Please approve or make changes to their new NDA.  They need to change the counterparty name due to a joint venture.

Thanks,

-Dan

-----Original Message-----
From: D. Kobayashi [mailto:kobayashid@lngjapan.com]
Sent: Friday, October 26, 2001 7:54 AM
To: Diamond, Daniel
Cc: Toshiki Miyazawa; kawahara@lngjapan.com; takata@lngjapan.com
Subject: Re: Nissho NDA

Diamond-san,

As I wrote in the past, Nissho Iwai's LNG related department
has been transferred into a new joint venture company between
Nissho and Sumitomo Corp. as of October 1, 2001, namely,
 "LNG Japan Corp.".

In this connection, we would like to conclude another NDA with
LNG Japan Corp, as per attached.

Please review it and it would be great if you could make original again
and send us for Mr.Miyazawa's signature.

Also, please advise us how we should treat Nissho's NDA in these
circumstances.

BTW, I talked with Mr.Matsubara, Manager of Enron Global Finance in Tokyo.
We are internally discussing when we start our official meeting.
Please let us know when you are ready.

Regards,

LNG Japan Corporation
D.Kobayashi

----- Original Message -----
From: "Diamond, Daniel" <Daniel.Diamond@ENRON.com>
To: "Daisuke Kobayashi" <kobayashi.daisuke@nisshoiwai.co.jp>
Sent: Wednesday, October 10, 2001 7:00 AM
Subject: RE: Nissho NDA

> Kobayashi-san,
> Sorry for the delay.  I am working through a few issues here and I
> expect to get back to you shortly.
>
> Thank you for your patience,
>
> Dan Diamond
>
>
> **********************************************************************
> This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
> **********************************************************************
>


Thanks Vince.

Dinner on Sunday OK all round.  Do you want Anjam along too? I can't really
ask him, given our current relationship.

One other thing, have you had thoughts on reporting lines, who signs
expenses, etc. etc., or are these issues to be resolved when you come over?

Cheers,
Steve

Vince J Kaminski
09/20/2000 04:14 PM
To: Steven Leppard/LON/ECT@ECT
cc:

Subject:

Steve,

Steve, this is the spreadsheet.

Also, please, let Shirley know if the dinner on Sun is OK.

Vince


Are all of these units in our database?

 -----Original Message-----
From: 	"Teresa Glaze" <tglaze@serc1.org>@ENRON
Sent:	Wednesday, October 10, 2001 1:50 PM
To:	Bothwell, Cindy; Abercrombie, Vanessa; Abrams, Tom; Bailey, Frances; Bonham, Chart; Brown, Art; Chastain, Dennis; Conrad, Gary; Edwards, Rebecca; Fondacci, Luis; Gant, Lester Jr.; Gerald Brooks; Harper, Charles; House, Cliff; Jones, Alan; Kay, Dan; Kervin, Bev; Lambeth, Jim; Lapham, Mike; Law, Sam; Loftis, John; Lytle, Rick; Merkl, Linda G.; Musilek, Jim; Nadler, Herb; Presto, Kevin; Raber, Kenneth; Rentfrow, Steve; Schoneck, Bob; Smith, Roger; Steve Caison; Stryker, Sam; Tompkins, Ray; Vongkhamchanh, Kham; Weeks, Tracey; Wilson, Cynthia; Yilmaz, Aziz; Young, Clay
Subject:	Winter Assessment

Please review the attached worksheet listing Transmission and  Generation additions. I have highlighted in green several
missing data items and/or date updates. Please provide the  information for the facilities belonging to your company.

There is also a question highlighted for the Rowan  unit.

I need your response as soon as possible. This data is due to  NERC on Friday.

Thanks!

Teresa Glaze
Southeastern Electric Reliability  Council
tglaze@serc1.org
 - Transmission and Generation Additions.xls


Sorry, Pressed send too early:

John, Have had a conversation with IBJ re the CSA, and they have asked us to
consider proposing a solution that does not involve a CSA. I propose to meet
with them again to try and explore why, but I would like to be prepared to
offer them a solution whereby we don't enter into a CSA, and we would limit
the types of trades that we could enter into with IBJ. My feeling is that we
would be unlikely to enter into any long term transactions (over 2 years) at
this stage anyway, and would prefer to get the relationship going, as I am
not sure they are going to budge on this issue yet. They appear to be quite
willing to discuss all the other points. We can always press for a
renegotiation at a later stage if we do want to enter into longer term deals.
I also want to keep the loan facility completely separate.

What are your thoughts on this, and what limitations would you want to put on
trades if we do not have a CSA?

Thanks,
Jonathan

	John Viverito
	09/22/2000 12:04 PM

		 To: John Suttle/HOU/ECT@ECT
		 cc: Jane McBride/AP/Enron@Enron@ECT, John Viverito/Corp/Enron@ENRON@ECT,
Jonathan.Whitehead@enron.com, Kevin Cordesman/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Morten E Pettersen/AP/Enron@Enron@ECT, Steven
Kleege/HOU/ECT@ECT, Tom Bruce-Jones/LON/ECT@ECT
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

John-

During our last meeting with IBJ, we pushed hard for the implementation of
the CSA.  I believe that they have the systems capability to handle the
requisite activities relating to the CSA, as we understand that they utilize
same with certain financial institution counterparties.  We expressed our
view on these matters and also raised other issues that we had discussed in
our recent conference call.

IBJ informed us that they have never entered into a CSA with a non-financial
institution counterparty and my response was that Enron can then be the
first.  We requested that they raise this issue with their respective
superiors.  As you know, their response to our discussions relating to this
issue was "In terms of CSA, as we are not ready for running collateral
operations, we still do not prefer to use the CSA."  The legitimacy of this
statement is certainly debatable and the underlying reason may actually be
something entirely different, including the possibility that they merely do
not want to enter into a CSA with a non-financial institution.

We will continue to attempt to persuade IBJ to enter into the CSA with Enron,
however it is uncertain if this is achievable.

	John Suttle@ECT
	09/21/2000 08:52 AM

		 To: John Viverito/Corp/Enron@ENRON
		 cc: Jane McBride/AP/Enron@Enron, Jonathan.Whitehead@enron.com@ENRON, Kevin
Cordesman/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Morten E
Pettersen/AP/Enron@Enron, Steven Kleege/HOU/ECT@ECT, Tom
Bruce-Jones/LON/ECT@ECT
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

To clarify, and also getting back to Mark Taylor's argument that IBJ is one
of the more sophisticated financial enterprises on the planet, and
considering the fact that they have agreed to Enron being the Calculation
Agent, is their argument that they are incapable of mark to market
verification?  We calculate - we call for margin - they verify.

I am certain that they calculate mark to market positions with their other
trading entities, and their argument that they can't do so for Enron is
weak.  If they simply refuse a CSA, then we can deal with this as discussed
in our phone conversation last week, but this argument of theirs should be
something we can get around don't you think?

From: John Viverito@ENRON on 09/21/2000 04:21 AM
To: John Suttle/HOU/ECT@ECT
cc: Jane McBride/AP/Enron@Enron@ECT, John Viverito/Corp/Enron@ENRON@ECT,
Jonathan.Whitehead@enron.com, Kevin Cordesman/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Morten E Pettersen/AP/Enron@Enron@ECT, Steven
Kleege/HOU/ECT@ECT, Tom Bruce-Jones/LON/ECT@ECT
Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

John-

You are correct that Enron is the "Calculation Agent", however I believe that
IBJ would also be making their own calculations as well, to monitor/double
check our calculations.

John

	John Suttle@ECT
	09/20/2000 01:53 PM

		 To: John Viverito/Corp/Enron@ENRON
		 cc: Mark Taylor/HOU/ECT@ECT, Jonathan.Whitehead@enron.com@ENRON, Kevin
Cordesman/HOU/ECT@ECT, Steven Kleege/HOU/ECT@ECT, Tom
Bruce-Jones/LON/ECT@ECT, Morten E Pettersen/AP/Enron@Enron, Jane
McBride/AP/Enron@Enron
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

Isn't Enron the "Calculation Agent" - leaving IBJ only to confirm our marks
if we are to make a margin call?

From: John Viverito@ENRON on 09/19/2000 04:40 AM
To: Mark Taylor/HOU/ECT@ECT
cc: Jonathan.Whitehead@enron.com, Kevin Cordesman/HOU/ECT@ECT, Steven
Kleege/HOU/ECT@ECT, Tom Bruce-Jones/LON/ECT@ECT, Morten E
Pettersen/AP/Enron@Enron, Jane McBride/AP/Enron@Enron, John
Suttle/HOU/ECT@ECT
Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

Mark-

Today, we received IBJ's responsive comments to the points that have been
raised, which are set forth below for your review.

IBJ has stated "In terms of CSA, as we are not ready for running collateral
operations, we still do not prefer to use the CSA."  During our recent
meeting they did not deny that IBJ had entered into CSAs with financial
institutions.  I note that IBJ also raised the point that Enron had a loan
from IBJ of roughly US$ 100,000,000.
Jonathan Whitehead has raised this issue with John Suttle to receive his
input.

IBJ's specific responses are quoted below as follows:-

"Part 1

(a)  Agreed not include Affiliates of PartyA.

(g)  We prefer to terminate the Transactions when as a result of merger as
for a party, a surviving party of such becomes materially weaker than before.

Part 3

We usually accept to deliver a copy the list of authorized signatures only.

Part 4

(f)Even though deleting the word "not" in this provision, we can net the
payments with respect to the same Transaction.   Due to our system
incapability, we are not able to net the payments with respect to two or more
Transactions in the same currency.

(h) Agreed.

Part 5

(a)  If your suggested language is included, a Non-defaulting Party has to
continue to make payment to a Defaulting Party with no payment obligation,
which does not seem realistic.  We prefer to terminate Transactions when an
Event of Default occurs.  We do not like to include the provision which
releases a technical error.

(c)  Agreed.

(e)  We propose 5 business days instead.

(g)  We do not think the definition of the Affiliate includes a party's
branch offices. If our branch have a deal with Enron Japan, we will amend
this Master Agreement to include such branch as Multibranch Office.  We heard
that in most jurisdictions of the world,  it is not effective to set-off the
obligations between a party and the other party's Affiliate.

(i)  Agreed to include this provision.

(j)  We do not prefer that a party could transfer its rights and obligations
without the other party's consent to even its Affiliates. We might not get
approval of the transfer from our Credit Department or such transfer might
cause an additional payment of tax or other cost.

(k)  We will revert to you later.

(m)  Agreed.

(n)  Agreed to include this provision.

Part 6

We still prefer to include the provisions relating to the Commodity
Transactions in the respective Confirmations."

I look forward to receiving your input.  I note that Jane McBride has started
here at Enron Japan, therefore I have copied her on this correspondence.
Looking forward to seeing you in Houston soon.

Best regards,

John
----- Forwarded by John Viverito/Corp/Enron on 09/19/2000 04:15 AM -----

	John Viverito
	09/07/2000 04:54 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Jonathan.Whitehead@enron.com, Kevin Cordesman/HOU/ECT@ECT, Steven
Kleege/HOU/ECT@ECT, Tom Bruce-Jones/LON/ECT@ECT
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

Mark-

Thanks for your input.  I agree with all of the comments you have raised.  As
to Part 5 (n), the use of the English language is not uncommon in Japan with
regard to these types of arrangements and should be insisted upon for
transactions under the ISDA documentation.

I think that it will be useful to better understand Japanese market practice
relating to the use of the Credit Support Annex. Therefore, I have asked
Baker & McKenzie to provide a clear picture as to the situation in Japan and
will provide this information upon receipt.

Following receipt of John Suttle's comments, I will prepare the response to
IBJ based on the points that have been raised by both you and John.

Thanks,

John

	Mark Taylor@ECT
	09/06/2000 09:00 PM

		 To: John Viverito/Corp/Enron@ENRON
		 cc: Jonathan.Whitehead@enron.com, Kevin Cordesman/HOU/ECT@ECT, Steven
Kleege/HOU/ECT@ECT, Tom Bruce-Jones/LON/ECT@ECT
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

 I had a brief conversation this morning with John Suttle (Credit) and it
looks like he's going to insist on the CSA.  We are going to talk tomorrow
and go through the whole agreement to get the rest of his comments.  While we
have documentation for transactions entered into prior to execution of a
master agreement, the extent of their revisions makes me very uneasy.  Many
of these points are very serious and if they can not agree we will have
trouble coming to agreement even on the short form documents.  It would be
helpful if they could explain the changes rather than just sending us a
mark-up.

Following are my points responsive to their revisions:

Part 1 (a)  The addition of our affiliates has the affect of expanding the
possible defaults too broadly and we cannot agree to these changes (for
example, this would mean that if any Enron affiliate went into bankruptcy
this agreement would be in default).

(g)  This provision provides additional flexibility without any credit risk
to the other party.  It should remain in place unless IBJ can articulate a
reason to remove it.

Part 3 The language inserted is much to vague.  Our original version spells
out exactly what is expected of the parties.  If the documents we listed are
not acceptable, IBJ should tell us now what would be acceptable and if we
agree we will put it in the agreement.

Part 4 (f)  By deleting the word "not" in this provision, IBJ is saying that
payments due to each other with respect to the same transaction will not net
(i.e. if we are paying fixed and they are paying floating, we each have to
make the full payment to the other rather than netting the two amounts to one
payment).  This is not acceptable.

(h) If IBJ will use their NY branch as agent, we should use Enron Corp or ENA.

Part 5 (a) Our suggested language allows the purchaser of an option to
receive payments due even though technically in default under another
provision of the agreement.  Our position is that if there are no other
possible payment requirements due from the purchaser, the option should be
honored.

(c)  The section we delete requires that the market makers be in the same
city.  For many markets in which we participate, it is very difficult, if not
impossible, to find multiple market makers in the same city.

(e)  The change to 10 business days is much too long.  This means we can not
have certainty as to the terms of the transaction for two weeks!  We can go
as high as three days if necessary but even that is beyond common market
practice.

(g)  Their changes remove the ability to set off against obligations owed to
multiple Enron companies if they default and only allows set-off with each
IBJ branch as a separate entity.  This may not be an issue if we will never
trade or otherwise transact with them in any other Enron company and if we
will never do business with any other branch of IBJ.  We usually don't like
to restrict ourselves that way.

(i)  We absolutely insist on the confidentiality of our transactions.  If
there is some revision to this section they would like we can discuss it but
wholesale deletion is out of the question.

(j)  As with Part 1 (g) this section adds flexibility to both parties while
maintaining flexibility within the corporate family.  Given the frequency
with which Enron moves businesses around within the family, this section is
important to us.

(k)  This section results from an experience we had with a counterparty that
went into bankruptcy (and therefore default) while they were in the money.
We disputed the amount owed and under the terms of the agreement (without our
revision) we would have owed them interest at their cost of funds - a rather
high rate given their status as a bankrupt.  We feel the non-default rate is
more appropriate.

(m)  I can't imagine why they wouldn't want this section included - it
protects us both.

(n)  You know more about this than I.

Part 6  These are all important issues for us and we can discuss them
individually if they object for some articulated reason.  If these provisions
are not included here they will need to be included in each confirmation (a
significant burden for our back office systems which are not set up for it)
and we need to know now if they object to any of them.

Other revisions that they have made are acceptable unless Credit objects.  I
hope this is helpful and sorry to have run on so long.  I'm happy to discuss
any of these issues at greater length if you want.  It sounds to me like
IBJ's expectations regarding execution of documents are a bit high given the
volume and nature of their comments.

	John Viverito@ENRON
	09/05/2000 09:06 PM

		 To: Tom Bruce-Jones/LON/ECT@ECT
		 cc: Jonathan.Whitehead@enron.com@ECT, Kevin Cordesman/HOU/ECT@ECT, Steven
Kleege/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

Tom-

As far as the progress on the ISDA documentation, I am awaiting feedback from
both legal and credit in Houston.

Could you provide me with the details of the proposed transaction(s).  I note
that I have copied Mark Taylor on this correspondence, as I will need to get
his input regarding our most efficient going forward strategy.

Thanks,

John

	Tom Bruce-Jones@ECT
	09/05/2000 09:36 AM

		 To: John Viverito/Corp/Enron@ENRON
		 cc: Jonathan.Whitehead@enron.com, Steven Kleege/HOU/ECT@ECT, Kevin
Cordesman/HOU/ECT@ECT
		 Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

John
I have just had IBJ on the phone again asking for a progress report on the
ISDA docs.  Have we managed to move this forward, bearing in mind Labour Day,
since he is very keen to commence trading on Monday next.  He suggested that
he would be comfortable in trading prior to the implementation of the docs
for these initial trades as per Jonathon's previous comments in past mails.
Are we comfortable doing this if we cannot resolve the issues on the docs?

They are also very keen to see the draft confirms for the proposed trade
(Steve, I have just heard from Rob in the vid conf that the proposed volumes
may prove difficult to take on the books??).  Please advise as to our
capability so that I can convey this to him in the morning.

Best regards
Tom

From: John Viverito@ENRON on 01/09/2000 02:48 CDT
To: "Yamato Konishi" <yamato.konishi@ibjbank.co.jp>
cc: hirohide.yabuki@ibjbank.co.jp, Jonathan.Whitehead@enron.com,
kazunobu.maeda@ibjbank.co.jp, teruyo.suzuki@ibjbank.co.jp,
Tom.Bruce-Jones@enron.com

Subject: Re: Fw: IBJ ISDA MASTER AGREEMENT

Dear Mr. Konishi-

Thank you for your comments.  We will attempt to respond to you prior to the
holiday in the US, but if we are unable to do so, we will respond shortly
thereafter.

Best regards,

John Viverito

	"Yamato Konishi" <yamato.konishi@ibjbank.co.jp>
	09/01/2000 02:31 AM

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

Dear Mr.Viverito

Attached Word file is ISDA draft amended by our legal desk.
(please take the amended points as our comment on your draft)
Please check it all and kindly reply ASAP.
(CSA is not acceptable as I mentioned you before, and we'll check your
LETTER OF CREDIT after
the schedule is almost agreed)

In your draft, we cannot understand the meaning of "EDGAR" on page4,
so please show us what it is.

We are very hoping to conclude this process rapidly.
So, I very much appreciate it if you could send back your comment before
Holiday in U.S.(4th Sep)
(it's ok if only the rough prospects of concluding ISDA)

Best regards,
Konishi IBJ Tokyo
81-3-3214-1008
----- Original Message -----
From: "Teruyo Suzuki" <teruyo.suzuki@ibjbank.co.jp>
To: "Yamato Konishi" <yamato.konishi@ibjbank.co.jp>
Sent: Friday, September 01, 2000 3:58 PM
Subject: Re: IBJ ISDA MASTER AGREEMENT

> ISDA DraftI_X"?,d`-t,?,?,?,?,?_B-?-O
> ----- Original Message -----
> From: "Yamato Konishi" <yamato.konishi@ibjbank.co.jp>
> To: <John.Viverito@enron.com>
> Cc: <Jonathan.Whitehead@enron.com>; "Tom Bruce-Jones"
> <Tom.Bruce-Jones@enron.com>; "teruyo.suzuki"
<teruyo.suzuki@ibjbank.co.jp>;
> "Maeda san" <kazunobu.maeda@ibjbank.co.jp>
> Sent: Wednesday, August 30, 2000 9:59 PM
> Subject: Re: IBJ ISDA MASTER AGREEMENT
>
>
> > Dear Mr.Viverito
> >
> > Thank you very much.
> > Now we start checking your draft and maybe we can return comment on this
> > Friday.
> >
> > Please be advised following points at this time.
> > 1)Part 6 on the schedule is needed to be deleted.
> >   We think that it's enough if the terms in Part 6 are referred in the
> > individual confirmation.
> > 2)ISDA Credit support annex is not acceptable
> >   Unfortunately, we don't have internal system for concluding CSA with
> > non-financial entity.
> >
> > Please keep support us for concluding ISDA ASAP for our business in near
> > future.
> > If any question, please feel free to contact me.
> >
> > Best regards,
> > Konishi /IBJ Tokyo 81-3-3214-1008
> > ----- Original Message -----
> > From: <John.Viverito@enron.com>
> > To: <yamato.konishi@ibjbank.co.jp>
> > Cc: <Jonathan.Whitehead@enron.com>
> > Sent: Wednesday, August 30, 2000 5:31 PM
> > Subject: IBJ ISDA MASTER AGREEMENT
> >
> >
> > > Dear Mr. Konishi,
> > >
> > > Attached hereto, is the draft ISDA documentation, for your review.
> > > Included are the Schedule, the Credit Support Annex and the Enron
Corp.
> > > Guaranty.
> > >
> > > I apologize for the delay in the preparation and distribution of these
> > > documents.
> > >
> > > We look forward to receiving your comments.
> > >
> > > Best regards,
> > >
> > > John Viverito
> > >
> > >
> > > (See attached file: IBJ Schedule 30.08.00.doc)(See attached file: IBJ
> CSA
> > > 30.08.00.doc)(See attached file: IBJ EC guarantee 30.08.00.doc)
> >
> >
>

 - IBJ Schedule 31.08.00.doc


Bill:  I am looking foward to the game!  I will try to walk over to your
offices by 6:00.  Mark


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Good morning.

FYI, Mark will be out of the office beginning Tuesday afternoon, June 12,
returning to the office on Thursday morning, June 15.


Kevin --

Attached is the East Power RTO Status Matrix as of 12.8.00.  I think that
we've captured almost all issues (although we may need attributes to add or
change as we move forward).

Additionally, given that this is the first time we've put out the matrix, the
regional people need to confirm the proper response to each attribute (so
some things may change as I confirm the responses).  As the RTOs are so
undefined in many cases, we are using our judgement as appropriate.

Hope this is helpful.   My thought is to re-fresh monthly.

Jim


Go Verizon!
---------------------- Forwarded by Scott Neal/HOU/ECT on 08/09/2000 04:10 PM
---------------------------

"Igor Kotlyar" <igor@pira.com> on 08/09/2000 02:03:04 PM
To: "Igor Kotlyar" <igor@pira.com>
cc:
Subject: Telephone Access to PIRA

Dear PIRA Client,

Please be advise that due to the local telephone strike in New York,  PIRA's

telephone service is experiencing problems. Due to these problems you may

have, or might in the near future, experience difficulties reaching us  via

phone. (Note: Messages saying that the PIRA phone number is disconnected

are erroneous.)

Until service is resumed as normal - which we expect to be shortly -  clients

requiring immediate access to PIRA staff should contact us via email (see

list below) or via (212) 686-6628. Someone will field your incoming email  or

call and return the call as soon as possible.

Thank you.

INTERNAL INTERCOM/EMAIL LIST

Alexey Golubov

	Alex@pira.com

Allan Stewart

	astewart@pira.com

AJ Conley

	ajconley@pira.com

Bill Fuller

	billfuller@pira.com

Bill Kraeff

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	cathy@pira.com

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	Fran@pira.com

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	Greg@pira.com

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Harvey Bass

	library@pira.com

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	igor@pira.com

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	Library@pira.com

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	Jsteele@pira.com

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	joanna@pira.com

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	Jlichtblau@pira.com

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	Mary@pira.com

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	Mpalka@pira.com

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	morris@pira.com

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	sande@pira.com

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Tom Howard

	tazh@pira.com

Victoria Watkins

	vwatkins@pira.com


Sorry for the confusion,  here it is.

Regards,
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


Hi Harry,
?
Just thought of saying hi since it has been an long  time.? How's everything
in Houston?? Things in banking are slowing  down.? I'm just hoping that this
project I'm staffed on will go live.?  There is a 90% chance.? Most activity
now in Asia is M&A related.?  You see cross-border deals happening, i.e.
Europe into Asia and Asia into the  U.S.? High yield and convertibles appear
to be rocketing.? I've  encountered a couple of personalities at Lehman but
so far things are  okay.??? Just got the bonus and so I'm thinking where to
park the  money.? Maybe I'll invest it in power technology?since California
lacks electricity.? Who knows.?
?
I heard from Jens that you moved to Enron Online.? Jens got a great  vacation
in Cuba.? I wish I could have joined him.
Well, that's all for now.
?
Best regards,
?
Roy


Thanks Mary!
Daren, is the info that you need?

 -----Original Message-----
From: 	Ellenberger, Mary
Sent:	Thursday, April 26, 2001 4:45 PM
To:	Ray, Tess
Cc:	Farmer, Daren J.
Subject:	Re: FW: FW: March 2001 Invoice
Importance:	High

The question is not that "cut and dry". However, for the month of March Enron paid Spinnaker @ IF HSC -$0.085.
Currently the volume is posted under deal ticket  #144271 with is the deal tick for gas daily production.
This production should be moved to Deal ticket  #144264 with is the IF.

From:	Tess Ray/ENRON@enronXgate on 04/26/2001 03:48 PM
To:	Mary Ellenberger/Corp/Enron@ENRON
cc:	Daren J Farmer/ENRON@enronXgate

Subject:	FW: FW: March 2001 Invoice

Mary -
Do you pay Spinnaker, for gas purchases? (See Daren's question below, re: 03/01 purchase price from Spinnaker (#144271 & 144264), Need to know if  price is at IF or Gas Daily?
Thanks,
Tess

 -----Original Message-----
From: 	Ray, Tess
Sent:	Thursday, April 26, 2001 3:26 PM
To:	Richmond, Charlene; Hakemack, Cynthia; Howard, Charles
Cc:	Farmer, Daren J.
Subject:	FW: FW: March 2001 Invoice
Importance:	High

Charlene/Cindy/Charles:
Can either of you answer Darren's question to me below? My sales deal is under ENA.
Thanks,
Tess

 -----Original Message-----
From: 	Farmer, Daren J.
Sent:	Thursday, April 26, 2001 3:20 PM
To:	Ray, Tess
Subject:	RE: FW: March 2001 Invoice

Tess,

We probably should be invoicing selling to Dow at IF.  However, we should also have purchased the supply from Spinnaker (#144271 & 144264) at IF.  Did Spinnaker bill us at Index or Gas Daily?  What did we pay?  Let me know this and we can proceed from there.  Nelson Ferris did these deals.  I will talk to him after I hear from you.

D

 -----Original Message-----
From: 	Ray, Tess
Sent:	Thursday, April 26, 2001 9:43 AM
To:	Farmer, Daren J.
Cc:	Meyers, Julie
Subject:	FW: FW: March 2001 Invoice
Importance:	High

Daren -
Dow Hydrocarbons and Resources, Inc.,  stated  on 4/24/01, re: ENA deal # SA 639615, that their 03/01 price for ENA  sales on CSGT @ B368-Brazos # 368 (i.e. cowtrap), is IF - $.06.  We are invoicing them at HSC GDP DA.  Need to know which price is correct and copy of confirmation.

Thanks,
Tess

 -----Original Message-----
From: 	Meyers, Julie
Sent:	Tuesday, April 24, 2001 10:53 AM
To:	Ray, Tess
Cc:	Daren J Farmer/HOU/ECT@ENRON; Bellamy, Liz
Subject:	Re: FW: March 2001 Invoice

Tess there is a deal out there for the blue dolphin S#745589.  And there are three deal out there for CSGT #639612, #639615, #745589.  The problem is that none of these deals have actuals.  It looks as though they have not been nom'd.

Daren are these deals real or what?  Why have they not been nom'd?  Could they be under another Dow company?

Tess, I'm leaving the office for a little bit today.  But I'll be back this afternoon.

Julie

From:	Tess Ray/ENRON@enronXgate on 04/24/2001 08:11 AM
To:	Julie Meyers/HOU/ECT@ECT
cc:
Subject:	FW: March 2001 Invoice

Julie -
Please help!  Per Dow Hydrocarbon's Accountant, Marilu Trochta's e-mail below, (with attachment), there are volume and price discrepancies with what  ENA billed them and what she reflects in her system. ENA Invoice # 24636SA invoiced Dow Hydrocarbons and Resources, Inc, on CSGT @ B368-Brazos, per deal number SA639615, @ 685 per day (3/1/01 - 3/31/01) @ HSC GDP D.A. - $0.07/mmbtu. Vs. the 18,457 mmbtu @ $4.960 that Dow has and ENA did not invoice them for sales on Bluedolphin 250 and 249 vs. the 5,459 mmbtu @ $4.960 & 18,218 mmbtu @ $4.960 that Dow reflects.  I realize that the volumes ENA billed on the Brazos are estimates or noms. Problem: I need to confirm the March 2001, sale @ Brazos (volume & price) in addition to the sale @ Blue Dolphin 250 & 249 (volume & price).  Can you print the confirmations for me? Also, Sitara does not show me who the trader is for this deal, and by chance do you know who the scheduler(s) are?
Thanks,
Tess

 -----Original Message-----
From: 	"Trochta, Mary (ML)" <MLTrochta@dow.com <mailto:MLTrochta@dow.com>>@ENRON [mailto:IMCEANOTES-+22Trochta+2C+20Mary+20+28ML+29+22+20+3CMLTrochta+40dow+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, April 23, 2001 5:52 PM
To:	Ray, Tess
Subject:	March 2001 Invoice

 - Book2.xls << File: Book2.xls >>


Your review and approval of the following product types in the EOL
Datamanager is needed (for directions on approval , please see steps for
approval at the bottom of this e-mail). If you have any questions please call
me at ext. 58986.
******** DO NOT APPROVE PRODUCT TYPES BETWEEN THE HOURS OF 6AM -
11AM***********

Traders:  Harry Arora and Robert Stalford
Product
Names:  US East Power Phy Option Call (2077)
  US East Power Phy Option Put (2078)

US Pwr Phy Opt  PJM-W EPXXX Jul01 USD/MWh
A US Power Transaction with Enron Power Marketing, Inc., under which the Put
Option Buyer has the right, but not the obligation, to elect on the Exercise
Date to schedule and deliver, and the Put Option Seller would have the
obligation to schedule, receive and pay for at the Strike Price, a quantity
of firm energy equal to the Hourly Quantity for each applicable hour during
the term of the transaction.  The Strike Price shall be as set forth in the
Product description on the Website.  As consideration for this right, the Put
Option Buyer shall be required to pay to the Put Option Seller the Premium
which shall be equal to the product of (i) the price submitted by
Counterparty via EnronOnline, multiplied by (ii) the total number of hours
during the term of the transaction, multiplied by (iii) the Hourly Quantity.
The Payment Date for the Premium shall be within two (2) business days of the
Transaction Date. The Option style and type shall be a monthly European Put
("EP").
The transaction is for the applicable hours as set forth herein on each
Delivery Day for the Effective Date 01 Jul 2001 to the Termination Date 31
Jul 2001.

The transaction is for delivery or receipt of energy at the PJM Western Hub.

The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency. The unit of measure against which the price is quoted
shall be megawatt-hours (MWh) and the quantity shown shall be in MW's
delivered in each applicable hour for the duration of the Transaction (the
"Hourly Quantity').

In order to exercise the Option, the Option Buyer shall provide telephonic
notice to the Option Seller prior to 10:00 am (Eastern Prevailing Time) on
the Exercise Date.  The Exercise Date shall be the second penultimate NERC
business day of the month prior to the month in which the term commences.

The transaction is for on-peak ("Peak") hours on each Delivery Day beginning
with the hour ending 0800 (7:00 am) and concluding with the hour ending 2300
(11:00 pm) Eastern Prevailing Time. "Delivery Day" means a day during the
term of the transaction that is a Monday, Tuesday, Wednesday, Thursday, or
Friday, excluding any day that is a NERC holiday.

US Pwr Phy Opt  PJM-W ECXXX Jul01 USD/MWh
A US Power Transaction with Enron Power Marketing, Inc., under which the Call
Option Buyer has the right, but not the obligation, to elect on the Exercise
Date to schedule, receive and pay for at the Strike Price, and the Call
Option Seller would have the obligation to schedule and deliver, a quantity
of firm energy equal to the Hourly Quantity for each applicable hour during
the term of the transaction. The Strike Price shall be as set forth in the
Product description on the Website. As consideration for this right, the Call
Option Buyer shall be required to pay to the Call Option Seller the Premium
which shall be equal to the product of (i) the price submitted by
Counterparty via EnronOnline, multiplied by (ii) the total number of hours
during the term of the transaction, multiplied by (iii) the Hourly Quantity.
The Payment Date for the Premium shall be within two (2) business days of the
Transaction Date. The Option style and type shall be a monthly European Call
("EC").

The transaction is for the applicable hours as set forth herein on each
Delivery Day for the Effective Date 01 Jul 2001 to the Termination Date 31
Jul 2001.

The transaction is for delivery or receipt of energy at the PJM Western Hub.

The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency. The unit of measure against which the price is quoted
shall be megawatt-hours (MWh) and the quantity shown shall be in MW's
delivered in each applicable hour for the duration of the Transaction (the
"Hourly Quantity').

In order to exercise the Option, the Option Buyer shall provide telephonic
notice to the Option Seller prior to 10:00 am (Eastern Prevailing Time) on
the Exercise Date.  The Exercise Date shall be the second penultimate NERC
business day of the month prior to the month in which the term commences.

The transaction is for on-peak ("Peak") hours on each Delivery Day beginning
with the hour ending 0800 (7:00 am) and concluding with the hour ending 2300
(11:00 pm) Eastern Prevailing Time. "Delivery Day" means a day during the
term of the transaction that is a Monday, Tuesday, Wednesday, Thursday, or
Friday, excluding any day that is a NERC holiday.
==============================================================================

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Partially Approved"
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
05:56 PM ---------------------------

Li Sun@ENRON
12/04/2000 08:07 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Off-balance sheet Deal JEDI II

Hi, Vinice,

Please see attached the informaiton regarding JEDI II.

Li
---------------------- Forwarded by Li Sun/NA/Enron on 12/04/2000 07:03 AM
---------------------------

Shirley A Hudler @ ECT

11/30/2000 05:29 PM
To: Li Sun/NA/Enron@Enron
cc:

Subject: Information requested

See if this works for you.  Let me know what else you might need.


Any more documentation on this deal?

Midwestern Gas Transmission
5/18/00 - Midwestern filed notice of a negotiated rate deal with Dynegy.  It
provides for a monthly reservation charge of $.025/dth and a tiered indexed
commodity rate based on spreads.  If the index spread is less than or equal
to $.02, then the daily commodity rate shall be $.01.  If the index spread is
greater than $.02 but less than $.10, then the rate shall be 50% of the
spread.  If the index spread is greater than $.10, then the rate shall be
$.05 plus 75% of the spread exceeding $.10.  The deal is effective 5/1/00
through 10/31/00.


A few things.

	- Mainly next week this floor will not be in high spirits.  The layoffs will be next week.  EGM and EIM will be hit  	  hard
	- John asked about bonuses (also, mentioned he had 3 job offers).  George said should have an idea within a few weeks
	- etc.

-----Original Message-----
From: Woods, Trevor
Sent: Monday, November 19, 2001 1:00 PM
To: Taylor, Michael E
Subject: RE: GEA Rainey

And what did george have to say?
 Trevor Woods

-----Original Message-----
From: Taylor, Michael E <Michael.E.Taylor@ENRON.com>
To: Woods, Trevor <Trevor.Woods@ENRON.com>
Sent: Mon Nov 19 12:25:04 2001
Subject: RE: GEA Rainey

He is looking at it right now.  Oh, by the way, we had a group meeting this morning with George.

-----Original Message-----
From: Woods, Trevor
Sent: Monday, November 19, 2001 12:09 PM
To: Taylor, Michael E
Subject: RE: GEA Rainey

Don't try Mike T, get it done.
 Trevor Woods

-----Original Message-----
From: Taylor, Michael E <Michael.E.Taylor@ENRON.com>
To: Woods, Trevor <Trevor.Woods@ENRON.com>
Sent: Mon Nov 19 07:42:43 2001
Subject: RE: GEA Rainey

I go over the b-plan everyday of my life.  I will try to get John to go through 50+ pages and the preso.

-----Original Message-----
From: Woods, Trevor
Sent: Monday, November 19, 2001 7:35 AM
To: Taylor, Michael E
Subject: RE: GEA Rainey

Mike,
I need you and John to go over the bplan and preso today.
Thanks.
 Trevor Woods


September 8, 2000

     Teco Tap       50.000 / HPL IFERC ; 25.000 / Enron

     LS HPL LSK IC       15.000 / Enron

September 9, 2000

     Teco Tap       85.000 / HPL IFERC ; 40.000 / Enron

September 10, 2000

     Teco Tap       112.500 / HPL IFERC ; 25.000 / Enron

     LS HPL LSK IC       15.000 / Enron


For the week  October 30th-November 3rd:

Transwestern weekly average deliveries to California were 824 MMcf/d (76%)
while east deliveries averaged 341 MMcf/d.  San Juan lateral throughput
averaged 800 MMcf/d while receipts from Rio Puerco averaged 10 MMcf/d.

El Paso average deliveries to California were 2,328 MMcf/d (79%) :

- PG&ETop (capacity 1,140 MMcf/d) deliveries averaged 582 MMcf/d (51%)
- SoCalEhr (capacity 1,246 MMcf/d) deliveries averaged 1,209 MMcf/d (97%)
- SoCalTop (capacity 549 MMcf/d) deliveries averaged 535 MMcf/d (99%)

Other pipeline throughput:

- PGT ( capacity 1,974 MMcf/d) throughput to California averaged 1,625 MMc/d
(82%)
-  Kern River (capacity 700) throughput to California averaged 315 MMcf/d
(45%)

The cash PG&E/Topock - SoCal/Needles spread averaged .11 for the week.

Friday Enron Online Basis numbers:
  Dec  Dec 00-March '01 April-Oct '01
Perm-CA   .60       .44      .64
SJ - CA    .71    .57      .95
SJ-Waha   .15    .20      .38
Perm-Waha   .04    .04      .07


---------------------- Forwarded by Steven J Kean/HOU/EES on 07/25/2000 02:14
PM ---------------------------

Mark Schroeder@ECT
07/25/2000 06:58 AM
To: Steven J Kean/HOU/EES@EES, Kathryn Corbally/Corp/Enron@ENRON, Margaret
Carson/Corp/Enron@ENRON, Rob Bradley/Corp/Enron@ENRON, Richard
Shapiro/HOU/EES@EES
cc: Peter Styles/LON/ECT@ECT
Subject: EU household & industrial consumers benefit from lower electricty
prices

Interesting info for those of you who follow or have an interest in this type
of data regarding succes of market liberalisation.  Further interesting to
note that household prices fell in Sweden and Finland, markets that already
had liberalised wholesale markets, after furhter market opening to
residential secotr.  Note fall in German prices, which, despite bad access
regime, ended up with a suicidal competition in the wholesale market by
incumbents.  Let me know if you need more/have any questions.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 25/07/2000
12:58 ---------------------------

Peter Styles
20/07/2000 18:31
To: Kyran Hanks/LON/ECT@ECT, Mark Schroeder/LON/ECT@ECT
cc: Nailia Dindarova/LON/ECT@ECT

Subject: EU household & industrial consumers benefit from lower electricty
prices

Some useful stats below.

---------------------- Forwarded by Peter Styles/LON/ECT on 20/07/2000 18:31
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "EETC" <eetc@euronet.be>                           20/07/2000 15:25

To: "Hanna Maria Tarjamo" <hanna-maria.tarjamo@fortum.com>, "Martin Sjolund"
<martin.sjolund@q.vattenfall.se>, "C.J. Schroot" <k.schroot@remu.nl>, "C van
der Kaa" <c.vander.kaa@remu.nl>, "P de Visser" <p.de.visser@remu.nl>,
"Fernando Lasheras" <fernando.lasheras@iberdrola.es>, "Christina Tapper"
<christina.tapper@q.vattenfall.se>, "Stig Goethe"
<stig.goethe@vattenfall.se>, "Kaija Kainurinne"
<kaija.kainurinne@fortum.com>, "Kari Huopalahti"
<kari.huopalahti@fortum.com>, "Jaime Echevarria"
<jaime.echevarria@iberdrola.es>, "Bruno Grobner"
<Bruno.Groebner@erl11.siemens.de>, "Klaus Willnow"
<klaus.willnow@siemens.be>, "Peter Styles" <peter.styles@enron.com>, "Nailia
Dindarova" <nailia.dindarova@enron.com>, "Jaakko Tusa"
<jaakko.tusa@fortum.com>
cc:

Subject: EU household & industrial consumers benefit from lower electricty
prices

For your information, please find attached a  summary and a short analysis of
two reports just out the 18th of July by Eurostat, the Statistical Office of
the European  Communities in Luxembourg, which present the prices of
electricity for both  domestic and industrial consumers collected on 1
January 2000.

?

 - Electricity prices in the EU between 1998 and 2000.doc


Ken,

Either is really fine with me.   I'm glad to have you coming.   I will be out
of the office on Nov. 21 and the 22nd is likely to be a short day for most
people, so starting on Nov. 27 would probably work the best for us.

--Stinson

Kenneth Parkhill <klp@freese.com> on 11/10/2000 03:59:42 PM
To: "Stinson Gibner (E-mail)" <sgibner@enron.com>
cc:
Subject: offer

Stinson,

I have talked with folks here at FN, and I am happy to say that may be able
to start at Enron as soon as Monday November 20, the week of Thanksgiving.
I am in the process of wrapping up my existing projects, but it appears that
things are coming together well, and I may be able to leave a little earlier
than I had thought.  Would you prefer that I start the week after
Thanksgiving?

ken

******************************************
Kenneth L. Parkhill, P.E., Ph.D.
Freese & Nichols, Inc.
4055 International Plaza, Suite 200
Fort Worth, Texas 76109-4895

817.735.7391
817.735.7491 (fax)
*****************************************


Over the past few weeks, we have experienced significant issues with our email environment that have caused business interruptions and frustration for Outlook users.  The purpose of this e-mail is to outline the issues that we have encountered and what we are doing to resolve the issues.
?	During the last week of August, we encountered a bug in Microsoft's Exchange Server -- the mail server that is used by Outlook clients.  This bug, which impacted approximately 3,000 users, delayed mail delivery for the better part of a day.  At that time, we applied a fix from Microsoft which appears to have resolved the problem.  We have carefully monitored the Exchange servers for four weeks, and have not seen a re-occurrence of the bug.
?	Also during the last week of August, another Exchange Server experienced database corruption issues -- again, this impacted approximately 3,000 Outlook users.  To resolve this, we moved the 3,000 users to different Exchange servers and made several hardware/software upgrades to the affected server.  We have not yet returned the repaired server to full production use -- we are closely monitoring it to ensure that there are no more problems with the server.  While this event did not cause e-mail outages during the business week, we had to do maintenance on the server during the evenings on Wednesday, Thursday, and Friday, and throughout the Labor day weekend to move users to different servers.  During these evenings and weekend, the impacted users could not access their e-mail.
?	During the last three weeks, there have been a number of new and dangerous viruses on the internet.  We have a multi-layered defense against viruses that include virus scanning software on servers and desktops.  All mail is scanned on the Exchange servers and all files are scanned on the desktops.  During the last few weeks, we have had to apply numerous virus scanning updates to the Exchange servers - sometimes even several updates per day.  The result is that when new virus scanning updates arrive, the performance of the Exchange servers diminishes for several hours while the anti-virus product rescans every message in every mailbox.  This is unfortunate, but we believe necessary to prevent viruses from causing outages in the Enron computing environment and threaten our revenue generating systems.  At this time, we are working with the vendor to arrive at a technical solution that will speed up the virus scanning process.  We have made some progress as the performance has improved during virus scans, however, it can continue to get better.
There is no question that the email issues we have encountered over the last few weeks are unacceptable.  We are continuing to monitor and improve the overall performance to ensure that we substantially reduce the outages and meet Enron's business needs and expectations.

Enron Global Technology


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

F O R

May 4, 2001 5:00pm through May 7, 2001 12:00am
------------------------------------------------------------------------------
------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:     SEE ORIGINAL REPORT

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING:     SEE ORIGINAL REPORT

MARKET DATA: No Scheduled Outages.

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:       ALSO SEE ORIGINAL REPORT

Impact:  EBS
Time:  Fri 5/4/2001 at  6:00:00 PM CT thru Fri 5/4/2001 at  10:00:00 PM CT
 Fri 5/4/2001 at  4:00:00 PM PT thru Fri 5/4/2001 at    8:00:00 PM PT
 Sat 5/5/2001 at 12:00:00 AM London thru Sat 5/5/2001 at  4:00:00 AM London
Outage:  CGMP removal on MSFCs (EBS)
Environments Impacted:  EBS
Purpose: Possible fix for multicast problems. Neal Symms is still reporting
difficulties with multicast and Tibco.
Backout: Place 'ip cgmp' back on the interfaces
Contact(s):  Dennis McGough    713-345-3143

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

------------------------------------------------------------------------------
-----------------------------------------------
        FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management   (713) 853-5536
SAP/ISC
        (713) 345-4727
Unify On-Call      (713) 284-3757  [Pager]
Sitara On-Call     (713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS   (713) 639-9726  [Pager]
OSS/UA4/TARP    (713) 285-3165  [Pager]
CPR      (713) 284-4175  [Pager]
EDI Support      (713) 327-3893  [Pager]
EES Help Desk     (713)853-9797 OR (888)853-9797


Y'all have a good weekend!

Cara Semperger
503/464-3814


ISS is unavailable today.  The warmer weather is resulting in our LDC injecting at their maximum level.

IT is available and the numbers from this morning show $.06 spread between Niagara and points "close"  to Leidy.  I'm using Dominion Appl.  Let's see what happens during the morning.  I have capacity up to 100,000.

IAS has a meager $.025 spread over the winter:(.

Is everyone else as bearish on prices as Salomon Smith Barney?

Abigail
716-857-6847
http://nfg.natfuel.com/gsweb1/


it could be today, but with the nasty weather it is probably better to
postpone, as for tomorrow i have a meeting all morning and then we could
meet for a late afternoon lunch or even early evening happy hour to
celebrate bush's victory. so let me know if sometime late tomorrow works,
otherwise possibly friday. although i may be down in houston since i need to
go to a pool table place off of the southwest freeway near Gessner and then
in town to meet a buddy from el paso.
----- Original Message -----
From: <Benjamin.Rogers@enron.com>
To: "Charles Costenbader" <charles@capstoneenergy.com>
Sent: Monday, November 06, 2000 5:21 PM
Subject: Re: Re:

>
> Charlie:
> I just got back from NYC - I ran in the NYC Marathon yesterday.  It was a
> lot of fun and pretty good weather, but my time was a little slower than I
> would have wanted (4:27).  If Wednesday or Thursday works for you, I would
> like to come up to the Woodlands and meet with you over lunch.  I hope all
> is going well and I'll talk to you soon.
> Ben
>
>


ISDA PRESS REPORT - MAY 24, 2001

Accounting
* IASB Begins Work on Combinations Project - BNA
* Banks Attack Investment Risk Accounting Plan - Financial Times
Asia
* Prospects for Quick Resolution of Japan's Bad Loan Problem Dim - BNA
* Japanese Online Trading Service Eyes Expansion - Financial Times
Regulatory
* Nominations to Fed Governor Seats to be Ready Soon - BNA
* Bankers Eye Impact on Agenda if Senate Control Changes Hands - BNA
Risk Management
* Basle Rules Could Hit Stability - Financial Times
Other Issues
* French Peg Hopes on Five-Year Bonds - Financial Times
* LSE Float is Another Piece in Market Jigsaw - Financial Times

IASB Begins Work on Combinations Project
Seen as Step Toward Standards Convergence
BNA - May 24, 2001
By Steve Burkholder

LONDON--The International Accounting Standards Board took steps May 23 to
begin a high-priority rulemaking project on business combinations in hopes
of using the effort as one avenue leading to global convergence in financial
reporting standards.

IASB Chairman David Tweedie suggested that the newly restructured board
could place the combinations effort "fairly high on our priority list" of
standard-setting and associated projects. Formal decisions on the panel's
agenda await consultation with the board advisory council, which is yet to
be named (100 DTR G-2, 5/23/01).

If the board seeks convergence in accounting standards, "this is one that
we'd certainly look at," Tweedie said of the proposed project on
combinations. The topic also is expected to be discussed in a special
meeting May 24 with the chiefs of national accounting standard-setters from
the G-8 countries. Edmund Jenkins, chairman of the Financial Accounting
Standards Board, plans to attend.

Tentative Approach Would End Poolings
A tentative approach in IASB's proposed standard-setting effort would be to
end the pooling-of-interests method of accounting, a method of reporting for
"true mergers" or what are called in the United Kingdom "uniting of
interests." A firm majority of the IASB appeared to favor poolings' demise.
In such "unitings," the assets of combining enterprises are simply added
together, leaving no impact on the income statement. Such accounting
connotes that the commercial marriage is not an acquisition.

Unitings are allowed under International Accounting Standard 22 on business
combinations, although their occurrence is understood to be rare. A chief
element in the rationale for use of such accounting is the inability to find
an acquirer--a situation on which some in accounting, including IASB member
James Leisenring and former SEC Chief Accountant Michael Sutton, have cast
serious doubt.

If poolings are not used, the purchase method of accounting is the general
rule around the world. Purchase accounting typically includes writedown of
goodwill, an amount that represents the premium paid over the book value of
net purchased assets.

In Connecticut, FASB has completed work on a set of rules for business
combinations accounting built on required use of the purchase method (100
DTR G-6, 5/23/01). Poolings--prominent accounting practice in the United
States--would be banned after June 30, according to FASB's latest set of
decisions in the key rulemaking effort.

However, FASB would not allow goodwill amortization under its proposed
standard, which is expected to be issued in mid-July. Instead, the U.S.
board plans to call for accounting that hinges on tests to gauge whether
goodwill has been impaired--meaning its fair value dips below its book
value, leading to a writedown of the intangible asset only when that occurs.

Impairment Also Eyed by IASB
IASB signaled that goodwill impairment "might be the way to go," as Tweedie
stated in providing a summary of preliminary board opinions expressed on the
second day of its four-day meeting in London.

However, a number of board members are not ready to rule out goodwill
amortization, as shown by comments that were noted by their chairman.
Accounting standards on combinations could be better aligned around the
world, but that does not mean IASB would achieve such convergence by "just
slavishly following world opinion," Tweedie said.

The international board plans to study the issue and accounting options
thoroughly before it settles on a proposed route for merger and acquisition
accounting. The research is expected to include a close reading of FASB
documents chronicling that board's odyssey toward what it calls the
"impairment-only approach" for goodwill.

As noted by FASB members now on IASB, the U.S. board went down that path
because it tries wherever possible to avoid affording choices in accounting.
The impairment-only method is favored by many in commerce because it
prevents the drag on earnings presented by the automatic writedown of
goodwill.

Tweedie Offers Project Proposals
Other topics that Tweedie suggested should be in the scope of IASB's
preliminary study leading to a rulemaking project on combinations are: joint
ventures, which Tweedie called a "big escape route" around the negative
effects of the purchase method for combinations and goodwill amortization;
dual listings of stock of otherwise joined enterprises, said to be another
method of accounting avoidance; and acquisition provisioning, a practice in
the United Kingdom.

In Britain, where Tweedie headed the Accounting Standards Board in the 1990s
and into 2000, the impairment test for goodwill in combinations is stronger
than the mechanism planned by FASB, the IASB chairman said. However, as
Tweedie and an IASB colleague, Warren McGregor, noted, the economy largely
has been strong over the last several years. Thus, the impairment approach
hasn't undergone a "stress test" to see how well it works, as McGregor said.

Experience With Project's Concerns
At FASB, Leisenring, now on IASB, helped decide the direction of the
combinations project until he left the board in June 2000. However, he did
not take part in the redeliberations on treatment of goodwill, he
emphasized.

In comments May 23, Leisenring appeared somewhat optimistic about the
utility of the goodwill impairment test--and was more upbeat about the
better quality of financial reporting resulting from a ban on poolings. He
also predicted the new FASB standard would lead to better recognition of
intangible assets.

"I think you won't just see these impairments exist when they want to have
them," he said, adding that the reporting would be market-driven. He noted
FASB's reasoning that getting rid of poolings would require that the
purchase price be put on the books, making financial statements more useful
to investors.

Across the table from Leisenring, Geoffrey Whittington, a professor of
accounting at Cambridge University until summer 2001, suggested that a
"loose impairment test" could lead to nonamortization where such a writedown
due to a slide in value was in order. He also appeared to question whether
an acquirer could be found in every combination, as Leisenring had asserted.
IASB plans to continue to discuss business combinations at upcoming board
meetings this summer.

Banks attack investment risk accounting plan
Financial Times - May 24, 2001
By Michael Peel

Leading banks will on Thursday attack a radical international plan to make
companies reveal more about the risks associated with their investment
portfolios. A conference at the British Bankers' Association, the main
industry body, will highlight concerns that the plan could cause volatility
in profits and threaten investor confidence.

"The vast majority [of banks] think these proposals are potentially very
damaging," said Paul Chisnall, a BBA director. "There is no split in the
industry on this."  The comments highlight the controversy over "fair value"
accounting, a new approach that forces companies to adjust their profits to
take account of the economic effects of non-trading activities.

The BBA has joined other banks across Europe in condemning a plan unveiled
late last year by the Joint Working Group, a body made up mainly of
accounting standard-setters from the world's biggest economies.  The
proposals, which are being considered by national standard-setting bodies
and the European Commission, will make companies adjust earnings to take
account of rises and falls in the values of financial instruments such as
derivatives and loans to customers.
The BBA conference includes contributions from the chief accountants of
HSBC, BNP Paribas and Barclays Bank, none of whom is expected to speak
favourably about the proposals.
The banks say it is unfair to make them account for changes in the values of
instruments such as long-term customer loans, which are rarely traded and
generally held to maturity. They are worried that sharp changes in interest
rates would lead to dramatic changes in banks' accounts and confuse
consumers.

Banks argue the swings could put them at risk of breaching solvency
requirements set by regulators, forcing them to withdraw from lending that
caused volatility even though it was safe.
The standard-setters who produced the plan say it should help investors by
revealing large liabilities that remain concealed under traditional
accounting rules.

Prospects for Quick Resolution of Japan's
Bad Loan Problem Dim; Study Panel Urged
BNA - May 24, 2001
By Toshio Aritake

TOKYO--With barely a month left before the Diet (parliament) adjourns in
late June, Japanese Prime Minister Junichiro Koizumi's international pledge
to settle the bad loan problem of banks in two years appears to have
stalled.

Minister in Charge of Financial Services Hakuo Yanagisawa May 17 met Takashi
Imai, chairman of the powerful Keidanren (the Federation of Economic
Organizations of Japan) that represents all top Japanese companies.
Yanagisawa asked for Keidanren cooperation and proposed the establishment of
a joint study panel of Keidanren and Zenginkyo (the Federation of Bankers
Associations of Japan) to examine early bad loan disposal, a Financial
Services Agency official said May 21. But Imai demurred, only agreeing to
the need for prompt action, Keidanren officials said May 21.

However, Keidanren and Zenginkyo May 22 began exploring ways to form the
proposed study panel. The two organizations are preparing to hold a
top-level meeting during the week of May 27 and will try to work out a joint
guideline on debt forgiveness by banks to borrowers by the end of June, a
Keidanren official said May 23.

Yanagisawa's policy, which he explained during parliamentary testimony
earlier this month, is to encourage the private sector to voluntarily clean
up bad loans--which the FSA earlier this year said totaled as much as 150
trillion yen (about $1.3 trillion)--with market principles and encourage
banks to forgive bad loans that may not be recovered so that borrowers,
including construction companies, can continue borrowing. In this way the
banks would not fail and result in job losses for workers.

Countering Moral Hazard
The so-called moral hazard that may occur as a result of banks giving debt
forgiveness to borrowers can be prevented with restrictions under the Civil
Rehabilitation Law, Yanagisawa said. He also said in Diet testimony that the
Koizumi Cabinet needs to heed the policies of the Ministry of Land,
Infrastructure and Transport and that totally denying debt forgiveness would
arbitrarily halt industry restructuring.

Over the past several years, banks had implemented debt forgiveness to
beleaguered borrowers, such as large construction companies, supermarket
chains, and banks themselves, in what FSA officials have termed as the first
debt forgiveness program, and maintained credit lines or continued extending
new loans to the borrowers. Yanagisawa said that on the condition that
troubled borrowers seek debt forgiveness as the pre-condition to mergers and
acquisitions, that the second debt forgiveness program should be accepted.

While Keidanren's Imai is in agreement with Yanagisawa--who seems to
represent banks' stance more than that of Japanese industry as a whole--that
bad loan cleanup should be left to private sector efforts, his reluctance to
accept Yanagisawa's request stems from his long-held view that Japan needs
to quickly address the problem of excess production capacity, the Keidanren
official said. The United States and the European Union supports Imai's
position.

Imai, as well as Japan Employers Association Chairman Hiroshi Okuda, also
are concerned that debt forgiveness might resuscitate the borrowers and make
them stronger than companies that have diligently managed their businesses
and as a result the good companies might in turn be put in jeopardy.

Banking Industry Skeptical
Even the banking industry is skeptical of Yanagisawa's scheme. One senior
official of a top Japanese bank expressed concern that Yanagisawa's emphasis
on private-sector efforts might lead to a succession of something comparable
to the multi-billion-dollar failures of the Sogo retail group and Tokyo Life
Insurance last year. Both companies failed last year after suffering the
implosion of huge liabilities relative to capital and assets--despite banks'
loan restructuring and debt forgiveness. The FSA put Sogo under government
supervised corporate rehabilitation.

Debt forgiveness may not necessarily contribute to restoring health to
troubled borrowers if their stock prices remain low and earnings remain
poor, as happened to many borrowers in the past. That could mean that if the
second debt forgiveness did not work, then another debt forgiveness would
become necessary, starting a vicious cycle.

Analysts Not Impressed
David Asher, the American Enterprise Institute's associate director of Asian
studies, described such an approach at an April 25 seminar in Tokyo as
"brain dead capital injection" to borrowers.
Keio University professor Masaru Kaneko said May 21 that the whole
government approach toward bad loans reflected the ineptness of the Koizumi
Cabinet and that he and his key Cabinet members have proved that they are
failing to break the Liberal Democratic Party's faction system and the old
guard hierarchy.

If Koizumi truly is determined to resolve the bad loan problem in two years,
as he pledged in his first parliamentary speech May 7, he should inject
taxpayer money and force banks to write down bad loans and punish bankers
and borrowers severely, Kaneko said.

Analyzing Yanagisawa's Diet testimony, Kaneko said the minister is
emphasizing private sector efforts and market principles to avoid getting
accused publicly. In fact, at least two regional banks that Yanagisawa
nationalized with taxpayer money injections a few years ago had to receive
taxpayer money again last year, despite his promise to resell the banks back
to the market.

Japanese Online Trading Service Eyes Expansion
Financial Times - Newsbytes - May 23, 2001
By Adam Creed

EDerivative.com, a Japanese online brokerage for trade in interest rates
derivatives, is looking to expand its customer base in Japan and overseas.
The online brokerage said on Tuesday it has contracted Radianz, a Reuters
and Equant-owned networking company, to provide local and international
Internet protocol (IP) connectivity.

EDerivative.com's 24-hour real-time market trading platform will be
available to yen market dealers via their own local area networks, rather
than through an existing standalone system. The networked service also
allows the company to more effectively reach international traders.

A Radianz spokesperson said the connectivity will be provided via Equant's
global IP network.
EDerivative.com says it aims to attract one-third of the market participants
in Tokyo's yen swaps arena, a market it values at $3.3 billion.

Spokesperson Kimihiko Matsuno told Newsbytes the service currently has just
under 20 clients. "There are about 40 active players at the moment in the
Yen market and we intend to target the core 25 banks by the end of this
year," Matsuno said.

Nominations to Fed Governor Seats
To Be Ready Soon, White House Official Says
BNA - May 24, 2001
By Brett Ferguson

President Bush is expected to nominate two economists to fill the open seats
on the Federal Reserve's Board of Governors "within the next few weeks,"
Glenn Hubbard, chairman of the White House Council of Economic Advisors,
told BNA May 23.

Hubbard said the security clearance and background checks required for such
high-level positions have slowed the nomination process, but filling the
last two seats on the seven-member Board of Governors is a priority for
President Bush.  There has been no specific effort to pick candidates
working in the private sector rather than academia, but the ideal candidate
"should be someone with excellent knowledge of banking and financial issues
since banking regulation is the majority of what the Fed does," Hubbard
said.

Hubbard would not name any specific individuals under consideration for the
Board of Governors posts, but said there is a list of several names being
widely circulated.  Some of the names being circulated include Terry Jorde,
president of CountryBank USA in North Dakota, Diane Swonk, chief economist
at Bank One in Chicago, and Cynthia Glassman, a senior economist at the
accounting firm Ernst & Young.

Bankers Eye Impact on Agenda If Senate Control Changes Hands
BNA - May 24, 2001
By Adam Wasch and R. Christian Bruce

The financial services industry will move to a more defensive position on
consumer privacy, subprime lending, and other issues if Sen. James Jeffords
(R-Vt.) bolts from the Republican Party and gives Democrats control of the
Senate and its banking committee, sources told BNA May 23.

But overall, key legislative priorities for bankers will remain intact if,
as expected, Sen. Paul Sarbanes (D-Md.) replaces Sen. Phil Gramm (R-Texas)
as committee chairman, they added.
A spokesman for Sarbanes declined to comment, but Gramm told reporters May
23 that he expects good relations regardless of the committee's makeup.

"I expect the same cooperation that the banking committee has operated under
for the last two and a half years," Gramm said. A spokeswoman for Gramm
noted that funding for the committee's staffs would continue to remain
evenly split through the current session of Congress based on a resolution
passed earlier this year.

Dodd as Chairman?
Presumably, if Jeffords switches parties, Sarbanes would assume the
committee's leadership position, although one BNA source familiar with the
issue said Sen. Christopher Dodd (D-Conn.) also could be in play for the
job.

Either way, observers cautioned that it will likely take weeks before a
Senate resolution could be crafted to deal with the massive change in
committee appointments. Nevertheless, experts said that if Dodd were
appointed, it would help to assuage Republicans' concerns about the Banking
Committee adopting what they said could be a more activist agenda under
Sarbanes.

A Democratic staffer for the House Financial Services Committee predicted
that if Sarbanes takes the chair, more progress can be expected on consumer
protection issues that the staffer said are now being ignored, such as
predatory lending, abuses by credit card issuers, and so-called payday
lenders. "I would see an aggressive consumer agenda coming out," the staffer
said.

"There are a lot of banking issues that tend to be bipartisan," an industry
representative told BNA. "There will be no effect on business checking
legislation and [Federal Deposit Insurance Corporation] reform, which are
major priorities for us. Both are bipartisan."

Bankruptcy Reform Could Move
Another issue that could benefit from a shift in power is bankruptcy reform
(H.R. 333, S. 420), which passed both houses by a large margin in March.
However, since its passage, the bill has remained stalled due to the
Republican leadership's inability to agree upon party representation in
conference. A Democratic Senate clearly would break that logjam, and some
industry observers see the legislation moving more easily if the Democrats
take over in the Senate although abortion and homestead exemption issues
could still provide barriers during conference.

No one interviewed by BNA expected a flood of legislation to move out of a
Democratically controlled Senate. Democrats would have too narrow a majority
and each senator's individual power in the legislative process is too great
for that. For example, issues related to regulation of secondary mortgage
firms Fannie Mae and Freddie Mac will remain as politically complex as ever,
sources said.

"There is still going to be a very tenuous division of power," one source
said. "I don't think people should now expect some big Democratic banking
agenda."

Oxley's Role Could Change
Perhaps the most immediate effect of a Democratic takeover in the Senate is
the increased pressure it could bring to bear upon House Financial Service
Committee Chairman Michael Oxley (R-Ohio). Although banking industry
representatives stressed to BNA how eager they are to work with members of
either party, congressional sources told BNA the Republican party is their
traditional ally.

"This elevates Oxley's prestige considerably," one Republican staffer told
BNA. "He's who they'll look to with their issues."  Sources also said the
industry will depend on Oxley to stop any unfavorable bills that clear the
Senate. "We have to figure out if he's a good [bill] stopper and how far
he'll go before he has to put pressure on the president to veto
legislation," one lobbyist said.

However, a committee chairman can have an impact even without passing
legislation, said Joe Belew, president of the Consumer Bankers Association.
If Sarbanes takes control of the Senate Banking Committee, he said, the
senator from Maryland--or any other Democrat who ascends to the post--will
be able to use the committee to set the agenda by using hearings and other
actions to call attention to key issues. "Every chairman uses the gavel to
highlight his own issues," Belew said.

Democratic 'Ripple' Effect
A Democratic staffer on the House side said ripple effects could be felt
there if Sarbanes becomes chairman. Even though Republicans still control
the House, the staffer said, they would have to take Democratic issues and
positions more seriously, knowing that Senate Democrats might lend support.
"All of a sudden the Democratic minority here becomes more relevant," the
staffer told BNA. "For example, until a few days ago, predatory lending was
a non-issue. If Sarbanes starts holding hearings on predatory lending, it's
harder to push aside those concerns in the House." Jim McLaughlin, director
of trust affairs for the American Bankers Association, said much the same.
"It will change the direction of the chair about 178 degrees," he said.

Agency Nominations Affected
Another area that stands to be affected is the nomination process,
McLaughlin added. Currently, the Federal Reserve Board has two vacant seats,
and industry experts have assumed that the White House will move to replace
the current leadership at the Office of the Comptroller of the Currency and
the Office of Thrift Supervision.

Now, the administration will have to plan those nominations with an eye
toward candidates acceptable to a Democratic chairman, McLaughlin said. "It
will probably be a pretty significant issue," he said.  However, McLaughlin
predicted that Don Powell, who has been named to chair the FDIC, is likely
to be confirmed. "I wouldn't think he'd be in danger. He's a friend of Phil
Gramm, but he's a banker, and he's knowledgeable," McLaughlin said.

Evenly Split Lobbying
Lastly, there is potentially some sense of the status quo for the banking
industry, sources said. Although the financial services industry is known to
give larger campaign dollars to Republicans, this does not mean Democrats
have been left out in the cold and are estranged from the banking industry's
interests.

"We know both of these men," an industry lobbyist told BNA. "It's not like
Sen. Sarbanes's agenda is a mystery to us. We can work with anyone we have
to."
The Financial Services Roundtable, a prominent trade group that represents
some the largest financial services corporations in the country, told BNA it
is prepared for what political changes may come.

"We've been pretty balanced in the distribution of our lobbying efforts," a
Roundtable spokeswoman told BNA. "Furthermore, It's been 50-50 [in the
Senate] for some time now. We feel comfortable on either side."

Basle rules could hit stability
Financial Times - May 24, 2001
By John Willman

The Bank of England on Wednesday warned that the stability of the world's
financial institutions could be undermined by new rules designed to reduce
the risk of bank failures.

David Clementi, deputy governor, said the new Basle accord linking the
amount of capital banks have to hold more closely to the riskiness of their
loans could amplify the economic cycle. Downturns would be accentuated if
bank credit dried up because the increased risk of loan default required
banks to hold more regulatory capital.

Mr Clementi said there was evidence of such consequences during the 1997
Asian crisis, when leading banks with sensitive risk-measurement procedures
had suddenly enforced loss limits. Risk-adjusted capital requirements should
be based on long-term measures that include the possibility of future
economic downturns in assessing credits.

"No one is suggesting that risk-insensitive capital measures are the
answer," he said. "Rather we need to ensure that, in so far as we can, we
avoid sudden perceptions of changed risk."
Speaking at a conference organised by the UK central bank on systemic risk,
Mr Clementi said that banking crises had become more common. Four of the G10
leading economies had suffered a banking crisis during the last 10 years.

He warned that attempts to impose stronger banking regulation could be
undermined if risk shifted to more lightly regulated financial institutions
such as insurers. "We may find that our new rules are simply arbitraged
away, for example using credit risk transfers to insurance subsidiaries, or
asset securitisation sales to third-party insurers, or credit insurance and
derivatives sold by insurers," he said.

Mr Clementi said he would welcome international discussion of whether the
trend towards risk-based measures in banking should be mirrored in non-life
insurance regulation.

French peg their hopes on five-year bonds- An alternative to futures traded
on the Eurex could prove the deciding factor in a long-running debate
Financial Times - May 23, 2001
By Aline van Duyn

The long-standing competition between Germany and France to be the benchmark
for the euro-zone bond markets is heating up again.  The latest instalment
of the debate is being played out in the futures market, where Euronext, the
European exchange that runs the French derivatives market, last week
relaunched its five-year European bond futures contracts.

The contracts are being presented as an alternative to the five-year futures
traded on the Swiss-German Eurex exchange, which have come under scrutiny
from banks active in the market following a successful "squeeze" operation
in March.

Although the products traded on the exchanges are not directly related to
the debt borrowing programmes of their respective governments, the outcome
of their jostle for position could affect the price each country has to pay
for its bonds.

Herve Cros, bond strategist at BNP Paribas, which is one of 11 banks which
will act as a market maker for the new Euronext contracts, said the squeeze
experienced on the Eurex exchange - which led to losses for many banks -
offered an opportunity to try to create an alternative.
"For this reason, Euronext decided to relaunch its future on behalf of, and
in collaboration with, numerous international players," Mr Cros said.

When a bond future matures, the owner has the right to receive a certain
number of underlying government bonds. This creates more demand for the
underlying debt and can therefore push up its price.

At the moment, French five-year bonds yield more than German five-year
bonds. Reducing this gap would benefit the French treasury, because it could
reduce its cost of borrowing.
Because the amount of futures traded can be much larger than the size of the
underlying cash market, shortage of deliverable bonds can occur. If an
investor secretly buys up the deliverable bonds, the conditions for a market
"squeeze" are created, because others will need to pay a premium to obtain
the debt when the futures expire.

There is a particular risk of a squeeze when there is a shortage of bonds in
the cash market. For the June five-year bond, or Bobl, contract traded on
Eurex there are more deliverable bonds than for the September contract.

"There are concerns about a possible squeeze in the September Bobl future,"
said Kim Rosenkilde, global head of government bonds at ABN Amro, which is
also a market maker for the Euronext future.

In the coming weeks, traders will start to roll over their positions from
June to September. The next three weeks will therefore be be a key period
for determining the success or otherwise of Euronext's efforts to capture a
share of the five-year futures market, which has been growing in importance
in recent years.

Banks have asked Eurex to consider changing its trading rules to make
squeezes less likely, but so far the exchange's board has not responded to
these demands. Euronext's contracts have two elements which could reduce the
chance of a squeeze. First, positions are limited to 50,000 contracts.
Second, the French treasury is able to temporarily increase the number of
bonds available via the repurchase, or repo, market.

Mr Rosenkilde said the contract would need to prove itself over the next six
to 12 months if it was to become a viable alternative to the Eurex future.
It can be difficult for liquidity to shift from one exchange to another, but
it has been done before. There are other alternatives to using either the
Eurex or Euronext futures, although none is likely to take over fully. The
London International Financial Futures and Options Exchange has futures
based on five-year swaps. Traders can also use the swaps market directly or
cash government bonds to hedge their debt positions.

Even though futures markets are a derivative of the underlying market, they
are particularly important in Europe. Despite the existance of the single
currency, the cash bond markets remain fragmented as each euro-zone country
issues its own bonds.  "Futures play a more critical role in the European
market than they do in the US," said Bernd Hoefel, head of financial
strategies at Lehman Brothers, also a market maker for the Euronext future.

"The future is the big unifier for debt market participants, and this is why
it is so important to have the future functioning smoothly."

LSE float is another piece in market jigsaw
Financial Times - May 24, 2001
By David Holmes and Braden Reddall

LONDON (Reuters) - It may be a giant leap for the London Stock Exchange
(LSE), but its public flotation detailed is no more than a small step on the
path towards the unified European equity market that investors desire.

Having set a July date for its long-awaited market debut, the London
institution was poised on Thursday for one of the most fundamental changes
in its 200-year history.
Yet the flotation is only one part of the stock market jigsaw coming
together across Europe, as bourses from Amsterdam to Frankfurt list their
own shares and change the whole structure of European markets.

As listed companies, exchanges should in theory be more able to make
takeovers and alliances to rationalise the complex structure of the markets.
The LSE pitched its flotation around such a claim -- that it would shake
itself free of the constraints of mutuality and act in a commercial way,
putting its shareholders' interests first.

It should, after all, be well placed as the leading European bourse.
The 2.7 trillion euro (1.64 trillion pounds) market capitalisation of its
listed stocks is nearly double that of either Frankfurt or Paris. London is
the largest global centre for the management of institutional equities, with
1.7 trillion pounds of equities under management. And around 500 foreign
companies are listed on the London exchange, more than on any other.

Yet the LSE has still given scant detail of its future strategy, beyond some
generalisations about being Europe's leading exchange and forming
unspecified technology links and partnerships.

CHANGE IN FORTUNES
The more important aspect of the LSE's flotation, at least in the short
term, may simply be a pointer to a potential change in its fortunes.  At the
beginning of last year, the LSE was a mutually owned organisation struggling
against a legacy of internal conflict and strategic uncertainty.

Subsequently, an abortive plan to merge with the Deutsche Boerse led to the
departure of Chief Executive Gavin Casey and left an impression of division
between the exchange and some of its members. Just a few months later, the
LSE stands poised to secure a near one billion pound flotation that it hopes
will return it to the forefront of Europe's capital markets.

It even seems to have gained the support of smaller brokerages with its more
conciliatory approach. Brian Winterflood, chief executive of Winterflood
Securities, told Reuters Television: "Isn't it nice to hear everyone on the
same side.... They are listening to people, which is marvellous."  The
multi-billion pound valuations hung on traditional exchanges show that they
have a future, despite potential threats to their way of doing business.

Brokerages have deployed their own systems to trade shares between different
clients, allowing those clients to trade directly with each other -- a
process known as disintermediation.  The Internet offers a medium for share
trading that could yet emerge as a serious contender, yet investors still
seem to believe that exchanges have a future.

Behind the lofty valuations of the LSE and the Deutsche Boerse, which runs
Frankfurt, are hopes that they will ultimately unite to offer investors a
seamless route to trading shares across Europe, cementing their central
market position and their value. Hopes that the LSE could itself be a bid
target have already helped inflate its shares, which are traded on an
unofficial "matched bargain" basis by investment bank Cazenove. They rose
330 pence or 9.8 percent to 3,575p by 3pm, having hit a record peak of
3,690p -- almost double their level at last July's debut. But the route to
consolidation is little clearer after the LSE's flotation announcement, as
Chief Executive Clara Furse conceded. Flotation gives the LSE an acquisition
currency, but how it intends to spend it is unclear.

"Trading is going global and geographic boundaries are becoming irrelevant,"
Furse said. "But how it will all pan out is difficult to predict".

**End of ISDA Press Report for May 24, 2001.**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.  THIS PRESS REPORT IS
NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION), AND ISDA IS
NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.


Attached is one of the plan documents that has been revised in the following manner:
The beginning of Section 3.2 was revised to include a "subject to" provision.
Section 3.4 was separated into two parts.  Part A is the original provision.  Part B is a new provision.
Using this revised design, every laid off employee, whether subject to WARN, would receive the same net amount of severance benefit, whether a WARN penalty had to be paid by the employer, whether a WARN notice was given in advance of layoff, or whether WARN did not apply to the lay off in any way.
I've received a thumbs up from Michelle for the revisions, which are marked in the attached document to facilitate your review.
Pat
The second plan document will be sent as an attachment to a separate email.
[New Years Resolution:  Learn how to unzip bundled files.]

 - SPP 01 Rstmt doc6 Nov18c1.DOC


Mary:
I'm waiting for Dave Forester to okay this but I have spoken with Matt
Goering here a few times about this and I believe he has been in contact with
Pruett.  I will give Pruett a call and let him know where things stand but
until I hear from Dave, I can't do anything.
carol

	Mary Griff Gray
	05/10/2000 09:28 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: EnronOnline ETA question

Carol --

In talking to this customer, he said that he has not heard from anyone at
Enron regarding this question.  Could you update me on this request?

Thanks,
Griff
x3-5753
---------------------- Forwarded by Mary Griff Gray/HOU/ECT on 05/10/2000
09:26 AM ---------------------------

From:  Mary Griff Gray
     05/05/2000 08:00 AM

To: Carol St Clair/HOU/ECT@ECT
cc:
Subject: EnronOnline ETA question

Carol --

John Puett, Duke Energy Corporation, wonders if Duke Energy can discontinue
contract as stated in 6.a, which states that EnronOnline can terminate
contract.
Will you please call John (704-382-4061) regardng this question?

Thanks, Carol, and have a wonderful weekend.
Mary "Griff" Gray


There is still some information that I need to add, but attached please find
the weekly update.
Marcie