Juiced

By Julia King and Gary H. Anthes
(Nov. 20, 2000) Wall Street analysts and oil industry executives were thick
among the legion of skeptics who thought Enron Corp. President and Chief
Operating Officer Jeff Skilling was nuts to launch a Web site for the trading
of natural gas and electricity over the Internet.
That was last November, before EnronOnline locked up more than $120 billion
in transactions in its first few months of operation, quickly establishing
itself as the world's largest e-commerce company. As of Oct. 11, just prior
to Enron's report of its third-quarter earnings, EnronOnline had executed
more than 350,000 transactions, representing a gross value of $183 billion.
Since then, the $40 billion Houston-based energy giant has elbowed its way
into several new diversified markets. And it plans to continue its push into
many more, ranging from railcar cargo space to broadband networking and
data-storage capacity.
In doing so, Enron is turbocharging its transformation from a stodgy,
old-line fuel company to an entirely new kind of business-to-business market
maker, with information technology and an all-out emphasis on
entrepreneurship at the heart of its New Economy operations. Enron has been
so successful in leveraging IT to pioneer new markets that others are trying
to emulate its approach.

First to Market
"Enron often introduces a product before the competition even senses a market
exists," the company says in its latest annual report. A prime example:
online trading of data-network capacity.
Indeed, "there's a low degree of awareness [among carriers] about the
bandwidth-trading business," and Enron is ahead of the game, says Seth Libby,
an analyst at The Yankee Group in Boston.
At present, there are only a handful of network professionals who are aware
of these capacity commoditization plans, says Libby. But not for long,
asserts Enron President?? Jeff Skilling. "Within five years, the bandwidth
market may be bigger than the gas and electric markets," he says. "So for us,
it could be as big as the rest of our existing energy business." That's
currently a $35 billion business.
But critics say trading bandwidth is much more complicated than trading gas,
especially for a company with little depth in telecommunications. And critics
add that although carriers stand to benefit from the ability to buy and sell
capacity, they might prefer to do it through some channel that's independent
of the control of a single market maker like Enron.
"Enron's argument is that its trading capabilities are the differentiator,
and that it need not have deep telecom expertise," says Lisa Pierce, an
analyst at Giga Information Group in Stamford, Conn. "But I'm not convinced
it's that simple. Technology isn't a long-term competitive differentiator."
Houston-based Enron Broadband Services Inc., formed last year, offers IP
transport on its 15,000-mile fiber-optic network. Enron Broadband Services
also trades - that is, makes a market by buying and selling - network
capacity to and from other data carriers, conducting some of the transactions
on EnronOnline.
Enron Broadband Services also offers content-oriented services, such as a
video-on-demand service it will market with Dallas-based Blockbuster Inc. to
home viewers starting next month.
"When we started the gas business, they told us we were nuts," Skilling says.
"They said, 'You're going to sell gas but not own production? How does that
work?' Then we did electricity and they said we were nuts again, and even
louder than before. They said this stuff moves at the speed of light; you can
never create a market. Then in telecommunications, they said we were nuts
again."
Despite its share of skeptics, some experts like Enron's prospects in this
space. "I think aspects of this have the potential to be very big," says
Libby. "The carriers like the idea of instantaneous provisioning. And I think
it has a lot of potential [for] . . . selling it to businesses and giving
them the ability to cut their costs significantly by buying it as they need
it."

"We aspire to that kind of model," says Fred Buehler, director of electronic
business at Eastman Chemical Co. in Kingsport, Tenn.
"In every sector, there will be one or two innovators who get out front and
do things differently to create shareholder value," Buehler says. "We're
trying to be one of them."
Market Maker
Stroll through the gas-trading section on the 32nd floor of Enron's
glistening 50-story headquarters, and the company's technological
sophistication is immediately evident. Traders like 26-year-old John Arnold,
who personally executes about $1 billion per day in trades, have real-time
access to virtually any information that might affect their split-second
buy-and-sell decisions.
That information might be a meteorologist's prediction of a
colder-than-normal winter across the Plains states or a live news report of
political instability in an oil-producing country in the Middle East.
Behind the scenes, all of Arnold's trades are instantly analyzed and
processed by a sophisticated, proprietary risk-management system and then
updated across multiple back-end computer systems worldwide. Less than a year
after launching the operation, 60% of the world's gas is traded on
EnronOnline.
"What we are doing, no one in the industry did 10 years ago. Eighty percent
of our income this year is from businesses that didn't exist 10 years ago,"
says Skilling.
For example, EnronOnline contributed heavily to its parent company's
third-quarter earnings, which were up 31% to $292 million, compared with the
same period last year.
"The change is technology-driven," Skilling adds. "We couldn't do what we do
without massive amounts of computing capability." In this regard, Enron joins
a short list of companies that includes Wal-Mart Stores Inc., FedEx Corp. and
American Airlines Inc., which famously pioneered various mission-critical IT
techniques to leapfrog competitors and create a whole new class of IT-enabled
industry leaders.
Among Enron's boldest ideas is its use of a single, powerful software-based
trading platform to insert itself as a principal buyer or seller in hundreds
of different markets. Currently, Enron trades more than 1,000 different
commodities, such as gold, natural gas and metals, on EnronOnline.
"The core of our business is our business model, which is a centralized
risk-management and market-making business model. It just so happens that the
Internet is just perfect for improving the efficiency of that model,"
Skilling says.
But as a market maker, EnronOnline stands alone. For starters, unlike most
other Internet marketplaces, it's free. There are no transaction fees or
catalog, inventory or subscription costs for users.
"Enron has broken away from the pack in the last year, in terms of their
capital growth," says Ian Wylie, vice president of e-business at BP Amoco PLC
in London. "And e-business is responsible for a lot of this change."
Even more unusual is Enron's role as a principal in each transaction. That
means Enron is either the buyer or seller in every trade in which it's
involved, unlike market makers that simply act as matchmakers between buyers
and sellers.
In fact, Skilling, as well as Mike McConnell, who heads EnronOnline's global
expansion efforts as president and CEO of Enron Global Markets LLC, dismisses
much of the current hyperactivity surrounding other fee-based
business-to-business exchanges as a flash in the pan.
"[Many of the] B2B guys think all you have to do is set up a bulletin board
and people will start transacting, but it doesn't work that way," Skilling
says. "You need to know you can deliver if push comes to shove."
As either the seller or buyer in all of its trades, Enron, an established
brand name with 32,000 miles of pipeline and deep financial pockets,
guarantees delivery or payment on all trades that are executed on
EnronOnline.
"We're creating markets that were highly illiquid, so someone has to put
their reputation on the line to say, 'We'll deliver,' " Skilling says.
But guaranteeing delivery also requires having guaranteed access to physical
assets such as network bandwidth and papermaking plants. Guaranteed access
also ensures marketplace liquidity. For Enron, this is where the bricks and
mortar come in.
For example, to help drive its liquidity in the pulp and paper market, Enron
paid $72 million in July for Garden State Paper Co., a recycled-newsprint
mill in Garfield, N.J.
Skilling's current market fancy is metals, and in May, Enron bought MG PLC, a
London-based metals marketer. "You have to break the liquidity logjam, and to
do that, you have to take a risk position," Skilling says.
But once the logjam is cleared, Enron is just as likely to sell off the
brick-and-mortar assets it acquired and use the cash to invest in new
business.
For example, to finance its new bandwidth-trading operation, Enron is selling
Portland General Electric Co., a Portland, Ore.-based power producer that it
bought in 1997, so it could bring liquidity to and guarantee trades in the
online electricity market.
Eventually, Enron may end up trading commodities that aren't even considered
commodities - at least not at the moment - such as data storage capacity or
empty railcar space.
"Might we move into sauces or meats or grains? Potentially," says McConnell,
who was Enron's de facto CIO before moving into his current role.
"You have to be creative every day," McConnell says. "You have to be
open-minded to trying new things."
But what remains constant throughout all the upsizing and downsizing is
Enron's core IT-enabled business model, which is what puts it in a class of
its own, analysts say.
"People have talked a lot about systems that they're about to roll out, but
there is just not much out there for direct trading," says Mike Heim, an
energy analyst at A.G. Edwards & Sons Inc. in St. Louis. "Enron rolled out
its technology 10 months ago, and still there isn't much else out there.
There hasn't been much competition [because] there isn't anybody in the same
class."
But just last month, Houston-based Dynegy Inc. launched Dynegydirect, an
Internet-based, commission-free trading site for energy and communications
commodities.
Also last month, IntercontinentalExchange in Atlanta, whose partners include
BP Amoco and The Hague-based Royal Dutch/Shell Group, added natural gas and
power to its online trading system, which already included precious metals
and crude oil.
Skilling doesn't get called "nuts" much anymore. In fact, he's a darling on
Wall Street, where Enron's stock has soared from around $40 per share last
November to $81 as of this Nov. 2. As a result, Enron - by all accounts, an
Old Economy gas pipeline company until 12 months ago - is widely regarded as
a New Economy pioneer.
Says Skilling, "We like to say we were B2B before there was B2B."

Thriving On the Unconventional
As head of two Enron pipeline subsidiaries, Mike McConnell knew a lot more
about gas flows than he did about data flows last year when he got a surprise
call from Enron President and Chief Operating Officer Jeff Skilling.
Recalls McConnell, "Jeff went into this whole thought process about how the
Internet is changing everything. He said, 'We need to make Enron an
e-business, and I need a guy that can run this as a business. We need to
change the way we view technology.'
"I thought he was a little crazy and I said, 'Jeff, I'm not a technology
person at all,' He said, 'No, seriously - this is going to be big.' So I took
over as CEO of Enron Global Technology," and thus became the company's de
facto CIO, McConnell explains.
Appointing a person with no technology background to the top IT post is an
unusual move. But Enron often defies convention and typically thrives as a
result. Indeed, Enron boasts an entrepreneurial culture that's unusual in
large, long-established companies, and in utilities firms in particular.
McConnell relates the tale of how 29-year-old Louise Kitchen, Enron's head
gas trader in Europe, spearheaded the creation of an online gas-trading
system, recruiting IT people from elsewhere in the company to do the
development work. Word of the Web-based platform, EnronOnline, which is
literally remaking the company, didn't reach top management until a few weeks
before it went live.
Kitchen enlisted the support of Enron's initially skeptical top traders, and
she scoured the company for software developers and other experts. Her small
army of volunteers worked nights and weekends on the project while carrying
on with their regular jobs.
"It's an amazing story about not getting corporate approval and going through
all the bureaucracy," McConnell says. "No one went to the board and said, 'We
want to change the way we trade.' You just do it."
Glowing Endorsement
Soon after McConnell became the de facto CIO of the $40 billion energy
company, he joined eight of Sun Microsystems Inc.'s top Houston customers at
a breakfast hosted by Sun CEO Scott McNealy.
"I was very nervous," recalls McConnell, 40. "I mean, McNealy is the guy, and
here I know nothing about technology. I'd been on the job maybe two weeks."
McNealy asked the attendees - all but McConnell were middle-aged CIOs with
many years of IT experience - to introduce themselves in turn.
"When Scott came to me, I said, 'I'm the CEO of Global Technology, and we
want to be the leader in B2B commerce in the world.' He kind of sat back and
said, 'How long have you been in the IT business?' " McConnell explains. "
'About nine days,' I said, 'and we are going to take a little bit different
approach to technology.' Scott chuckled and said, 'That sounds like Enron; it
always looks at things differently.' He then stated that my CEO title and
Enron's approach were very unusual but that it would be more commonplace
soon, as this was the way of the future."
McConnell says McNealy's endorsement had "a huge impact" on how he structured
IT at Enron during the following year.
"I realized that we weren't too late to change our approach and take a
commercial view of technology," he says - a view of IT as an integral part of
the business, not as something that supports business functions. "None of the
other companies were thinking our new way at all."
Taking a commercial view of IT has led to a blurring of the line that
traditionally separates IT organizations from the business units they
support. When McConnell became CEO of Global Technology, Enron had five CIOs
who were predominantly operating independently inside the company's major
lines of business.
"Each CIO had his own agenda, his own thought process, his own goals, and
they did not communicate at all," he says.
McConnell established corporate standards for IT, created a management team
that included the five CIOs and put all IT people under a new chief
technology officer, Philippe Bibi.
But IT is far from centralized at Enron. "We wanted to make people think
about technology not as IT and support, but as an extension of your
business," he explains. "So we seeded people out into the business units.
[IT] directs the performance review process, but the business units have the
greatest influence on where the person actually ranks and is rated."
Firms like Enron that merge IT departments with the business units they serve
will be the winners among fast-paced e-businesses, says IT organization
expert Robert Zawacki, president of Zawacki and Associates in Colorado
Springs and a professor emeritus at the University of Colorado, also in
Colorado Springs. "We need more entrepreneurial leaders in IT, and
[McConnell] is certainly one," he says.
IT makes it easier to be entrepreneurial, says McConnell, who is now
president and CEO of Enron Global Markets. "We really do like to try things
and see what happens, and when you have an electronic platform like
[EnronOnline] that we can model into different sectors, it's very inexpensive
to try it. We are not afraid; if it's not working, we'll just stop." - Gary
H. Anthes and Julia King


Dan,

Please take a look at the attached Non-Disclosure Agreement and let me know
if it is good to be signed.

Thanks,

Troy
3-7415
 -----Original Message-----
From:  "Michael Vogt" <MVogt@silganmfg.com>@ENRON
[mailto:IMCEANOTES-+22Michael+20Vogt+22+20+3CMVogt+40silganmfg+2Ecom+3E+40ENRO
N@ENRON.com]
Sent: Thursday, May 03, 2001 10:29 AM
To: Black, Troy
Subject: NDA - Silgan Containers

Troy -

Attached please find the NDA discussed in our telephone conversation today.
I will follow-up with you on Tuesday, May 8th, regarding any questions or
concerns.

Thanks.
Michael

____________________________________
Michael C. Vogt
Manager, Supply Chain Analysis
Silgan Containers Corporation
Finding Solutions.  Creating Value.

e-mail: mvogt@silganmfg.com
www: http://www.silgancontainers.com

The information contained in this e-mail is intended only for the personal
and confidential use of the designated recipient(s).  If the reader of this
message is not the intended recipient, or the agent responsible for
delivering it to the intended recipient, you are hereby notified that you
have received this e-mail in error, and that any review, dissemination,
distribution or copying of this message is strictly prohibited.

If you have received this communication in error, please notify us
immediately by e-mail.

Unsolicited advertising sent to this e-mail address is expressly prohibited
under USC Title 47, Section 227.  Violators are subject to a charge of up to
$1,500 per incident or treble actual costs, whichever is greater.

 - NDA - Silgan Containers.DOC


See attached files


The following expense report is ready for approval:

Employee Name: V. Charles  . Weldon
Status last changed by:  Automated Administrator
Expense Report Name: CWeldon 101901
Report Total: $140.16
Amount Due Employee: $140.16

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


---------------------- Forwarded by Steve Beck/HOU/EES on 05/18/2000 11:54 AM
---------------------------

"perfmgmt@ect.enron.com"<perfmgmt on 05/18/2000 11:03:19 AM
To: sbeck@enron.com
cc:
Subject: Mid-Year 2000 Performance Feedback

NOTE:  YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

You have been selected to participate in the Mid-Year 2000 Performance
Management process by providing meaningful feedback on specific employee(s)
that have been identified for you.  Your feedback plays an important role in
the performance management process, and your participation is very critical
to the success of Enron's Performance Management goals.

Please provide feedback on the employee(s) listed below by accessing the
Performance Management System (PEP) and completing an online feedback form as
described in the "Performance Management Quick Reference Guide".  You may
begin your feedback input immediately.  Please have all feedback forms
completed by the date noted below.

If you have any questions regarding PEP or your responsibility in the
process, please call the PEP Help Desk at the following numbers:

In the U.S.:  1-713-853-4777, Option 4
In Europe:  44-207-783-4040, Option 4
In Canada:  1-403-974-6724 (Canada employees only)

Or e-mail your questions to:  perfmgmt@enron.com

Thank you for your participation in this important process.

The following list of employees is a CUMULATIVE list of all feedback
requests, by operating company, that have an "OPEN" feedback status.  An
employee's name will no longer appear once you have completed the feedback
form and select the "SUBMIT" button in PEP.

Review Group: ENRON
Feedback Due Date: Jun 09, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
CAMPOS, ANTHONY                 CONSTANCE L SUTTON              May 17, 2000
MELODICK, KIMBERLY A            CINDY L SKINNER                 May 15, 2000
VILLARREAL, NORMA E             CINDY L SKINNER                 May 15, 2000


Our weekly call will be Monday at 11:00 a.m., Central Time, on April 16, 2001.

Sue Nord


FYI - check out this rotten legislation in LA.  I think this is a good one
for our state coalition.  Regards.

INTERNET
LOUISIANA
ISPs would need permits under bill

Rep. Matthew (Pete) Schneider III (R., District 90) has prefiled a bill
to require the Public Service Commission to issue permits to Internet
service providers (ISPs).  HB 355 also would prohibit ISPs from issuing
preprinted solicitation checks to entice customers to enter into an
agreement with the ISP unless that ISP had a permit.

HB 355 would prohibit local exchange carriers (LECs) and interexchange
carriers (IXCs) from allowing an ISP without a permit to provide
Internet access to a telephone subscriber in the state.  The bill also
would bar banks from cashing any preprinted solicitation checks issued
by an ISP without a permit.

The bill would fine the LECs, IXCs, and banks $500 if they violated the
measure.  Those entities would have to keep track of permitted ISPs
through a list compiled by the commission.

HB 355 would require out-of-state ISPs to maintain a $10,000 surety bond
in the state to be permitted to provide Internet access to Louisiana
residents.  The PSC would be able to waive the bond requirement for any
provider demonstrating financial responsibility by submitting a letter
of credit from an accredited financial institution.

The bill would authorize the commission to set a fee for obtaining and
renewing the permit.  The permit would need to be renewed annually.


Here are the people who handle confirms in Houston:

Melissa Ann Murphy
Sharen Cason
Kim Hundl

EB 3115
1400 Smith Street
Houston, Texas 77002

Hope that helps! Let me know if you need anything else.

Kate


Thank you very much for including me on this. Really great to see you last
week.  Hope to see you again soon.  And thanks very much for a great dinner.

Best,
Jeff


Following our announcement of an additional of $1 billion credit line, Standard & Poor's (S&P) today downgraded Enron's long-term credit rating one notch from BBB+ to BBB and short-term rating from A2 to A3.  We expected this, because it is not unusual to be downgraded after using assets to secure credit.  This is still above investment grade.

The ratings of our pipelines Northern Natural Gas and Transwestern have also been lowered from A- to BBB.  In S&P's words, "Their ratings [are now] in line with those of the parent company to reflect S&P's view that Enron's pipeline assets have become more strategic to the company."

S&P also said, "[We continue] to believe that Enron's liquidity position is adequate to see the company through the current period of uncertainty, and that the company is working to provide itself with an even greater liquidity cushion through additional bank lines and pending asset sales."

As I've said before, building on our liquidity position through additional credit lines maintains our counterparties' confidence and strengthens our core businesses.

It's important for you to know that our gas and power numbers - which account for more than 95 percent of our trading activity - indicate that our customer base is not withdrawing, closing out positions, or reducing transaction levels as a result of credit concerns.  In fact, EnronOnline trading volumes are currently experiencing above-normal activity.

We will continue to update you as new developments arise.  Thank you.


According to Ed Santa with Iroq, we paid the disputed parking for June 1999
activity and we did not pay $860.00 of expnese in May 1998.  I not concerned
about the June 1998.  Would you once again please verify what we paid Iroq on
the disputed parking fee from May 1999 through July 1999?

thanks


This message is intended for eHRonline users only.

Due to a recent change to eHRonline, the URL (aka "Web address") for
accessing eHRonline needs to be changed on your computer.  The change
involves adding the letter "s" to the "http" reference in the URL.  The URL
for accessing eHRonline should be:   https://eHRonline.enron.com.

This change should be made by those who have added the URL as a favorite on
the browser.


For your information--

Eric Thode, the Director of Public Relations for Enron, sent the email below
to let us know that after a lot of discussion with the legal department, the
decision was made to retain our company name of Enron North America, while
the offices of Dave Delainey and John Lavorato will use Enron Americas.  Eric
suggested that if we have ordered any business cards or stationery with Enron
Americas that we re-order and use Enron North America.

Let me know if you have any questions.

---------------------- Forwarded by Debra Davidson/PDX/ECT on 12/18/2000
07:35 AM ---------------------------

Eric Thode@ENRON
12/18/2000 06:48 AM
To: Debra Davidson/PDX/ECT@ECT
cc:
Subject: Letterhead and Business Cards

Debra --

Stop the presses....I just received new information regarding the name
change.  We have decided to keep everyone as Enron NOrth America or Enron
South America.  The only people who will use Enron Americas are Dave Delainey
and John Lavorato.  Hope this does not cause a problem.  If it does, please
call me to discuss.  I'm sorry for the incorrect information a week or so ago.

Eric


Cris,

Following up on our conversation yesterday, I would be grateful if you would
please confirm that from an accounting perspective we can use L/C's as
collateral within our proposed structure.

Having spoken with Legal & Credit, I understand that the use of cash as
collateral creates difficulties under Canadian bankruptcy law regarding title
to security & rights of set-off, therefore use of L/Cs would be the preferred
route.

Sara, can we revert to using L/C as collateral within docs.

Many thanks,

Soma


Please briefly review the slides attached below and give me your reaction.
Please forward on to our clients if you think it would be helpful.   Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 09/26/2000 01:49 PM -----

	"Ingram, Kay" <KIngram@lockeliddell.com>
	09/20/2000 10:50 AM

		 To: "'mark.e.haedicke@enron.com'" <mark.e.haedicke@enron.com>
		 cc: "Brownell, Stephen" <sbrownell@lockeliddell.com>, "Swanstrom, Bill"
<BSwanstrom@lockeliddell.com>
		 Subject: FROM BILL SWANSTROM--Project White Knight

-----Original Message-----
From: Ingram, Kay
Sent: Wednesday, September 20, 2000 10:30 AM
To: 'sheila.tweed@enron.com'
Cc: Brownell, Stephen; Swanstrom, Bill
Subject: FROM BILL SWANSTROM--Project White Knight

As a follow-up to my earlier e-mail regarding Steve Brownell's experience
regarding municipalization strategies as a way to facilitate Enron's efforts
to be the energy manager for communities, I have attached a proposal
pursuant to which you can potentially use tax-exempt financing to
restructure power contracts.  Let me know if you or anyone else over there
are interested in talking about this further.  I think it's an interesting
idea.

Kay Ingram
Assistant to H. William Swanstrom
Locke Liddell & Sapp
(713) 226-1317
kingram@lockeliddell.com

 - 1


Sally and Ted,

Brenda, Vlady and I met today to discuss Project Door Step for Mariner.
Since Mariner is an E&P company rather than a trading company (or so we
think), I believe our approach may be somewhat different from the other
trading reviews.  The review will likely focus on the company's risk
management policies and procedures which we  think relates mostly to hedging
oil and gas production.  Based on a review of the last Mariner 10-Q (Sept
99), it appears the company does a significant amount of hedging with
financial instruments extending out to 2002.  The company also has
significant ($14MM) of deferred losses related to hedging activities.

As discussed with Ted, we have preliminary planned to visit Mariner on Tues.
March 21.  As a starting point,  Vlady is pulling RAROC information related
to Mariner and Brenda is getting all Enron positions with Mariner.  Please
call if you have any questions.

        Thanks,

         Jim


fyi

 -----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com]
Sent:	Tuesday, January 22, 2002 12:58 PM
Subject:	Terrebonne PVR % for February 2002

Date: January 22, 2002

To:   Transcontinental Gas Pipe Line Corporation Customers and
      Shippers

Re:   Terrebonne PVR % for February 2002

Listed below are the Production Blocks and the Associated Meter
Stations that are processed at the Shell North Terrebonne Plant.
The percentages listed were calculated based on the average of
the September, October and November 2001 statements and are
adjusted to reflect plant operations at 95% of its normal
capacity for the month.  The appropriate IT transportation rate
will apply to liquifiable transactions.

Please direct any questions regarding this subject to your
Transportation Scheduling Representative or Production Area
Customer Services Representative.

----------------------------------------------------------------
                              EST SHRINKAGE
                              ALLOC      % FOR
                              GROUP     02/2002    TRANSFER
ALLOCATION GROUP NAME         NUMBER    (MMBTU)    POINT(S)
----------------------------------------------------------------

Point Au Fer Sun           (A) 2129    12.216       0209
                                                    6393
Pointe Au Fer Rep              2136    10.181       0209
                                                    1120
Lake Decade E                  2165     6.001       0204
                                                    7884
                                                    5659
Bayou Copasaw              (B) 2181     2.329       0189
EI 128/129                     2250    14.772       6788
EI 126/120                     2254     9.119       0004
                                                    3249
SS 28C                     (B) 2266    10.934       6797
                                                    7201
EI 128/128 AC                  2272    15.646       0008
SS 113/114B                    2276     9.177       0038
SP 20/19                       2280    11.940       6973
SP 11/10                       2282     8.751       0069
SS 169                         2296     5.045       0039
SS 28 D2                       2400    10.323       0033
                                                    9757
                                                    1964
SMI 48/49                      2404     6.242       6970
SMI 23/22                  (B) 2410     8.571       0047
SMI 48/49                      2412     5.767       6968
SS 208/209F                    2418     6.456       0041
                                                    1961
EI 100/105                     2424    10.595       6961
                                                    6710
EI 100 Shell                   2432    11.615       0003
SS 107/108                 (B) 2456     8.333       0037
SS 208/214                 (B) 2458     7.133
SS 239                         2474     9.010       0048
                                                    6127
SS 266/253C                    2476     8.161       0063
SS 208/215                     2480     4.795       0041
SS 230/229A                    2482    16.057       7212
SS 208/214H                    2488     7.005       7812
SS 222/224                     2492     6.057       0042
Verm 215A                      2496    14.366       0078
EI 205/206                 (B) 2498     5.327       0009
EI 208/215 I                   2500    11.037       0010
EI 208/193                     2502    10.675
SMI 66C                        2504     2.907       6970
SMI 38-33                      2512     6.426       0049
EI 205/196C                (A) 2535    11.793       0009
SS 208/209K                    2537     6.668       2054
SS 274/269B                    2539     4.888       6241
SS 118E                        2543     6.680       6939
SS 72J                         2559     8.610       0035
SMI 106                        2563     9.976       6937
SMI 107                        2565    10.642       0072
SP 13                      (B) 2567     2.593       0067
                                                    0177
SMI 130A                       2569    13.666       0074
                                                    2467
                                                    7899
Verm 331                       2573     9.516       0082
SS 246 A                       2575     5.855       0050
                                                    0648
SP 10AB                        2579     9.394       0066
SP 12                          2593    12.355       7217
                                                    6753
Mosquito Bay #2            (C) 2635     3.171       7851
S. Humphrie                (B) 2647     4.467
St Paul Bayou              (B) 2653     0.537       6389
Dog Lake Texaco                2685    10.657       0197
Verm 313B                      2712     6.742       0682
                                                    6523
SS 84                      (C) 2714     6.622       7215
                                                    0649
EI 136/158B                    2720     8.097       0477
Arco EI Blk 107                2728     7.915
EI 108/129                     2729     7.614       0443
                                                    3322
Verm 330A                  (C) 2733     6.908       6722
SS 233B                        2735     9.933       6898
SS 218                         2737     5.291       6726
                                                    9523
SS 69 Chevron                  2739    14.968       0497
Verm 315                       2741     9.054       0595
S Tim 300                      2742     8.264       0458
                                                    9499
SS 332 Leviathan               2748    15.338
EI 113 Union                   2752    10.899       0784
SS 182                         2754     7.243       7214
                                                    7167
                                                    0500
SS 259                         2760     6.487       7345
                                                    7906
                                                    2204
Ship Shoal 322             (A) 2768     5.988       0764
                                                    6470
                                                    3835
                                                    1963
Green Canyon 52                2771    45.655       1045
                                                    0993
Green Canyon 184A              2773    18.656       1045
                                                    2055
Green Canyon 6A                2775    11.698       1045
                                                    0994
SMI 174                    (C) 2776    16.150       1045
                                                    1368
                                                    2021
                                                    0602
SS 191                     (B) 2783     7.480       0991
                                                    0992
SMI 205                        2785    11.921       1045
                                                    1007
SMI 117                        2787    11.660       2028
EI 57                          2789     4.782       2252
S Timb 198                 (B) 2791     1.534       2299
EI 184                         2796    12.634       2884
                                                    2883
SMI 147                        2797     6.433       5777
SS 58                          2798     8.697       5779
                                                    5780
                                                    3602
SS 33                          2808     4.889       5128
                                                    1589
Lake Decade                (B) 2813     3.818
Ship Shoal 243                 2814     8.578
SS 193-B                   (C) 2816     7.706
S Mar Is 192               (B) 2818     2.086
E I 390                    (C) 2819     7.763
S. Mar Is 76                   2823    15.387
E I Block 105D             (B) 2824     9.504
Cairn Energy SS 261        (B) 2825     2.340
Eugene Island Blk 135          2826    11.280
Ship Shoal 354 Platform        2830    10.307
Eugene Island Blk 83       (B) 2832     9.107
Vermilion Blk 309              2840     5.957
South Timblier Blk 217     (B) 2841     2.070
Green Canyon Blk 205           2842    16.919
St. Paul Bayou                 92853    5.804
St. Paul Bayou 58 #3           92858    5.462
LL&E East Lake Hatch       (C) 3291     3.499       0569
Lake Decade NRC                2686     7.837
Hughes Denny E. Lake Decade(B) 3530    18.349       7334
Ship Shoal 283             (C) 3879     6.659

(A) Average of last available three months weighted average
(B) Last available percentage
(C) Best available two months

Note:  If only one transfer point is listed for the meter, use
       this point as the source and the receipt.  Additional
       source points may be listed and indented to the right.

Larry G. Cunningham
Manager
Transportation Receipts
713/215-2665


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 04/30/2001
12:06 PM ---------------------------

"Ryan Lee" <ralee@rmi.net> on 04/27/2001 03:33:09 PM
To: <Matthew.Lenhart@enron.com>
cc:

Subject: Re: Coors fiels Baby!

I'd go top-shelf.  Are we getting laid in Vegas?
----- Original Message -----
From: <Matthew.Lenhart@enron.com>
To: <ralee@rmi.net>
Sent: Friday, April 27, 2001 11:49 AM
Subject: Re: Coors fiels Baby!

>
> i was going to come home this weekend if you knew them.  we would have to
> set up a service contract with those chicks.
>


Shirley,

2 expense checks:

$8,937.30
$4,971.30

Vince


Date: Thu, 18 Oct 2001 08:28:13 -0500
From: "Mark Maxwell" <MarkMa@cajunusa.com>
To: <MarkM@cajunusa.com>
Subject: Fwd:
Mime-Version: 1.0
Content-Type: message/rfc822

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X-Mailer: Lotus Notes Release 5.0.8  June 18, 2001
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(See attached file: hideout.jpg)(See attached file: Dr Evil.jpg)(See attached
file: Pull Over!.jpg)

 - hideout.jpg
 - Dr Evil.jpg
 - Pull Over!.jpg


Please see the message below and let me know whether you would have an interest in visiting with Steve Newton with respect to his idea.  Jim

 -----Original Message-----
From: 	"Steve Newton" <snewton@ev1.net>@ENRON [mailto:IMCEANOTES-+22Steve+20Newton+22+20+3Csnewton+40ev1+2Enet+3E+40ENRON@ENRON.com]
Sent:	Thursday, September 20, 2001 4:47 PM
To:	Derrick Jr., James
Subject:	Catching up...

Jim -

It has been several years since  we've visited, and there are a couple of areas I'd like to update with you  on.  I'm hopeful, after reading the following, that you will feel it  is worthwhile for us to get together again.

First, my last litigation project at  Fulbright & Jaworski just came to a close very unexpectedly, due  to a third party stay order, and I am once again looking for new matters to work  on.  I have attached my updated resume for your reference, or to pass on to  others in your Law Department who might have needs for my type of skills on a  project basis.  At a current billing rate of $80 per hour, engaging me  (with a specialization in this field for over 11 years)  for basic document  production activity generally will produce a meaningful cost savings  vs. utilization of even the most junior, inexperienced associate in an  outside counsel firm for such tasks.  I think I've mentioned to you before  that I have particular expertise in dealing with productions of electronic  documents -- especially email in a variety of application formats.

Second --and more importantly -- I  have reflected several years about what my ideal job would be, if  I were to go to work again on a permanent basis.  This week, I finally  took time to draft out a general job description of that job.  I have  called it, for now, a "Legal Information Counsel" position within a corporate  law department.  My draft job description is also attached.

I believe a strong case can be made  to justify such a position in many large, diverse corporations with multiple  lines of business.  In a nutshell, that justification is twofold:  (1)  avoidance of repeated re-inventions of the wheel across an organization, as it  relates to the expensive process of handling documents and data generated  by complex litigation and other corporate legal matters;  and (2) taking a  proactive leadership approach to legally significant information in a  corporation, vs. constantly being in a reactive mode as new fires break  out.

I urge you to review both my resume,  and the Legal Information Counsel description attached, and then let me come in  to visit with you about them.  I am particularly interested in your  reaction and comments to the Legal Information Counsel concept, over and above  whether such a position might be an appropriate addition to the Enron Corporate  Law Department.

I appreciate your time, Jim, and  look forward to having the opportunity to visit with you again.

Steve
281.597.8366 (home)
281.728.4468  (cell)
 - SNewtRes.doc
 - Legal Information Counsel.doc


> -----Original Message-----
> From: Donny Cox
> Sent: Thursday, October 05, 2000 2:32 PM
> To:   Rob Adams
> Subject:  FW: Do Not take this guy hunting!
>
>
>  <<AHMED.MPEG>>

 - AHMED.MPEG


This draft has not been sent due to pending guaranty issues.  The attached
has guaranties for The Coastal Corporation and Enron Corp.  for 20mm / 30 mm
( per your change) and are specific to this agreement.  Dan has advised the
guaranties are written for the agreement and we cannot change to include
other Enron Companies.  You will need to contact  Enron Corp. for a guaranty
to included other companies.

Please let me know how you wish to proceed.  Finally, the contact on your
worksheet is Faye Carlin (713) 877-7133

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


Rick , good result in California so far -  what is the status of our plan for
New England ICAP issues?

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 07/07/2000
06:15 PM ---------------------------
From: Ginger Dernehl@EES on 07/07/2000 11:14 AM
To: Greg Whalley/HOU/ECT@ECT, Ken Rice/Enron Communications@Enron
Communications, Kevin Hannon/Enron Communications@Enron Communications, Joe
Hirko/Enron Communications@Enron Communications, Cliff Baxter/HOU/ECT@ECT,
Karen Owens/HOU/EES@EES, David W Delainey/HOU/ECT@ECT, Janet R
Dietrich/HOU/ECT@ECT, Greg Piper/Corp/Enron@Enron, John Berger/HOU/ECT@ECT,
Kevin M Presto/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, John J
Lavorato/Corp/Enron@Enron, public affairs
cc:
Subject: Government Affairs Update

Please see the attached update from Richard S. Shapiro, Managing Director,
Government Affairs-The Americas.


-----Original Message-----
From: 	Allen, Diana
Sent:	Tuesday, January 15, 2002 8:44 AM
To:	Black, Tamara Jae
Subject:	FW: Netco TDSP production database

TJ.

Would you please let everyone know that our TDS database will go down Thursday afternoon, and will be available Friday morning.

Thanks,

Diana

 -----Original Message-----
From: 	Invedy, Tantra
Sent:	Monday, January 14, 2002 1:52 PM
To:	Allen, Diana; Poston, David
Cc:	Nat, Steve; Luu, Duong; DL-Oracle DBA
Subject:	Netco TDSP production database

All,

Here is the schedule for TDS databases on Netco: (as confirmed by Diana Allen)

TDSP	:	Will be a copy from esttdsp as of Thursday, January 17 2002 at 4:00pm (the day before Netco goes live on Friday)
TDST	:	Will be a copy from tds8itst. As requested, whenever the Netco production migration is completed, this will be refreshed from tape as of prior Dec 19 2001.
TDSD	:	Will be a copy from tds8idev. I have moved this database into a netco server.  As soon as Clement pushed the tnsnames.ora change, you will be able to connect to TDSD

Please let me know if you have question or modification.

Tantra.


I'm not absolutely sure either, but I think she is saying they can provide a package that:

1) Provides IT staff that will not leave, and can backfill any attrition we may see.
2) Provide Cash for us to use as we see fit (i.e. retention) using our existing Hardware assets as collateral.
3) Help with any future integration work with the potential NewCo buyers (apparantly she knows who they are and they use IBM also, and she has contacts there).
4) Use IBM's name to help in anyway that may make the venture more likely to succeed.

Regards

Mark Pickering
Chief Technology Officer

Enron Net Works, LLC

  _____

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	05 December 2001 12:33
To:	Pickering, Mark
Cc:	Piper, Greg
Subject:	RE: IBM

I don't understand whta she is offering

 -----Original Message-----
From: 	Pickering, Mark
Sent:	Wednesday, December 05, 2001 11:32 AM
To:	Kitchen, Louise
Cc:	Piper, Greg
Subject:	FW: IBM

Hi Louise,

Just got off the phone with Gail. She wants to know if they can help by coming up with a guaranteed offering from IBM that would help any NewCo succeed by providing IT support/direction, saving money, monetizing assets, retaining key staff and lending the IBM name, etc, etc to the deal.

If you're interested you can either call me or call her directly.

Regards

Mark Pickering
Chief Technology Officer

Enron Net Works, LLC

  _____

 -----Original Message-----
From: 	Piper, Greg
Sent:	05 December 2001 08:23
To:	Pickering, Mark
Cc:	Leff, Dan; Beck, Sally; Rub, Jenny
Subject:	FW: IBM

Anything here?  I think that at one time prior to filing IBM was looking to buy or monetize or loan against all out hardware so we could get cash but I am not sure where that went.

GP

 -----Original Message-----
From: 	Leff, Dan
Sent:	Wednesday, December 05, 2001 8:09 AM
To:	Dayao, Anthony; Piper, Greg; Beck, Sally
Cc:	Stubblefield, Wade; Sharp, Vicki
Subject:	IBM

Anthony, Greg, Sally -

Gail Whipple from IBM called to offer any assistance that they can provide.

Potential to save money, monetize assets, provide people, provide assistance to employees & people that we don't / may not need, etc.

If we would like IBM to assist, we need to call her @ 914-642-6399.

Thanks - Dan


Attached is our protest filed last week.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 12/13/2000
10:34 AM ---------------------------

 - ERRATATO.WPD


Additional Information for Security Resource Request  EMLN-4RTJL2 has been
provided by Security.

To view the request, double click your left mouse button on the Notes
document link below.


We care a great deal on Point #2 - the PX Credit issue.  Harry Kingerski will
have the right messages.

Jim

Susan J Mara
05/11/2001 12:28 PM
To: Tamara Johnson/HOU/EES@EES, Scott Stoness/HOU/EES@EES, Harry
Kingerski/NA/Enron@Enron, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James D
Steffes/NA/Enron@Enron, jbennett@gmssr.com, Jeff Dasovich/NA/Enron@Enron,
Sandra McCubbin/NA/Enron@Enron
cc:

Subject: SCE Plans to Implement billing and balancing account aspects of MOU
as of June 3

I learned at the AReM meeting today:

SCE has informed ESPs that it will implement its advice letter on the MOU
(don't recall the number) beginning with the new rates on June 3.  We are
planning to protest that AL.  Do we care? IF we do, Jeanne, can we stop them?

Also, SCE has informed people that it is calculating the PX Charge/Credit
based on its AL that was rejected by the CPUC. Do we care on that one?

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854


Just a few of questions.

1. Will Kevin take MTM income on this position on "day one?"

2. Why just 5 years sold?

3. Does your 9% contemplate covering depreciation?

Wes

John J Lavorato@ENRON
12/11/2000 08:44 AM
To: Kevin M Presto/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT, Wes
Colwell/HOU/ECT@ECT, Don Miller/HOU/ECT@ECT, Greg Whalley/HOU/ECT@ECT
cc:
Subject:

The following points refer to the methodology that we are taking to rebook
the New Albany Plant.  Please send me a note immediately if you disagree.
Assume that NewAlb is a non mark to market entity and Enron is the mark to
market entity.  However, it is fully owned and operated by us for now.

*  The power mark to market book will pay NewAlb a capacity payment of $4.87
for 5 years.  We shaped this payment as follows:

2001 - $5.06
2002 - $4.96
2003 - $4.86
2004 - $4.75
2005 - $4.65

*  This payments allows Enron to supply gas to NewAlb and receive power.

*  Enron will pay NewAlb $1000 per unit start.

*  Enron will also pay NewAlb $1.05/MW hour for varialbe o&m.

*  This will create an entity "NewAlb" that will return 9% assuming a book
value of $336/kw on 12/31/2005 vs. 409 currently.

*  If NewAlb pays the 9% out that entity should be relatively flat each year
for the next five.


This is an example of the type of things I continue to manage for Citizens.
At this point my role is customer service, making sure their questions and
concerns are being addressed.  I work extensively with Patti Sullivan and
Darla Saucier to keep things on even keel.  I would like to stay involved as
I think that is in the interest of the client and EPMI. but continue to ramp
down.  This has been occurring  as you have already taken over the
transaction side of the deal.  If you want to take over everything that is
fine too, and no offense will be taken, but doing so will take a significant
investment of time on your part to get up to spped on the deal structure and
the nuances of transport on El Paso.

As I discussed they want to get together next week to discuss the "new deal"
and the TW operator transaction.  These deals are somewhat hairy and will be
hard to close, but there is a significant amount of money that we could
make.  I would like to help close that deal.  With respect to the orig
question, my thought is I am very comfortable having you determine how much
orig (if any) you think I deserve after the fact based on the value you think
I added to the transaction if it gets done.  If you want to handle it
yourself and use me as a consultant that is OK too.

Let me know what you think on Monday

C
---------------------- Forwarded by Chris H Foster/HOU/ECT on 03/16/2001
08:30 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  CoganJA@aol.com                           03/16/2001 08:16 AM

To: cfoster@enron.com
cc: sbreen@czn.com
Subject: Citizens Balancing

Chris,

Attached is a copy of the February 2001 month end El Paso allocation
statement. ?I would appreciate you reviewing this statement with particular
attention paid to the imbalances on operator balance ?agreements D217 and
D218 and D219 and D220. ?It appears that gas scheduling may not be properly
matching were gas is being delivered. ?We can discuss at your convenience.

Best regards,

John

John A. Cogan

Johnco Group
3629 Lake Kristin Drive
Gretna, LA 70056
Phone ?(504) 392-7557
Cell ?????(504) 491-2874
Fax ?????(208) 730-4713
 - EP Allocation 2-01.doc


Rod,

The ETS Operations Administration and P&SM organization will support all of
the objectives listed below in whatever manner we can. but I feel that we can
be most directly involved with the last one:

9).  E-Commerce Strategy

 We can work with the GSS organization to develop an E-Commerce Strategy and
proceed with implementation.   Some specific areas that we need more
development and implmentation of is the use of :

 "Payment on Receipts"  this eliminates the further processing of vendor
invoices related to approved purchase orders.

 SAP Auto generated Purchase Orders.  - When we have designated NPA
agreements in place for specific commodities, let the system convert the
requisition to a purchase order and route to our preferred Supplier.

 Use of reverse EDI - allows vendors to input verbal orders to them into
their Purchasing System and reverse create a "Purchase Order" into our SAP
System.

 An E-Commerce system that can be implemented  anywhere within the Enron
world that provides for a quick seamless transaction from "Cradle to Grave" -
Requisition to Payment".

 Our implementation of an "Integrated Supplier" is allowing us test ground
for many of these applications with an outside Supplier partner.

Morris

I would like to see a first draft of the 2001 goals & objectives by December
11, 2000.

I specifically would like to see goals dealing with the following:

1.) Resolution of the Navajo Right -of- way issue;
2.) Development of a specific business plan for NNG's South End;
3.) Timetable for TW's new expansion;
4.) Timetable for the completion of FGT's Phase IV, Phase V, and PhaseVI;
5.) Pipeline safety legislation;
6.) Divesting of Enron's clean fuels business;
7.) Business developments efforts;
8.) NNG's Equivalent Unit Risk account  (how do we get our money back now !);
and,
9.) E-Commerce Strategy.

We will discuss further at up-coming staff meetings.


-----Original Message-----
From: 	Kitchen, Louise
Sent:	Thursday, December 06, 2001 10:05 PM
To:	'"Buster & Christina Kennett" <shakenit@primus.ca>@ENRON'; Nettelton, Louise & Marcus
Subject:	RE: Hi there

Life is pretty difficult at the moment.  It astonishes me that we (a trading company) were brought down by a rogue finance shop and some bad investments.

We are trying to sell the trading company (North America) in which Marcus and I work.  There are plenty of bidders in town but it is a pretty horrid time - working 10 weeks straight mostly through the nights and as you would expect no-one appreciates it!  I am really missing time with Scott.

Anyway hopefully better news coming.

Hope you are all well.

Take care all three of you

Louise (and Marcus and Scott)

 -----Original Message-----
From: 	"Buster & Christina Kennett" <shakenit@primus.ca>@ENRON
Sent:	Wednesday, December 05, 2001 1:15 PM
To:	Nettelton, Louise & Marcus
Subject:	Hi there

Just wondered since we had not heard from you, whether you are  still there in view of all that has happened with Enron. How is Scott  doing?

Hope to hear from you sometime soon.

Buster, Chris & Oliver


Roger: Please clean up this line of questioning that shows that PG&E is
fishing for a windfall.  And that their liquidity problem is contrived or at
least overstated.

Q.  How many MW of generation do you have related to Nuclear?

[Expect answer] About 4000MW

Q. What value have you put on these assets?

[Expect much waffling and an answer close to $0]

Q.  Would you accept, subject to check, that 12 month forward contracts for
CA are trading at $180/MWh?

A [Expect much wafffling but a high number]

Q.  What is the vaiable (non capital related costs) of nuclear units in the
next year?

A [Expect $20/MWh]

Q.  Is it true that:

$150/MWH minus $20/MWh = $130/MWh

Q. And that

4,000 MW at 80% availability factor and 8760 hours per year = 28,000,000 MWh

Q.  And that

28,000,000 MWh times $130 = 3.6b dolllars

Q.  And would you accept subject to check that PG&E would get to keep $1.8b
of this amount given its past settlements?

A Yes

Q.  And could you confirm, subject to check

Your total generation 10,000MW times 60% avail factor times $100/MWh gap
would result in an increase in value of your existing assets by $8.8 b in
2001 alone?

Q.  And would you expect there to be more value in 2002?

A Expect lots of weaseling and yes

Q.  And can you confirm your current estimated shortfall is $6b.

Q.  How much did you value your hydro assets at this summer in your previous
filing?

A.  Expect 2.8 b

Q.  So the increase in value in assets in 2001 alone plus the original value
of hydro is almost double what your current shortfall is even without
counting on value from 2002 and beyond?

Q.  Does it strike you that you don't have a debt problem but lack of
communication to investor problem?

A .  Sure we remove our request and concede everything :) :) :) :) :) :)

Q.  Would you be willing to turn over your existing generation assets to the
government for $20b today?


I'll be in Cincinnati, OH and then traveling back to Houston on Tues.  You
can reach me at (513)541-8649 or on my cell phone (713)206-8080.


Here's the only info that I have on this counterparty.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 03/17/2000
08:52 AM ---------------------------

Christian Yoder

03/16/2000 03:43 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Holli Krebs/HOU/ECT@ECT
Subject: Re: EWEB

I really don't recall much about this and thereforeI hereby offer my neck on
the chopping block for any communication failure.  Let's get the ISDA going
asap and take advantage of renewed interest by the counterparty.----cgy

Sara Shackleton
03/16/2000 12:16 PM
To: Christian Yoder/HOU/ECT@ECT
cc:
Subject: Re: EWEB

Looks like nothing was ever done on this so I've contacted Tracy Ngo to move
on a credit worksheet and then we can turn out a draft ASAP.  Do I need to
call Holli?  Do you recall whether you and I had further discussions on
this?  Sara

Christian Yoder

03/16/2000 12:40 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Holli Krebs/HOU/ECT@ECT
Subject: EWEB

Sara,
Holli Krebs has asked for an update on the EWEB ISDA process.  EWEB means
Eugene Water and Electricity Board           and is a small Oregon muni.
She was under the impression that we had already sent an ISDA to EWEB but,
she just got a call from Jim Deisen (the guy you and I met with at that
Portland law firm---remember about a year ago?)  and Jim asked if we could
send over our ISDA and schedule.    So.......   if we have already started
down the path with EWEB, the West Desk would appreciate it if you could
please  put it on top of the pile and follow up with Dieson (503-224-3092)
or, if we have done nothing,  could you please give him a call and get the
ball rolling on an ISDA.  Thanks very much and let me know if I can help in
any way.----cgy


Please disregard the comment regarding the options in my last e-mail.


F.Y.I.

Business World: How California Turned Out the Lights
By Holman W. Jenkins Jr.

08/30/2000
The Wall Street Journal
A27
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Back in the 1970s, National Lampoon proposed a solution for inflation: pay
people less in salaries and wages, and
charge less for things in stores.

Now the state of California has seized upon the identical solution for its
electricity woes. By fiat, it has lowered the
price that utilities are legally allowed to pay for bulk electricity, and
also lowered the price they are allowed to
charge for the same electricity to their end users.

Wow, we wish someone had hit upon this approach before. Rents too expensive?
Make apartment owners put us
up for free. Medical bills a nuisance? Require doctors and hospitals to work
for nothing.

Almost any inconvenience can, in theory, be solved by passing a law
compelling others to do what we want. If any
state is well situated to make this its comprehensive approach to governing,
it's California -- being a state in close
geographical proximity to North Korea.

Because each year the graduate schools release another class of educated
professionals into the readership, we
probably need to emphasize why the National Lampoon solution wouldn't work:
Lowering the price of electricity
creates an incentive for consumers to consume more. At the same time,
lowering the price creates an incentive for
producers to produce less.

Now, for extra credit: Whose idea of a solution is this?

California's politicians, most notably State Sen. Steve Peace, have
calculated, undoubtedly to a pointillistic degree,
that any blame for blackouts will naturally accrue first to the utilities --
because a blackout is an urgent problem
demanding an urgent solution. Meanwhile, higher prices are something
consumers can resent at their leisure, even
unto November, and thus would be more likely to take out on elected
officials.

Electricity makes an interesting challenge for deregulators, one we've been
fumbling heroically. Electricity cannot be
stored, except at ridiculous expense. Ever try to run your house on
batteries?

A second quality is that demand is highly variable, fluctuating by 100% in a
day, and often nearly as much
seasonally (as measured peak to peak). To meet the highest demand, a utility
might easily find itself having to keep
an entire generating facility on hand that it would only fire up a couple
times a year. A peak plant -- the one that
stands between customers and a blackout -- runs only about 200 hours
annually. That's a large capital good that
sits idle 357 days out of 365.

A third quality is that electricity doesn't travel well over long distances,
though technologists are working on this.
But thanks to the efforts of the New Yorker and other publications scaring
people about the unproven health risks of
power lines, try building a new set of lines across anybody's neighborhood
anyway.

These are all reasons why, in the past, it was deemed efficient to produce
and distribute power within one company
over a large geographic area.

"Monopoly" is a bad word when used by a newspaper but not when used by an
economist. It wasn't monopoly that
led utilities to build expensive nuclear plants in the 1970s and 1980s. It
was "cost-plus" rate regulation. In other
words, any utility, as long as it could get a regulator's approval, was
guaranteed to collect its construction costs
and an operating profit on any plant it built.

Is this a good way to encourage the building of expensive power plants,
enough so that there would always be
sufficient power to go around even on peak days? Yes.

Result: To this day we have a system that in no way induces consumers to be
rational in their usage. Looking
around, your columnist right now is running a fan, two computers and umpty
lights, most of which he could turn off
with no impact on his comfort and productivity. In fact, the stereo has been
switched on but turned down to zero
since last Friday. But why get off the couch to shut it off?

The sensitive, new age solution: Reward utilities not for how much they
invest in construction but how efficiently
they meet demand -- which, in the first instance, would mean incentives for
consumers to rationalize their usage.

The rough-and-ready solution: Free utilities to sock their customers with
whatever prices they want, and let
customers fight back by turning off lights or seeking out alternatives (which
exist aplenty if you look hard enough).

But California and other states have opted for a bonehead-with-a-drawing
board solution: They call it deregulation but
the scheme seems to have been designed with the idea that consumers still
shouldn't know how much electricity
costs from one moment to the next.

Utilities were more or less forcibly stripped of their generation role: Now
they would be middlemen, buying power on
the open market. The problems with this approach range from a shortage of
transmission capacity to the greatly
magnified difficulty of preventing grid overloads and other nasty physical
effects when the generating plants and the
grid aren't under the same control.

Even under deregulation, of course, utilities still have an obligation to
meet peak demand. But, effectively, it's farmed
out to the market, and if the power isn't there, it isn't there. And
California has made sure it won't be there in the
future by slamming down price controls.

Maybe it's time we retired the word "market" altogether from the policy
debate, since it's become one of those
conjuring words that justifies everything and has ceased to mean anything. A
modern economy creates or negates
markets as it needs to: The real underpinning is property rights and freedom
of contract. Would we tell GM to stop
making engines and buy them on the open market? No, because we assume that GM
has every incentive to make
the most efficient decision itself. Yet government planners have decided,
based on no evidence, that the age-old
vertical efficiencies in the electricity business simply don't exist.

By whatever route, California's solution is to allow utilities with the skill
and experience to run integrated power
distribution networks to get on with the job -- without either the old
guarantees or the old heavy-handed restrictions
on their freedom to price. Utilities can judge for themselves how much of
their demand to contract out to
independent suppliers.

Undoubtedly there would be a need for residual regulation to protect the most
vulnerable consumers and make sure
universal service is available to all. But that would be far less intrusive
than the "deregulation" they've been
practicing in California -- and that's now unraveling in California,
discrediting the idea of a more market-based
electrical system.

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


Ben, there should be a standard form for this -- check with Candace.  If not,
let me know.  Michelle

Ben Herman@ENRON
10/13/2000 01:26 PM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Contractor Letter for your review

Pardon my forgetfullness.!

Michelle,

Please review the attached letter.  I will be using this in my termination of
a contract this afternoon.

Thanks for your help.

Ben  3.4822


Friday is fine with me.

From: Aaron Brown/ENRON@enronXgate on 04/24/2001 02:24 PM
To: Stanley Horton/Corp/Enron@Enron
cc: PEGGY FOWLER/ENRON@enronxgate, Mary Joyce/ENRON@enronXgate

Subject: RE: PGE retention program

I can have this all finalized by Friday May 13.  Peggy/Stan - Let me know if
you need it done sooner.  thanks, Aaron

 -----Original Message-----
From:  Horton, Stanley
Sent: Tuesday, April 24, 2001 1:33 PM
To: Brown, Aaron (Executive Comp)
Cc: FOWLER, PEGGY; Joyce, Mary
Subject: Re: PGE retention program

I am ok with all of this.  When can we finalize?

From: Aaron Brown/ENRON@enronXgate on 04/24/2001 10:42 AM
To: Stanley Horton/Corp/Enron@Enron, PEGGY FOWLER/ENRON@enronxgate
cc: Mary Joyce/ENRON@enronXgate

Subject: PGE retention program

Here's the updated spreadsheet based on Peggy's email and our understanding
of the programs.

Peggy, Joyce's reason for requesting an exception for Mary Turina (front
loading and increasing retention bonus or guarantee payment of sales bonus)
is "Due to the special nature of the trading floor and the on-going need we
have to retain people in this area"...here's how I see it

Factors:
(1) seems like Mary just went into that position...but, if she's already
established a reputation and is being heavily recruited, then maybe a higher
number on retention is justifiable
(2) she works 80% - i know that's not indicative of productivity, but it
seems our flexibility should be worth something in the retention bucket
(3) she only has about $100k of unvested equity remaining
(4) as currently contemplated, Piro and Lesh would get about $250k (compared
to $200k for Mary) in retention value - but this points back to (2) somewhat
and potential internal inequity issues if increased values or exceptions get
out

The most important factors are:
(5) the risk of losing Mary to a competitor and
(6) whether that loss would significantly disrupt the sale process or ongoing
operations of PGE
If these factors are, in fact, problems, then it probably makes sense to
increase Mary's retention bonus.  If we get into front loading her retention
bonus, then I'd want to get some strong non-compete and non-solicitation
language in the documents.  The reason for front-loading the retention grants
for Fowler/Miller is to provide some consideration/incentive for giving up
"window" payments.

Peggy, if you still feel strongly about increasing Mary's retention bonus
after reviewing my thoughts, I don't have a problem with $250k, but if we
start to get into the $300k - $400k range or front-loading any portion, I'd
like to get Stan's sign-off.

Aaron

-----Original Message-----
From: FOWLER, PEGGY
Sent: Monday, April 23, 2001 7:02 PM
To: Brown, Aaron (Executive Comp); Horton, Stanley
Cc: Joyce, Mary
Subject: Re: PGE retention program

Thank you for the summary Aaron, I don't think you misrepresented anything,
but there are a couple places that I have questions, or the amounts you show
are different than what I was expecting.
1)My records showed our last discussion around Lobdell showed his sales bonus
at $225,000. and this shows $250,000. which I am OK with, but if total dollars
are limited, I might need the $25,000. for some other individuals.
2) I had emailed before that Quennoz, Johnson, and Ryder were lower than the
last plan, although this was the 'old' retention  plan. I had propposed
Quennoz and Johnson going to $250,000., which gets them to previous level, and
Ryder to $225,000., and that Barnett would need an increase to keep equity to
$225,000. If $250,000. is too high for Johnson and Quennoz, I could probably
be OK with $225,000. for each of them, but they should be as high as Nichols,
and Barnett should also be as high as Nichols.
3)I had also had Joyce Bell ask you a question about Mary Turina, and payment
of sales bonus at earlier of sale or some timeframe like 2 to 3 years.
Probably what I'm really suggesting here, is maybe we need to increase her
retention, and decrease her sales or something like that, and a front loading
might work here too, with incentive to have to stay.
Thanks for all your help and work on this Aaron. Please call if you have
problems understand my notes. 503-464-8401
>>> Brown, Aaron (Executive Comp) 04/23/01 01:14PM >>>
Here are the numbers for the PGE retention programs.

Stan, I've reviewed Peggy's recommendations for these programs (Retention and
Sales Bonus Programs) and they seem reasonable in light of the imminent
divestiture of PGE and our associated needs - let me know if you're ok with
the numbers.

Peggy, let me know if I've misrepresented anything.

I will be working with Kriste Sullivan (Enron attorney) to implement these
agreements and supercede the prior agreements.  We are hoping to have the
agreements signed and executed by May 13.

Aaron
 << File: PGEretention.xls >>


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/21/2000
05:03 PM ---------------------------

	Enron North America Corp.

	From:  Press Release @ ENRON                           01/21/2000 12:51 PM

To: All Enron Worldwide
cc:
Subject: ENRON HOSTS ANNUAL ANALYST CONFERENCE PROVIDES BUSINESS OVERVIEW AND
GOALS FOR 2000

HOUSTON - Enron Corp. hosted its annual equity analyst conference today in
Houston.  Ken Lay, Enron chairman and chief executive officer, opened the
conference by highlighting Enron,s tremendous growth across all businesses
and the outstanding 700 percent return to shareholders over the past decade.
Enron presented key objectives for 2000:
? Continued strong growth in the core Wholesale Energy businesses.
? Break-out performance from Retail Energy Services.
? Rapid development of Enron Broadband Services.

Enron,s ability to extend core skills and competencies to new markets was a
recurring theme throughout the day.

Wholesale Energy Business
Growth prospects remain strong for Wholesale Energy Operations and Services,
Enron,s largest business.  Wholesale energy growth in North America is
expected to be driven by the continuing deregulation of power markets in the
United States and large-scale energy outsourcing by utilities and large
energy consumers.  Enron expects to continue to broaden its early lead across
the European continent as markets quickly open to competition.  Finally,
Enron is rapidly expanding its wholesale presence in other markets such as
Japan, where large customers will be permitted to choose their electricity
provider in March 2000.
EnronOnline will provide additional wholesale growth as incremental sales are
generated through this innovative, Internet-based transaction system.  Over
450 customers around the world have used EnronOnline and over 10,000
transactions have been completed since its introduction in late November
1999.  Yesterday, EnronOnline transaction levels reached a new record with
over 700 transactions, representing a notional value of $250 million.
Transaction processing costs with EnronOnline are significantly lower than
costs associated with traditional transaction methods.
Enron,s Gas Pipeline Group is also well positioned to continue growing, with
expansions planned or underway on several of its systems.

Retail Energy Services
With over 16,500 facilities under management, the infrastructure is in place
to service customers worldwide.  As the strong contracting momentum
continues, Enron Energy Services is poised to rapidly increase earnings in
2000.  Enron Energy Services, goal for 2000 is to sign new contracts
representing $16 billion in future expenditures by customers for energy and
energy services, nearly double the level in 1999.

Enron Broadband Services
The new name of Enron,s communications business, Enron Broadband Services,
reflects its role in the very fast growing market for premium broadband
services.  Enron is deploying an open, flexible global broadband network
controlled by software intelligence, which precludes the need to invest in a
traditional point-to-point fiber network.  This Enron Intelligent Network is
widely interconnected to both other wholesale bandwidth carriers and to
Internet service providers, thus providing the platform for two new Enron
business centers, bandwidth intermediation and broadband content delivery.
A direct transfer of Enron,s core market making and risk management skills
from its energy businesses, bandwidth intermediation will provide
capacity-holders a vast array of alternatives for flexible, low cost
capacity.  Enron will also provide premium broadband content services, such
as high-quality video-streaming and large broadband file transfer, with
differentiated levels of quality in a usage-based business model.
As announced in a separate release, Enron also reached an agreement with Sun
Microsystems that provides for accelerated development of broadband Internet
services.
Enron is one of the world,s leading electricity, natural gas and
communications companies.  The company, which owns approximately $34 billion
in energy and communications assets, produces electricity and natural gas,
develops, constructs and operates energy facilities worldwide, delivers
physical commodities and financial and risk management services to customers
around the world, and is developing an intelligent network platform to
facilitate online business.  Enron,s Internet address is www.enron.com, and
the stock is traded under the ticker symbol, &ENE.8
##
This press release includes forward looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Although Enron believes that its expectations are based
on reasonable assumptions, it can give no assurance that its goals will be
achieved.  Important factors that could cause actual results to differ
materially from those in the forward looking statements herein include
political developments in foreign countries, the ability to penetrate new
wholesale and retail natural gas, electricity and broadband services markets,
including the energy outsource market, in the United States and Europe, the
timing and extent of changes in prices for crude oil, natural gas,
electricity and those relating to broadband services and content, the timing
and effect of changes in interest rates, the timing and success of Enron,s
efforts to develop domestic and international power, pipeline,
communications, internet-related and other infrastructure projects, and
conditions of the capital markets and equity markets during the periods
covered by the forward looking statements.


Dear:

Thank you for giving me an opportunity to have an interview with Enron Corp.
I am looking forward to hearing the result from you.  In case you
are interested in reading some of my works, you can go to

http://www-personal.engin.umich.edu/~centered

Best regards,
Seksan.

-----Original Message-----
From: Shirley.Crenshaw@enron.com [mailto:Shirley.Crenshaw@enron.com]
Sent: Tuesday, June 20, 2000 4:45 PM
To: centered@engin.umich.edu
Cc: Vince J Kaminski; Pinnamaneni Krishnarao; Osman Sezgen
Subject: Re: Telephone Interview with the Enron Corp. Research Group

Seksan:

This Friday, the 23rd, at 2:30 PM eastern time (1:30 PM Central) would work
fine.  Please let me have the telephone number you can be reached at.

Regards,

Shirley Crenshaw

Seksan Kiatsupaibul <centered@engin.umich.edu> on 06/20/2000 03:19:37 PM

To:   Shirley Crenshaw <Shirley.Crenshaw@enron.com>
cc:   Vince J Kaminski <Vince.J.Kaminski@enron.com>, Pinnamaneni Krishnarao
      <Pinnamaneni.Krishnarao@enron.com>, Osman Sezgen
      <Osman.Sezgen@enron.com>
Subject:  Re: Telephone Interview with the Enron Corp. Research Group

Dear:

Thank you for giving an opportunity to have an interview with Enron Corp.
This Friday afternoon from 1PM to 4PM eastern time would be good for me.
Please let me know whether or not the time is also convenient for you.

Best regards,
Seksan.

On Tue, 20 Jun 2000, Shirley Crenshaw wrote:

>
>
> Good afternoon Mr. Kiatsupaibul:
>
> The Enron Corp. Research Group would like to conduct a telephone
interview
> with you at your convenience.
>
> Please let me know your availability this Friday, the 23rd and during the
week
> of June 26 - 30th and I will shedule the interview.
>
> The interviewers would be:
>
> Vince Kaminski      Managing Director
> P. V. Krishnarao         Director
> Osman Sezgen        Manager
>
> Look forward to hearing from you.
>
> Regards,
>
> Shirley Crenshaw
> Administrative Coordinator
> Enron Corp. Research
> 713/853-5290
> email:  Shirley.Crenshaw@enron.com
>
>
>
>
>
>


----- Forwarded by Sara Shackleton/HOU/ECT on 11/01/2000 08:51 AM -----

	Craig Young
	10/02/2000 09:21 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Justin Boyd/LON/ECT@ECT,
tj.pimpinelli@mglondon.com
		 cc: Craig Young/NY/ECT@ECT, Jon Barrett/EU/Enron@Enron
		 Subject: United States Swaps

Hi Sara

We are Enron Trading Services Inc. (FCM) in New York. We came along with the
MG purchase and report through London.

We handle clear/broker US Futures and act as an IB for Enron Metals Ltd. Our
client base is the Americas with an overlap to Houston.

We would like for funds and commercial clients to have one Swap document
including several commodities and Enron units. For example we understand from
Per that you are working a document for Catequil that should include metal.

Justin

 Could you advise

Thanks
Craig Young
212-715-2342


Start Date: 4/21/01; HourAhead hour: 11;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042111.txt

---- Generation Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: HARBOR
  MKT_TYPE: 2
  TRANS_DATE: 4/21/01
  UNIT_ID: HARBGN_7_UNITS


So far there's Wild Goose, but there in Northern California--have to go
through the Wheeler bottleneck--so that likely won't hunt.  Lodi's a
possibility, but it's well inland, unlike the significantly more strategic
storage assets on the coast.  In addition, Lodi's in the process of selling,
so there's some uncertainty in the short run.  Bottom line, folks are trying
to build competitive storage, but it's in the "emerging" phase in a very
hostile environment.  We should discuss further, though; very interesting
idea.

Best,
Jeff

	James D Steffes
	05/22/2001 08:45 AM

		 To: Robert Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeff
Dasovich/NA/Enron@Enron
		 cc:
		 Subject: Re: California LNG

Robert & Jeff --

Is there some other (competitive) storage that would want to work with our
deal in CA other than SocalGas?  Maybe find someone adding some new storage.

Jim

Robert Neustaedter@ENRON_DEVELOPMENT
05/16/2001 10:20 AM
To: Kurt Lindahl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jody
Crook/Enron@EnronXGate
cc: Harry Kingerski/NA/Enron@Enron, James D Steffes/NA/Enron@Enron

Subject: California LNG

In response to your request to review the SoCalGas tariff with respect to
storage service for quantities of  gasified LNG in excess of market I present
the following.

SoCalGas has various storage rate schedules available to its customers,
including forms of interruptible storage service.

Because of the long-term nature of the proposed project and firm injection
requirements I focused on Schedule No. G-LTS (firm Long-Term Storage Service).

Pricing under this schedule is very flexible (both upwards and downwards).  I
have used the rates included in the tariff which are suppossed to closely
correspond to utilty cost of providing such service and are also consistent
with rates previously supplied for economic modeling purposes.  Keep in mind,
these are benchmark costs, and may be subject to downward or upward
negotiation.

Because of the magnitude of the injection quantities, it was advised that
some expansion of storage capabilities may be required.

Fixed charges consist of an annual inventory capacity charge, and annual
withdrawal capacity charge and a monthly firm injection charge.  The monthly
firm injection charge is the largest cost component.  Based on conversations
with SoCalGas, firm injection rights (similar to pipeline capacity) would be
sold on a monthly basis.  Consequently, in order to have firm rights to
injection capacity, it would have to be reserved 365 days out of a year.
During the off-peak season, "as-available" injection rights may be used that
could substantially lower the cost, but given the inflexibility of unloading
of the LNG ships, this was not considered.

Variable costs would consist of injection and withdrawal charges in the
applicable periods (peak and off-peak) for injection and withdrawal
quantities.

A fuel retention factor of 2.44% would be applied to injections during the
peak period.

While not necessarily affecting the overall costs, a transmission charge on
injections and withdrawals would also be assessed.  A transmission charge on
injections would appear as a debit on the invoice, and an equal transmission
charge on withdrawals would appear as a credit, effectively resulting in a
wash.  However, for cash flow purposes it should be considered.  The
transmission charge is approximately 57 cents per dekatherm.

Transportation from storage would require a separate contract.

A spreadsheet is attached that quantifies the storage cost on an annual basis
utilizing the injection/ withdrawal and inventory assumptions provided.
Again, please keep in mind that the actual costs are negotiable.

I hope this helps in your analysis, and please feel free to call and discuss
further.

Robert


IVOLUNTEERI
ADOPT A DANCER!  Make a difference in the lives of the talented members of
the Houston Ballet Academy, who have come to Houston from around the world!
No need for exorbitant commitments, just let them know you're here to provide
some companionship, friendship, and guidance!  For more information, contact
Sharon Crumbling at SCrumbling@houstonballet.org or 713-523-4038 ext. 205.

IHAPPENINGSI
Blooming bromeliads!  The beautiful yellow plants that decorated the lobby
last week are on sale Monday, June 19th in the lobby from 11:30 a.m. - 1:00
p.m.   These tropical plants are perfect for the porch or patio and at $5
each they are a bargain.
Enron is collecting items for the Ninth Annual "Caring Cradles" Community
Wide Baby Shower benefiting the March of Dimes.  Donations collected will be
given to designated, benefiting clinics and prenatal health agencies to
encourage women to get prenatal care and well baby care.  We are collecting
diapers, formula, baby food, baby wipes, receiving blankets, baby bath
supplies, baby medical supplies, new or gently used baby cloths or baby
furniture.  Just bring the items to EB2015 Monday through Thursday, June
19-23,  and we will take care of the rest.

***SPECIAL EVENT***SPECIAL EVENT***SPECIAL EVENT***SPECIAL EVENT***SPECIAL
EVENT***
Going once...going twice...SOLD!   Enron's Corporate Administrative Services
Group will be hosting an All Employee Surplus Furniture Silent Auction on
Saturday, June 24th, from 8:00 a.m  - 10:00 a.m. at the Enron warehouse
located at 3405 Navigation Blvd.  Employees and contractors are invited to
bid on an array of office furniture, lamps, and sofas.  You must present your
Enron badge to enter the warehouse.  All items must be purchased with a check
made payable to Enron Corp. and removed from the warehouse by 3:00 p.m. on
Saturday. Proceeds will be donated to charity projects supported by Enron.
IWORKPERKSI
Join Linens-n-Things for Friends & Family Day, June 25 from 10 a.m. - 8 p.m.
Present  your Enron badge at any of the seven Greater Houston locations
(Woodlands, SugarLand, Katy, Post Oak, Town & Country Village, Willowbrook
and Baybrook) and receive an additional 20% off your entire purchase up to
$100 and 25% off your entire purchase of $100 or more...including sale items.
ISCREENINGSI
June 20 & 21- Prostate and Testicular Cancer Screening.  Space still
available.  Prostate Screening: $15 Enron, $70 Contractors.  Testicular
Cancer Screening: $10 Enron, $15 Contractors.  Checks only.  Call the Health
Center at 713-853-6100 to schedule an appointment.

ISAVE THE DATEI
July 3-4:  Independence Day Holiday


----- Forwarded by Richard B Sanders/HOU/ECT on 06/05/2001 06:45 AM -----

	"Harvin, David" <dharvin@velaw.com> 05/16/2001 03:41 PM 	   To: "'Richard.B.Sanders@enron.com'" <Richard.B.Sanders@enron.com>  cc:   Subject: RE: Trial Lawyer

Sure.  Bob Joffe at Cravath.  Greg Joseph (used to be at Fried Frank, now on
his own).  Bernie Nussbaum at Wachtell Lipton.  Gary Naftalis at Kramer
Levin.

-----Original Message-----
From: Richard.B.Sanders@enron.com [mailto:Richard.B.Sanders@enron.com]
Sent: Tuesday, May 15, 2001 5:38 PM
To: dharvin@velaw.com
Subject: Trial Lawyer

I anticipate that Enron may have some legal issues in New York similar to
the issues Enron has faced in California.  Can you recommend a top notch
trial lawyer (similar to yourself) at any firms in New York?

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


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*******************


Please see additional comments in Section 2.4 of the Declaration of
Covenants.
I missed this until this morning but the number of votes per parcel does not
account for the propety to be conveyed by deed to the POA.  This includes the
road, the drainage ditches and the pond.  Parcel 1,should lose between 2 and
3 acres, Parcel 2 would lose about 1 acre and Parcel 3 would lose about 10
acres.

The decision not give Parcel 3 voting rights or cause Parcel 3 to be assessed
was negotiated and agreed to by Enron and Cooney Midway Groves.  However,
since having this property dedicated as the open lands in perputity to meet
the requirements of the entire 117 acre PNRD, perhaps the POA should be
oblicated to pay any costs associated with this land: property taxes,
insurance, maintenance etc.  The only thing we could do with this land is
lease it out for grazing, which may allow us to keep an ag exemption.


I go away for a day and come back to yet another $40 million of PGE exposure.
I guess the lesson is to not go away. Where does this end? This is a painful
way to learn about derivative credit exposure. Please inform all "deal doers"
at EES that they better have RAC review their deals (Mercury) in detail
before they sign. This is more out of control than anything else we have at
Enron.

 Rick


Greg,

 I'm sure that Liz has alaredy informed you that I've called a couple
of times to speak with you.  My reason for calling is that I am currently
working on my applications for business school and as I'm sure you can
appreciate, recommendations are a very important part - since you attended
Stanford yourself.  I remember speaking with you about graduate school a
while back when I was in Houston, and the words "it's a crap shoot" still
stick in my head.  That's what you called the application process and I'll
never forget the quote.  As I plan to apply, I will most definitely see
first-hand how true these words are.

 In any event, I need three people with whom I have forged great
relationships with in my professional and academic career(s) who would be
able to write me a "first-class" recommendation.  I feel that you are
definitely one of these people.  I still hope that Enron would open an
extensive presence in New York; I would must rather be there.  I really
liked what I did; unfortunately it was just too far from home.

 I would really appreciate it if you would accept my request to write
a recommendation on my behalf.  I realize that you are probably very busy.
Although I'm sure you are willing to help me out in this regard, please
advise when I should forward the recommendation form(s).  Right now, I am
exclusively applying to Harvard for the January deadline, since it is really
where I would like to get my MBA.  The form basically consists of 6-10
questions (some are optional) that asks how well you know me (the
candidate), in what capacity you know/knew the candidate and what you think
about me.  Rather logical, right - after all it is a recommendation letter.
An electronic copy is attached to this e-mail that can be printed for your
reference.  Thanks again, Greg.  Looking forward to hearing from you.  My
contact information is attached below.  Please feel free to call me anytime
on the mobile phone - I mean this.

> -Tabish
>
>
>   <<HBS Recommendation Form.pdf>>
>
> Tabish Rizvi
> The Capital Markets Company
> T +1 212 284 8740
> F +1 212 284 8601
> Mobile +1 917 216 3329
> e-mail mailto:tabish.rizvi@capco.com
> web http://www.capco.com/
>

************************************************************************
The information in this email is confidential and is intended solely
for the addressee(s).
Access to this email by anyone else is unauthorised. If you are not
an intended recipient, you must not read, use or disseminate the
information contained in the email.
Any views expressed in this message are those of the individual sender,
except where the sender specifically states them to be the views of
The Capital Markets Company.

http://www.capco.com
***********************************************************************

 - Recommendation Form.pdf


sorry for the oversight on my part.

	From:  Cathy Phillips                           10/05/2000 11:18 AM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re: EGM Staff Meeting Reminder

Hi Jeff -

She is on the distribution list in alpa order.  I have you Mike and Mark
listed first and then everyone else is in alpha order.

Thanks.

Cathy

To: Cathy Phillips/HOU/ECT@ECT
cc:
Subject: Re: EGM Staff Meeting Reminder

Please include Jen Fraser on this distribution as well going forward.

Jeff

	From:  Cathy Phillips                           10/05/2000 09:58 AM

To: Mark Frevert/NA/Enron@Enron, Mike McConnell/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT, Pierre Aury/LON/ECT@ECT,
Sally Beck/HOU/ECT@ECT, Jeff Donahue/HOU/ECT@ECT, Jennifer
Fraser/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Chris Mahoney/LON/ECT@ECT,
George McClellan/HOU/ECT@ECT, Jordan Mintz/HOU/ECT@ECT, Thomas
Myers/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Jere C Overdyke/HOU/ECT@ECT,
Beth Perlman/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Daniel Reck/HOU/ECT@ECT,
Cindy Skinner/HOU/ECT@ECT, Stuart Staley/LON/ECT@ECT, Mark
Tawney/HOU/ECT@ECT, Scott Tholan/Corp/Enron@Enron, Lisa Yoho/HOU/EES@EES
cc: Nicki Daw/NA/Enron@Enron, Cathy Phillips/HOU/ECT@ECT, Jennifer
Burns/HOU/ECT@ECT, DeMonica Lipscomb/Corp/Enron@ENRON, Yvonne
Francois/Corp/Enron@Enron, Stella L Ely/HOU/ECT@ECT, Angie
Collins/HOU/ECT@ECT, Donna Baker/HOU/ECT@ECT, Helen Marie Taylor/HOU/ECT@ECT,
Chantelle Villanueva/HOU/ECT@ECT, Irma Alvarez/HOU/ECT@ECT, Betty J
Coneway/HOU/ECT@ECT, Darlene C Forsyth/HOU/ECT@ECT, Marsha
Schiller/HOU/ECT@ECT, Patti Thompson/HOU/ECT@ECT, Cherylene R
Westbrook/HOU/ECT@ECT, Candace Parker/LON/ECT@ECT, Joya Davis/HOU/ECT@ECT,
Sharon Purswell/HOU/ECT@ECT, Gloria Solis/HOU/ECT@ECT
Subject: EGM Staff Meeting Reminder

Just a reminder that the EGM weekly staff meeting will take place on Monday,
October 9th, from 8:30 - 9:30 a.m., in video conference room EB 32C2.  The
staff meetings will continue on a weekly basis on every Monday at the same
time and location unless notified otherwise.

Please let me know if you will be unable to attend.  Thank you.

Cathy Phillips
X-36898


Ditto Credit.

	Tana Jones@ECT
	03/22/2001 05:34 PM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 03-22-01

----- Forwarded by Tana Jones/HOU/ECT on 03/22/2001 05:34 PM -----

	Walter Guidroz/ENRON@enronXgate
	03/22/2001 05:31 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, 03-22-01

Please see attached.


re: Coal fired plant we discussed with Mitch and John.
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/05/2001 03:58
PM ---------------------------

John Moore
04/04/2001 10:27 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: BPUB LOI

Kay,

I fiddled a little with the BPUB LOI.  You can see the redlined changes in
the attached document.  Kathleen FEDEX'ed two CA orginals to BPUB yesterday
evening and the plan is for them to sign the CA today, I will then email a
clean LOI to BPUB and to their outside counsel, Davidson, in
San Antonio.

JMoore


he doesn't have to go if you will wear the horns and play the buck like he does.

 -----Original Message-----
From: 	Bass, Eric
Sent:	Monday, November 19, 2001 12:14 PM
To:	Farmer, Daren J.
Subject:	RE:

but you will only go if charlie goes?

 -----Original Message-----
From: 	Farmer, Daren J.
Sent:	Monday, November 19, 2001 12:12 PM
To:	Bass, Eric
Subject:	RE:

I can go any of the 1st 3 weeks of Dec.

D

 -----Original Message-----
From: 	Bass, Eric
Sent:	Friday, November 16, 2001 1:11 PM
To:	Love, Phillip M.; Blanchard, Timothy; Ryder, Patrick; Farmer, Daren J.; Smith, Jay; Olsen, Michael; Parks, Joe; Baumbach, David; Hull, Bryan; 'val.generes@accenture.com'; Lenhart, Matthew; 'kevin.a.boone@accenture.com'; Winfree, O'Neal D.; Rabon, Chance; Mills, Bruce
Subject:

I'm trying to get a feel for everyone's desire to play PAINTBALL in the next few weeks.  This would obviously not be sponsored by Enron b/c Enron doesn't have enough cash to buy anything right now.

So let me know if you would be interested and, if so, when you would be available to go.   The cost should be around $30-40 a person.

Please forward to anyone I have forgotten or might be interested.

-Eric


Here are a few of the issues that I am aware of and trying to get resolved:

- Some of the larger retail deals do not show up as retail because they were booked as "wholesale" equivalents.  Due to the complexity of the deals and number of batches, it is my understanding that it will take a while before these deals get booked properly given current resource availability.

- There are several counterparties and /or batches that show up on the reports as "?".  This is a naming convention issue which I don't believe will take too long to resolve.

- NP-15 and SP-15 have several positions showing as direct access that should not be (ie Seagate, Lyons Magnus, Unisil, Starwood).  I have followed up on this but not received a response yet.

- Many of our index priced deals show up in our positions without any designation that they are financial positions.  RPS does not currently have the capability to differentiate between physical and financial.

There are also several issues relating to CTC dates and transition periods relating to other regions.  Chris Leonard and I are going to talk about this today and figure out who we need to follow up with.


Hi Debra,

Several contracts were checked out by you last December.  I need to locate
the files.  I have some termination letters to process for several of them.
Do you still have these or do you know where I can get them.

Tauber Oil Co    96001490
Transok Gas LLC   96001383
Amerada Hess Corp   96000379
Amerada Hess Corp   96003242
Texaco Exploration & Production Inc 96001368
Texaco Exploration & Production Inc 96001405
Twister Gas Services LLC  96003188
WPS Energy Services Inc  96009757

Thanks for your help.

Judy