F R I D A Y   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

Friday: The CRB Index is up 2.04 points to 211.17. The
US Dollar Index moved higher by 0.22 points to 119.31.

The Dow Industrials trended lower by 113.74 points, at 10977.00, while
the S&P 500 trended lower by 12.00 points, last seen at 1264.96. The
Nasdaq Composite fell 48.90 points to 2215.10.

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E X T R E M E   M A R K E T   C O M M E N T A R Y
_____________________________________________________________________

The STOCK INDEXES closed lower on Friday as today's halt in trading
on the big board due to software problems caused nervous traders and
investors to dump stocks ahead of the weekend. This led to the
posting of a key reversal down in September S&P's and a lower close
in the Nasdaq. Additional weakness in both markets on Monday would
increase the odds that the corrective bounces off the late-May lows
might have run their course for the time being.

The Dow closed lower on Friday due in part to today's software
glitch, which halted trading on the big board for the first time
since 1998. Nervous traders dumped stocks due to uncertainties over
the half in trading as the decline off Tuesday's high continues.
Momentum indicators have turned bearish with this week's setback
signaling that additional weakness is possible. Closes below last
week's low crossing at 10,835.40 would renew the Dow's decline off
May's high and set the stage for a test of May's low crossing at
10,673.20 later this month.

INTEREST RATES September bonds closed lower on Friday thereby
confirming Thursday's key reversal down. Today's decline turned a
number of momentum indicators neutral to bearish hinting that the
corrective bounce off the late-May low might have come to an end with
Thursday's high. Additional weakness on Monday could lead to an
eventual test of broken trendline resistance drawn across this
spring's highs.

The CRB INDEX posted a key reversal up on Friday erasing all of this
week's losses in the process. Strength in oilseeds, hogs, bellies,
some precious metals, foods, fiber and crude oil underpinned today's
rally. Today's high-range close leaves the door open for a steady to
higher opening on Monday as closes above 211.75 would renew the
rebound off the late-May low crossing at 208.43. Momentum indicators
are oversold and are turning neutral warning bears to use caution, as
additional short covering is possible during June.

ENERGY MARKETS closed higher on Friday due to short covering as they
consolidated some of this week's losses ahead of the weekend. Gains
were limited as worries over refinery snags and crude oil offloading
affected by stormy weather in the U.S. Gulf dissipated.

July crude oil rebounded on Friday erasing all of this week's losses
to post a positive close for the week. Momentum indicators are
oversold and turning neutral to bullish hinting that a short-term low
was posted with Wednesday's spike of this year's uptrend line. It
will take closes above 29.05 to temper the near-term bearish outlook
in the market.

July heating oil posted an inside day with a higher close on Friday
due to short covering ahead of the weekend. Closes above this week's
high at 78.40 would confirm that Wednesday's low marked a double
bottom, which coincides with the 38% retracement level of the
December/May rally crossing at 75.66.

July unleaded gas closed slightly higher on Friday as it extended
Thursday's short covering bounce following this week's trendline
breakout. Session lows tested the 50% retracement level crossing at
88.93. This week's trendline breakout has opened the door for
additional weakness during June. If the decline resumes, the 62%
retracement level of this year's rally crossing at 85.62 is July's
next target. The daily ADX (a trend-following indicator) remains in a
bearish mode signaling that additional weakness is possible.

July Henry Hub natural gas posted a key reversal up on Friday due to
light short covering ahead of the weekend. Forecasts calling for a
warm-up across the Midwest next week and continued heat in the South
are expected to raise demand for natural gas, which triggered today's
rally. Closes above 4.179 or below 3.67 are needed to clear up
near-term direction in the market.

CURRENCIES The September Dollar closed slightly higher on Friday as
it continues to grind sideways to higher this spring. The daily ADX
(a trend-following indicator) is bullish signaling that additional
strength is possible as the door remains open for a test of weekly
resistance crossing at 121.50 later this month. It would take closes
below May's uptrend line crossing near 118.62, which coincides with
gap support to signal that a short-term top has likely been posted.

The September Swiss Franc closed slightly higher on Friday due to
light short covering ahead of the weekend. September continues to
consolidate above the contract lows but remains poised to renew this
spring's decline possibly next week. Wednesday's key reversal down is
still a warning to traders that the underlying tone of the market
remains weak. The daily ADX is still in a bearish trend mode
signaling that additional weakness is possible.

The September Canadian Dollar extended this week's rally as it spiked
above the 62% retracement level of this winter's decline crossing at
.6573. If this resistance level is clear, gap resistance beginning at
.6600 is September's next upside target. Closes below broken
resistance crossing at .6541 would increase the odds that a
short-term top has likely been posted. Momentum indicators are
bullish but overbought warning bulls to use caution as a short-term
top might be near.

The September Japanese Yen renewed this week's decline with a lower
close on Friday. The setback from last week's high has returned
September to this spring's trading range. Momentum indicators have
turned bearish signaling that sideways to lower prices during the
first half of June are possible. If the decline continues, gap
support crossing at .8272 is September's next target.

PRECIOUS METALS August gold vaulted sharply higher on Friday due to
short covering. Trading volume was thin, which helped exaggerate
today's gains. Nevertheless, a short-term bottom has been confirmed
with the recent consolidation around the 75% retracement level of
this spring's rally crossing at 267.20. Today's rally turned
short-term momentum indicators bullish signaling that additional
gains into mid-June are possible. A setback is likely on Monday as
today's gains were overdone.

July silver also closed higher on Friday as it posted a key reversal
up. Session lows tested trading range support crossing at 4.31 cents.
Stochastics and RSI are bearish but oversold hinting that a
short-term bottom may have been posted with today's low. Additional
gains on Monday are needed to help confirm today's bullish reversal
pattern. Closes below 4.31 would open the door for a possible test of
weekly support crossing at 4.15 later this month.

July copper plunged to new contract lows and below weekly support
crossing at 74.10 as it renewed this spring's decline. Weekly support
crossing at 72.85 is July's next target. Stochastics and RSI are
bearish signaling that additional weakness near-term is possible.
Today's sell off was triggered by fund liquidation due to concerns
over the global economy.

GRAINS July corn closed lower on following Thursday's poor close and
weekend weather forecast for the Midwest, which should allow for a
warm up that should spur improved crop development next week. Losses
were limited due to dry weather concerns in China and expectations
that next Monday's crop conditions report will come in steady to
slightly below this week's levels. Momentum indicators remain bullish
signaling that sideways to higher prices into mid-June are possible.
Closes above minor resistance at $2.00 are needed to set the stage
for a possible test of May's high at 2.11 1/2 later this month.

July wheat closed fractionally lower on Friday as it consolidated
some of its late-week gains. Losses were limited due to reports of
heavy rains across parts of the hard red winter wheat belt overnight,
which raised concerns about further crop losses. Gains this week
remains limited due to sluggish world wheat demand and U.S. winter
wheat harvest, which has moved into southern Oklahoma. Closes above
2.72 or below 2.58 1/2 is needed to clear up near-term direction in
the market. Stochastics are giving a divergent buy signal hinting
that sideways to higher prices are possible next week.

SOYBEAN COMPLEX July soybeans posted its highest close since March
13th as it extends its trading range breakout. The stage is set for a
test of March's high crossing at 4.77 1/2. Continued strength in the
cash markets along with strong foreign and domestic demand continues
to underpin the late-spring rally. Commodity funds were active buyers
across the complex buying about 1,000 contracts of soybeans. Momentum
indicators remain bullish signaling that additional gains are
possible.

July soybean meal closed sharply higher on Friday and above the 62%
retracement level crossing at 169.40 to keep this spring's uptrend
alive. Today's breakout above fib resistance has opened the door for
a possible test of the 75% retracement level of this winter's decline
crossing at 175.40 later this month. Strong foreign and domestic
demand along with a tight cash market continues to underpin meal's
rally. The daily ADX has resumed its bullish trend mode signaling
that additional strength is possible.

LIVESTOCK August hogs closed sharply higher on Friday falling just
short of the contract high at 65.95. Fund related buying along with
local short covering triggered today's rally due to tight supplies
and ideas of firming cash bids and higher cut-out values. Additional
support came from the Goldman roll as they continue to buy the August
contract. This week's rally has turned weekly momentum indicators
bullish signaling that additional gains are possible. I would not be
surprised to see a brief period of consolidation around 65.95 next
week.

August cattle gave us the short covering bounce ahead of the weekend
that I was looking for as it consolidated some of this week's losses.
While additional short covering is possible on Monday, momentum
indicators have turned bearish warning traders that last week's high
likely marked a broad double top with January's high. Expectations
for seasonal weakness during June should continue to put pressure on
August cattle next week.

FOOD & FIBER July coffee closed slightly higher on Friday due to
short covering ahead of the weekend. July's ability to hold above the
late-May low of 57.10 leaves the door open for a short covering
bounce next week should weather forecasts for Brazil's coffee growing
region turn bullish. Momentum indicators are oversold hinting that a
short-term low is in place or near. Closes above 60.80 are needed to
temper the near-term bearish outlook in the market.

July cocoa posted an upside reversal with a higher close on Friday
due to short covering ahead of the weekend. July's inability to
sustain Thursday's move to new lows hints that a short-term low might
be in place. Stochastics and RSI are oversold warning traders not to
press the short side of the market at this time.

July sugar closed higher on Friday erasing the losses of the past two
trading sessions. While today's bounce was expected, it does bring
into question whether or not the rebound off last week's double
bottom has ended or if there is one more leg up in the correction
before the larger-degree decline off May's high resumes. Momentum
indicators are bearish but nearing their respective oversold zones
warning bears to use caution and not to press the short side of the
market at this time.

July cotton closed out the week on a high note as it continues to
rebound off the late-May lows. However, floor sources indicate that
there has been little fundamental news to support this month's short
covering rally, which leaves the market vulnerable to a resumption of
this year's decline later this month. Stochastics and RSI have turned
bullish signaling that additional short covering into mid-June is
possible. If the rebound continues, trendline resistance crossing
near 43.25 is the next target.

Daily Extreme Commentary is brought to you by GLOBALcharts,
INO.com's end-of-day charting software for Futures, Futures
Options and Optionable Stocks. http://www.globalcharts.com
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_____________________________________________________________________

T O P   N E W S
_____________________________________________________________________

STOCKS

Japan Stocks Review: Nikkei +1.2% on Nasdaq rally, Intel news
   http://news.ino.com/summary/?id=25673
Add2: US Equities Review: Lower; Volume light after NYSE glitch
   http://news.ino.com/summary/?id=25671
UK Stocks Review: Little excitement shown after general election
   http://news.ino.com/summary/?id=25679

FOREX

US FX Review: Sterling tanks as Labour Party sweeps UK elections
   http://news.ino.com/summary/?id=25675
Asia FX Review: GBP mixed after Labour win, USD/JPY steady
   http://news.ino.com/summary/?id=25672
Europe FX Review: Labour landslide sends cable even lower
   http://news.ino.com/summary/?id=25674

CREDIT

US Credit Review: Slight losses after attempted rally fails
   http://news.ino.com/summary/?id=25670
Europe Credit Review: UK Labour win causes long-end convergence
   http://news.ino.com/summary/?id=25676
Japan Credit Review: June down on last-minute position squaring
   http://news.ino.com/summary/?id=25678

COMMODITIES

US Futures Summary: Energy, gold, soy up; copper at 2-year low
   http://news.ino.com/summary/?id=25677

EXCHANGES

CBOE Explains Friday Morning Trading Halt
   http://news.ino.com/press/?release=24538
Eight New Institutional Investors In Nasdaq Europe
   http://news.ino.com/press/?release=24537

____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

NGQ1   Henry Hub Natural Gas Aug 2001              4.018     0.158  +4.08
CCN1   Cocoa Jul 2001                                937        33  +3.65
XKZ1   Gold Dec 2001                               276.4       8.7  +3.23
GCV1   Gold Oct 2001                               275.5       7.7  +2.87
ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256   2 26/32  +2.79
KIQ1   Kilo Gold Aug 2001                            274         7  +2.62
PBQ1   Frozen Pork Bellies Aug 2001               81.200     1.925  +2.43
CLN1   Light Sweet Crude Oil Jul 2001              28.33      0.65  +2.34
LHZ1   Lean Hogs Dec 2001                         52.675     1.050  +2.03
CTN1   Cotton Jul 2001                             42.71      0.76  +1.81

LOSERS

DAV1   BFP Milk Oct 2001                           13.70     -0.76  -5.26
RM1    Russell 1000 Index Jun 2001                669.00    -32.95  -4.88
NDZ1   NASDAQ 100 Index Dec 2001                 1944.50    -59.00  -2.95
BDU1   Oriented Strand Board Sep 2001             215.00     -5.80  -2.69
HGM1   Copper Jun 2001                            0.7275   -0.0195  -2.61
RRX1   Rough Rice Nov 2001                         5.500    -0.080  -1.43
MDM1   S&P Midcap 400 Jun 2001                    530.85     -7.55  -1.40
SPH2   S&P 500 Mar 2002                          1296.10    -16.10  -1.23
PNN1   Propane Jul 2001                           0.4550   -0.0050  -1.09
RLM1   Russell 2000 Index Jun 2001                510.80     -5.55  -1.08
____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

PRDS   PREDICTIVE SYSTEMS                           5.21      1.27  +30.98
WGAT   WORLDGATE COMMUNIC'A'                        5.32      1.05  +25.42
IREP   INTEREP NATL RADIO SALES 'A'                 5.14      0.97  +23.37
VRTY   VERITY INC                                  23.39      4.06  +21.03
LBRT   LIBERATE TECHNOLOGIES                        9.53      1.56  +19.55
GNSL   GENOMIC SOLUTIONS INC COM STK                5.40      0.86  +19.07
FSM    FOODARAMA SUPERMKTS                         29.25      4.45  +17.94
VGIN   VISIBLE GENETICS                            18.98      2.76  +16.88
PCIS   PRECIS SMART CARD SYS INC                    5.25      0.75  +16.67
GAIA   GAIAM INC CL A                              14.11      2.07  +16.67

LOSERS

ANTV   ANTENNA TV ADS                               8.25     -2.40  -21.90
ELY    CALLAWAY GOLF CO (DEL)                      15.03     -3.46  -18.74
JNPR   JUNIPER NETWORKS                            38.02     -8.57  -18.38
TXCC   TRANSWITCH CORP                             12.40     -2.50  -16.82
ANAD   ANADIGICS INC                               19.48     -3.30  -14.57
IMMR   IMMERSION CORP                               5.47     -0.78  -12.83
EXDS   EXODUS COMMUNICATIONS                        6.33     -0.89  -12.29
MTSC   MTS SYSTEMS                                 11.20     -1.55  -12.22
GISX   GLOBAL IMAGING SYS                           9.05     -1.19  -11.79
LVLT   LEVEL 3 COMMUNICATIONS                       9.29     -1.18  -11.28

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T H A N K   Y O U
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Just a reminder that I'm going to be in a little late tomorrow.  I'm going
over to the old TCB Bank bldg. at 9:00am to sign my loan papers.


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

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

To complete requests for feedback, access PEP at http://pep.corp.enron.com
and select Perform Review under Performance Review Services.  You may begin
providing feedback immediately and are requested to have all feedback forms
completed by Friday, November 17, 2000.

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

Houston: 1.713.853.4777, Option 4
London:  44.207.783.4040, Option 4
Email: perfmgmt@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."   Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.

Review Group: ENRON
Feedback Due Date: Nov 17, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
BOLTON, SCOTT                   RICHARD S SHAPIRO               Nov 06, 2000
CONDON, CHARLES D               MARTIN J WENZEL                 Nov 03, 2000
DENNE, KAREN L                  MARK A PALMER                   Nov 07, 2000
FAWCETT, JEFFERY C              JESS K HYATT                    Nov 01, 2000
HAMILTON, TIMOTHY J             JAMES W LEWIS                   Oct 25, 2000
KAUFMAN, PAUL J                 RICHARD S SHAPIRO               Oct 31, 2000
MANDELKER, JEANNIE              KAREN L DENNE                   Nov 06, 2000
MARA, SUSAN J                   PAUL J KAUFMAN                  Nov 08, 2000
MCLAUGHLIN, TRACY               SCOTT BOLTON                    Oct 25, 2000
NORD, BONNIE S                  RICHARD S SHAPIRO               Nov 03, 2000
O'CONNELL, EARLENE              ELIZABETH C LINNELL             Nov 01, 2000


Chris--Here is what I was given as the final version of Exhibit 1 to the 12/99
Energy Purchase Agreement.

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

 - GAS PURCHASE AGMT EXH 1 REV                     1-13-1.xls


Attached is a revised version of the capacity release letter, which incorporates Kim's comments. I'm ok with sending this in the form attached to ENA. Please let me know if you'd like me to send a copy to ENA's attorney at the same time that you send to the business person. Thanks.


Kathy,

 As per my voice mail, attached is the memo sent to Carolyn Gilley from
Gerald Nemec, as well as, an electronic version of the agreement.

Thanks,

Eric Gillaspie
713-345-7667
Enron Building 3886


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Daily Energy Letter
http://www.carrfut.com/research/Energy1/Energy-Letter1-8-02.pdf


As evidenced by an exceptionally strong performance in the second quarter,
Enron,s wholesale energy businesses in North America and Europe continue to
experience tremendous growth.  The opportunities to continue to grow our
natural gas and power businesses have never been better and it is critical to
Enron,s future success that we remain focused on expanding these businesses
and maintaining the strong momentum we have in these markets.

It is equally important that we continue to develop new businesses outside of
gas and electricity, which can make significant contributions to our earnings
growth.  We have made significant progress in developing these businesses in
North America, Europe, and most recently in our new Net Works business unit.
Included in these global businesses are our efforts in crude and products,
coal, emissions, insurance, currency, equity trading, interest rates, credit
trading, paper and pulp, and metals.

While significant progress has been made in these efforts we need to
accelerate the growth of these new businesses while continuing to
aggressively expand our core gas and electricity businesses in North America
and Europe.  In order to accomplish these two objectives and to capitalize on
the increasingly global opportunities in these new businesses we are today
announcing the formation of a new business unit ) Enron Global Markets.  This
new business unit will focus on markets and commodities which are global in
scope, but outside our traditional gas and power markets.  This new core
business unit will operate in parallel with and in close coordination with
the North American and European businesses.

Enron Global Markets will be headed by Mike McConnell, President and Chief
Executive Officer, and Jeff Shankman, Chief Operating Officer.  They will
report to Mark Frevert who will be Chairman of Enron Global Markets.  Mark,
Mike and Jeff will comprise the Office of the Chairman for Enron Global
Markets.

Included in this new business unit and reporting to the Office of the
Chairman will be the following businesses and their leaders:
- Global Crude and Products:     John Nowlan
- Coal:         George McClellan
- Currency, equities, interest rate and agricultural trading:  Gary Hickerson
- Insurance and weather:      Jere Overdyke

Enron,s metals business and Enron Credit.com will remain the responsibility
of Enron Europe. The Paper and Pulp business will continue to reside in North
America.

With the departure of Mike McConnell from Enron Net Works, we are pleased to
announce the following appointments in that business unit:
- Jeff McMahon: President and Chief Operating Officer
- Louise Kitchen: Chief Commercial Officer
- Philippe Bibi:  Chief Technology Officer

Jeff, Louise and Philippe, along with Greg Whalley,  will comprise the Office
of the Chairman for Enron Net Works.

With Jeff Shankman,s departure from Enron North America,s natural gas
operation, all of Jeff,s direct reports will report to John Lavorato.

We are also pleased to announce the following changes to the Enron North
America Office of the Chairman.  John Lavorato will join the ENA Office of
the Chairman as Chief Operating Officer.  Dave Delainey will assume the role
of President and Chief Executive Officer.  Mark Frevert will retain his role
as Chairman of Enron North America in addition to his role as Chairman of
both Enron Global Markets and Enron Europe.

Please join us in congratulating everyone in their new assignments and in
supporting the new Enron Global Markets organisation.


John,

Bo Collins would like to speak with you.  Can you forward me your phone # or
call him at 212-299-2260?

Dan

-----Original Message-----
From: Arnold, John [mailto:John.Arnold@ENRON.com]
Sent: Tuesday, October 23, 2001 9:30 AM
To: dmcelduff@nymex.com
Subject:

Daniel:
Can you include me in the nymex nat gas advisory panel meeting today?
John Arnold
Enron

**********************************************************************
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.
**********************************************************************


I will be out of the office Monday, October 22.   If you need assistance, please contact Patrick Mulvany (EOL ) 345-3877, Bianca Ornelas (non-EOL) 345-3782,  or you may also contact Kim Theriot at 853-1771.


----- Forwarded by Elizabeth Sager/HOU/ECT on 04/25/2001 11:23 AM -----

	Christi L Nicolay
	04/25/2001 10:54 AM

		 To: Jeffrey T Hodge/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT
		 cc: James D Steffes/NA/Enron@Enron
		 Subject: +Three strikes, bill hits California, et al

Jeff is going to forward this to the commercial group.  Regulatory will keep
you both informed on the "three strikes" bill and Enron efforts regarding it.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 04/25/2001
10:43 AM ---------------------------

	From:  Rebecca W Cantrell                           04/25/2001 10:21 AM

To: Leslie Lawner/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Steve
Walton/HOU/ECT@ECT, Susan J Mara/NA/Enron@ENRON, Alan Comnes/PDX/ECT@ECT, Ray
Alvarez/NA/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Linda
Robertson/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron
cc:

Subject: +Three strikes, bill hits California, et al

From today's Gas Daily:

+Three strikes, bill hits California

California Assemblyman Dennis Cardoza,
a Democrat, will introduce a bill today that will
make it a felony for any energy supplier in California
to engage in a conspiracy to drive up prices
or manipulate the market.

The bill would apply to any company selling
gas or electricity into the state or to any of the
state,s utilities, said a spokesman for Cardoza.

Under terms of the proposed legislation,
offenders would be subject to California,s "three
strikes" law, which sentences convicted felons
to jail for life after three offenses. Directors, officers
or any other employees associated with
market manipulation of a company would be
subject to this bill, the spokesman said.

Cardoza will introduce the bill at a press
conference today at 2 p.m. Pacific time. CD

______________________________________________________________________

 No easy solutions to crisis

The crisis in California is far beyond short-term
fixes parading as potential solutions, and
there is no turning back for deregulation in the
state, according to a report released yesterday
by consulting firm Andersen.

California has no choice but to forge ahead in
repairing the damage that ill-planned deregulation
measures have caused, the Energy Crisis in the
Western U.S.: Lessons for navigating regulatory
and market minefields report says. "There,s a common
wisdom that knows you can,t unscramble the
egg," said Matt Smith, head of Andersen,s North
American energy consulting practice. All that can
be done is correct the mistakes, he added.
In addition, steps must be implemented to
prevent the spread of the California "virus" to
other states, electricity marketplaces, Smith said.

"To begin, in our view, the energy crisis in the
western U.S. has produced formidable challenges
for utility industry regulators, state and federal
policymakers, and industry executives," Smith said.
"The virus spawned in California requires new strategies
to contain and reverse the damage.

"The implications for the development of
competitive energy markets go far beyond the
western United States. Unfortunately, California
has taught the nation that regulatory and political
barriers can create and sustain an energy crisis."

The proposed solutions put in motion by
federal and state regulators, as well as California
policymakers, have only led to an increasingly
uncertain market and tension among those
working for a viable resolution, the report says.

"In reaction to the breakdown, many of
California,s political leaders now prefer to abandon
deregulation," the report says.

The report concludes that power shortages
and blackouts are inevitable this summer. The
deregulated marketplace, which took a year to
throw off track, will more than likely take a number
of years to put right, the report says. MCM

________________________________________________________

Competing evidence clouds Calif. investigation

Prompted in part by the California Public Utilities Commission, the
California Assembly
has been scrutinizing the role that interstate pipelines have played in the
state,s current
energy crisis. In the efforts to find a smoking gun, legislators have leaned
heavily on a
report prepared by The Brattle Group, a consultancy commissioned by utility
Southern California
Edison to dig up evidence of market power abuse.

But the state,s biggest transporter of gas to California -- El Paso Natural
Gas -- is not
ready to take the rap. The pipeline has commissioned its own study, which it
recently presented
as evidence that it has not circumvented any laws or regulation.

As reported in both the trade press and national media, SoCal Ed and the CPUC
are pointing
the finger of blame at El Paso for alleged manipulation of California border
prices through
affiliate deals and capacity hoarding. And exhibit A in their case against El
Paso is The Brattle
Group,s study of the California market.

Richard Zeiger, a spokesman for Assembly Member Darrell Steinberg, chairman
of the
California Assembly Judiciary Committee, told Gas Daily that The Brattle
Group,s market
study proved that the surge in gas prices at the California border was not
caused by normal
market forces (GD 4/20). His remarks followed an oversight hearing during
which Assembly
members questioned Dynegy and El Paso officials about their involvement in
the California
market.

El Paso presented a different version of events to the Assembly. In a report
presented to
legislators, a research group hired by El Paso concluded that a convergence
of factors, not a
conspiracy, caused the price run-up.

Lukens Consulting Group, a Houston-based consultancy, was retained by El Paso
to conduct
work on several fronts. In its study of the California market, Lukens
concluded that the
increasing convergence of the gas and electricity businesses was one of the
main culprits in the
California gas price imbroglio.

Assemblyman John Campbell, a Republican member of the oversight committee,
said he
"didn,t see any smoking gun" in either report.

"We had our committee hearing, and we certainly had a lot on the Brattle
Study and a little
on the Lukens study. To some degree, I,m not sure that the California
legislature is the best
place to adjudicate the differences between these two studies," Campbell
said. "I believe FERC
is looking at this situation " and it would seem to me that that,s the
appropriate place."

Campbell said that the CPUC had been prodding the California legislature to
give support
to its claims of market power abuse by pipelines. "It,s being pushed
basically by the Public
Utilities Commission here, which believes that there was collusion" by
pipeline companies to
push up gas prices in California, he said.

The CPUC, Campbell suggested, sought satisfaction before the California
assembly when
it had failed on the federal level: "There,s a concerted effort, not just on
natural gas but on other
things here in California, for entities and organizations here to point the
finger elsewhere for
the problems that we,re having in this state and I think you,re seeing some
of that with the
public utilities commission."

Whether either report wins over the public incensed by high natural gas
prices is a different
matter entirely. In the meanwhile, the dueling California market studies seem
to have taken
on a life of their own.

The Brattle Group Study, for instance, has become the center of a heavily
litigated effort to
force FERC to compel the release of market data by California market
participants. Following
on a request by SoCal Ed, which said it needed additional data to round out
The Brattle Group
report, FERC Chief ALJ Curtis Wagner issued subpoenas to the other three
major pipelines that
serve the state as well as to Sempra Energy Trading.

Several parties resisted FERC,s call for market information, saying the
requested data
contained commercially sensitive information. FERC allowed the discovery
process to move
forward but only after attaching strict data protection rules restricting
access to evidence
(GD 4/23).

Critics of the pipeline industry have already suffered one setback in their
case. The commission
recently dismissed the CPUC,s claim that El Paso rigged the auction of a
large block of
pipeline capacity in favor of affiliate El Paso Merchant Energy. In
addressing the California
Assembly, representatives of Dynegy said that FERC,s recent ruling on the
California border
controversy obviated the need for more investigation.

The controversy, however, is far from over. FERC last month also ordered a
hearing into
whether El Paso Natural Gas and its affiliates manipulated capacity to drive
up the price of gas
delivered into California (GD 3/29). That hearing is likely to take place
this summer. (RP00-
241, et al.) NH


Scott, I shold probably clearify something.  The existing right of way, which
we intend on staying in, at least around Cordes Junction is located west of
I-17, which will not impact the Agua Fria National Monument, which occurs on
the east side of the interstate.  Should we be forced to move to the east
side of I-17, then the Monument may become a problem.  Like you, I was taking
into consideration all possible issues in the pathway of the proposed
construction and also those that are in the near proximity and have the
potential of becoming an "opportunity" in the event we are forced to deal
with them.  I appreciate your wirk in this......

"Patti, Scott" <SPatti@ensr.com> on 09/25/2001 05:10:00 PM
To: "'Shafer, John'" <John.Shafer@ENRON.com>
cc: "'Gadd, Eric'" <Eric.Gadd@ENRON.com>, "'Larry.Campbell@ENRON.com'"
<Larry.Campbell@ENRON.com>, "'Hyatt, Kevin'" <Kevin.Hyatt@ENRON.com>,
"'Kilmer III, Robert'" <Robert.Kilmer@ENRON.com>, "'Cebryk, Doug'"
<Doug.Cebryk@ENRON.com>, "Schmidt, Jon" <jschmidt@ensr.com>, "Alstad, Jon"
<JAlstad@ensr.com>

Subject: RE: Review Draft  - Sundevil Fatal Flaw Analysis/Briefing Report

Gentlemen,

Attached is our work to date (minus the telephone call summary sheets and
permit requirement summary sheets [Appendix A] you've already received) on
the Fatal Flaw Analysis/Briefing Report for Project Sundevil (or is it The
Sundevil Project, or Sun Devil [2 words, rather than 1])?  It truly is a
working document, and can be expanded in areas as you see fit, or there may
be other areas you may want us to discontinue researching.  This review
draft is provided for your review and input as to where you might like it
expanded and where you might like effort to be discontinued.  As I mentioned
yesterday, I will be out of town the remainder of the week.  Please contact
Jon Alstad in my absence with any action items and input you may have.
Thanks,  Scott

Scott J. Patti
Senior Project Manager
ENSR International
1601 Prospect Parkway
Fort Collins, CO  80525
Phone: (970) 493-8878
Fax:     (970) 493-0213
Email:  spatti@ensr.com

**********************************************************************
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or entity to whom it is addressed.  Any unauthorized use, distribution,
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If you have received this communication in error, please contact the
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**********************************************************************

 - Fatal Flaw Analysis.doc
 - Table 1 - Cat-Constraint.doc
 - Table 2.doc
 - sundevilschedule.ppt


Just a quick note to give you as much warning as possible.  The current phase
of the office construction project is almost finished (we have been given a
completion date of Monday, November 20).  There is good news and bad news.
First the bad: the office which you currently occupy will be in the next
construction phase which will begin as soon as possible after the current
phase is finished.    Now the good:  we have an office for you to sit in
until your new office is ready.  Joya Davis has submitted the move request
and will have details directly.  Your assistants can help you order boxes and
arrange your move.


Greetings from the Global Association of Risk Professionals!!  We are
putting together a panel for our March meeting related to one of the
following topics; Cost of Capital, estimating risk premium, and CAPM
approaches to measuring Risk.  Currently, we have Steve Mann, an assistant
professor of Finance at TCU, is scheduled to speak and we are seeking
additional volunteers for our panel. If you are interested please respond
via email. If your organization would like to host the event, please let me
know so that arrangements can be made.

FYI, we have identified resources in New York City that would come to
Houston to speak, and we are in need of a sponsor (or suggestions) to cover
the general expense of bringing these individuals to Houston.

Steve Mann is an assistant professor of Finance at the Neeley School at TCU,
where he teaches courses in derivatives and corporate finance. His primary
area of research is trading, with focus on the risk & reward of market
making in derivative contracts, as well as behavioral aspects of trading,
and liquidity measurement. His publications to date include papers in the
Review of Financial Studies, the Journal of Business, and the Journal of
Futures Markets.

Looking forward to your response.
Respectfully,
Frank Hayden
GARP
<http:www.garp.com>

*****************************************************************************
The information in this email is confidential and may be legally privileged.
It is intended solely for the addressee. Access to this email by anyone else
is unauthorized.

If you are not the intended recipient, any disclosure, copying, distribution
or any action taken or omitted to be taken in reliance on it, is prohibited
and may be unlawful. When addressed to our clients any opinions or advice
contained in this email are subject to the terms and conditions expressed in
the governing KPMG client engagement letter.
*****************************************************************************


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Hi.

My meetings in Florida are scheduled for Feb 28, March 1 and March 2.  I do
not know when I will be leaving, but if there is a way to leave on the
morning of the 28th, I will do so.

More details to follow!

Kay


Here is a new one....an AL from Sierra Pacific.? Does Enron want to  have
these reviewed?? Also, I will be sending you a summary this evening of  two
advice letters from Southwest Gas....same question applies....do you want
summaries of its filings?
?
Dan

Law Offices of Daniel W. Douglass
5959 Topanga Canyon Blvd.?  Suite 244
Woodland Hills, CA 91367
Tel:?? (818)  596-2201
Fax:? (818) 346-6502
douglass@energyattorney.com
 - 7-30-01 AL Summary Chart.doc


Please check this list to see if this is how you want your
name to appear on The Periwinkle Foundation's printed materials.
Please email any changes as soon as possible.  We are ordering
new letterhead this week.

Thank you,
Kelley


Attached is a copy of the new floor plan for 47, as well as a list of the
seating assignments as approved by senior management.  The construction is
scheduled to be completed on February 9, and we'll be able to effect our
moves the following Monday, February 12.

The move paperwork will be handled as one complete request.  You may be
contacted for your social security number, current location, etc. if we don't
already have that information.

On another note, a couple of people have voiced complaints about the air
quality on the 47th floor.  The air filters have been replaced with high
density, thicker filters which should make a significant improvement.  The
Facilities group will also perform some additional testing to check our air
quality.

If you'll be out of the office on Monday and need help getting your desk
packed, please let Elizabeth know by Thursday, 2/8.

Please call her at x33896 if you have any questions.

Angela M. Wilson
Enron Corp.
Government Affairs-The Americas
713-853-1593
awilson3@enron.com


i'm calling marcie as we speak.

	Paul Kaufman@ECT
	11/06/2000 02:02 PM

		 To: Jeff Dasovich/Na/Enron@ENRON
		 cc:
		 Subject: Re: Call In Number re: Wright Meeting

Marcie should be on the call.   Harry, et al. should also be included only
the business units should be uninvited.


No memo out yet on the Doorstep process.  I am still in the throws of
completing the 13 reviews that I have to give - should be finished by 5:00.
I will send the memo on Doorstep process to you, Fernley and Michael Brown
before I leave for the day.

I will be in the Calgary office Wednesday and Thursday with Peggy Hedstrom
and her team.  Back in the Houston office on Friday.

Hope that James' visit is going well.  Thanks for getting appointments
organized for him.

I look forward to seeing you in Dallas next week.  I am glad that you,
Richard and Steve will be able to participate.  Are you still planning to
come back to Houston after the meeting in Dallas?  I fly from Dallas to
Austin on Tuesday night, so that I can do a full day of interviews at UT for
summer interns on Wednesday.  I will be back in the office on Thursday and
Friday that week.  Let me know if we can help in setting up any
appointments.  We can do lunch on Thursday or Friday, if your schedule
allows.  I can also set some time aside to perhaps download from our Dallas
meeting and to follow up on some other issues.  I would offer dinner on
Thursday night, but that is my birthday and I think (hope) that my family
will have dinner plans for me that evening.  Is there someone else in Houston
that you would like to have dinner with while you are here?   --Sally


As you are all aware, the EvMBA Program Office, Student Advisory Committee
and the Evening MBA Association will be hosting a Going Away Party for Diane
Dimeff tomorrow evening, Thursday 9/27, during the class break. All EvMBA
students are welcome to attend the party, whether you have class or not.
Diane's  efforts and successes over the past 8 years have made the Haas
EvMBA Program the nationally recognized MBA program that it is today. We
encourage you to attend to thank Diane for all of her hard work and wish her
success in her latest endeavor!

If you do plan on attending and are NOT ENROLLED IN A THURSDAY CLASS, please
respond to this email. We would like to ensure adequate food & beverage.

We hope to see you tomorrow evening.

Thanks,

Joe Tambornino			Ken Bruce
Chairman, SAC			President, EvMBAA


I am sure this is what we want to capture.  When you get a chance, tell me
how you get the volume done each day so I can find it and incorporate it into
our graph.

c


Kay,

Our deal with Panda Energy involves 4 LM units.  I believe that this is the
total number of units in our current LV Co Gen project.  Ben is planning to
talk with Lee at GE.

I talked with Panda this morning.  They do not have a fixed close date.  They
are working off the assumption that closing will ocurr within 4-6 weeks of
signing the Letter Agreement.  I believe that this is doable.

Chris Booth will provide you with respective unit delivery dates.  He is
working with Matt Tezyk to determine the serial #'s (apparently GE has not
yet assigned serial #'s to the units).  What price are we assigning to the
LLC member interests in the Northwestern Letter Agreement?  Let's stay
consistent with that document.  The person who will be signing for Panda is
Gary Hubbard, Senior Vice President.

The purchase price is $16.45 MM per unit with a 10% development fee payable
to ENA upon execution of the Letter Agreement.  The balance of the purchase
price will escrowed by Panda upon approval of the Facility Agreement (similar
to Intergen structure) and payable to ENA at closing.  Is this the pricing
information that you need to establish the maximum liability amont?

Ben:  We need to talk re: the transformers.  We quoted Panda $950K per unit
for the two transformers.  It is not clear if the transformers will work for
Panda w.r.t. interconnect voltage and plant configuration.  If we are
re-loading with more LM's, do we need to keep the transformers for our use at
LV Co-Gen?

Kathleen:  I have a call into Bill Lamb at Panda regarding the CA's.  I will
let you know when I hear back from him.

Fred

Kay Mann@ENRON
02/26/2001 06:15 PM
To: Fred Mitro/HOU/ECT@ECT
cc: Ben Jacoby/HOU/ECT@ECT, Chris Booth/NA/Enron@Enron, Kathleen
Carnahan/NA/Enron@Enron
Subject: Re: Panda Energy

Fred,

Dale Rasmussen has been handling the breakout contracts for the LV CoGen
project, and I think the form is in good shape. However, the breakout
contract is for all the LV Co Gen units, but that is easy enough to fix. Does
GE know this is coming?

What are you projecting for a closing date?

 We need the unit numbers (original and serial), associated delivery dates,
price attributable to the units (maximum liability amount), price to sell the
LLC member interests, and the contact persons from Panda for the contract.
Will there be a development fee, and if so, how much?

If you get me the particulars of the deal we can work on it in house.  We
have the forms, so we can get cracking without outside counsel.  In fact,
I've been working on the form letter agreement today in connection with the
other deal.  Retaining outside counsel requires internal approval, which I'm
sure we can get in the next day or two, assuming no conflict of interest. I
can get started on the process if you are ready.

If you think these guys are serious, we can set up the LLC's.  We may want
two LLC's if the total price is in excess of $50mm.  Kathleen, please talk to
me before we do this as I think we should discuss the slate of officers.

Kay

Fred Mitro@ECT
02/26/2001 05:56 PM
To: Stephen Thome/HOU/ECT@ECT
cc: Ben Jacoby/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT, Kay
Mann/Corp/Enron@Enron, Chris Booth/NA/Enron@Enron, Kathleen
Carnahan/NA/Enron@Enron

Subject: Panda Energy

Steve:

I talked with Ben this afternoon and understand that we are ready to proceed
with Panda Energy in a transaction involving the sale of member interests in
special purpose entities associated with the four(4) LV units.  I have left a
message with Panda letting them know that we are prepared to proceed and will
begin preparing a set of draft definitive agreements for their review.  I
have asked Panda to confirm that they are ready to receive these documents
and proceed.  I understand that you are in Houston.  Please call/see me
tomorrow morning so that we can discuss this transaction.

Kay:  We need to prepare a draft set of definitive agreements for this
transaction.  Can Carolyn complete this while you are in New York?  Also,
what is the status of the LM Breakout contract for the 4 LV units.  Let me
know.

Kathleen:  We need to confirm tomorrow morning that we have received executed
CA's from Panda.  I have the CA execution originals for the four Panda
entities at my desk for Ben's signature.  These need to be received prior to
sending Panda the definitive agreements.  We will fax signature pages to Ben
tomorrow.

Chris:  See me tomorrow morning to discuss the technical spec's that were
sent to Panda

I will be at my desk by 8 am tomorrow morning.

Thanks,
Fred
x35406


Thanks for the fast reply.  I changed it online, but I wanted to make sure I
wasn't booked for two different times.  Also, are you able to tell me who I
will be meeting with?  I am meeting with a couple professors before my
Admissions Visit and just wanted to know who I was going to meet with from
your office.  Thanks!
Ben


I appreciate the time you took yesterday getting me up to speed as to your
business and where you are in the process of establishing risk operations.  I
hope you found our meeting useful as the checklist is meant to serve as an
overview of points that need to be addressed before any transactions are
entered into.

I was wondering if a meeting with Carole, Milind, Heidi, and myself has yet
been scheduled for Friday. At that time, I think we need to lay out a road
map of how the checklist items will be addressed and how I can best help you.

Regards

Shona


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/19/2000
08:18 AM ---------------------------

"insiderSCORES.com" <webserver@insiderscores.com> on 06/17/2000 04:49:09 AM
To: <vkaminski@aol.com>, <vkamins@enron.com>
cc:
Subject: insiderSCORES.com Alert

insiderSCORES.com transaction alert for June 17, 2000
The Official Scorer of Insider Trading.

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

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insiderSCORES.com recently processed new insider trading activity at:

ENE
JOSEPH SUTTON Sells  100000 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
STANLEY HORTON Sells  40000 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
REBECCA MARK Sells  104204 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
KENNETH LAY Sells  226800 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
MARK FREVERT Sells  96598 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
JOSEPH HIRKO Sells  250000 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
ANDREW FASTOW Sells  83037 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
STEVEN KEAN Sells  4560 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
RICHARD CAUSEY Sells  7814 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=S

ENE
STANLEY HORTON Exercised  40000 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=X

ENE
KENNETH LAY Exercised  226800 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=X

ENE
JOSEPH HIRKO Exercised  250000 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=X

ENE
JOSEPH SUTTON Exercised  100000 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=X

ENE
ANDREW FASTOW Exercised  83037 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=X

ENE
MARK FREVERT Exercised  100000 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=X

ENE
STEVEN KEAN Exercised  4560 ENRON CORP OR shares.
The following hyperlink will take you into the transaction page for
ENRON CORP OR so you can view more details and put the activity into
historical context.
http://www.insiderscores.com/isbemail.asp?ticker=ENE&Ttype=X

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New transactions from the following All-Stars (score > 60) were also
recently processed:

REDSTONE                                           WMS       Buy
ROSENWALD                                          RGEN      Buy
ROSENWALD                                          AVXT      Buy
ROSENWALD                                          DOR       Buy
KEESLER                                            SOTR      Buy

KAPLAN                                             FRA       Sell
JOHNSON                                            BEN       Sell
MEADE                                              GZTC      Sell
HELMERICH                                          HP        Sell
BEAM                                               SLGN      Sell

http://www.insiderscores.com


This is fantastic, Vince.  Thank you so much.  It sounds like you are going to a lot of trouble.  I do appreciate it - I believe the research topic is an interesting one.  I will be in the office for a good part of the day today - 713-348-5384  otherwise, home is 713-662-3733
Hope you were able to get a nice break over the holidays and enjoy time with your wife and son.
bbo
At 05:41 PM 12/23/2001 -0500, you wrote:
Barbara,
I shall be back in the office on Wednesday and will call you to talk about the data. Some time series are in public domain and I hope we shall be able to give you this information without facing any problems. The data we buy from vendors, will require a formal release. I hope the vendors will allow us to do this but we shall need a formal letter from you saying that you will use the data for research only. Finally, the release of compilation of the OTC prices will require an approval from the trading desks. The traders tend to be difficult sometimes.
What is the best number to reach you on Wednesday?
Best Holiday Wishes to you and your Family.
Vince


Mark -- I am working with the East power desk to purchase space for an EnronOnline banner ad on a PJM website.  We are buying 7 ads at 500/month/ad for 3 months ($10,500 total).  They are running this ad as a pilot program offered for only 3 months.  I am attaching the agreement they sent to us.  I would like to revise section 2.01 to state that EnronOnline has first right of refusal to keep the ad on their site if they extend the program after three months.  Could you help me revise this agreement?

Thanks

Kal


W E D N E S D A Y   E V E N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

Wednesday: The CRB Index has gained 1.32 points to 194.32. The
US Dollar Index edged higher by 0.28 points to 117.57.

The Dow Industrials edged lower 211.46 points, at 9712.27, while
the S&P 500 eased 18.62 points, last seen at 1127.57. The
Nasdaq Composite edged lower 56.47 points to 1944.44.
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The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

Stock indexes closed sharply lower on Wednesday as they renewed their
declines off last week's highs. Today's declines have set the stage
for a likely test of December's lows in the near future. Waning
optimism over an early economic rebound this year along with profit
taking following the huge run up off last September's lows continues
to weigh on both indexes. The NASDAQ closed down 56.47 points at
1944.44. The March S&P 500 index also closed sharply lower on
Wednesday negating Tuesday's key reversal up. The March S&P 500 index
closed down 22.50 points at 1126.50.

The Dow closed sharply lower on Wednesday and is challenging the
late-fall lows crossing at 9691.13. Closes below this support level
could lead to a test of November's reaction low crossing at 9408.50
later this month. Today's sell off was triggered by a sharp sell off
in 3M over renewed concerns over asbestos litigation. This pressured
other chemical companies on concerns over asbestos liabilities. Intel
was also lower on the day as fourth quarter net income fell 77%.

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

March T-bonds closed modestly lower on Wednesday as the market
continues to ponder whether or not the Fed will cut interest rates at
the end of January or not. Feb funds are now only predicting a 46%
chance for additional interest rate cuts later this month. The Beige
Book report indicated that economic activity remained weak from late
November through early January. While there are still signs of
caution, there are also scattered reports of improvement. This helped
limit today's loss in March bonds, which remains above the 38%
retracement level of last fall's decline crossing at 103-06. If the
rally off December's low continues, the 50% retracement level
crossing at 104-25 being the next upside target.

The CRB INDEX http://quotes.ino.com/exchanges/?c=indexes

The CRB index closed higher on Wednesday extending its rebound off
Tuesday's low, which spiked below December's uptrend line. Closes
above last week's high at 195.97 are needed to renew its rally off
last October's low. Support came from higher energy, grain, precious
metal, fiber and some food prices.

ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

The energy markets closed higher on Wednesday as a short covering
rally that began in heating oil pulled the rest of the complex higher
into the close. Early weakness was due to fallout from Tuesday's
bearish API inventory reports. However, today's DOE inventory reports
painted a less bearish picture for inventories, which allowed for
modest short covering gains on the day.

March crude oil modestly higher due to light short covering but
remains below the November-December uptrend line, which was broken on
Monday. Today's DOE inventory report failed to provide enough of a
catalyst to send crude oil prices through this broken support level
thereby leaving the door open for sideways to lower prices into
late-January. Stochastics and the RSI are bearish signaling that
additional weakness is possible near-term.

March heating oil closed higher on Wednesday due to a late- day short
covering rebound. Early weakness led to a test of this week's low at
51.50. However, March's failure to push prices below this minor
support level forced locals to cover ahead of the close. The rally
pulled the rest of the complex higher on the day. Momentum indicators
are bearish but becoming oversold hinting that March could be forming
a possible triple bottom.

March unleaded gas closed higher on Wednesday. Early weakness led to
a test of the Nov.-Dec. uptrend line crossing near 54.85. Closes
below this uptrend line would open the door for a test of December's
low crossing at 53.00 later this month. Stochastics and the RSI
remain bearish signaling that additional weakness is possible into
the last half of January.

February Henry Hub natural gas closed higher on Wednesday and above
the upper boundary of last week's trading range crossing at 2.335.
Multiple closes above 2.335 will confirm today's breakout thereby
opening the door for a possible short covering bounce during the last
half of January. This week's AGA inventory report released today
indicated that U.S. gas storage is 77% full. Short-term momentum
indicators are turning bullish signaling that a short covering bounce
is likely to unfold near-term.

CURRENCIES http://quotes.ino.com/exchanges/?c=currencies

The March Dollar closed higher on Wednesday and above last week's
high crossing at 117.80 thereby opening the door for a possible test
of December's high crossing at 118.85 later this month. Stochastics
and the RSI have turned bullish with this week's turnaround in prices
signaling that sideways to higher prices are possible near-term.

The March Swiss Franc posted an inside day with a higher close due to
short covering on Wednesday but remains in a minor downtrend off this
month's high. The inverted head and shoulders bottom, which I have
talked about this week, continues to form. However, closes above
neckline resistance crossing near .6073 are needed before this
bottoming formation can be confirmed.

The March Canadian Dollar closed sharply lower on Wednesday erasing
most of the gains of the past three trading sessions and falling back
into this winter's trading range. March's inability to sustain
Tuesday's breakout above minor resistance crossing at .6290 leaves
the door open for sideways trading to continue into the last half of
January.

The March Japanese Yen closed lower on Wednesday but remains above
this fall's downtrend line. Closes above last Monday's high crossing
at .7696 are needed to confirm this week's trendline breakout.
Stochastics and the RSI have turned bullish signaling that sideways
to higher prices are possible during the last half of January.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

February gold closed sharply higher on Wednesday thereby ending this
week's setback off last week's high. February posted its highest
close of the year and closed at the 62% retracement level of last
fall's decline crossing at 287.60. Today's rebound returned
short-term momentum indicators including stochastics and the RSI to
bullish modes thereby signaling that additional gains are possible.
If the rally off December's low continues, the 75% retracement level
crossing at 291.40 is February's next target. Today's rally was due
in large part to a flight to quality move on the part of investors
concerned over declining stock values.

March silver posted an inside day with a lower close on Wednesday
signaling that the bounce off Tuesday's low might be ending. Closes
below the 38% retracement level of November's rally crossing at 4.498
and this week's low at 4.46 are needed to renew its decline off last
week's high. Momentum indicators are bearish signaling that sideways
to lower prices are possible during the last half of January.

March copper closed higher on Wednesday but remains in a sideways to
lower trend off last week's high. Uncertainty over the direction of
the U.S. economy and when we will begin to see the much talked about
economic recovery has left many copper traders on the sidelines for
the time being. Nevertheless, as long as March holds above 69.50 the
door will remain open for a possible run at November's high crossing
at 73.70 later this winter.

GRAINS http://quotes.ino.com/exchanges/?c=grains

March corn closed higher due to a late-session rally on Wednesday.
Early weakness was tied to a lack of fresh market moving news
following last Friday's friendly USDA reports. However, Argentina
released their 2001-02 corn production projections that were the
lowest since the mid- 1990's. Additional support came from continued
dryness concerns across Southern Brazil, which are having a yield
impact on their corn crop. March closed above last year's downtrend
line crossing near 2.13. Closes above Monday's high crossing at 2.15
1/4 are needed to confirm today's breakout thereby signaling that a
major bottom and trend change has taken place.

March wheat closed higher on Wednesday due to spillover support from
corn and soybeans. March gapped below initial trendline support on
the open but quickly turned higher due to a lack of follow-through
selling after the open. Technically the wheat market is still
overbought despite today's rebound thereby leaving the door open for
sideways to lower prices near-term. Stochastics and the RSI have
turned bearish with this week's decline hinting that sideways to
lower prices are possible during the last half of January. The wheat
market will need to see increased foreign buying and or another
weather related scare either out of South America or the Plains
regarding the U.S. crop to trigger additional buying interest. Until
then, March wheat remains vulnerable to additional weakness and a
possible test of December's uptrend line crossing near 2.90.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

March soybeans posted a key reversal up on Thursday triggered by
bullish rumors in the meal pit. Additional support came from this
morning's NOPA crush report. December's crush came in at 148.771
million bushels up 4.097 million bushels over November. Early Losses
were limited following the USDA's announcement that 188,975 metric
tonnes of U.S. soybeans were sold to an unknown destination. March
posted its highest close since early-December and is poised to test
November's high crossing at 4.57 1/2 possibly later this week.
Momentum indicators are bullish but indicate that March is becoming
overbought and will likely pause if not setback following an attempt
to test November's high in the near future. Weekly momentum
indicators have turned bullish signaling that sideways to higher
prices are possible into late-winter/ early spring. The market will
continue to keep a close eye on weather forecast for Southern Brazil
as hot- dry weather is expected to continue into the early part of
next week.

March soybean meal closed sharply higher on Wednesday falling just
short of testing the 62% retracement level of the July/January
decline, which crosses at 163. Reports of problems with fishmeal in
Europe triggered today's late rally in soybean meal, which is a key
substitute for fishmeal. However, the $21 run up in meal prices since
the first of the year has pushed the meal market into an overbought
condition leaving it vulnerable to a round of profit taking should
any negative news hint the market. While there is an outside chance
that March meal could test the 75% retracement level of the
aforementioned decline crossing at 168 later this week, a short-term
top appears to be near.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

April hogs closed lower on Wednesday following a higher opening due
to higher cash bids. Early strength failed to trigger follow-through
buying, which allowed light commercial selling and profit taking to
pressure the market into the close. However, losses were limited, as
cash fundamentals remain strong. Early calls for Thursday's cash bids
are coming in steady to higher.

April cattle closed lower on Wednesday amidst a lack of cash sales
and lower midday boxed beef prices. Losses were limited as traders
are still expecting to see higher cash bids this week along with a
friendly monthly cattle-on-feed report on Friday. April fell back
into this year's trading range as it consolidated some of this week's
gains. Closes above Tuesday's high would set the stage for a test of
October's highs crossing at 75.45 later this month. Momentum
indicators remain bearish warning bullish traders to use caution, as
a short-term top appears to be near. Closes below 72.90 are needed to
confirm this.

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

March coffee closed lower on Wednesday confirming Tuesday's downside
reversal. Origin and local selling pressured the market today
following the latest Green Coffee Association stocks report showed an
increase in U.S. warehouse stocks. Losses were limited as producer
selling dried up near session lows. Momentum indicators are beginning
to turn bearish as they near their respective overbought zones
hinting that a short-term top is in or near.

March cocoa closed higher on Wednesday as they extended Tuesday's
short covering rebound. However, session highs failed to fill
Monday's gap at 1355. Today's high-range close leaves the door open
for a firmer opening on Thursday. However, momentum indicators remain
bearish signaling that this week's breakout below the
November-December uptrend line signaled that a short-term top is in
place. Closes below Tuesday's low at 1260 are needed to confirm this
week's trendline breakout thereby opening the door for a
larger-degree decline into the end of January.

March sugar closed higher on Wednesday but near session lows hinting
that this week's short covering rebound might have come to an end.
Session highs fell short of testing last week's high at 805. Closes
above 805 or below this week's low at 758 are needed to clear up
near-term direction in the market. Short-term momentum indicators
have turned bearish indicating that sideways to lower prices are
possible during the last half of January.

March cotton closed higher on Wednesday thereby confirming Tuesday's
key reversal up. However, a sell off ahead of the close tempered some
of today's gains while leaving the door open for sideways trading on
Thursday. This week's export sales report due out tomorrow morning
before the open will set the tone for trading possibly for the
balance of the week. This week's rebound indicates that the market
has discounted last Friday's bearish USDA report and is conformable
with March cotton remaining range bound for the time being.

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Options and Optionable Stocks. http://www.globalcharts.com
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I N O   N E W S
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NYMEX Options Trading Continues To Hum
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____________________________________________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

NGG2   Henry Hub Natural Gas Feb 2002              2.394     0.099  +4.32
SMH2   Soybean Meal Mar 2002                       162.7       4.9  +3.10
XEH2   Soybean Meal Mar 2002                         162       4.1  +2.60
CCU2   Cocoa Sep 2002                               1296        32  +2.53
LBH2   Random Length Lumber Mar 2002              262.00      6.40  +2.50
PAH2   Palladium Mar 2002                         424.00     10.00  +2.42
HOG2   Heating Oil Feb 2002                       0.5321    0.0113  +2.17
HGU2   Copper Sep 2002                            0.7250    0.0120  +1.67
SK2    Soybeans May 2002                         457 3/4     7 1/2  +1.66
PLN2   Platinum Jul 2002                             473       7.7  +1.65

LOSERS

AGG2   Silver 1,000 oz. Feb 2002                   4.250    -0.298  -6.55
NDM2   NASDAQ 100 Index Jun 2002                 1570.50    -64.00  -3.92
PNH2   Propane Mar 2002                           0.2720   -0.0105  -3.72
DJZ2   Dow Jones Industrial Avg. Dec 2002           9717      -249  -2.50
ZDH2   Dow Jones Industrial Avg. Mar 2002           9687      -240  -2.42
RLH2   Russell 2000 Index Mar 2002                475.25    -11.00  -2.26
SPM2   S&P 500 Jun 2002                          1127.00    -24.70  -2.15
MVH2   Value Line Index. Mini Mar 2002           1214.50    -26.50  -2.14
MDH2   S&P Midcap 400 Mar 2002                    495.00    -10.25  -2.03
KCH2   Coffee 'C' Mar 2002                         49.25     -1.00  -1.99

FREE 2002 FUTURES & OPTIONS TRADING GUIDE
Plus Bi-Weekly Hightower Report
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____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

SBLU   SONICBLUE INCORPORATED                     5.0200    1.1400  +29.53
IDCC   INTERDIGITAL COMM CORP                    11.9400    2.5000  +26.43
VII    VICON INDUS                                  5.48      0.90  +20.04
STN    STATION CASINOS INC                         13.72      2.12  +18.28
FLAG   FLAG FINANCIAL                             8.9500    1.1400  +14.71
GRIF   GRIFFIN LAND & NURSERIES                  16.3500    2.0700  +14.65
MNC    MONACO COACH                                26.35      3.36  +14.62
MIEC   MAGNA ENTERTAINMENT CORP CL A              8.0000    1.0100  +14.45
IFSIA  INTERFACE INC'A'                           6.2000    0.7600  +13.89
ROSS   ROSS SYSTEMS INC                           8.3000    0.8482  +11.31

LOSERS

GMH    GENERAL MOTORS CL H                         15.55    -11.90  -70.41
GP     GEORGIA-PACIFIC CORP                        23.36     -9.00  -37.50
DYII   DYNACQ INTL                               17.2500   -7.2000  -29.63
FWC-A  FOST WHEELER PFD CAP TR I 9%                 5.26     -1.95  -28.06
KM-T   K MART FINANCING I 7.75% PFD                 9.86     -3.37  -25.30
TALX   TALX CORP                                 19.8500   -4.5100  -18.78
PLT    PLANTRONICS INC                             22.20     -4.82  -17.84
ANR    ANNUITY & LIFE RE (HOLDINGS)                19.51     -3.95  -16.79
HAND   HANDSPRING INC                             6.6000   -1.2000  -15.42
LTXX   LTX CORP                                  19.2000   -3.5300  -15.41
_____________________________________________________________________

T H A N K   Y O U
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Mark:
Here is a copy of the comfort letter.
CArol
---------------------- Forwarded by Carol St Clair/HOU/ECT on 03/03/2000
06:04 PM ---------------------------

David Forster
03/02/2000 07:23 AM
To: Mark Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT
cc:
Subject: TXU/Eastern - ETA comfort letter

As mentioned in email to Mark. Please pass along any  concerns you may have
on this to me before I respond to Justin and Edmund (hopefully later today).

Thanks,

Dave

---------------------- Forwarded by David Forster/LON/ECT on 03/02/2000 01:17
PM ---------------------------

Edmund Cooper
03/01/2000 06:40 PM
To: David Forster/LON/ECT@ECT
cc: Justin Boyd/LON/ECT@ECT

Subject: TXU/Eastern - ETA comfort letter

Hi Dave,

Hope all is well!

I've attached a comfort letter that we propose to send to Eastern.  Please
feel free to make any comments you see fit.  If you have any queries on it
please feel free to contact Justin or myself.

Thanks, Edmund.


a special request from Mr. Lay


Umbrella is still requiring this type of information to be scheduled.  Although our position is currently not to provide it, we may alter the position and I am trying to get a head start since the time frames are shortening.  They will eventually want this on all counterparties, but we can start with the top twenty.  Further, early next week Andy Alter wants to discuss how we will contract initially.  Mark Taylor and I will discuss this with him, but it will be vital to have contact information ready sooner rather than later.  Thanks for your help.

-----Original Message-----
From: Kitchen, Louise
Sent: Fri 12/28/2001 1:05 PM
To: Heard, Marie
Cc: Cook, Mary; Fitzgerald, Genia
Subject: RE: Contracts Address List

What is the purpose of this?

 -----Original Message-----
From:   Heard, Marie
Sent:   Friday, December 28, 2001 11:34 AM
To:     Kitchen, Louise
Cc:     Cook, Mary; Fitzgerald, Genia
Subject:        Contracts Address List

Louise:

At Mary Cook's request, we have prepared, and attach for your review, an address list for our top 20 trading counterparties.  Please note that we do not have contact information for the following counterparties:

BP Corporation North America Inc. - physical gas
Entergy-Koch - physical power
TXU Energy Trading Company - financial

If you can provide us with contact information, we can include it in the attached list.

Mary asked that you provide us with any changes/additions by 12:00 on Wednesday, January 2.

Please let us know if you have any questions or need anything else.

Thanks!

Marie

Marie Heard
Senior Legal Specialist
Enron North America Corp.
Phone:  (713) 853-3907
Fax:  (713) 646-3490
marie.heard@enron.com

                                 << File: Top Twenty Contracts Address List.xls >>


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I believe that the Crestar deal is almost finalized.  According to my
records, Transaction Number NV8176/370753 was partially documeted with a GTC
confirm (2000-087crfm.doc attached) dated January 4, 2001.  This covers a
firm sale of 21,100 MMBtu by Crestar to ENA for the period November 1, 2000
through October 31, 2001.  The remainder of Transaction Number NV8176/370753
has been documented with two GTC confirms (2001-023crfm.doc and
2001-023acrfm.doc also attached) dated March 22, 2001 (Revised).
2001-023crfm covers the firm sale of 0 - 8,260 MMBtu per day for the period
November 1, 2000 through October 31, 2001 and 2001-023acrfm covers the firm
sale of 0 -11,740 MMBtu per day, also for the period November 1, 2000 through
October 31, 2001.  By assignment agreement (Crestar assignment.doc attached)
dated effective as of April 1, 2001, Crestar assigned 2001-023acrfm to BP
Canada Energy Marketing Corp.
Ellen Wallumrod has requested that documentation be provided to her to enable
her to rebook the portion documented by 2001-023acrfm for the period 4/01/01
- 10/31/01 as a result of the assignment.  Please provide Ellen with the
necessary paperwork or forward to the party who needs to provide her with the
necessary paperwork.


I tried calling you at work.  Email me when you get in.
--
Angelica Paez <ampaez@earthlink.net>


Em, you know I'm in on this one.  It's been far too long since we've had a
true NB weekend.  Unfortunately (although not surprisingly) it appears our
erstwhile friend Alan will claim any excuse, no matter how unappealing, to
avoid singing show tunes around the camp fire - your voice will be missed.
For the rest of you guys, I hope we can muster a good turn-out as I am in
desperate need of over analysis in regards to the problems of the world as
well as ourselves whilst in a drunken stupor.  Nobody does it better...

Susan

	Enron Capital & Trade Resources Corp.

	From:  "Emily Hillegeist" <ehillegeist@hotmail.com>
10/09/2000 03:52 AM

To: sonderfan@hotmail.com, sscott5@enron.com, lgillet@enron.com,
kaseywalker@mindspring.com, elaina5@hotmail.com, mjmiller23@hotmail.com,
przybyla1@go.com, bodezoffa@hotmail.com, katyhester@hotmail.com
cc:
Subject: yeeeeha

ok- i'm going to remain skeptical and cautious about this til i get more
feedback (yes, kk, i know where you stand!)  who is interested in spending
this new years in NB @ the river and going to gruene hall?  need to commit
fairly soon, as there have been 'bites' from other interested parties, and
we'll just rent it out if interest is low.....those who haven't responded,
pls drop me a line, make suggestions.....can't have TOO many people due to
size restrictions, but obviously significant others/spouses are welcome.  am
sure i'm forgetting a key person or 2 from this email- let me know who!
don't want to hurt feelings (you KNOW how sensitive I am....)but want to
make sure we have a 'cohesive' group.  keep me posted.....au revoir from the
land of bangers and mash....
e
_________________________________________________________________________
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You are fantastic!  It looks like the trip is shaping up for a visit to BA
around 9/12 with a longer stopover in Sao Paulo several days later which
could last until 9/25 or the end of September.  Will I have the visa before
then?  SS

Kaye Ellis
09/02/99 10:44 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Visa for Brazil

I haven't given up on a multi-entry Visa for Brazil.  I sent over a new
letter for the Consulate this morning.  This letter states you will be
visiting Sao Paulo several times during the next 12 months to attend various
business meetings looking for new trading opportunities and conducting new
negotiations for a planned trading desk in Enron's Sao Paulo, Brazil office.

Supposedly, the key to a multi-entry Visa is "new" opportunities in Brazil.

We should know by tomorrow if the Consulate approves the multi-entry Visa.


Hello Tana,
Please disregard previous email regarding Southern Company Services as it has
already been approved by legal.  Our access database reflected the incorrect
status of legal reviewing and should have been Requested More Info. from
Customer.  I talked to the customer and she faxed me the new PA this morning
& I will process and email her ID and password today.  I apologize for any
confusion that this may have caused.

Thank you ,
Claudia x3-9281
---------------------- Forwarded by Claudia Clark/HOU/ECT on 08/11/2000 09:59
AM ---------------------------

From:  Mary Griff Gray
     08/11/2000 08:07 AM

To: Tana Jones/HOU/ECT@ECT, Claudia Clark/HOU/ECT@ECT
cc:
Subject: Southern Company Services -- status of registration

Tana/Claudia,

According to the Access data base, this customer's registration has been in
Legal for review since June 15th.  What is needed to get this out the door?
The customer is eager to help in any way.

Thanks for your help,
Griff
x35753