the General Secy flew down and, in a two sentence statement,
>ended life for the Betas as they once knew it.  The incident coincided with
>the Delta Sig chapter doing something even more stupid at a separate party
>on a separate day where pictures showed up on the internet by their party
>photographer of three D Sigs dressed as a black, a KKK clansman and a
>Confederate soldier, all looking as if they were trying to hang or shoot the
>black.  Brilliant huh???  That incident really got the student body in an
>uproar and then the Beta deal came to light about the same time and bam,
>goodbye Betas.
>    I only tell the story here because there have been many news coverages
>of both events across the country, making the Betas look like they were way
>out of line when, in fact, it was pretty harmless and the black fraternity
>really was only tremendously upset with the D Sigs.  Joe, his pledge
>brothers, and the actives are in shock at the severity of the decision by
>Oxford and I must admit, so am I.  If any of you out there have any ideas on
>what to do about it, I certainly would welcome them.  Joe was really falling
>in love with that chapter and it had a ton of campus leaders in it, much
>like Gamma Omega did once upon a time.  My feeling is that the chapter
>deserved some serious and accountable disciplinary punishments and the
>chapter agreed what they did was stupid and in horrible taste, but to
>abolish a 34 year old, 120 man chapter for the actions of a few????? I'm
>really pissed.
>
>Yours in -kai-,
>Drow
>
>_________________________________________________________________
>Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp
>
>
>
>At Homecoming 2000, the BETA TENT had the biggest crowd by far.  Stay connected and consider a future homecoming BETA reunion.  It's incredible...forget the 20 years in between...everyone just seems to pick it up right where they left off years ago.
>
>
>
>Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>
>

Join 18 million Eudora users by signing up for a free Eudora Web-Mail account at http://www.eudoramail.com

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At Homecoming 2000, the BETA TENT had the biggest crowd by far.  Stay connected and consider a future homecoming BETA reunion.  It's incredible...forget the 20 years in between...everyone just seems to pick it up right where they left off years ago.

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/


Hello Marks,

IT passed this term sheet to me for review, but I believe that one of you is
much more qualified to take a stab at it than I am.

Essentially, we are agreeing to beta-test this software.  No money is going
to exchange hands, but we may incur travel costs and time in our role in this.

Let me know whether one of you can provide review.

Michelle

------------------------------------------------------------------------------
---------------------------

Michelle Cash
Enron North America Corp.
1400 Smith Street, EB 3823
Houston, Texas  77002
(713) 853-6401
michelle.cash@enron.com

This message may contain confidential information that is protected by the
attorney-client and/or work product privileges.
----- Forwarded by Michelle Cash/HOU/ECT on 04/09/2001 05:34 PM -----

	Bob Ward/ENRON@enronXgate
	04/09/2001 04:11 PM

		 To: Michelle Cash/HOU/ECT@ECT
		 cc:
		 Subject: Microsoft MOU

Hi, Michelle.  Jim Ogg asked me to send you the attached MOU from Microsoft.
The MOU states that it isn,t a legally enforceable agreement but we thought
we should get your opinion before we sign it.  Please review it at your
earliest convenience and let me know your thoughts.  Thanks.

Bob Ward
Manager, IT - Development
ext. 54409


Lawyer Dago:

Got your card on Friday and it made my weekend!  I'm glad I could help out.  We definitely need to get together soon.  I've had an awful summer.  My mom died in July.  My car flooded in June.  Mike's mom died in June.  Can't think of a reason to be gloomy so I can't wait to see you for lunch.  I'll stay in touch!  Sara

 -----Original Message-----
From: 	pkdaigle@neosoft.com (Lawyer Dago)@ENRON [mailto:IMCEANOTES-pkdaigle+40neosoft+2Ecom+20+28Lawyer+20Dago+29+40ENRON@ENRON.com]
Sent:	Friday, September 21, 2001 3:17 PM
To:	sara.shackleton@enron.com (Sara Shackleton)
Subject:	A Big Thanks! - from Lawyer Dago

Hello! Lawyer Dago has just sent you a greeting card from Bluemountain.com.

You can pick up your personal message here:

http://www2.bluemountain.com/cards/boxb226699k5/4wryhx9t54kvur.html

Your card will be available for the next 90 days.

This service is 100% FREE! :) Have a good day and have fun!

________________________________________________________________________
Accessing your card indicates agreement with Blue Mountain's Website Rules:
http://www.bluemountain.com/home/WebsiteRules.html

Send FREE Blue Mountain cards to friends and family (and attach gifts too!)
http://www.bluemountain.com


Brett, for US applications dual fuel may be important for Florida - maybe
less in California.  Do we need it for Rio Gen or Cuiba?  Can you follow up
with Chris Calger and Janet Dietrich to get their views.

Thanks
Delainey


---------------------- Forwarded by Eric Bass/HOU/ECT on 01/31/2000 02:35 PM
---------------------------

	Enron North America Corp.

	From:  Eric Bass                           01/31/2000 02:34 PM

To: Brian Hoskins/HOU/ECT@ECT, Timothy Blanchard/HOU/EES@EES, Matthew
Lenhart/HOU/ECT@ECT, Bryan Hull/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Amir
Ahanchian/HOU/ECT@ECT, Luis Mena/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeffrey
C Gossett/HOU/ECT@ECT, Kenneth Shulklapper/HOU/ECT@ECT, Phillip M
Love/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT, Nick Hiemstra/HOU/ECT@ECT
cc:
Subject: Spring Flag Football

I need to know who of you is interested in playing in a flag football league
starting in March.  This is a reunion tour of our glorious victory in the
Enron tournament.

-Eric


This is the fuel that is buy and sell between HPLC and HPLR.  For meter 9699
it's 2.5% and for meter 2662 it's 4%.   However, the volume is a fixed amount
every month and is kept whole.

Jackie Young
02/04/2000 02:51 PM
To: Anita Luong/HOU/ECT@ECT
cc: Lauri A Allen/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Pat
Clynes/Corp/Enron@ENRON, Clem Cernosek/HOU/ECT@ECT
Subject: Meter 98-9699 & 98-2662 (Receipt Meters w/Delivery Noms)

Anita,

There is a delivery nom of 22 @ the above mentioned meter for 1/99
production.  This is a receipt meter.

Can you please explain the purpose of this delivery nom being @ this receipt
meter?  I also have the same situation @ 98-2662 for 1/99.  Also, this
activity is continuing on into 2/99.

Clem Cernosek expressed that these delivery noms are causing errors on his
end of the spectrum.

---------------------- Forwarded by Jackie Young/HOU/ECT on 02/04/2000 02:31
PM ---------------------------

Lauri A Allen
02/04/2000 01:13 PM
To: Jackie Young/HOU/ECT@ECT
cc: Daren J Farmer/HOU/ECT@ECT, Pat Clynes/Corp/Enron@ENRON
Subject: Meter 9699

Jackie-

I cannot for the life of me remember why this sale deal is in there.  I do
believe it is valid and is a part of the purchase deal with Tesoro.  Jill
Zively was the dealmaker and could probably answer your question as could
George Weissman and Melissa Graves.  You might also check with Anita, the
allocator, to see the support she gets for the allocation.  This may give you
some clue as to what this volume represents.  (Let me know, too, since I hate
forgetting things!!!!)


Start Date: 4/4/01; HourAhead hour: 16;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040416.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 16 / Preferred:   1.00 / Final:   0.80)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 4/4/01
  UNIT_ID: CARBGN_6_UNIT 1


-----Original Message-----
From: 	Sera, Eddie
Sent:	Friday, November 09, 2001 2:53 PM
To:	Spector, Brian; Kean, Steven J.
Subject:	FW: Sherri Sera's Surprise Birthday Party

<Embedded Picture (Metafile)>


It looks like Chuck (tulane) has moved from Cajun JR. to Cajun SR. and Val
(lsu) has been relegated to Cajun JR. from his previous Cajun SR. status on
the eDownstream project.

I think Val had sent me this image (attached) last week.
It is appropriate to send it back to him, because the image is garbage now.
Just like the Tigers baseball team - tossed aside like garbage.

(See attached file: Toolame.pcx)

http://www.usatoday.com/sports/college/baseball/cws/stories/2001-06-03-recap.htm

 - Toolame.pcx