laura said that she saw you.  are you working out today?


Hey, forget football, and Terrell what's-his-name and the demise of the
49ers.  Think road.  If it's going to get done 1) the wood needs to get moved
and 2) we need to tell Jeff Green immediately so he can order the gravel.
Let me know.  It's the 2 minute warning and you're down by a touchdown.

Best,
Jeff


No problemo.   Did you send the other one  to interx?  They're supposed to
forward my mail for the next three weeks.

-----Original Message-----
From:  Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Friday, April 27, 2001 1:26 PM
To: eldon@direcpc.com
Subject: RE: MORGAN

i got an email bounced back from your address.  let me know if you get this
one.


Dear  DON  BAUGHMAN:

We'd like to confirm the changes you've made to the
services you receive at InvestorPlace.com:
You unsubscribed to the following products:
   InvestorPlace.com Insights

Please contact us at InvestorPlace@reply.phillips.com if we can
further help you to gain more profits every day!

Sincerely,

InvestorPlace.com
http://investorplace.com


Jester's Molesters dropped: Smith, Rod DEN WR
and acquired: Ward, Hines PIT WR

Natural Gas Gridiron Address:
http://fflnet.myfantasyleague.com/fflnet2001/home/0205

Questions about this site?  Check out our FAQ (Frequently Asked Questions)
at http://www.myfantasyleague.com/fflnet2001/support_faq.html
or our detailed on-line help at
http://www.myfantasyleague.com/fflnet2001/coach.html


[IMAGE]

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    [IMAGE] [IMAGE]  [IMAGE]  [IMAGE]  [IMAGE]     [IMAGE]     Search  Amazon.com for:

 We  hope you enjoyed receiving this message. However, if you'd rather  not receive future e-mails of this sort from Amazon.com, please  visit the Help page  Updating  Subscriptions and Communication Preferences  and click the Customer  Communication Preferences link.   Please  note that this e-mail was sent to the following address:  dfarmer@enron.com

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Start Date: 4/16/01; HourAhead hour: 21;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041621.txt

---- SC Trades Schedule ----
+++ Hour 21 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/16/01
  TRADING_SC: PGAE
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


We can come.  It is cold up here.  I return later today.  See you later.

DG


Dear Editorial Review Board,

At the last EC meeting, the EC voted to send a report to the FERC regarding
the issue of cross contract ranking.  Cross contract ranking was an action
item in the 1999 annual plan that after much debate failed at the EC, so the
recommended standards were never adopted. The recommended standards failed
because the EC was unable to form a consensus around the work product.
Normally, this voting failure would be seen as evidence that the industry was
not ready for such standards as a consensus could not be built for them.

Some Commission staff  has contacted some of the EC members to better
understand why these recommended standards were not adopted.  All minutes of
the meetings and work products are posted on the home page, accessible to any
interested party.  Because of the calls made and the repeated review at the
EC (November, February and April),  some EC members proposed that a letter be
sent to the FERC and voted on specific language, which is included in the
letter.  Care was taken that the language not be misconstrued as advocacy.

Please let me know if you would like a conference call on this matter, or if
you have any comments on the attached draft.  The EC is aware that the
Editorial Review Board must approve all written communications of this type.
Typical communications with the FERC take the form of a status report, so
this is somewhat unusual.

I look forward to your responses -- Best Regards, Rae

 - cr000615 cross contract ranking.pdf


Steve,
I'm not sure this is on point, but perhaps some parallels can be drawn.  In
between working at the PUCO, Kerry worked at NRRI.  He  has a call in to them
on this issue and will respond to you directly since I will be travelling
this afternoon.
Janine
---------------------- Forwarded by Janine Migden/DUB/EES on 10/02/2000 09:16
AM ---------------------------

Roy Boston
10/02/2000 09:10 AM
To: Janine Migden/DUB/EES@EES
cc: Kerry Stroup/DUB/EES@EES
Subject: Re: examples of auction processes that worked

Janine -- I do not have a good example of this for electricity but in the gas
industry the manner in which FERC allowed existing LDC customers of
interstate pipelines to retain the capacity they needed while permitting
unneeded capacity to be bid out may be helpful.  Several parallels are
manifest between the two industries: 1) they are both wholesale markets ; 2)
cpacity contracts can be long-dated (exceed 10 years in some instances); 3)
LDCs were able to retain capacity on a evergreen basis; 4)temporarily unused
capacity became released in to the secondary market and was available for
recall upon terms imposed by the releasing entity; and 5) this mechanism
amounted to an auction with a "max rate" ceiling but resulted in reliable
wholesale servioce to those who needed it the most.  We may not want to use
this example because it did not represent a true dutch auction scenario that
would permit us to maximize the benefit of long-dated contracts.  However,
the gas industry may provide some example of how bidding can effectively
reallocate scarce resources over numerous competing interests and result in a
reliable system that provides wholesale capacity growth.

Janine Migden
09/29/2000 03:57 PM
To: Kerry Stroup/DUB/EES@EES, Roy Boston/HOU/EES@EES
cc:
Subject: examples of auction processes that worked

Any ideas?  the only thing that strikes me is when some regulators proposed
competitive bidding of wholesale power as a precursor to retail access.
---------------------- Forwarded by Janine Migden/DUB/EES on 09/29/2000 03:54
PM ---------------------------
From: Steven J Kean@ENRON on 09/29/2000 03:47 PM
Sent by: Steven J Kean@ENRON
To: Mark Schroeder/LON/ECT@ECT, Tom Briggs/NA/Enron@Enron, Robert
Hemstock/CAL/ECT@ECT, Peter Styles/LON/ECT@ECT, Daniel
Allegretti/HOU/EES@EES, Steve Montovano/DUB/EES@EES, Janine
Migden/DUB/EES@EES, Aleck Dadson/TOR/ECT@ECT, Paul Dawson/Govt.
Affairs/LON/ECT@ECT
cc:
Subject: examples of auction processes that worked

Jeff Skilling proposed a solution to Gov Davis to solve the supply and
pricing problems in the California market.  In summary, the proposal would
have a neutral party conduct an auction wherein the utilities would seek bids
for 5-10 year packages of power from suppliers.  The gov asked if anyone had
successfully conducted such an auction in the industry already.

I need your help to identify and describe any such examples (European or
North American) by mid day Monday. Jeff and I will have a follow up call with
the governor on Monday.

Thanks


Smile.... Smile.... Smile....

 please because i love you and I will always be there for you, I will always be on your side

Monika


-----Original Message-----
From: 	Schaffer, Brian
Sent:	Tuesday, November 20, 2001 11:39 AM
To:	McCarty, Danny; Hayslett, Rod; Corman, Shelley; Hotte, Steve; Fossum, Drew; Hartsoe, Joe; Cordes, Bill
Cc:	Batista, Daniel; Fagan, Fran; Hasenjager, Norma; Goetzinger, Marilyn
Subject:	Personal Achievement Awards

All:

	Please let me know if you have any questions regarding the utilization of the PAA Program at this point.

	As noted, the remaining balance is now "pooled", but any requests should be submitted as soon as possible, and no later than 30 November.

Brian

 -----Original Message-----
From: 	Hutcherson, Leesa
Sent:	Tuesday, November 20, 2001 10:21 AM
To:	Batista, Daniel; Carlson, Jim; Crum, Dea; Dodd, Wilford; Dorris, Marsha; Fagan, Fran; Fox, Sherry; Goetzinger, Marilyn; Hamilton, Ivan; Harkreader, Jerry ; Hasenjager, Norma; Pena, Renee; Schaffer, Brian; Scott, Tracy; Southard, Miranda; Vaughn, Ann
Cc:	Domke, Jana; Denby, Michele; Smith, Gary; Perry, Carolyn
Subject:	PAA

As discussed in our staff meeting yesterday, the 2001 PAA Program will end effective December 3, 2001.  Any and all PAA/American Gift Check requests must be received on or before November 30 to allow time for processing.

In addition, the total remaining balance may now be shared by all division heads.  The current balance as of the 11/13/2001is $126,950.00.


Andy

Sorry to get back to you so late - I've been out of town and will be out all
this week as well.  A meeting on  14th/15th in DC would be great for me.
Just let me know.  If you need to reach me this week - just leave me a voice
mail at 713 853 6349.

Thanks
Elizabeth


Gerald,

Can you help me out on this?  I'll call you.

Thanks,
Chris
---------------------- Forwarded by Chris Hilgert/HOU/ECT on 08/08/2000 12:01
PM ---------------------------

Stephanie Miller@ENRON
08/08/2000 09:49 AM
To: Chris Hilgert/HOU/ECT@ect
cc:
Subject: Mexicali

Have you  been able to locate this information - If not, is there someone
else I can call?

Thanks,

Stephanie
---------------------- Forwarded by Stephanie Miller/Corp/Enron on 08/08/2000
10:42 AM ---------------------------

Stephanie Miller
08/03/2000 11:51 AM
To: Chris Hilgert/HOU/ECT@ect
cc: Matthew Duffy/NA/Enron@Enron

Subject: Mexicali

Chris - As we discussed in today's meeting, can you please forward to me and
Matt a copy of the ENA "pro forma" firm sales agreement that we would use for
the type of sale discussed below.  Please let me know if you have any
questions.

Many thanks,

Stephanie
---------------------- Forwarded by Stephanie Miller/Corp/Enron on 08/03/2000
12:43 PM ---------------------------

Matthew Duffy
08/02/2000 10:37 AM
To: Stephanie Miller/Corp/Enron@ENRON
cc:

Subject: Mexicali

Stephanie, I just want to follow up on the fuel supply discussion we had for
FAPSA (the paper plant in Mexicali).

I would like to recover the cost of the gas pipeline, which I'm including in
the capital costs of the plant, through a fuel supply agreement that we can
mark to market.

The ideal terms would be for 20 years, an Index price plus SoCal transport
price, plus $0.22 / MMBtu to Enron project company for an amount of
approximately 3000MMBtu / day.

I look forward to receiving a draft copy of a standard fuel supply agreement
so I can familiarize myself with standard market LD terminology.

Thanks,
Matt


Where do you want to meet in the tunnell?  I am at 2 Houston.


CALENDAR ENTRY:	APPOINTMENT

Description:
	Lynn Vacation

Date:		12/7/2000
Time:		5:00 PM - 6:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Ken wanted to make sure you saw this speech.
---------------------- Forwarded by Rosalee Fleming/Corp/Enron on 09/21/2000
01:40 PM ---------------------------

Joe Hillings
09/21/2000 12:41 PM
To: Rosalee Fleming/Corp/Enron@ENRON
cc: Tori L Wells/HOU/ECT@ECT
Subject: Sen. Hagel's ESI speech

Rosalee: I understand that Ken Lay and Senator Hagel will be together this
evening at the Horatio Alger event I believe in Williamsburg. The attachment
is the speech Chuck gave this week before ESI and Ken may find it helpful in
some discussion tonight. Joe
---------------------- Forwarded by Joe Hillings/Corp/Enron on 09/21/2000
12:47 PM ---------------------------

Ken_Peel@hagel.senate.gov (Ken Peel) on 09/20/2000 06:34:56 PM
To: George_Behringer@aljuraid.com, rwbliss@aol.com, zb@csis.org,
lcraner@iri.org, don.deline@halliburton.com, hpgoldfield@swidlaw.com,
jhillin@enron.com, m.irace@erols.com, vp@mideasti.org,
mahalati@ix.netcom.com, mh@dci.hhlaw.com, Jim_McVaney@CMAHQ.com,
rich.merski@aig.com, wmorley@uschamber.com, John_Peschke@rpc.senate.gov,
ggs2@columbia.edu, ssinger1@gmu.edu, linda.a.strachan@monsanto.com,
staubenb@bechtel.com, ptomsen@unomaha.edu, philip.vaughn@fluordaniel.com,
gziv@ipforum.org, rzoellick@gmfus.org
cc:

Subject: Sen. Hagel's ESI speech

     I thought you might be interested in seeing a copy of a speech on
     international energy policy that Sen. Hagel gave today at the Economic
     Strategy Institute in Washington, D.C.

 - hagelesi.rtf


Hi Paul.  Thank you again for your support. I am going to revise and
check the info. with my notes and i will revert to you.

I am now 100% sure that we can complete this deal. Is unbelievable how
inefficient is the actual discharge operation in the three terminals in P.R.
Also, Empire Gas expressed that if they receive an incentive on top of
their actual economies they have no problem in using ProCaribe .
However, they do not want to depend on Enron for their supplies.

As agreed,  once we complete the material for the next meeting
with PDVSA we will discuss it with you and Greg.

Regards,

William Andr?s

From:	Paul YBarbo/ENRON@enronXgate on 06/01/2001 04:15 PM CDT
To:	William Mauco/SA/Enron@Enron, Greg Curran/CA/Enron@Enron, Miguel Maltes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Federico Haeussler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elio Tortolero/ENRON@enronXgate, Mariella Mahan/ENRON@enronXgate
cc:

Subject:	FW: Port Costs

William,

Attached is a revised PDVSA freight cost comparison for delivery to Empire versus delivery to ProCaribe. The analysis incorporates the data provided by Miguel Maltes that is shown below. This new analysis indicates that port costs are lower than previously assumed but vessel costs are higher. The net impact is virtually NO CHANGE. Please call me if you have any questions.

Paul

 -----Original Message-----
From: 	Maltes, Miguel
Sent:	Friday, June 01, 2001 10:39 AM
To:	Y'Barbo, Paul
Subject:	Port Costs

Paul,

The information that follows was provided by Luis Ayala Col?n Sucrs., Inc, the PDVSA shipping agency in Puerto Rico.  These are actual port costs using the LPG/C Nelly Maersk which is the vessel servicing Empire Gas Company this year.

The following are the port costs estimates (quite close):

	1.  Barrels discharge per trip at CORCO - 30,000 bbls., Tropigas - 24,000 bbls., Liquilux - 20,000 bbls.,  One trip is three 	     ports and another trip is two ports per month.

	2.  Discharge rates were given to us on an hourly basis and the agents took the average time per docking:  CORCO -                          	    48 hours or 625 bbls/hr., Tropigas - 28 hours or 857 bbls/hr., Liquilux - 20 hours or 1,000 bbls/hr.,

	3.  Port costs at:

		Tallaboa $18,000
		CORCO $18,000
		Tropigas $13,000
		Liquilux $17,000

	    Liquilux port costs are per the Port of Ponce tariffs which are different from the Puerto Rico Ports Authority tariffs
                    which apply to Tallaboa, Guayanilla and San Juan.  At San Juan (Tropigas) the tug boats cost less due to the fact
                    that all tug boats companies are docked within the San Juan bay.

	4.  Port costs are not included in the vessel costs.

	5.  Port costs includes dockage, wharfage, harbor pilots, tug boats, and harbor fees.  ProCaribe charges the
                     dockage and warfage to the shipping agent.  All these costs are charged by the shipping agent to the owner of the  	     vessel, the owner of the vessel then charges the charter party.

	6.  Other costs:  Crudita - $4/barrel., Customs - $610.00 (Custom entry service $125, Custom duty deposit $485).,
                     Laboratories - $135/test (3 - 5 per ship)., Inspectors - $0.1780 per long ton., Loss Control Agent - $0.35 per MT.,

	7.  Days steaming from Jose Venezuela to Puerto Rico and in between island ports:

	              Jose to Puerto Rico (Ponce, Guayanilla and Tallaboa) - 36 hours
	              San Juan to Jose - 46 hours
	              CORCO to Ponce - 2 hours
	              Ponce to San Juan - 14 hours
       	              CORCO to San Juan - 14 hours

	     These timings are from dock to dock.

	8.  ProCaribe annual expenses:

	            Year				2000		2001 (1CE)
	            Payroll				$554M		$525M
	            O + M				$1,447M	$1,534M
	            Depreciation			$475M		$492M
    	           Taxes other than income		$211M		$250M
        	           Other expenses			$160M		$86M

I hope this figures can help you in your model.  If you have any questions please call me.

Saludos


I agree that someone should file. Curious if we can send in our message
through EPSA or WPTF?

Mary's last point about the non-ISO and PX markets is a key point.  We need
to keep any FERC action contained to those markets.

Mary - pls submit an RCR.

Jim

	Mary Hain@ECT
	03/20/2001 07:44 PM

		 To: Susan J Mara/NA/Enron@Enron,  Alan Comnes, Joe Hartsoe@Enron, James D
Steffes/NA/Enron@Enron, Ray Alvarez/NA/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Donna Fulton, Richard Sanders,
sbishop@gibbs-bruns.com, Christian Yoder/HOU/ECT@ECT, steve.c.hall@enron.com,
gfergus@brobeck.com
		 cc: carrrn@bracepatt.com
		 Subject: Emergency Motion of City of San Diego

Due to the risk of wholesale market participants becoming bankrupt and
therefore unable to flow refunds through to customers, the City of San Diego
has asked FERC to direct sellers of wholesale power in the "California"
markets to sequester any amounts collected from sales that are in excess of
costs and to maintain those amounts, with interest, adequate to pay potential
refund obligations.  It also asks FERC to clarify that these amounts are
being retained by the sellers in trust to fulfill refund obligations.

I think we should make the following arguments at FERC:

In the In re Columbia Gas Systems Inc. case relied on by San Diego, FERC had
ordered, and Columbia had received, refunds from upstream pipelines, but had
not specified that Columbia was to hold those refunds in trust for its
customers.  To my knowledge, none of the refunds FERC has recently required
would be paid to EPMI, nor has FERC required EPMI to make any refunds, it has
merely conditioned its rates "subject to refund."  Accordingly, it is
inappropriate for EPMI to be required to sequester any of its profits.
San Diego seeks to apply this requirement to every participant in the market,
although it has not proven that refunds would put EPMI on the verge of
insolvency.  It has simply said that "there is no assurance that the actual
wholesale sellers , , , are capable of paying the refunds that potentially
may be ordered."
San Diego also alleges that the potential refund obligation is immense.  This
allegation is based on San Diego's allegation that the refund liability
calculated by FERC's March 9 order (of $69 million) is vastly understated.
This is suppostion, on supposition, not to mention a collateral attack on the
Commission March 9 order.
The pleading is in essence a request for cost-of service based rates given
that market participants would be deprived of any benefit of participating in
the market for years - "pending a final nonappealable order in these
proceedings."  Therefore, it is a collateral attack on FERC's December 15
order finding that it would not order cost based rates.
This pleading also seeks refunds beyond what could be required pursuant to
FERC's December 15 order in that its would apply sequestering to sellers of
wholesale power "in the California markets" not just for sales in the ISO and
PX markets.


fyi : bo is a big put buyer and fence seller today.  though he is trying to
defend j.

slafontaine@globalp.com on 03/29/2001 09:22:15 PM
To: John.Arnold@enron.com
cc:
Subject: Re: power gen

agree on view. as u cud tell i got a little less bearish for a bit so i delta
hedged and day traded to keep from losing a ton, let go og the delta after aga
number which was exactly on my forecast still implying 7.5 bcf swing(i
actually
thot it could have been worse so my range pre was 5-12 basis past cupla weeks
aga. that said i with you took my lumps. having a very good month in petro
helped me hold on to natgas shit p&l. got most of it back now tho.trying to be
more patient.
    think we hold 5.20's  for another week or so-must be plenty chopped up
traders mite mean we lose some momentum for a bit.
    what the hell was going on today between you and bo(seems i see this more
and more)? how come he always seems to be fighting you on this stuff. if he
would go the same way as you(and i) this mkt would just crap. either way im
unwinding-gonna be making a jump soon(thats p&c for the moment). will keep u
informed of course.
  power gen up 3% last week and cal rate hikes the kiss of death for demand in
cal this summer i think

John.Arnold@enron.com on 03/29/2001 07:45:02 PM

To:   Steve LaFontaine/GlobalCo@GlobalCo
cc:
Fax to:
Subject:  Re: power gen

Wow, what a week so far.  Beauty of a short squeeze early on.  Even some of
the biggest bears I know were covering to reestablish when the market lost
its upward momentum.  Unfortunately, my boat is too big to play that way.
Takes too long to put the size of the position I manage on or off to play
that game.  just had to sit back and take my lumps. couldnt have been a
more bearish aga # in my opinion.  got one more decent one and then watch
out below.  amazing that we've had more demand destruction recently.  the
economy is the 800 pound gorilla that is sitting on nat gas and it aint
getting up.


---------------------- Forwarded by Greg Whalley/HOU/ECT on 07/07/2000 08:58
AM ---------------------------

Michael L Brown@ENRON
06/20/2000 03:57 PM
To: John L Nowlan/HOU/ECT@ECT
cc: Greg Whalley, John Sherriff/LON/ECT@ECT
Subject: RedMeteor.com

John,
     I had lunch today with David Ownby (plus, Brent Larsen and Michael Chang
of RedMeteor.com).   David suggested that perhaps there could be some sort of
arrangement between RedMeteor.com and EOL wherein each could benefit from the
other's platform.  He was referring specifically to the refined products and
crude oil areas (where they are primarily physical and we are primarily
financial).  I am under the impression that there may have been some contact
earlier this year between Enron management and Vincent Di Cosimo of RedMeteor
and I had heard the names of Greg Whalley and John Sherriff mentioned in that
regard.  Is that correct and did anything ever materialize?
     As you know RedMeteor and Vitol are in the process of formalizing a
strategic alliance to "aid in their positioning in the global marketplace" as
reported in the media.  And the person involved from Vitol, Mike Loya, is a
person that I have known for years, but have not discussed this topic with
him.  Is there anything worth pursuing with RedMeteor?
Regards,
Mike


i shouldn't have erased it.  i heard that dude say your name.


Randy, Scott Healy contacted Bob Kelly at Calpine about Calpine's potential
interest in Bridgeline and he found that Kelly and Cartwright had no real
knowledge of the potential deal.  Likely this originates at the local level
and is probably a long put.  Kelly was going to get back to Scott with more
detail over the next week.

Regards
Delainey


----- Forwarded by Brian Hoskins/Enron Communications on 11/10/00 03:26 PM
-----

	Kori Loibl@ECT
	11/10/00 03:09 PM

		 To: Stephanie Sever/HOU/ECT@ECT, Alicia Perkins/HOU/EES@EES, Beau
Ratliff/HOU/EES@EES, Scott Pleus/Enron Communications@Enron Communications,
Michael Nguyen/HOU/ECT@ECT, Don Baughman/HOU/ECT@ECT, Brian Hoskins/Enron
Communications@Enron Communications
		 cc:
		 Subject: FW: bad santa

---------------------- Forwarded by Kori Loibl/HOU/ECT on 11/10/2000 03:05 PM
---------------------------

This Santa is cold blooded!!!

>
>
>
> >> > Subject: bad santa
> > >
> > >
> > > >  >  > WHEN SANTA RUNS OUT OF PROZAC
> > > >  >  >
> > > >  >  > Dear Santa,
> > > >  >  >         I've written you for three years now
> >asking
> > > >  >  > for a fire truck .
> > > >  >  > Please, I really really want a fire truck
> >this year!
> > > >  >  >         Love, Kenny
> > > >  >  >
> > > >  >  > Dear Kenny,
> > > >  >  >          Let me make it up to you. Christmas
> >Eve,
> > > >  >  > while you sleep, I'm gonna
> > > >  >  > torch your house. You'll have more fire
> >trucks than
> > > >  >  > you'll know what to do
> > > >  >  > with.
> > > >  >  >
> > > >  >  > Santa
> > > >  >  >
> > > >  >
> >**********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >          I don't know if you can do this,
> >but for
> > > >  >  > Christmas, I'd like for my
> > > >  >  > mommy and daddy to get back together. Please
> >see
> > > >  >  > what you can do.
> > > >  >  >         Love, Teddy
> > > >  >  >
> > > >  >  > Dear Teddy,
> > > >  >  >         What, and ruin that hot affair your
> >dad's
> > > >  >  > still having with the
> > > >  >  > baby-sitter? He's banging her like a screen
> >door in
> > > >  >  > a hurricane, son! Let me
> > > >  >  > get you some nice Lego's instead.
> > > >  >  >
> > > >  >  > Santa
> > > >  >  >
> > > >  >
> >**********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >         I left milk and cookies for you
> >under the
> > > >  >  > tree, and I left carrots
> > > >  >  > for your reindeer outside the backdoor.
> > > >  >  >         Love, Susan
> > > >  >  >
> > > >  >  > Dear Susan,
> > > >  >  >         Milk gives me the shits and carrots
> >make the
> > > >  >  > deer fart in my face.
> > > >  >  > You want to be a kiss-ass? Leave me a glass
> >of
> > > >  >  > Chivas Regal and a nice Cuban
> > > >  >  > cigar.
> > > >  >  >
> > > >  >  > Santa
> > > >  >  >
> > > >  >
> >**********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >         I really really want a puppy this
> >year.
> > > >  >  > Please please please.
> > > >  >  >         PLEASE, Jimmy
> > > >  >  >
> > > >  >  > Jimmy,
> > > >  >  >         That whiney-begging shit may work
> >with your
> > > >  >  > folks, but that crap
> > > >  >  > don't work up here. You're getting another
> >sweater.
> > > >  >  >
> > > >  >  > Santa
> > > >  >  >
> > > >  >
> >**********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >     What do you do the other 364 days of the
> >year?
> > > >  >  > Are you making toys?
> > > >  >  >         Your friend, Thomas
> > > >  >  >
> > > >  >  > Dear Thomas,
> > > >  >  >         All toys get made in China. I have a
> >condo
> > > >  >  > in Vegas, where I spend
> > > >  >  > most my time squeezing cocktail waitress'
> >asses, and
> > > >  >  > losing all my cash at
> > > >  >  > the craps table. Hey, YOU wanted to know!
> > > >  >  >
> > > >  >  > Santa
> > > >  >  >
> > > >  >
> >**********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >         I wud like a kool toy space ranjur
> >for Xmas.
> > > >  >  > Iv ben a good boy all
> > > >  >  > yeer.
> > > >  >  >         YeR FReND, BiLLy
> > > >  >  >
> > > >  >  > Dear Billy,
> > > >  >  >         Nice spelling. You're on your way to
> >being a
> > > >  >  > career lawncare
> > > >  >  > specialist. How 'bout I send you a book so
> >you can
> > > >  >  > learn to read and write?
> > > >  >  > I'm giving your older brother the space
> >ranger, at
> > > >  >  > least HE can spell!
> > > >  >  >
> > > >  >  > Santa
> > > >  >  >
> > > >  >
> >*********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >         I have been a good girl all year,
> >and the
> > > >  >  > only thing I ask for is
> > > >  >  > peace and joy in the world for everybody!
> > > >  >  >         Love, Sarah
> > > >  >  >
> > > >  >  > Dear Sarah,
> > > >  >  >          Your parents smoked pot when they
> >had you,
> > > >  >  > didn't they?
> > > >  >  >
> > > >  >  > Santa
> > > >  >  >
> > > >  >
> >*********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  > I need more Pokemon cards please! All my
> >friends
> > > >  >  > have more Pokemon cards
> > > >  >  > than me. Please see what you can do.
> > > >  >  >         Love, Michelle
> > > >  >  >
> > > >  >  > Dear Michelle,
> > > >  >  >          It blows my mind. Kids are forcing
> >their
> > > >  >  > parents to buy hundreds of
> > > >  >  > dollars worth of these stupid cards, and
> >none of you
> > > >  >  > snot-nosed brats are
> > > >  >  > even learning to play the game. Let me get
> >you
> > > >  >  > something more your
> > > >  >  > speed, like "Chutes and Ladders."
> > > >  >  >         Santa
> > > >  >  >
> > > >  >
> >*********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >          I want a new bike, playstation, a
> >train,
> > > >  >  > some G.I. Joes, a dog, a
> > > >  >  > drum kit, a pony and a tuba.
> > > >  >  >          Love,Francis
> > > >  >  >
> > > >  >  > Dear Francis,
> > > >  >  >          Who in the hell names their kid "Francis"
> >nowadays?
> > > >  >  >  Santa
> > > >  >  >
> > > >  >
> >*********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >          Do you see us when we're sleeping,
> >do you
> > > >  >  > really know when we're
> > > >  >  > awake, like in the song?
> > > >  >  >          Love, Jessica
> > > >  >  >
> > > >  >  > Dear Jessica,
> > > >  >  >          You are that gullible? Good luck in
> > > >  >  > whatever you do, I'm skipping
> > > >  >  > your house.
> > > >  >  > Santa
> > > >  >  >
> > > >  >
> >*********************************************************************
> > > >  >  > Dear Santa,
> > > >  >  >         We don't have a chimney in our
> >house, how do
> > > >  >  > you get into our home?
> > > >  >  >          Love, Marky
> > > >  >  >
> > > >  >  > Mark,
> > > >  >  >          First, stop calling yourself
> >"Marky";
> > > >  >  > that's why you're getting
> > > >  >  > your ass kicked at school. Secondly, you
> >don't live
> > > >  >  > in a house, that's a
> > > >  >  > low-rent apartment complex you're living in.
> > > >  >  > Thirdly, I get inside your pad
> > > >  >  > just like all the burglars do, through your
> >bedroom
> > > >  >  > window.
> > > >  >  >
> > > >  >  > Sweet Dreams!
> > > >  >  >         Santa
> >

>


Start Date: 3/4/01; HourAhead hour: 7;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030407.txt

---- Energy Import/Export Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/4/01
  TIE_POINT: PVERDE_5_DEVERS
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: WHEEL
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 3/4/01
  TIE_POINT: SYLMAR_2_NOB
  INTERCHG_ID: EPMI_CISO_SCOUT
  ENGY_TYPE: WHEEL


brenda
this would not print for me. would you try
---------------------- Forwarded by Elizabeth Sager/HOU/ECT on 02/28/2000
09:04 AM ---------------------------

"Andy Katz" <AKatz@eei.org> on 02/28/2000 04:37:45 AM
Please respond to "Wholesale Electric Contract Standardization Group"
<contract@ls.eei.org>
To: "Wholesale Electric Contract Standardization Group" <contract@ls.eei.org>
cc:  (bcc: Elizabeth Sager/HOU/ECT)
Subject: Fwd: CFTC Proposal

Paul Pantano has sent me a newly released proposal by the Commodities Future
Trading Commission on how it will streamline regulating various markets.  It
has made a distinction for electricity trading based on its characterization
of it having an "inexhaustible supply". Based on this distinction its
oversight over electricity trading will be less comprehensive than other
commodities.  I am sure Paul would be willing to answer further questions you
may have.

Forwarded Mail received from: <ppantano@mwe.com>

Received: from mail02-ord.pilot.net (mail-ord-2.pilot.net [205.243.174.16])
by mail.eei.org; Fri, 25 Feb 2000 15:20:52 -0500
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forged)) by mail02-ord.pilot.net with SMTP id OAA18034 for <Akatz@eei.org>;
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From: ppantano@mwe.com
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To: Akatz@eei.org
Message-ID: <86256890.006F8C95.00@mwe.com>
Date: Fri, 25 Feb 2000 15:17:31 -0500
Subject: CFTC Proposal
Mime-Version: 1.0
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Dear Andy:

     As discussed.  Please give me a call if you have any questions.

     Regards, Paul

Paul J. Pantano, Jr.
McDermott, Will & Emery
(202) 756-8026
---------------------- Forwarded by Paul Pantano/DC/MW&E on 02/25/2000 03:16
PM
---------------------------

David E Aron
02/22/2000 05:40 PM

To:   Paul Pantano/DC/MW&E@MW&E
cc:   Lucy M Bowman/DC/MW&E@MW&E
Subject:

(See attached file: CFTC Regulatory Proposal.pdf)

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

This message is a PRIVATE communication.   If you are not the intended
recipient, please do not read, copy, or use it, and do not disclose it to
others.  Please notify the sender of the delivery error by replying to this
message, and then delete it from your system.  Thank you.
******************************************************************************
*******

 - CFTC Regulatory Proposal.pdf


Send me a cleaner summary of your curve on 1/17/200.  All I want is a the curve by year - peak/off peak and total.

-----Original Message-----
From: 	John Zufferli
Sent:	Thursday, January 18, 2001 2:29 PM
To:	John J Lavorato
Subject:	Alberta Curve 1/17/00

 << File: alberta40117.xls >>


Guys,

  I called PNM again today to inquire about the losses that are based on 3% of the market price that is determined by PNM's marketers.  Currently, they were priced at $100 market price times 3%, or $3 per MWh.

  Don at PNM transmission did not respond to me by yesterday as I had requested, and of course when I called him today, he is out until Monday.  So I talked to a Mark who could not give me much of an update.

  The last time I talked to PNM, Don was going to take my request to have July's Market price that PNM was using for losses moved down to below the cap of $91.87.

  As of today, they have changed only August's transmission loss factor to the current cap price of $91.87 and posted this on their website as of this week.

 I also asked why they let their marketers decide on a market price for losses when marketers are not supposed to be involved in transmission or transmission pricing.  Mark's response was that Losses are not ancillary and therefore, the marketers are allowed to suply information.  I will check into this.

I have left a message for Don to call me on Monday, as I would like to discuss the following items:
1. why they are unwilling to adjust the "market price" down for loss charges for July 2001
2. how their marketers 'decide' on what market price they will use, ie- is there a formula?
3. Why they are using the cap price for August when prices are well below the cap

Please let me know if you have any more questions you would like me to pose to them when I speak with Don on Monday.

To view the changes to their website, go to :

http://www.swoasis.com/OASIS/PNM/data/listofproviders?PROV=PNM

From the website:
"Notice: The Loss Pricing for the month of August has changed from $100 to $91.87, which equates the change from $3.00/MWH to $2.7561/MWH. This is based on the FERC-Migated price outside of California."


Here's another spin on the election ballot!
----- Forwarded by Tana Jones/HOU/ECT on 11/13/2000 09:04 AM -----

	Tom Moran
	11/10/2000 06:26 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Florida Ballot

 - Morons1.gif


need to be 12:30

	Lysa Akin@ECT
	12/18/2000 12:56 PM

		 To: Alan Comnes/PDX/ECT, Jeff Dasovich/NA/Enron, Paul Kaufman/PDX/ECT
		 cc:
		 Subject: Re: AVAILABILITY for call today

Can you do it prior to 1:30pm??

---------------------- Forwarded by Lysa Akin/PDX/ECT on 12/18/2000 11:02 AM
---------------------------

Susan J Mara@ENRON
12/18/2000 10:57 AM
To: Lysa Akin/PDX/ECT@ECT
cc:
Subject: Re: AVAILABILITY for call today

I have ab appointment at 4:00, so I would have to do it from the car and I
would not have nmuch time -- any time until 1:30 pm is better.

	Lysa Akin@ECT
	12/18/2000 10:46 AM

		 To: Susan J Mara/NA/Enron, Jeff Dasovich/NA/Enron
		 cc: Mary Hain/HOU/ECT@ECT, Paul Kaufman/PDX/ECT, Alan Comnes/PDX/ECT, Joseph
Alamo/NA/Enron@Enron
		 Subject: AVAILABILITY for call today

Please advise if you would be available for a call at 3:30pm Pacific time
today.
---------------------- Forwarded by Lysa Akin/PDX/ECT on 12/18/2000 10:51 AM
---------------------------

Mary Hain
12/18/2000 10:43 AM
To: Lysa Akin/PDX/ECT@ECT
cc:
Subject: call today

Please get times when people are available.  Thanks.
---------------------- Forwarded by Mary Hain/HOU/ECT on 12/18/2000 10:52 AM
---------------------------

Mary Hain
12/18/2000 10:42 AM
To: Susan J Mara/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Paul
Kaufman/PDX/ECT@ECT, Alan Comnes/PDX/ECT@ECT
cc:
Subject: call today

I'd like to set up a call for this afternoon to discuss the FERC's order, in
general.  Also, in an hour or so I'll also be forwarding a proposed issue
list on rehearing so we can talk about it.

Lysa Akin
12/18/2000 09:53 AM
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: Re: call today

I got your message after I sent you this update.  I sent a note to everyone I
contacted, advising the call would not take place.

Mary Hain
12/18/2000 09:52 AM
To: Lysa Akin/PDX/ECT@ECT
cc:
Subject: Re: call today

Jim says he doesn't want to have a conference call yet.

Lysa Akin
12/18/2000 09:26 AM
To: Mary Hain/HOU/ECT@ECT
cc:
Subject: call today

regarding the call you asked me to set up:

Jim is is DC with Rick and Steve.  Marcia is paging him to see if he is
available at 2:30pm Central/3:30pm Eastern
I left a message wither Bernadette to call me back regarding Joe and Sarah's
availability at 3:30pm Eastern
Jeff indicated is he available at 12:30 Pacific.
I left a message w/Sue asking if she can make it at 12:30pm.

Maureen advised that Steve might be able to make it at 3:30pm Eastern, so I
will make sure she has all the info so that she can page him.

I left a message for Richard to call me back


Greg:

I received the following email from RBC and am attaching a redline of
changes.  Since ECC will be signing, let me know if you have any objections.
Sara

----- Forwarded by Sara Shackleton/HOU/ECT on 12/12/2000 02:03 PM -----

	"Fleming, Blair " <blair.fleming@rbcds.com>
	12/08/2000 02:39 PM

		 To: "'Sara.Shackleton@enron.com'" <Sara.Shackleton@enron.com>,
"'sarah.heineman@enron.com'" <sarah.heineman@enron.com>,
"'kelly.boots@enron.com'" <kelly.boots@enron.com>, "Fleming, Blair "
<blair.fleming@rbcds.com>
		 cc: "Darby, Giles" <Giles.Darby@rbcds.com>
		 Subject: Alberta Gas Prepay and Assignment to BTM

As you are aware, we are finalizing the participation of Bank of
Tokyo-Mitsubishi (BTM) into the Alberta Gas Prepay financing.?

Recall there are three swaps:

(a) Commodity Swap between Enron Canada and RBC(b) Commodity Swap between
Chase and RBC(c) Interest Rate Swap between Enron Canada and RBC

We will be participating BTM into the agreements to which Enron is party [(a)
and (c) above].? As a result of this, Enron will not be re-signing any new
ISDA's etc.?? However, Section 7 to the ISDA Master agreement governing
Transfers requires the prior written consent for any transfer of "any
interest or obligation" under the Agreement.? Our view is that the
participation to BTM does qualify as a tranfer of an any "interest or
obligation", ergo we need Enron's consent.? Attached please find a proposed
Consent from Enron prepared by my lawyer.? This is the only document that we
require signed by Enron.? Please take note of the key language contained
therein:

??????? "Enron hereby consents to RBC assigning a 50% participation interest
in the Swap Documents to Bank of Tokyo-???? ?????? Mitsubishi, Ltd., New York
Branch; provided that (a) RBC's rights and obligations under the Swap
Documents shall remain ??????? unchanged, (b) RBC shall remain solely
responsible to Enron for the performance of such obligations and (c) Enron
shall ??????? continue to deal solely and directly with RBC in connection
with RBC's rights and obligations under the Swap Documents."

The commodity swap between Chase and RBC will be "split" and each of RBC and
BTM will have a Swap with Chase for one-half the amount.

Sara(s), please advise whether you are comfortable with our approach and
whether you require any changes to the Consent.? BTM has reviewed the
Participation agreement and is moving forward to getting the doc's approved
internally...we're targeting for a close mid next week (the week of Dec 11)
and accordingly your execution of the Consent within that timeframe would be
much appreciated.? Given that you continue to deal in all ways with RBC, I
have not forwarded you a copy of the Participation agreement....

Thanks and have a good weekend!

-----Original Message-----From:?? Rick Borden
[SMTP:Rick.Borden@macleoddixon.com]Sent:?? Thursday, December 07, 2000 5:47
PMTo:???? blair.fleming@rbcds.comSubject:??????? Enron Canada Corp.
[Comment]??

Please see the attached Consent.

Richard P. BordenMacleod Dixon LLP3700 Canterra Tower400 - 3rd Avenue
S.W.Calgary, Alberta? T2P 4H2Tel:? (403) 267-8362Fax:? (403) 264-5973E-mail:?
rick.borden@macleoddixon.com

<<MACLEOD-.doc>>

 - MACLEOD-.doc


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---------------------- Forwarded by Judy Hernandez/HOU/ECT on 08/23/2000
11:32 AM ---------------------------

"SOCORRO HERNANDEZ" <SUHERNAN@LLGM.COM> on 08/18/2000 12:55:40 PM
To: <Judy.Hernandez@enron.com>, "JESSICA VEGA" <JVEGA@LLGM.COM>, "KATHY MARIE
MOORE" <KMOORE@LLGM.COM>, <bandama@ssa.co.orange.ca.us>,
<maryloulou@yahoo.com>
cc:
Subject: Fwd: FW: Penney

Content-Transfer-Encoding: quoted-printable
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From: "WILEMON, TAMMY" <TWilemon@victoria.warmsprings.org>
To: "JULIE VILLARREAL (E-mail)" <jvillarreal@jw.com>,        "Aaron/Mason
Villarreal (E-mail)" <massar@aol.com>,        "Amanda Villarreal (E-mail)"
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<macman_11_2000@yahoo.com>,        "Colby J wilemon (E-mail)"
<cjw_11@yahoo.com>,        "James Wilemon (E-mail)"
<emtjnw@dewittec.net>,        "Linda Kroeker (E-mail)"
<lkroeker@nts-online.net>
Subject: FW: Penney
Date: Fri, 18 Aug 2000 09:43:18 -0500
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-----Original Message-----
From: PYATT, VICKI
Sent: Friday, August 18, 2000 9:19 AM
To: Brenda Gescheidle (E-mail); Michael Arnold (E-mail); Sallie Ann Sullivan
(E-mail); Victor H. Arnold (E-mail); 'amy sullivan'; 'Deborah Worrall';
'felisha stelpflug'; 'janna shoe'; 'Kellye Sullivan'; 'marla morrison';
'sherry flume'; 'stacy zella'
Cc: FARMER, LUCRETIA; BLUNDELL, DEBBIE; STOWERS, NOELLE; WILEMON, TAMMY;
CARLEY, BECKI
Subject: FW: Penney

-----

> FOUND PENNY
>
>  I found a penny today
>  Just laying on the ground,
>  But it's not just a penny
>  This little coin I've found.
>  Found pennies come from heaven
>  That's what my Grandpa told me,
>  He said Angels toss them down
>  Oh, how I loved that story.
>
>  He said when an Angel misses you
>  They toss a penny down,
>  Sometimes just to cheer you up
>  To make a smile out of your frown.
>
>  So don't pass by that penny
>  When you're feeling blue,
>  It may be a penny from heaven
>  That an Angel's tossed to you.
>
>  j  j  j  j  (look closely, these are little
>  angels!
>  Pass this on to the people who you care about and who
>  you feel that are angels to you. An angel is now
>  watching over you....  j
>


Attached are the execution copies of the Turbo Park documents that are
relevant to power plant equipment procurement and development.   I have asked
Finance to provide us with summaries of the relevant provisions since the
120+ page Participation Agreement, which is largely a loan agreement, is very
complex.  I will nevertheless attempt to summarize the "process" of getting
into and out of TurboPark.  In the meantime, please familiarize yourselves
with the documents.


Hi Hedy, Scott, Sandi:

Any news on signing of SB 43? Eric Letke mentioned that Sony--a potential
customer--told him that the Governor signed it on Friday and that they (Sony)
had a representative at the signing.  Any news would be great.  Thanks a
bunch.

Best,
Jeff


Do you guys know which books each of your people will be doing?  There is a column for that in the trader matrix under the controls folder.  Ramesh will be loading our information into risktrac for us once we have all of the information, book admin id is one of the fields he needs.

When you have decided can you please input that into the trader matrix and I'll then forward everything to Ramesh.

Thanks

Kam


SF


I want to trade you a 4th, 6th and 8th round pick for your 2nd.

Let me know what you think


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   Word of the Day for Wednesday October 24, 2001:

   idyll \EYE-dl\, noun:
   1.  A  simple  descriptive  work,  either  in poetry or prose,
   dealing  with  simple,  rustic  life; pastoral scenes; and the
   like.
   2.  A  narrative  poem  treating  an epic, romantic, or tragic
   theme.
   3. A lighthearted carefree episode or experience.
   4. A romantic interlude.

     Sheep  are  not  the  docile,  pleasant  creatures  of  the
     pastoral idyll. Any countryman will tell you that. They are
     sly, occasionally vicious, pathologically stupid.
     --Joanne Harris, [1]Chocolat

     From  too much looking back, he was destroyed,... trying
     to  re-create  an  idyll that never truly existed except in
     his own imagination.
     --Gore Vidal, [2]The Essential Gore Vidal

     [S]he  kept  a  diary that poignantly captured the sense of
     youthful  gaiety  shattered by events suddenly intruding on
     their teenage idyll.
     --James  T.  Fisher,  Dr.  America:  The Lives of Thomas A.
     Dooley, 1927-1961

     The Guevaras' honeymoon idyll, such as it was, did not last
     long.
     --Jon Lee Anderson, [3]Che Guevara: A Revolutionary Life
     _________________________________________________________

   Idyll  ultimately  derives  from  Greek  eidullion,  "a  short
   descriptive  poem  (usually  on pastoral subjects); an idyll,"
   from  eidos,  "that  which  is seen; form; shape; figure." The
   adjective form is idyllic.

References

   1. http://www.amazon.com/exec/obidos/ASIN/014100018X/lexico
   2. http://www.amazon.com/exec/obidos/ASIN/0679457461/lexico
   3. http://www.amazon.com/exec/obidos/ASIN/0802135587/lexico

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Near term bullishness for PIRA

-----Original Message-----
From: PIRA Distribution [mailto:distribution@pira.com]
Sent: Monday, April 29, 2002 3:48 PM
To: PIRA Natural Gas Retainer Client
Subject: PIRA's Monthly Gas Forecast Slideshow (04/26/2002)

Attached is a slideshow summarizing PIRA's latest "U.S. Gas Market Forecast."

Contact Client Services regarding delivery of your PIRA reports, address changes, or technical support at (212) 686-6808, email: support@pira.com <mailto:support@pira.com>.

If you have any questions regarding the contents of a PIRA Natural Gas report, please contact: Greg Shuttlesworth (email: greg@pira.com <mailto:greg@pira.com>), Richard Redash (email: rich@pira.com <mailto:rich@pira.com>), Nobu Tarui (email: nobuo@pira.com <mailto:nobuo@pira.com>) or Jane Hsu (email: jane@pira.com <mailto:jane@pira.com>), at (212) 686-6808.

You can access all your PIRA reports or search through a report archive by logging in to PIRA Online at www.pira.com <http://www.pira.com/>.

NOTE: Circulation of PIRA reports outside a Client's licensed distribution area is strictly prohibited. Clients that are unsure of their licensed distribution or require an extension of their current license should contact their PIRA sales representative, or email: sales@pira.com <mailto:sales@pira.com>.

PIRA Energy Group


Susan and Sara:
Gregory is keeping track of all EES counterparty letters.  You may want to compare files/charts at some point.

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-3393 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com


----------------------------------------------------------------------------
NATIONAL JOURNAL'S TECHNOLOGY DAILY
DAILY FEATURES
is now available on nationaljournal.com:
Click Here: http://nationaljournal.com/pubs/techdaily/
----------------------------------------------------------------------------

TECH DAILY AFTERNOON FEATURES:

Issue Of the Week: Several high-tech lobbyists say politics had a bigger
impact on the industry's 2001 policy successes.
Click here to go directly to the feature -
http://nationaljournal.com/pubs/techdaily/features/issues/issu011221.htm

Executive Summary: Editor Sharon McLoone pens a concise digest of the
week's topic high-tech policy news.
Click here to go directly to the feature -
http://nationaljournal.com/pubs/techdaily/features/execsumm/exec011221.htm

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----- Forwarded by Sara Shackleton/HOU/ECT on 07/20/2000 11:46 AM -----

	Sara Shackleton
	07/20/2000 10:26 AM

		 To: Trena McFarland/LON/ECT
		 cc: Sheila Glover/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
		 Subject: Re: MG

Trena:  We have ISDA agreements as follows:

(1)  CIBC
 (a)  Enron Corp. has a 1/17/96 master and CIBC is designated as multibranch
to act through offices in Tokyo, London and New York.  If this agreement is
used, we need to add FX/currency provisions.
 (b)  ENA has a 10/1/94 master and CIBC is designated as multibranch to act
through offices in Toronto, Tokyo and London.  The agreement was amended on
5/24/96 (to add a collateral annex), on 7/27/97 t(o add FX/currency option
and FRABBA provisions) and on 1/13/00 (to amend thresholds).

(2)  Deutsche Bank AG
 ENA is in the process of negotiating an ISDA master agreement.  We are
speaking with Stephen Kessler (legal) in New York.

(3)  Commerzbank AG
 ENA is in the process of negotiating an ISDA master agreement.  We sent a
draft ISDA to Terence Zahner in New York on 10/6/99.  This was suppose to be
forwarded to lawyers in Germany.  We left a message for someone named Roger
Ackerman in NY in March, 2000.

(4)  Metall Bank - NOTHING

Please let me know if you need anything further.  Sara

	Trena McFarland
	07/18/2000 09:58 AM

		 To: William S Bradford/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT
		 cc:
		 Subject:

Bill

You are probably aware that Enron has gone unconditional on its offer to buy
MG, a metal company here in London.
The objective is to integrate with them ASAP and as smoothly as possible.

I made a visit with MG today and talked to their FX trader who said that he
trades with the following banks:
CIBC
Deutche Bank
Commerz Bank
Metall Bank

Can you please tell me what lines we have in place with these, if any at all.

Sara
Do we have isdas etc in place?

Most of the trades are spot or 3mth forward, but some trades are up to four
years out.

Thanks
Trena


EFF_DT PORTFOLIO_ID DOWN95
11/13/00 MANAGEMENT-CRD 0
11/13/00 MANAGEMENT-GAS 2,726,690
11/13/00 MANAGEMENT-PWR 243,892
11/13/00 AGG-MANAGEMENT 2,785,081


Hi Everyone,

Don't forget - roommate request forms are due October 13!

Cheers,

Diane


Grace,
What is a CPE certificate?

B

 -----Original Message-----
From: 	Rodriguez, Grace
Sent:	Tuesday, November 20, 2001 9:57 AM
To:	Harasin, Leaf; Guzman, Mark; Solberg, Geir; Linder, Eric; Salisbury, Holden; Woodland, Andrea; Frost, David; Guillaume, David; Law, Samantha; Eriksson, Fredrik; Cadena, Angela; Bryson, Jesse; Oh, Jeffrey; Wente, Laura; Clark, Ed; Buerkle, Jim; Shaw, Garet; 'brett_sims@pgn.com'; Williams III, Bill; Slinger, Ryan; Meyers, Albert; Bruce, James; Dunton, Heather; Stathis, Kristin; Lobdell, Jim; Purcell, Mike; Calvert, Gray; Hall, Steve C. (Legal)
Subject:	CPE Certificates for Derivatives courses

Howdy all!

Just an FYI: If you are interested in applying your Derivatives Course(s) to a particular certification as CPE hours AND have completed Derivatives I and/or II, please let me know. I will arrange to have a CPE certificate sent to the office in your name.

Thanks,
Grace
x8321

====
P.S. Samantha: I've already added you to the list! :o) --G


Vince, Anita and Kevin:

I went to the dentist yesterday afternoon, and unfortunately, I am going to
have to have some oral surgery.

It is scheduled for 9:30 AM on Thursday the 21st of September, so I will
probably
be out the rest of the day.  Hopefully, I will return on Friday, the 22nd if
all goes
well.

Just wanted to let you know.

Thanks!

Shirley

******************************************************************************
******
Anita and Kevin:

I will also be on vacation next Wednesday, the 13th for one day.

Thanks!

Shirley


Dear Joe:

I forgot the attachment.  Here it  is.
Jonda L. Stowell
Legal Assistant
The Fullenweider Firm
4265 San  Felipe, Suite 1400
Houston, TX  77027
(713) 624-4100  Telephone
(713) 624-4141 Facsimile
 e-mail:  jls@fullenweider.com

 - VISITATION-STANDARD POSSESSION ORD.doc


Be blessed this week.
----- Forwarded by Charlotte Banks/Enron Communications on 09/21/00 10:31 AM
-----

	Claudette Daniels@ENRON
	09/20/00 04:41 PM

		 To:
		 cc: (bcc: Charlotte Banks/Enron Communications)
		 Subject: FW: A Positive Thought

> A POSITIVE THOUGHT
> If God had a  refrigerator, your picture would be on it.
> If He had  a wallet, Your photo would be in it.
> He sends you flowers  every spring and a sunrise every? morning.
> Whenever  you want to talk, He'll listen.
> He can live anywhere  in the universe, and He chose your heart.
> What about  the Christmas gift He sent you in? Bethlehem; not to mention
> that Friday at Calvary.
>
> Face it, He's crazy  about you.
> Send this to the people you're crazy  about.


I've updated the memo to insert the missing references.  I also learned that
he meetings with ONS and ANEEL are scheduled for tomorrow.  Thanks


TO:    MR. GERALD RAY NEMEC
FROM:  Membership and MCLE Departments of the State Bar of Texas

Congratulations! You have successfully registered for TexasBar Online
Services.

The State Bar of Texas is the first Bar organization in the country to
provide a full view of MCLE compliance information via the Internet. The
PIN number referenced below will allow you to review your current and past
MCLE compliance records.   This service may be used at any time to confirm
CLE credits for any compliance year, determine if MCLE requirements have
been met for the current year, and verify current and previous years, MCLE
compliance status.

Your PIN number is: 0670

This number will allow you to access your confidential MCLE compliance
records.   Please memorize or file this number in a secure place.   If you
forget or misplace this number, contact the Membership department at 1
(800) 204-2222, ext. 1383 for reassignment of a new PIN number.

To return to TexasBar Online to review your compliance record use the
following link:

http://www.texasbar.com/attyinfo/mcle/services.asp

The information contained in this message is intended only for use of the
individual or entity named above.  If the reader of this message is not
the intended recipient, or the employee or agent responsible to deliver it
to the intended recipient, you are hereby notified that any dissemination,
distribution or copying of this communication is strictly prohibited.  If
you have received this communication in error, please immediately notify
the Membership department at the number listed above.


This request has been pending your approval for  51 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000067320&Page=Approval to review and act upon this request.

Request ID          : 000000000067320
Request Create Date : 10/11/01 10:24:53 AM
Requested For       : matt.smith@enron.com
Resource Name       : Risk Acceptance Forms Local Admin Rights - Permanent
Resource Type       : Applications


Dr. Lay (in care of - Rosalee Fleming):

We are very pleased to have you participate in our "Markets in
Transition" symposium on January 10, 2001.  I will be sending additional
information to you, but I wanted to give you some "advance warning" on a
couple items.

We will be putting together a symposium brochure in December.  As part
of that, we would like to get a biography of you (about 200-250 words in
length), and a photograph.  We will need this by around the first of
December, so I wanted to give you a little advance notice.

I will contact you after Thanksgiving to provide more details around
this event.  If you have any questions in the meanwhile, feel free to
contact me.

Brad Burke
Associate Director, Rice Alliance

bburke@rice.edu
713-348-6136


Sara -

 Per Kristina's request attached please find the master bandwidth
agreements.  Please call me (x33246) if you have any questions or if anything
further is needed.

Thank you,
Robin


---------------------- Forwarded by Jay Reitmeyer/HOU/ECT on 11/17/2000 01:26
PM ---------------------------

Jeff Coates@EES
11/17/2000 12:15 PM
To: Jay Reitmeyer/HOU/ECT@ECT
cc:
Subject: FW: The best!

---------------------- Forwarded by Jeff Coates/HOU/EES on 11/17/2000 12:12
PM ---------------------------

C Kyle Griffin
11/17/2000 11:51 AM
To: Ken Byrd <ken@techquality.com> @ ENRON, lcc11@hypercon.com, "Merida L.
Carrabba" <mcarrabba@houston.rr.com> @ ENRON, Stephen C Griffin
<imsparky4u@juno.com> @ ENRON, "Michael Lanasa" <mlanasa@bc-arch.com> @
ENRON, Erik Songer <Erik.M.Songer@marshmc.com> @ ENRON, brandons@ctrec.com,
Monica Roberts/HOU/EES@EES, Amanda Boettcher/HOU/EES@EES, Tom
Donovan/ENRON@enronxgate, Jeff Coates/HOU/EES@EES, Timothy J
Hamilton/HOU/EES@EES, Laura R Arnold/DUB/EES@EES, Morgan Babin/HOU/EES@EES,
Justin O'Malley/HOU/EES@EES, Chris Elliott/HOU/EES@EES
cc:
Subject: FW: The best!

This is a little weird, but nonetheless, funny.

---------------------- Forwarded by C Kyle Griffin/HOU/EES on 11/17/2000
11:41 AM ---------------------------

Aneela Charania@ECT
11/17/2000 11:35 AM
To: afshic@yahoo.com, C Kyle Griffin/HOU/EES@EES, rmchargue@kpmg.com,
pmundwiller@kpmg.com, Farouk Lalji/HOU/ECT@ECT, nikunj@alltel.net,
christine.r.rodriguez@us.arthurandersen.com, shahzadd@hotmail.com,
sheilah.c.osowski@us.arthurandersen.com, barkat.charania@usa.net,
toral_vani@hotmail.com, gcharania@yahoo.com, ssadruddin@breakaway.com,
asma.meghani@chase.com, zroopani@kpmg.com, mali214@hotmail.com,
SDhanani@gulshaninc.com, alid8@aol.com, ma69132@email.msn.com
cc:
Subject: FW: The best!

 - West Palm Beach voters. (1).doc


BRET SCHUNDLER'S TELEMARKETING SCAM:
REAL SHAME LIES IN HIS EFFORT TO MISLEAD SENIORS

McGreevey for Governor campaign director Steve DeMicco today stood by the
campaign's radio ad exposing Republican Bret Schundler's attempt to mislead
seniors on his property tax relief plan, and fired back at the Schundler
campaign for its disingenuous plan to reduce their property taxes.

"Bret Schundler is doing a disservice to seniors in New Jersey with his
statewide telemarketing campaign that is misleading voters," said DeMicco.
"Within 72 hours of the calls promising a tax cut, he backed off the plan,
saying there would not be any tax cuts next year. (Source:  Associated
Press, 9/27/01)  To date, Mr. Schundler has yet to say just when his plan
would be implemented.  Our seniors deserve better, and he ought to apologize
to them for misrepresenting his plan for political gain."

Last week, the McGreevey campaign began airing a radio ad exposing
Schundler's scheme to mislead seniors. In recent weeks, Schundler launched a
statewide phone-banking effort, calling seniors throughout the state
promising a new property tax cut.  But, when questioned about the plan,
Schundler backed off his proposals and admitted that there will be no tax
cut next year.

DeMicco also lambasted the Schundler campaign for its TV and radio ads that
have been criticized by the media.  The New York Times called his ads
"misleading" (10/20/01) and The Bergen Record called them a "stretch"
(10/16/01), and charged that Schundler "exaggerates" his record  (9/26/01).

"Mr. Schundler has consistently distorted Mayor McGreevey's record and have
at best misrepresented his own record - on taxes, on crime and on parkway
tolls," DeMicco said.  "The voters deserve straight talk, and it's clear
that Jim McGreevey is the only candidate for governor who is putting forth a
responsible plan to improve public schools, put drivers before auto
insurance companies, provide real property tax relief, protect a woman's
right to choose and to fight any effort to weaken New Jersey's tough gun
laws. That's the kind of governor New Jersey deserves - not one who is going
to make reckless promises just to get elected."

*****
Paid for by McGreevey for Governor 2001, Inc
"Fights for New Jersey. Right for New Jersey."
*****

You have been sent this email because you or someone you know registered
with our email distribution list.  If you have received this message in
error, please reply to this message or write to jim@mcgreevey.org with
"unsubscribe" in the
subject line.


TODAY'S HEADLINES
The New York Times on the Web
Wednesday, January 30, 2002
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com

QUOTE OF THE DAY
=========================
"The United States of America will not permit the world's
most dangerous regimes to threaten us with the world's most
destructive weapons."
-PRESIDENT BUSH

http://www.nytimes.com/2002/01/30/politics/30BUSH.html?todaysheadlines

NATIONAL
=========================
F.B.I. Director Removes Official Over Her Handling of Spy
Inquiry

Sheila Horan, one of the F.B.I.s highest ranking women, was
removed over her handling of an investigation into
suspicions of Chinese espionage, officials said.
http://www.nytimes.com/2002/01/30/national/30SPY.html?todaysheadlines

-----

Harvard Adds Black-Politics Scholar to Faculty

Harvard University, which lost a top black scholar last week
to Princeton, has hired a scholar of black politics from
the University of Chicago.
http://www.nytimes.com/2002/01/30/education/30HARV.html?todaysheadlines

-----

In Speech, Bush Calls Iraq, Iran and North Korea 'an Axis of
Evil'

President Bush told Americans on Tuesday night that "our war
against terror is only beginning" and sent new warnings to
terrorists around the world.
http://www.nytimes.com/2002/01/30/politics/30BUSH.html?todaysheadlines

-----

MORE NATIONAL NEWS:
http://www.nytimes.com/pages/national/index.html?todaysheadline

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\---------------------------------------------------------/

INTERNATIONAL
=========================
Pointing Finger, Bush Broadens His 'Doctrine'

President Bush on Tuesday laid the basis for an ambitious
campaign against Iraq and other hostile nations that are
seeking to develop weapons of mass destruction.
http://www.nytimes.com/2002/01/30/international/30STRA.html?todaysheadlines

-----

In Flash of an Afghan Cape, a Star of Diplomacy Is Born

If Central Casting had searched for an unknown player to
explain the challenges of a reborn Afghanistan, it could
hardly have done better than Hamid Karzai.
http://www.nytimes.com/2002/01/30/international/asia/30KARZ.html?todaysheadlines

-----

An Intricate Web Lured Reporter to Meet a Cleric Who
Vanished

Daniel Pearl, the American reporter who was kidnapped in
Pakistan last Wednesday, was drawn into a well-laid trap by
his abductors.
http://www.nytimes.com/2002/01/30/international/asia/30REPO.html?todaysheadlines

-----

MORE INTERNATIONAL NEWS:
http://www.nytimes.com/pages/world/index.html?todaysheadline

BUSINESS
=========================
Enron Says Shredding of Records Was Not Stopped Until
Recently

Enron acknowledged that it had contracted until mid-January
with commercial shredding companies to destroy company
documents.
http://www.nytimes.com/2002/01/30/business/30SHRE.html?todaysheadlines

-----

Evidence Proving Fraud May Turn Out to Be Elusive

Enron collapsed after reporting strong profits for years, a
fact that might be seen as proof that the profits were
illusory.
http://www.nytimes.com/2002/01/30/business/30TIES.html?todaysheadlines

-----

2 Tyco Officials Sold Stock by Returning It to Company

Two senior executives of Tyco International quietly disposed
of more than $100 million in Tyco stock during the
company's last fiscal year.
http://www.nytimes.com/2002/01/30/business/30PLAC.html?todaysheadlines

-----

MORE BUSINESS NEWS:
http://www.nytimes.com/pages/business/index.html?todaysheadline

TECHNOLOGY
=========================
Gerstner to Step Down as I.B.M. Chief

Louis V. Gerstner Jr., an outsider who guided a remarkable
turnaround at I.B.M. and transformed its once-hidebound
culture, announced that he would step down on March 1.
http://www.nytimes.com/2002/01/30/technology/30BLUE.html?todaysheadlines

-----

IDT Says It May Want to Buy Some Assets of Global Crossing

The IDT Corporation said that it was interested in buying
assets from Global Crossing, the fiber optic company that
filed for bankruptcy protection on Monday.
http://www.nytimes.com/2002/01/30/technology/30GLOB.html?todaysheadlines

-----

Diverse Group Opposes EchoStar-DirecTV Deal

Formidable forces are arrayed against Charles W. Ergen, the
CEO of EchoStar, as he tries to win regulatory approval for
his company's takeover of DirecTV.
http://www.nytimes.com/2002/01/30/business/media/30BIRD.html?todaysheadlines

-----

MORE TECHNOLOGY NEWS:
http://www.nytimes.com/pages/technology/index.html?todaysheadline

POLITICS
=========================
In Speech, Bush Calls Iraq, Iran and North Korea 'an Axis of
Evil'

President Bush told Americans on Tuesday night that "our war
against terror is only beginning" and sent new warnings to
terrorists around the world.
http://www.nytimes.com/2002/01/30/politics/30BUSH.html?todaysheadlines

-----

Republicans Divide Over Disclosing Information

Republican senators are breaking ranks over the White
House's refusal to tell Congress about contacts between
Enron and the administration's energy task force.
http://www.nytimes.com/2002/01/30/business/30ENRO.html?todaysheadlines

-----

Afghan Agrees With Bush on Prisoners

Afghanistan's interim leader said the captives from the
Afghanistan war being held in Guantanamo Bay, Cuba,
did not deserve prisoner-of-war status.
http://www.nytimes.com/2002/01/30/international/asia/30DETA.html?todaysheadlines

-----

MORE POLITICS NEWS:
http://www.nytimes.com/pages/politics/index.html?todaysheadline

SPORTS
=========================
Tyson Denied License in Nevada

The Nevada State Athletic Commission denied Mike Tyson a
license to fight Lennox Lewis. It is the second time the
panel has halted Tyson's career.
http://www.nytimes.com/2002/01/30/sports/othersports/30TYSO.html?todaysheadlines

-----

U.S. Athletes Must Guess on Supplements

American Olympic officials send their athletes contradictory
and, to some critics, hypocritical messages about
nutritional supplements.
http://www.nytimes.com/2002/01/30/olympics/30OLYM.html?todaysheadlines

-----

Knicks Send Iverson to Background

Allen Iverson scored only 15 points, his lowest   output of
the season, and the Knicks stunned the   Philadelphia
76ers.
http://www.nytimes.com/2002/01/30/sports/basketball/30KNIC.html?todaysheadlines

-----

MORE SPORTS NEWS:
http://www.nytimes.com/pages/sports/index.html?todaysheadline

ARTS
=========================
The Trial of a Dealer Divides the Art World

The case of Frederick Schultz, a prominent New York City
antiquities dealer, is seen by many as a test of the
American government's resolve on stolen antiquities.
http://www.nytimes.com/2002/01/30/arts/design/30DEAL.html?todaysheadlines

-----

Battering Begins. The Police Come. It All Starts Again.

Like his other works, Frederick Wiseman's unambiguous new
documentary examines American institutions: in this case,
institutions that are built to  assist sufferers.
http://www.nytimes.com/2002/01/30/movies/30VIOL.html?todaysheadlines

-----

Songwriter Sues F.C.C. Over Radio Sanctions

Sarah Jones claims the Federal Communications Commission
violated her First Amendment rights when it fined a radio
station for playing a spoken-word song by her with vivid
sexual imagery.
http://www.nytimes.com/2002/01/30/arts/30STAT.html?todaysheadlines

-----

MORE ARTS NEWS:
http://www.nytimes.com/pages/arts/index.html?todaysheadline

NY REGION
=========================
Before the Towers Fell, Fire Dept. Fought Chaos

Poor radio communication on Sept. 11 rendered firefighters
in the twin towers unreachable, according to interviews
with fire commanders.
http://www.nytimes.com/2002/01/30/nyregion/30FIRE.html?todaysheadlines

-----

Tenuous Grip on Rebuilding Could Hurt Bloomberg's Term

Decisions made regarding the area south of City Hall could
influence the outcome of Mayor Michael R. Bloomberg's term.
http://www.nytimes.com/2002/01/30/nyregion/30SITE.html?todaysheadlines

-----

For City, Good Buzz May Be Best Payoff of Economic Forum

New York's tourism industry is hoping for an economic boost
from the World Economic Forum.
http://www.nytimes.com/2002/01/30/nyregion/30ECON.html?todaysheadlines

-----

MORE NY REGION NEWS:
http://www.nytimes.com/pages/nyregion/index.html?todaysheadline

OP-ED
=========================
A Blue Burka for Justice
By  MAUREEN DOWD
The theme of Bush I is now the theme of Bush II: Trust us,
even if we won't let you verify. We know we're right. We
answer to no one.
http://www.nytimes.com/2002/01/30/opinion/30DOWD.html?todaysheadlines

-----

Dead Man Walking
By  THOMAS L. FRIEDMAN
Yasir Arafat is a dead man walking. So let us root for the
rapid emergence of a real Palestinian peace partner.
http://www.nytimes.com/2002/01/30/opinion/30FRIE.html?todaysheadlines

-----

The Cloning Conundrum
By JACK M. BALKIN
The United States Supreme Court  has   created legal
precedents that may make it difficult for the federal
government to ban cloning as well as hate crimes.
http://www.nytimes.com/2002/01/30/opinion/30BALK.html?todaysheadlines

-----

MORE OP-ED  NEWS:
http://www.nytimes.com/pages/opinion/index.html?todaysheadline

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WE HAVE THIS WEEK OFF- HAPPY THANKSGIVING TO ALL

Justin Rostant
Enron Financial Trading Desk.
Phone: 713-853-6460
Mobile: 832-264-6333
Fax: 713-646-3239


Mary, sorry for not getting back to you soooner.

Of the three concepts, only (i) Market Opening condition is proving sellable,
and then only on the basis the it is bilateral and for physical
transactions.  The other 2 concepts:  (ii) modified Market Disruption; or
(iii) suspension of obligations if Enron is subject to
judicial/regulatory/legislative action (intended to address Project Stanley),
are proving to be unworkable concepts.  I believe these latter 2 issues and
Market Opening Risk for financials will be resolved commercially as something
that will be lived with.  The traders/marketers have all three concepts
however.

With repsect to the summary of deals that may be subject to Market Disruption
as a result of changing legislation or Pool Rules, as we previously
discussed, I am not sure where that work product was going, other than
somebody (I believe Lavo) wanted the summary for information purposes (i.e.
as the deals were already done, the risk is what it is).  If there is some
other impetus for your report and I need to do something further, please let
me know.

Many thanks for all of the hard and thoughtful work.

Peter.

MARY COOK
12/04/2000 08:46 AM
To: Jeffrey T Hodge/HOU/ECT@ECT, Peter Keohane/CAL/ECT@ECT, Greg
Johnston/CAL/ECT@ECT, Mark Powell/CAL/ECT@ECT, Derek Davies/CAL/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT
Subject: Canadian Power Confirms

Attached is a redraft of the three proposed points for inclusion in each of
financial and physical power confirms.  Please review and advise of any
further comments or thoughts.

It is my understanding that it has been decided that Canada wants to negate
Market Disruption concepts on the basis of changes to EUA or Pool rules.  I
have also negated force majeure claims on the same basis (typically not apt
in financial--however, since it could be argued I added it in the financial
confirm language as well).  Question:  Would we also want to add "any other
excuse of performance" to this concept?  Such language would afford a broader
sweep in respect of various claims, however, (i) the sweep may be too broad
in light of it covering any change in the EUA or Pool rules and (ii)
ultimately, we may want some flexibility to argue other points.   Advise.

Under Performance Suspension the intent is to carve out the "trade" for
suspension, while leaving the other aspects of the masters/gtcs in place,
such as bankruptcy and other termination events.

Mary

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


This is more than you ever wanted to know about Catalytica!  If there is any point to regurgitating it, that point would be that this deal didn't make a dime for Enron, GE got a "gift" (as I would see it) of $10 million from Enron, and Catalytica got off scot-free.

The December 1999 DASH summarized the eight agreements associated with the transactions to "permit the following:  (1) sale and repurchase of the spark spread option; (2) funding XONON development in an amount equal to the proceeds of the option sale; (3) funding the turbine prepayment at the Pastoria project with the same option sale proceeds; (4) obtaining the right of first refusal on the first five commercial 7FAs equipped with XONON; and (5) purchase of the turbines on an off=balance sheet basis"  Enhancing the value of the equity investment in Catalytica was mentioned as a strategic benefit and potential upside.  Turbine overpricing was not mentioned in the DASH or the RISK MATRIX.

When Dave added his comments to the May 2000 DASH I understood that the $10 million cost was intended to be offset by $10 million in turbine credits.  Doing an allocation of the cost seemed logically to mean allocation of the credits once they were recognised.  Outside of the slim chance that something blew up, the allocated cost would be offset with a subsequently allocated credit, i.e. a wash.

From an ENA perspective the issue is moot.  If the decision is to allocate a portion of the turbine overpricing to the merchant portfolio but none of the credits, that clearly was not accounted for in 1999 or 2000 and certainly was not provided for in the 2001 Merchant Asset Management Plan.

---------------------- Forwarded by Richard Lydecker/Corp/Enron on 03/23/2001 11:58 AM ---------------------------

Richard Lydecker
03/23/2001 08:53 AM
To:	Christopher F Calger/PDX/ECT@ECT
cc:

Subject:	Re: out of interest

Chris, thanks for the clarification.  Pat did confirm with Sheila that the turbines were overpriced...which seems to mean that Enron ended up giving GE a gift of $10 million.  That seems strange.  It also still seems to me that the December 1999 DASH did not accurately reflect the deal.  Unless I missed it, I did not find any reference to turbine overpricing.

My understanding of Dave's comment on the May 2000 DASH was to account for the acceleration period between May and September 30 and the risk that the Pastoria project would be cancelled and/or the technology development fail in that period.  In May ENA gave up the opportunity to stick Catalytica with "credits" as payment for the repurchase of the SSO rather than cash if either of these events occured before September 30 and thereby lost the optionality of the four months.  The May 2000 transaction did not change the economics of the deal in any other way than this acceleration.   If the comment was intended to allocate the turbine overpricing which was part of the 1999 original transaction, I agree with you that this should have been handled at that time.

My concern has been that Enron retain the "benefit" of the credits referenced in the XTIA which apparently has occurred.  However, the fact apparently is that the credits had been rendered valueless from the start by the turbine overpricing.

My framework had been that as long as Enron received the credits in some form, the May 2000 transaction was a wash as far as I was concerned.

Dick.

Christopher F Calger@ECT
03/22/2001 07:58 PM
To:	Richard Lydecker/Corp/Enron@ENRON
cc:

Subject:	Re: out of interest

Dick,,

Sounds as though this caught you by surprise - sorry for that.  Your chronology seems correct.  This thing makes my head hurt every time it is brought up!  I believe the obligation was incurred Dec 1999, but not properly recognized/accounted for until the May,2000 DASH.  Delainey's hand-written note was the end result of people dissecting the deals with the realization that the West Power turbines were overpriced by the $9.9MM and the Catalytica equity account did not properly account for that in Dec 1999.

The turbine contract refers to a credit of $9.9MM but the gross turbine price was increased by twice that amount so that the net increase was $9.9MM.  ENA agreed to it because Piper wanted to help Catalytica.  Despite much protest from Dave Parquet, I agreed with Delainey and Ray Bowen that West Power would be on the hook for $3.3MM of the $9.9MM because the project got some benefit from Catalytica.   Delainey wanted the payment triggered on sale of Pastoria because he did not want my group to recognize any income until the project closed.  This was communicated to and acknowledged by accounting and I reminded them of it every month or two since mid-year.

I understand Pat called Sheila Tweed - I dont think she (or anyone) remembers the details, but she should be able to validate the point about turbine overpricing and the Delainey fix in May, 2000.

Regards,

Chris

Richard Lydecker@ENRON
03/22/2001 05:19 PM
To:	Christopher F Calger/PDX/ECT@ECT
cc:
Subject:	Re: out of interest

Chris, I couldn't agree more about the confusing history of the Catalytica XTIA and spark spread derivative transactions.  My understanding is slightly different from what you outline but you may have better sources.  Neither of us were present at the creation.

I am familiar with Dave Delainey's hand-written note on the May 22, 2000 DASH.  That DASH authorised accelerating repurchase of the SSO by three months.  My view is that Dave could allocate within ENA at his discretion.  I did not understand the rationale, however, since it was the December 14, 1999 DASH  which established the obligation for Enron to fund the $9.9 million.  All the May 22, 2000 DASH did was unwind a financing arrangement three months early.  It did not have anything to do with the incurrence of the obligation itself.

The objective of the complex series of agreements was for Enron to finance GE's development of the Xonon technology and in return receive credits on turbine purchases either at Pastoria or for other xonon-equiped turbines if Pastoria were cancelled.

Original Deal

1.  Catalytica agreed to purchase a spark spread option (SSO) from Enron for $9.9 million payable in four instalments.  These instalments exactly matched the funding obligation to GE under the XTIA.

2.  Catalytica actually paid Enron $3 million which represented the first two instalments.

3.  West LB made $3 million milestone payments to GE.  The Enron/West LP arrangement was an off balance sheet financing deal.  At the end of the day, Enron was paying GE.

4.  By September 30, 2000 Enron was obligated to repurchase the SSO from Catalytica for the amount Catalytica had paid Enron or for turbine credits if Pastoria were cancelled.

May 2000 SSO Repurchase

1.  Enron bought back the SSO from Catalytica for $3 million.  The three-month acceleration of repurchase was supposed to facilitate an IPO.  It did not impact at all           Enron's ultimate obligation which had always been for the full $9.9 million.

	Catalytica was now out of the chain and had no further payment obligations or credit entitlements.

December 2000 Final Milestone payment to GE

1.  Enron has paid GE $9.9 million  through the West LB financing arrangement (now Turbo Park)

I am uncertain whether GE increased the price of the Pastoria turbines by $9.9 million as part of these transactions.  My understanding was that there was concern about this when the turbine contract was negotiated, but I had thought this concern was to be guarded against in contract negotiation with GE.   If in fact GE did increase the cost of the Pastoria turbines by $9.9 million the entire purpose and benefit to Enron from these incredibly complex and non-intuitive documents was totally obviated.  Net, net Enron would have paid GE to develop a technology application with no compensatory value.  Why Enron would have done this kind of deal I don't know.

I'm not sure what internal income transfer would apply.  I understand that GE has applied the $9.9 million credit against a progress payment billing late last year.  Wouldn't this mean that the full credit was taken by Pastoria?  It is unclear to me why the sale of Pastoria should trigger anything.

At the end of the day  ENA did the deal in 1999 and how we account for the consequences now is irrelevant.  If the turbines were overpriced, the December 14, 1999 DASH seems to me to be misleading in not disclosing that fact when approval was requested.  The DASH actually states that the $9.9 million would "serve as a down payment for the Pastoria turbine package."

My summary may not be correct but this is the best I have been able to piece together on what happened.  Dick.

---------------------- Forwarded by Richard Lydecker/Corp/Enron on 03/22/2001 04:54 PM ---------------------------

Louise Kitchen@ECT
03/22/2001 03:13 PM
To:	Richard Lydecker/Corp/Enron@Enron
cc:

Subject:	Re: out of interest

---------------------- Forwarded by Louise Kitchen/HOU/ECT on 03/22/2001 03:10 PM ---------------------------

Christopher F Calger
03/22/2001 02:56 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:

Subject:	Re: out of interest

Calpine reduced their purchase price because the turbine contract for Pastoria was overpriced by $9.9MM, the amount of the Catalytica credit.

A brief confusing history as I understand it...ENA East and West jointly owned the Catalytica equity account in 1999.  It was written up based on expectations of an IPO value.  At 12/99 it transferred to West Power because Catalytica entered into an agreement with Pastoria to provide the Project with its Zonon technology.  This agreement included a commitment from GE to do research/work in order to use the Catalytica technology on GE turbines.  The cost of this ($9.9MM) was added to the Pastoria turbine contract.

In Feb 2000,  when I arrived in Portland, I had the Catalytica account transferred to the Portfolio because I thought it was overvalued with little synergies with ENA West Power.  In mid-2000 the agreement was restructured in order to "clean up" Catalytica so it could IPO.  At that time, Enron was credited back the $9.9MM from Catalytica and it was decided by Delainey that that amount should be split 2/3-Pastoria and 1/3Catalytica Equity, with the 2/3 going to ENA West Power upon the sale of Pastoria.  Pastoria did not get the full $9.9MM back because we benefited somewhat from favourable publicity and some interest savings.

At this time, since there is no funds transfer, I believe it simply becomes an internal income transfer from the Merchant Portfolio to ENA West Power.

Louise Kitchen
03/22/2001 08:33 AM
To:	Christopher F Calger/PDX/ECT@ECT
cc:
Subject:	out of interest

what happens under the Pastoria deal to the Catalytica credit - did it go to Calpine or are you using it in the other turbine purchases?

<Embedded StdOleLink>
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I made some big changes to the CGAS storage deals 268094 (no changes on this
ticket), 268090, and 268093.

Over the 4 day weekend we are over injecting 195,600 dth.  We will show this
volume coming out in June.  I also made about a 7,000 dth change to the
volumes coming out in August.

I am still showing most of the withdrawal of the ENA balance in August.

Let me know if you have any questions.


By the way, what is POR?

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Wednesday, November 21, 2001 4:55 PM
To:	Tycholiz, Barry; Tribolet, Michael; Mellencamp, Lisa; Hass, Glen; Miller, Stephanie; Tholt, Jane M.; Lawner, Leslie; Cantrell, Rebecca W.; Steffes, James D.; Novosel, Sarah; Harris, Steven; Fossum, Drew
Subject:	Conference Call with PG&E to Discuss the Gas Portion of Its Proposed Plan of Reorganization that It Will File w/FERC Toward End of November

PG&E called.  They want to set up a conference call to brief us on the gas piece of their POR that they'll be filing with FERC around November 30th.  They want to try to do it in the next couple of weeks. Please let me know if you're interested and please pass this along to anyone else who might be interested.  Thanks.

Best,
Jeff


Hi Kathleen,

Here's another deal like CA Development. We'll be doing the certificate of
incumb. today, I think.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/19/2001 06:16
AM ---------------------------

"Reuter, Marisa" <MReuter@KSLAW.com> on 04/17/2001 06:33:07 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: ENA/Blue Dog: Closing Checklist and ENA Incumbency Certificate

Kay:

Attached please find a preliminary draft of a Closing Certificate as well as
of an Incumbency Certificate.  At your convenience, please provide me with
the names, titles and contact information that will need to be included in
the Incumbency Certificate.  Thanks.

Regards,

Marisa

 <<ENAIncumbencyCertificate.DOC>>  <<ClosingChecklist.DOC>>

                    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.

 - ENAIncumbencyCertificate.DOC
 - ClosingChecklist.DOC


Hello, Researchers:

This Friday we have Paulo Issler speaking on "Implied Trees and Edgworth
Binomial Trees".
Time: 12 Noon, May 26; Place: 19C2.

The brown bag series has been a success thanks to your participation.  Hope to
see you again this Friday.

Zimin,
Alex.


GMAT REVIEW AT ENRON

The next GMAT review course at Enron will begin Monday, November 26th:
The schedule is:
     Course # 7019-00:  Monday nights, Nov 26 - Jan 28 (no class Dec 24 or
Dec 31)

This course is identical to the courses that started in October.  It is
being offered now for the benefit of employees who would like to take the
GMAT before January 31 for the purposes of applying to business school.

Course details:
     - Class is held at Enron in room ECN560 and is restricted to Enron
		employees
     - Each course is limited to eight students
     - Meets once a week for eight weeks
     - Hours are 6:00-9:00 PM (first session will run til 10:00 pm to
          include initial exam)
     - Expect 4-5 hours of homework per week
     - Course includes a total of four practice GMAT exams
     - Ends the second week of December, allowing employees to take the
          GMAT in December and meet a January application deadline.
     - Special discount of $200 off the regular Princeton Review tuition

Enron has allowed this program to be hosted in the Enron Building for
convenience of its employees.  Individuals are responsible for paying their
own fees.  Financial support from Enron is at manager's discretion and is
subject to the usual tuition reimbursement constraints around budget and
relevance to organizational performance.

HOW TO ENROLL:
     1.  Print out the attached registration form.
     2.  Complete the form, but please note the following
          SPECIFIC INSTRUCTIONS:
          A.  Fill out the student information completely, including
               your email address.
          B.  In the Enrollment section, where it says "Please enroll
               me in GMAT Class Size-8 Course # _________",
          C.  In the Payment section:  For the course at Enron, the
               tuition is discounted by $200, to $899.
               FULL PAYMENT of this amount by credit or debit card is
required on the registration form.  Be sure to indicate complete cardholder
information.
     3.  Fax the completed form to Princeton Review at (713) 688-4746.

Faxes are time-stamped by the receiving fax machine at Princeton Review.
The first eight valid registration forms received for each course will be
honored.  Registrations received after the first eight will be placed on a
waiting
list for the course or courses indicated.  Enrollments and waitlists will be
confirmed by email.

Employees who are not able to take the course at Enron can take a course at
the Princeton Review office at the same $200 discount.
Call (800)2REVIEW to register or to receive a list of course schedules.

IMPORTANCE OF THE GMAT:
     The GMAT score is a critical part of your application to business
school.  Indeed, in many cases, it is the single most decisive statistic
that admissions offices use in evaluating applicants.  While work
experience, GPA, essays, and interviews are all important components of
your application, the GMAT is the one objective factor that you can
substantially improve in a short period of time.

THE TEXAS MBA TOUR:
     All interested Enron employees are invited to attend the Texas MBA
Tour, which will be in Houston on Wednesday, January 23. The Texas MBA
Tour, of which The Princeton Review is a partner, is a group of six business
schools that host a joint MBA panel discussion and admissions fair.  The
participating schools are Texas, Rice, SMU, Baylor, TCU, and Texas A&M.
The Princeton Review has agreed to handle registration for the event, so
call
(800) 2REVIEW to register.

http://home.enron.com:84/messaging/gmatregform.pdf