----- Forwarded by Tana Jones/HOU/ECT on 05/22/2001 02:17 PM -----

	Mary Cook
	05/22/2001 01:34 PM

		 To: Tiffany Williams/NA/Enron@Enron, Jay Epstein/Enron@EnronXGate
		 cc: Cheryl Nelson/NA/Enron@Enron, Mark Taylor/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT
		 Subject: Paper Pulp Confirms:  corrections

See attached revised language per the request of Jay Epstein that interest
not be inlcuded in the calculation.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


Sorry I guess I didn't read it very well.  It's ok with me.


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Call the hospital and see if you are registered please.


In case you missed this - interesting perspective.
---------------------- Forwarded by Peggy Mahoney/HOU/EES on 08/28/2000 01:26
PM ---------------------------

kpope@enron.com on 08/28/2000 11:45:00 AM
To: <pmahoney@enron.com>, <meberts@enron.com>, <kpope@enron.com>
cc:
Subject: Industry News: Consumers Grow More Anxious As They Are Cut Loose In
Electricity's< ...

fyi from kpope@enron.com

-------------------------------------------------------------------
E-mailed by: Dow Jones Interactive (R) Server Software
Folder: Industry News
-------------------------------------------------------------------

Headlines:
Consumers Grow More Anxious As They Are Cut Loose In Electricity's
New
Free Market

-------------------------------------------------------------------
  Metropolitan Desk; Section 1
Feeling Powerless In
Consumers Grow More Anxious As They Are Cut Loose In Electricity's
New
Free Market
By KIRK JOHNSON

Aug. 27, 2000
New York Times
Page 29, Column 2
c. 2000 New York Times Company

   Over the last 20 years, a dogma has taken root in America that says
people would be happier and better off if they were all continually
shopping for the best deals. Consumers, according to this theory, should
be empowered and freed from the old business monopolies and the dictates
of fussy bureaucrats.

  So airlines were deregulated, and telephone service, and then the
Internet arrived, giving people the ability to choose from 10 different
sellers of the same merchandise. The bull market on Wall Street brought
5,000 mutual funds begging for attention. Having more choices became an
end in itself.

   But for millions of people, especially in New York and California,
the doctrine of the sovereign consumer has come into question this
summer around a commodity that most had taken completely for granted:
electricity. A recently deregulated energy market, which was
supposed to
increase choices and reduce prices, has, for most residents, done
nothing of the kind. Many community leaders and politicians, calling for
investigations and caps on rising electricity bills -- up 30
percent to
40 percent from those of last August in many areas -- have denounced
energy deregulation as either a failure or a fraud.
   Some social scientists say that the anxiety over energy is
exposing
something even deeper in the human wiring. At a time when protesters
have railed in Seattle and Washington against chain stores and global
branding, and prominent social critics have denounced the intrusion of
endless choice into every corner of life -- a phenomenon that Barry
Schwartz, a psychologist at Swarthmore College, calls ''the tyranny of
freedom'' -- the public's worries about electricity may say more
about
human nature than about kilowatts.
   Perhaps, this alternative theory says, there is a point at which
people no longer wish to be autonomous, rational consumers at all. Maybe
they would just as soon delegate their decisions regarding some
transactions, as they did when Consolidated Edison was the only game in
town and government was assigned to make sure that the company played by
the rules. Maybe when it comes to electricity, a mysterious and
dangerous thing that is also the foundation of modern living, Americans
are just a little afraid to be alone.
   ''In the past we trusted that state regulators who were appointed by
our elected officials were watching out for us, which may or may not
have been true,'' said Edward A. Smeloff, a former utility industry
official who runs a research group on electricity at Pace
University.
''The new model is, 'Figure it out for yourself.' ''
   Some economists and energy industry experts say the sense of
powerlessness and confusion that many people feel is perhaps as much a
source of anxiety and anger as higher electricity bills. The
players
have all changed and no one seems to be in charge.
   The old Brooklyn Union Gas Company, for example, still remembered by
many New York residents for the fuzzy, feel-good images of its
advertising, has become the cool and metallic-sounding KeySpan
Energy.
The old Con Ed, on the other hand, was like a crotchety grandfather who
sometimes had to be prodded and yelled at, but who nonetheless presided
over the system.
   The company now throws up its hands  and says it is not responsible
for recent price increases; Con Ed's wires are simply a delivery
mechanism for the unregulated corporations that own generating plants,
Con Ed's chairman said at a recent hearing at City Hall.
   Opinion poll takers say anxiety about deregulation may also have
something to do with a contradiction in the American psyche that they
say has opened up in recent years, a contradiction about what people
really want. Surveys conducted by Yankelovich Partners, a research and
consulting firm based in Norwalk, Conn., have said, for example, that a
majority of people want more control over the details of their lives,
but a majority also want to simplify their lives, a result that Barbara
R. Caplan, a partner at the firm, has called ''the paradox of our
time.''
   Deregulated energy arrived right in the middle of those
conflicting
goals; because only a handful of energy competitors have been
attracted
to the New York market, most people still do not have much choice in
their electricity, and yet it all seems more complicated than ever,
as
well as more expensive.
   Another factor, some researchers say, may be a result of timing.
People have had experience with deregulation, and they have seen that it
did not always unfold to their benefit. The hub-and-spoke system
developed by the airline industry, for example, has given airlines
near-monopoly power at many airports around the country, resulting in
less competition, not more. Consumers have also seen that although tools
like the Internet have made buyers more powerful in getting good prices,
corporations on the other side of the transaction have become more
powerful, too, in gathering information about them.
   ''Years ago, you went into an auto dealership and had to negotiate to
buy a car, but only the corporate side had knowledge of what the real
costs were,'' said Mark L. Gillenson, a professor of management
information systems at the University of Memphis. ''Now you go into the
Internet, and lots of places will give you that information for free.''
On the other hand, Professor Gillenson said, the data that corporations
are collecting about people are creating what the old car dealer could
never have imagined: knowledge about what people want before they even
ask.
   Lurking behind all those forces, some psychologists say, is the
growing sense that people are simply being asked to decide too much.
Economic deregulation has accompanied what may be called social
deregulation, as issues that were not even considered decisions in the
past  have become issues of conscious choice: whether to get married and
have children, or how to express oneself sexually, as gay, straight or
somewhere in between.
   And the more choices there are, the more it can seem possible to
achieve an ideal result in every case, leading to a doomed, treadmill
kind of behavior often seen in people who continually change their
long-distance telephone service as they endlessly seek an incremental
price advantage.
   ''Over what domains in life are you supposed to have control?'' said
Professor Schwartz, the Swarthmore College psychologist. ''Nobody gets
depressed when you can't control the weather, and years ago nobody got
depressed because they couldn't control your telecommunications or
electricity either, because those things couldn't be controlled,''
he
said. ''But now you can, or you're told that you can, and so you're
going to be continually frustrated.''
   And electricity is also just different. Unlike a telephone call,
or
an airline ticket, nobody ever really wants to buy electricity
itself --
rather, people buy its expression and result: a cold beer in the fridge,
a light to read by. By the standards of American marketing, it is barely
a product at all.
   ''People want to make choices about clothes and restaurants and what
houses they live in, but a lot of us would rather not be bothered with
having to make a choice about electricity,'' said Wendy Kaminer, a
public policy fellow at the Radcliffe Institute for Advanced Study in
Cambridge, Mass. ''It's not a desire to be disempowered,'' Ms. Kaminer
added. ''It's a desire not to be bothered.''
   Finally, some experts think that the long bull market for stocks, in
which share prices mostly just go up, has made people forget a
fundamental truth about how markets work: they are genuinely fair only
over the long run, while at any given time, there are likely to be as
many losers as winners.
   ''Deregulation and privatization were sold implicitly on the
assumption that everybody can win from this, but I'm hard pressed to
find an example in the real world where that has happened,'' said Willis
Emmons, a professor in the strategy, public policy and ethics department
at Georgetown University's business school. Right now, Professor Emmons
added, ''maybe somebody is winning, but it isn't the consumer.''

NYTF0024000432

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Soma,

Yes, no problem.

Vince

Soma Ghosh
05/26/2000 08:43 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Mid Year PRC

Vince,

May I put you down as one of my reviewers for my final PRC within RAC?

Soma


Here are some more prices.  Many thanks to Roger Yang.
(See attached file: sdg&e prices.xls)

Steven J Kean@ENRON
09/01/2000 08:27 AM

Sent by:  Steven J Kean@ENRON

To:   Susan J Mara/SFO/EES@EES, Jeff Dasovich/SFO/EES@EES, Sandra
      McCubbin/SFO/EES@EES, Mona L Petrochko/SFO/EES@EES
cc:   Gavin Dillingham/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Harry
      Kingerski/HOU/EES@EES, Richard Shapiro/HOU/EES@EES, James D
      Steffes/HOU/EES@EES
Subject:  California Lawmakers Vote to Limit Power Costs - WSJ

Look at this.  Baum finally speaks up  -- way too late.
Can somebody tell me what SDG&E's energy rate was pre-dereg?
---------------------- Forwarded by Steven J Kean/NA/Enron on 09/01/2000
08:24 AM ---------------------------

 (Embedded
 image moved
 to file:      From:  Ann M Schmidt
 pic19169.pcx) 09/01/2000 07:57 AM

To:   Karen Denne/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, Steven J
      Kean/NA/Enron@Enron, Meredith Philipp/Corp/Enron@ENRON
cc:

Subject:  California Lawmakers Vote to Limit Power Costs - WSJ

F.Y.I.

  California Lawmakers Vote to Limit Power Costs
  By Rebecca Smith

  09/01/2000
  The Wall Street Journal
  Page A4
  (Copyright (c) 2000, Dow Jones & Company, Inc.)

  California lawmakers voted to extend modest relief to San Diego residents
burdened with
  high electricity bills and set the groundwork for faster construction of
badly needed power
  plants. They stopped short, however, of passing legislation that would
roll back retail power
  rates to levels seen prior to deregulation .

  Late Wednesday, lawmakers sent a bill to Gov. Gray Davis that limits to
6.5 cents per
  kilowatt hour the amount that small customers of San Diego Gas & Electric
Co. can be
  charged. The utility is allowed to add power-delivery and other
reasonable costs to that
  commodity price.

  The price, equivalent to a bulk power cost of $65 per megawatt hour, is
far higher than the
  average price of power for 27 of the 31 months in which California's
market has been
  deregulated. But in June and July, the average price of power obtained by
the utility from a
  state-sanctioned energy auction rose to 12 cents and 10.5 cents,
respectively, compared
  with the 2.3 cents and 2.8 cents charged in those months a year earlier.

  Passed directly through to customers,the resulting bills sparked a near
mutiny. The
  rate-cap measure applies to residential and small commercial customers,
as well as to
  schools and hospitals.

  In addition to the rate cap, which can be adjusted upward or downward by
the California
  Public Utilities Commission until December 2002, the legislature
earmarked $150 million of
  general-fund revenue, which can be used to subsidize San Diego power
costs if they greatly
  exceed the 6.5-cents-per-kilowatt-hour rate. For now, the utility would
be expected to make
  up any difference between revenue collected and the actual cost.

  Steve Baum, chairman of Sempra Energy, parent of San Diego Gas & Electric
Co., said the
  rate-cap measure is "deeply flawed" because it limits the amount prices
can rise but sets
  no floor. That means any shortfall could grow -- without a mechanism for
customers to pay
  it down -- until the end of the rate-cap period, which could last until
December 2002 or
  December 2003.

  Mr. Baum said Sempra stands to suffer an undercollection of perhaps $664
million, provided
  future prices approximate the New York Mercantile Exchange forward prices
through
  December 2002. "It's irreparably damaging to Sempra," he said because it
"creates
  tremendous uncertainty" that makes it hard for the San Diego energy
company to finance
  new projects such as a new transmission line.

  The legislature also appeared likely to approve a bill speeding up the
permit process for the
  construction of new power plants, in part by beefing up staffs of
regulatory agencies that
  review the plans.

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

 - sdg&e prices.xls
 - pic19169.pcx


No problem about bringing it up...but you can kind of see where my mind goes
when you ask something like that!  I have no problem talking with you about
anything, but never want to have the feeling that you are still working on
correcting something else and in the end I would be the one looking stupid.
Make sense?  I'm glad that you did what you needed to!

Actually, I don't think I have moved my body from my chair this entire day
except to go from one accounting office to another.  Actually, I have been
listening to the Beach CD again and that has kept me calm.  Very soothing
music (well...most of it)...kind of like Enya.  I like to listen to stuff
like that on days like these.   Keeps me calm.  I am actually waiting for my
lunch to get here.  Some people went out and Judi and I are having them bring
us something back.  I am ready for a little break.  Maybe I will head down to
the sales dept. now.  Wish me luck!  Should be quite humorous if she is there!


No.10 on your list is Jack Welch, who is CEO of General Electric not General
Motors. Please note this.
Regards
Jay N. Patel
EE & CC, Houston,TX

  The eThink Team
From: eThink@ENRON on 07/05/2000 08:08 PM
Sent by: Enron Announcements@ENRON
To: All Enron Worldwide
cc:
Subject: eSpeak Survey: The results are in!

We recently asked you to create an eSpeak "wish list" for us.  The response
was tremendous and, in some cases, very creative.  Your fellow employees
asked for everyone from Britney Spears to George Bush.  In all, we received
requests for 61persons outside of Enron to host an eSpeak event.  We thought
you might like to know who your colleagues find interesting, so we've
provided a sampling of the suggestions below.  Here are the top ten most
requested eSpeakers.

10.  Jack Welch, CEO, General Motors
9.  Scott McNeally, CEO, Sun Microsystems
8.  Satisfied Enron Customers
7.  Stephen Covey, author, The Seven Habits of Highly Effective People
6.  Oprah Winfrey, talkshow host
5.  General Colin Powell, former Chairman, Joint Chiefs of Staff, U.S.A.
4.  Alan Greenspan, Chairman, Federal Reserve, U.S.A.
3.  Former U.S. President George Bush
2.  Bill Gates, CEO, Microsoft
1.  Texas Governor George W. Bush

While we can't make any promises, we will do our best to bring in at least
some of these special guests.  If you have any contacts who could help us get
in touch with these guest speakers, please let us know at ethink@enron.com.
Everybody needs a little help now and then, even eSpeak.

There were plenty of internal speakers requested, as well.  Those requests
should be somewhat easier to meet, although scheduling time with some of our
colleagues can be quite a task!

Thank you all for your participation.


Due to the NW-LT exotic book not being officialized, the positions and VAR
are not correct in our system.  Therefore, VAR reports will not be produced
today.
Thanks,
Rebecca


ISDA PRESS REPORT, WEDNESDAY, SEPTEMBER 27, 2000

* Talk of Euro's Revival May Be Premature - New York Times, 9/26/00
* Basel Issues New Credit Risk Guidance - Financial Products, 9/19 -
25/00
* Community Bankers Debate FASB on Loan Loss Reserves, Fair Value -
Excerpted - BNA, 9/27/00
* Armey Pushes for Compromise on Swaps - American Banker, 9/27/00
* Deals Close, But Obstacles Remain for US Commodities Bill - Dow
Jones News Service, 9/26/00

Talk of Euro's Revival May Be Premature
New York Times, 9/26/00
By Edmund L. Andrews

PRAGUE, Sept. 25   As a show of market power, the joint intervention to
rescue the euro seems not to have much impressed its audience.

Today, on the first full business day after major central banks intervened
in the currency markets to revive the downtrodden European common currency,
and threatened to do so again, the markets barely reacted.

The euro, the currency adopted by 11 European nations nearly two years ago,
traded throughout the day around 88 cents to the dollar, and weakened to
87.30 cents in late New York trading, compared with 87.87 late Friday. At
its high point after the intervention, the euro sold for about 90 cents.
Today's rate is only around 3 cents above its low and well below what some
European officials consider its true value.

Indeed, as finance ministers and central bankers from around the world
attended annual meetings of the International Monetary Fund and the World
Bank here today, there were new signs that the American leaders are less
worried than Europeans about reversing the euro's decline.

The unexpected decision by the United States to join the rescue attempt on
Friday surprised investors and lent further credibility to the European
Central Bank's move. Japan and Canada intervened, too.

But the tone of American statements was more ambivalent than that of
European bankers. Secretary of the Treasury Lawrence H. Summers insisted
over the weekend that the United States had not changed its view that "a
strong dollar" was in the interests of the United States.

Ernst Welteke, president of Germany's central bank, let it be known today
that he and other German officials were frustrated by Mr. Summers's remarks,
as they seemed to undermine the use of future interventions.

"They thought the remarks of Larry Summers had not been very helpful," said
Rolf-Ernst Breuer, chief executive of Deutsche Bank, who met with Mr.
Welteke and other senior German officials here this morning.

European leaders made clear that they wanted to do more than simply stop the
decline of the euro, which has lost about 25 percent of its value against
the dollar since its introduction in January 1999.

Over the weekend, Finance Minister Laurent Fabius of France emphasized the
need to achieve a higher rate.

Wim Duisenberg, the European Central Bank president, talked about achieving
an "orderly reversal" in the euro's decline.

Because a failed intervention would do greater damage to the euro's
credibility than no intervention at all, it is hard to imagine that the
European Central Bank will not act again.

European officials meeting here in Prague said repeatedly in the last couple
of days that they would intervene again if appropriate and made clear that
the euro's current value is nowhere near the level they want.

But there was no hint of a follow-up campaign today, nor was there any
anxious repositioning of portfolios by currency traders in anticipation of
one.

Adding to the pressure, European officials are preparing for the possibility
of more bad publicity on Thursday, when Denmark votes on whether to adopt
the euro. Polls have shown the Danes almost evenly divided, but the euro's
decline in the last few weeks appears to have strengthened the opponents.

While a Danish rejection of the euro might have little immediate impact on
its trading value, it could increase resistance in the two bigger countries
that have stayed out of the monetary union, Britain and Sweden.

"Of course it would be bad news for the euro," said Klaus Friedrich, chief
economist at Dresdner Bank. "Right now, all news about the euro is bad
news."

The more fundamental problem, analysts say, is that the euro's weakness does
not lend itself to a quick fix through central bank intervention.

Intervening on behalf of a currency generally works best if a large number
of speculators have already been betting heavily in one direction, because
central banks can often squeeze out traders with a short but intense bout of
buying in the other direction.

But the euro's core troubles are reflected in long-term investment flows,
and may stem from the effects of corporate mergers and acquisitions as well
as portfolio investments. In general, those investments have been pouring
out of Europe and into the United States, reflecting higher American growth.

"It is the long-term flows that are leaving the country," said Tony
Norfield, chief currency analyst at ABN Amro, "not the mad speculators.
There are very few positions out there to squeeze."

Indeed, analysts say that money managers, particularly in Asia, bet too
heavily in favor of the euro. Many did so initially because they liked the
idea of having an alternative to the dollar, but then funds invested heavily
on the mistaken conviction that the euro was overdue for a rebound after its
early declines.

Those expectations were kindled by almost all major bank and investment
banks, which were overly optimistic about the euro's prospects.

Axel Siedenberg, head of economic research at Deutsche Bank, said the goal
of intervention is not so much to strengthen the euro as to keep it from
sinking further. And that, he said, is an attainable goal.

"The intervention was not intended to start a new trend toward a strong
euro," Mr. Siedenberg said. "The message to the market is that this is the
bottom."

Financial Products, 9/19 - 25/00
Basel Issues New Credit Risk Guidance
By Emma Davey

The Basel Committee on Banking Supervision - part of the Bank for
International Settlement - has issued revised guidance on credit risk
management and disclosure, intended to be applicable in a wide range of
jurisdictions and for banks of varying degrees of sophistication.

The paper titled "Principles for the Management of Credit Risk" specifically
addresses the following areas:

- Establishing an appropriate credit risk environment.

- Operating under a sound credit granting process.

- Maintaining an appropriate credit administration, measurement and
monitoring process.

- Ensuring adequate controls over credit risk.

The paper titled "Best Practices for Credit Risk Disclosure" aims to promote
adequate and effective transparency of banks' credit risk profiles by
providing guidance to banks on useful credit risk disclosures and discussing
supervisory information needs with respect to credit risk in banks. The
guidance covers credit risk in all types of banking activities, including
lending, trading, investments, liquidity/funding management and asset
management.

The Basel Committee said the revised guidance had taken into account the
consultative drafts issued in July last year. While these comments did not
suggest fundamental changes to the papers, but rather enhancements to what
was there, the treatment of proprietary information, for example, has been
addressed in the disclosure paper.

Roger Cole, chairman of the committee's risk management group said that
banks would differ in their specific credit risk management practices, but
the principles were described in the paper. "These principles should be
applied in conjunction with sound practices related to the assessment of
asset quality and     adequacy of provisions and reserves, which have been
addressed in other recent Basel Committee documents, along with [the] paper
on disclosure of credit risk."

Chairman of the Transparency Group Jan Brockmeijer added that the objective
of the disclosure paper was to "encourage banks to provide market
participants and the public with the information they need to make
meaningful assessments of a bank's credit risk profile. Transparency in this
area is particularly important."

BNA, 9/27/00
Community Bankers Debate FASB on Loan Loss Reserves, Fair Value - Excerpted
By Steve Burkholder

NORWALK, Conn.--A discussion on bad debt reserves by a leading group of
community bankers and the Financial Accounting Standards Board turned into
sharp debate Sept. 26 as the bankers and FASB members spoke of the clash of
bank regulators' concerns with the basic motive of accounting rulemakers to
ensure that reporting rules are followed properly.

For more than a year, accounting for loan loss allowances has been a hot
topic among banks, their federal regulators, standard-setters at the
American Institute of Certified Public Accountants, accountants at the
Securities and Exchange Commission, and--so far peripherally, but
significantly--FASB.

The SEC was not mentioned in the verbal sparring between FASB members and
delegates from the Independent Community Bankers of America (ICBA). However,
it was SEC Chairman Arthur Levitt's comments in late 1998 about loan loss
allowances that sparked the wider debate in industry, public accounting, and
among regulators.

Levitt cited loan loss accounting as one way by which corporate earnings
reports--in this case, those of banks--can be manipulated through use of
so-called "cookie jar reserves." That view led in large part to a public
debate between the commission and the banking agencies, including the Office
of the Comptroller of the Currency and the Federal Reserve Board, and
carefully crafted interagency statements offered from Washington to calm
bankers.

Doubts About Utility of Fair Value Accounting

Separately at the meeting with FASB, representatives of the community
bankers group voiced doubts about the utility of moving to fair value-based
accounting for all financial assets and financial liabilities, and more
debate ensued. The accounting board has embarked on a rulemaking project
that would lead to a goal of full fair value accounting for financial
instruments, provided difficult
measurement questions can be answered. That effort is expected to last
years.

"As a user" of financial statements, "I'd rather have cost-based amounts in
financial statements," said Kurt Henstorf, of First National Bank,
headquartered south of Omaha, Neb.

"I totally disagree," said FASB's Foster. His view was buttressed by
comments from Lucas, who said, as an auditor, he would rather seek to check
fair value-based amounts for banks' loans that depend on current accounting
for bad debt reserves. Henstorf disputed that.

The board's staff project manager of the fair value effort, Ronald Lott,
offered an anecdote that counters a refrain sounded by the banking
community--that security analysts are not clamoring for fair values in
financial statements. Lott said he took part in a recent panel discussion in
which analysts appeared to voice a desire for more fair value-based
information. "They seem very interested in fair value," said Lott. "They
just didn't trust what's in the financial statements."

Near the end of the discussion on fair value, Foster offered a prediction
about the length of FASB's rulemaking project. He ventured that his
colleagues would not disagree.

Looking at the gathered bankers, Foster said, "All of you will be retired by
the time this goes through."

American Banker, 9/27/00
Armey Pushes for Compromise on Swaps
By Rob Garver

WASHINGTON -- In a sign that Republicans are serious about passing a bill to
revise the laws governing derivatives transactions, Majority Leader Richard
K. Armey met Tuesday with representatives of three House committees -- each
pushing different versions of the same bill -- and urged them to hammer out
a deal.

A spokeswoman for Rep. Armey said, "He pulled them together to say, 'Look we
need to get this done this year, so let's wrap it up.'"

She added that Rep. Armey believes that the differences between the
competing bills can be resolved by Thursday, in time to schedule a vote on
the House floor next week. The House Agriculture, Banking, and Commerce
committees have passed versions of a bill that would modernize the Commodity
Exchange Act. Of the three, the Banking Committee version, sponsored by
Chairman Jim Leach is most popular with the financial services industry
because it would provide so-called legal certainty for swaps transactions.
Swaps and other over-the-counter derivatives are private agreements under
which two parties agree to exchange the risk on certain assets as a hedge
against loss.

Bankers have expressed concern that because swaps bear a strong resemblance
to futures the Commodity Futures Trading Commission might assert regulatory
authority over them. This would create a huge problem for U.S. banks --
which held swaps with more than $20 trillion in notional value at the end of
June -- because futures are legal only if they are traded on an exchange.

If the CFTC were to successfully argue that swaps are futures the legal
enforceability of swaps could be in jeopardy, because they are not traded on
an exchange but are negotiated on an individual basis.

The House Banking bill would explicitly bar the CFTC from regulating swaps.
Rep. Leach said in an interview with American Banker last month that passing
a bill that would provide legal certainty for swaps was his top priority
during his final month as committee chairman.

Rep. Leach's bill is also the most likely to satisfy several requirements
laid out by Senate Banking Committee Chairman Phil Gramm. The Texas
Republican told reporters last week at the American Bankers Association's
annual convention that legal certainty for swaps is one of his central
concerns and added that a bill that protects swaps only from regulation by
the CFTC would not go far enough. He wants the Securities and Exchange
Commission to explicitly be barred from regulating swaps as well.

"Right now, the uncertainty is about the CFTC exerting some supposed
authority over swaps and casting doubt on their validity. But if the CFTC is
banned -- regulation doth abhor a vacuum -- what is to keep the SEC from
coming in and doing exactly the same thing? Once that is fixed then we are
really going to begin in earnest to try to pass this bill. But I'm not
getting on board until that's done."

Sen. Gramm said that he would prefer a bill in which the SEC and the CFTC
have no jurisdiction at all over swaps, but he has suggested a compromise
under which the SEC would have the authority to intervene to protect
consumers from price manipulation or fraud.

"That's a good compromise. I think they ought to take it," Sen. Gramm said.

Swaps are not the only contentious issue raised by the competing bills. Also
being debated is the repeal of the Shad-Johnson accord, which for 18 years
has barred the trading of futures contracts based on single stocks.

The issue had been holding up all three versions of the bill, as the CFTC
and the SEC debated how to regulate them. A deal between the agencies,
announced Sept. 17, apparently cleared the way for the Shad-Johnson repeal,
although it raised loud objections from stock and futures exchanges.

Administration officials have shown a high degree of support for updating
derivatives rules. The CFTC-SEC deal was brokered by Treasury Secretary
Lawrence H. Summers, and in a meeting with lobbyists last week other
Treasury officials said the administration was committed to lobbying
lawmakers to pass a bill this session modernizing swaps and other
derivatives trading.

Treasury Assistant Secretary Lewis A. Sachs reiterated the administration's
position on Tuesday. "It would be unfortunate if we were to miss this
historic opportunity to modernize the regulatory structure of our
derivatives markets," he said during a speech in New York.

Dow Jones News Service, 9/26/00
Deals Close, But Obstacles Remain for US Commodities Bill
By Dawn Kopecki

WASHINGTON -(Dow Jones)- Lawmakers working on drafting new commodities laws
have several key agreements in the works, but aren't likely to have
legislation ready to go by Monday as some lawmakers predicted.

House Majority Leader Dick Armey, R-Texas, told reporters Tuesday that GOP
leaders expected to officially file a bill that rewrites U.S. commodities
laws Thursday and vote on the legislation Monday.

But interviews with lawmakers, regulators, committee staff and lobbyists
indicate that they still have a lot of work left to do on a complicated bill
with a limited amount of time left in this congressional session. Lawmakers
have less than a month left to finish their work for the year with only two
of 13 must-pass federal spending bills have been signed into law.

"The Senate and House are engaged. They're engaged at the leadership level,
the various exchanges are engaged, the regulators are engaged. The greatest
challenge is the clock," one Treasury Department official told Dow Jones
Newswires.

"All parties are in the process of open and constructive dialogue."

Lawmakers are rushing to finish legislation that would free over-the-counter
derivatives transactions from federal oversight, ease regulations of futures
exchanges and lift the 18-year ban on trading single-stock futures. GOP
leaders have put the legislation on the fast track in Congress amid fears
that U.S. markets are rapidly losing out to foreign rivals that operate
under less stringent laws.

That anxiety was intensified last week after the London International
Financial Futures & Options Exchange announced that it will begin trading
futures on individual U.S. and European stocks Jan. 29.

Lawmakers and regulators are just about finished with a deal that would
repeal the so-called Shad-Johnson accord, responsible for banning
single-stock futures in the U.S. nearly two decades ago. While the
Securities and Exchange Commission and the Commodity Futures Trading
Commission reached their own agreement on the issue about two weeks ago, the
deal prompted securities exchanges to pull their support from the bill.

Equities markets felt the deal gave single-stock futures an unfair,
competitive advantage over stock options with regards to margin
requirements, transaction fees and tax treatment. The new deal, worked out
over the last week or so, is said to even margin requirements and tax
treatment for the two products and set a two-cent transaction fee on
single-stock futures. The details for margin requirements were not
immediately available, and House Ways and Means Chairman Bill Archer,
R-Texas, is said to still be drafting the legislation that would guarantee
equal tax treatment for the two products. The tax issue is said to still be
"open."

A number of other issues similarly remain unresolved. Lawmakers and
regulators have yet to solve differences of opinion over how to regulate
energy and metal swaps. And Senate Banking Chairman Phil Gramm, R-Texas,
said he still isn't satisfied with how the legislation treats other swaps
agreements.

It is not clear that most swaps contracts, used by institutional investors
to hedge interest rate, currency or other types of risk, are legally
enforceable if challenged in court.

Sen. Gramm told reporters last week that he wants legislation that would
essentially bar the SEC and CFTC from regulating swaps transactions except
in cases of fraud or price manipulation.

But regulators are trying to strike a balance that doesn't diminish the
authority of the CFTC and SEC to regulate other products or markets.

There are also still disagreements over whether or not swaps agreements
based on bank products should be overseen by bank regulators.

"Some concerns have been raised about the language which the banking
committee approved," said David Runkel, spokesman for the House Banking
Committee, referring to a provision that requires bank regulators to oversee
those products.

"No one wants to talk about specifics when they're still trying to work out
an agreement on the bill," Runkel added, eluding to give any other details.

The CFTC and Treasury are said to have problems with that aspect of the
bill.

While regulators and lawmakers agree it's important to limit onerous
regulations of swaps for large institutional investors, no one can agree on
what to do with the possibility of selling swaps to small retail investors.

The House Banking Committee added a provision to their version of the bill
that opens the door to that new market.

The product doesn't currently exist. And the prospect of allowing
institutions to sell derivatives products to the general public makes many
in Washington a little queasy.

"We'd love to have it. But we've told everyone that we don't want it if it
blows up the bill," one derivatives industry source said in an interview.
"It doesn't do anyone any good if we don't get a bill."

Still, lawmakers and regulators are working day and night to try to beat the
clock and get a bill passed before lawmakers dash out of town to campaign
for November's federal elections.

The dilemma lawmakers face in getting the bill passed this year is the many
constituencies that have a stake in the issue.

Because Congress has so little time left, the bill has to garner nearly
unanimous approval from the House agriculture, banking, commerce and ways
and means committees as well as the Senate agriculture and banking
committees; the securities and futures exchanges, brokerage firms, banks and
the rest of Wall Street.

Then there are the securities, bank and futures regulators who all have to
sign off on the bill to give it even the slimmest chance of passing before
the end of this year.

But, everyone is remaining optimistic.

"There's a genuine effort from all sides to get together and work this thing
out," said a spokesman for House Commerce Chairman Tom Bliley, R-Va. Bliley
had previously promised to block the bill.

Negotiations are ongoing, lawmakers and regulators are scheduled to meet
again early Wednesday.

End of ISDA Press Report for Wednesday, September 27, 2000.

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


CNG Transport from NIMO
Contract  5A1866
Term  11/1/99 - 3/31/00
MDQ  15957
Rate Sched FTNN
Demand Dec $5.7690       Jan  $5.7500      Feb 5.7510
Commodity $.0456 (CNG does not bill the commodity part of GRI, also the
commodity rate does not change during the term of the deal)
Fuel  2.28 %
Note  This should be valued at generic North to North space.

CNG
Marq Demand $6.2500
Volume  15957
Note:  We have no value for this much MARQ.  We might be able to use about
3,000 dth of this.  I have a call in to Greg Synder at CNG.  Greg is in the
rates group.  I believe it works like this; we pay max IT for gathering (
$.1980 for Jan),  If you have MARQ, the rate drops to $.1440.  IT is a pain
to nominate.  I will verify that this is the way it works with Greg.

CGAS
Contract 65403
Term  11/1/99 - 4/30/2001
MDQ  19293
Rate  $4.8621
Rec Point Leach
Del Point BG&E


Call me if you have any questions.

Kim

THANKS!!!!]]


OK, I'm getting the meetings set up.  What day do you want?  And what about the pilot--need info, over.  And who's you're knight in shining armor in EES?

Best,
Jeff


Please contact Kimberly Brown for all the details - she planned the party and
took care of the final  charge to my account.


No advise and consent rights.  The gov picks the CPUC President period.  The
Senate consents to the appointment of commissioners only.

-----Original Message-----
From: Dasovich, Jeff [mailto:Jeff.Dasovich@ENRON.com]
Sent: Friday, September 21, 2001 11:48 AM
To: Mara, Susan; Steffes, James D.; Shapiro, Richard; Kaufman, Paul;
hgovenor@govadv.com; sgovenor@govadv.com; bevhanson@lhom.com
Cc: mday@gmssr.com
Subject: RE: Lynch Protected by Burton?

Mike:  Does that legislation that passed a couple of years ago(?) that
gives the Governor the power to appoint the PUC president also give the
Senate advise and consent rights on the appointment of the president?  I
don't recall that it gave the Senate advise and consent rights, but sure
would be interesting if it does.  Thanks.

Best,
Jeff

>  -----Original Message-----
> From: 	Mara, Susan
> Sent:	Friday, September 21, 2001 1:31 PM
> To:	Dasovich, Jeff; Steffes, James D.; Shapiro, Richard; Kaufman,
> Paul; 'hgovenor@govadv.com'; 'sgovenor@govadv.com';
> 'bevhanson@lhom.com'
> Subject:	Lynch Protected by Burton?
>
> IEP reported on its Leg call today that Burton told Davis -- don't
> even think about trying to replace Loretta as the President of the
> CPUC because she is the only President he will support (the Senate has
> to approve the appointment, apparently)
>
> Sue

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


<<2XNK02!.DOC>>

Ladies and Gentlemen:

We have attached a closing checklist for the Salmon Energy transaction
between ENA and PPL.  Please review and advise of any comments.  ENA has
requested final drafts of all documents by mid-day Friday in order that it
can immediately circulate documents for execution in anticipation of the
closing next week.  Thank you.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

Enclosure:  136928v2

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - 2XNK02!.DOC


Notice No. 01-112
April 2, 2001

TO:
All NYMEX Division Members/Member Firms
All NYMEX Division Clearing Members
All NYMEX Division Floor Traders
All NYMEX Division Operations Managers

FROM:
George Henderson, Vice President

RE:
Options Expiration Operational Procedures for the Trading
Floor and Clearing Members
________________________________________________________________

The expiration date for the May 2001 options contract for Platinum (POK1) is
Friday, April 6, 2001.

GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 5:30 p.m.
until released by the Exchange staff as specified below.  All adjustments
and/or corrections, must be accompanied by relevant supporting documentation
prior to being incorporated into expiration processing, in essence making the
expiration processing an extension of the afternoon trade resolution
procedures.  All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.

Exchange Clearing (299-2110), Floor Trade Correction (299-2068 and 299-2169)
personnel, as well as a representative of the Floor Committee will be
available to assist with the processing of notices of Exercise and
Abandonment, position transfers, trade corrections and other questions or
problems you may have.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option Expiration
Reports will be provided. The following screens will assist you through the
Option Expiration process:

MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trades adjusted for the previous 4 business days
by adjustment date.

SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.

REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers "TO" your firm and the status of
each transfer.

REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer "FROM" your firm and the status of
each transfer.

EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to exercise.

DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to abandon.

POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system.  This input may be made at any time prior to 6:45 p.m.  Any PCS input
via transmission for that contract series will be disregarded.

ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.

EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.

All Clearing Members are required to have an authorized representative(s) at
their C21 workstations in preparation for any communication during the
expiration process.

FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.

E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.

The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:

Standard Event Message: Announce Out-of-the Money Exercise and In-the-Money
Do Not Exercise Submissions
Approximate Time of Message Availability: 5:45 PM
Usual Event Time: 5:45 PM
Announced via Fast Facts

Standard Event Message: Announce Final Input to C21 Cutoff Time
Approximate Time of Message Availability: 6:30 PM
Usual Event Time: 6:45 PM
Announced via e-mail

Standard Event Message: All positions are deemed final
Approximate Time of Message Availability: 7:30 PM
Usual Event Time: 6:45 PM
Announced via Fast Facts

Standard Event Message: Announce Exercise/Assignment Information Available on
the Single Position Maintenance Windows
Approximate Time of Message Availability: 8:25 PM
Usual Event Time: 8:30 PM
Announced via Fast Facts and e-mail

Standard Event Message: All Report Distribution is completed
Approximate Time of Message Availability: 11:00 PM
Usual Event Time: 11:00 PM
Announced via Fast Facts

The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.

NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS

Time: 5:30 PM
Activity: Exercise Notice Submission
Event: Input to C21 Cutoff Time
Reference Number: 1

Time: 5:30 PM
Activity: Do Not Exercise Submission
Event: Input to C21 Cutoff Time
Reference Number: 2

Time: 5:45 PM
Activity: Announce Out-of-the-Money Exercise and In-the-Money Do Not Exercise
Submissions
Event: Fast Facts Notice
Reference Number: 3

Time: 6:30 PM
Activity: Announce Final Input to C21 Cutoff Time
Event: C21 E-mail
Reference Number: 4

Time: 6:45 PM
Activity: Final Input to C21 Cutoff Time
Reference Number: 5

Time: 7:30 PM
Activity: All Positions are Deemed Final
Event: Fast Facts Notice
Reference Number: 6

Time: 8:25 PM
Activity: Announce Exercise/Assignment Information Available on the Single
Position Maintenance Windows
Event: Fast Facts Notice and C21 E-mail
Reference Number: 7

If you have any questions concerning these procedures, please contact Charles
V. Bebel at 299-2130, Angel Rivera at 299-2150 or Anthony Di Benedetto at
299-2152 prior to the expiration date.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-112)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


I'll take care of this.  Sara and I were expecting these documents.

Thanks!

Marie

 -----Original Message-----
From: 	Rozycki, Joanne
Sent:	Monday, July 23, 2001 9:01 AM
To:	Heard, Marie
Subject:	Is this something you need to handle?

 -----Original Message-----
From: 	Gennaro.Contella@chase.com@ENRON [mailto:IMCEANOTES-Gennaro+2EContella+40chase+2Ecom+40ENRON@ENRON.com]
Sent:	Friday, July 20, 2001 2:26 PM
To:	Shackleton, Sara
Subject:	Enron Contracts

(See attached file: Euroclear Single Pledgor Pledged Acct Agrmnt.pdf)(See
attached file: Euroclear Collateral Addendum to GCCA rev. Sep 7, 2000.doc)
(See attached file: Chase NY Law Clearance Agrmnt  June 12, 2001.doc)(See
attached file: GTA_LEG AGREEMENT.doc)
 - Euroclear Single Pledgor Pledged Acct Agrmnt.pdf << File: Euroclear Single Pledgor Pledged Acct Agrmnt.pdf >>
 - Euroclear Collateral Addendum to GCCA rev. Sep 7, 2000.doc << File: Euroclear Collateral Addendum to GCCA rev. Sep 7, 2000.doc >>
 - Chase NY Law Clearance Agrmnt  June 12, 2001.doc << File: Chase NY Law Clearance Agrmnt  June 12, 2001.doc >>
 - GTA_LEG AGREEMENT.doc << File: GTA_LEG AGREEMENT.doc >>


I am meeting in SF with our CPUC lawyers about the "Negative CTC Complaint" proceedings (which as you know have been temporarily stayed) from 2:00-4:00 PST on Wednesday.  Are either of your available to participate at least part of the time.  I want to be sure we are coordinated with the class action strategy.  As you know, Richard is sunbathing this week in Rio.


I confirmed w/ Keoni in relation to payments for Rplc Reserves.  The ISO will only pay the Capacity or Energy Payment--NOT both.

There are attachments describing this further, or let me know if you have any questions.

Kourtney

-----Original Message-----
From: Almeida, Keoni [mailto:KAlmeida@caiso.com]
Sent: Monday, July 16, 2001 11:21 AM
To: Nelson, Kourtney
Subject: Capacity or Energy for Replacement Reserves

It was part of Amendment 33 which went into effect on Dec. 8th.

 <<FW: ISO FERC Filing today>>

Keoni Almeida
California Independent System Operator
phone: 916/608-7053
pager:  916/814-7352
alpha page:  9169812000.1151268@pagenet.net
e-mail:  <mailto:kalmeida@caiso.com>

--------- Inline attachment follows ---------

From:  <IMCEAEX-_O=CAISO_OU=CORPORATE_CN=RECIPIENTS_CN=ALEONARD@caiso.com>
To: ISO Market Participants <IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTICIPANTS@caiso.com>
Date: Friday, December 8, 2000 10:41:50 GMT
Subject:

Market Participants:

Attached please find Market Notice and part of the FERC filing that was made
this afternoon.  Note that there will be a special conference call today at
3:00pm PST.  Details are in the Market Notice file below.

>          <<Market Notice_.doc>>
>
>
> This is the transmittal letter, redline, cost data and affidavit of Jim
> Detmers
>
>  <<Amendment No. 33 filing letter.DOC>>  <<Att. B-1.DOC>>  <<Att.
> B-2.DOC>>  <<Att. B-3.DOC>>  <<Att C.DOC>>  <<Att. D.XLS>>
>
>
Don Fuller
Director - Client Relations

Sent on behalf of Don Fuller by Alice Leonard

Alice Leonard
Executive Assistant
California Independent System Operator
Ph: (916) 351-2209
Fax: (916) 351-2350
Email: aleonard@caiso.com
>


Hopefully you're sitting on a beach or climbing a mountain in Costa Rica as
I slave away in icy Houston.
Heard this morning that it's also Ted Nugent's birthday.
There you have it............................
Let's re-celebrate upon your return.

Tom Bankert
Duke Energy
10777 Westheimer Suite 650
Houston TX 77042
(713)975-4286
E-mail : tfbankert@duke-energy.com


please print
----- Forwarded by Elizabeth Sager/HOU/ECT on 01/22/2001 03:24 PM -----

	David Portz
	01/22/2001 03:18 PM

		 To: Mitch Robinson/Corp/Enron@Enron, Rogers Herndon/HOU/ECT@ect, Kevin M
Presto/HOU/ECT@ECT
		 cc: Joseph Wagner/NA/Enron@ENRON Kyle Schultz/HOU/ECT@ECT, Elizabeth
Sager/HOU/ECT@ECT
		 Subject: NA bid package documents

As discussed, attached are three bid package documents reworked based on
today's discussions.  I will be priniting several copies and heading to the
31st floor so we can focus on any further required changes. The bid package
would also contain the Information Memorandum and the format Confidentiality
Agreement (redated and attached below). --David


I will be in San Antonio, but available by phone.  Mark

	Louise Kitchen
	04/30/2001 08:49 AM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc: W David Duran/HOU/ECT@ECT, Joseph Deffner/HOU/ECT
		 Subject: El Paso

Bearing in mind,that its the Board meeting tomorrow, I would like to suggest
we look to making a decision on the declaratory judgement on Thursday as
opposed to Wednesday as we will not be able to run far enough up the flagpole
by Wednesday.


Attached, in Word format, are the closing documents for the Hawaii II
transaction. Each of the documents has been marked to show changes from
the prior version, with the following exceptions: (i) the Series
Certificate and Omnibus Amendment for McGarret A are clean and (ii) the
Series Certificates and the Omnibus Amendments for McGarret C and D are
marked against the comparable McGarret A documents.

The documents are identified as follows:

* Closing Checklist (266026)
* Second Amended and Restated Trust Agmt (265272)
* Beneficial Interest Certificate (265276)
* Distribution Agreement (265277)
* Subscription Agmt (265278)
* Ex. H to Facility Agmt (Transfer and Auction Agmt) (266163)
* Ex. I, Part A to Facility Agmt (Asset LLC Agmt) (266143)
* Ex. I, Part B to Facility Agmt (Transferor LLC Agmt) (266137)
* Omnibus Amendment (McGarret A) (266755)
* Omnibus Amendment (McGarret C) (266950)
* Omnibus Amendment (McGarret D) (267037)
* Letter Agmt re: Equity Commitment (267979)
* Replacement Series Certificate (McGarret A) 268572)
* Replacement Series Certificate (McGarret B) (268675)
* Replacement Series Certificate (McGarret D) (268676)

 - 265272.wpd
 - 265276.wpd
 - 265277.wpd
 - 265278.wpd
 - 266026.wpd
 - 266137.wpd
 - 266143.wpd
 - 266163.wpd
 - 266755.wpd
 - 266950.wpd
 - 267037.wpd
 - 267979.wpd
 - 268572.wpd
 - 268675.wpd
 - 268676.wpd


----- Forwarded by Tana Jones/HOU/ECT on 08/22/2000 08:59 AM -----

	Tom Moran
	08/21/2000 06:15 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT,
Molly Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON, Mary G
Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts and Facilities, Enron
Europe Global CounterParty, Stephanie Sever/HOU/ECT@ECT, Bradley
Diebner/HOU/ECT@ECT, Stacey Richardson/HOU/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON, Claudia Clark/HOU/ECT@ECT
		 cc:
		 Subject: EOL Credit Responses 08/21/00

The EOL approvals for 08/21/00 are attached below.

Regards,
tm


Hey lady,

Just in case you are interested, I changed Jordan's party to this Friday
night at 6:45 p.m. same place.

Love ya!


That looks fine.   Please forward it to Ken Zito.

Thanks,

Dan


Please forward along to others I may have missed but need to know:

The Commission held a hearing this afternoon to discuss the need for hearings on issues surrounding the DA suspension.
With minor exceptions, the utilities told the Commission that the Commission didn't need to conduct hearings, and that the Commission could just go forward with implementing the suspension and assess exit fees.
The utilities said that hearings could be held "sometime later" to determine the exact level of exit fees and how the utilities ought to calcualte the PX credit going forward.
A large group of business customers and suppliers disagreed strongly and made a very good case for hearings.
There were lengthy arguments in front of the judge, at the end of which the judge decided that it would useful to hold another prehearing conference.
The next hearing will be on Dec. 12th.
The judge wanted another hearing to permit folks to have the opportunity to respond to the first round of comments on the issues submitted by everyone last Friday.
In sum, there will be another hearing on Dec. 12th to further discuss the need for hearings prior to the Commission making decisions on these issues.
At this point, it appears that the judge is leaning toward having comprehensive hearings.
Of particular note, at the end of the hearing the judge said that he is NOT inclinded to recommend a retroactive suspension of Direct Access to July 1, and that he didnt' think that the PUC commissioner assigned to the case was either. (Worried that he said too much, he then said he couldn't/shouldn't spead for the commissioner.)
The judge, and the Commissioner who was at the hearing, went on at length abouth the fact that no one submitted their DA contracts to the PUC (as requested in the document the PUC issued asking folks to submit comments on the issues).
Our attorney and the attorneys for suppliers and customers told them that 1) the Commission didn't need to see the actual contracts to get the information necessary via hearings to decide the issues and 2) the Commission doesn't have the authority to ask to see contracts and they ain't likely going to get them without a fight.
Though the probability many not be high, there is at least the chance that the Commission may try to subpoena folks to get the contracts.  Seems prudent to at least be prepared for the possiblity.
Interestingly, Edison made a run at getting the Commission to implement by January 1 its proposal to charge all customers--DA and bundled alike--for Edison's undercollection.
The judge (literally) laughed off the request, and then said no.
As a result, Edison didn't get the leverage it was hoping for prior to our follow up meeting with them tomorrow to discuss the Negative CTC issue.
The judge also gave the DWR representative a pretty good thrashing, e.g., "why are you here, you refuse to be a party, you refuse to provide info," etc.
From today's hearing it appears that DWR will come under increasing pressure to open the kimono and have its numbers scrutinized.
In related news, Davis has announced that he's asked Sempra to meet to renegotiate their DWR contract and said that he'd thus far met with two other generators in "serious negotitations."


yes...we can identify components via supporting consolidating statements (relatively "easy");
or, we can separate those components out and re-prepare as legal entity only(more time consuming).

-----Original Message-----
From: Hayslett, Rod
Sent: Wednesday, November 28, 2001 8:11 AM
To: Saunders, James; Howard, Kevin A.; Geaccone, Tracy
Cc: Walters Jr., Harry; Cobb Jr., John; Sutton, Lisa
Subject: Re: NNG/Dynegy Due Diligence

Can't we identify the impacts of the non nng stuff in the financials?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


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.


Tana:

None of the following CPs is authorized to trade US power -- restricted by
credit:

Atlantis Plastics, Inc.
Castle Oil Corporation
Equistar Chemicals, LP
Idemitsu Kosan Co., Ltd

Leslie


Count me in for the game tonight!
Thanks!


Hi, Robbi!

How are things up your way?  It's incredibly busy here--entering into numerous master netting agreements.  Hope things quiet down soon.  I can't take much more of this turmoil!

Anne got her fabric from Schumacher Saturday.  Do you have an invoice or will you let us know the total when you get one?  There wasn't an invoice included in the package.  The toile is so pretty.

Thanks!

Marie


Vince-

It seems like we should be able use MG's V@R methodology as version 1.a if
the credit component is eliminated and the hold period is conformed to our
one day interval.  Could we do this and achieve an approximation of where you
want to be with the completion of Anjam and Tamara's work?  When submitting a
request for Interim Metals Trading Policy to Rick Buy and Jeff Skilling, I'd
very much like to represent that, while our methodology may be imperfect, we
have ways + means of tracking V@R right now that will be upgraded to Enron
standards in very short order.  Thoughts?


---------------------- Forwarded by Paul Drexelius/CES/ColumbiaGas on
12/27/2000 02:09 PM ---------------------------

Heidi Boyd
12/27/99 02:04 PM

To: 8145895507&Lori Bunce&BeldonBlake@mailfax
cc: Noel Bartlo/CES/ColumbiaGas@ColumbiaGas, Paul
Drexelius/CES/ColumbiaGas@ColumbiaGas, John Singer/CES/ColumbiaGas@ColumbiaGas
Subject: January 2000 Volume

Hi Lori,

I believe we are still pulling our Local Production from you behind NYSEG,
please let me know ASAP if you disagree.

I am going to pull    1620 dth's/day  , again, let me know if this creates a
problem for you.

Thanks!


The report named: East P/L Totals <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=1&report_name=East+P/L+Totals&category_cd=1&category_name=EAST&toc_hide=1&sTV1=1&TV1Exp=Y&current_efct_date=11/26/2001>, published as of 11/26/2001 is now available for viewing on the website.


Enron announces $1 billion of additional secured credit lines.  This is very good news for our trading business.


Been on two panels in the last two weeks with Florio--most recent yesterday.
Dan Richard of PG&E was also on yesterday's panel.  Mike has now come so far
as to push the "core/noncore" split a la the gas industy publicly (if you
just wait long enough, people come around).  Dan Richard did not object.  I
am pretty suspect about PG&E, though.  Dan Richard said things like:

I'm one of the people in my company who believes that, over time, the utility
should exit the procurement function, but many policy makers want PG&E to act
as a "quasi-governmental" body offering reliable, low cost service to small
customers.
I don't think anyone wants anyone's mother to be thrown to the competitive
market willy nilly.
People have to understand that the large customers are going to take all of
the "good" power, leaving the "dregs" for small customers.

While I'm skeptical of PG&E--Dan said what he knew people wanted to hear but
there was little conviction behind the words--there is certainly an opening
that we should try to exploit.

In addition, Florio is now publicly agreeing pretty strongly that the gas
model for utility procurement is one that merits a heck-of-a-lot of
attention, i.e., set a benchmark, get the CPUC out of the way, and let the
utility live or die by the benchmark.

There's daylight among the stakeholders, but a very large amount of
uncertaintly regarding whether the administration, its appointees, and/or the
Legislature will get on board.

Best,
Jeff

	Mona.L.Petrochko@enron.com
	11/13/2000 06:37 PM

		 To: Susan.J.Mara@enron.com, jdasovic%.enron.com@enron.com,
Sandra.McCubbin@enron.com, Joseph.Alamo@enron.com, Marcie.Milner@enron.com,
Paul.Kaufman@enron.com, Lysa.Akin@enron.com, Mary.Hain@enron.com,
Alan.Comnes@enron.com, Roger.Yang@enron.com, Harry.Kingerski@enron.com
		 cc:
		 Subject: ARM met w/ Mike Florio

ARM had a good meeting with Mike Florio, TURN, on Friday on defining the
utilities default role and more rationale to the forward contracting.  My
walk away was as follows:

1.  TURN agrees with the big guys out first, and the utilities default role
defined to residential and small commercial customers.  Where you draw the
line (20 kW, 50 kW or 100 kW) is probably debatable.

TURN thinks SDG&E will be receptive, PG&E is thinking along similar lines
and that SCE is most resistant, but could be coaxed.

He thinks that CMTA/CLECA probably don't like it, but they will be in the
minority.  He met w/ John Stevenson, Governor's staff, who was receptive,
as was Carl Wood.

2.  He agreed that you need definition of the utilities default role to
provide direction on forward contracting.  Although, we all recognized that
the rules around reasonable behavior were preventing utilities from
entering into contracts.  We discussed up-front reasonableness.  Mike
seemed to be warming to the virtues of a competitive bid process in
determining a reasonable price.

3.  The idea of competitive default provider may need some proving.  He
felt SDG&E was the best place to start.  Michael Shames, UCAN, seems
interested in the idea.

4.  An important component of default service, at least initially, is
certainty of price for small consumers.  We discussed different ways of
providing certainty.  The utility could set a price, up front, and have to
manage its costs to meet that price.  No balancing account.  Utilities at
risk/reward.  We also discussed ways to keep the utilities honest on the
price.  One way is competitive default provider.  Another way is
competitive bid for portions of its portfolio.

5.  Discussed three components of utility procurement:  existing
generation, forward contracts and spot purchases.  Existing generation
would be valued.  Question about whether market prices would establish
price of output or some interim revenue requirement, as proposed by SCE on
its hydro resources.  Mike also seems to have softened over future
divestitures so long as there is some kind of interim buy-back contract
with the utility.

Will be at AB 1890 Implementation Group Meeting Tuesday and Wednesday
talking to other parties.


Phyllis:
Here is where I understand we are with the LOC provisions and the LC for.

1. No changes will be made to the LOC provisions.

2. In the form of LOC, i will delete the language in drawing condition 1 "the
entire undrawn amount of the LOC" and put in "$___________."  I will alos
delete the automatic renewal language in the third paragraph such that it
will read "This LOC shall expire _____ days from the date of issuance."

Are we ready to finalize?  If so, I will e-mail to you final forms of the
docs.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 05/25/2001 11:06 AM -----

	Edward Sacks/ENRON@enronXgate
	05/25/2001 08:50 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: FW: Select Energy EEI and ISDA LOC Formats

Carol - I have reviewed the changes in both forms attached.  In the LOC, I
think that they are getting at the point to allow for partial drawings and
requesting to reduce the auto renewal notice clause to 30 days from 90 days.
Seems okay to me.  The proposed changes in the Letter of Credit Provisions,
please ignore.  I have discussed this with them and they have come off it.

Ed Sacks

 -----Original Message-----
From:  moonevw@selectenergy.com@ENRON
[mailto:IMCEANOTES-moonevw+40selectenergy+2Ecom+40ENRON@ENRON.com]
Sent: Friday, May 25, 2001 8:36 AM
To: Sacks, Edward
Cc: morisjr@selectenergy.com; lemelpe@NU.COM
Subject: Select Energy EEI and ISDA LOC Formats

Ed-

We received an email from your attorney about the LOC format for the two
contracts.  Our legal counsel has reviewed the format and the provisions
for the LOC and we have two proposed changes to the LOC format and one
proposed change to the Letter of Credit Provisions.  Please call me to
discuss these issues.

(See attached file: Enron LOC language EEI 052501.doc)

(See attached file: Enron ISDA LOC Format 052501.doc)

We would like to keep this process moving forward and finalize the
contracts.

Thanks for your assistance.

Regards-

Valerie Mooney
 - Enron LOC language EEI 052501.doc
 - Enron ISDA LOC Format 052501.doc


fyi..
---------------------- Forwarded by Sheila Glover/HOU/ECT on 11/20/2000 02:33
PM ---------------------------

	From:  Sheila Glover                           11/20/2000 02:33 PM

To: Shona Wilson/NA/Enron@Enron, Chris Abel/HOU/ECT@ECT
cc: Tom Doukas/NA/Enron@ENRON, Markus Fiala/LON/ECT@ECT, Gary
Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, Paul Pizzolato/HOU/ECT@ECT,
/HOU/ECT, Richard Sage/LON/ECT@ECT, Bryan Seyfried/LON/ECT@ECT, John
Sherriff/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT
Subject: Debt Trading - Daily Loss violation memo, November 17, 2000


I would hold off for now.  I think, based on our discussion, that Ira might
be a fit for my organization or EES.  Unfortunately, I am heading out of town
with my family on the 12th (unfortunate for meeting with Ira , not
unfortunate for me) and EES has new leadership who is trying to assess the
state of things before making new senior level hires.  So, let's wait a bit.
Thanks

	Stelzer@aol.com
	03/30/2001 09:58 AM

		 To: skean@enron.com
		 cc:
		 Subject: Jolles

Help -- pls help me to unscramble my calendar.
We had discussed Ira Jolles, now a vp and general counsel of GPU, due to
resign when its merger is completed and the execs move to some God foresaken
place in Ohio, or some such state. Ira is smart; innovatived; honorable; very
knowledgeable about Pa. Nj, NY and Ferc regulation. In short, like no other
utility executive I have met. He would be perfect for Enron, perhaps
operating out of one of your offices in one of the states I have mentioned.
You said that you would set up meetings with the appropriate people in
Houston, and I propose April 12 -- I would stay over after our meeting and do
the introductions. PLS let me know that this is ok.


----- Forwarded by Sara Shackleton/HOU/ECT on 08/21/2000 10:25 AM -----

	Mark Taylor
	08/21/2000 10:12 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Delta III

----- Forwarded by Mark Taylor/HOU/ECT on 08/21/2000 10:12 AM -----

	MDunn1@milbank.com
	08/21/2000 10:17 AM

		 To: amanda.angelini@ssmb.com, rick.caplan@ssmb.com, steve.incontro@ssmb.com,
doug.mcdowell@enron.com, craig.clark@enron.com, ryan.siurek@enron.com,
gareth.bahlmann@enron.com, clint.walden@enron.com, kevin.d.jordan@enron.com,
mark.taylor@enron.com, carol.stclair@enron.com, brent.vasconcellos@enron.com,
annmarie.tiller@enron.com, Kimberly.r.Scardino@us.arthurandersen.com,
Fcochran@velaw.com, acurry@velaw.com, jnr@maples.candw.ky
		 cc: FPuleo@milbank.com, EMoser@milbank.com, MMottesi@milbank.com,
JFalzon@milbank.com, BDailey@milbank.com, MDunn1@milbank.com
		 Subject: Delta III

??????? Please find attached, subject to further internal review, the Delta
III closing list.

 <<Delta III - Closing List.doc>>

Michael B. Dunn, Esq.

Milbank, Tweed, Hadley & McCloy LLP

1 Chase Manhattan Plaza

New York, NY? 10005

Telephone: (212) 530-5435

Facsimile: (212) 530-5014

E-Mail: mdunn1@milbank.com

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

 - Delta III - Closing List.doc


In discussing the Omnibus with outside counsel on a deal, I am not clear that
the definition of "Loss" picks up the concept of "Unpaid Amounts."  Arguably
it does (although the concept of "Unpaid Amounts" is built into the ECT
Master upon which the Omnibus was based for Early Termination for Events of
Default but not followed through entirely for Accelerated Termination Date).
My guess is that we decided that Omnibus "Loss" pv of economic loss includes
both past amounts owed/subsequent valuation.  Can you recall?


All stakeholders are reminded to register early for the NARUC-DOE North
American Summit on Harmonizing Business Practices in Energy Restructuring to
be held in Dallas, Texas, from November 29th to December 1st, 2000.  Early
registration entitles you to a significant discount off the registration fee
and reserves your place at this important event.  Early registration closes
on October 27th, 2000.

The Summit will be the only event this year co-hosted by the National
Association of Regulatory Utility Commissioners (NARUC) and the U.S.
Department of Energy.  The Summit is intended to address the most pressing
issues facing the North American energy industry as we move towards a more
competitive, transnational marketplace.    A blue-ribbon group of energy
experts and leaders are committed to attend and discuss the issues with the
stakeholders.

Your participation and input are critical to the success of this effort.
However, time is short and the Summit is filling up fast.  Please plan to
join the leading regulatory and government officials, consumer advocates and
industry leaders by registering today.

To register early, you simply need to go to
www.energymarkets.org/registration.htm  For more information, please feel
free to contact Ken Malloy, President of the Center for the Advancement of
Energy Markets (CAEM), by responding to this e-mail or call the Summit
hotline at (703) 234-3375.  Be sure to sign up for program and speaker
updates via e-mail at www.energymarkets.org.

Please forward this email to colleagues who you think might be interested in
the Summit.

We are looking forward to seeing you in Dallas in November.

Sincerely,

Ken Malloy
President
Center for the Advancement of Energy Markets


you know that both o'neal and matt are out?

From:  Bryan Hull
08/09/2000 07:52 AM

To: O'Neal D Winfree/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Michael Walters/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT,
Matthew Lenhart/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT, Jody
Crook/Corp/Enron@ENRON
cc:
Subject: Let's get it on!!!

Game tonight at 7, it's time to kick some ass.


Cara,

Data is cleared and should be ready to go.

Is there anything else you are waiting on?

Thanks,
Will

 -----Original Message-----
From: 	Semperger, Cara
Sent:	Tuesday, July 10, 2001 11:46 AM
To:	Smith, Will; Atta, Asem
Cc:	Bentley, Corry; Poston, David
Subject:	Next Test of PreSchedule Workspace

Good Morning Fellas,

In anticipation of the next testing opportunity,  I am going to use June 20th as my target date.  Can you please clear out the routes for that date at all West Points, I am going to evaluate more complicated routing and pathing next.

I will wait to test until given the go-ahead by you.

C


Start Date: 4/6/01; HourAhead hour: 11;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.
Variances detected in Energy Import/Export schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040611.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 11 / Preferred:  12.00 / Final:  11.65)
  TRANS_TYPE: FINAL
  SC_ID: Wheelabrat
  MKT_TYPE: 2
  TRANS_DATE: 4/6/01
  UNIT_ID: MARTEL_2_AMFOR

---- Energy Import/Export Schedule ----
$$$ Variance found in table tblINTCHG_IMPEXP.
     Details: (Hour: 11 / Preferred:  12.00 / Final:  11.98)
  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 4/6/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: WHEEL

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

  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/6/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: ZP26
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


For our call set for 3 pm CDT
-----Original Message-----
From: Ed Duncan [mailto:EDuncan2@ArterHadden.com]
Sent: Thursday, September 06, 2001 7:03 PM
To: smara@enron.com
Cc: douglass@energyattorney.com
Subject: Direct Access Petition

Attached please find the draft Petition for Writ of Review before the California Supreme Court.  We are currently working on the Memorandum of Points and Authorities and anticipate sending a draft sometime tomorrow morning.  The Petition is based on the assumption that the Commission will adopt an order with retroactive application.  If the Commissions issues an Order consistent with the draft Interim Decision published today, then retroactivity will not be an issue and there wll be no need to seek judicial relief (at least on that ground).

Enron Energy Services, Inc., is named as the Petitioner.  I am uncertain, however, whether this is the correct name or entity.

The Petition must be filed in the Supreme Court because the Legislature conferred exclusive and original jurisdiction on it when Public Utilities Code section 1768 was enacted.  The Petition does not  address the timeliness of the request for Supreme Court review.  Generally, all administrative remedies must be exhausted before a Petition is timely and Section 1768 appears to require that an application for rehearing be denied before a Petition can be filed.  Since there will undoubtedly be an argument that the Petition is premature because there has been no application for a rehearing, the Points and Authorities (and probably the Petition) will discuss the timeliness of the Petition.  The exceptions to the exhaustion doctrine should control making the Petition timely.

Dan Douglass and I will be available for your 1 p.m. conference call.  If you need to reach me at any time my office number is (818) 596-2291, my cell number is (805) 796-2198, and my Email address is eduncan2@arterhadden.com <mailto:eduncan2@arterhadden.com>.  EWD


For everyone who might want a copy just for the sake of posterity--


Any controversy or claim arising out of or relating to this contract, or the
breach thereof, shall be settled by arbitration administered by the American
Arbitration Association under its International Arbitration Rules, and
judgment on the award rendered by the arbitrator(s) may be entered in any
court having jurisdiction thereof.

The AAA International Arbitration Rules can be found at http://www.adr.org


Dear Members of the MC, BIC, OC, and TIE List,

Attached, please find the NYISO Weekly Update.  This Update
is written jointly by Mollie Lampi and other NYISO staff.

The NYISO Weekly Update provides a brief status report of, or
progress on, a range of issues that are under discussion at NYISO
Committee meetings or are being undertaken by NYISO Staff.

Many, but not all, of these issues are being addressed through the
NYISO Committee structure.  Market participants may raise any
comments or questions on items covered in the update through
the Committee structure, or directly to Mollie Lampi (mlampi@nyiso.com.).

You can find editions of the Weekly Update on the "NYISO
Committees" page of the NYISO web site:
http://www.nyiso.com ---> Hot Topics ---> Committees ---> Weekly Update

or by clicking on the following link:
http://www.nyiso.com/services/documents/groups/weekly_updates/wkly_updates.htm
l

(See attached file: NYISO Weekly Update May 9, 2001.pdf)

 - NYISO Weekly Update May 9, 2001.pdf


For the Ohio gas, we should be pulling any additional volume out of our Bank
and we will bill first of month, any thing we dont burn should be put into our
bank, MME will have to buy the bank at the end of the month anyway.

For the other Major account areas unless it is a major adjustment, I was
assuming gas daily plus transport + premium


Sally,

The below e-mail is one of the items I had hoped to talk with you about today, just to make you aware of my request.  Also, I would like to talk to you re Rick's e-mail and identify a representative from your group for the operational risk management committee.  And lastly, I want to share my perspectives re the scope of Project Greenlight.  If you can work me into your calendar sometime on Tuesday or Wednesday, that would be great.

Thanks,

Wanda

 -----Original Message-----
From: 	Curry, Wanda
Sent:	Friday, October  5, 2001 3:26 PM
To:	Brackett, Debbie R.; Bradford, William S.; Port, David
Cc:	Schultz, Cassandra
Subject:	FW: Accrual Books

An update,

As you know, as a result of someone in the coal group officializing accrual books in "error", we discovered third party credit exposures which were not being reported
because accrual books do not get officialized.  The books COAL-ACCRUAL-BAS AND COAL-ACCRUAL-PRC held transactions with Sempra Energy with MTM values in excess of $88 million dollars ( a physical and financial transaction).

As a result of this finding, I have asked each of the groups below to provide information re their accrual and affiliate books.  Based on my understanding, accrual books are used primarily for transactions which qualify as hedges, and therefore follow hedge accounting vs. MTM accounting.  There may still be some instances where these books are used because the transaction can not be accounted for via MTM, and it is not considered a hedge.  However, all 3rd party credit exposures in accrual books should be monitored for aggregate credit exposure, margin requirements, etc, but excluded for the credit reserve calculation.

As I get responses from each of the groups,  I hope to be able to quantify the magnitude of this issue and work with GRMO and Debbie to determine the best way to immediately start monitoring these 3rd party exposures.

Thanks,
Wanda

 -----Original Message-----
From: 	Curry, Wanda
Sent:	Thursday, October  4, 2001 4:09 PM
To:	White, Stacey W.; Gossett, Jeffrey C.; Hall, D. Todd; Sweeney, Kevin
Cc:	Hall, Bob M; Price, Brent A.
Subject:	Accrual Books

Can you please let me know the following as it relates to accrual books:

	Number of Books
	Do any of them contain 3rd party transactions?
	Are these transactions physical or financial or both?
	Are these books routinely officialized?
	Can you determine if these books are excluded from the VAR portfolio?
	Are these books included for CreditAg?

I need this information ASAP in order to access whether they contain credit exposures with 3rd parties which is not currently reported to credit on a daily basis.

I would like to also gain an understanding re any other books that may not be officialized on a daily basis.  How are affiliate books handled?   Do any of these books contain positions with non-wholly owned affiliates.

Please let me know by return e-mail your estimate of time to complete.

Thanks,
Wanda


I am going to be the Senior Regulatory Counsel at ISO New England starting on
April 9, 2001.   My last day in the Portland area will be March 31, 2001.  I
enjoyed working with you and wish you the best of everything.  My new address
will be:

Mary Hain
Senior Regulatory Counsel
ISO New England Inc.
One Sullivan Road
Holyoke, MA  01040-2841
(413) 535-4000
mhain@ISO-NE.com


Mark - Project Margaux is the project that involves our project in Turkey.
Thought this DASH would be useful to you, and as it may bear on what you are
tyring to accomplish.  I am still awaiting answers to my questions about
regulatory approvals for asset sales/transfers in Turkey, and will provide
the info to you when I have it.   mcs
---------------------- Forwarded by Mark Schroeder/LON/ECT on 02/06/2000
14:47 ---------------------------
From: Padmesh Thuraisingham on 02/06/2000 13:49
To: Maroun J Abboudy/LON/ECT@ECT, Stuart Schardin/LON/ECT@ECT
cc: Olivier Herbelot/LON/ECT@ECT, Anne Edgley/LON/ECT@ECT, Stephen
Dwyer/LON/ECT@ECT, Buddy Aiken/LON/ECT@ECT, Mark Evans/LON/ECT@ECT, Steve W
Young/LON/ECT@ECT, David Gorte/HOU/ECT@ECT, Lloyd Fleming/LON/ECT@ECT, Mark
Schroeder/LON/ECT@ECT, Claire Wright/LON/ECT@ECT, John Chappell/LON/ECT@ECT,
Dale Surbey/LON/ECT@ECT, Tim Battaglia/LON/ECT@ECT, Jarek
Astramowicz/WAR/ECT@ECT, Riccardo Bortolotti/LON/ECT@ECT, Juan Carlos
Badillo/LON/ECT@ECT, Alvaro Camarero/LON/ECT@ECT, Brian
Stanley/EU/Enron@ENRON, Donette Dewar/HOU/ECT@ECT, Scott Sefton/HOU/ECT@ECT,
Nora Dobin/Corp/Enron@ENRON

Subject: Latest draft of Margaux DASH

Here is the latest draft of the DASH for the Margaux transaction. Please send
any comments you have to Olivier Herbelot.

Regards,

Paddy
(RAC underwriting, London)


Stacey White will attend via teleconference by calling, (713) 345-3642.


Enron's NY Risk Management Seminar will take place on Thursday, April 6th in
New York City.  Below are:

Enron Invitation
Enron letter to NY policymakers
List of NY policymakers who are planning to attend
List of wholesale customers invited
Schedule of presenation

List of NY Policy Makers Attending
Assemblyman Paul Tonko
John Howard, Chief of Staff to Assemblyman Tonko
John Cahill, Senior Policy Advisor to Govenor Pataki
Mary Ellen Burns, Assistant Attorney General - Energy Division
Gavin Donohue, Independent Power Producers of New York
Richard Miller, Senior VP for Energy, NY City Economic Development Corporation
(Just as an aside, our power traders met separately with a large group of PSC
staffers in March to discuss Risk Management)

Updated Invite List

Schedule of Presenation
Michael Brown, Power Outlook, 30-40 minutes
Craig Breslau, Natural Gas Outlook, 30-40 minutes
Janelle Scheuer, Hedging Strategies, 1 hour
Gary Taylor, Weather Risk Management, 15-20 minutes

Binders with all presentations will be made available to attendees


Lets do it when you are in Houston on Monday


Hi Vince

Just wanted to thank you for your participation at POWER 2000  last week and
for contributing to the success of the conference. The feedback we  received
was absolutely glowing and we were delighted with the smooth-running of  the
event. Thank you for being a key part of that. As always, your presentations
went down extremely well and your presence at our events makes a big
difference,  as people are alwyas keen to hear both form you personally and
from ENRON as a  company.

As I mentioned to you, I have recently been given the  responsibility of
creating and developing a new conference stream in the  financial technology
sector under the Waters brand, so I would like to take this  opportunity to
say how much I have enjoyed working with you in the past couple  of years and
to wish you the best of luck in the future. Please stay in touch  and if you
come to New York, please let me know so I can take you out for a  drink!

Best regards and thank you again both for your patience in  helping me
research topics and for being so willing to participate at our  events.
Emma
?
?
Emma Wolfin
Manager, Waters  conferences
Tel 212 925 1864 ext 151


Notice No. 00-314
September 13, 2000

TO:
All NYMEX Members/Member Firms
All NYMEX Clearing Members
All NYMEX Floor Traders
All NYMEX Operations Managers

FROM: Neal Wolkoff, Executive Vice President

RE: Options Expiration Operational Procedures for the Trading Floor and
Clearing Members
________________________________________________________________

The expiration date for the October 2000 options contract for Gasoline-Crack
(CGU0) and Heating Oil-Crack (CHU0) is Tuesday, September 19, 2000.

GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized
representative present at their normal work station promptly at 5:30 p.m.
until released by the Exchange staff as specified below.  All adjustments
and/or corrections, must be accompanied by relevant supporting documentation
prior to being incorporated into expiration processing, in essence making the
expiration processing an extension of the afternoon trade resolution
procedures.  All input to the NYMEX Clearing Department will conclude no
later than 30 minutes after floor representatives are released.

Exchange Clearing (299-2110), Floor Trade Correction (299-2068 and 299-2169)
personnel, as well as a representative of the Floor Committee will be
available to assist with the processing of notices of Exercise and
Abandonment, position transfers, trade corrections and other questions or
problems you may have.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

The Option Expiration process is a screen based process for which all
information is provided on the screens on C21 terminals. No Option Expiration
Reports will be provided. The following screens will assist you through the
Option Expiration process:

MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the
previous 4 business days and trades adjusted for the previous 4 business days
by adjustment date.

SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day
position to the projected end of day position.

REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers "TO" your firm and the status of
each transfer.

REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer "FROM" your firm and the status of
each transfer.

EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to exercise.

DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the number
of long positions you wish to abandon.

POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.
Any PCS input on a Clearing 21 terminal will be the input processed by the
system.  This input may be made at any time prior to 7:10 p.m.  Any PCS input
via transmission for that contract series will be disregarded.

ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.

EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by
contract series or the Assignment List window which contains all your
Assignments on one window. You will be notified of its availability by C21
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS
input.

All Clearing Members are required to have an authorized representative(s) at
their C21 workstations in preparation for any communication during the
expiration process.

FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871,
access code 700 for event messages advising Members of the event status.

E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be
aware of event status.

The standard event Fast Facts and/or E-Mail messages and the sequence in
which they will be announced are:

Standard Event Message: Announce Out-of-the Money Exercise and In-the-Money
Do Not Exercise Submissions
Approximate Time of Message Availability: 5:45 PM
Usual Event Time: 5:45 PM
Announced via Fast Facts

Standard Event Message: Announce Final Input to C21 Cutoff Time
Approximate Time of Message Availability: 6:55 PM
Usual Event Time: 7:10 PM
Announced via e-mail

Standard Event Message: All positions are deemed final
Approximate Time of Message Availability: 7:10 PM
Usual Event Time: 7:10 PM
Announced via Fast Facts

Standard Event Message: Announce Exercise/Assignment Information Available on
the Single Position Maintenance Windows
Approximate Time of Message Availability: 8:25 PM
Usual Event Time: 8:30 PM
Announced via Fast Facts and e-mail

Standard Event Message: All Report Distribution is completed
Approximate Time of Message Availability: 11:00 PM
Usual Event Time: 11:00 PM
Announced via Fast Facts

The times appearing in the Usual Event Time column are based on normal
operational conditions and could vary.

NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS

Time: 5:30 PM
Activity: Exercise Notice Submission
Event: Input to C21 Cutoff Time
Reference Number: 1

Time: 5:30 PM
Activity: Do Not Exercise Submission
Event: Input to C21 Cutoff Time
Reference Number: 2

Time: 5:45 PM
Activity: Announce Out-of-the-Money Exercise and In-the-Money Do Not Exercise
Submissions
Event: Fast Facts Notice
Reference Number: 3

Time: 6:55 PM
Activity: Announce Final Input to C21 Cutoff Time
Event: C21 E-mail
Reference Number: 4

Time: 7:10 PM
Activity: Final Input to C21 Cutoff Time
Reference Number: 5

Time: 7:10 PM
Activity: All Positions are Deemed Final
Event: Fast Facts Notice
Reference Number: 6

Time: 8:25 PM
Activity: Announce Exercise/Assignment Information Available on the Single
Position Maintenance Windows
Event: Fast Facts Notice and C21 E-mail
Reference Number: 7

If you have any questions concerning these procedures, please contact Charles
V. Bebel at 299-2130, Angel Rivera at 299-2150 or Anthony Di Benedetto at
299-2152 prior to the expiration date.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(00-314)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.