Vasant,

Yes, it's perfect. Please, indicate that the wording was unfortunate.

Vince

Vasant Shanbhogue
03/08/2001 11:20 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: RE: Weekly report

Hi Vince,

 regarding David Port's response to Kevin Kindall's email, I feel that I
should respond, at least to make our position clear.  Please indicate if the
following response is appropriate -------

"Hi David,

  I understand that you were slightly upset over a comment Kevin Kindall made
in one of his weekly reports.  The intention was never to disparage anybody.
It is just that since Research gets data from a large number of sources, we
feel obligated to the data donor to ask any requester for clarification of
need.  I completely understand that RAC typically has access to much
sensitive information and they have a right to know much information.  We
just want to make sure there is open flow of information (it is in
everybody's best interests and the company's best interests) and that
everybody is aware of how data is flowing.

Best wishes,
 Vasant"

---------------------- Forwarded by Vasant Shanbhogue/HOU/ECT on 03/08/2001
11:11 AM ---------------------------
From: David Port/ENRON@enronXgate on 03/08/2001 08:46 AM
To: Kevin Kindall/Corp/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Rudi
Zipter/ENRON@enronXgate
Subject: RE: Weekly report

Kevin - thanks for the update.

On the Stock option Plans, if your angle is what I suspect, I suggest you get
with Rudi Zipter, who has done a great deal of work on this exposure,
including characterising and actually booking the short option positions in
Enron's equity system. We are already working with Ben Glisan's team firming
up a hedging program. We are well advanced in this effort so if you get with
my people it could save you a great deal of time.

Secondly, I am afraid I do take some exception to your references to Naveen's
team in your last point. Generally in RAC I don't believe we are obliged to
explain why we need information, except as a courtesy - otherwise that would
compromise our role somewhat. Specifically, I am aware of the sensitivity of
Raptor, just as I am of the sensitivity of all the information my group is
privvy to on a daily basis. Again, we have done a good deal of work on these
structures too (I see a position report daily). As I have discussed with
Vince, Naveen's request would have been derived from a discussion we all had
with Rick, concerning "meltdown" scenarios and their effect on, amongst other
things, funding vehicles.

But I would rather have had a conversation about this than see slightly
disparaging remarks about my people in email traffic.

Rgds
DP

 -----Original Message-----
From:  Kindall, Kevin
Sent: Monday, March 05, 2001 8:19 AM
To: Kaminski, Vince; Shanbhogue, Vasant
Cc: Port, David
Subject: Weekly report

 << File: March 2, 2001 Report.doc >>


Hi all...
Just thought I'd forward this in case you have travel
plans coming up...

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> made between July 10-12,
> 2001.  Fares valid for travel from July 10- Oct. 31,
> 2001.  Slightly higher
> fares apply for travel from July 10-Sept. 7, 2001.
> Fares are subject to
> availability and gov't approval do not include gov't
> fees/taxes of approx.
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> Stay one month.  Seven day
> advance purchase required for travel from Aug. 1,
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__________________________________________________
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I do not appear to be having a winning record for getting my approval list
right the first time today.  Attached is also a revised list for 01/31/00.
Mea culpa, mea culpa, mea maxima culpa...


remember this for my pbr (whatever the letters are for our reivew).

	Jeff Dasovich
	Sent by: Jeff Dasovich
	04/25/01 04:10 PM

		 To: Leslie Lawner/NA/Enron@Enron
		 cc:
		 Subject: Re: Brief CA from Scott.DOC

You're a saint(esse).


-----Original Message-----
From:  Lundstrom, Bruce
Sent: Tuesday, June 12, 2001 1:14 PM
To: Derrick Jr., James; Haedicke, Mark E.; Walls Jr., Rob
Cc: Rogers, Rex
Subject: Dabhol -- A Brief Legal Update

Gentlemen -

A few updates:

The second Bombay High Court hearing was held today.  The court asked DPC to
go away for a week and try to continue discussions with MSEB.  The parties
are to return to the court in a week for another hearing.  We are not
entirely sure why the court made this request -- it has nothing to do with
the MERC jurisdiction issue before the court.  One possible positive
interpretation:  The court feels the need to generate some positive publicity
("I tried to encourage a positive outcome") before ruling in our favor on the
jurisdiction issue.  But, again, the court's motives are not clear.

We still don't know if some or all of the lenders will try to cure the
construction contract defaults this week.  I would expect that we would
receive formal termination letters over the weekend from the contractors if
the contractors are not paid in full this week.

Some of you are aware that DPC's relationship with its Indian outside counsel
has recently shown some strain.  That strain did not affect the quality of
DPC's representation at the Bombay High Court hearing.  However, I'm also
pretty sure that the strain has not been permanently "fixed" and that further
efforts will be required in this regard.  Gail Brownfeld and Jim McCartney
are helping DPC with these issues.

Bruce


1. Consent Issue:  Jose Bestard (he's the main developer who did this deal)
reported that he met with Furnas this week.  Furnas had not received  EPE's
letter addressing the consent issue.  Furnas continues to link its failure to
sign the consent to commercial exposure to the high price from the MAE. There
are initials on the original consent and no one (including Furnas) knows
whose they are. John Novak told me he's not sure of the significance, but it
is not uncommon in Brazil to initial documents. Nevertheless, we need to ask
our Brazilian lawyers whether there is any significance under Brazilian law.
Keep in mind also that consent document was between EPE and the assignor,
Electronorte.

2.  Arbitration considerations:  Bestard has a meeting planned with the
ambassador.  He  consulted Enron's financial/business consultant in Brazil,
Winston Fernino (sp?) who advised that we should exhaust all political
avenues before resorting to litigation or arbitration.   What concerns me,
however, is  his advice that, politically, it is not the time to seek
assistance fromthe president for the consent, that there is a political
battle in the senate, and that we should wait until the end of February to
seek political assistance.  My view on that is, to wait 4 more weeks to
progress with this notice of default, when the 90 day cure period has
expired, plus the 30 day extension which has also expired, sends the wrong
message and weakens our position. Thus, it is my recommendation that we
proceed immediately with a notice to terminate under Clause 27, paragraph 2
of the PPA, which then requires a 30day consultation period (paragraph3) at
the end of which we have the option to terminate.  This buys us a little
time, but keeps the pressure on, at the end of which we can initiate
proceedings to compel the consent or to terminate.  I'm not sure what
reaction the notice to terminate could bring about from Furnas. I'm not sure
how that plays out in our settlement with Siemans. Consider also that the
commercial people are not comfortable with termination yet.  I am not sure
what rights, if any, we waive by waiting around doing nothing or how that may
affect our position in arbitration or litigation (something we need to look
at under the contract, although I cannot immediately recall any deadlines or
express waivers related to timing in this regard).  I committed that we would
advise the team on the next call (next Thursday) our recommendation with
respect to  arbitration/litigation.   I want to make sure they understand
every possibility so they can make an informed decision. You have the matrix
developed already if you want to expand on that, or handle that your own
way.  Bestard opines that Furnas will fight hard, that they have
traditionally been very adversarial and uncooperative. I'll find out who
represents them.

3. Force Majeure:   Furnas is also taking a very strong position that EPE
does not have a valid force majeure claim.  Based on my reading of the
contract, our facts appear to fit squarely under Clause 95(c).   However, I'm
told we did not comply strictly to the notice terms. We'll need to show that
we were not negligent as a cause for the attorney general's action.  Laine
Powell, President of the Cuiaba companies will gather the information on our
force majeure claim and we need to consider the legal issues related to our
position.    Note that if FM lasts more than 12 consecutive months, both
parties have the right to terminate.  No one buys the plant and we're stuck.
I'll find out the date of our last FM notice.  There have been several.

4.  Budget:  Lets consider what it will cost to nail down this arbitration
concern and give initial advice on how to proceed over the next week,  what
it will cost to prepare for arbitration and, the cost of the arbitration.
Darren I'll call you tomorrow and we can break that out.  We may want to
consider the litigation route. We'll need to put together some kind of
proposed or potential time line, and what will happen in each stage and tie a
number to it.  I've done this with Pete before and he seems to like it.  It
needs to be subject to review as we go along.

5.NEXT: Prep for the call and get a recommended strategy in place. I'm going
to get together all our opinions on the Brazilian state of arbitration and
get a conference call with one of these experts so we can get the best
advice.  We certainly have some conflicting views.  Our experience in the
Brazilian courts is that nothing happens and we could be stuck for years, so
I am inclined to take our chances with arbitration and we may get stuck in
the court anyway.  If we go to court, perhaps Furnas would take the position
that we must arbitrate, that is what Fernando Serec said.  Who knows.
Please give me your comments or just call me.  I'm open to any suggestions.
John Novak will be able to tell us about all the competing concerns that I
may be unaware of with any strategic plan.
Regards,
Michelle


Can you set up a GTC with Duke Energy Field Services,Inc.  for May -July 2000?

D

Hillary Mack@ENRON
06/29/2000 12:23 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Re: Republic Royalty 5/00

Daren...I talked to Cynthia in contracts and she said that CES deals cannot
be extended and that a new contract has to be set up.  How do you want to
handle it?

Daren J Farmer@ECT
06/28/2000 04:17 PM
To: Ami Chokshi/Corp/Enron@ENRON, Megan Parker/Corp/Enron@ENRON, O'Neal D
Winfree/HOU/ECT@ECT, Nelson Ferries/Corp/Enron@ENRON, Hillary
Mack/Corp/Enron@Enron
cc:

Subject: Re: Republic Royalty 5/00

I have rolled # 143559 through July 2000 to cover the purchase from
Republic.  We sell this gas to Duke Energy Field Services (#143558 for Jan -
Apr,  CES-Duke Energy Field Services, Inc ).  The counterparty on this deal
has been suspeneded, so I created # 316727 under the counterparty of Duke
Energy Field Services Marketing, LLC.

Hillary - Please extend the CES-Duke counterparty or attach the correct Duke
counterparty to this deal.

If you have any questions, let me know.

D

	From:  Ami Chokshi @ ENRON                           06/28/2000 10:45 AM

To: Megan Parker/Corp/Enron@ENRON, O'Neal D Winfree/HOU/ECT@ECT
cc: Nelson Ferries/Corp/Enron@ENRON, Daren J Farmer/HOU/ECT@ECT
Subject: Republic Royalty 5/00

This deal was terminated by Nelson Ferries.

Ami
---------------------- Forwarded by Ami Chokshi/Corp/Enron on 06/28/2000
10:42 AM ---------------------------

	From:  Megan Parker                           06/28/2000 10:28 AM

To: Ami Chokshi/Corp/Enron@ENRON, O'Neal D Winfree/HOU/ECT@ECT
cc:

Subject: Republic Royalty 5/00

Republic Royalty is one of my CES deals.  They sent me an invoice for May
2000 production, but I do not see a deal for May.  Does either of you know if
this deal was extended under a new deal number?

Megan


Hey buddy.  I would love to take a tour.  I'm tied up with a family illness
for the next couple of weeks so don't wait on me.

Great Idea though.

Richard Pinion
08/10/2000 09:03 AM
To: kmacivo@enron.com, Jason Althaus/Corp/Enron@Enron, Chris
Germany/HOU/ECT@ECT
cc:
Subject: Flying

Yesterday I was getting ready to fly out of Fletcher's at Hobby airport when
a man asked if I was with Enron (he saw my United Way shirt most of us were
wearing yesterday).  He said that he too was an Enron employee but had missed
the United Way kick-off event.  He told me he was one of our corporate pilots
and we spoke for several minutes since I had someone waiting at Houston
Southwest airport to pick me up.

I asked if I might arrange with him to get a tour of our corporate hanger and
airplanes and he said he would be glad to arrange such an event.  I told him
that several of us pilots at Enron might be interested.  He gave me his card
and said that he had a trip for Tuesday but to just call him when we were
ready and he would arrange to make it happen.  Soooo... If you are interested
or know others who might be, let me know some times and dates and we will
make this happen.

RP


Ladies and Gentlemen,

We plan to upgrade the two NT servers that run Gas TDS's middle-tier
applications this weekend.  Therefore, TDS will not be available between
12:00 p.m. and 2:00 p.m. on Sunday, December 10th, 2000.  If this downtime is
in conflict with your schedule, please let me know ASAP.

I would also like to point out to you that when TDS is brought back on line,
it will be necessary for all the desks to be reloaded.  Since we introduced
the TDS Flag last month, this should not effect any of the desks.

Thank you for your cooperations,
Kenny H.


who's johnson?


Greetings:
I intend to clear my calendar to help with this for the rest of the week.
I'll call you/you call me first thing in the AM.

Best,
Jeff


To the trading lawyers working on counterparty lists:

Per the email below from Louise, the current target date for completion of
counterparty lists appears to be Tuesday, October 12.  As noted below, an
additional list of approved counterparties should be provided to us tomorrow.

FYI, per my conversations w/Frank Davis, the first simulation occurred this
week, and an additional simulation is scheduled for next week.
---------------------- Forwarded by Tana Jones/HOU/ECT on 10/07/99 09:54 AM
---------------------------

Louise Kitchen
10/06/99 02:46 PM
To: Mark E Taylor/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT
cc: Debbie R Brackett/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, David
Port/LON/ECT@ECT, Bob Shults/HOU/ECT@ECT, David Forster/LON/ECT@ECT
Subject: Customer Data

On Friday we will be receiving the remaining customer list from credit, due
to the timescales I am asking for turnaround on the customer matrix and
master agreement review by the end of play Tuesday 12th October.

Any problems with this please notify me immediately as we are now running up
against very tight deadlines in terms of getting all of the information in
the system for the launch schedule.

Thanks

Louise

Mark,
On another note we are requesting a review of the blanket decision which has
been made to prevent any regulated utility from completing any financial
transactions, if we are not prepared to do the due diligence on which ones
can transact and which ones can not - is this our responsibility or theirs?
ie their decision whether to trade or not.
Louise


Please contact Kristin Walsh (x39510) or Robert Johnston (x39934) for additional information.

Summary
Gov. Davis is expected to announce a plan today, however, there have been no breakthrough deals in negotiations that would support a plan.
Sources report that at least 7 or 8 Democrats have indicated to consumer advocate Harvey Rosenfield that they would join Republicans in blocking any proposed bailout by Governor Davis.  This coalition would be enough to kill any transmission purchase proposal.
The emergency legislative session is closed, after which all current legislation would need to be introduced in a new session.

1. Bankruptcy Outlook
An advisor to MBIA* is attempting to pull other creditors into an informal pre-petition committee.  However, the creditors are finding that their interests are not always the same, and inter-creditor politics are becoming very active at this point.  For instance:

	- BC Hydro is not inclined to take aggressive action, even though they are one of the biggest creditors.  As their power is hydro, they are operating with a huge margin - i.e., they do not owe any other companies for gas used to produce their power.

	- Reliant, using the "squeaky wheel" theory, took a hard line with the governor and succeeded in extracting a partial payment from DWR in exchange for a 30-day agreement to supply power.  Other creditors have seen this and are thinking along similar lines.

	- The generators and QFs as a whole are not very organized yet.  The QFs are negotiating with the state on reducing the amount they are prepared to get paid for the power they supply, but the negotiations reportedly are not going well, and there is no deal in sight.  Reportedly the state has offered to pay the QFs $.07/kwh, but the QFs want $.09/kwh.

*MBIA is a credit insurer.  In other words, if a company issues revenue bonds, MBIA, for a fee, will reimburse the bondholders for their losses up to a certain level (e.g. the first 10 -15%).  I believe it at one time stood for Municipal Bond Insurers' Association.  They have a AAA rating.

2. Legislative Activity
Once the extraordinary session is closed by the Governor it ends and all bills in that session are dead. They would have to be reintroduced with new bill numbers and run through the process again. If the bills have already been heard once in committee it is probable these bills will be taken up for a vote.  The legislator is having so many hearings on bills this week to try and get as many through before the extraordinary session ends.


Jean-Pierre:

I will email my comments shortly.  In the meantime, you were going t eamil an interest rate schedule to me.  Also, do you have a fee schedule?  Thanks.

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


----- Forwarded by Jeff Dasovich/NA/Enron on 03/13/2001 11:43 AM -----

	"Ronald Carroll" <rcarroll@bracepatt.com>
	03/13/2001 08:44 AM

		 To: <mmilner@coral-energy.com>, <rreilley@coral-energy.com>,
<acomnes@enron.com>, <dfulton@enron.com>, <jdasovic@enron.com>,
<jhartso@enron.com>, <jsteffe@enron.com>, <mary.hain@enron.com>,
<smara@enron.com>, <snovose@enron.com>
		 cc:
		 Subject: Fwd: Gov. Davis and Western U.S. governors ask FERC for temporary
price caps

----- Message from "Tracey Bradley" <tbradley@bracepatt.com> on Tue, 13 Mar
2001 08:31:55 -0600 -----
To:	"Paul Fox" <pfox@bracepatt.com>
cc:	"Andrea Settanni" <asettanni@bracepatt.com>, "Charles Ingebretson"
<cingebretson@bracepatt.com>, "Charles Shoneman" <cshoneman@bracepatt.com>,
"Deanna King" <dking@bracepatt.com>, "Jeffrey Watkiss"
<dwatkiss@bracepatt.com>, "Gene Godley" <ggodley@bracepatt.com>, "Kimberly
Curry" <kcurry@bracepatt.com>, "Michael Pate" <mpate@bracepatt.com>, "Ronald
Carroll" <rcarroll@bracepatt.com>
Subject:	Gov. Davis and Western U.S. governors ask FERC for temporary price
caps
Press Release
OFFICE OF THE GOVERNOR
------------------------------------------------------------------------------
--

PR01:089
FOR IMMEDIATE RELEASE
03/12/2001 4:45 PM

GOVERNOR DAVIS, WESTERN GOVERNORS ASK FERC
FOR CAPS ON WHOLESALE POWER COSTS

SACRAMENTO

Governor Gray Davis, joined by Governor Gary Locke of Washington and Governor
John Kitzhaber of Oregon, today wrote the Federal Energy Regulatory
Commission (FERC) to request a temporary price cap on the cost of power
charged by generators in the western states.

The three governors suggested a "cost-based" price cap for power purchased in
the spot market. Under the proposal, generators would be allowed to recover
all of their costs and provide a small level of profit of approximately
$25/Mwh. A similar proposal was offered by FERC Commissioner William Masey.

"While we fully recognize the benefits of a free market, our problem is that
we have a shortage of electricity," wrote the governors. "In spite of our
aggressive and urgent efforts, the problem will only get worse throughout the
year and particularly this summer. This shortage has enabled generators to
receive 'unjust and unreasonable' charges for their wholesale energy.

"A substantial portion of the power necessary to serve load will still be
required to be purchased in the more expensive hour/ahead and spot markets.
The relief we are requesting will be necessary only in the event of a
shortage and only for this year," said the governors.

Under the proposal, bilateral contracts and long term contracts would be
exempt. Federal power marketing agencies not controlled by FERC (such as the
Bonneville Power Administration) would be requested to voluntarily adhere to
such a plan.

The governors asked for prompt action on their request.

###


EFF_DT PORTFOLIO_ID DOWN95
1/17/01  MANAGEMENT-COAL 2,949.
1/17/01  MANAGEMENT-CRD 24,764.
1/17/01  MANAGEMENT-GAS 778,397.
1/17/01  MANAGEMENT-PWR 179,421.
1/17/01  AGG-MANAGEMENT 707,236.


Kathy:

Please issue a guest user id to Bob Lawrence at Milbank Tweed Hadley &
McCloy.  Bob is  a lawyer helping us with various EnronOnline matters
including Broker Connect.  His e-mail address is rlawrence@milbank.com.

Thanks,

Mark


Enron Methanol nominates the following natural gas requirements for the
Methanol Plant for March 2001:

32,000 mmbtu per day

EGPFC nominates the following natural gas requirements for the MTBE Plant at
Morgan's Point for March 2001:

8,500 mmbtu per day from 3/1/01 through 3/15/01 and 2,000 mmbtu per day from
3/16/01 through 3/31/01.


---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 12/07/2000
05:11 PM ---------------------------

Don Miller
12/07/2000 05:02 PM
To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject: Redlined PSA -- Brownsville and Caledonia

---------------------- Forwarded by Don Miller/HOU/ECT on 12/07/2000 05:01 PM
---------------------------

japearson@duke-energy.com on 12/07/2000 12:31:06 PM
To: stuart.zisman@enron.com
cc: dthudson@duke-energy.com, mhhurtado@duke-energy.com, don.miller@enron.com
Subject: Redlined PSA -- Brownsville and Caledonia

Stuart - At Dan Hudson's request, I am forwarding a redlined version of the
referenced agreement.  The attached is marked against the last version of
the PSA submitted by DENA to Enron.  Please call if any questions.  Thanks.
Jane Pearson, 713/627-5318.  Jane

(See attached file: enronpsared.doc)
 - enronpsared.doc


FYI
---------------------- Forwarded by David W Delainey/HOU/ECT on 11/22/2000
08:31 AM ---------------------------

	From:  William S Bradford                           11/21/2000 08:09 PM

To: David W Delainey/HOU/ECT@ECT
cc: Jeffrey McMahon/HOU/ECT@ECT, Rick Buy/HOU/ECT@ECT
Subject: Wheeling-Pittsburgh Steel Corporation

Dave,

I am sending this in response to your query regarding the slow payment from
Wheeling Pittsburgh.  Wheeling Pittsburgh has allegedly filed bankruptcy some
time last week.  Legal is trying to obtain the bankruptcy filing we are
beginning to solidfy our potential claim.   Our current exposure is
approximately $1.55mm ($1.07mm in receivable and $375k MTM).  We are working
with the steel team (the deal was orginated by Tammy Mulrooney) and legal to
determine our rights under our contract.  We will keep you posted with any
updates.

Let me know if you have any questions.
Bill


Good afternoon.  Here is the job description for the Computational Finance
students.  We should have our preferred interview dates shortly.   Please let
us know if you have any questions, and have a Happy Thanksgiving.

-Kevin Kindall


Hi Lisa

I've been trying to call but to no avail - could you please try to reach me
at 713 853 6349
thanks


Ken,

Please proceed to issue a Work Order to install inlet air cooling facilities on Units 1 & 2 at the Bloomfield Compressor Station.
The ambient temperature for this area is 95 ?F and the new coolers should be designed and capable of lowering the inlet air
temperature  from 95 ?F to 80 ?F ( 15 ?F temperature drop). The anticipated in- service date for this project is May-1-2002.

If you have any questions please call.

Regards,

Mansoor


Hello everyone!
Just wanted to send a quick note to let those of you who don't know already
that I will be moving into a new position within the next week or so and will
no longer be the Reporting Contact for the Natural Gas Teams.  I am moving
over to manage the Reporting Groups for the Back Office and Group Teams.
Please welcome Laynie East as my replacement.  She can be reached at X3-3131
and you may begin calling her with any Natural Gas Team related needs
immediately.
I will certainly be assisting in the transition process and will assist her
with any of your requests on an as needed basis for a while.  Please forward
this note to anyone in your groups who may need this information.

It has been a pleasure working with each of you over the last several months.

Thanks,
Edie


Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 04/23/2001 04:49 PM -----

	Sara Shackleton
	04/23/2001 04:48 PM

		 To: Elizabeth Murphy/HOU/ECT
		 cc:
		 Subject: old con Ed

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com


Unplanned Losses - ($905.79)
Static Sch Fees - $374.00

Total - ($531.79)

ERCOT Sch Fees - $518.00


Nope.  Carlos Sole (one of our lawyers) took the forms I gave him and fit it
to this deal.  I do think the banks' lawyers weighed in.

Kay

"Shoemaker, Kent (GEAE)" <kent.shoemaker@ae.ge.com> on 04/23/2001 10:19:27 AM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc:

Subject: RE: Delta assignment and assumption

Did outside counsel write this?

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Friday, April 20, 2001 10:57 AM
To: lee.johnson@ss.ps.ge.com; kent.shoemaker@ae.ge.com
Cc: Stephen.Thome@enron.com; Jake.Thomas@enron.com
Subject: Delta assignment and assumption

Hi there,

Here's the assignment and assumption agreement with the GE consent
included.  Please let me know if you have any comments.

Thanks,

Kay

(See attached file: Final Delta Turbine Sale Turbopark Assignment &
Assumption Agmt with GE ack.DOC)

PS.  In discussing the mechanism to move the turbines, it seemed that it
would work ok to assign the turbines out of the AIP.  I can't find a flaw
with that approach.


NPWSFO
URGENT - WEATHER MESSAGE
NATIONAL WEATHER SERVICE SAN FRANCISCO CA
400 AM PDT MON MAY 21 2001

.HIGH PRESSURE IS NOT BUILDING INTO THE GREAT BASIN AS STRONGLY AS
EARLIER ANTICIPATED AND AN ONSHORE FLOW CONTINUES AT LOW LEVELS OF
THE ATMOSPHERE.  IT APPEARS WINDS IN THE HILLS WILL NOT BE AS STRONG
AS EARLIER FORECAST.

CAZ007-008-065-211800-
NAPA COUNTY-ALAMEDA AND CONTRA COSTA COUNTIES-SANTA CLARA COUNTY-
400 AM PDT MON MAY 21 2001

...WIND ADVISORY FOR THE HILLS HAS BEEN CANCELLED...

AS OF 3 AM MONDAY...WINDS IN THE BAY AREA HILLS WERE LIGHT EXCEPT
ATOP MT DIABLO WHERE GUSTS TO 40 MPH WERE OCCURRING.  WINDS AT LOWER
ELEVATIONS...2500 FEET AND BELOW...ARE EXPECTED TO ONLY REACH THE 15
TO 30 MPH RANGE THIS MORNING.  A FEW SLIGHTLY STRONGER GUSTS COULD
OCCUR IN THE EAST BAY HILLS.  WINDS WILL DECREASE BY MIDDAY.

$$

STAY TUNED TO YOUR FAVORITE MEDIA SOURCE OR VISIT THE NWS WEB SITE
AT NWS.MBAY.NET FOR THE LATEST INFORMATION.

MARKKANEN

NNNN

[SFONPWSFO/990441030]

EDIS-05-21-01 0330 PDT

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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/08/2000
07:11 PM ---------------------------

"Btu" <subs@Btu.net> on 12/08/2000 05:01:29 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wp121100.pdf


what are the force majeure terms in the ECT GTC?

Hunter


Please print the attachment for me in color.  Thanks. --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 03/06/2001 02:38 PM
---------------------------
From: Cathy Phillips on 03/06/2001 08:02 AM
To: Mark Frevert/NA/Enron@Enron, Mike McConnell/HOU/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Doug Arnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Alan
Aronowitz/HOU/ECT@ECT, Pierre Aury/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT, Rick
Bergsieker/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stephen H
Douglas/HOU/ECT@ECT, Jennifer Fraser/HOU/ECT@ECT, Shanna
Funkhouser/Corp/Enron@ENRON, Eric Gonzales/LON/ECT@ECT, Gary
Hickerson/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Larry
Lawyer/NA/Enron@Enron, Chris Mahoney/LON/ECT@ECT, George
McClellan/HOU/ECT@ECT, Thomas Myers/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT,
Beth Perlman/HOU/ECT@ECT, Brent A Price/HOU/ECT@ECT, Daniel Reck/HOU/ECT@ECT,
Cindy Skinner/HOU/ECT@ECT, Stuart Staley/LON/ECT@ECT, Mark
Tawney/HOU/ECT@ECT, Scott Tholan/Corp/Enron@Enron, Lisa Yoho/NA/Enron@Enron,
Neil Davies/Corp/Enron@ENRON, Per Sekse/NY/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT, Scott Vonderheide/Corp/Enron@ENRON
cc: Dennis Vegas/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nicki
Daw/NA/Enron@Enron, Cathy Phillips/HOU/ECT@ECT, Jennifer Burns/HOU/ECT@ECT,
DeMonica Lipscomb/Corp/Enron@ENRON, Yvonne Francois/Corp/Enron@Enron, Angie
Collins/HOU/ECT@ECT, Donna Baker/HOU/ECT@ECT, Helen Marie Taylor/HOU/ECT@ECT,
Chantelle Villanueva/HOU/ECT@ECT, Betty J Coneway/HOU/ECT@ECT, Patti
Thompson/HOU/ECT@ECT, Cherylene R Westbrook/HOU/ECT@ECT, Candace
Parker/LON/ECT@ECT, Sharon Purswell/HOU/ECT@ECT, Gloria Solis/HOU/ECT@ECT,
Brenda J Johnston/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kim
Hickok/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Susan McCarthy/LON/ECT@ECT, Paula
Forsyth/Corp/Enron@ENRON, Shirley Crenshaw/HOU/ECT@ECT, Jody
Underwood/NA/Enron@ENRON, Kathleen D
Hardeman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stuart
Cichosz/Corp/Enron@ENRON, Judy Zoch/NA/Enron@ENRON, Sunita
Katyal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Cherry Mont/NY/ECT@ECT, Legal
Temp 3/HOU/ECT@ECT, Lydia Reeves/HOU/ECT@ECT, Kristy
Armstrong/Enron@EnronXGate
Subject: Marketing Support Presentation (Mike McConnell)

At the staff meeting on Monday, Dennis Vegas gave a very brief marketing
presentation.  A copy of the presentation is attached below for those of you
that were not in attendance or for anyone that would like an electronic
copy.  Please feel free to contact Dennis at 713-345-4120 if you would like
to discuss the contents or if you require support.

Thank you.

Cathy Phillips
X-36898


Here are the stray facts I mentioned:
  Sulfur River system:  1200 miles of gathering in East Texas and some
treating/processing
  approx. 170 mmcf/d of throughput currently; significant growth expected
from new drilling [?]
   EBITDA:  $40mm/yr
   Rex Kouri (sp?) is the founding equity in Sulfur River  (I haven't heard
of him, but they acted like I should have)
   An outfit named "Energy Spectrum" put $30 mm in equity into Sulfur River a
few years ago and thinks now would be a good time to cash out
   $90 mm in debt
   $1/mmbtu gath/proc. margins
  The guys I talked to said the Sulfur River assets, coupled with the Koch
upstream assets in the area, would make an interesting combined play.
   Koch was asking $200 mil. for their gathering assets a year ago or so--I
don't know if its the exact set of assets that Pat and Jerry were suggesting
we'd want to include in the package.

The two guys involved are Pat Keeley, of Friedman Billings and Ramsay in DC
and Jerry Langdon (the ex-FERC Commissioner), who is an investor/dealmaker.
Let me know if you want me to get these guys to come in and pitch this deal
to you/your team.  Reminder--Langdon is talking to Stan on the 10th on EOTT
and he may bug Stan about this stuff, so it may be good to get to Stan
first.  DF


Andy,

Attached is a spreadsheet which runs through direct costs of adding Markets
to EnronOnline, as discussed yesterday.

There is both art and science in this, along with some generalisations.

Perhaps we can discuss at 11:00?

Thanks,

Dave
---------------------- Forwarded by David Forster/Corp/Enron on 01/19/2001
10:05 AM ---------------------------
From: Carlos Alatorre on 01/19/2001 09:53 AM
To: David Forster/Corp/Enron@Enron
cc:

Subject: Cost w/Pipelines

Dave,
Here is the spreadsheet, pls. let me know any questions/comments
Thx
Carlos


Good Morning,

Attached, please find the latest issue of our Independent Power Weekly.

 <<IPW062501a.pdf>>  <<ROIC_Under_FERC.xls>>

Summary:
1. IPPs Fall 10.4%   Last week our IPP composite fell 10.4%, underperforming
both the NASDAQ (+0.3%) and the S&P 500 (+0.9%).  International Power was
the strongest performer in the group, rising 1.7%.  Shaw Group was the
weakest performer, falling 18.1%.

2. Same Old Story--Politics   Last week's lackluster stock price performance
reflected lingering political and regulatory uncertainties.  These concerns
were heightened by the FERC's latest order issued on Monday (6/18), calling
for expanded price controls in the Western markets.  In addition, the
subject of retroactive refunds received renewed attention.

3 The Litmus Test: Impact on Forward Earnings, Returns and Growth Rates   In
our view, the market's litmus test for evaluating these stories must focus
on whether any event has taken place that negatively impacts forward
earnings, returns or growth rates for the sector.  Our analysis of recent
events points to an unchanged forward earnings profile for the sector.  On
that basis, we regard the recent stock price activity as irrational.

4. Significant ROIC Possible Under FERC Plan   Under a best case scenario,
assuming power prices remain at their maximum allowable levels under a power
emergency, we estimate that a new combined cycle natural gas-fired power
plant can earn up to a 68% ROIC.  Under a more likely scenario, assuming
average power prices approximate 60% of the maximum allowable level, such a
plant could earn a 25% ROIC.  Importantly, 2-3 years ago, power plant
developers were predicating their investment decisions on a targeted 12%
ROIC.  We have attached a spreadsheet containing our analysis.
5. FERC Settlement Conference Begins Today   Today a FERC hosted settlement
conference will begin, bringing together California power generators and
utilities.  The goal will be to get the parties to arrive at an agreement on
this issue of refunds and the repayment of past receivables.  While the
possibility of retroactive refunds presents some uncertainties for the
IPP's, we believe closure on this issue could be imminent.  The settlement
conference may bring some resolution to the situation.  Regardless, if no
agreement is reached, FERC will issue a final decision on this matter.
6. RRI Analyst Meeting on Tuesday   On Tuesday (6/26), Reliant Resources
will host its first major analyst meeting since its April 2001 IPO.  At the
meeting we expect management to clarify its longer-term exposure to FERC's
expanded price controls.
7. CSFB Hosting Lunch With UK Chief Regulator on Friday   On Friday (6/29)
at noon, CSFB will be hosting a luncheon with Callum McCarthy, Chief
Executive of the UK Office of Gas and Electricity Markets (OFGEM).  In his
position, McCarthy serves as the chief power and gas regulator in the UK.
The luncheon will take place at our offices at 11 Madison Avenue on the 27th
floor.  Please contact us if you would like to attend.

Regards,

Neil Stein   212/325-4217
Bryan Sifert   212/325-3906

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP and each of its subsidiaries each reserve
the right to monitor all e-mail communications through its networks.  Any
views expressed in this message are those of the individual sender, except
where the message states otherwise and the sender is authorised to state
them to be the views of any such entity.
Unless otherwise stated, any pricing information given in this message is
indicative only, is subject to change and does not constitute an offer to
deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.

 - IPW062501a.pdf
 - ROIC_Under_FERC.xls


---------------------- Forwarded by Phillip M Love/HOU/ECT on 03/30/2001
01:15 PM ---------------------------

Dobbs_Shane <Shane.Dobbs@fctg.com> on 03/30/2001 07:53:18 AM
To: baron <baroncwood@hotmail.com>, beth <bethbyerley@yahoo.com>, Bev
<BeverlyFulghum@andrewcollege.edu>, Bonnie <tharpbl@eng.auburn.edu>, Brooke
<brooke@megagate.com>, Bud <dobbsmw@auburn.edu>, chance
<chancewood@hotmail.com>, Claire <telliott@homefusion.net>, Emily
<hamptone@booksamillion.com>, Fulford <fulfordb@aol.com>, Jim
<jwood@regionsbank.com>, LD <gwave85@hotmail.com>, Matt
<doobsie@bellsouth.net>, "Ms. Laura" <lebrown76@hotmail.com>, ONE-up
<dobbswn@auburn.edu>, Phil <Phillip.M.Love@enron.com>, Robin
<robincass@hotmail.com>, Stacy <bearden@us.ibm.com>, Watch-it!
<melfrench3@aol.com>
cc:
Subject: FW: Smartest Woman

-----Original Message-----
From: Kevin Poe [mailto:poe77@earthlink.net]
Sent: Wednesday, March 28, 2001 4:12 AM
To: Undisclosed-Recipient:@albatross.prod.itd.earthlink.net;
Subject: Fw: Smartest Woman

> An airplane was about to crash, and there were 5
> >passengers left, but only 4 parachutes.  The first
> >passengers, George W. Bush said, I'm President of the
> >United States, and I have a great responsibility,
> >being the leader of nearly 300 million people, and a
> >superpower, etc." So he takes the first parachute,
> >and jumps out of the plane.
> >
> >The second passenger, said I'm Antoine Walker, one of
> >the best NBA Basketball players, and the Boston
> >Celtics need me, so I can't afford to die.  So he
> >takes the second parachute, and leaves the plane.
> >
> >The third passenger, Hillary Clinton, said "I am the
> >wife of the former President of the United States and
> >the Senator from New York, and I am the smartest
> >woman in the world." So she takes the third parachute
> >and exits the plane.
> >
> >The fourth passenger, an old man, says to the fifth
> >passenger, a 10 year old boy scout, "I am old and
> >frail and I don't have many years left, so as a
> >Christian gesture and a good deed, I will sacrifice my
> >life and let you have the last parachute.
> >
> >The boy scout said, "It's Ok, there's a parachute left
> >for you.  The world's smartest woman took my backpack."
>
>


888 285 4585  host code 121970


For those of you who missed or attended --?if you  want to see some pictures
of the Paul Newman event . . . .
?
For all the pictures on one page:
http://students.haas.berkeley.edu/mackenzi/newman/All_The_Pictures.htm
?
For individual pictures:
http://students.haas.berkeley.edu/mackenzi/newman/
?
Enjoy,
Andrew


Ben:

Below you will find the report that we just spoke about.

Thank you

Sheila Kaplan-Weisman
CREDIT | FIRST
SUISSE | BOSTON
Phone - 212-325-0959
Fax - 212-325-8192
e-mail - sheila.weisman@csfb.com <mailto:sheila.weisman@csfb.com>

-----Original Message-----
From: Levi, Andrew [mailto:andrew.levi@csfb.com]
Sent: Wednesday, January 05, 2000 4:45 PM
To: eqr_alevi, list
Subject: New Industry Theme its Called "New Economy
Electrics",Several Rec ommendation Increases

 <<outlook8.doc>> Good Afternoon everyone we have released a very detailed
report on our new theme for the electric group.  Its called "The Emergence
of the New Economy Electric".  There are several recommendation changes as
well relating to our new theme.  We are raising the following companies to
Strong Buy, D, DUK, PE, REI and SO.
Please see enclosed report.  Call with any questions
<<outlook8.doc>>
Andrew Levi
CREDIT | FIRST
SUISSE | BOSTON
Phone - 212-325-0893
Fax - 212-325-8192
e-mail - andrew.levi@csfb.com
Paul Patterson   212/325-5876
Neil Stein   212/325-4217
Andrea Klauber   212/325-0084

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
recipient. CREDIT SUISSE GROUP, CREDIT SUISSE FIRST BOSTON, and each of
their subsidiaries each reserve  the right to monitor all e-mail
communications through its networks.  Any views expressed in this message
are those of the individual sender, except where the message states
otherwise and the sender is authorised to state them to be the views of
any such entity.

 - outlook8.doc


Dear Kate,

Thank you for your interest in the Paul H. Nitze School of Advanced
International Studies Program. We would like to confirm that your inquiry has
been received.

We hope that the information we have provided on our web site is helpful in
giving you a good understanding of the Johns Hopkins University SAIS Program
and application process. In response to your request, we will be sending you
the Johns Hopkins University SAIS Program brochure and an application form.
You can expect these materials within three weeks.

We are proud to be at the forefront of innovative technology -- giving you
the option of submitting an electronic application via the Internet. This is
just one of the ways we use technology at the Johns Hopkins University.
You'll also see it in the classroom, in faculty research, and in student
services, from how you register for classes to how you look for a job.

There are several benefits to the Web Application option:

*  Saves time, and it is faster than the mail

*  Generates cleanly formatted applications that are exact replicas of the
paper applications

*  Secure, reliable, and convenient

The Johns Hopkins University SAIS Program Web Application System is a new
convenient option for applicants with access to the Internet. You can create
a private, free user account that you can use to work on the Johns Hopkins
University SAIS Program application. Your user account is password protected
and allows you to work on your application over multiple sessions using any
computer with Internet access (Netscape/Microsoft Internet Explorer 3.0 or
higher recommended).

Our Web Application System provides high levels of privacy and security.

We authenticate users and encrypt all data transmissions, keeping
applications safe. The application fee is identical to the paper application
- you pay no additional charges for use of the system.

There is step-by-step guidance on completing applications. The full set of
instructions is available on-line. A personalized checklist keeps track of
important items and deadlines. And an application auditor double checks your
application prior to submission to ensure all mandatory questions are
answered.

Using the Web Application System is entirely optional. Candidates using the
web application will not be given any preference or advantage over candidates
not using the web application.

The Johns Hopkins University SAIS Program Web Application System is located
at: http://apply.embark.com/grad/JHU/SAIS/. The web site is run by
Embark.com, a web application systems company, on behalf of the Johns Hopkins
University SAIS Program. Embark.com continuously monitors the web site (24
hours a day, 7 days a week) to ensure reliability, and their staff are
available to assist all users of the Johns Hopkins University SAIS Web
Application System.

We encourage you to preview the Web Application System at any time and to use
the system if it meets your needs. If you have any further questions about
the Web Application System, please feel free to email Embark.com at
MBAappmaster@Embark.com, or call their web support staff weekdays between
8:00 AM and 5:00 PM (Pacific time) at 1-800-734-7627 (option 3).

If you have any further questions, please feel free to call us Monday-Friday,
8:00 AM to 5:00 PM PST at (202) 663-5700. We very much look forward to
reading your application.

Sincerely,

Johns Hopkins University SAIS
Admissions Staff


FYI
----- Forwarded by Bernadette Hawkins/Corp/Enron on 03/20/2001 03:55 PM -----

	"Jackie Gallagher" <JGallagher@epsa.org>
	03/20/2001 02:30 PM

		 To: <bhawkin@enron.com>, <bmerola@enron.com>, <christi.l.nicolay@enron.com>,
<donna.fulton@enron.com>, <janelle.scheuer@enron.com>,
<jeff_brown@enron.com>, <jhartso@enron.com>, <jsteffe@enron.com>,
<Mary.Hain@enron.com>, <rshapiro@enron.com>, <sarah.novosel@enron.com>,
<tom.hoatson@enron.com>
		 cc:
		 Subject: Commission Actions to Remove Obstacles in Western US- Key Points
for EPSA Comments, Due MARCH 30TH

MEMORANDUM

TO: Regulatory Affairs Committee
       Power Marketers Working Group

FROM: Joe Hartsoe, Regulatory Affairs Committee Chair
            Bob Reilley, Power Marketers Working Group Chair
            Julie Simon, Vice President of Policy
            Mark Bennett, Senior Manager of Policy
            Erin Perrigo, Manager of Policy

DATE: March 20, 2001

RE: Commission Actions to Increase Supply and Decrease
      Consumption in the Western United States--Key Points for
      EPSA Comments Due MARCH 30TH

As we previously reported, on March 14, 2001, FERC announced certain actions
to address the energy problems in California and other areas of the West in
an Order Removing Obstacles to Increased Electric Generation and Natural Gas
Supply in the Western United States and Requesting Comments on Further
Actions to Increase Energy Supply and Decrease Energy Consumption.  The
following is an overview of the steps the Commission proposes to "immediately
help increase supply from existing power sources and to provide regulatory
incentives to build new electric and natural gas infrastructure."  The
Commission also invited comments on certain proposals.  This memo includes a
list of key points we intend to make in comments that are due by March 30th.

Overview of Order

The Order reflects a thorough review of  "all of [FERC's] rate and facility
certification authorities in the areas of electric energy, natural gas,
hydroelectric and oil to determine how it can increase electric energy
supply"; however, the Commission noted that its authority is "somewhat
limited."  While the Commission believes state regulators must assume the
lead role due to their authority over siting of generation and transmission,
as well as demand reduction measures, the Commission noted that the impact of
California's energy shortage on the Western Interconnection "underscores the
regional, interstate nature of the energy marketplace."  Accordingly, it
encouraged the formation of a single regional transmission organization for
western markets.

EPSA appreciates the Commission's effort to exercise the full extent of its
authority to help ease the West's energy problems.  Taken together, the
Commission's proposed actions represent positive steps toward rational
solutions to the difficult circumstances in the West.  Most importantly, the
Order highlights the importance of promoting infrastructure investment,
including increased generation, transmission and natural gas pipeline
facilities.

The Commission's immediate actions, which will expire on December 31, 2001,
include:

-Requiring the California ISO and transmission owners within the WSCC to
provide FERC with a list of short-term grid enhancements.

-Extending and broadening waivers of operating and efficiency standards and
fuel use requirements for qualifying facilities (QF).

-Providing wholesale power sales from generation used primarily for backup
and self-generation for businesses with prior notice waivers and market-based
rate authorization.

-Allowing wholesale and retail load reduction to be resold at wholesale
market-based rates.

The Commission seeks comment on several other proposals, including:

-Rolling in new supply interconnection and upgrade costs.

-Increasing the rate of return on equity for projects that significantly
increase transmission on constrained and new routes in the near term.

-10-year depreciation for short-term transmission projects, and 15-year
depreciation for upgrades involving new rights of way that can be in service
by November 1, 2002.

-Use of the interconnection authority set forth in FPA  o210(d) to help
alleviate obstacles to electric supply reaching load.

EPSA's Comments

In its conclusion, the Commission stated that comments should be "concise and
focused."  Accordingly, we suggest that EPSA's comments focus on the
following areas:

? Applaud the Commission's effort to increase supplies from QFs, but
encourage it to provide relief from existing contracts by allowing QFs to
sell to creditworthy parties.

? We understand that there are ongoing differences of opinion regarding the
relative merits of an incremental versus a "rolled in" approach to
interconnection and upgrade costs.  Therefore, while we may lack a consensus
on the question as a final policy position, we believe that the extreme
circumstances surrounding the Order, and the urgent need to move power
quickly into the Western system, make it wise to endorse FERC's instant
recommendation.

? The Commission's proposed actions to create and enhance incentives relating
to expanding and improving the transmission infrastructure through higher
ROEs and accelerated depreciation schedules are positive steps.  The
Commission normally conditions such premiums on meaningful participation in
regional transmission organizations.  However, given the current situation
and the immediate impact of any projects that might be entitled to the higher
ROE, EPSA could support this proposal.

? Constraints on the gas infrastructure have a generally adverse impact on
the energy supply system.  Therefore, the Commission's proposed waivers of
blanket certificates and rate incentives to expedite construction projects,
are favorable developments.

We will discuss the Order and EPSA's comments during tomorrow's Regulatory
Affairs/Power Marketers' conference call.  In addition, we have been asked to
consider what type of short-term relief could be included in federal
legislation.  We will discuss this question as well.  To access the call,
dial 1-800-937-6563 and ask for the Julie Simon/EPSA call. In the meantime,
if you have any questions, please contact either Julie Simon, jsimon@epsa.org
or Mark Bennett, mbennett@epsa.org at (202 628-8200).


Per my voice mail, attached are replacement changes for paragraph 2 of
confirms for the referenced products.  SS


Attention POWER REPORT Readers: Go to
http://www.powermarketers.com/prdaily.htm to view today's edition with direct
headline links to each story.]

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Become a CERTIFIED POWER MARKETER

Attend:

FUNDAMENTALS OF POWER MARKETING
        Preconference Seminar March 14, 2001

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 "CRISIS AND OPPORTUNITY"
     March 15-16, 2001 Aladdin Hotel Las Vegas

and you can qualify to take the Certified Power Marketer examination.   The
exam is free to members of the Power Marketing Association.   (Individual
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2001.  March 15-16, 2001.   For brochure, download:

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

NEW!!!

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* Customer segmentation and relationship management -- How utilities are
using e-commerce options to address the particular needs of various customer
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energy usage data analysis, the details on which programs are successful and
how to implement them.

* Customer Contact - how the Web is adding another important touchpoint with
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************************************************************************

--------------------T O P S T O R I E S--------------------

Top Stories (March 14)

LAWMAKERS TO PROBE CALIF. ENERGY
In a move that could force out-of-state power suppliers to detail their
finances, the state Senate is launching an investigation into whether they
illegally manipulated California's electricity market.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/03/14/ao/0000-5211-power-woes

NRG ENERGY CLOSES PUBLIC OFFERINGS, RAISES $784 MILLION
NRG Energy, Inc. (NYSE:NRG) yesterday closed its sale of 18.4 million shares
of common stock at a price of $27 per share and 11.5 million equity units at
a price of $25 per unit. The gross proceeds from the offerings were $784.3
million.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/03/14/bw/0000-4976-mn-nrg-energy

BUSH WON'T LIMIT POWER PLANT CO2
The White House informed Congress Tuesday that it will not limit carbon
dioxide emissions from power plants that environmentalists have said are a
major contributor to global warming.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/03/14/up/0000-4328-.dstenvironment_01

AMERICA MUST FOCUS, AND FOCUS NOW, ON INCREASING ENERGY SUPPLY AND THE USE OF
COAL, SAYS NATIONAL MINING ASSOCIATION
"Demand for energy has outstripped supply. The United States must focus --
and focus now -- on an energy strategy that supports the expansion of our
domestic energy supply," said a mining industry spokesman in testimony given
today before the House Committee on Energy and Commerce's Subcommittee on
Energy and Air Quality.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/comtex/2
001/03/14/us/0000-3846-nma-coal-supply

UTILITY LOBBYISTS: TAX BREAK UNLIKELY
Kansas voters are unlikely to pass a constitutional amendment that would
reduce the property tax assessment rate on utilities because that would shift
the tax onto residential property owners, utility industry lobbyists told a
House committee Monday.
http://199.97.97.163/IMDS%PMANAT0%read%/home/content/users/imds/feeds/bellsupe
r/2001/03/13/TPKA/0000-1567-KEYWORD.Missing

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British Rotch Energy Joined in BID for Rg Fuel by Consortium of Polish Fuel
Retailers, Banks

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U.S. Electric Power Corporation Reaches Agreement For

Personal Power: Solar Utility in a Backpack

Development-Bhutan: Turning to Solar Power in Remote Villages
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Govt. to Assume State Power Company Debts - Ecuador

Paranapanema Mulls 50mw Power Plant Project - Brazil

In The Northwest: 'Just Bashing California Does Not a Northwest Energy Policy
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Dan Walters: Natural Gas -- An Old Story

Assad hosts Mubarak, Abdullah for pre-summit talks after power switch-on

Development-Bhutan: Power Scarcity Amidst Plenty

Petrobras Awards Subsea Contract to Fmc Energy Systems

CEO Explains Reasons Why Swift Energy Went to New Zealand in Interview with
The Wall Street TranscriptA. Earl Swift Is Chairman And CEO of Swift Energy
Company

Top Energy Summaries - Wednesday, March 14, 2001 - 9:19 Am

Brazil Faces Calif.-Like Power Woes

Nigeria to Step Up Natural Gas Exploration

Ensource Energy Services Inc : Capstone Turbine Corp - Ensource Agreement
with Capstone Turbine

Fire at glitch-plagued Czech nuclear power plant

Top Energy Summaries - Wednesday, March 14, 2001 - 7:42 Am

Carmen Systems And Ilog Team Up for Next-Generation Flight Operations
Management Systems

Philippine Energy Dept to review Napocor debt transfer/private power contracts

Philippine energy minister seeks creation of electricity wholesale spot market

Two Agreements on Natural Gas Purchase from Azerbaijan to be Signed on Monday

Output of Primorye Power Plant 30 Percent Up

British Rotch Energy Joined in BID for Rg Fuel by Consortium of Polish Fuel
Retailers, Banks

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REUTERS
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U.S. Electric Power Corporation Reaches Agreement For

Personal Power: Solar Utility in a Backpack

Development-Bhutan: Turning to Solar Power in Remote Villages
Community Group Dams Energy Policies - Brazil

Govt. to Assume State Power Company Debts - Ecuador

Paranapanema Mulls 50mw Power Plant Project - Brazil

In The Northwest: 'Just Bashing California Does Not a Northwest Energy Policy
Make'

Dan Walters: Natural Gas -- An Old Story

Assad hosts Mubarak, Abdullah for pre-summit talks after power switch-on

Development-Bhutan: Power Scarcity Amidst Plenty

Petrobras Awards Subsea Contract to Fmc Energy Systems

CEO Explains Reasons Why Swift Energy Went to New Zealand in Interview with
The Wall Street TranscriptA. Earl Swift Is Chairman And CEO of Swift Energy
Company

Top Energy Summaries - Wednesday, March 14, 2001 - 9:19 Am

Brazil Faces Calif.-Like Power Woes

Nigeria to Step Up Natural Gas Exploration

Ensource Energy Services Inc : Capstone Turbine Corp - Ensource Agreement
with Capstone Turbine

Fire at glitch-plagued Czech nuclear power plant

Top Energy Summaries - Wednesday, March 14, 2001 - 7:42 Am

Carmen Systems And Ilog Team Up for Next-Generation Flight Operations
Management Systems

Philippine Energy Dept to review Napocor debt transfer/private power contracts

Philippine energy minister seeks creation of electricity wholesale spot market

Two Agreements on Natural Gas Purchase from Azerbaijan to be Signed on Monday

Output of Primorye Power Plant 30 Percent Up

British Rotch Energy Joined in BID for Rg Fuel by Consortium of Polish Fuel
Retailers, Banks

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Dear Jeffrey,

William Starks has just added you to their course, E234-1: Corporate Finance.

If you feel that this is an error, please email them at
willstar@haas.berkeley.edu.

If you have any suggestions or questions, please don't hesitate to write us
at IzioSupport@convene.com.

Sincerely,

The Izio Team.


Catherine:  Lisa phoned me and said she would give you a heads up that this
second change order needed review and quick turn around.  Coincidentally, Kay
Mann is reviewing change order # 1 and will be looking into the change from
LJM to E-Next Generation language implications.  Hopefully the comments on
one will apply to the other.  Suggest you call Kay straight away to save time.

I am attaching both for your convenience.  I look forward to you comments.
By the way Kay; GE is looking it over right now too, and Scott Dieball has
been asked to review.  I Scott's review is not necessary please let me know.


PER VOICEMAIL.
---------------------- Forwarded by Richard Shapiro/NA/Enron on 04/27/2001 07:04 AM ---------------------------

Subject:	FERC's 4/26/01 Order on California Price Mitigation

If you read Ray Alvarez's summary from yesterday evening, open the attached Word document and read only the changes that we made to the summary since receiving the final order, which was issued this afternoon.  Alan Comnes

The full order is available at: http://www.ferc.fed.us/electric/bulkpower.htm

SUMMARY OF FERC'S
ORDER ESTABLISHING PROSPECTIVE MITIGATION AND MONITORING PLAN FOR THE CALIFORNIA WHOLESALE ELECTRIC MARKETS AND ESTABLISHING AN INVESTIGATION OF PUBLIC UTILITY RATES IN WHOLESALE WESTERN ENERGY MARKETS
(Issued April 26, 2001)

Effective Date -- Price mitigation is effective May 29, 2001.  (ISO needs to have its day-ahead proxy price ready on 5/28)

Physical Withholding -- To prevent physical withholding, the plan will require sellers with PGA's to offer all their available power in real time to the extent not scheduled in bilateral trade.  All California generators, even those not subject to FERC price regulation, will be required to sell into the ISO's real time market as a condition of their use of the ISO's interstate transmission lines. Hydroelectric facilities will be exempted. (This requirement to provide power is for all hours (24/7) for 1yr)

Price Mitigation - The plan will establish a single market clearing price auction for the real time market.  During Stage 1, 2 and 3 emergencies in the ISO's real time market, each generator (other than hydro) with a participating generator agreement is required to offer all available power and bid its marginal cost based on the generator's heat curve, emission rates, gas costs and emission costs, plus $2/MWh for O&M.  The gas cost will be the average daily cost of gas for all delivery points in California; emissions are to be based on Cantor Fitzgerald Environmental Brokerage Services.  The ISO will publish by 8:00 am, the gas and emission figures to be used for the next day in any hour where an emergency is declared. These figures (for the next day) will be based on the prior day's Gas Daily and Cantor Fitzgerald data. A single market clearing price is determined in real time for all generators.  Highest bid sets the clearing price.  Each gas-fired generator must file with FERC and the ISO within 5 days, on a confidential basis, heat and emission rates for each generating unit.  The ISO will use these rates to calculate a marginal cost for each generator, including maintenance and operating costs.  Generators that submit bids at or below the market clearing price will not be subject to refund liability.  (Although the following qualification is made: "However, all public utility rates will be subject to refund for violations of the conditions imposed on market-based rates, discussed infra."  Presumably this has to do with anomalous bidding behavior.)  In the event a generator submits a bid higher than the proxy price, the generator must, within 7 days of the end of each month, file a report with FERC and the ISO justifying its price.  FERC explicitly acknowledges that some units may have gas costs that exceed the "all delivery point" index it has adopted. FERC has 60 days to review/act.  No opportunity costs in real time.  Marketers are not held to any generator cost standard but must be prepared to justify bid at purchased cost based on specific purchases or portfolio with no opportunity cost.

Underscheduling Penalites -- FERC acknowledges that the there is a pending request to revoke the current underscheduling penalty but indicates that it is still in place.  Thus, although it may be advantageous to wait to buy power in R/T at capped prices, doing so may make the scheduling coordinator subject to the currently effective $100/MWh penalty.  See p. 20 of the FERC order.

New Generation --  New generation is NOT exempted from the Commission's price mitigation measures.

Demand Response -- Beginning June 1, only public utility load serving entities must submit demand side bids to curtail load and identify the load to be curtailed under those bids.  FERC is attempting to make the demand curve more price responsive.  (This requirement is in effect for all hours (24/7))

Outages -- PGA generators will coordinate planned outages and report forced outages The ISO is required to make a tariff filing within 15 days of the order proposing a mechanism for coordination and control of outages, including periodic reports to the Commission.

Term - Order expires one year from date of issuance.

RTO Filing - California ISO and two Utilities must make RTO filing by June 1 or Order lapses with no further effect.  The RTO filing is to be consistent with the characteristics and functions in Order No. 2000.

ISO Reporting - On September 14, 2001, ISO must file a status report on how things are working and how much generation has been built.  Comments are due in 15 days.  Quarterly reports thereafter.

Revocation of Market Based Rate Authority and Refunds - The market based rate authority of all public utilities is conditioned on (1) no physical withhold of capacity, and (2) no inappropriate bidding behavior.  Inappropriate bidding behavior includes bidding unrelated to known characteristics of the generation unit or without an input cost basis or bidding not based on unit behavior.  An increased bid based on increased demand could apparently be inappropriate.  In addition, "hockey stick" bids are expressly prohibited (i.e.  bidding 95% at marginal cost and 5% at a much higher level).  Other prohibited bidding practices identified include: pricing a single unit much higher than other units in a supplier portfolio and changes in bids due to increased scarcity rather than changes in generator costs.

West-Wide Section 206 Investigation  - Opens a section 206 investigation concerning the J&R of wholesale power in the WSCC other than sales to the CAISO market.    FERC requests comments on the scope and nature of price mitigation.  However its proposal is that refund conditions apply only in real time (markets for power less than 24 hours in advance of R/T) spot markets when contingency within a control area falls below 7% within a control area.    FERC is attempting to mirror the rules applied in California.  Comments are due in 10 days on the 206 investigations.  Although it is still formulating its price mitigation plan for the non-California PNW, the FERC sets the refund effective date is 60 days from publication of the Order.

NOx Limits in California --  Must sell requirements do not apply if a unit is prohibited from running by law.  However, it appears that incurring fines does not overcome the must sell requirement- just include the fines as part of the price bid.  Also if NOx is limited, may seek to show that generation would have been sold elsewhere or at different times for determining price.

Surcharge to pay past amount due -- Comments are due in 30 days on (1) whether FERC should require the ISO to surcharge parties for payment into an escrow account to pay past costs and (2) the effect this surcharge would have on the PG&E bankruptcy filing.

Treatment of the CAISO's Market Stabilization Plan (MSP). The FERC rejects the CAISO's MSP saying that FERC's plan for market mitigation is sufficient.  It expressly rejects CAISO's plan to create a day-ahead and hour-ahead energy markets are expressly reject and tells CAISO to stop actions to implement software changes to effectuate such markets.  Unfortunately, it does not expressly reject CAISO's plan to cut exports.  In general, no mention was made as to issue of exports of power from California although the statement that CAISO must become a real RTO would support the notion that CAISO must honor firm schedules on its system..

Recap of Dates Identified in the Order
?	Issue date: 4/26/01
?	Heat rate emission filing from generators due: 5 days (5/1/01)
?	Comments due on WSCC-wide price mitigation: 10 days (5/6/01)
?	ISO Tariff filing due: 15 days (5/11/01)
?	Comments on ISO Tariff due: 5 days thereafter (5/16/01)
?	Comments on whether Commission should allow a premium to recover unpaid generator bills: 5/30/01
?	Effective date of proxy prices: 5/29/01
?	Demand responsive bids from load serving entities: 6/1/01
?	Refund effective date begins:  60 days after publishing in Federal Register (late June?)
?	First ISO quarterly report: 9/14/01
?	Comments on first ISO quarterly report: 15 days thereafter (9/29/01)
?	Plan terminates: 4/26/02

RA  & GAC

<Embedded StdOleLink>


Hi Ed,

Here's the language they offered:

M. Each of the Cities has obligated itself to be responsible for and to pay
to, or on behalf of, MDEA, if required, that proportion of the minimum
monthly fee which that City,s hourly demand was coincident with Entergy,s
peak hour demand in the year 2000 bears to the sum of both Cities, hourly
demand during such hour; provided however, that each City has further
obligated itself to be responsible for and to pay that portion of EMPI,s
monthly fee which the economic benefit to that City from transactions bears
to the total economic benefit to both Cities from such transactions during
the month.

It is a bit cumbersome, but I think I like it.  What do you think?

I'll forward the entire doc soon.

Kay


OK by me.

	Lisa Lees/ENRON@enronXgate
	06/04/2001 03:05 PM

		 To: Tana Jones/HOU/ECT@ECT, Kelly Lombardi/ENRON@enronXgate, Karen
Lambert/ENRON@enronXgate
		 cc: Stephanie Sever/ENRON@enronXgate
		 Subject: RE: Product type approval needed (US Gas Phy Fwd Secondary Firm)

The product long descriptions below will fall under the new product type US
Gas Phy Fwd Secondary Firm.

Credit (Tom Moran) has approved copying the profiles for the new product type
from the following:
 US Gas Phy Fwd Firm

Please respond to Stephanie Sever no later than 10 a.m. on Wednesday, June 6.

Thank you.

 -----Original Message-----
From:  Walker, Chris
Sent: Friday, June 01, 2001 3:42 PM
To: Blumenthal, Jeff; Musch, Susan; Hayden, Frank; Taylor, Mark; Dickson,
Stacy; Moran, Tom; Love, Phillip M.; Hunter, Larry Joe
Cc: Lees, Lisa; Sweitzer, Tara; Jones, Tana; Lambert, Karen; Lombardi, Kelly;
Sever, Stephanie; Kenne, Dawn C.; Moorer, Torrey; Cass, Robert B.; Meredith,
Kevin; Lozano, Melba; Alatorre, Carlos
Subject: Product type approval needed (US Gas Phy Fwd Secondary Firm)

Please approve the following product type in Data Manager after 11 A.M.

US Gas Phy Fwd Secondary Firm

 << File: Secondary Firm ANR ML7rev.doc >>

 << File: ENA Natgas Firm GTC.htm >>

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 "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


REGISTER  NOW February  5-8, 2002(Houston, TX)    October  8-11, 2002 (Mesa, AZ)
 VISIT  OUR SITE  ABOUT  THE SCHOOL   COURSE  CURRICULUM   REGISTER  ONLINE  P.  O. Box 4269 Sedona, AZ 86340-4269 Telephone(520)  203-4247 Fax(520) 203-4875	 New  Regulations Require Welding Inspection Personnel Training and Certification   DOT Regulations Become  Effective in October 2002    Distribution  ---- All  If  your company is involved with the construction or maintenance of gas or  liquid pipelines or distribution systems we hope you find this letter  of interest.  For  more than 23 years we have conducted the ?National Welding Inspection  School for Plants and Pipelines? for the Gas and Liquid Pipeline  Industry. We provide the Training and Certification of Welding Inspection  personnel required by the new DOT regulations that become effective in  October of 2002.  Your  consideration is appreciated regarding the Certification of Welding Inspection  Personnel. This may include your welding construction, supervision, maintenance  and inspection personnel. Our schedule for next year is presented herein.  Please call us at 520-203-4247 for more information or check out our website  at www.nationalwelding.com   Thank  you for considering our training program.    If  you have received this letter in error, please accept our apology and  let us know if we need to correct our mailing list.


Ed was questioning the value of the Tallahasse deal due to the higher prices.  He said we should check into it.  I guess it doesn't matter now with the screen back down.