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   Market  Watch   [IMAGE] Largest  Short Postition Decreases    [IMAGE] Largest  Short Postition Increases   [IMAGE] Lock-up  Expiry Dates   [IMAGE] IPO  Quiet Periods Expiries   [IMAGE] IPO  Withdrawals    [IMAGE] Analyst  EPS Change - Upside   [IMAGE] Analyst  EPS Change - Downside    [IMAGE] Highest  Analyst Activity    [IMAGE] Earnings  Calendar - This Week    [IMAGE] Upcoming  Splits    [IMAGE] Stock  Splits    [IMAGE] Coverage  Initiation   [IMAGE] Coverage  Re-Iteration      HelpDesk  [IMAGE] Unsubscribe    [IMAGE] Update  my Membership / Profile   [IMAGE] Forgot  Username / Password  [IMAGE]Add  / Edit Alerts   [IMAGE]View  My Alerts       [IMAGE]           	  As requested, your News Alert for YHOO  follows from EquityAlert.com.    NT Media Corp. Inks Content Distribution Agreement With Yahoo!NT Media Corp.'s Online Entertainment Division, Neurotrash.com, Distributes Its Award-Winning Entertainment Content on Yahoo! Broadcast   LOS ANGELES, Jun 5, 2001 /PRNewswire via COMTEX/ -- NT Media Corp. of California (OTC Bulletin Board: NTMM) (herein, "NT Media Corp.") has announced a content distribution agreement with Yahoo! Inc. (Nasdaq: YHOO). Through its online entertainment division Neurotrash.com, NT Media Corp. is distributing its award-winning entertainment content on Yahoo!(R) Broadcast (http://broadcast.yahoo.com), a rich media destination where consumers can easily access interactive audio, video and other multimedia content in real time and on-demand.   Yahoo! Broadcast brings together many of the most popular consumer streaming services currently available in one easy-to-use place on the Web. Yahoo! Broadcast delivers a wide variety of programming, aggregated under content-themed categories including: Live Online, Music, Movies, News, Science, Travel, Weather, Sports, Shopping, Classic TV and Profiles.   "NT Media Corp. is pleased to distribute its entertainment content to Yahoo!'s vast audience," said Chris Mehringer, CEO, NT Media Corp. "Yahoo! Broadcast is a leading entertainment and new media destination and it is an excellent opportunity to further our entertainment programming."   "Yahoo! Broadcast represents the best in the convergence of entertainment and new media, combining the interactivity of the Web with the rich experience of television and radio," said David Mandelbrot, vice president and general manager, Yahoo! Entertainment. "We are pleased to provide consumers with a variety of entertaining content in an easy-to-use, compelling format."   About NT Media Corp.   NT Media Corp. (http://www.ntmediacorp.com) is a diversified entertainment and media company based in Los Angeles. The Company leverages its resources, properties and capabilities across affiliated traditional- and new-media business units in an effort to maximize value for shareholders, clients and partners. The Company's primary operations include film and television production/finance division NT Entertainment, full-service management division NT Management, strategy consulting group NT Consulting, and Gen-Y netcaster Neurotrash.com. NT Media Corp.'s innovative diversification provides the Company its competitive advantage over the single sector entities with which it competes on a division level. Through its multi-division platform, the Company possesses a diverse set of skills and resources. As a result NT Media Corp. is able to capitalize on growth and value opportunities across the $250 billion per year entertainment/media and consulting spectrum.   Yahoo! and the Yahoo! logo are registered trademarks of Yahoo! Inc. All other names are trademarks and/or registered trademarks of their respective owners.   Contact:  NT Media Corp., http://www.ntmediacorp.com  Certain statements in this news release may constitute "forward looking" statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise.   MAKE YOUR OPINION COUNT - Click Here                http://tbutton.prnewswire.com/prn/11690X85254621  SOURCE NT Media Corp.   CONTACT:          Chris Mehringer, CEO of NT Media Corp., Los Angeles,                   323-954-3995, contact@ntmediacorp.com URL:              http://www.ntmediacorp.com http://www.prnewswire.com  Copyright (C) 2001 PR Newswire.  All rights reserved.  -0-   KEYWORD:          California INDUSTRY KEYWORD: MLM                   ENT SUBJECT CODE:     LIC                   OTC     [IMAGE]    ***IMPORTANT NOTICE AND DISCLAIMER REGARDING THIS COURTESY EMAIL***   At your request, as a subscriber to our service, this email alert is being sent to you as a courtesy and is for information  purposes only.  We are a financial news re-distributor.  We are  not an investment advisory and do not purport to tell or suggest  which companies you should monitor or which securities you should purchase or sell.   In addition to the information regarding the company you are  monitoring (the "Monitored Company"), this email contains an  advertisement describing a product, service or company for which we received a fee, at our normal advertising rates of $55 per 1,000 e-mails (subject to volume and other discounts), from the  advertising company. 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There should be no impact, but be PREPARED!  Notify counterparties etc.

Bill
---------------------- Forwarded by Bill Williams III/PDX/ECT on 02/23/2001
06:55 AM ---------------------------

Tim Belden
02/23/2001 06:50 AM
Sent by: Debra Davidson
To: Portland West Desk
cc:

Subject: Planned Power Outage at 3WTC on Sunday, February 26

The World Trade Center Facilities Superintendent has informed us that PGE
Underground has a main transformer with a bad network protector and is off
line.  Power needs to be off to replace this network protector.  While this
situation is inconvenient, it is an excellent opportuity to put our power
backup systems to a test under optimimal circumstances, e.g., on a Sunday.
Listed below is information about the outage.  Please review since it may
require some action on your part.

PGE must turn off its main power supply to the building from 6 - 7 a.m. and
then again from 3 - 4 p.m.
The building has a backup generator that will kick in five minutes after the
main power supply shuts off.
Enron has a UPS that will provide us with five minutes worth of power.
If everything goes well, there should be no impact.
If there are problems with the backup generator or UPS, we could experience a
power outage.
We should not experience a loss of phone service even in the unlikely event
of a power outage.
It would be prudent to take precautions if you have any systems that may be
impacted by a power outage.  You may want to log off your computer and turn
it off on Friday before you leave the office.

Someone from our local IT group will be here on Sunday in case any problems
arise.  Please contact Dave Steiner if you have any questions or concerns.


Start Date: 2/23/01; HourAhead hour: 16;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001022316.txt


U.S. Utility and Non-Utility Power Directories

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2000 US ELECTRIC UTILITY INDUSTRY DIRECTORY ON CD-ROM

More than 8,000 listings including: name, address, phone, fax, email, website address, key personnel, brief company synopsis, financial and operating information, generating stations, services provided, sales and usage, plant details, key articles, and much more!

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This revised and updated directory includes more than 2700 non-utility plant listings, including owners and operators. Detailed information (where available) of each plant includes contacts, address, phone and fax numbers, installed capacity, year installed, number of employees, net generation, number of units, prime mover, fuel type and detailed hydro attributes.

Company information includes company name, contact, address, phone and fax numbers, website and revenues (if available).

This directory is fully exportable. Each CD includes the following formats: MSAccess, MSExcel, Dbase and DOS-Text.

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This email has been sent to kwatson@enron.com at your
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Please see attahced.

Regards,

Aparna Rajaram
ext. 5-4563


Vin,

Glad we could hook up yesterday.

The gist of what we are interested in is providing EnronOnline's liquidity to local NYMEX traders. I would like to explore the concept of NYMEX's clearing corp or another clearer standing in the middle between Enron and these locals. EnronOnline's architecture provides for a Master user, such as a Clearing Corp, to set up as many sub-users (local traders) as it wants. Each sub-user has trading rights as designated and controlled by the master. We would envision the Clearing Corp. handling it credit arrangements with the locals, and negotiating its relationship with Enron. I know this is pretty simple stuff, but every long journey starts with a small step. Please let me your interest in pursuing this sort of arrangement or a variant thereof.

Thanks,
Andy Zipper
Vice President
Enron Corp.


Vince,

these are the contacts from UH.
I would recommend that for a first contact the following people be involved:
Larry Pinsky (PhysicsChair)
Joe McCauley (professor)
George Reiter (professor)
Their coordinates and some schedules are below.    If Larry is out of town,
prof. Gunaratne would be a good alternative.

Please let me know how I can help further.

Yannis
---------------------- Forwarded by Yannis Tzamouranis/HOU/ECT on 05/08/2000
03:11 PM ---------------------------

"Prof. Lawrence Pinsky" <pinsky@uh.edu> on 05/08/2000 09:10:54 AM
To: Yannis.Tzamouranis@enron.com
cc: jenni@mailman.enron.com, jmccauley@uh.edu, greiter@uh.edu, gemunu@uh.edu
Subject: Contacts at UH for "Econo-physics"

Yannis:
 Let me give you the names and contact information regarding the
appropriate personnel here to include in an initial discussion regarding
the prospects for developing a program here in (we have to find a better
name) "econo-physics."  For an initial meeting it is reasonable to include
Professores McCauley and Reiter as well as myself, if I am available.  If I
am not available you should consider including Professor Gemunu Gunaratne,
our current Associate Chair and a theoreticial with an interest in this
area in his own right.

 Professor Joseph McCauley

  Phone: 713 743 3528
  Fax: 713 743 5389
  Email: jmccauley@uh.edu

 Professor George Reiter

  Phone: 713 743 3527
  Fax: 713 743 3589
  Email: greiter@uh.edu

 Professor & Chair Lawrence Pinsky

  Phone: 713 743 3552
  Fax: 713 743 3589
  Email: pinsky@uh.edu

OR an alternate for me:

 Associate Professor and Associate Chair Gemunu Gunaratne

  Phone: 713 743 3534
  Fax: 713 743 3589
  Email: gemunu@uh.edu

Also, FYI, one other new faculty member with a potential interest in this
field is:

 Assistant Professor (effective 6/1/2000) Kevin Bassler

  Phone: 713 743 3568
  Fax: 713 743 3589
  Email: Bassler@uh.edu

General Administrative Contact:

 Ms. Jennifer Chin-Davis, Department Business Administrator

  Phone: 713 743 3524
  Fax: 713 743 3589
  Email: jenni@shasta.phys.uh.edu

FYI, I will be in Houston May 17-24, June 9, 19-23.  If the meeting is held
on another date, please include Prof. Gunaratne in my place...

     Larry


Peter,

What is the motive of this memo?

Ray

 -----Original Message-----
From: 	Crawford, Sharon   On Behalf Of Keohane, Peter
Sent:	Wednesday, November 21, 2001 10:45 AM
To:	McMahon, Jeffrey; Bowen Jr., Raymond; Perkins, Mary
Subject:	Debt Funding to Enron Corp.

Please see attached memo:

	 << File: memo.bowen.debt funding to Enron Corp.doc >>


Thought you might be interested.

---------------------- Forwarded by Kay Mann/Corp/Enron on 07/06/2000 06:54
PM ---------------------------

lee.johnson@ss.ps.ge.com on 07/06/2000 09:20:43 AM
To: ben.jacoby@enron.com
cc: kathleen.clark@enron.com, chris.booth@enron.com, kay.mann@enron.com,
david.davis@ss.ps.ge.com

Subject: LM6000 contract changes for added equipment

Ben,

Sorry our schedules aren't lining up too well.  I look forward to finally
getting together on July 18th.  Hope all is proceeding well with securing
sites and permits for the various LM6000 projects.

We continue to support E&CC and NEPCO with pre-engineered Balance of Plant
equipment offerings that help drive their EPC costs and cycle times down.
Some these items were elective options we had already build into the
Equipment contract.  Other items are unique to project design we've gone
back and forth, fine tuning our quote to within the NEPCO EPC budget.

My question is will these items be purchased direct by NEPCO, or will we add
onto the existing contract? Some of this equipment has lengthy leadtimes to
consider and we want to make sure this equipment doesn't delay your in
service date.
Most of the activity has been for the Austin Energy job, but other sites
seeking June 1, 2001 in service date will need the same type of equipment.

One other piece of housekeeping I wanted to attend to yesterday was an
outstanding change order that dates back to March.  At that time, Mike
Miller and Chris Booth ordered some of the optional equipment mentioned
above.  The items are outlined in the attached draft Change Order Number 2.
Actually, it should have been Change Order Number 1 or built into the Base
contract (but we all chose not to delay the contract as your team can
verify.).

We've ordered the chillers, exhaust stacks, and incorporated the dual fuel
option on units #7&8 (these were originally planned for the Electri Cities
deal) and all work is proceeding on or ahead of schedule.  Now, I believe
these dual fuel units are planned for a Florida site, to go with the other 4
Units(#17-20).

If you have any questions, please do not hesitate to call.  If not, please
authorize the processing of Change Order Number 2 with Kathy Clark or Kay
Mann.

In the meantime, I look forward to when we can meet.  If you have any time
today or tomorrow, I could rearrange my schedule to accodate yours.

Best Regards,

Lee Johnson <<ChangeOrder#2.doc>>

 - ChangeOrder#2.doc


Dear Larry,
?
The electronic copies of the Transwestern  Compressor stations reports
completed by Statistical Research are attached as  PDF files. The reports are
considered to be drafts and we look foward to  receiving reviewers comments.
There are three PDF files:
?
transwest1 which contains the report for compressor  station 1;
?
transwest1_sitecard which contains the ASM site  card for the site recorded
at compressor station 1 and;
?
transwest2 which contains the report for compressor  station 2.
?
I have also FedExed a hard copy of these documents  to Bret Fritch for AM
delivery tomorrow.
?
Best regards,
?
Ed Huber
Statistical Research, Inc
Senior Project  Director
 - transwest2.pdf
 - transwest1_sitecard.pdf
 - transwest1.pdf


When we move people between groups - what's the practice with regard to 1)
title and 2) salary?

Is it usual/necessary to make adjustments? It is not in the UK - but I want
to check.

B.


Here is an update:

Red Cedar - still need Mary Kay's signature prior to my sending to Dan
McCarty.  Mary Kay's secretary indicated yesterday that she will be back in
the office today.  Base transportation contract is ready to go.

Sempra - reminded Drew Fossum 2nd time this morning to approve. I still do
not have the request for the tranportation contract from Sempra for the Jan
1, 2001 - Dec. 31, 2001 Ignacio to Blanco deal!  We need this immediately.  I
already have Dan McCarty's approval.

Texaco - Same as for Sempra - reminded Drew again this morning we need
approval.  Still do not have the request form for transportation contract! I
already have Dan McCarty's approval.

Sempra - November 2000 - October 31, 2001 deal.   Jeff indicated Stephanie
will be in the office next Tuesday, September 5th and will sign the deal.
This deal has been outstanding to Sempra for over 30 days.

Oneok -  Tendered by Michelle this Wednesday.  No returned contract to date.


Vince,

Many thanks for the invitation.? I'm leaving for a conference in New Orleans
today and won't be in town.? However, I'd love to join you if dinner should
happen again in the future.

Thanks again for all your support and interest in the ALP program.? I feel
confident that this will be a great project.

Carrie

At 10:03 AM 1/24/01 -0600, you wrote:
Carrie,

We have invited the team to dinner Thursday, 7:00 p.m.
Would you loike to join us?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/24/2001
10:04 AM ---------------------------

Pamela Vande Krol Castro <castro@rice.edu> on 01/22/2001 06:18:16 PM

To:?? Kenneth.Parkhill@enron.com, vkamins@enron.com
cc:
Subject:? Enron ALP

Dear ALP Company Representatives:

Thank you again for your participation in the ALP Company Day at Rice
University. We are pleased to inform you that your project proposal has
been chosen for the 2001 ALP program. The following students will  be
working on your project:

?? CALABRESE, luigi??????? luigical@rice.edu
?? GHOSE, Ivy????????????? ghosei@rice.edu
?? GHOSH, Ronnie?? ghoshr@rice.edu
?? IQBAL, Syed???????????? iqbal@rice.edu
?? SUD, Pravas???????????? pravas@rice.edu
?? WOMACK, Charles cwomack@rice.edu

The faculty liaisons for your project are:

?? BARRETT, Deborah??????????????? barrett@rice.edu
?? UECKER, Will??????????????????? uecker@rice.edu
?? LOUGHRIDGE, Dennis????? loughrid@rice.edu

A representative from the student team will contact you soon to set up
meeting time. If you need to contact your team, I have included the
students' email addresses. They check their email on a regular basis, so
this is a good way to communicate with them.

Please let me know if you have any questions regarding this information.
Again, thank you for your interest in the Jones School. Best wishes for
great project!

==============================================================
Carrie Chamberlin Miller
Director of MBA Program
Rice University
6100 Main Street, MS 531
Houston, Texas 77005-1892
Phone: (713) 348-5260
Fax: (713) 348-5251
E-mail: cmiller@rice.edu
http://www.ruf.rice.edu/~jgs/

Pamela Castro
MBA Program Associate
Rice University
Phone: 713-348-6223
FAX: 713-348-5251
E-mail: castro@rice.edu

======================================
Carrie Chamberlin Miller
Director of MBA Program
Jesse H. Jones Graduate School of Management
Rice University
6100 Main Street, MS 531
Houston, Texas 77005-1892
Phone:? (713) 348-5260
Fax:? (713) 348-5251
E-mail:? cmiller@rice.edu
http://www.ruf.rice.edu/~jgs/


Please see the attached regarding interview confirmation and information for
Friday, December 15th.

Thanks
Shelly


Actually this is better

 - BallotWPBF11[1].11.00.doc

Louise Kitchen
11/13/2000 05:06 PM
To: Jonathan Whitehead/AP/Enron@ENRON
cc: Morten E Pettersen/AP/Enron@Enron, Joseph P Hirl/AP/ENRON@ENRON, Anthony
Dayao/AP/Enron@Enron, Nicholas O'Day/AP/Enron@Enron, Darren
Delage/AP/Enron@Enron, Marcello Romano/Enron Communications@Enron
Communications@ENRON, Haakon Olafsson/Enron Communications@Enron
Communications@ENRON, Andrew Fairley/LON/ECT@ECT, Jane
McBride/AP/Enron@Enron, Rousseau Anai/AP/Enron@Enron, Phillip -SYDNEY-
Taylor/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ENRON, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT@ENRON, Takashi
Kimura/AP/Enron@Enron, Marcus Nettelton/NA/Enron@ENRON

Subject: Re: Proposed Replacement Ballot for Florida Voters

 - Floridaballo1.jpg

Jonathan Whitehead @ ENRON   11/13/2000 04:34 PM

To: Morten E Pettersen/AP/Enron@Enron, Joseph P Hirl/AP/ENRON@ENRON, Anthony
Dayao/AP/Enron@Enron, Nicholas O'Day/AP/Enron@Enron, Darren
Delage/AP/Enron@Enron, Marcello Romano/Enron Communications@Enron
Communications, Louise Kitchen/HOU/ECT@ECT, Haakon Olafsson/Enron
Communications@Enron Communications, Andrew Fairley/LON/ECT@ECT, Jane
McBride/AP/Enron@Enron, Rousseau Anai/AP/Enron@Enron, Phillip -SYDNEY-
Taylor/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Paul
Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Takashi Kimura/AP/Enron@Enron
cc:

Subject: Proposed Replacement Ballot for Florida Voters

----- Forwarded by Jonathan Whitehead/AP/Enron on 11/14/2000 07:31 AM -----

	Whitehead@aronsonpartners.com
	11/14/2000 12:44 AM

		 To: Atkins@aronsonpartners.com, Fitzgerald@aronsonpartners.com,
Dixon@aronsonpartners.com, Rogers@aronsonpartners.com, nwhitehe@yahoo.com,
Austin.Summerford@mba02.bus.utexas.edu, ghbarr2@pop.uky.edu,
Mark_Adelman@snowe.senate.gov, James_Gordon@hillspet.com, charring@fbr.com,
jonathan.whitehead@enron.com, edorros@nyc.rr.com, CDavis@mainspring.com
		 cc:
		 Subject: Proposed Replacement Ballot for Florida Voters

this is a good one.

 - ballot.gif


Tamara, thanks as well.

I assume the view below is for EES in total and we have not yet made an
attempt to match up credit by customer/meter to the forward T&D related to
positions in our book for those customer.  Going on the thought that we will
only be able to offset T&D with credits on a customer by customer basis we
may not have the full $153.9MM to work with (i.e., we may have large credits
on customers for which we only have a short contract life remaining and small
credits on customers with a long life making up a larger portion of the
$153.9MM below).   Am I thinking about this correctly?  Is it
difficult/impossible to do that matching?

Are there any new developments/thoughts on the credits/T&D being dealt with
on a supplier basis (ie., EES) vs. a customer basis?

Wade

From: Wanda Curry/ENRON@enronXgate on 07/17/2001 03:56 PM
To: Tamara Johnson/HOU/EES@EES, Wade Stubblefield/HOU/EES@EES, Harry
Kingerski/ENRON@enronXgate, Scott Stoness/HOU/EES@EES, Robert
Williams/ENRON@enronxgate, Don Black/HOU/EES@EES, Adriana Silva
Mara/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: William S Bradford/ENRON@enronXgate, Michael Tribolet/ENRON@enronXgate,
Evan Hughes/HOU/EES@EES, Jeff Dasovich/NA/Enron@Enron, Susan J
Mara/NA/Enron@ENRON
Subject: RE: T&D ESTIMATE (re: CPUC Decision re not paying Cash Refunds)

Tamara,

First, thanks for completing this analysis.

Bob,

With the opportunity to net off 153.9MM of the PX receivable amount between
now and March 2002, shouldn't we began the process of requesting both
utilities net this obligation with the outstanding PX credits while at the
same time filing a complaint with the CPUC re the way PG&E and SCE have
elected to reinstate the Direct Access bills with a zero beginning balance?
I would like to discuss this on Monday's call or before.

Wade and Mary Lynne,

What do you think?

Thanks,
Wanda Curry

 -----Original Message-----
From:  Johnson, Tamara
Sent: Tuesday, July  17, 2001 2:47 PM
To: Stubblefield, Wade; Kingerski, Harry; Curry, Wanda; Stoness, Scott;
Williams, Robert; Black, Don
Subject: T&D ESTIMATE (re: CPUC Decision re not paying Cash Refunds)

Here is an estimate ($millions, nominal) of the T&D&Other tariff cost:

An additional uncertainty is any "expiration date" of the PX credit
reimbursement.  I have only shown costs until March 2002.
The attached file sets out the cost by month for the entire duration of the
position.
 << File: estimated T&D cost by month.xls >>
---------------------- Forwarded by Tamara Johnson/HOU/EES on 07/17/2001
02:39 PM ---------------------------

Scott Stoness
07/11/2001 09:32 AM
To: Wade Stubblefield/HOU/EES@EES
cc: Harry Kingerski/NA/Enron@Enron, Wanda Curry/Enron@EnronXGate, Tamara
Johnson/HOU/EES@EES, Don Black/HOU/EES@EES, Robert Williams/ENRON@enronxgate
Subject: Re: re Your Call on CPCU Decision re not paying Cash Refunds   <<
OLE Object: StdOleLink >>

Wade.  I don't think anyone can answer this question with certainty.  It is
mushy.

My  reading is that any payment owed to PGE/SCE (including surcharge) would
be eligible to reduce our Px acccount's recievable.

But I welcome any other comments.

We will do it both ways:
- Assuming the $10/MWh surcharge can be used and
- Assuming that it cannot be used.

Harry tells me that the bigger issue is that PGE/SCE have stopped showing the
Acct Rec. on the customers when we switched back.  So there is nothing to
credit against.  This issue will have to be resolved by the CPUC.

Tamara Johnson will be providing an estimate by month on Friday.

Scott

Wade Stubblefield
07/10/2001 08:40 PM
To: Scott Stoness/HOU/EES@EES
cc: Harry Kingerski/NA/Enron@Enron, Wanda Curry/Enron@EnronXGate, Tamara
Johnson/HOU/EES@EES, Don Black/HOU/EES@EES, Robert Williams/ENRON@enronxgate
Subject: Re: re Your Call on CPCU Decision re not paying Cash Refunds   <<
OLE Object: StdOleLink >>

Bob/Wanda,

Can either of you please address Scott's questions.

Thanks

Wade

Scott Stoness
07/10/2001 02:54 PM
To: Wade Stubblefield/HOU/EES@EES
cc: Harry Kingerski/NA/Enron@Enron, Wanda Curry/Enron@EnronXGate, Tamara
Johnson/HOU/EES@EES, Don Black
Subject: re Your Call on CPCU Decision re not paying Cash Refunds

Wade.
You asked (Jay) if we had done an analysis of whether our T&D costs going
forward is enough to offset the Px credit.  This is a complicated question:
Is the $10/MWh surcharge part of T&D
Is the most recent $30/MWh (which is really $51/MWh after several gyrations)
surcharge part of T&D?
Is Public purpose and decommissioning part of T&D?
Are we likely to get the same account numbers back if we switch back to DA?
Will we have to have the same account number to benefit from our accounts
recievable.

Anyway, I have put this issue on my list and will give an estimate (with a
list of assumptions) by the end of this week.

Scott Stoness


Here is second related article
----------------------------------------------------------------------
This article was sent to you by someone who found it on SF Gate.
The original article can be found on SFGate.com here:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2000/12/15/M
N5101.DTL
----------------------------------------------------------------------
December 15, 2000 (SF Chronicle)
Power Board's Industry Ties May Be Cut/Federal regulators consider making
deregulation's creation independent
Susan Sward, David Lazarus

   As power prices skyrocket and California reels from the threat of
blackouts, the agency charged with overseeing the state's power grid has
come under increasing attack, and federal regulators are poised to order
sweeping changes in its governing board.
   Ever since the Legislature created the California Independent System
Operator four years ago, critics have lambasted the agency, saying it is
dominated by the power industry and does not have ratepayers' interests at
heart.
   Criticism of the ISO has grown as electricity reserves have dwindled and
as the agency has initiated statewide energy alerts that have required
hundreds of businesses to cut back their operations.
   "There are people on the ISO governing board who have a direct financial
interest in the policies they set," said Severin Borenstein, a professor
of business administration and public policy at the University of
California at Berkeley and the director of the University of California
Energy Institute.
   Today, the Federal Energy Regulatory Commission is expected to issue a
ruling that would remake the ISO's 26-member board, which includes
representatives of three investor-owned utilities, four municipal
utilities and two power generators.
   From its high-tech headquarters in Folsom -- reminiscent of NASA's mission
control center -- the nonprofit ISO essentially acts as traffic cop for a
power system that serves three-quarters of the state.
   Responsible for assuring a stable source of electricity, the ISO has the
authority to initiate emergency alerts and, if need be, rolling blackouts
if supplies drop to near nothing. By law, the utilities and power
generators must comply with ISO directives.
   Last month, federal regulators proposed an order calling for the ISO board
to be replaced by seven independent members. The new board would be
selected by the current ISO before it was replaced.
   Striving to restore order to the state's turbulent electricity market, the
commission said an overhaul of the ISO's management would be an important
first step toward easing the burden on consumers. CREATURE OF DEREGULATION
   The ISO was created as part of the Legislature's deregulation of the
state's electricity market in 1996. The Legislature set up the ISO as a
"stakeholder board" with designated seats for participants in the energy
marketplace.
   The theory was that those involved in the industry would be best able to
guarantee reliable electricity for the Bay Area and the other ISO-served
areas in California.
   "It was designed to be as neutral as possible," said Michael Shames,
executive director of the Utility Consumers' Action Network in San Diego.
"If anything, it's turned out to be far too cozy with power generators."
   State Sen. Debra Bowen, D-Marina Del Rey, said lawmakers were told that
the deregulation blueprint they adopted in 1996 was a better alternative
than more sweeping proposals being considered by the state Public
Utilities Commission.
   Lawmakers were reassured at the time that the deregulation plan, which was
intended to lower power prices by increasing competition, had the full
backing of utilities, including Pacific Gas and Electric Co., power
generators and large users of electricity.
   "You have to remember that the political climate was different then," said
Bowen, the author of a pending measure replacing the existing ISO board
with one appointed by the governor and independent of the industry.
   "We had a Republican Assembly and a Republican governor (Pete Wilson) with
(his) appointees on the PUC with a free market point of view," Bowen said.
"The bargaining position of the ratepayers and consumer groups was not
strong." PRIVATE COMPANIES' LEVERAGE
   Doug Heller, assistant director of the Foundation for Consumer and
Taxpayer Rights, said the Legislature set up the ISO the way it did
because "it and the regulators were so transfixed with the idea of the
free market that they ignored the tremendous leverage they were handing
over to the private energy companies."
   He added, "Because the ISO has a mandate to keep the lights on and procure
power when the utilities are short, this energy industry-dominated board
has used its mandate as justification for gouging consumers."
   If the prices currently being paid for electricity are sustained over
time, Heller said ratepayers would have an average monthly bill of $620
and a small business paying a $1,000 monthly electricity tab could see its
bill jump to $10,000 based on current energy market prices.
   Federal regulators almost certainly will not let this happen. They are
expected to announce measures today intended to keep wholesale prices
stable and thus protect users from sharp increases in their power bills.
   The ISO is currently chaired by Jan Smutny-Jones, executive director of
the Independent Energy Producers Association, a trade association whose
members generate about 24,000 megawatts of power in California.
   The board's members include representatives from two power generators,
Dynegy Inc. and an affiliate of Florida Power and Light; the state's three
investor-owned utilities, PG&E, Southern California Edison and San Diego
Gas and Electric; and four municipal utilities serving Los Angeles,
Sacramento, Silicon Valley and several Southern California communities.
   UC's Borenstein said the ISO board should be constituted along the lines
of New England's power agency where "you go out and find independent
experts in power, finance and economics. New England has had its ups and
downs, but I think there is a trust the New England board is acting in the
best interests of consumers." POWER PRICING GATEKEEPER
   Mike Florio, an attorney for The Utility Reform Network in San Francisco
and a member of the ISO board, said that although the composition of the
ISO board is only one element of the California energy crisis, the ISO "is
at the crux of the matter because it establishes and administers the state
market rules that determine how pricing gets done.
   "The ISO has been a law to itself -- with its attitude being: 'We keep the
lights on, we know what's going on and others should butt out,' " he said.
   If federal regulators order an overhaul of the ISO today, "that may just
be the beginning of the battle," Florio said. "If the changes they order
don't offer customers relief from the extremely high prices, TURN and
others will call for the state to buy the transmission system from the
utilities as a means of wrestling back control from FERC."
   For his part, the consumer network's Shames is proposing a merger of the
ISO and the California Power Exchange, which coordinates the wholesale
market, thereby creating a "superagency" with full powers of oversight and
enforcement.
   Yesterday, the idea of making the ISO board independent picked up some
utility support as well. PG&E, which serves millions of customers in
Northern and Central California, issued a statement that "to restore
public confidence, we agree with state and federal officials that the ISO
board needs to be independent."
   In any case, the ISO is not without its defenders. Barbara Barkovich, an
ISO board member who is a San Rafael consultant to large industrial
customers, said some of the criticism of the ISO has been unfair.
   "There are larger market forces at work here: Clearly, we have a tight
supply situation compared to demand -- which means there will always be
upward pressure on prices," Barkovich said. "We have had a situation where
prices out of state have recently been very high, meaning when anyone is
selling, they will go where prices are the highest." POWERFULLY NOBLE
CAUSE
   For its part, she said, the ISO "has seen its role as doing everything it
could to keep the lights on rather than have blackouts."
   Others say the ISO simply does not have sufficient enforcement powers to
make its orders stick in a volatile energy market.
   "The ISO is a flawed institution, but it is not responsible for the
shortages," said Shames of the Utility Consumers' Action Network.
   Such assertions do not halt the drive to reform the ISO's makeup.
   Assemblyman Fred Keeley, D-Monterey, is the author of one of several bills
now pending in the Legislature that would give Gov. Gray Davis authority
to appoint both a new ISO and a revamped Power Exchange.
   But he cautioned that if an ISO restructuring is all that happens, "We
might as well do nothing. It is only one element of the solution." MORE
REFORMS NEEDED
   Keeley said that for California to work through its energy crisis, several
major reforms must be put in place, including energy conservation moves,
as the state's population climbs by as much as 600,000 a year.
   One area crying out for attention, Keeley said, "is the demand side of the
market. When California found itself in an energy crisis in the 1970s, it
took good action on solar, renewable sources of energy, pricing and tax
actions in the law and do on."
   But he said that many of those changes have been tossed out or whittled
away in the intervening decades.
   The Legislature also needs to look at the possibility of "the public
having some generation assets under its control -- for example, the
hydroelectric assets PG&E now has up for sale," Keeley said.
   "PG&E's assets on Northern California rivers is the largest group of
hydroelectric assets under one ownership in the state," he said. "Public
ownership of these hydroelectric assets is preferable to private ownership
because those assets in public ownership would mean lower rates for
consumers."
   Whatever course the Federal Energy Regulatory Commission and state
lawmakers take, the stakes are undeniably high.
   "If this conflict is allowed to continue," Bowen wrote FERC Chairman James
Hoecker last month, ". . . then we have failed our duty to Californians."

California Power ShuffleHere is how California's electricity distribution
system is set up and what steps the regulatory body can take in times of
extreme need..ISO statsVolume: 164 billion kilowatt hours a year Size:
124,000 sq. miles, or 75 percent of state.Day-by-day shortage The ISO
forecasts electricity usage throughout the state and monitors actual peak
usage..Stages of emergencyThe stages of electrical power emergencies in
California:Stage 1: Declared when the state's operating reserves of energy
dip below 7 percent. All power consumers are asked to conserve
energy.Stage 2: Declared when operating reserves fall below 5 percent.
Customers who have gotten lower rates for agreeing to go off-line when a
power crunch hits are ordered to reduce or shut off their power.Stage 3:
Declared when operating reserves fall below 1.5 percent. Rotating
blackouts could result, with power to different areas temporarily cut
off..COMPANIES THAT OPERATE WITHIN THE ISO:Pacific Gas & ElectricSouthern
California EdisonSan Diego Gas & Electric.Independent System OperatorA
not-for-profit corporation that ensures a competitive market for
electricity and controls the integrity of the state's strained power
grid..Remedies for a Stage 3 alertThe ISO can order the state to conserve
power during a Stage 3 alert by:Asking large facilities, such as a mine or
water pump, to shut down for a day to lessen demand. .Depriving some areas
of power in order to maintain others by initiating rotating blackouts or
brownouts -- temporary sags in power..Source: California Independent
System OperatorAssociated Press Graphic
   Chronicle research librarian Johnny Miller contributed to this report. /
Email Susan Sward at ssward@sfchronicle.com and David Lazarus at
dlazarus@sfchronicle.com.
----------------------------------------------------------------------
Copyright 2000 SF Chronicle


Jeff, here is the information you requested on where we were as of December 11th. Please note this is a snapshot and the situation is very fluid.

Bob Superty


Thanks Bill - appreciate your help!

	Bill D Hare
	04/16/2001 05:51 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: James Scribner/Corp/Enron@Enron, Tana Jones/HOU/ECT@ECT, Lisa
Lees/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT,
Bernice Rodriguez/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Walter
Guidroz/Enron@EnronXGate, Tom Moran/Enron@EnronXGate
		 Subject: Re: Urgent - Counterparty Divisions: Cargill Ferrous International

We informed Tana that we made the change in Global Counterparty to include,
"a division of Cargill Incorporated".   We will meet in the near future to
discuss the issues surrounding division and trade name setups in Global
Counterparty.

Bill

From: Mark Taylor on 04/16/2001 03:30 PM
To: Bill D Hare/HOU/ECT@ect
cc: Samuel Schott/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT
Subject: Urgent - Counterparty Divisions: Cargill Ferrous International

Bill -

If Sam's description below of the GCP procedure is correct, it looks to me
like something needs to be changed.  The difficulty lies in the fact that the
confirmation system reads the counterparty's name from Global Counterparty.
Since divisions of companies are not legal entities they do not have the
power to contract in their own names.  If the correct legal name is not in
Global Counterparty, the confirmation goes out with the wrong legal name on
it seriously compromising the contract itself.  That is the source of Tana's
concern regarding the correct entering of divisions in the system.

My suggestion is that Global Counterparty use the same name that the customer
has signed on the EnronOnline Password Application -- my understanding is
that the EnronOnline team returns inappropriate Applications to the customer
until they are correctly completed.

In this particular case since the counterparty is still not allowed to
transact on EnronOnline almost a month after sending in their application
they are understandably upset and are now complaining.  I would appreciate it
if you could get this one fixed today and, if you have any problem with
changing the GCP procedure, please let me know.

Mark

----- Forwarded by Mark Taylor/HOU/ECT on 04/16/2001 03:15 PM -----

	Tana Jones
	04/16/2001 03:11 PM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc:
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response -
CP/ID 94330, Cargill Ferrous International

----- Forwarded by Tana Jones/HOU/ECT on 04/16/2001 03:11 PM -----

	Samuel Schott
	03/28/2001 01:09 PM

		 To: Tana Jones/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
		 cc: Walter Guidroz/Enron@EnronXGate, Tom Moran/Enron@EnronXGate, Lisa
Lees/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT, Cheryl Johnson/Corp/Enron@Enron
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response -
CP/ID 94330, Cargill Ferrous International

FYI...

Cargill Ferrous International is setup correctly in the Global Counterparty
System as a Division of Cargill, Inc.
Cargill Ferrous International is the full name of this division and setup as
such in GCP with a Sub-to-Legal Link
to Cargill, Inc. per GCP procedure.

Also, the Global SAP team (Cheryl Johnson) would need Legal Name Change
documentation from the Counterparty
in order to change this name.

Best Rgds.

Samuel x3-9890 (GCP)
Enron Net Works _ Global Data Management

From: Tana Jones on 03/28/2001 09:47 AM
To: Samuel Schott/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
cc:
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Any updates on adding the correct legal name to this counterparty name?

---------------------- Forwarded by Samuel Schott/HOU/ECT on 03/28/2001 12:53
PM ---------------------------

	From:  Samuel Schott                           03/23/2001 11:25 AM

To: Stephanie Sever/HOU/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT, Walter Guidroz/NA/Enron, Tom
Moran/Enron@EnronXGate, Lisa Lees/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Hello,

Yes, GCP provides the links to establish the correlation between the parent
and child for our downstream systems.
GCP procedure is to create Counterparty names that reflect either the
Tradename / Division name or Parent Name  - - not both simultaneously.
(Although, we have broken that rule for Legal in the past.) This defeats the
purpose of using a Tradename.

Best Rgds.

Samuel

From:  Stephanie Sever
     03/23/2001 10:21 AM

To: Tana Jones/HOU/ECT@ECT
cc: Samuel Schott/HOU/ECT@ECT, Walter Guidroz/NA/Enron, Tom
Moran/Enron@EnronXGate, Lisa Lees/HOU/ECT@ECT
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Tana,

Please review the process below:

With divisions,  EOL does request a new Password Application for the
applicant reflecting the name as you noted below.  When the company is set up
in the EOL database we link the company to the Parent and reference the CP
ID.  Sam, please confirm, Global Counterparty also provides the links to
establish correlation between the parent and child for our downstream systems.

Let me know if this is the appropriate steps that you would like to see.

Thanks,
Stephanie

From: Tana Jones on 03/22/2001 06:03 PM
To: Samuel Schott/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT
cc: Walter Guidroz/Enron@EnronXGate, Tom Moran/Enron@EnronXGate
Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Sam & Stephanie,

Re:  Cargill Ferrous International

It was my understanding with the EOL Team that all divisions would have the
legal incorporated entity as part of the name.  Stephanie, I my preference is
to kick their Password Application back and get them to change it to read
something like "Cargill Ferrous International, a division of Cargill, Inc."
or "Cargill, Inc. acting through its Cargill Ferrous International Division".

	Samuel Schott
	03/21/2001 01:58 PM

		 To: Walter Guidroz/ENRON@enronXgate @ ENRON, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant
Reves/ENRON@enronXgate@ENRON, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/ENRON@enronXgate@ENRON, Cynthia
Clark/ENRON@enronXgate@ENRON, Enron Europe Global Contracts and
Facilities@ENRON, Enron Europe Global CounterParty/LON/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT, Tom Moran/ENRON@enronXgate@ENRON, Claudia
Clark/HOU/ECT@ECT, William S Bradford/ENRON@enronXgate@ENRON, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim
Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron, Tanya
Rohauer/ENRON@enronXgate@ENRON, Kelly Lombardi/NA/Enron@Enron, Brian
Lindsay/Enron Communications@Enron Communications@ENRON, EOL Call
Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect, Amy
Heffernan/Enron Communications@Enron Communications@ENRON, Molly LaFuze/Enron
Communications@Enron Communications@ENRON, Danny Clark/Enron
Communications@Enron Communications@ENRON
		 cc:
		 Subject: Re: EOL approvals, 3-20-01 _ GCP (US) Response

Any GCP adjustments will be highlighted in red.

Attn. GCP_London:
There's a new EOL Counterparty listed in the UK. Please respond.

Best Rgds.

Samuel x3-9890
ENW_GCP

From: Walter Guidroz/ENRON@enronXgate on 03/20/2001 05:30 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global Contracts and Facilities@ENRON, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications
cc:
Subject: EOL approvals, 3-20-01

Please see attached.


I would be more than happy to update the database with any comments you may
want me to add, don't ever feel bad, when I don't expect something I just
need to know what it's about.

I hope we can open the EOL Legal Database soon so you can update any comments
or notes directly into it.


Start Date: 4/17/01; HourAhead hour: 20;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041720.txt


Tim:

At you request,  we are pleased to provide you an additional draft of
the Master Agreement originaly sent September of 2000. Please do not
hesitate to give me a call should you have any questions regarding this
matter.

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


Mary Ogden was on my committee for the Ronald McDonald house and secured the
Enron treats.   Contact her, she may be able to assist you.

dp


----- Forwarded by Miyung Buster/ENRON_DEVELOPMENT on 09/29/2000 04:33 PM
-----

	djcustomclips@djinteractive.com
	09/27/2000 01:38 AM
	Please respond to nobody

		 To: 235445@mailman.enron.com
		 cc:
		 Subject: Electric Restructuring: Two Utilities In California Suffer Under
Deregulation --- Wholesale ...

The Wall Street Journal Europe
Two Utilities In California Suffer Under Deregulation --- Wholesale Power
Costs Them More Than They Can Charge
By Rebecca Smith
?
09/27/2000
The Wall Street Journal Europe
8
(Copyright (c) 2000, Dow Jones&Company, Inc.)

California's two biggest utilities are losing so much money buying
electricity in the state's deregulated market that they've run up deficits
equivalent to half their net worth in just four months.

If the cost of wholesale power continues to exceed the price utilities are
allowed to bill their customers, it's conceivable they could become
technically insolvent sometime next year, putting pressure on regulators to
orchestrate a multibillion-dollar public bailout.

Such a scenario is quietly being discussed by bond rating agencies that
recently reduced their credit outlooks for Pacific Gas and Electric Co., a
unit of San Francisco-based PGOCorp., and Southern California Edison, a unit
of Edison International of Rosemead, California. Bond rating agencies say
they're not sure how much additional debt can be borne by the two affected
utilities before they'll have difficulty paying their bills.

"If this is just a seasonal aberration, the utilities can get through it,"
says Lori Woodland, analyst for Fitch IBCA "If it goes on for six or nine
months, it's a very serious situation."

A.J. Sabatelle, senior credit officer at Moody's Investors Service, said, "At
some point, you have a financial crisis."

The utilities say they're having no difficulty meeting expenses and don't
envision problems in servicing their debts. But they're vigorously lobbying
state and federal regulators to change the rules of the game, hoping to
somehow charge their customers for the shortfall. As such, California's
experience may be a harbinger of what could happen in other states where
wholesale power prices have surpassed the amount utilities are allowed to
charge their rate payers.

Today's situation represents a complete turnabout from what was expected when
California deregulated its energy market on March 31, 1998. California tried
to give its utilities a competitive edge nationally by deregulating faster
than other states and by creating a mechanism to allow investor-owned
utilities, like PGOand Edison, to quickly pay down debts incurred to serve
customers under the old regulatory system.

To do this, the state legislature set rates at high levels, which, at first
generated fat surpluses. As the money piled up, utilities used it to pay down
debts for generation facilities that looked like they would be unprofitable
in the new deregulated world. By the end of June, PGO and Edison together had
collected more than $12 billion (13.75 billion euros) and were on track to
finish paying down debts well ahead of the March 31, 2002, deadline set by
the legislature. At that point, rate freezes were to end and retail prices
were to fluctuate with the market.

But all that went out the window in June when wholesale power prices surged.
Average prices at state-sanctioned energy markets were four to five times the
prices a year earlier and three to four times the level utilities could
charge customers.

The cash-burn rate has been so enormous at PG&E, which serves one in 20
Americans, that analysts expect its undercollection to exceed $3 billion --
half its shareholder equity of $5.7 billion -- by the end of October.
Southern California Edison finished August with a deficit of $2 billion,
equivalent to two-thirds of its net worth of $3.2 billion.

That leaves utilities in a bind. They want to end the rate freeze to be able
to pass on the real cost of electricity to consumers. But as soon as the
freeze ends, they get clobbered. That's because they'll immediately have to
book a loss on their power-purchase deficits. What's more, they can't use the
proceeds from power plant sales to cover those losses; instead, with the
freeze ending, they'll be obliged to refund that money to ratepayers. In
PG&E's case, the refunds could total $500 million, while in Edison's case,
the amount is $254 million.

Publicly at least, utility executives insist that a mechanism will be found
to let them recoup the money spent on electricity. But that assumes
politicians will be willing to change a law that protects ratepayers from
this expense.

Consumer advocates are gearing up for the fight. Nettie Hoge, executive
director for San Francisco consumer group the Utility Reform Network, says
ratepayers shouldn't end up footing the bill for a deal cut by utilities that
benefited them before prices shot up. "Our heart bleeds for the utilities,
but they have more power to get the wholesale market fixed than we do," she
says.

Utility executives are now distancing themselves from the legislation that
got them into such a mess, which was drafted with their assistance.
PGOChairman Robert Glynn says it's best not to "overanalyze" the "old deal."
Instead, he says, regulators and legislators should sit down with utilities
and construct a new agreement as "it's in the broad interests of the state
not to have critical energy infrastructure look like a leper."

Mr. Glynn says the current deal offers "mutually assured destruction" to both
utilities and ratepayers. Something must be done, he says, or consumers
throughout most of the state will experience "a San Diego-style rate shock."
The utility serving that city, San Diego Gas and Electric Co., ended its
freeze a year ago and began passing wholesale power costs directly through to
ratepayers. Legislators intervened this summer, however, and temporarily
capped retail rates when monthly power bills nearly tripled. As a result, San
Diego Gas and Electric, a unit of Sempra Energy, also is accumulating a
deficit.

Folder Name: Electric Restructuring
Relevance Score on Scale of 100: 47

______________________________________________________________________
To review or revise your folder, visit Dow Jones CustomClipsor contact Dow
Jones Customer  Service by e-mail at custom.news@bis.dowjones.comor by phone
at 800-369-7466. (Outside the U.S. and  Canada, call 609-452-1511 or contact
your local sales representative.)
______________________________________________________________________
Copyright (c) 2000 Dow Jones &Company, Inc. All Rights Reserved


Attacked are comments received this morning from Reynolds Metals on a
combined transportation/sale transaction that they have been working relative
to Reynolds Gregory plant.   Reynold's comments to the Form of Enfolio Master
that we sent them in early October, 1999 (see hpl.doc file below) are
extensive and I'm going to need your help sorting out which ones we can work
with and which ones are non-negotiable.  I'll be able to take care of the
Transportation comments.  I'll let you know when Greg and Lee are ready to
meet on this matter.

Steve Van Hooser
---------------------- Forwarded by Steve Van Hooser/HOU/ECT on 12/08/99
12:18 PM ---------------------------
From: Greg Brazaitis on 12/08/99 09:29 AM
To: Steve Van Hooser/HOU/ECT@ECT
cc:
Subject: Reynolds Metals comments on the draft agreements

Steve,
We have just received these from Reynolds and Lee and I need to study them.
Would you kindly take a look and we can discuss in the near future.

Thanks,
Greg
---------------------- Forwarded by Greg Brazaitis/HOU/ECT on 12/08/99 09:26
AM ---------------------------

"Kearns, Mike S" <MSKearns@rmc.com> on 12/08/99 07:37:28 AM
To: Lee L Papayoti/HOU/ECT@ECT, Greg Brazaitis/HOU/ECT@ECT
cc:
Subject: comments on the draft agreements

After you have had time to review thgese, lets setup a time to discuss.
Ihave attached our gas specs that HPL needs to meet.
Comments on Enfolio are in hpl.doc and comments of hpl.doc is the comments
on transportation agreement.  Not these are comments, many legal questions
asked, but need to discuss the "business deal more"!

 <<gas specifications.doc>>

 <<hpl.doc>>

 <<commentsfor hpl.doc>>

 - gas specifications.doc
 - hpl.doc
 - commentsfor hpl.doc


As most everyone knows, credit was out of the office last Thursday and
Friday.  On Weds., we approved this trade, but with added credit language.
But, in all the confusion, it was confirmed without the intended language.
Could we please prepare rescendance language and perhaps include such with
credit language to be prepared from terms of the attached credit worksheet.

thanks
brant


Attention Outlook User:
You are receiving this message to alert you that at 9:00 a.m. CST, Saturday, October 20th the Exchange server that your mail file resides on will be taken down for emergency maintenance for approximately one hour. During this outage, access to your Outlook client including email, calendar ,contacts and public folders will be unavailable. In addition, access to your email via OWA (Outlook Web Access) will also` be unavailable. Messages intended for delivery will be queued and delivered once the server is back online. If you need additional assistance, please call the resolution center at 3-1411.
We apologize for the late notice and appreciate your continued support.
Thanks,
Enron Global Messaging


how about 4:00 p.m. conference call?

-----Original Message-----
From: Rebecca Schlanert [mailto:RSchlanert@electric.com]
Sent: Tuesday, November 27, 2001 2:33 PM
To: 'jsmollon@newwestenergy.com'; arem@electric.com
Cc: douglass@energyattorney.com; Jeff.Dasovich@enron.com
Subject: RE: Proposal AREM response to UDC Joint Filing - Implementation
o f Su spension DA

I would be open to this as well.

Rebecca

> -----Original Message-----
> From:	jsmollon@newwestenergy.com [SMTP:jsmollon@newwestenergy.com]
> Sent:	Tuesday, November 27, 2001 11:21 AM
> To:	arem@electric.com
> Cc:	douglass@energyattorney.com; Jeff.Dasovich@enron.com
> Subject:	Proposal AREM response to UDC Joint Filing - Implementation
> of Su spension DA
>
> I have had an opportunity to talk to most of you regarding the attached
> proposal.  I apologize I ran out of time yesterday and didn't catch
> everyone.
>
> NWE would like to propose a slightly different take on our AREM filing
> having had a chance to think more about it.  I wanted to run it by
> everyone
> to get your thoughts before submitting a redline.  If you feel this
> warrants
> a conference call I will gladly set one up for today.  Time is of the
> essence and would appreciate your feedback as soon as possible.  If we all
> agree, I would like to get the re-write with everyone's blessing to Dan by
> tomorrow at 8:00 am. or sooner.
>  <<arm-puc-plan.doc>>
> Proposal Benefits
>
> 	1.	We look more reasonable and agree to much of what UDCs are
> proposing.
> 	2.	Accommodates most, if not all, of ESP and customer concerns.
> 	3.	Strong argument for avoiding any contract review.    Our
> verification proposal could backfire; PUC could accept our approach, but
> add
> details which goes toward ESPs submitting contracts to the PUC for review
> and validation
> Thank you,
> Janie Mollon
> Manager, Legislative and Regulatory Affairs
> Office:  602-629-7758
> FAX: 602-629-7772
> Mobile:  602-625-3892
>  << File: arm-puc-plan.doc >>


---------------------- Forwarded by Mary Hain/HOU/ECT on 12/11/2000 11:47 AM
---------------------------

Alan Comnes
12/11/2000 01:29 PM
To: Tim Belden/HOU/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Jeff
Richter/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, John M Forney/HOU/ECT@ECT,
Greg Wolfe/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT, mwood@stoel.com, Elizabeth
Sager/HOU/ECT@ECT, steve.hall@enron.com
cc:
Subject: Bullet Summary of the ISO's Amendment No. 33 (December 8 Filing)

After I wrote this I was forwarded Steve Hall's summary.  There's some
redundancy but hopefully, this provides a few more details.    Also, Mary H.
and I are informed that on Friday the FERC issued an order that appears to
approve the ISO,s request in full.

Bullet Summary of the ISO's Amendment No. 33 (December 8 Filing):

The following is a summary of the filing made by the ISO.

1) ISO,s $250/MWh Soft Cap
a) Summarized: ISO Claims its proposal is identical to the FERC proposed soft
cap but raises the soft cap level to $250 from the $150/MWh proposed by the
FERC: &The ISO would replace the current cap on Imbalance Energy bids with an
interim &soft8 price cap based on the price mitigation proposal in the
Commission,s November 1 Order. The ISO,s scheduling system will not reject
Energy bids priced in excess of the $250/MWh price cap, but will evaluate
those bids in price merit order. However, if the ISO issues Dispatch
instructions to Scheduling Coordinators for Energy that has been bid in
excess of the $250 soft cap, those bids will not set the Market Clearing
Price for Imbalance Energy. Rather, those Scheduling Coordinators will be
paid in accordance with their bids.8

b) Refund risk and cost documentation above $250. &Imbalance Energy above the
level of the soft price cap would be subject to refund, based on subsequent
review by the Commission. It also should require Scheduling Coordinators that
submit such bids to supply supporting cost information to the Commission, as
well as to the ISO and to the California Electricity Oversight Board so that
they may bring questionable bids to the Commission,s attention.

i) Appears to imply that the proposed reporting requirement is supplemental
to what was requested by the FERC. See p. 8

ii) Regarding production costs:  fuel, taxes, emission credits, startup costs
are all listed as costs.  However, no mention of noncontiguous scheduling
costs or reasonable profit.

iii) Quasi safe harbor on opportunity costs:  In a footnote to cover letter,
ISO states it will particularly scrutinize any opportunity costs in excess of
10% of the production costs or $25/MWh, whichever is lesser.

c) Useful quote: &In light of current fuel prices and the ISO,s recent
experience in receiving less than a thousand MW of Imbalance Energy bids at
prices of $150 or less in many hours, the ISO believes that a $150 soft cap
would be tantamount to procuring all Imbalance Energy on an as-bid basis.8

d) Effective date: 4 p.m. PST 12/8/00.

e) Term of this soft cap:  lesser of 3 mo (3/8/01) or whenever the Commission
supercedes it by its own order.

f) Applicable tariff sections.  Section 2.5.23.2 and .3.  See attachments
A1/B1 to the filing.

2) Participating Generator Penalties
a) Summary: &the ISO proposes in Amendment No. 33 to assess penalties against
Participating Generators that refuse to operate in response to an ISO
Dispatch instruction during a System Emergency or when the ISO is acting to
avoid an imminent or threatened System Emergency. They would be charged an
amount equal to twice the highest price that the ISO paid for Energy for each
hour in which the Participating Generator failed to respond. In addition, if,
during that hour, the ISO curtailed Load to manage a System Emergency other
than Load that has not been designated by agreement or regulation as
interruptible, the Participating Generator would pay an additional penalty of
$1000/MWh for the Energy that it failed to deliver.8
b) Allowed excuse:  The penalties would not apply if the Participating
Generator has notified the ISO (within the hour of instruction), and
subsequently demonstrates (documentation within 72 hours) , that its
Generating Unit, System Unit or System Resource was physically unable to
operate or that operation would violate a legal restriction that could not be
waived.

c) Applicable tariff sections. Amends portions of 5.6.1 .2 and .3. See
attachments A2/B2 to the filing.

d) Effective date: Same as the ISO,s new soft cap: 4 p.m. PST 12/8/00

e) Term:  I did not see any sort of sunset provision.

3) Load Imbalance Penalties

a) Summary: &Scheduling Coordinators who rely on that  market to serve their
Loads the ISO,s costs of obtaining Energy through bids above the proposed
soft price cap or through out-of-market Dispatches when bids are
insufficient. Specifically, those costs would be allocated to Scheduling
Coordinators in proportion to their Demand that appears unscheduled in
real-time (underscheduled Load) and Generation that is scheduled but does not
appear in real-time, except to the extent that the underscheduled Load or
undelivered Generation is balanced within the Scheduling Coordinator,s
portfolio.8  The costs of dispatching units that have bid above the Market
Clearing Price for Energy to Scheduling Coordinators in proportion to their
Net Negative Uninstructed Deviations (in essence, the amount by which their
metered Demand exceed their metered Generation). Cover letter, p. 10.

b) Net Negative Uninstructed Deviation (NNUD) defined: &The real time change
in Generation or Demand associated with underscheduled Load (i.e., Load that
appears unscheduled in real time) and overscheduled Generation (i.e.,
Generation that is scheduled in forward markets and does not appear in real
time). Deviations are netted for each BEEP Interval, apply to a Scheduling
Coordinator,s entire portfolio, and include Load, Generation, Imports and
Exports8

c) Applicable tariff sections. Amends portions of  11.2.4.2.1.  See
attachments A3/A3/B3 to the filing.

d) Effective date:  For loads scheduled for  12/12/00.  (Essentially, loads
scheduled on 11/11 for next day).

e) Term:  I did not see any sort of sunset provision.

4) Useful Info from the Detmers Declaration

a) &During the recent 7-day period from December 1, 2000 through December 7,
2000, planned Generating Unit outages have averaged roughly 4,000 MW. During
this same 7-day period, forced or unplanned outages of generating have be
very high, averaging approximately 7,000 MW. &
b) &For example, for the last four days (December 4, 2000 to December 7,
2000) we have purchased 255,000 MWh of OOM Energy. The cost of these
purchases were approximately $167 million. MWh.8  (Equivalent to an average
OOM cost of $655/MWh.)


The eThink Team

Do you know what's included in Enron's Code of Ethics?  Do you know what policies affect corporate conduct?  Ask Sharon Butcher, Assistant General Counsel of Corporate Legal, all your questions about our corporate policies today (June 5) on eSpeak at 10 a.m. Houston time.
Can't make the live event?  No worries.  Go to eSpeak (http://ethink.enron.com/eSpeak/exec/default.asp) now and submit your question.  Sharon will try to answer it during her event and you can read the transcript later.

Stop what you're doing!  Go to the Thinkbank (http://nahou-lnapp01.corp.enron.com/eThink/Thinkbank.nsf/HomePage?OpenPage) now!  Notice anything different?


Craig, received another statement showing another service charge. We should
probably cancel this account. Rick Buy


thanks for the update.  has eric groves gotten with you regarding the
H.Galleon, and the oman gas?

Eric Gonzales
10/27/2000 11:01 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

I am not sure what the fee is but yes there has already been a firm
commitment to speak at the meeting (Haug days).  I tried to get out of it but
too late.  We are turning our presentation into an EOL push for electronic
trading for LPG and LNG.

I will run down if we actually have to pay 200 grand as well.  Brochures -
yes there is a draft floating around but I have told these guys that I do not
want anything put together specifically for the meeting.  I thought we could
wait till we start making some cash and have a better handle on who we want
to focus on in terms of customers

Eric.

	From:  Jeffrey A Shankman                           27/10/2000 15:28

To: Eric Gonzales/LON/ECT@ECT
cc:

Subject:

Are we sponsoring gas tech (in houston) Nov 15 ish for $200,000?  What's up
with the brochures?  Yes? No?  Your call on all of this.

Jeff


See if you can fit her in.  Mark
---------------------- Forwarded by Mark E Haedicke/HOU/ECT on 10/22/99 02:30
PM ---------------------------

Robin Decker@ENRON
10/22/99 11:46 AM
To: Mark E Haedicke/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Dan J
Hyvl/HOU/ECT@ECT, Michelle Blaine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rob
Walls/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Scott Neal/HOU/ECT@ECT, Patricia
Cini/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT,
Clement Abrams/Corp/Enron@ENRON
cc: Andrea Calo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Andrea Calo's Houston Trip

I am trying to arrange individual 30-minute meetings for Andrea Calo's
Houston Trip.  She will be available Wednesday, October 27th, from 2:00p to
6:00p and Thursday, October 28th, from 9:00a to 10:30a.  Would you please let
me know if you have any time available to meet with her?

Thank you so much for your attention to this matter.  We apologize for the
late notice.

Sincerely,

Robin Decker
Andrea Calo's Houston Assistant
(713) 853-1459
EB 3837a


. . . STAR WARS IS COMING TO HOUSTON!

Click Here For More Details

http://home.enron.com:84/messaging/starwars.jpg


-----Original Message-----
From: Dan Salter [mailto:dsalter@hgp-inc.com]
Sent: Tuesday, August 07, 2001 10:08 AM
To: Herndon, Rogers; Imai, Rika; Will, Lloyd; Presto, Kevin M.; Harry
Aurora; Fletch Sturm; Davis, Mark Dana; Gilbert-smith, Doug
Subject: Rolling Forecast

Attached are the two files containing this week's Rolling Forecast.

Dan


Please look for them and discuss with Nikki

 -----Original Message-----
From: 	Slade, Nikki
Sent:	Friday, November 30, 2001 7:34 AM
To:	Kitchen, Louise
Subject:	Do you still have your Ayscough relocation flight tickets?

The tickets will have expired but you should be able to get a refund on the return portion them.  Here's what Ayscough have said:-

Having spoken to Continental in London, they say that Houston may not
entertain a refund or reissue, but London would certainly action a refund
only back to the original card. If they need assistance get them to forward
documents direct to us.

Best regards
Snickie


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If you would like to be removed from our email list, please send to sri@dmgltd.org <mailto:sri@dmgltd.org?subject=REMOVE> and reply with "Remove" in the subject line.


Hi guys.

I wanted to let you know that I am extremely concerned about the
Associate/Analyst program, so much so that I feel all the work I have done,
and all the time I have spent on the program has had little impact outside
Wharton/Penn recruiting.  In fact we won't get more than 1 associate from
Wharton this year for a variety of internal and external reasons.  This
program has brought incredible talent into the organization, but we have lost
a lot of momentum over the last two years.

In as much as I would like to continue to support the program, I can't  in
its current form, and don't have time to fix what I thought we had been
addressing.  The entire program is disfunctional, and the commercial teams
are not lending support to the program.  I'd be very happy to spend a few
minutes of your time (rather than blather on in an email) to give you both my
overview of the program, and suggest changes and improvements.

You know you have my support, but the current state of affairs down there has
gotten me to my rope's end with the program.


On Wednesday afternoon we have another legal/credit seminar planned.  So for
me Thursday would be better.

	Carol St Clair@ECT
	04/05/2001 04:30 PM

		 To: Mark Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Mary
Cook/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron, Tana Jones/HOU/ECT@ECT, Robert
Bruce/NA/Enron@Enron, Anne C Koehler/HOU/ECT@ECT, Cheryl
Nelson/NA/Enron@Enron, Francisco Pinto
Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan Bailey/HOU/ECT@ECT, Samantha
Boyd/NA/Enron@Enron, Stephanie Panus/NA/Enron@Enron, Mark
Greenberg/NA/Enron@ENRON
		 cc:
		 Subject: Offsite

We would like to hold a 1/2 day offsite either on Wednesday, May 23 or
Thursday, May 24.  Please let me know what your preference would be.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Mark:
Sorry I haven't called or written in quite some time but I'm in my own little
world here at home.  Things are going very well here.  Charles will be almost
4 months old and I can't believe how much he has grown.  We finally have
established a day and night routine for him and I'm happy to report that I'm
starting to get more sleep which is nice.  I'm still running and playing alot
of tennis which has helped me keep my sanity.  I have really enjoyed my stay
at home.  It's nice to be able to watch  your kids grow up and both Arthur
and Charles I think have really benefitted from us both being home with
them.  I feel very fortunate.

I would really like to have lunch with you in the next few weeks so that I
can catch up on what has been going on and begin discussing with you my
thoughts about returning to work.  It's something that I haven't given too
much thought to but need to as the end of the year approaches.  Here are some
good dates for me.

November 13th, 16th, 17th, 21st, 22nd.  Let me know waht works for you.
Sorry that I haven't brought Charles up to see everyone but with all that we
have going on here it's hard to find the time to make the trip into down
town.  Look forward to hearing from you.

Carol


Dawn,

Could you send me the contact name at Royal Le Page relocation services. I would like to finalize everything this week if I can.

Thanx

Chris


Mark,

Just ensuring you are in agreement with what I am seeing in Brazil:

- Andrea Bertone is legal counsel in Brazil who is working with you on
EnronOnline.
- Pinherio Neto is outside legal counsel for EnronOnline in Brazil.

Dave


Just want to make sure volumes are allocated to two different tickets
correctly for March:

Sitara - 572910 - gets 50,000 MMBtu TOTAL for the month .... after 50,000 on
this ticket, all remaining volumes go to ...

Sitara 643510 - the swing ticket

THANKS

Lee


PLEASE READ THIS IMPORTANT INFORMATION CONCERNING THE ENRON STOCK FUND IN THE ENRON CORP. SAVINGS AND ESOP PLANS

On Friday, January 11, trading of Enron stock was suspended on the New York Stock Exchange (NYSE).  All Savings and ESOP Plan transactions, including 401(k) payroll contributions,  involving this fund were placed in a pending status until trading resumed.

As announced by Enron's Office of the Chair on Wednesday, January 16, Enron stock would now be traded Over The Counter (OTC).  Upon receiving this information, work began immediately to develop a process that allows for OTC trades in the plans.

On Thursday, January 17, Enron initiated a process to facilitate OTC trades of Enron stock inside the 401(k) and ESOP and all pending transactions were processed using Thursday's closing price.

Now that trading has resumed, we urge you to review your investment elections to ensure that they are consistent with your investment goals.

As things change, we will continue to update you.

Enron Benefits Department


President Clinton: Taking Action To Help California With High Electricity
Prices


great idea.


Whoever wrote this did an excellent job


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/18/2000
05:14 PM ---------------------------

"Shmuel Oren" <OREN@IEOR.Berkeley.edu> on 10/04/2000 06:57:32 PM
To: <Vince.J.Kaminski@enron.com>, <vkaminski@aol.com>
cc:
Subject: Re: Abstract

Thanks
Vince. This is good but I also need a title. It would be good if you can as
part of the talk present an example of a technical problem addressed by your
group describing the problem and the general methodology employed or
developed. You can also start with an introduction about your organization
and the program.
Shmuel
/////////////////////////////////////////////////////////
Shmuel S. Oren, Professor
Dept. of Industrial Engineering
        and Operations Research
4117 Etcheverry Hall
University of California
Berkeley, CA 94720-1777
e-mail: oren@ieor.berkeley.edu
phone: (510) 642-1836 or 5484
Fax:      (510) 642-1403
///////////////////////////////////////////////////////////

----- Original Message -----
From: <Vince.J.Kaminski@enron.com>
To: <shmuel@euler.me.berkeley.edu>
Cc: <Vince.J.Kaminski@enron.com>; <vkaminski@aol.com>
Sent: Monday, October 02, 2000 6:44 AM
Subject: Abstract

> Shmuel,
>
> This is the abstract  for  my presentation on the 23rd of October.
> I am in London and Paris this week. I can be reached at my
> private E-mail address vkaminski@aol.com.
>
> Please, feel free to suggest modifications to the abstract.
>
>
>
> Vince
>
>
> ******************************************************************
>
> > The last three years were characterized by exceptionally high volatility
> of
> > the power prices in the US markets. The market developments have created
> a
> > number of unique challenges for energy industry economists. One
immediate
> > question we have to answer is how to measure volatility of energy
prices.
> > Although we can all agree that the prices in the power markets are
> > characterized by high variability, the traditional measures used in
> financial
> > economics (annualized standard deviation of log price returns) may not
> fit
> > well electricity prices. The second challenge is to explain the sources
> of
> > high price volatility and to answer the question to what extent it can
be
> > attributed to problems that can be addressed in the long run. Such
> problems
> > include flaws in market design that allow some market participants to
> abuse
> > market power, limited availability and/or unequal access to
transmission,
> > temporary shortages of generation capacity. Some factors underlying high
> > volatility of electricity prices may be of permanent nature and may be a
> > necessary price to pay for increased market efficiency and expanded
> customer
> > choice.
>
>


Dr. Harris:
 I would like to thank you for personally taking the time to closely review
my application. Though I am disappointed with the results I am still
determined to attend The TEXAS Graduate School of Business next year.  I
understand how competitive the process has become, but I felt that with my
work experiences, recommendations, personality, extracurricular activities,
etc. that this would compensate for my disability.  After talking with
Professors Titman, Ronn, Brown and Jemison, I was sure that the School was
the right place to get the education I was looking for.
  I am still certain that the School is the best place for getting a great
graduate-level education, so I want you to know that I am going to do
whatever it takes to get in next year.  I plan on taking two or three
graduate level finance courses at the University of Houston this Summer and
Fall to demonstrate to the Admissions committee that I can compete at the
graduate level. I also plan on retaking the GMAT test.  Due to my disability,
this will be a monumental task; but I am determined to prove to the Committee
that I can be successful at The TEXAS Graduate School of Business.  I would
like to come down to Austin this spring to meet with you to further discuss
my application file and to personally meet you.
  If you think of anything else I can do to strengthen my overall application
file for next year, please let me know.  Take care and hope to hear from you
soon.

Sincerely,

Ben Rogers


Bill - The Houston IR team had big money betting that your appointment would
result in a major NBP price decline (and probably take the value of all other
MLP's down as well)!!.  JUST KIDDING.  Congratulations!.  When you are in
Houston - give me a call - there are a few things that I would suggest to
get  you off on the right foot with the analysts.  It's a neat company , and
I believe there is quite a bit we can do to increase the value of the units.
MEK
---------------------- Forwarded by Mark Koenig/Corp/Enron on 07/19/2000
07:36 PM ---------------------------

Ellen Konsdorf
07/19/2000 07:16 PM
To: Stanley Horton/Corp/Enron@Enron, Larry DeRoin/NPNG/Enron@ENRON, Bill
Cordes/ET&S/Enron@ENRON, Jerry Peters/NPNG/Enron@ENRON, Mark
Koenig/Corp/Enron@ENRON, Paula Rieker/Corp/Enron@ENRON, Scott
Vonderheide/Corp/Enron@ENRON, Janet Place/NPNG/Enron@ENRON
cc:

Subject: NBP unit reaction to DeRoin/Cordes announcement

The market received the announcement of Larry's retirement and Bill's
succession very calmly.   I talked to each of our analysts and elaborated a
bit on the news and answered their questions:
 - Why is Larry leaving?  Was there any "hidden" reason?
 -  What is Bill's background?
 - Does this signal any change in strategy or direction from Enron?
 - Do we anticipate any other change in the business as a result of this
management change?

Several said that "since this seems to not be a big change (in direction or
strategy), I'm not going to write anything on it".

The unit price did not reflect much change.   The units opened Monday (the
day of the news) at $29, blipped up some 3/16  just after the press release,
and then settled back to the opening price.   Tuesday opened strong, trended
up $.50 in heavy volume and then again settled to $29.   Wednesday's price
closed up 1/16, at $29.0625.

Daily volumes were:  Monday 27,400 units
            Tuesday 50,200 units
                 Wednesday 20,800 units

We were hoping to communicate that this would be a fairly seamless transition
and continue NBP's history of solid, fairly conservative management, and it
appears that the market interpretted it exactly that way.


In light of today's events, The Travel Agency in the Park will remain open 24 hours with a dedicated emergency staff.  If you need travel assistance, please call 713 650-8080 or 800 962-0248.


Tanya, Grant,

It will  be 5:00 p.m. instead of 4:00.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/01/2000
03:04 PM ---------------------------

Tanya Tamarchenko
06/01/2000 01:55 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: VaR

Sure, I can join.
Tanya.

Vince J Kaminski
06/01/2000 11:01 AM
To: Tanya Tamarchenko/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT
cc:
Subject: Re: VaR

Tanya, Grant,

Can you join?

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/01/2000
11:04 AM ---------------------------

John Arnold
06/01/2000 10:21 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: VaR

Let's meet at 4:00.

Vince J Kaminski
06/01/2000 09:19 AM
To: John Arnold/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Jim
Schwieger/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
Subject: VaR

John,

We have  been working for the last few days on VaR related issues.
The focus is on Jim Schwieger's  storage book as of 5/25 and 5/26
where we had some counterintuitive results. This book is a good
candidate for a systematic review of the VaR process.

It seems that the problem arises from forward - forward vols used by the VaR
system. You can see in the attached spreadsheet that the VaR, on a cumulative
basis,
jumps on Jan 04, when an abnormal FF vol hits a relatively large position.
This FF vol is also much different from the previous day number producing a
big
jump in VaR.
This row (Jan 04) is in magenta font in the attached spreadsheet. Please, look
at column D.

The abnormal FF vol may result from one of the two factors:

 a. a bug in the code. We are working with the person in IT who wrote the
                     code to review it.

 b. a poorly conditioned forward vol curve ( a kink or discontinuity in
                    the fwd vol curve will do it). One solution I can
propose, is to develop for
                    the traders a fwd-fwd vol generator  allowing them to
review the fwd vol curve
                    before it is posted. If it produces a weird fwd-fwd vol,
it can be smoothed.

Can you meet at 4 p.m. to review our findings?

Vince


In today's edition of the Daily Update, managing editor Michael Hickins
reports on the investment community's love affair with biotechnology,
the modern-day version of the Fountain of Youth, and explains why there
is some reason for hope--at least from an investment perspective. On the
other hand, equity research columnist Dave Sterman discusses the sense
of dj vu he feels when looking at the prices of certain Internet stocks.
Fool me once, shame on you; fool me twice, shame on me.

In line with our biotech theme, we suggest you check out Morgan
Stanley's recent report on ImClone Systems (IMCL) by registering for
the firm's free research trial. You can do so by scrolling down to the Free
Reports section of our newsletter or simply clicking on the link below
and then going to the Morgan Stanley logo on our Web site.

You can link directly to our research page, which features synopses
of broker and free reports, by clicking here:
http://www.multexinvestor.com/article.asp?docid=6139&nd=0122

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Below
--------

- Investment ideas
- Broker and third-party research
- Online advice and chats
- Free and sponsored reports

Investment ideas
-----------------------------------------

1. INVESTMENT IDEAS
Sucker's rally
Fool you twice, shame on you

By Dave Sterman, equity research analyst

In recent months, investors have returned to their speculative ways,
bidding up share prices in companies that still face challenging outlooks
to say the least. With signs emerging that the economic recovery will be
tepid at best, these investors may want to proceed with caution. Indeed,
some of the biggest gainers in recent months may be the most vulnerable
to a pullback, especially those for which the company-specific outlook
has yet to brighten.
Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6119&nd=0122

2. INVESTMENT IDEAS
Biotech rules
Biotechnology stocks point investors to a holy grail

By Michael Hickins, managing editor

On one level, it makes perfect sense for investors and analysts to favor
biotechnology stocks as much as they do: everyone wants to live forever,
and in relative physical comfort. Biotechnology offers the promise of a
rational (as opposed to mythical) Fountain of Youth, a picture of Dorian
Gray that never ages.

Moreover, biotechnology offers the potential to generate immortal
returns. Indeed, historical returns for the sector have been very
encouraging. According to analysts at U.S. Warburg, the industry has
been able to grow its collective top line by 18 percent since 1996. And
during the past 20-plus years, also according to the firm, the industry has
produced more than 100 drugs (using a wide definition of "biotech
drug"), "that currently generate annual revenues of roughly $12.5
billion."
Click here to read more.
http://www.multexinvestor.com/article.asp?docid=6147&nd=0122

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Broker and third-party reports
-----------------------------------------

1. INVESTORS' CHOICE: 3-DAY FAVORITE
The 451 discusses Cisco's (CSCO) new focus on the mobile wireless
market.

This report examines IP infrastructure spending, the next-gen
Internet and network architecture layers, Cisco's strategic
alliances and mobile business customer targets, and advanced e-
services and content applications. (2-page report for purchase -
$5)
http://www.multexinvestor.com/download.asp?docid=5676705&nd=0122

2. TODAY'S SPECIAL REPORT
SunTrust Robinson Humphrey explains why it sees a 2002 rebound in e-
business software stocks.

In the report, a 2001 review, predicted product and sales trends in 2002
as well as top stock picks, analysis of software segments, and individual
notes on 13 stocks including Oracle (ORCL), Siebel (SEBL), and
PeopleSoft (PSFT). (60-page report for purchase - $100)
http://www.multexinvestor.com/download.asp?docid=25938120&nd=0122

3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Lehman Brothers explains its Price Earnings Excess Return model and
sector outperformers in 2002.

Lehman identifies 6 sectors that its quantitative model predicts will
outperform in 2002. It reviews the model's long-term and 2001
performance, identifies 25 stocks in its U.S. strategy portfolio and 25 in
its virtual economy portfolio. (7-page report for purchase - $25)
http://www.multexinvestor.com/download.asp?docid=25991689&nd=0122

4. THIRD-PARTY REVIEW
Firemark Investments discusses the multi-line and life/health insurance
industry.

The firm reviews 2001, with analysis of the economy, capital markets,
equities, & fixed-income, then details the outlook for the insurance
industry, with a final investment summary. 7 pages of graphs/charts &
illustrative data. (18-page report for purchase - $50)
http://www.multexinvestor.com/download.asp?docid=26016921&nd=0122

5. WHAT'S HOT?
Brean, Murray & Co. reports on online holiday shopping trends in 2001.

The firm discusses improving data in several online shopping metrics.
The report looks at total sales, increasing numbers of shoppers, order
size, user demographics, growth categories, & 4 well-positioned
companies. 3 exhibits. (2-page report for purchase - $10)
http://www.multexinvestor.com/download.asp?docid=25967718&nd=0122

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strategies: http://www.multexinvestor.com/Analysts/HomeTTA.asp

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Online advice and chats
-----------------------------------------

1. ASK THE ANALYST
Extended one day! PowerOptionsPlus.com's Victor Schiller discusses
how to insure your equity investments.

Schiller explains how option collars provide downside protection on
stock purchases. Most individuals wouldn't drive without auto insurance-
-can you afford to invest without stock insurance? Ask him questions on
this subject through tonight, Tue., Jan. 22, 5 PM ET.
http://www.multexinvestor.com/AskTheAnalystForm.asp?&nd=0122

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Compare, Analyze, and Make Money On Option Investments...And it's
Guaranteed. Click here http://www.poweropt.com/mtx1

2. ASK THE EXPERT
Multex.com's Alan Cohn explains some of the ways
Americans will benefit from new tax laws.

Citing aspects of new tax rules relating to individuals
over 50, education, and estate taxes, Cohn shows
how a wide range of citizens will benefit. How do the
new laws affect you? He can take your questions
until Thurs., Jan. 24. Ask the expert.
http://www.multexinvestor.com/AskTheExpertForm.asp?&nd=0122

Free and sponsored reports
-----------------------------------------

1. FREE RESEARCH REPORT
Friedman, Billings, Ramsey previews Q4 earnings and provides
semiconductor sector commentary.

FBR discusses its chip-universe which includes Applied Micro (AMCC),
Broadcom (BRCM), Conexant (CNXT), LSI Logic (LSI), PMC-Sierra
(PMCS), TranSwitch (TXCC), and others. This 22-page report, which
usually sells for $75, is free to members for the next 72 hours.
http://www.multexinvestor.com/download.asp?docid=26007793&nd=0122

2. DAILY FREE SPONSOR REPORT
Morgan Stanley sets a $60 price target on biotechnology firm ImClone
Systems (IMCL).

The firm argues that IMCL "is poised to become one of the next
commercial success stories in biotechnology," reviews the approvals
outlook for its "impressive" new oncology therapeutic solution, Erbutix,
and outlines key investment strengths and risks. Register for the firm's
free-research trial to access research on this and other stocks.
http://www.multexinvestor.com/download.asp?docid=25686797&sid=8&nd=0122

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