California Blame Game Yields No Score --- Probes Reveal Little Evidence
Suppliers Acted Illegally
The Wall Street Journal, 05/22/01

Enron Unit Moves to End India Contract For Power
The New York Times, 05/22/01

The State GOP Criticizes Davis' Choice of PR Aides Capitol: Legislative
leaders call the pair political operatives who are too partisan to represent
the state during energy crisis.
Los Angeles Times, 05/22/01

BUSINESS DIGEST
The New York Times, 05/22/01

World Watch
The Wall Street Journal, 05/22/01

IN BRIEF / ENERGY Enron Withdraws from Qatar Project
Los Angeles Times, 05/22/01

INDIA: UPDATE 1-Indian state spurred by Enron reopens power deals.
Reuters English News Service, 05/22/01

INDIA: India utility may slap 4bln rupee fine on Enron unit.
Reuters English News Service, 05/22/01

IXEurope creates a Storm in colocation
M2 Presswire, 05/22/01

Power corrupts...
The Economic Times, 05/22/01

The Godbole findings
Business Standard, 05/22/01

SMARTMONEY.COM: Power Grab
Dow Jones News Service, 05/22/01

Malaysian LNG Sales to India Threatened by Enron Power Dispute
Bloomberg, 05/22/01

LEADER: India unplugged
Financial Times; May 22, 2001

Enron pulls out of venture drilling in Qatar's waters
Houston Chronicle, 05/22/01

Enron exploring commodity trading
Houston Chronicle, 05/22/01

Plains Resources Gets New Officers
Houston Chronicle, 05/22/01

Economy
California Blame Game Yields No Score --- Probes Reveal Little Evidence
Suppliers Acted Illegally
By John R. Emshwiller
Staff Reporter of The Wall Street Journal

05/22/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

LOS ANGELES -- California may be struggling to keep its lights on, but one
thing there is no shortage of is accusations over who is to blame for an
electricity crisis that has sent power prices skyrocketing.
In recent days, top California officials have stepped up their rhetoric
against a handful of merchant power companies, many of them Texas-based, that
supply the state with much of its juice. Gov. Gray Davis says companies such
as Reliant Energy Inc., of Houston, have engaged in "unconscionable price
gouging." Loretta Lynch, president of the California Public Utilities
Commission and a Davis appointee, proclaims that a "cartel" of electricity
producers has created artificial shortages. Lt. Gov. Cruz Bustamante is
backing a bill that would make energy price fixing a felony, and as a private
citizen he is suing several major power producers in Los Angeles state court.
About half a dozen investigations are being conducted by entities ranging
from state legislative committees to the California attorney general's
office. So far, these probes -- some of which have been under way for months
-- haven't yet yielded either civil or criminal charges.
While the energy suppliers are generating "unconscionable profits," the
question remains "whether they are illegal profits," says California Attorney
General Bill Lockyer, who has offered rewards of as much as hundreds of
millions of dollars for information about lawbreaking in the energy business.
Mr. Lockyer says he believes his office will eventually file civil charges
against suppliers. He would very much like to add criminal counts. "I would
love to personally escort [Enron Corp. Chairman Kenneth] Lay to an 8 x 10
cell that he could share with a tattooed dude who says `Hi my name is Spike,
honey,'" adds Mr. Lockyer. Houston-based Enron is a major energy-trading
company. Like other such firms, Enron has denied wrongdoing in the California
market.
Mark Palmer, Enron's vice president for corporate communications, said Mr.
Lockyer's comment about Mr. Lay "is so counterproductive that it doesn't
merit a response."
Investigators and academics say there is abundant evidence that individual
firms have been exercising "market power." This term is used to denote
efforts to influence wholesale-electricity prices, such as by withholding
supplies. The California Independent System Operator, or ISO, which manages
the state's electric transmission grid, estimates that by exercising market
power, suppliers may have added about $6.8 billion to the cost of electricity
in the state since early last year.
A single firm exercising such power isn't necessarily illegal, says Severin
Borenstein, director of the University of California Energy Institute. If a
company is a large supplier in the state and "you're not exercising market
power, you are not doing your job" on behalf of shareholders, he says.
Mr. Borenstein and others say that there are steps that should be taken
against suppliers. They note that under federal power law, the Federal Energy
Regulatory Commission can order refunds for wholesale prices that are above
"just and reasonable" levels. So far, FERC has tentatively ordered California
suppliers to make tens of millions of dollars of such refunds, as part of
that agency's ongoing inquiry into the California market. Critics of the
suppliers and FERC say the refunds should be in the billions of dollars.
The power industry, not surprisingly, says there is nothing to accusations of
price manipulation or collusion. Executives point to a botched
state-utility-deregulation plan that relies heavily on volatile spot-market
purchases. Suppliers note that over the past decade, California didn't build
enough new power plants to keep up with demand growth. The allegations of
manipulation are "a lot of sound and fury and they won't produce anything,"
says Gary Ackerman, executive director of the Western Power Trading Forum, an
industry trade group.
Power generators also point to sharp increases in some of their costs,
particularly natural gas, which is a major power-plant fuel. This rise in
natural-gas prices also has set off a flurry of investigations over possible
manipulation. One such case, involving El Paso Corp., Houston, is the subject
of probes by federal and state officials. El Paso denies any wrongdoing.
While power-industry officials say they have been cooperating with the
investigations, law-enforcement officials say they have hit some roadblocks.
For instance, Mr. Lockyer's office has gone to San Francisco state court to
enforce subpoenas against Reliant, Houston-based Dynegy Inc., and Southern
Co. and Mirant Corp., both of Atlanta, after the companies resisted turning
over certain business documents they deemed confidential.
Investigators have zeroed in on the increased frequency with which plants are
going out of service for unscheduled outages. At times, several thousand
fewer megawatts of capacity are available than a year ago. A thousand
megawatts can power about one million homes.
Generators say that this increased "forced outage" rate shows that tight
supplies over the past year have required them to run plants, some of them
more than 40 years old, for long periods without routine maintenance. This
combination has produced more breakdowns. "Plants have been running flat
out," says Tom Williams, a spokesman for Duke Energy Co., Charlotte, N.C.,
which says that its California power plants produced 50% more electricity in
2000 than in 1999.
At the same time, during periods of lower demand, the number of unplanned
outages often seems to rise enough to keep supplies tight, says Frank Wolak,
a Stanford University professor and chairman of the ISO's market surveillance
committee. "Clearly, something is going on here." However, he and others say
that it is almost impossible to tell why a particular pipe failed or whether
such a failure was a legitimate reason to reduce output.
Some of the most intriguing evidence to date about forced outages surfaced in
a federal case. FERC officials said an investigation had raised questions
about whether two major power companies had taken plants out of service in
order to reap higher electricity prices. The charges against AES Corp.,
Arlington, Va., which owns the plants, and Williams Cos., Tulsa, Okla., which
markets their output, asserted that those actions allowed the companies to
reap an extra $10.8 million in revenue.
In one instance, according to case filings, a Williams employee "indicated"
to AES officials that his firm wouldn't financially penalize AES for
extending an outage at one plant. This conversation, which was voluntarily
divulged by Williams, could be an indication of collusion. Williams and AES
settled the case without admitting any wrongdoing by paying back $8 million
to the ISO and by taking certain other measures. A Williams spokeswoman says
the employee who talked to AES was "counseled not to enter into any
conversations of that nature" in the future.
Another issue raised by the FERC case touched on maintenance procedures.
According to the filings, AES stopped doing a certain procedure to keep its
plant's cooling system from getting clogged. The clogging of the system was
cited as a reason for one of the forced outages. Mark Woodruff, president of
the AES unit that operates the plant in question, says the company
substituted what it felt was an equally effective maintenance procedure.
If someone was looking to keep supplies tight and prices high, changes in
maintenance procedures would be an easy way to ensure that plants,
particularly old ones, have frequent forced outages, says a senior
utility-industry executive. By restricting maintenance resources, he says, an
operator can simply allow a plant "to take itself out of service."
---
Journal Link: What is California doing to alleviate the energy crisis? See a
video report of California State Treasurer Philip Angelides discussing the
state's plans, in the online Journal at WSJ.com/JournalLinks.
--- Investigations Aplenty

In the year since California's energy deregulation plan began
resulting in higher prices and even blackouts, a flurry of
investigations has gotten under way. Here are the main ones:

AGENCY: Federal Energy Regulatory Commission
INVESTIGATION: Whether generators are charging more than "just and
reasonable" rates as demanded by the Federal Power Act; whether El
Paso Corp. used its position as a major natural-gas supplier to the
state to illegally drive up the price of fuel used to generate
electricity.

AGENCY: California Public Utilities Commission and the State Attorney
General
INVESTIGATION: Whether generators and power traders have acted
illegally through collusion or other means to artificially inflate
electricity prices.

AGENCY: PUC and California Independent System Operator
INVESTIGATION: Whether generation plants were shut down for spurious
reasons in order to create supply shortages and, thus, to raise
electricity prices.

AGENCY: California Electricity Oversight Board
INVESTIGATION: Whether patterns of bidding and pricing in
California's electricity auction indicate collusive or otherwise
illegal behavior.

Sources: state and federal agencies

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

Business/Financial Desk; Section W
Enron Unit Moves to End India Contract For Power
By SARITHA RAI

05/22/2001
The New York Times
Page 1, Column 6
c. 2001 New York Times Company

BANGALORE, India, May 21 -- Fed up with its main customer's refusal to pay
its bills, the Enron Corporation's Indian power-generating venture served
formal notice on Saturday that it would terminate its power supply contract
and pull out.
The move by the Dabhol Power Company, 65 percent owned by Enron, starts the
clock ticking on a six-month notice period before the contract is voided,
during which negotiations to settle the dispute are expected. The $2.9
billion Dabhol project represents the largest single foreign investment in
India.
Separately, Enron said today that it was withdrawing from a pipeline project
in Qatar, which would have supplied some gas to Dabhol. The company said that
the two steps were unrelated.
The Dabhol project has been the subject of a series of wrangles between the
company and the governments of India and of the western Indian state of
Maharashtra. The state-owned utility company that contracted to buy power
from the Dabhol plant has defaulted on some $64 million in unpaid power
bills, and has accused Dabhol of charging too much.
Dabhol said it was left with little choice but to issue the termination
notice after both governments failed to honor their contractual commitments
to buy and pay for its output.
But in a statement issued over the weekend, Dabhol said it was ''still open
to constructive discussion on the solutions.'' The company said a ''lasting
and feasible solution'' to the dispute would require that the two governments
either honor their obligations to buy Dabhol's power or find other
creditworthy buyers to take the power instead.
The first phase of the project now generates 740 megawatts of power, and the
second phase, adding another 1,444 megawatts of capacity, is scheduled to go
on line next month.
Under the contract, the termination that Enron has set in motion would oblige
the federal and state governments to pay damages to Enron and the lenders
that financed the project, possibly as much as $500 million -- the value of a
year's output of power plus the project's $300 million in debt -- if it is
shut down.

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

California; Metro Desk
The State GOP Criticizes Davis' Choice of PR Aides Capitol: Legislative
leaders call the pair political operatives who are too partisan to represent
the state during energy crisis.
DAN MORAIN
TIMES STAFF WRITER

05/22/2001
Los Angeles Times
Home Edition
B-8
Copyright 2001 / The Times Mirror Company

SACRAMENTO -- Republican legislative leaders Monday blasted Gov. Gray Davis'
decision to spend $30,000 a month in taxpayer money to retain communications
consultants known for their highly partisan work.
Labeling consultants Mark Fabiani and Chris Lehane as "cut-throat," Senate
GOP leader Jim Brulte of Rancho Cucamonga and Assembly Republican leader Dave
Cox of Fair Oaks said in a letter to Davis that the hiring "undermines the
assertions you have made both publicly and privately throughout this crisis."
Davis announced Friday that he retained the duo and that the state will pay
them a combined $30,000 a month for at least the next six months.
"We're not going to support the hiring of political hacks on government
payroll," Brulte said in an interview. "Lehane and Fabiani are very talented.
The issue is which payroll is appropriate. . . . These are political
opposition research attack dogs. If the governor wants them, he ought to pay
for them with his $30-million political war chest."
Some consumer advocates also criticized the move, citing the consultants'
work on behalf of Southern California Edison. In their private consulting
business, Fabiani and Lehane are working to win over public and political
support for Davis' $3.5-billion plan to rescue Edison from its financial
difficulties. Legislation embodying aspects of the deal is pending in
Sacramento.
On Monday, Brulte and Cox also complained about the consultants' dual role.
"California taxpayers should not be asked to finance political consultants or
individuals who have a vested business interest with the state," the letter
said.
Fabiani and Lehane had worked in the Clinton administration, and in Vice
President Al Gore's presidential campaign, where they gained a reputation as
attack-oriented operatives. Lehane on Monday defended the governor's decision
to use tax money to pay their fees, saying government often hires outside
experts and that he and Fabiani will "serve as communications advisors to
help the governor fight against these generators."
"The Republicans," Lehane added, "ought to be spending time writing letters
to George W. Bush to get him to stop the Texas generators from gouging
California. . . . That is the real issue here."
Davis, meanwhile, returned to California on Monday after a weekend of
fund-raisers. He was in Texas on Saturday for a Dallas event that had been
scheduled for April 11. It was postponed when Pacific Gas & Electric filed
for bankruptcy protection.
"There is a very large fund-raising base for Democrats in Texas," Davis'
campaign strategist, Garry South, said of the state that is home to some of
the generators that Davis has criticized.
Davis traveled to Chicago for another fund-raiser Sunday, then met Monday
with city officials to discuss how Chicago deals with electrical blackouts.
After blackouts crippled downtown Chicago in the summer of 1999, Mayor
Richard M. Daley demanded that the city's electricity provider, Commonwealth
Edison, give advance notice of power cuts. Customers now sometimes receive
warnings two or three days in advance.
Davis emerged from the meeting saying "the utilities have got to tell us in
advance when they're going to have a planned blackout."
It was not, however, readily apparent how Chicago's solutions would translate
to California, because its electrical problems are vastly different. Rather
than suffering a shortage of electricity throughout the grid like California,
Chicago has the more microcosmic ills of an aging system--an obsolete
transformer going down, for example, leaving several city blocks in the dark
until workers can fix it.
*
Times staff writer Eric Slater contributed to this story.

PHOTO: Protester Barbara King shakes a light bulb outside Sacramento office
of a lobbyist for energy producer Enron near the Capitol.; ; PHOTOGRAPHER:
ROBERT DURELL / Los Angeles Times

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

Business/Financial Desk; Section C
BUSINESS DIGEST

05/22/2001
The New York Times
Page 1, Column 1
c. 2001 New York Times Company

Enron Moves to End India Contract
Fed up with its main customer's refusal to pay its bills, Enron's Indian
power-generating venture said that it would terminate its power supply
contract. [World Business, Section W.]

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

International
World Watch
Compiled by David I. Oyama

05/22/2001
The Wall Street Journal
A18
(Copyright (c) 2001, Dow Jones & Company, Inc.)

EUROPE/MIDEAST
Insurer Storebrand
Favors Sampo's Bid
Over Den Norske
Norway's largest insurer, Storebrand, became the center of a bidding war
between Finnish financial-services company Sampo and Norway's Den Norske
Bank, with Storebrand favoring Sampo. Sampo's offer values Storebrand at 20.8
billion Norwegian kroner ($2.3 billion), compared with DnB's 17.6 billion
kroner bid, as the Nordic region's top financial companies battle for
position in a consolidating sector. Sampo and Storebrand, in a joint Helsinki
news conference, said they were confident their deal would succeed.
Sampo's cash-and-stock offer, valued at 75 kroner a share, represents a 31%
premium to Storebrand's average share price during the past month and was
backed by Storebrand's management. DnB wouldn't say whether it would alter
its bid. "One cannot count on that," its chairman said.
HypoVereinsbank Results Disappoint
Bayerische Hypo- und Vereinsbank, Germany's second-largest bank, known as
HypoVereinsbank, said first-quarter pretax profit rose 25% from a year
earlier to 770 million euros ($678 million), below analysts' consensus
forecast of 795 million euros. Profit rose 63% to 468 million euros; earnings
and pretax profit were both helped by one-time gains of 454 million euros.
Operating profit fell 59% in the retail-banking division to 98 million euros,
and was down 43% in the international-markets division to 184 million euros.
HypoVereinsbank said tough market conditions world-wide reduced regular
commission and interest income.
Enron Pulls Out of Emirates Gas Project
U.S. energy company Enron has decided to pull out of the multibillion-dollar
Dolphin natural-gas project, selling its 24.5% stake to the United Arab
Emirates Offsets Group, or UOG, according to Dolphin Energy's managing
director, Ahmed Al-Sayigh. He didn't specify the reason for Enron's
withdrawal or the value of Enron's stake. The Dolphin project agreement,
reached two years ago by UOG and Qatar Petroleum, aims to bring two billion
cubic feet a day of natural gas from Qatar's offshore North Field in the
Persian Gulf to Abu Dhabi and onward to Dubai. Enron and France's
TotalFinaElf each held a 24.5% stake, with UOG owning the remaining 51%. Mr.
Sayigh said UOG will hold discussions with other companies on a possible sale
of Enron's original stake. Richard Bergester, manager for Enron Middle East,
said that having contributed to the project's initial stages, Enron now feels
it can't "add" any more. He didn't elaborate. A TotalFinaElf official said it
is interested in a greater stake in Dolphin.
Marc Rich Gains Control of Swiss Firm
Marc Rich, the former U.S. fugitive given a controversial pardon by President
Clinton, effectively pulled off a management coup at Swiss real-estate
company Feldschloesschen-Huerlimann Holding by thwarting its merger plans
with Swiss Prime Site and forcing the board to quit. Feldschloesschen's
ousted chairman, Robert Jeker, said Marc Rich Group now had control of the
company. Mr. Rich himself is not on the board, but he controls more than 10%
of the votes in Feldschloesschen.

ASIA/PACIFIC
BRIEFLY:
-- Bass Hotels & Resorts, a unit of Britain's Bass, said it will buy the
Regent Hotel Hong Kong for $346 million from Hong Kong's New World
Development.
-- Indian lenders said they want the Indian government to intervene after
U.S. energy company Enron's threat to walk out of its Dabhol Power unit's
huge project in Maharashtra state put their loans in jeopardy. Domestic
lenders have lent $1.4 billion out of the project's total $2.9 billion cost.
-- Australian Prime Minister John Howard caved in to intense pressure over
the collapse of HIH Insurance, announcing a royal commission into the
company's failure and setting aside over 500 million Australian dollars ($265
million) to assist victims of the Australian insurer's collapse.
-- Japan's trade surplus shrank at a faster-than-expected pace in April,
narrowing 42% from a year earlier to 665.9 billion yen ($5.39 billion), as
reduced foreign demand weighed on the country's economy.

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

Business; Financial Desk
IN BRIEF / ENERGY Enron Withdraws from Qatar Project
Bloomberg News

05/22/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company

Enron Corp. pulled out of a $2-billion pipeline project to export gas from
Qatar as it became increasingly likely that an Indian power-sales agreement
will collapse. The company said the move is not related to a filing by its
65%-owned Dabhol Power Co. to India's Maharashtra state's electricity board
to stop supplying power because it's owed about $63.9 million by the board.

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

INDIA: UPDATE 1-Indian state spurred by Enron reopens power deals.
By Narayanan Madhavan

05/22/2001
Reuters English News Service
(C) Reuters Limited 2001.

BANGALORE, India, May 22 (Reuters) - India's technology state of Karnataka,
spurred by a payments row involving U.S. power developer Enron Corp in a
neighbouring province, has reopened sealed power purchase deals with 11
private firms.
The southern state's government has told independent power producers (IPPs),
which are yet to start generation, that they need to make their tariffs more
competitive, officials said.
"Now it (electricity) cannot be at any cost," V.P. Baligar, chairman and
managing director of the Karnataka State Power Transmission Corp Ltd (KPTCL),
the state's monopoly power distributor, told Reuters in an interview late on
Monday.
The move comes on the heels of the bitter wrangle in Maharashtra state
involving Dabhol Power Co, 65-percent owned by Houston-based Enron.
Dabhol issued a preliminary notice on Saturday to end a contract to sell
power to the Maharashtra State Electricity Board. The step came after
Maharashtra ceased payments saying Dabhol's tariffs were too high.
The $2.9-billion project, which is 90-percent complete, was first billed as a
showcase of India's decade-old reform programme but now is regarded by
critics as a symbol of policy bungling. "Enron is a lesson for all of us,"
Baligar said.
Karnataka also said it would not provide financial assurances in the form of
escrow cover and government loan guarantees which the firms wanted to help
sweeten lending rates.
"We're trying to tell them your tariff has to be competitive," Baligar said,
but added that the state was open to negotiations. "You have to have the
final capability so you can implement the project without any guarantee or
escrow."
SIGNED DEALS
Five years ago, the state signed power purchase deals with 14 private firms.
Three of them are already generating power at rates higher than the state
would now like to pay. They will continue to get these rates but the 11
unbuilt units face an uncertain future.
The 11 plants involve 2,000 megawatts (MW) of capacity, half of which would
be supplied by the Mangalore Power Co (MPC) from which U.S.-based Cogentrix
exited in 1999, citing litigation and delays in government approval.
China Light & Power now owns the company, in which India's Tata group is
expected to take 30 percent. MPC Managing Director V.P. Sharma told Reuters
that his firm's project would not be hit by the demand for lower tariffs
because it was based on coal unlike the Enron project, based on naphtha.
"Our cost is the lowest cost approved (and) coal prices have fallen (since
the agreement)," Sharma told Reuters from Bombay. Company officials say the
project is also looking forward to a federal guarantee to help it move
forward.
Baligar said the government's intention was to weed out those who are not
serious. "Those who are serious can sit with us and sort out their problems,"
he said.
Power tariffs vary, depending upon foreign exchange rates and the type and
prices of fuels. Three projects which are already generating power get about
3.0 to 4.0 rupees (6.4 to 8.5 U.S. cents) per unit. The 11 uninstalled plants
had comparable rates but MPC says falling coal prices helped its
competitiveness.
One generating firm, Jindal Tractabel, which uses coal and gas, gets about
2.60 rupees. Its purchase agreement was not among the 14 and is awaiting
regulatory approval. The state wants the Jindal rate to be the benchmark for
reopened agreements.
If private firms cut capital costs and work out long-term fuel supplies, they
will be able to cut rates, Baligar said.
The state says it needs 4,000 MW of new capacity over 10 years and 2,500 MW
over five years. State-run utilities are in a position to meet five-year
needs at low rates, Baligar said.
Asked if Karnataka could face litigation over the reopening of the contracts,
Baligar had legally strong arguments. ( $1 = 46.9 rupees).

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

INDIA: India utility may slap 4bln rupee fine on Enron unit.

05/22/2001
Reuters English News Service
(C) Reuters Limited 2001.

BOMBAY, May 22 (Reuters) - An Indian utility is planning to impose a second
penalty of four billion rupees ($85 million) on Enron's local unit, barely a
week after the U.S. energy giant took its first step to pull out of the
embattled project.
A senior official at the Maharashtra State Electricity Board (MSEB) said on
Tuesday the fine on Dabhol Power Company (DPC) was for not meeting capacity
targets within a stipulated period.
"We will do this as soon as the bill for May is received next month," the
official told Reuters.
DPC officials declined to comment on the matter.
Earlier this year, MSEB had imposed a similar penalty on DPC - which DPC has
not paid - saying its plant could not be ramped up to full capacity within
three hours from a cold start.
Enron and MSEB have been battling for six months over payment defaults and
last week DPC, owned 65 percent by Enron, issued a preliminary notice to
terminate a power purchase agreement - widely seen as a move that would lead
to a pull out.
According to DPC, it is owed $48 million by MSEB.
A top government official told Reuters in Delhi on Monday the federal
government is optimistic Houston-based Enron and the Maharashtra state will
resolve their wrangle.
The agreement signed between MSEB and DPC in 1995 stipulates that if Dabhol's
plant cannot achieve 100 percent capacity within three hours from restart,
MSEB is entitled to impose a penalty.
The MSEB official said the plant had failed to fulfil this condition in
February and March, considered peak periods for power demand by the utility.
DPC is building a $2.9 billion, 2,184 MW plant, of which the first phase of
740 MW began operations in May 1999.
Enron is India's largest foreign investor. ($1=47.0 Indian rupees).

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

IXEurope creates a Storm in colocation

05/22/2001
M2 Presswire
Copyright 2001 M2 Communications, Ltd. All Rights Reserved.

IXEurope, a leading pan-European provider of Internet infrastructure and
hosting services, today announces that it has signed a deal with Storm
Telecommunications Limited (Storm), the international optical switched
service provider, with an intelligent optical backbone network built in the
UK, France, Germany, the Netherlands, Denmark, Sweden and Norway. Over the
coming months Storm's network will also be operational in the USA,
Switzerland, Italy and Austria.
Under the agreement Storm will locate its optical switching equipment at
IXEurope's flagship datacentres in London and Frankfurt, with plans to use
other IXDatacentres across Europe for colocation of its equipment to support
its European and North American metro access rollout.
Storm is the tenth carrier to enter the London city IXDatacentre meaning that
IXEurope's customers (including other carriers) will benefit from the
services that Storm offers. This illustrates the advantages that IXEurope's
carrier-neutral status brings -connectivity, cost-effective choice and
flexibility.
Guy Willner, CEO of IXEurope, commenting on the deal, said: "We are pleased
to support Storm's IP network rollout. It will naturally interlink with the
new gigabit ethernet service we are offering across our pan-European network
of IXDataCentres." Mark Stewart, senior vice president, business development
of Storm, said "We chose IXEurope as one of our colocation partners because
of its extensive pan-European presence and the strategic location of its
datacentres. IXEurope has ensured that its datacentres are located where
there is an abundance of network, and provides a choice of carriers, which
allows us great flexibility. IXEurope will also provide us with the ability
to expand over an agreed time scale."
IXEurope, which now has eight operational datacentres across Europe, has
recently signed contracts to provide colocation and managed services to
Hewlett Packard, Enron Broadband Services (EBS) and The Data Company.
IXEurope has just been awarded the ISO9002 quality assured certification for
the second consecutive year , showing its commitment to quality across its
European operations.
IXEurope
IXEurope provides neutral colocation and facilities management services to
corporate, internet and telecoms organisations, allowing them speedier access
to market and the freedom to focus on their core business.
IXDatacentres are present across Europe in all major business centres,
including London, Paris, Frankfurt, Zurich, Nice, Dusseldorf, Milan and
Barcelona. IXEurope is an ISO9002 Quality Certified Company and a founding
member of the Colocation and Hosting Association. IXEurope's funders include
Bank of America, JPMorgan and European Acquisition Capital. For more
information please visit the website at www.ixeurope.com
About Storm Telecommunications
Storm Telecommunications Limited, wholly owned and group operating company of
Storm Investments Limited, is the first OSP (optical-switched service
provider). Storm provides voice, bandwidth and IP services and had revenues
of GBP52m in 2000. Storm's intelligent mesh network is operational in the UK,
France, Germany, Norway, Sweden, Denmark and the Netherlands, shortly
reaching the USA, Italy, Austria and Switzerland. In February 2000, Storm's
management completed an MBO backed by investment affiliates of Soros Private
Equity Partners, and further backing by investment affiliates of Merrill
Lynch & Co came in May 2000.
Storm's intelligent optical network is in prime position to meet the
e-business challenges of 2001 and beyond. For more information, please visit
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Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.

Power corrupts...

05/22/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

APROPOS of Enrons notice to the government of Maharashtra, Mumbai should act
pragmatically instead of indulging in heroics and rhetoric. It should set its
own house in order, improve MSEBs functioning and quickly privatise.
If it fails to do these its threat to Enron will also be taken as just
another case of demanding kickbacks.
IT is sad really that Enron had to issue its pre-termination notice. We
should now ask whether MSEB would be able to construct such a project in
record time.
Corruption is rampant in MSEB. They may say Enron power is not needed, but
you cannot even get a new connection easily. Interruptions are commonplace in
rural areas (sometimes up to four times a week).
Power thefts are commonplace too. Each day, on average, we pay MSEB about Rs
6 per unit for commercial connections. But most people would be willing to
pay Rs 7 or so if they got clean, uninterrupted power.
We have seen, for example, the vast cost overruns of many of the official
water management projects. These overruns go up to 20 times, with delays
stretching up to 10 years with no guarantee no results even then.
All told, the government is sending very wrong signals to the international
community by raking up the Enron controversy. It should set its own house in
order.
THE new state ministries are too big in size West Bengals in particular. It
has allotted one minister just to deal with fire brigades. The expenditure in
lakhs it entails could exceed the total number of fire tenders under the
department.
Despite that it needed 7 complete days to control a recent fire (with private
tankers requisitioned to help over and above the ones owned by the
corporation and municipalities).
We need more fire tenders, not ministers or those who are associated with the
big boss. Also we need a new minister, plus a full-fledged department, to
examine corrupt practices in local government and also in the central
government offices located in states.
Meanwhile, was the Sarkaria Commissions recommendation to restrict the size
of the ministry to within 10 per cent of the size of the Assembly advanced
only to be flouted?
We should call a stop to such commissions as not even 10 per cent of their
purpose is served; they too entail huge establishments which are maintained
year after year at taxpayer expense.
SINCE 1993, I have been familiar with the political, social and business
scenarios in the US and so I feel reasonably qualified to make some
observations on US immigration policy by Sudhir Shah.
Shahs statistics are not totally accurate but they depict the `global
picture. The Indian immigrants (a million plus now) are, in many respects, a
class apart.
Their education levels are far higher than those of other immigrants, many of
whom are just a grade above our rag-pickers (they are the cherry and berry
pickers on US farms).
I have not come across a single uneducated Indian in the US since 1983. Even
in asset-formation, Indians (even Pakistanis) are leagues ahead of the other
immigrants.
B T Dasture, Mumbai -

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

The Godbole findings
Our Editorial

05/22/2001
Business Standard
15
Copyright (c) Business Standard

The Godbole committee's first report, submitted on 10 April, is an eye-opener
to what can only be called a massive scandal. It leaves several players MSEB,
successive Maharashtra governments, the Kirit Parikh re-negotiation exercise,
the Central Electricity Authority, and other players in New Delhi with no
clothes on. MSEB claimed that it had negotiated a tariff that was lower than
would result from applying the central government's standard formula. But
this was patently fraudulent, because the comparison was based on wrong
numbers, incorrect technical parameters and unequal assumptions (one
rupee-dollar rate for the Dabhol tariff, another for calculating the
government formula), all of it designed to establish what was not true. Asked
in court why there had been no competitive bidding, the answer (believe it or
not) was that MSEB was not competent to handle competitive bidding. But it
was so wonderfully capable of handling direct tariff negotiations that it
eventually gave Dabhol a higher tariff than Enron had initially sought,
before the negotiations began!
That's only for starters. There is much more in the Godbole report. On the
basis of a passing comment in an FIPB meeting, that the project's costs were
broadly in line with other similar projects, the power secretary in New Delhi
tells the Central Electricity Authority that the CEA's techno-economic
clearance is not required though this is statutorily mandated. The CEA agrees
to this untenable proposition, but later issues a vaguely worded clearance on
the basis of a meeting whose minutes were not made available to the Godbole
committee. The re-gasification project that was made part of the power
project had a capacity to handle 5 million tonnes, though Dabhol itself
needed only 2.1 million tonnes. A port facility had similar excess capacity.
Yet the entire cost of these facilities was loaded on to Dabhol, along with
the full cost of the 20-year gas supply contract. Thus, as the Godbole
committee observes, what should have been a variable cost was converted to
part of the fixed cost, which MSEB would have to service through a capacity
charge, whether any power or gas was bought or not. Even the power
requirements of Maharashtra were mis-calculated in order to over-ride a
warning from the World Bank that the Dabhol power would not be needed. This
was done by assuming that industrial demand for power would grow overnight at
twice the earlier rate, and that MSEB itself would overnight see a dramatic
worsening of its operating parameters. There is still more in the report, but
the point should be obvious. What the report shows is that the Dabhol
contract can be subjected to legal test (as in fact two members of the
Godbole committee recommend), on the grounds that it was improperly handled
and violative of law and common sense. If a favourable judicial decision
becomes possible, that should help mitigate the costs of winding up a truly
scandalous project. For reasons that are not clear, MSEB and the Maharashtra
government have chosen not to go down this route. Perhaps they have greater
and continuing faith in the re-negotiation process.

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

SMARTMONEY.COM: Power Grab
By Elizabeth Harris

05/21/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Feeling squeezed by rising electricity bills and
shrinking investment returns? Consider investing in utilities, which posted
solid gains amid the recent bear-market carnage.
But plugging into this volatile sector is risky business, as anyone who piled
in this year based on energy's surge in 2000 can testify. After returning
7.28% last year as demand for power outstripped supply, the average utilities
fund is so far down 1% through May 18, according to the fund research firm
Morningstar.
Though the sector's prospects remain attractive, such volatility is par for
the course, says Mark Beckwith, portfolio manager of the Vanguard Utilities
Income fund (VGSUX). Utilities and funds that focus on the sector no longer
perform like bonds, delivering most of the gains via relatively predictable
dividend yields. Instead, the industry has greater growth prospects (and the
correspondingly higher potential for losses) tied to the fluctuating demand
for power.
Already, high prices for natural gas and electricity have created incentives
for producers to boost supplies. And the stodgy local monopolies that once
dominated the industry must now reckon with a bevy of independent producers,
distributors and traders. Even telecom companies are now considered fair
game, offering managers of sector funds fresh choices alongside greater risk.
"The classification of a utility has changed," Beckwith says.
At the same time, the crisis gripping electricity-starved California is
showing other states the pitfalls to avoid as they deregulate their grids.
"The outlook for wiser deregulation is very much with us," says Bill Reaves,
a manager of the Strong American Utilities fund (SAMUX). The crisis out west
has also spurred construction of new power plants from New York to Florida,
he adds. Managers also count on continued political support from the former
oilmen in the White House who are determined to boost domestic output.
With such inducements in mind, we screened Morningstar's database looking for
no-load utilities portfolios with one-year returns of at least 1% and
three-year annualized returns of 5% or more. We also sought funds with
initial investment minimums no higher than $3,000 and expense ratios below
the category's average.
Strong American Utilities
Bill Reaves, co-manager of the Strong American Utilities fund, characterizes
the $290 million portfolio's positions as "real utilities."
"We try to concentrate in the electric and natural-gas area," Reaves says.
"We try to concentrate in holdings and companies where we see good growth."
Last year, that meant scaling back significantly from telecom stocks, in part
because of a deteriorating outlook.
Right now, electric utilities represent 44.5% of the fund - and Dominion
Resources (D) is the largest position. Energy ranging from gas utilities to
integrated oil and gas companies has also been a significant holding, at
24.2%.
Reaves and the rest of the portfolio management team are also very sensitive
to valuations. The portfolio consists of 40 stocks, but the managers can
devote up to 75% of the fund's assets to the 16 to 18 companies seen as the
best bargains.
This cautious approach has stood the fund well at a time when some of its
competitors got hit by telecoms' travails. The Strong portfolio rose 27.33%
in 2000 and is up 2.42% so far this year, contributing to a 15.18% three-year
record.
Reaves expects the good times to last, with industry earnings growth on the
order of 8% to 10% coupled with dividends of about 5% over the next three to
five years. "Demand is likely to keep on being strong...and the value of the
service is going to be appreciated a great deal more," Reaves says. For
example, the electric utilities' average price-to-earnings ratio for 2002 is
about 12 - roughly a 50% discount to the Standard & Poor's 500 index.
The minimum investment is $2,500, and the portfolio bears a 1% expense ratio.
Vanguard Utilities Income
"We won't be moving with the Nasdaq," says portfolio manager Beckwith of the
Vanguard Utilities Income fund he runs. Beckwith invests a relatively small
17% slice of the $900 million fund in telecom stocks. As with the other funds
in this screen, such caution paid off last year, when the fund gained 18.7%.
That turned the tables on 1999, when the technology boom consigned Vanguard
Utilities to the rear echelon of its peer group. Annualized over three years,
the portfolio has returned 9.33%, trailing the average utilities' fund's
10.53%.
Here, too, the emphasis is on attractive valuations. Beckwith also has a
mandate to invest at least 95% of the portfolio in dividend-paying utilities
(last year, all assets had to be invested in such stocks.) "I'm going to get
as much growth as I can without taking on too much risk," Beckwith says.
Right now, Beckwith has 61% of his assets in defensive electric utilities
such as Dominion Resources or the FPL Group (FPL).
The portfolio is down 2.65% so far this year, but Beckwith, too, is counting
on continued strong demand for electricity. "Earnings momentum will be very
good for the group at least over the next year," he says. His main concern is
that high energy prices could encourage conservation, eventually depressing
demand.
The investment threshold is $3,000, and the expense ratio is a slim 0.38%.
American Gas Index fund
This concentrated portfolio rises and falls with the gas industry's
prospects. Strong natural-gas prices boosted the American Gas Index fund's
(GASFX) return last year to a 55.86%, far above the sector's average. That
more than offset the 3.71% drop in 1999. Annualized over three years, the
roughly $300 million fund has gained 15.82%.
Like other index portfolios, the fund doesn't make stock picks; instead it
owns 73 members of the American Gas Association, representing much of the gas
distribution and transmission industry in most U.S. regions. Stocks are
weighted by market-cap and by the portion of a company's assets involved in
natural gas. Top holdings include Williams Companies (WMB), Enron (ENE) and
Duke Energy (DUK).
The initial investment is $2,500, and expenses are 0.85%.
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.

Malaysian LNG Sales to India Threatened by Enron Power Dispute
2001-05-22 06:32 (New York)

Malaysian LNG Sales to India Threatened by Enron Power Dispute

     Kuala Lumpur, May 22 (Bloomberg) -- Malaysia LNG Tiga Sdn.
may have to find new buyers for as much as 2.6 million metric tons
a year of liquefied natural gas if Dabhol Power Co. carries
through termination of electricity supplies to India's Maharashtra
State Electricity Board.
     MLNG Tiga has an agreement to deliver a maximum 2.6 million
tons a year of LNG each year to an import terminal Enron is
building to feed the Dabhol power plant.
     Saturday, Dabhol Power, 65 percent owned by Enron Corp. of
the U.S., started a procedure to end its power supply contract to
the electricity board, its sole customer, which owes over 3
billion Indian rupees ($64 million) in unpaid power bills.
     ``It is our hope that matters in India would be resolved,''
said Azman Ibrahim, spokesman for state-owned Petroliam Nasional
Bhd., which owns 60 percent of MLNG Tiga. ``If they do not work
out, we would have to find or make alternative arrangements.''
     MLNG Tiga is constructing Malaysia's third gas export
facility, which will raise the country's LNG capacity to 23
million tons from about 16 million tons in 2000. If Dabhol goes
through with cancellation of its power supply contract, MLNG Tiga
would have to find buyers for more than a third of the 6.8 million
tons it is adding to Malaysia's output capacity.
     Other partners in MLNG Tiga are the Sarawak state government
with a 10 percent share, Royal Dutch/Shell Group's unit Shell Gas
BV with 15 percent, Nippon Oil LNG (Netherlands) BV with 10
percent and Diamond Gas Netherlands BV with 5 percent.
     The plant is due to be completed at the end of 2002 with
commercial production due to begin in 2003.
     India's federal and state governments may have to pay Dabhol
Power Co. more than 170 billion rupees ($3.6 billion) if the Enron
Corp. unit cancels its 2,184 megawatt power venture.

		LEADER: India unplugged
Financial Times; May 22, 2001

		The latest threat from Enron, the US energy group, to pull out of its Dabhol
power plant venture near Bombay illustrates both the shambolic nature of
India's electricity system and the wider risks of investing in the country.
The project had serious drawbacks. But unless energy companies can expect a
commercial return, they will not invest in badly needed new infrastructure.
Unless contracts are honoured, few foreign companies will consider India as a
place to do business.
		The Maharashtra state electricity board, the Dabhol plant's only customer, is
refusing to pay its bills, arguing that the tariffs are unjustifiably
inflated. Prices are certainly high. The plant, fuelled by expensive naphtha,
is running way below capacity due to unexpectedly low demand, further
increasing unit costs. More difficult to judge is whether this is within the
terms of the contract, since Enron is keeping the details confidential.
		The argument over unit costs, though, is in any case less relevant than it
might seem as most of India's state electricity boards, including
Maharashtra's, operate at a large loss. Many consumers pay highly subsidised
rates. Many pay nothing. Bills go uncollected. Half of Delhi's electricity
output is stolen, mostly to power middle-class air conditioners rather than
light bulbs for the poor. Bankrupt state utilities are then periodically
bailed out to the detriment of spending on health and education.
		India's state authorities urgently need to introduce a common minimum tariff
and a more targeted form of subsidy. This may be unpopular, but the central
government's offer of Dollars 5.6bn, raised via a bond issue, to pay off the
electricity boards' debts should sweeten the pill.
		A new pricing regime is only the first step. Electricity generation,
transmission and distribution should be unbundled and privatised. Contracts
should be awarded through competition, not by arrangement with the relevant
political party. This would require much more transparency than many of
India's politicians have been ready to concede.
		Enron's difficulties over the Dabhol plant, the largest foreign investment in
India, have persuaded other western companies to withdraw from similar
projects. This will hardly help the country to overcome the power shortages
that hinder economic development. But the effect will reverberate well beyond
the energy sector.
		India receives a pitifully small slice of the world's foreign direct
investment. Infrastructure weaknesses are certainly one factor. But as
important is the readiness of Indian politicians to manipulate foreign
business for their own ends.
		Copyright: The Financial Times Limited

May 22, 2001
Houston Chronicle
Enron pulls out of venture drilling in Qatar's waters
By LAURA GOLDBERG
Copyright 2001 Houston Chronicle
Enron Corp. is pulling out of a large natural gas project off Qatar, the
company said Monday.
Plans for the Dolphin project called for Houston-based Enron to work with
Elf, a subsidiary of France's TotalFinaElf, and the United Arab Emirates
Offsets Group to develop and pipe natural gas from a block of the Qatar North
Field.
More than a year ago those involved with the project said it could end up
requiring investments of up to $10 billion over six or seven years.
Enron said Monday it was transferring its 24.5 percent stake in the project
to the United Arab Emirates Offsets Group, which said in a news release it
had started negotiating with other international players to become
stakeholders.
With the transfer, United Arab Emirates Offsets Group will own 75.5 percent
of Dolphin. Terms of the deal weren't released.
Enron pulled out for a couple reasons, including that it believes there are
better places to invest its money, said Alex Parsons, a company spokesman in
London.
The project doesn't necessarily fit with Enron's current focus.
It is emphasizing businesses such as marketing and trading in wholesale
markets such as those for natural gas, electricity and broadband.
Enron said it would consider future ventures with the United Arab Emirates
Offsets Group that were "in line with our core business activities."
M. Carol Coale, an energy analyst with Prudential Securities in Houston, said
Enron's move is consistent with its exit strategy from international assets
that generate low returns.

May 22, 2001
Houston Chronicle
Enron exploring commodity trading
Copyright 2001 Houston Chronicle News Services
NEW YORK -- Houston-based Enron Corp., the nation's largest natural gas and
electricity trading house, is looking to continue its expansion into
industries beyond energy with a move into the cocoa, coffee and sugar
businesses, industry sources said Monday.
Enron has had conversations and interviews with members of the commodity
trade in recent weeks, using a London-based recruitment firm to help them,
the sources said.
"They are definitely interested in getting into the business. Enron has been
looking for physical traders. They have some internal people and are looking
for lieutenants with experience," a cocoa trader said.
A representative of Enron's public relations department would only say that
the firm is constantly investigating different markets and opportunities.
"There is always a lot of speculation about what we are doing," Habiba Bayi
of Enron said Monday.

May 22, 2001
Houston Chronicle
Local and state
Plains Resources gets new officers
Former executives of Enron and Kinder Morgan are among those chosen for a new
slate of officers at Plains Resources, an oil and gas exploration and
production company that had been sharing management with Plains All American
Pipeline. They are filling vacancies created by people who went over to the
pipeline side, said spokeswoman Carolyn Tice.
John T. Raymond, who was vice president of corporate development at Kinder
Morgan and Kinder Morgan Energy Partners, was appointed executive vice
president and chief operating officer of Plains Resources.
Jere Overdyke Jr., formerly managing director of Enron Global Markets, was
named executive vice president and chief financial officer.
Timothy Stephens, formerly chairman, president and chief executive of Abacan
Resource Corp., was named general counsel and executive vice
president-administration.


> -----Original Message-----
> From: Kelsey, Allison
> Sent: Wednesday, November 15, 2000 3:21 PM
> To: Brunson, Richard; Drzyzga, Jane; Fortugno, Michael; Iessi, Anthony;
> Kelly, Molly; McHale, Keith; Reyman, Arlene
> Subject: goe supporters
>
>  <<ballot3.jpg>>

 - ballot3.jpg


This resource request has been rejected. You can view the details of the  request by clicking http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000081784&Page=MyReq.

Request ID          : 000000000081784
Approver Type       : Data
Signature           : stacey.w.white@enron.com
Comments            : Request no longer valid.
Request Create Date : 1/29/02 8:07:47 AM
Requested For       : kam.keiser@enron.com
Resource Name       : \\nahoutrd\houston\pwr\common\common\Power - [Read/Write]
Resource Type       : Directory


Bob -

I am out until late this afternoon or tomorrow.  Unfortunately, I cannot
access the last version of the Prebon LOI to ensure I have all final
comments.  If either you or Michael could forward the final document to me
and Tana, we will ensure that all similar language is included in the Prebon
BETA and Fee Agreement.

As to Amerex, I have not seen any comments yet.  If they have come in over
the last two days, I will catch up to them tomorrow.

As to Natsource, I will set a time with Carol to finalize.  She has been
traveling and I have been out.  I will update you once that meeting is set or
has taken place.

Have a good weekend.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com

	Bob Shults@ECT
	02/15/2001 12:12 PM

		 To: Mark Greenberg
		 cc: Michael.bridges@enron.com
		 Subject: Prebon BETA and Fee

Mark can you please revise the Prebon agreements to reflect changes to the
LOI.  I will be out until next Tuesday and would like to move forward on
Prebon, Amerex and Natsource.  Thanks


Dan,
We will have pipeline repairs to do on the mainline in sections 7 & 8,  between Stations 6 and 8.  PII is running a LAPA program on the smart pig results from the pigs ran last September.  Once the LAPA results are complete, probably within the next 2 weeks, Earl Chanley will put together a scope and estimate of work.  We don't have a date for the work yet, but probably will be in the May/June time frame.  These smart pig runs are a part of Transwestern's Risk Management Demo Project with OPS.  We will probably have to take the mainline to 60% MAOP for repairs, so there is a possibility for flow restrictions.
We also have budgeted to smart pig the Crawford Lateral this year.  Regulating flow for the proper pig speed may cause flow restrictions.  We don't have a date for this pig run yet.  I'll work with Jeff, Max Brown, Darrell Schoolcraft, and Earl Chanley to schedule this and the pipeline repairs in section 7 & 8.
Thanks,  Arnie

 -----Original Message-----
From: 	Pribble, Dan
Sent:	Monday, January 28, 2002 12:39 PM
To:	Smith, Rick; Roensch, David; Bailey, Arnie
Cc:	Whippo, Jeff; Graves, Jerry
Subject:	FW: Albuquerque Region Outage Report Through December 2002

Gentlemen
Are we sure we have all proposed outages into Jerry Graves?
I appreciate you checking on this.
Dan

 -----Original Message-----
From: 	Graves, Jerry
Sent:	Tuesday, January 22, 2002 7:36 AM
To:	Alvarado, Jesse; Armitage, Roy; Artesia, Team; Asante, Ben; Bailey, Arnie; Bandel, Bob; Barnes, Rodney; Barry, Richard; Boothe, David; Braswell, Keith; Brown, Sharon; Calhoun, Rory; Carlsbad, Team; Chanley, Earl; Coash, Steve; Cochran, Jeffrey; Cummings, Helen; Ellington, Michael; Flagstaff, Team; Flagstaff-Sta2, Team; Flagstaff-Sta3, Team; Gallup, Team; Gallup-Sta4, Team; Gallup-Sta5, Team; Goradia, Pallavi; Graves, Jerry; Hall, Margaret; Hardy, Crandal; Hendricks, Jonny; Henley, Gaynel; Howell, Dennis; JalCompressors, Team; January, Steve; Jolly, Rich; Kermit, Team; Kermit-WT2, Team; Kingman, Team; Kingman-Needles, Team; Kingman-Sta1, Team; Kowalke, Terry; Laguna, Team; Laura Kunkel; Macpherson, Sigrid; Maestas, Gary; Martens, Donna; Matthews, Ron; McCracken, Mike; McIlwain, Greg; Monahans, Team; Monahans-FtStockton, Team; Monden, Bart; Moore, Jan; Moore, Jeff; Morse, Ronnie; Mountainair, Team; Munson, Robert; Panhandle, Team; Panhandle-P2, Team; Pribble, Dan; Pyle, Carl; Ratliff, Dale; Roensch, David; Roswell, Team; Roswell-Capitan, Team; San-Juan, Team; San-Juan-LaPlata, Team; Schoolcraft, Darrell; Sims, Peggy; Smith, Rick; Sommer, Carol; Spain, Ron; Spraggins, Gary; Watson, Kimberly; Welsh, Edward; Williams, Jo; Young, Kenneth
Subject:	Albuquerque Region Outage Report Through December 2002

FYI,

There were several dates changes, and this is the latest outage report.

Jerry Graves
713-345-8923
                                                    << File: 012202Al.XLS >>


Ben,

Keep it to yourself. Don is very sensitive to this report.


I just read this email now.  It might be too late.


Ellen,
 Attached please find a copy of the Transaction Agreement dated September 13,
2000 (2000-64crfm) and the Enfolio Master Firm Purchase Sale Agreement dated
effective September 1, 1999 which was signed by ENA and AGC (99017actr).

 I can send you hard copies if you need.

Cyndie,
 Can you confirm that you have a copy of the executed Master Firm
Purchase/Sale Agreement?


TO: Mark E. Haedicke   FROM: Mark Whitney, TheLaw.net Corporation
HOMEPAGE: http://www.thelaw.net  REMOVE: http://www.thelaw.net/remove.htm

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SIXTH FEDERAL CIRCUIT
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--North Dakota Supreme Court 1930
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--U.S. Court of Appeals, Ninth Circuit 1941
--Alaska Supreme Court 1960
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--U.S. District Court, Central, California 1998
--California Supreme Court 1930
--California Court of Appeal, 1st Appellate District 1930
--California Court of Appeal, 2nd Appellate District 1930
--California Court of Appeal, 3rd Appellate District 1930
--California Court of Appeal, 4th Appellate District 1930
--California Court of Appeal, 5th Appellate District 1930
--California Court of Appeal, 6th Appellate District 1930
--Hawaii Supreme Court 1930
--Hawaii Intermediate Court of Appeals 1930
--Idaho Supreme Court 1965
--Idaho Court of Appeals 1965
--Montana Supreme Court 1993
--Nevada Supreme Court 1950
--Oregon Supreme Court 1950
--Oregon Court of Appeals 1950
--Washington Supreme Court 1935
--Washington Court of Appeals, 1st Division 1969
--Washington Court of Appeals, 2nd Division 1969
--Washington Court of Appeals, 3rd Division 1969

TENTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Tenth Circuit 1930
--Tenth Circuit Bankruptcy Appellate Panel
--Colorado Supreme Court 1930
--Colorado Court of Appeals 1930
--Kansas Supreme Court 1982
--Kansas Court of Appeals 1982
--New Mexico Supreme Court 1930
--New Mexico Court of Appeals 1930
--Oklahoma Supreme Court 1994
--Oklahoma Court of Criminal Appeals 1994
--Oklahoma Court of Appeals 1994
--Utah Supreme Court 1950
--Utah Court of Appeals 1950
--Wyoming Supreme Court 1993

ELEVENTH FEDERAL CIRCUIT
--U.S. Court of Appeals, Eleventh Circuit 1981
--Alabama Supreme Court 1955
--Alabama Court of Civil Appeals 1955
--Alabama Court of Criminal Appeals 1955
--Florida Supreme Court 1950
--Florida District Court of Appeal, 1st District 1950
--Florida District Court of Appeal, 2nd District 1950
--Florida District Court of Appeal, 3rd District 1950
--Florida District Court of Appeal, 4th District 1950
--Florida District Court of Appeal, 5th District 1950
--Georgia Supreme Court 1940
--Georgia Court of Appeals 1940

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---------------------- Forwarded by Kurt Anderson/EWC/Enron on 04/29/2002
04:02 PM ---------------------------

Mark V Walker
01/30/2002 03:03 PM
To: Kurt Anderson/EWC/Enron@ENRON
cc:

Subject: Revised comment, that you found unclear, for greater clarity. No
other changes.


We contacted International Paper Corp. when they first applied and found that
they are related, but they are separate entities from International Paper
Company.  International Paper Corp. is a division of International Paper
Company according to Walter Guidroz's notes in the Access Database.  Cheryl,
can you contact someone at International Paper Corp. and see what the
relationship is for sure?  The applicant may be wrong and not sure what or
who to talk to over there to get the correct answer.

Thank you,
Karen O'Day
x54135

Bernice Rodriguez@ECT
03/19/2001 09:09 AM
To: Karen O'Day/NA/Enron@Enron
cc:

Subject: CP/ID 93394, International Paper Corporation (2nd time sent)

---------------------- Forwarded by Bernice Rodriguez/HOU/ECT on 03/19/2001
09:09 AM ---------------------------

	From:  Samuel Schott                           03/16/2001 11:45 PM

To: Bernice Rodriguez/HOU/ECT@ECT, Claudia Clark/HOU/ECT@ECT
cc:
Subject: CP/ID 93394, International Paper Corporation (2nd time sent)

Hey Bernice,

I got an error message while trying to send this message to Karen O'Day.
Would you resend it to her. Although, I believe Claudia is back, so we should
be fine.

Samuel
---------------------- Forwarded by Samuel Schott/HOU/ECT on 03/16/2001 11:43
PM ---------------------------

	From:  Samuel Schott                           03/16/2001 11:42 PM

To: karen.o'day@enron.com, Claudia Clark/HOU/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT
Subject: CP/ID 93394, International Paper Corporation (2nd time sent)

Hi Karen,

I'm in agreement with Tana's message below. I understand that the Trader /
Requester
applied to EOL as International Paper Corporation, however, after further
investigation,
DnB supports that the location of this company is actually a Branch location
of International Paper Company, CP/ID 1836 - - already an EOL counterparty.

Please confirm and advise.

Please contact Bernice Rodriguez if an inactivation of this Branch record is
in order.

Bernice, if an inactivation occurs, would you adjust the spreadsheet above on
the O: drive
and resend it to our EOL distribution as an EOL 03-07-01 Amendment.

Thanks !!

Samuel x3-9890
(GCP_Enron Networks)

---------------------- Forwarded by Samuel Schott/HOU/ECT on 03/16/2001 11:10
PM ---------------------------
From: Tana Jones on 03/15/2001 06:23 PM
To: Samuel Schott/HOU/ECT@ECT
cc:
Subject: International Paper Corporation

The above counterparty on the 3/7/01 list is ID#93394.  We had a counterparty
on the pre-approval list that was called International Paper Company and was
ID#1836.  Was that one in error?  Are they the same, different?  What's the
scoop?

Thanks for your help!


Please review attached memo and respond by next Tuesday, July 10.  Thanks, Deb


Thank you.  You guys are great and fast !!!!!!!!!!!!!!!

Tracey Tripp <tracey.tripp@prodigy.net> on 08/14/2000 10:09:51 AM
To: whalley@enron.com
cc:
Subject: testing whalley@enron.com

Hello - whalley@enron.com is now working.


We are going to do this at our own expense.  But we would like to hire Glendale's bond counsel.  I don't know the name of Glendale's bond counsel or how to get in touch with them.

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Monday, October 08, 2001 9:04 AM
To:	Shackleton, Sara
Subject:	RE: City of Glendale

Is this to obtain outside opinion?  I thought we were going to do that at our own expense.

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, October 08, 2001 8:27 AM
To:	Ward, Kim S (Houston)
Subject:	RE: City of Glendale

I need the city's bond counsel (outside counsel).

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Monday, October 08, 2001 8:27 AM
To:	Shackleton, Sara
Subject:	RE: City of Glendale

Glendale's City Attorney is Steve Lins.  His phone number is 818-548-2080 and his email is slins@ci.glendale.ca.us.  Please let me know if you need anything else.  I will be in their offices on Wednesday.

Thanks,  Kim

 -----Original Message-----
From: 	Shackleton, Sara
Sent:	Monday, October 08, 2001 8:03 AM
To:	Ward, Kim S (Houston)
Cc:	Heard, Marie
Subject:	RE: City of Glendale

Kim:  Can you obtain the name of Glendale's bond counsel (lawyer's name, phone number, email, etc.)?  Thanks.  SS

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Friday, October 05, 2001 1:59 PM
To:	Shackleton, Sara
Subject:	City of Glendale

Sara,

Believe it or not, we are very close getting our signed ISDA from the City of Glendale.  Steve Lins, the City attorney had a couple of questions which I will attempt to relay without having a copy of the documents.

1)  I am assuming that he obtained a for legal opinion letter or document of some sort.  This document references a confirmation and we are not sure what this references.  Typically, it references a transaction, which in this case, there are no transactions yet.  He feels this reference should be deleted.  What is your opinion regarding this? [Shackleton, Sara]    If we have no transaction on the books, then he can delete the reference.  Marie:  Have we received an opinion from Glendale?

2)  We sent him a couple of form documents to facilitate the documents required under the ISDA.  One form ws a form resolution.  They have already received City Council approval to enter into financial tranactions and to enter into an ISDA with us.  Steve is going to get a certified copy of this Resolution.  Will this suffice? [Shackleton, Sara]    I'll review their resolution again.  If it references our ISDA and all transactions, it should be fine.  (This is part of the reason why we need a legal opinion)

When you return, I may try to do one last conference call to alleviate any unanswered questions.  I think we will have an executed ISDA with the City of Glendale by the end of next week.  I am going to be out there meeting with them on Wednesday.

Thanks for your help,

Kim


Dear Ken,

I spoke to Bonnie today regarding the letter I sent you on September
12th.  Bonnie suggested I follow-up that letter with this email.

With only 49 days to the election, we expect to see the oppositions'
advertisements on television and radio and in the mail in the next two
weeks.  It's crucial to our ability to be competitive that we complete
our media buys and print our next two direct mail pieces by October
1st.  If we do, we know that we can win.

Your initial contribution of $100,000 allowed us to do the first direct
mail piece to 250,000 households (a sample was included with the letter
I sent to you on the 12th).  We need to do at least two more of these
mailings for our direct mail effort to be truly effective at a total
cost of $190,000 for both (including postage).

To date, the combined total of contributions to the political campaign
and the public education campaign is just over $1,040,000.  We expect an
additional $150,000 in pledges and new contributions in the next two to
three weeks.  While we are actively soliciting others for help, we are
currently left with a shortfall of $310,000 to meet our minimum budget
of $1.5 million.  (This budget would include the production and mailing
of the three mail pieces described above)

Ken, the campaign is at a crossroads.  I cannot underscore enough how
important your additional financial help is at this time.  And, I cannot
underscore enough how important one last significant contribution from
you would be to our success on November 7th.

If you have any questions, or need additional information, please do not
hesitate to call me at (573) 446-3129 or reply to this email message.

Thank you for your past support and, hopefully, your additional
support.  Passing Proposition A is a once in a generation opportunity.

I look forward to hearing from you soon.

Sincerely,

Karl


As we continue with the India LNG issues, and grow the fundamentals research
capabilities, I need a "map of the world" showing all LNG producers, and the
specs of the product they produce, and all of the receiving terminals (demand
side) in the world that match up with those specs of the producers.  (In a
nutshell, what can go where)  Can I get this ASAP?

Thanks

Jeff


All,

You are all confirmed as interviewers for the Trading Track -  November 1st.    We have 33 candidates to be interviewed (a combination of both internal and external candidates).   You will each receive your resumes tomorrow and interview location information (as before it will take place at the Allen Center).

The interviews will commence at 2.00 pm and finish at 5.:30.   A de-brief, will follow directly afterwards at the Double Tree Hotel (Dover Room) where you will decide on those candidates to be hired into the ENA Trading Track.   Please allow 1/1.5 hours for the de-brief.

Regards,

Karen
x54667


---------------------- Forwarded by Chris Germany/HOU/ECT on 07/28/2000 07:20
AM ---------------------------

dkinney@columbiaenergygroup.com on 07/27/2000 04:26:11 PM
To: " - *Molly.Sumrow@enron.com" <Molly.Sumrow@enron.com>, " -
*Kevin.Ruscitti@enron.com" <Kevin.Ruscitti@enron.com>, " -
*chris.germany@enron.com" <chris.germany@enron.com>
cc: " - *Scott, David" <dscott1@columbiaenergygroup.com>, " -
*tray@enron.com" <tray@enron.com>, " - *Jones, Donna"
<djones1@columbiaenergygroup.com>, " - *Destephanis, Kara"
<kdestep@columbiaenergygroup.com>, " - *cfrankl2@enron.com"
<cfrankl2@enron.com>, " - *vversen@enron.com" <vversen@enron.com>, " -
*cindy.vachuska@enron.com" <cindy.vachuska@enron.com>, " -
*cora_pendergrass@enron.com" <cora_pendergrass@enron.com>, " -
*mmitche2@enron.com" <mmitche2@enron.com>, " - *scott.goodell@enron.com"
<scott.goodell@enron.com>, " - *steve.gillespie@enron.com"
<steve.gillespie@enron.com>, " - *cgarcia@enron.com" <cgarcia@enron.com>, " -
*despey@enron.com" <despey@enron.com>, " - *joann.collins@enron.com"
<joann.collins@enron.com>
Subject: Updated CES August FOM volumes

The attached file contains updated August FOM volumes for CES.  This file is
an
update to the one sent on 7/26/00.   The changes are listed on the 'Comment'
worksheet.   Please call me if you have questions, problems, etc.

Doug Kinney
Ph:  703-561-6339
Fax:  703-561-7317

 - Aug00_FOM_Req03.xls


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/13/2001
09:58 PM ---------------------------

Sheridan Titman <titman@mail.utexas.edu> on 03/28/2001 05:22:22 PM
To: Vince.J.Kaminski@enron.com, Shirley.Crenshaw@enron.com
cc:
Subject: consulting project

Dear Vince:

 I have now spent 16 hours on the valuation project and wanted to touch
base with you to make sure that the basic approach makes sense and that you
think we are making an appropriate amount of progress.  My invoice is
attached.

 By the way, John Martin just mentioned that you have agreed to be our
luncheon speaker at the Texas Finance Festival.  I really appreciate your
help on this and would like to schedule some time next week to talk about
it in more detail.

 I look forward to hearing from you.

regards,

Sheridan
 - Invoice for February and March 2001.doc

Sheridan Titman
Department of Finance
College of Business Administration
University of Texas
Austin, Texas 78712-1179

512-232-2787 (phone)
512-471-5073 (fax)

titman@mail.utexas.edu


Quien es mas macho?

From: Carlos Sole on 05/29/2001 01:30 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: FW: Midway Project - Generic Interconnect Agreement

You'll also be even more proud to know the outcome of the following text that
I sent to one of my Mexico clients -- "Matthew, with all due respect, clients
will be doing business with Enron as it is indentified in the introductory
paragraph and the signature block.  Indeed, as a side note, most of  the
documents that I have drafted or reviewed always use some form of acronym for
subsequent references to Enron.  I am indifferent, but I know that the reason
our accounting brethen made that comment, as well as the other comments they
often make that seem counter-intuitive, is that it facilitates their efforts
in ensuring that documents reflect off-balance sheet, soft costs related
rather than on-balance sheet, hard costs.  As such, I would defer to them on
this issue"  which was in response to "Carlos, with all due respect to our
Accounting brethren, from a commercial point of view, potential clients don't
want to do business with EDM, they want to do business with Enron.  So,
please switch the EDM thing back to Enron and everything will be fine."
Anyway, I think Herman must have forwarded  copy of those emails to Lisa who
shared it with Joe Deffner and I happened to run into them outside just now
and they were both congratulating me for my "toughness".

By separate email, I'll forward you a redlined form of interconnect agreement
that we can subsequently discuss.

	Kay Mann
	05/29/2001 11:54 AM

		 To: Carlos Sole/NA/Enron@Enron
		 cc:
		 Subject: FW: Midway Project - Generic Interconnect Agreement

Could you email me the list of issues you have encountered thus far.  Ben
really wants me to check with you. (I'm so proud!!)

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/29/2001 11:53
AM ---------------------------
From: Ben Jacoby/ENRON@enronXgate on 05/29/2001 10:42 AM
To: Fred Mitro/ENRON@enronXgate, Kay Mann/Corp/Enron@Enron
cc:

Subject: FW: Midway Project - Generic Interconnect Agreement

Fred / Kay:

I spoke to Duran this morning, and he and I would like to meet together with
us to discuss the Midway project and whether or not we will be able to
utilize TurboPark Phase 2. I previously told him that because of timing
considerations and because there may be certain agreements that will be
difficult to make TurboPark compliant (such as the attached interconnect
agreement from FPL), that Phase 2 may not be practical for purposes of this
project.

I think this would be a good discussion to have on Friday, because we should
have more information on the GE7FAs and should have already spoken with TECO
on their proposed MOU (and maybe even the tolling agreement). What are your
schedules on Friday?

I also would like to schedule a call for tomorrow with TECO to go over the
MOU. Fred - Please coordinate with Kay and schedule something with Becky
Alex. I would prefer the afternoon if that's OK with you guys, and would like
45 min. before the call for us to meet seperately. Also Fred, please advise
on the status of the tolling agreement.

Kay - attached is FPL's standard form interconnect agreement. I was thinking
that Carlos would be a good choice to review it as he is currently working
with accounting / finance on an Ameren interconnect, so he will already be
familiar with the likely issues. Please let me know what you think. It will
be important to give Duran a summary of likely accounting / finance issues
related to this agreement on Friday.

Hope you both had good weekends.

Regards,

Ben
-----Original Message-----
From: Greg Krause
Sent: Mon 5/21/2001 9:00 PM
To: Christi L Nicolay
Cc: Ben Jacoby
Subject: Midway Project - Generic Interconnect Agreement

Please see attached for your review and comments.

 <<FPL Construction & Connection Agreement Generic.doc>>


There is a file under Netco for all currently unused books, rolls and hedge strips.  O:\erms\erms_adm\netco\unused books.  Rather than deleting these, they will remain here until they are needed.  The NGP&L will link to these, once they are needed we will start saving it to the regions file and the links will be updated.

There is also a hedgestrip saved for each book to the live and unused books files.

We should also start creating a common file for each region to post the P&L to the website.  Let's try to keep these the same format.  East has a good file that shows new deals and     curveshift.  West used a macro to pull in finished P&L's instead of updating links which eliminated some problems, Randy could help with this.  Figure out what format you want and use that for all regions.   I think everyone agrees that we don't want to give them a positions file like in the past, they should use TDS for that.

I believe the TRV website should be ready to go tomorrow so we can set up the users and report #'s then.

KK


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-----Original Message-----
From: 	Walker, Chris
Sent:	Tuesday, November 06, 2001 10:20 AM
To:	Platter, Phillip; Mallory, Chris
Cc:	Meredith, Kevin; Hoang, Charlie
Subject:	holiday rules

Let us know if these dates are what you want for all of west power:

	Wed	Thurs	Fri
Day Ahead Pk	8-9	10	12-13
Day Ahead +1 Pk	10	12-13	14
BOM Pk	10-EOM	12-EOM	14-EOM

Day Ahead Offpk	8-9	10-11	12-13
Day Ahead +1 Offpk	10-11	12-13	14
BOM Offpk	10-EOM	12-EOM	14-EOM

Chris
713-853-7533


I recommend David Port for position of Vice President. Rick Buy

 -----Original Message-----
From: 	Moore, Georgene
Sent:	Thursday, December 13, 2001 1:03 PM
To:	Bowen Jr., Raymond; Buy, Rick; Causey, Richard; Delainey, David W.; Derrick Jr., James; Dietrich, Janet; Fallon, Jim; Frevert, Mark; Haedicke, Mark E.; Horton, Stanley; Hughes, James A.; Kean, Steven J.; Koenig, Mark; Lay, Kenneth; McMahon, Jeffrey; Whalley, Greg; 'ISHERRIFF@BTINTERNET.COM'
Cc:	Blackwood, Connie; Chapman, Kay; Daw, Nicki; Ferrari, Kerry; Fleming, Rosalee; Ford, Sue; Harris, Stephanie J ; Heathman, Karen K.; Elbertson, Janette; Williamson, Joannie; Marshall, Lucy; McVicker, Maureen; Schiller, Marsha; Stark, Cindy; Taylor, Liz; Wells, Tori L.; Westbrook, Sharron; Mendez, Yorleni
Subject:	MANAGEMENT COMMITTEE - OFFICER ELECTIONS

IF THERE ARE ANY MANAGEMENT RECOMMENDATIONS  FOR NEW OFFICERS OF ENRON CORP. OR ITS DIVISIONS PLEASE ADVISE BEFORE WEDNESDAY, DECEMBER 19TH IN PREPARATION FOR THE BOARD OF DIRECTORS MEETING. THANK YOU.