ISDA PRESS REPORT - MAY 17, 2001

* ISDA Unveils New Margin Accord For Collateral Process - Dow Jones
* IRS Officials at Hearing Question Need For Hedging Regulations
Standard - BNA
* Towards one interest rate - Business Standard
* Credit protection costs down after Fed cut - Reuters
* Argentine bond swap seeks to calm fears of debt default - Financial
Times

ISDA Unveils New Margin Accord For Collateral Process
Dow Jones - May 16, 2001
By Joe Niedzielski

NEW YORK -(Dow Jones)- The International Swaps and Derivatives Association
said Wednesday that it has published new documentation on margin provisions.

The document, known as the 2001 ISDA margin provisions, updates and
simplifies ISDA'S four existing credit support documents in a single
document, ISDA said Wednesday in a press release.

"The document is easy to understand and will reduce the barriers to entry
for new derivatives market participants," Robert Pickel, ISDA's executive
director and CEO said in the release.

In many areas of the over-the-counter derivatives market, financial
institutions and other end users of derivatives , such as corporations and
fund managers, reduce credit exposure by posting cash collateral.

But unlike the highly-liquid and standardized U.S. government securities
repurchase market, where the transfer of collateral is generally initiated
by the close of business following a morning margin call, a derivatives
counterparty may have to wait as long as 10 days to two weeks before being
able to liquidate.

ISDA's new document, though, includes stepped-up timing standards for
collateral calls.

The provisions have common operational provisions, incorporate a plain
English approach and offer more streamlined timing and dispute-resolution
procedures, ISDA said.

Parties using the provisions can select jurisdiction-specific provisions to
apply to their margin arrangements under New York, English and Japanese law,
ISDA said.

The ISDA 2001 margin provisions documentation project was partially a
response to bouts of market turmoil in recent years. Several disputes have
arisen between market participants in the wake of 1998's liquidity seizure
and flight-to-quality following Russia's debt default and the near demise of
Long Term Capital Management, the heavily-leveraged hedge fund.

"The provisions were a response to market disruptions in recent years and
offer a mechanism to reduce credit exposure arising between the time of a
trade and the time at which an institution can liquidate any available
collateral," said David Maloy, managing director of global collateral and
margin at UBS Warburg and a co-chair of the ISDA collateral committee.

For institutions that want to amend their existing credit support annexes
rather than opt for the new margin provisions, amendment forms to the New
York law and English law credit support annexes will be available in June,
ISDA said.

ISDA said those forms will mirror the operative sections of the provisions
with respect to transfer timing, dispute resolution and substitutions or
exchange of margin.

IRS Officials at Hearing Question Need For Hedging Regulations Standard
BNA - May 17, 2001
By Alison Bennett

Internal Revenue Service and Treasury officials May 16 sharply questioned
witnesses on why they should broaden the risk standard used to define
hedging transactions in proposed rules (REG-107047-00) that have drawn
criticism from the practitioner community.

Nearly every hearing witness said the proposed rules do not go far enough in
implementing a new standard for hedging enacted under the Ticket to Work and
Work Incentives Improvement Act of 1999 (Pub. L. No. 106-70).

That law changed the standard for qualifying hedging transactions from one
focusing on risk reduction transactions to one centered around risk
management transactions. Witnesses complained that the proposed rules (12
DTR G-10, L-25, 1/18/01) retained too great a focus on risk reduction as a
way to assess whether favorable hedging treatment should be allowed.

The rules represent "a serious and inappropriate failure" to live up to
congressional standards, said Andrea Kramer of McDermott, Will & Emery in
Chicago. "I find it inconceivable that anybody could argue that the 1999 tax
act did not result in a far-reaching and substantive change to the meaning
of hedging transactions," Kramer said.

Questions From IRS

She was questioned closely by JoLynn Ricks, an IRS attorney-adviser on
financial institutions and products, about why the government should broaden
the standard to go beyond the position taken by the Financial Accounting
Standards Board on hedging in 1998, which focused on risk reduction.

Kramer contended that Financial Accounting Standard No. 133, which was
amended last June (118 DTR G-7, 6/19/00), is not relevant to tax questions
surrounding the hedging of derivatives. "The financial accounting rules for
derivatives and hedging transactions are fundamentally different from the
tax rules," Kramer said. "I would argue that FAS 133 is not significant
here.

In addition to urging the government to replace all mention of risk
reduction in the final rules with the standard of risk management, both
Kramer and Earl Goldhammer of American Electric Power asked for favorable
treatment for certain transactions by commodities dealers.

Commodities Proposal

Under the proposal raised by both witnesses, qualifying transactions would:

* relate to a derivative valued in reference to a commodity also
handled by the dealer;
* fall within pre-approved controls on speculation set out in formally
adopted risk management policies; and

* not be identified by the commodities dealer as having been entered
into in its dealer capacity.

"We would like to know that if a trader trades within preapproved limits,
and if you have a risk management program that is not a phony program, that
that is legitimate," Goldhammer said.

Although Goldhammer was identified on an IRS hearing document as working for
America's Energy Partners (95 DTR G-2, TaxCore, 5/16/01), he told IRS
officials that is merely his company's slogan.

Salomon Smith Barney Tax Director Mark Perwien, representing the
International Swaps and Derivatives Association Inc. in New York, also
criticized the references to risk reduction found under the proposed rules.

"It's very important for a company to be able to manage its price and all of
its other risks in a way that is consistent with how it sees the
marketplace," Perwien told the government panel.

The ISDA representative acknowledged that "obviously, IRS is concerned about
being whipsawed," but said protections, such as same-day identification of
derivatives, already exist.

He stressed that, to properly implement congressional intent, the final
rules should apply to all transactions undertaken in the ordinary course of
business that alter the taxpayer's exposure to one or more of the risks
inherent in the taxpayer's core economic activities.

In addition, he said, favorable hedging treatment should be available for
weather and energy supply derivatives. IRS also should permit hedges of
dividend streams, overall profitability, and other business risks that do
not relate directly to interest rate or price changes or currency
fluctuations, Periwen told the government.

Gap Hedges Raised

Testifying on behalf of the American Council of Life Insurers, Washington,
D.C., Frank Gould of Prudential Life Insurance Co. urged IRS and Treasury to
provide favorable treatment of gap hedging of derivatives by his industry.

"IRS field agents are routinely concluding that gap hedges are not good tax
hedges--they're consistently saying they're hedges of capital assets," Gould
said.

"Gap hedging isn't about a particular asset or group of assets," he said.
"It's about maintaining balance between assets and liabilities. It's an
integral part of how we run our business."

Peter Carlisle of Baker & McKenzie, Washington, D.C., and his colleague Jeff
Wallace, both said the IRS definition of risk management is "inappropriately
restrictive."

Wallace said that, because companies approach hedging in different ways, it
would be appropriate for IRS to be more flexible in what it considers
qualifying risk management activities.

Split Approach to Hedging?

For example, he said, some companies take a "macroeconomic" approach to
hedging, in which the entire enterprise faces economic risk, while others
take a "microeconomic," or transaction-by-transaction approach to these
risks.
"Enterprise risk reduction is a nebulous concept which is really not
practicable for taxpayers who manage their risk on a microeconomic level,"
Wallace said.

Ricks asked if IRS should consider an approach which would allow taxpayers
to do both macroeconomic and microeconomic hedging, as long as they identify
which type they are doing, and allow that to control treatment of the
transaction. Both Carlisle and Wallace said they would heartily endorse such
an approach.

The government panel included two other officials from IRS financial
institutions and products, special counsel Richard Carlisle and branch chief
Alvin Kraft. Also on the panel were Viva Hammer, a Treasury
attorney-adviser, and Robert Hanson, Treasury deputy tax legislative counsel
for regulatory affairs.

The transcript of the hearing will be in BNA TaxCore.

Towards one interest rate
Business Standard - May 17, 2001
Janaki Krishnan

The introduction of options and futures to replace the time-tested badla
system effective July 2, 2001 will align interest rates in the money and
equity markets, leading to a more effective monetary transmission mechanism.
At a macro level, the significance of the Securities and Exchange Board of
India (Sebi) decision to ban badla and all deferral products and have only a
cash and a derivatives market marks the integration of the equity and money
markets. This means the RBI's interest rate signals will be absorbed faster
in the wider financial system. Currently, as Shekhar Sathe, CEO of Kotak
Mahindra Mutual Fund, says, there are varying badla rates on each of the
scrips eligible for carry forward. "It is like having 200 interest rates in
the system," he says. Badla rates are derived as the sum of an equity risk
premium on that particular scrip over and above the interest rate component.
In effect, since the equity risk component varies from week to week and
differently in different scrips, it masks the cost of money. Thus, badla for
scrip X may be 30 per cent but for scrip Y it may be only 12 per cent. The
financial sector is sharply divided between the banking and the equities
sector.

All this is set to change with the introduction of derivatives.  At a
simplified level, since operators can take a position on the spot and
futures markets at the same time, the cost of money is already factored into
the derivative prices. This reflects the opportunity cost of taking a
forward position. Thus, an operator who buys in spot and short sells in the
futures market is actually putting up cash now in return for future gains.
Since this involves a cash outlay, the operator will at least expect his
returns to cover the interest costs for the period of the contract.
Derivatives pricing, thus, incorporates the cost of money. Says Sebi board
member J R Varma, "The system will eventually lead to a convergence of
interest rates throughout the system." Market sources said though the extent
of banks' involvement in the revised trading systems will only be clarified
later, there were tremendous opportunities for banks to take proprietary
positions in the derivative markets. For instance, banks could play a
leading role in the developments of "calendar spreads" which are basically
forward-to-forward contracts in the foreign exchange markets. Thus, a bank
may buy a one-month contract and sell a six-month contract. Since the price
of the latter will be more than that of the one-month contract, the bank
will make a net spread. But since the market rates of interest will smoothen
out over all markets, this spread will typically reflect the difference
between one-month and six-month money. "Arbitrage opportunities like this
will lead to a uniformity of interest rates," Varma said. Money market
dealers welcomed the move saying that "equities as an asset class are a
welcome addition to the limited deployment options before banks".
Acknowledging that not all banks will be comfortable with dealing in the
equity derivatives markets, one dealer says, "As long as one bank is
comfortable arbitraging between the money and equity markets, the rates will
align as this bank can borrow in call and deploy the funds in derivative
spreads. If the call money rates are higher, this bank can do a reverse
arbitrage." The second implication is that equity prices in the spot markets
will respond quicker to interest rate changes. Currently, lower interest
rates will to lower interest costs for companies in the coming years,
thereby boosting its net profits. This reflects in optimism on the equity
price front after interest rates are cut. But with a derivatives market, a
rate cut will immediately impact derivative prices and arbitrageurs will
ensure that this is immediately transmitted to spot equity prices too. "Much
like in the US, we are looking at a situation where money market rates will
determine the valuations of a wide spectrum of asset classes, and not just
gilts," the chief dealer, of a private bank says. "This will lead to a much
more responsive financial system," he adds.

Credit protection costs down after Fed cut.
Reuters - May 17, 2001
By Tom Burroughes

LONDON, May 16 (Reuters) - The cost of credit protection declined across
most sectors in the default swap market on Wednesday after the U.S. Federal
Reserve's rate cut but prices on two firms' debt rose due to planned new
issuance, dealers said.

Credit default swaps narrowed around two to three basis points for
automakers and telecoms, continuing a trend of recent weeks and further
encouraged by the Fed's 50-basis point easing on Tuesday, said a dealer for
a European bank in London.

Default swaps are insurance type instruments, which allow investors to
adjust their exposure to the risk of default or other event on a bond or
loan. They compose the most liquid part of the present credit derivative
market.

"Spreads in the cash and default (swap) market are both two to three basis
points tighter in general," the dealer said.

In telecoms, five-year default swaps on British Telecom were cited at 85/90,
about two basis points tighter, Deutsche Telekom were two basis points in at
98/108, and France Telecom slightly narrower at 87/97, the dealer said.

In the car sector, the dealer said protection on DaimlerChrysler has fallen
about two basis points to 87/91. Another trader at a European bank said
French carmaker Peugeot traded at 21, three bps down from the start of the
week. In banks, activity was quiet but default swaps were a touch tighter.
Deutsche Bank senior debt was cited at a bid/offer spread of 14/19.

In industrials, default swaps inched down on firms such as French glassmaker
St Gobain , which declined to a bid/offer spread of 37/43, down around four
basis points from Monday, a dealer said.

DEFYING THE TREND

Credit protection costs rose on a couple of firms to buck the general trend.
Five-year default swaps on the Swedish mobile phone company Ericsson rose 15
basis points to 115/135 from Tuesday, when bankers announced the firm was to
issue 1.25 billion euros of five-year and 250 million sterling of seven-year
bonds.

Another Scandanavian firm in play was the Finnish-Swedish forest industry
group Stora Enso , which is to issue a dollar-denominated global bond.

Five-year default swaps have widened about 10 basis points to 70/85 since
the announcement last week, said a dealer for a European bank.

MOSTLY ONE WAY

Default swaps were grinding lower on most names, in part because of
synthetic credit portfolio deals which means players who are short credit
risk are hedging their positions by selling default swaps.

The growth of the synthetic portfolio market has been pressing down credit
protection prices recently. A synthetic portfolio replicates portfolios of
bonds by selling default swaps on various names.

To change this trend players may need to believe the interest rate outlook
is changing or fresh debt supply is in the pipeline, said one dealer for a
European bank in London. "We need some issuance and a view that rates have
bottomed out," he said.

Argentine bond swap seeks to calm fears of debt default
Financial Times - May 17, 2001
By Peter Hudson & Thomas Catan

David Mulford, the US banker who has played a leading role in putting
together Argentina's massive bond swap, on Wednesday defended the deal,
saying it represented a new market-led approach to tackling sovereign debt
crises.

The deal, which seeks to exchange near-term bonds for longer dated paper, is
seen as crucial to calming fears that Argentina could default on its $128bn
debt.

Investors are anxiously awaiting terms of the transaction, which Mr Mulford,
a former US Treasury undersecretary with connections to Domingo Cavallo,
Argentine economy minister, said could be launched as early as next week.

Speaking in Buenos Aires on Wednesday, Mr Mulford, international chairman at
Credit Suisse First Boston, said the deal would be easily the largest of its
kind and could resolve Argentina's financing problems without the need for
additional aid from financial institutions. The International Monetary Fund
helped assemble a package of aid worth nearly $40bn in December.

Although he declined to discuss details of the swap, citing Securities and
Exchange Commission regulations, Mr Mulford described it as "essential to
long-term success in restoring Argentine growth".

He added that the operation would imply a "substantial reduction" in debt
payments over the next three to four years. If the deal was a success, he
said, its size "will effectively change the Argentine debt market and market
perception".

According to bankers, the transaction could save Argentina $3bn-$4bn in debt
servicing costs before 2006, giving it time to resume growth and bring its
debt burden under control.

Argentina's benchmark FRB bond surged 2l points on Wednesday after the
Argentine president, Fernando de la Rua, signed a decree authorising the
deal.

Argentina has been mired in recession for nearly three years, raising doubts
about its ability to keep servicing foreign debt. That prospect has caused
alarm because the country accounts for almost a quarter of tradeable
emerging market debt.

Although the overall size of the debt is comparable to that of other
emerging markets, Mr Mulford said concerns about its short-term structure
meant that "unless that is addressed it is doubtful world markets will
really support growth" in Argentina.

The country's interest rates are at a very high level as a result of
investor uncertainty. But Mr Mulford rejected suggestions that Argentina
should await lower rates before launching the deal. "It's essential to do
this deal now," he said.

**End of ISDA Press Report for May 17, 2001.**

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

Scott Marra
Administrator for Policy & Media Relations
ISDA
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-2578
Fax: (212) 332-1212
Email: smarra@isda.org


I told her we would go.

D
---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/28/2000
09:20 AM ---------------------------

Dawn C Kenne
11/28/2000 09:16 AM
To: Darron C Giron/HOU/ECT@ECT, kristi.giron@cfisd.net, Jason
Wolfe/NA/Enron@ENRON, Chris Walker/HOU/ECT@ECT, Jennifer
Bagwell/NA/Enron@ENRON, Monique Sanchez/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Jennifer deBoisblanc
Denny/HOU/ECT@ECT, Torrey Moorer/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT,
Stephanie Sever/HOU/ECT@ECT, Kori Loibl/HOU/ECT@ECT, B Scott
Palmer/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Victor
Guggenheim/HOU/ECT@ECT, Anne Bike/Corp/Enron@Enron, Richard
Lauer/HOU/ECT@ECT, Eric Wardle/HOU/ECT@ECT, Pam B Boxx/HOU/ECT@ECT,
r.wilson@oracle.com
cc:
Subject: Pre-Party??

Gary and I are going to have a "get together" before the Holiday Party on
Saturday, December 9th.  Please let me know if you want to stop by our place
before we head out to Enron Field.  We live really only a few miles away from
downtown, so this could be a good pit stop for all of you that live out in
the "burbs"!   (No names mentioned).

Anyway, let me know if you are able to come by and I will give you directions
to our place.  Hope all of you can make it!

Thanks,
Dawn
3-9353


is 07876 395 634

J


yeah, it would probably be better to do it later in the day.
preferably after 11:00

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: JDF

hehe!  Thanks!  what time do you usually get here in the morning?  are your
morning's hectic?

Eric Bass@ECT
10/04/2000 04:55 PM

To: Allison Easton/HOU/EES@EES
cc:
Subject: Re: JDF

is a penny good enough?

just kidding, i'll give $25

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re: JDF

yeah, it does seem like the weeks get longer and longer...
Everything's going well.  Same old stuff, you know?  Matt's been out of town
a lot lately, so that's no fun.  Plus, he's unhappy w/a few things that are
going on at work.  Plus, he's tired of traveling, so he's looking for a job
here.  We'll see...

You owe me whatever you want to give.  $25 gets you a T-shirt, but whatever
amount is fine.

Eric Bass@ECT
10/04/2000 04:01 PM

To: Allison Easton/HOU/EES@EES
cc:
Subject: Re: JDF

Hey Allison,

Not much is going on over here, just gutting it out until the weekend.  It
seems like the weeks get longer and longer, doesn't it?

How are things in your world?
You can come by whenever you want to get the check.  How much do I owe you
again?

Eric

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: JDF

Hey Eric,

What's going on?  I haven't seen you in a while...

I was wondering, when can I come by to pick up your check for JDF?  I need an
excuse to come visit anyway :)

Allison


I have attached for your review a revised marked draft of the Participation
Agreement, marked against the draft dated 12/20.

Thank you and happy holidays.

Catherine Tzdogan
Bracewell & Patterson, L.L.P.
711 Louisiana, Suite 3000
Houston, Texas 77002
Tel:  (713) 221-1211
Fax: (713) 221-2146
cozdogan@bracepatt.com

 - PARTICIP.WPD
 - PARTICIPATION AGREEMENT - BRAZOS.doc


Guess what... you've got a secret admirer!  Want to find out who it is? Just click to http://www.CrushLink.com   Email address:  joe.stepenovitch@enron.com   Make sure you enter in this information exactly as shown above.  See you soon!  Sincerely, The Crush Master   PS. This is not junk email. You've received it because someone you know came to CrushLink and confessed an interest in you! Maybe it was that hottie from English class or the cute one at the party last weekend or maybe--well, we can't even give you a hint until you come to CrushLink.com.   PPS. If you do not wish to receive any more of these messages from CrushLink, please visit http://www.CrushLink.com/block.php3


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----- Forwarded by Tana Jones/HOU/ECT on 07/13/2000 08:53 AM -----

	Edmund Cooper
	07/13/2000 03:49 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Swiss Re and Enron North America Corporation

Tana,  could you do me a massive favour and arrange for the below referenced
ISDA faxed over to me. Thanks, Ed

---------------------- Forwarded by Edmund Cooper/LON/ECT on 07/13/2000 09:51
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  James.Clarry@AllenOvery.com                           07/12/2000 06:20
PM

To: Edmund.Cooper@enron.com
cc:

Subject: Swiss Re and Enron North America Corporation

Edmund,

Gordon Boozer at Swiss Re has suggested that we use the existing ISDA
Master Agreement between Swiss Re and ENA as a template for the
EnronCredit.com Schedule.  Denis and I agree that this is a reasonable
approach, provided that we carve-out any business / reps / credit terms
peculiar to ENA.  I should be grateful if you would send me a copy of the
ENA-Swiss Re Schedule by e-mail / fax (0207 330 9999) at your earliest
convenience.

Many thanks,

James

|------------|
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| ( ) High   |
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| [ ] Return receipt |
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Edmund.Cooper@enron.com
From:
04/07/2000 14:40

Memo
From:
Priority:

 To:     James Clarry

 cc:     Clare Godson, Denis.O'Connell

 bcc:

 Subject Re: Bank ISDA credit
 :

________________________________________

On point 2. below, I would leave this blank for the moment and add in a
later draft. Thanks, Edmund

 (Embedded     Enron Capital & Trade Resources Corp.
 image moved
 to file:      From:  James.Clarry@AllenOvery.com
 pic24946.pcx) 07/04/2000 12:17 PM

To:   Edmund.Cooper@enron.com
cc:   Clare.Godson@AllenOvery.com, Denis.O'Connell@enron.com

Subject:  Re: Bank ISDA credit

Edmund,

Two further questions:

1.  Automatic Early Termination.  The Policies and Concessions Guidelines
table indicates that AET should be applied / disapplied in accordance with
the recommendations contained in the ISDA netting opinions, as summarised
by the matrix recently provided to Enron by Cathy Ryan.  However, where the
matrix indicates that AET is "Recommended", but is not "Necessary", what do
you want us to specify?

Please note that generally we think that Automatic Early Termination should
not apply unless there is some legal advantage in including it (ie. where
local counsel has indicated that it is necessary/strongly recommended in
order to enforce close-out netting under the particular insolvency rules
applicable to the counterparty).  This is because there are practical
disadvantages associated with it.  The main disadvantages are:

(a)  the fact that it cannot be waived by the Non-defaulting Party, which
therefore loses its discretion as to whether and        when to terminate;
and

(b)  the risk that Early Termination will occur without the knowledge of
the Non-defaulting Party.

As  far  as  we  are  aware,  Automatic Early Termination is currently only
necessary  in  relation  to counterparties located in Denmark. As a result,
you  may  wish  to  consider  disapplying  Automatic  Early  Termination in
relation to counterparties in all other jurisdictions.  Please note that we
understand  that Automatic Early Termination is recommended (although it is
not  necessary) for counterparties located in Singapore, Switzerland, Japan
and the Netherlands.   As a result of these recommendations, you may prefer
that   Automatic  Early Termination continues to apply.  Please let me know
how  you  would  like  me  to  revert  to proceed in the first draft of the
Schedules where AET is recommended, but not necessary..

2. Date of the Agreement.  I should be grateful if you would provide us
with details of the date of the first trade for each counterparty where
EnronCredit.com Limited has an existing trading relationship with the
counterparty.  If we have not received this information before the first
draft Schedules and cover faxes are ready for distribution, then we will
add these details in a later draft.

I look forward to hearing from you.

Many thanks,

James

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Edmund.Cooper@enron.com
From:
03/07/2000 11:24

Memo
From:
Priority:

 To:     James Clarry

 cc:

 bcc:

 Subject Bank ISDA credit
 :

________________________________________

James,  additional credit details for you.  Thanks, Edmund

---------------------- Forwarded by Edmund Cooper/LON/ECT on 07/03/2000
12:26 PM ---------------------------

 (Embedded
 image moved
 to file:      From:  Rod Nelson
 pic03035.pcx) 06/30/2000 05:22 PM

To:   Edmund Cooper/LON/ECT@ECT, Paul Simons/LON/ECT@ECT, Denis
      O'Connell/LON/ECT@ECT
cc:

Subject:  Bank ISDA credit

(See attached file: Bank Masters List.xls)

(See attached file: pic03035.pcx)
(See attached file: Bank Masters List.xls)

======================================================================

This email is confidential and may also be privileged.  If you are not the
intended recipient please notify us immediately by telephoning +44 (20)
7330 3000 and requesting the Technology Services Helpdesk. You should not
copy it or use it for any purpose nor disclose its contents to any other
person.

Allen & Overy
One New Change
London
EC4M 9QQ

Tel:+44 (20) 7330 3000
Fax: +44 (20) 7330 9999
General Email: Helpdesk@allenovery.com
www: http://www.allenovery.com

Allen & Overy is a solicitors' partnership.  A list of the names of
partners and their professional qualifications is open to inspection at the
above office.  The partners are either solicitors or registered foreign
lawyers.

======================================================================

 - pic24946.pcx
 - pic03035.pcx
 - Bank Masters List.xls

======================================================================

This email is confidential and may also be privileged.  If you are not the
intended recipient please notify us immediately by telephoning +44 (20)
7330 3000 and requesting the Technology Services Helpdesk. You should not
copy it or use it for any purpose nor disclose its contents to any other
person.

Allen & Overy
One New Change
London
EC4M 9QQ

Tel:+44 (20) 7330 3000
Fax: +44 (20) 7330 9999
General Email: Helpdesk@allenovery.com
www: http://www.allenovery.com

Allen & Overy is a solicitors' partnership.  A list of the names of
partners and their professional qualifications is open to inspection at the
above office.  The partners are either solicitors or registered foreign
lawyers.

======================================================================


When you have time, please help provide feedback on the presentation. Thanks.


thanks you for this - i love it


No.  Do you have anyone in mind?

 -----Original Message-----
From: 	Sager, Elizabeth
Sent:	Wednesday, November 14, 2001 11:27 AM
To:	Heard, Marie
Subject:	FW: Master Netting - Tractebel

has this been assigned

Elizabeth Sager
713-853-6349

 -----Original Message-----
From: 	Sacks, Edward
Sent:	Monday, November 12, 2001 1:15 PM
To:	Sager, Elizabeth; Williams, Jason R (Credit)
Subject:	Master Netting - Tractebel

Tractebel has requested a Master Netting agmt.  Please forward a draft to Laura Kinner at

lkinner@tractebelusa.com
713-350-1763
713-548-5153 (fax)

Ed


Janet,  Attached is a clean and redlined version of the Confidentiality
Agreement (Trunkline) with the revisions we discussed.  Please review.  Bobby
Gaspard with Trunkline, asked that I forward the revised draft via email and
after their review an executable.  Please forward to Bobby for his review at
bjgaspard@cmsenergy.com if you are okay with this draft.


Good morning Ruwan:

The Enron Corp. Research Group would very much like to interview you on
Friday, April 28.  The following schedule has been set up.  Please let me
know if it is not convenient for you.

Friday, April 28th:

1:00 PM  Vasant Shanbhogue
1:30 PM  Vince Kaminski
2:00 PM  Stinson Gibner
2:30 PM  Krishna Krishnarao
3:00 PM  Zimin Lu
3:30 PM  Tanya Tamarchenko

All interviews will be conducted in conference room EB 1938.

Please come to the reception desk in the lobby of the Enron Bldg. and ask
for me.   They will call me and I will meet you in the 19th floor elevator
lobby.

If you have any questions, please do not hesitate to call me.

Sincerely,

Shirley Crenshaw
Administrative Coordinator
Enron Corp. Research
713/853-5290
email:  Shirley.Crenshaw@enron.com

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 04/19/2000
09:03 AM ---------------------------

Vince J Kaminski
04/19/2000 08:56 AM
To: Shirley Crenshaw/HOU/ECT@ECT
cc: Pushkar Shahi/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Stinson
Gibner/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT
Subject: Ruewan's resume

Shirley,

Please set up an informal interview:

VK
VS
SG
KP
ZL
TT

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/19/2000
08:57 AM ---------------------------

Pushkar Shahi
04/18/2000 04:52 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Ruewan's resume

Vince:

As discussed , I am forwarding Ruwan's resume to you. Ruwan is very excited
about meeting with you and elaborating on his qualifications. Please let me
know a  convenient time for next Friday (4/28/00) when he could visit with
you (or any other day next week at your convenience).

I have briefly explained to him the nature of the job at Enron Research
laying special stress on quantitative, programming and modelling experience.
Ruwans seems very interested in that kind of work.

Sincerely,

Pushkar Shahi
Financial Trading


Attached are my revisions to Exhibit B

Elizabeth Sager
713-853-6349


A D V E R T I S E M E N T [IMAGE]

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 October 24, 2001

[IMAGE]   House Prepares to Move Anti-Terrorism Compromise  The Associated Press Police would be able to secretly search the homes of suspects, tap their phones and track their Internet use under anti-terrorism legislation moving toward final approval in the U.S. House of Representatives. House leaders said the final bill will be voted on today, with Senate approval expected later this week. But the bill may hit a snag on the Senate side as lawmakers tinker with an ethics amendment applying to federal prosecutors.   Full Text     New York Federal Judge Slams Attorney's Tactics in Surety Bond Dispute as 'Sleazy'  New York Law Journal An attorney in a dispute over a surety bond has been hit with sanctions after raising the ire of a federal judge in New York. It was not just that Alfred Ferrer III filed an unwarranted order to show cause, but when he filed it. "Dante should have reserved a special place in hell for lawyers who file unwarranted orders to show cause on the eve of a holiday," said U.S. District Judge John Martin of the Dec. 23, 1999, filing.  Full Text     Trial Opens in California E-Mail Threat Case  The Recorder A Santa Clara County, Calif., prosecutor, undaunted by one judge's rejection of his Internet stalking case, set out Monday to convince a jury that a Fremont, Calif., man was tormenting a Michigan couple from half a continent away. The case is part of an effort by Santa Clara's High-Tech Crime Unit to crack down on crimes committed under cover of Internet anonymity. But the prosecutors may find it a tough sell.  Full Text    Tosco Settles Over Refinery Explosion  The Recorder Tosco Corp. has settled what could have been a multimillion-dollar lawsuit filed by relatives of one employee who was killed and another worker who was seriously injured during an explosion at Tosco's California refinery two years ago. Steven Duncan and the family of Ernest Pofahl will be able to collect workers' compensation in addition to the settlement award. Tosco was acquired by Phillips Petroleum last month. Full Text    Employee Awarded $150,000 After Co-Worker Falsely Accuses Him of Rape  The Legal Intelligencer In a case that turned the tables on sexual harassment, a Philadelphia jury awarded $150,000 to a man who said his employer invaded his privacy by subjecting him to an embarrassing, police-style interrogation after he had an innocent, romantic tryst with a female co-worker that she had reported to management as a rape. The jury also found the woman had defamed the man by making false accusations. Full Text     For Troubled Teen, There's No Escape  Legal Times He's the product of three generations of retardation, mental illness, and physical and sexual abuse. According to prosecutors, the teen-age boy is also a dangerous criminal. A recently released opinion from a Washington, D.C., Superior Court judge about the boy offers a seldom-seen view into a high-profile juvenile case, and the unsettling history of the defendant's childhood and ascent to violent crime. Full Text    ADVERTISEMENT  Free Monitor with the purchase of a NetVista!  Get a Free IBM 15" (13.8" viewable) Monitor with the purchase of any NetVista system (excluding X Series)! See special savings on upgrades, as well. This offer is in addition to the standard ABA Member Advantage 10% discount. To receive your 10% discount (and take advantage of this offer), either call  800-426-7235, extension 5242 or  click here .  Hurry, this offer ends 11/5/2001!  Shipping and handling not included. Offer valid in the US, through November 5, 2001. Limit one promotion per qualifying purchase. Limit 5 per customer.   IPO Suits Put Dot-Coms in Dual -- and Conflicting -- Roles  The Recorder A class action filed by Mortgage.com against Credit Suisse First Boston alleges that Mortgage.com was cheated out of proceeds from its initial public offering. The suit seeks relief for all companies that Credit Suisse took public, putting scores of dot-coms in the position of being both defendants and potential plaintiffs in the hundreds of related cases before U.S. District Judge Shira Scheindlin in New York. Full Text    [IMAGE]   A Matter of Faith  Corporate Counsel After September's terrorist attacks, travel giant Cendant Corp. saw its stock plunge. Just as he did in 1998 when Cendant was embroiled in one of the biggest back-office frauds in U.S. history, general counsel James Buckman turned to his religious faith for support. For Buckman -- a devout Catholic and committed capitalist -- saving Cendant is a moral obligation.  Visit In-House Counsel    ADVERTISEMENT  FREE  Acrobat Legal Solutions CD!  Beat your court filing deadlines. Acrobat 5.0 makes it easy to create Adobe PDF files for e-filing, document review...and so much more. Purchase Acrobat 5.0 by November 30, 2001, and get the FREE  Acrobat Legal Solutions CD, a valuable resource that includes a step-by-step demonstration on how to create and assemble documents for e-filing.  Click here .   Sick Building Woes  The National Law Journal A former partner in the Denver office of Los Angeles' Gibson, Dunn & Crutcher who gave up her practice in 1995 because she became sick when exposed to the firm's office building has won a $1 million verdict against a disability insurer that denied her claim. Finding the insurer's denial of benefits arbitrary and capricious, a federal judge said the insurer disregarded key evidence supporting Pamela Ray's claim. Full Text     Pass/Fail  Delaware Law Weekly Jeffrey R. Waxman, a recent hire at Wilmington, Del.'s Klett Rooney Lieber & Schorling, managed to experience the anguish of failing the Delaware bar examination and the euphoria of passing it -- all within two days. Waxman had his results checked via the wrong secret number, and found he'd failed. But when the results were listed by name, he was on the pass list. Nerve-wracking, to be sure -- but all's well that ends well. Full Text    [IMAGE]   'Initial Interest' Confusion Actionable in Trademark Case  The Legal Intelligencer For the first time, the 3rd U.S. Circuit Court of Appeals held that "initial interest" confusion is actionable in a trademark infringement suit. However, victory on that legal issue was not enough for Checkpoint Systems, a marketer of shoplifter security systems, because the court went on to find that the minimal evidence of initial interest confusion was not enough to establish any "likelihood of confusion."  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<<Ltr. to Enron President_Ken Lay.doc>>

Mark A. Carrie
Senior Legislative Counsel
Office of Representative Sheila Jackson Lee
410 Cannon House Office Building
Washington, DC 20515
(202) 225-3816
(202) 225-3317 fax

 - Ltr. to Enron President_Ken Lay.doc


Gentlemen,

I've revised paragraph 5 to reflect our discussion.  Also, I made a change to
paragraph 7 to include technical bulletins per Mitch's request which we did
not discuss on our call.

Please let me know if you have any questions or comments.

Kay

713 345 7566


_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp

 - 11-26 1400 Report.xls


Carmen:

Thanks for forwarding this.  Pleasure to have spoken with you yesterday.  In
future, please cc: me on these e-mails .

Thanks.

Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing
Business Development
713-345-6541
---------------------- Forwarded by Sarah-Joy Hunter/NA/Enron on 12/12/2000
06:54 AM ---------------------------
From: John Will on 12/11/2000 06:59 PM
To: Sarah-Joy Hunter/NA/Enron@Enron
cc:

Subject: [Fwd: Enron]

fyi
jw

----- Forwarded by John Will/NA/Enron on 12/11/00 06:55 PM -----

	Carmen Perez <carmen.perez@fedex.com>
	12/11/00 02:55 PM

		 To: john.will@enron.com
		 cc:
		 Subject: [Fwd: Enron]

John, please forward to Ms. Hunter.

Sara-Joy:

Looks like Buck sent us back to Jim Vines.
If you remember, JimVines referred us to the contacts that have already
called you.

Please feel free to e-mail Mr. McGugan for further assistance.

Return-Path: <bdmcgugan@fedex.com>
Delivered-To: fgs.fedex.com%carmen.perez@fgs.fedex.com
Received: (cpmta 22209 invoked from network); 11 Dec 2000 11:55:39 -0800
Received: from inet02.mail.fedex.com (146.18.57.237)  by smtp.c017.sfo.cp.net
(209.228.12.208) with SMTP; 11 Dec 2000 11:55:39 -0800
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Message-ID: <3A35340A.8C5B9C15@fedex.com>
Date: Mon, 11 Dec 2000 14:07:38 -0600
From: Buck McGugan <bdmcgugan@fedex.com>
X-Mailer: Mozilla 4.7 [en] (Win98; U)
X-Accept-Language: en,pdf
MIME-Version: 1.0
To: JIM VINES <jmvines@fedex.com>, Chris GANT <christopher.gant@fedex.com>
CC: Carmen Perez <carmen.perez@fedex.com>,        BUCK MCGUGAN
<bdmcgugan@entpm2.prod.fedex.com>
Subject: Re: Enron
References: <3A3504FB.DBD5E4FF@fedex.com>
X-MIMETrack: Itemize by SMTP Server on ENTPM2/FEDEX(Release 5.0.2a (Intl)|23
November 1999) at 12/11/2000 01:55:16 PM, Serialize by Router on
ENTPM2/FEDEX(Release 5.0.2a (Intl)|23 November 1999) at 12/11/2000 01:55:20
PM, Serialize complete at 12/11/2000 01:55:20 PM
Content-Type: multipart/mixed;
boundary="------------009754F305D7E55BCFB1E94E"

Jim, can you assist me with this customer.  Based on the attached email, we
have not put this customer in touch with the proper person in purchasing.
This is a good account; I need your help to make sure we provide them the
proper contact.

Please have the proper person call Carmen and also let me know they followed
up.

Thx, Buck

Carmen Perez wrote:

> Need a favor.  Can you give Sara-Joy Hunter a call at Enron?
>
> Reason:  This is a potential 6 million dollar account I have been
> working on for 5 months.  Final negotiations are underway.  Hope to
> bring them on by Jan 15.  She is responsible for selling Enron services
> to suppliers.
>
> I had her speak to MD's  in FedEx Strategic Sourcing but they were
> unable to help her.  She then, after two weeks of playing phone tag with
> Memphis, found out they were not the contacts she was looking for.  This
> is one of the determining factors in getting the account---getting her
> to the right people to make Enron a true partner.
>
> All I need from you is to call her at 713-345-6541.  She will be
> available all day except lunch hour and 4-5 pm.  She does not believe I
> put her in touch with the right contacts.  She feels better calling a VP
> of Sales and hearing from a VP of Sales that Memphis is the way to go
> (services/products are purchased through the contacts and Memphis.)
> Clint Beard already spoke to her, too.
>
> Please, please.
>
> Will not ask for anything else until I close this account :)))))!!!!
> Promise.
>
> She has already spoken to the following FedEx Memphis contacts:
>
> Bryan Wright, MD IT Sourcing
> Chris Bolen, Jet Fuel purchaser
> Reynard Rudolph, energy services
>
> They want to sell---broadband services, jet fuel and electricity


Palmer said Enron could protect consumers from electricity price spikes by
entering into "hedging" agreements with local utilities, which are
contracts that provide guaranteed pricing for certain periods. He said the
company had reached such an agreement with the utility servicing Hartford,
Conn.
7/6/2000 SDUT


shendri


Sounds good.  Given that Sue is going to be back on Tuesday, you may want to
coordinate drafting duties with her.

Mona L Petrochko
08/30/2000 05:51 PM
To: James D Steffes/HOU/EES@EES, Harry Kingerski/HOU/EES@EES, West GA, Mary
Hain@Enron, Richard Shapiro/HOU/EES@EES, Karen Denne@Enron, Peggy
Mahoney/HOU/EES@EES, Mark Palmer/Corp/Enron@ENRON
cc:
Subject: Comments on Wholesale Issues

Wood, the Assigned Commissioner in the investigation of wholesale electric
markets, has asked for comments on the following questions by Friday,
September 8.  We are an individual party to the case as well as a member of
ARM and WPTF.

This would be a good opportunity to get our version of what is wrong on the
record.  The presentation that Tim and Mary put together for FERC will be
helpful in answering these questions.  I will take a first cut at drafting
response to be circulated by Tuesday of next week.  We can take liberties in
providing responses that go beyond the question asked.

Market Structure:

Are the market conditions currently being experienced (price spikes and suppy
shortages) inevitable under the current market structure?
Do generators and/or scheduling coordinators have market power?
Is there a need to mitigate such market power?
Which market participants or other entities are responsible for reliability
planning?
Do California regulatory agencies have adequate jurisdiction to ensure
reasonable prices and reliable service?
Do the structures and governance of the Cal ISO and PX adequately support the
goals of providing reasonably priced and reliable service?

Market Rules:

Are there rules which allow or encourage unacceptable market outcomes?
What roles, if any, do underscheduling in forward markets, out of state
transfers, uniform PX auction prices and ISO real-time and out-of-market
purchases play in the outcomes being experienced?

Behavior of Market Participants:

What is working and not working in terms of price, reliability, information
exchange, resource distribution, equity, service quality, and types of
planned generation?


See the attached memo which represents an attempt to regroup after the hectic last few weeks.

Attached below are the attachments referenced in the memo.

(And once again, your favorite forms!)

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com


Attached is revised list.

	Anne C Koehler
	02/09/2001 10:23 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Project Offline

Attached hereto is a list of the agreements we reviewed in connection with
the due diligence review that was done for Project Offline.  The list is a
subset of the list you originally prepared with some additional comments
added by me.  Could you please add in the Wise Soft agreements that I gave
you earlier this week as well as the agreements relating to Robert Campbell.
If you do not have copies of the Robert Campbell agreements let me know.
Thanks for you help!!

Anne C. Koehler
Sr. Counsel, ENA
EB 3839
713-853-3448


---------------------- Forwarded by Darron C Giron/HOU/ECT on 04/05/2001
01:16 PM ---------------------------

Patrick Ryder@ENRON
04/04/2001 10:25 AM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: FW: the mullet!:

---------------------- Forwarded by Patrick Ryder/NA/Enron on 04/04/2001
10:24 AM ---------------------------

"Cynthia Ryder" <cryder@hydrant.ruf.rice.edu> on 04/03/2001 12:48:19 PM
Please respond to <cryder@rice.edu>
To: "Pat Ryder" <patrick.ryder@enron.com>, "Jill" <jill.p.grantham@ac.com>,
"alyssa" <alyssa.roper@dal.ddb.com>, "taryn"
<taryn.m.eggleton@accenture.com>, "craig" <cidol@hotmail.com>,
<christopher.r.idol@accenture.com>
cc:

Subject: FW: the mullet!:

a guy in my class gave this presentation in communications class!
 - mullet.pps


As you know, Enron Wholesale Services (EWS) has been reorganized under the leadership of CEO Jim Fallon.  Rich DiMichele supports Jim as COO of EWS, while also continuing in his role as head of Enron Broadband Services (EBS).  EWS businesses include:  Enron North America, EBS, Enron Industrial Markets, Enron Global Markets, Enron Europe and Enron Canada.  EWS' business focus remains on maximizing creditor value and determining which businesses and assets will be a part of Enron's reorganization plan.

In addition to Rich, reporting to Jim are:

?	Don Miller - ENA
?	Gary Hickerson - EGM
?	Rodney Malcolm - EIM
?	Eric Shaw - Enron Europe
?	Kyle Kitagawa - Enron Canada
?	Lance Schuler - General Counsel
?	Barry Pearce - Chief of Staff
?	Dave Gorte - RAC
?	Kent Castleman - Accounting
?	Shanna Funkhouser - Human Resources

Enron Wholesale Services

<Embedded MS Organization Chart 2.0>


Hi Dana ,
?
I was so blessed to receive your prayer this  morning, thank you.? I'm
forwarding the prayer back to you, knowing that  God is already blessing you
today as he does every day.? Just the mere fact  that we were chosen to be
prayer partners is evidence that God is at work in  ways that we don't always
readlily see.
?
Look forward to seeing you tonight at Power Time.  May God continue to bless
and keep you.
?
Your sister in Christ,
?
Love,
?
Betty


Not a problem.  I'll let you know how it goes.  df

Steven Harris
01/22/2001 04:36 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Susan Scott/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, James
Centilli/ET&S/Enron@ENRON

Subject: Re: ECS Gallup contract

Drew, if you don't mind I think you may be able to argue this better based on
your knowledge of the history and facts. Let me know if you feel otherwise.
Thanks.

 Steve

Drew Fossum
01/22/2001 12:52 PM
To: Susan Scott/ET&S/Enron@ENRON
cc: Kevin Hyatt/ET&S/Enron@Enron, James Centilli/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON

Subject: Re: ECS Gallup contract

Once Susan gets the last few pieces of info, either Steve or I should call
ECS and try to resolve this.  Steve--you or me??  Its your call.  DF

Susan Scott
01/21/2001 12:45 PM
To: Kevin Hyatt/ET&S/Enron@Enron, James Centilli/ET&S/Enron@ENRON, Drew
Fossum@ENRON
cc: Steven Harris/ET&S/Enron@ENRON

Subject: ECS Gallup contract

Here are some bullet points based on our conversation Friday morning
regarding the ECS Compression Service Agreement.  These bullet points
summarize our position and are intended to be a starting point for a
conversation between persons at TW and at ECS (who are yet to be determined)
regarding the additional power costs incurred by Transwestern as a result of
the lack of a system for monitoring peak loads on CDEC.  If you have
additional comments, please let me know.

We still need to decide who is going to call whom; I am going to leave that
up to you, but do let me know if I can help.

-  ECS is under an obligation to work in good faith with CDEC to establish a
monitoring system that would automatically
alert TW to peak loading conditions on CDEC's system.

-  Rate No. 21 became effective in July 2000.  ECS did not obtain permission
for TW to access the "Members Only" portion of CDEC's website (which contains
load data) until January 2001.  Access to the information required a
confidentiality agreement, which was executed in December.

-  ECS blames the delay on Tri-State/CDEC, who allegedly would not work on
the confidentiality agreement until the merger was completed.   "Good faith"
by ECS would reasonably include alerting TW to any such delay or any
difficulty in getting access to CDEC's information.  TW was never contacted
in this regard.

-  Since Rate No. 21 contains a rebate for customers that avoid peak load
times, we assume that CDEC is under an obligation to provide such customers
with access to peak load information (I have not been able to verify this,
but it makes sense).  If this is true, we should have been able to have
access immediately upon the effectiveness of Rate No. 21.

-  Most if not all of the $325,000 peak load costs incurred by TW since July
could have been avoided had TW had access to a monitoring system.  Because it
did not alert TW to difficulties/delay in getting the necessary information
from CDEC, ECS did not act in good faith in obtaining such access and should
therefore take responsibility for its share of the consequences.

-  ECS needs to act without further delay to build an automated monitoring
system to eliminate the need for someone to continuously monitor the
website.  An estimated completion date should be provided.

I've left messages at CDEC to ask about access to the Members Only part of
the website; I'll follow up.  The website states only that access is granted
"on a case-by-case basis."  I hope to make contact on Monday and will let you
know what I'm able to learn from them.


Mary Hain has resigned her position with Enron.  Please remove her from all
your mail lists.

Thank you.

Lysa Akin
Gov't Affairs - Sr. Admin. Ass't.

	Enron Capital & Trade Resources Corp.

	From:  "GRS/FERCwatch" <grs4ferc@starpower.net>
03/27/2001 08:23 AM

Please respond to "GRS/FERCwatch" <grs4ferc@starpower.net>
To: <Undisclosed-Recipient:@mailman.enron.com;>
cc:
Subject: GRS - FERC AGENDA for 3/28/01

GADSDEN RESEARCH  SERVICES'

FERCw  [IMAGE]tch?
?March 27,?2001
?

FERC Agenda for March  28, 2001
?
To review  the?official posted?agenda?in html go  to:
COMMISSION  AGENDA
(If you retrieve the agenda for the previous meeting, you  must first delete
previously viewed pages?in your internet  browser)

?
GRS DRAFT ORDER SUBSCRIBERS:? PLEASE SUBMIT DRAFT ORDER  REQUESTS BY (fax or
e-mail) 6 P.M. TUESDAY, March 27th.
?
Reply by inserting?the appropriate letter designation?in  the Request Copy
column (D for Regular or Overnight  Delivery,?R for Rush Delivery, or F for
Fax).?  Please include your internal reference numbers in the Client
Charge/Billing No.  column.? (If your e-mail program does not allow you to
view this  transmission in a table format and you would like a copy sent to
you as a Word  or?WordPerfect attachment, or faxed to you, please reply to
grs4ferc@starpower.net.

?DRAFT  ORDER REQUESTS

March  28, 2001

e-mail  reply to grs4ferc@starpower.net

or  fax to 202-318-4524 by 6 p.m. Tuesday, March 27, 2001)

?

?

Item No.

	?

	Docket  Nos.

		?

		Company  Name

			Request  Copy

			D - Deliver

			R - Rush

			F - Fax

				?

				Client  Charge/

				Billing  No.

CAE-1

	ER01-958

		Nevada Power Co.

			?

				?

CAE-2

	ER01-1134

		Canal Electric Co.

			?

				?

CAE-3

	ER01-1107

		American Transmission Co.

			?

				?

CAE-4

	OMITTED

		?

			?

				?

CAE-5

	ER01-1213

		New York Independent System Operator

			?

				?

CAE-6

	OMITTED

		?

			?

				?

CAE-7

	OMITTED

		?

			?

				?

CAE-8

	ER00-3591, et al.

		New York Independent System Operator

			?

				?

CAE-9

	ER94-571

		Alabama Power Co.

			?

				?

CAE-10

	ER94-775

		SoCal Edison, PG&E, SDG&E

			?

				?

CAE-11

	ER96-2295

		Florida Power Corp.

			?

				?

CAE-12

	ER99-196-001

		PJM Interconnection, LLC

			?

				?

CAE-13

	RT01-67-000,

	-001

		GridFlorida, Florida Power & Light Co., Florida  Power Corp. and Tampa
Electric Co.

			?

				?

CAE-14

	EL00-105-001

		City of Vernon, CA

			?

				?

CAE-15

	ER00-2415, et al.

		Entergy Services

			?

				?

CAE-16

	ER96-237-002

		New England Power Co.

			?

				?

CAE-17

	TX97-9

		Cinergy Services

			?

				?

CAE-18

	OMITTED

		?

			?

				?

CAE-19

	OMITTED

		?

			?

				?

CAE-20

	OMITTED

		?

			?

				?

CAE-21

	TX93-4-004 EL93-51-003

		Florida Municipal Power Agency v. Florida Power &  Light Co.

			?

				?

CAE-22

	ER99-230-001

		Alliant Services Co.

			?

				?

CAE-23

	OMITTED

		?

			?

				?

CAE-24

	OMITTED

		?

			?

				?

CAE-25

	ER98-3594-003, et al.

		California Independent System Operator

			?

				?

CAE-26

	ER97-1523-026, et al.

		Central Hudson, et al. (NYPP members)

			?

				?

CAE-27

	OMITTED

		?

			?

				?

CAE-28

	ER00-3090-001

		PJM Interconnection, LLC

			?

				?

CAE-29

	ER00-3412-001

		Ameren Energy Generating Co.

			?

				?

CAE-30

	ER00-3591-003, et al.

		New York Independent System Operator

			?

				?

CAE-31

	ER00-3688-001

		AEP Service Corp.

			?

				?

CAE-32

	ER00-3316-001

		American Transmission Co.

			?

				?

CAE-33

	EG01-120, et al.

		New Haven Harbor Power, et al.

			?

				?

CAE-34

	ER01-702

		American Transmission Co.

			?

				?

CAE-35

	EL99-3

		MidAmerican Energy Co.

			?

				?

CAE-36

	EL01-31

		Rumford Power Assoc. and Tiverton Power Assoc.

			?

				?

CAE-37

	EL00-99, EL00-100, EL00-112

		Maine PUC/United Illuminating/Bangor Hydro-Elec. v. ISO  New England

			?

				?

CAE-38

	OMITTED

		?

			?

				?

CAE-39

	RT01-34

	EC99-101-003

	?

	RT01-75

		Southwest Power Pool

		Northern States Power Co. and New Century Energies

		Entergy Services

			?

				?

CAG-1

	OMITTED

		?

			?

				?

CAG-2

	RP01-239

		Tennessee Gas Pipeline Co.

			?

				?

CAG-3

	RP01-245

		Transco. Gas Pipe Line Corp.

			?

				?

CAG-4

	RP95-197-038 RP97-71-015

		Transco. Gas Pipe Line Corp.

			?

				?

CAG-5

	RP97-288-013, et al.

		Transwestern Pipeline Co.

			?

				?

CAG-6

	RP01-243

		Pine Needle LNG Co.

			?

				?

CAG-7

	RP99-518-019

		PG&E Gas Transmission, NW Corp.

			?

				?

CAG-8

	RP01-242

		Southern Natural Gas Co.

			?

				?

CAG-9

	RP01-87-001

		Tennessee Gas Pipeline Co.

			?

				?

CAG-10

	RP01-236, et al.

		Transco. Gas Pipe Line Corp.

			?

				?

CAG-11

	RP01-246

		Natural Gas Pipeline Co. of Am.

			?

				?

CAG-12

	RP01-256

		Williston Basin Interstate PL Co.

			?

				?

CAG-13

	OMITTED

		?

			?

				?

CAG-14

	RP01-259

		ANR Pipeline Co.

			?

				?

CAG-15

	RP01-267

		Northern Border Pipeline Co.

			?

				?

CAG-16

	RP01-247

		Viking Gas Transmission Co.

			?

				?

CAG-17

	RP01-238

		Tennessee Gas Pipeline Co.

			?

				?

CAG-18

	RP01-262

		Columbia Gas Trans. Corp.

			?

				?

CAG-19

	RP01-240

		ANR Pipeline Co.

			?

				?

CAG-20

	OMITTED

		?

			?

				?

CAG-21

	RP01-253

		Transco. Gas Pipe Line Corp.

			?

				?

CAG-22

	RP01-249

		Trunkline Gas Company

			?

				?

CAG-23

	RP01-255

		Cove Point LNG Ltd. Partnership

			?

				?

CAG-24

	PR01-1

		Associated Natural Gas Co.

			?

				?

CAG-25

	PR01-2

		Peoples Gas Light and Coke Co.

			?

				?

CAG-26

	RP00-601

		Dominion Transmission, Inc.

			?

				?

CAG-27

	RP01-81

		Tennessee Gas Pipeline Co.

			?

				?

CAG-28

	RP01-180

	RP01-222

	RP01-223

		SDG&E

		L.A. Dept. of Water and Power

		National Assoc. of Gas Consumers v. All Sellers of  Natural Gas

			?

				?

CAG-29

	RP01-20-001

		Tennessee Gas Pipeline Co.

			?

				?

CAG-30

	OMITTED

		?

			?

				?

CAG-31

	RP01-25-003

		Texas Eastern Trans. Corp.

			?

				?

CAG-32

	RP01-251

		TransColorado Gas Trans. Co.

			?

				?

CAG-33

	RP99-510-002

		Gulf South Pipeline Co.

			?

				?

CAG-34

	RP00-533-001

	RP00-535-001

		Algonquin Gas Trans. Co.

		Texas Eastern Trans. Corp.

			?

				?

CAG-35

	RP93-109-017

		Williams Gas Pipelines Central

			?

				?

CAG-36

	OR01-2

	OR01-3

		Big West Oil Co. v. Frontier Pipeline Co. and Express  Pipleline Partnership

		Big West Oil Co. v. Anschutz Ranch East Pipline Inc.  and Express Pipeline
Partnership

			?

				?

CAG-37

	RP00-241

		CPUC v. El Paso Natural Gas Co., et al.

			?

				?

CAG-38

	RP01-27

		Southern California Gas Co. v. El Paso Natural Gas  Co.

			?

				?

CAG-39

	MG01-19

		Southern Natural Gas Co.

			?

				?

CAG-40

	MG01-11

		Mojave Pipeline Co.

			?

				?

CAH-1

	DI99-10-001

		City of Unalaska, Alaska

			?

				?

CAH-2

	P-4632-028

		Clifton Power Corp.

			?

				?

CAH-3

	P-184-076

		El Dorado Irrigation District

			?

				?

CAH-4

	P-2170-022

		Chugach Electric Assoc., Inc.

			?

				?

CAH-5

	P-4244-019

		Northumberland Hydro Partners

			?

				?

CAH-6

	P-2556, et al.

		FPL Energy Maine Hydro

			?

				?

CAH-7

	OMITTED

		?

			?

				?

CAH-8

	UL96-16-006 UL96-17-006

		Chippewa and Flambeau Improvement Co.

			?

				?

CAH-9

	P-10311, et al.

		Skagit River Hydro

			?

				?

CAH-10

	P-2177-040

		Georgia Power Co.

			?

				?

CAC-1

	CP00-165

		Transco. Gas Pipe Line Corp.

			?

				?

CAC-2

	CP01-26

		Tennessee Gas Pipeline Co. and National Fuel Gas Supply  Corp.

			?

				?

CAC-3

	CP00-452

		Colorado Interstate Gas Co.

			?

				?

CAC-4

	CP01-12

		El Paso Natural Gas Co.

			?

				?

CAC-5

	CP01-41

		El Paso Natural Gas Co.

			?

				?

CAC-6

	CP98-131-004

		Vector Pipeline

			?

				?

CAC-7

	CP00-114

		Trunkline Gas Co.

			?

				?

CAC-8

	CP01-40

		Bitter Creek Pipelines

			?

				?

CAC-9

	CP96-159-001, -004

		Mississippi Canyon Gas Pipeline

			?

				?

H-1

	RESERVED

		?

			?

				?

C-1

	OMITTED

		?

			?

				?

E-1

	RESERVED

		?

			?

				?

G-1

	RESERVED

		?

			?

				?

??????????????????????????????????????????????????????????????????????????????
??????????????????????????????????????????????????????????????????????????????
?????????????????????????????????

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 - clip_image002.gif


Nope-  this is actually a company (better known as R-Pak).

 -----Original Message-----
From:  Jones, Tana
Sent: Monday, May 14, 2001 5:55 PM
To: Hunter, Nicole
Subject: cpy 90593, Hubert Roberts

Is this an individual?


Michelle,

FYI

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/25/2001 09:50 AM ---------------------------

Christie Patrick
04/25/2001 07:43 AM
To:	Vince J Kaminski/HOU/ECT@ECT
cc:
Subject:	Dr. Michelle Foss- Energy Institute

Hi Vince--I'll take care of it!

Thanks!  Christie.
---------------------- Forwarded by Christie Patrick/HOU/ECT on 04/25/2001 07:43 AM ---------------------------

Vince J Kaminski
04/24/2001 05:15 PM
To:	Christie Patrick/HOU/ECT@ECT
cc:	Vince J Kaminski/HOU/ECT@ECT

Subject:	Dr. Michelle Foss- Energy Institute

Christie,

I am forwarding you a message I have received from the University of Houston.
Can you help them? We have a very good relationship with the UoH.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2001 05:14 PM ---------------------------

Aisha Jamal <aisha@uh.edu> on 04/23/2001 03:15:29 PM
Please respond to aisha@uh.edu
To:	vkamins@ect.enron.com
cc:	mmfoss@uh.edu
Subject:	Dr. Michelle Foss- Energy Institute

Dear Mr. Kaminski,

I am writing to ask a favor for Dr. Michelle Foss. As you know we will
be running our "New Era" program from May 14- May 25th. Dr. Foss was
wondering if on May 22nd (between 1:30pm and 4:00pm) , we would be able to
bring
our participants for a tour of your trading floor. At this time we will have
30-40 people, and since only 10 people maximum should really be on a
trading floor we need to have 4 companies among which to divide our
participants. At this time, we have a floor from Coral Energy, and are
working with Duke,
and I will be contacting Mr. Paul Roberts to arrange for the Reliant Energy
trading floor. I was hoping very much that you would be able to direct
me to the right person to contact to arrange this tour. Will this be a
possiblity? I really appreciate your help very much. Thank you!

Best Regards,

Aisha Jamal
Energy Institute
713-743-4634


Can you send me a current Ercot vol sheet...

Thanks,
andy


Dear New Travelocity.com Member:

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fare finder.
We show you the lowest fares, and let you choose from available dates on a
calendar!  You can even choose your own seat with our graphical seat maps!
Our hotels on a map let you know exactly where your hotel is located.

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As you begin planning your trip, follow these links to important information
to help get you started:
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W,00.html

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http://www3.travelocity.com/info/info_window/0,,TRAVELOCITY:EN|PRIVACY_WINDOW,
00.html

Travelocity.com Fare Watcher Email
We watch the fares and report the changes to you!
http://www3.travelocity.com/info/info_main/0,,TRAVELOCITY:EN|FW_INFO,00.html

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http://www3.travelocity.com/custsvc/0,,TRAVELOCITY:EN,00.html

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President and CEO, Travelocity.com
Go Virtually Anywhere
----------
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----------
Password Look-Up - Forget your password? Don't worry,
just follow this link and we'll help you retrieve
it:http://dps1.travelocity.com:80/lognpwdform.ctl


For your information, attached is the Enron Global Markets LLC Monthly Legal
Report for May 2001.

Please call me if you have any questions.

Regards, Alan


It means that the quoted price will include the cost of insurance and freight
 -----Original Message-----
From: 	Singh, Vikram
Sent:	Thursday, August 30, 2001 10:34 AM
To:	Causholli, Monika
Subject:	RE:

Cost, Insurance, Freight...

 -----Original Message-----
From: 	Causholli, Monika
Sent:	Thursday, August 30, 2001 10:32 AM
To:	Singh, Vikram
Subject:

Do you know what CIF stands for? It's a transportation term....


Dr. Lay,

Sir, I am almost positive that all avenues have been pursued to get Enron out of the hole we are in.  However, I wanted to inquire if a reverse stock split (perhaps a 12 to 1 or 15 to 1) was a possible option.  My knoweledge in terms of Enron's debt and who we are indebted to is limited to what I have heard through the media, but as I see it, many creditors are at a great risk to lose billions of dollars.  Would banks such as JP Morgan or Citigroup or others potentially affected such as Janus Funds or Lehman Brothers be willing to invest in equity rather than pump in more debt?  From my understanding, we need an immediate $4 billion, and I think this may be a potential solution to get instant cash, and then we can turn our interests to building customer and investor confidence.

I hope I am not wasting your time with this, but this is not the time for any of us involved with this company to remain silent.  Thank you for your time.

Sincerely,
Suketu Patel

Suketu R. Patel
Analyst-Tax
Enron Corp.
1400 Smith St.
Houston, Tx 77002
(T) 713-853-9331
(F) 713-646-3767
spatel@enron.com


I sent this email from GE to Dale/Bill after I received it.  Since Peter's
last draft was April 24, I'm I assume this wasn't included:

Kay/Bill,

Bill says he agrees and accepts our comments to the A&A.

One change required to the Rev 5 document.  In Exhibit B, Add item "27)One
additional Human Machine Interface (HMI) per Unit (desktop PC type)"

Include these changes and we can get this done tomorrow.

Thanks,

Lee


Dave

I'm not sure Milly can escape this.

John
 -----Original Message-----
From: 	Milnthorp, Rob
Sent:	Wednesday, February 14, 2001 3:26 PM
To:	Lavorato, John
Cc:	Delainey, David; East, Laynie
Subject:	Capital Charge Allocation

John/Dave, in reviewing the 2001 plan, I have been trying to understand the capital charge portion. In discussions with Laynie East, our Accounting contact, the capital charge represents the cost of capital for investments funded by ENA Houston.

I have since investigated each of ECC's balance sheet items and each has been funded by ECC - not ENA Houston. Based on this, Laynie is in agreement that the capital charge on the 2001 plan for ECC should be nil.

Please let me know if you are also in agreement or have further questions.

Regards
Milnthorp


Sorry I  couldn't get this out to you yesterday, but I'm  sure all of us
feel the same way.  I don't know how long it will be before I can think much
about anything except what  happened yesterday morning, and I haven't heard
yet whether there will  be any NFL games this Sunday.  As you can see from
the attached sheets, Nancy came in first, Mike and Lisa second, and Helmet
and  Kent tied for third.  Kent is our first  rookie winner.  Three people
didn't make it past the first week for LPS--Donna, Prentice and the Shea's.
Assuming there will be a sixteen game season, the new payouts (we have 26
this season instead of 25) will be 1st: $70; 2nd: $55; 3rd: $35 and 4th:
$20.  We'll have to adjust if a week is eliminated from the schedule.
Thanks a lot  for getting those picks in on time and using the form we sent
out.

The three files being sent are (1) Pick Sheet for  Week 2; (2) Week 1 Final
(points and ranking) and (3) Last Person Standing--Week 1.

Eldon


you'll be happy to know i get my car back today


Lance,

I could not open the attachment.
I concur with Vasant. We always face a challenge with summer interns: we don't want
to expose them to too much information. We typically look for a self-contained project
and limit intern's access to additional information.

Vince

From:	Vasant Shanbhogue/ENRON@enronXgate on 05/04/2001 08:11 AM
To:	Lance Cunningham/NA/Enron@ENRON
cc:	Vince J Kaminski/HOU/ECT@ECT
Subject:	RE: Potential Candidate, Summer Intern

Hi Lance,

	he looks very good.  How would you plan on using him?  My only concern about using a summer intern would be that I would not want him to learn all about Enron's operations in power trading and then go work somewhere else.  But if you think we can use him in a more generic manner where you give him specialized projects and you yourself deal directly with the traders, then that may be a possibility.  If you agree, let us check with Vince and then interview him.

Vasant

 -----Original Message-----
From: 	Cunningham, Lance
Sent:	Thursday, May 03, 2001 2:35 PM
To:	Shanbhogue, Vasant
Cc:	Lin, Martin
Subject:	Potential Candidate, Summer Intern

Vasant,

Attached is a resume for a candidate that might serve temporarily through the summer.  Maybe this could be a stop gap measure until we can locate a full time person.  I would anticipate him working as a summer intern.

Lance
---------------------- Forwarded by Lance Cunningham/NA/Enron on 05/03/2001 02:31 PM ---------------------------

"Youseok Son" <ysson@mail.utexas.edu> on 05/03/2001 02:09:58 PM
To:	<Lance.cunningham@enron.com>
cc:

Subject:	My resume (attached) -ignore previous one

Hi!
   Thank you very much for your help.
Here is my resume.
Please let me know what should I do next as soon as possible.
Becasue I have several interview plans with other companies.
But I would like to work at Enron most.
So if I can get the job at Enron, I don't want to
hang around others.

Thank you again.

Youseok Son
Energy Systems, ECE
University of Texas, Austin
Email : ysson@mail.utexas.edu
Tel. : 512-471-4606

 - myResume.doc << File: myResume.doc >>

<Embedded Picture (Device Independent Bitmap)>


Thanks Peter.  I'm actually looking for the Master Agreement, not the initial
facility agreement.  I know that Paul (or someone) had converted the original
master agreement from WordPerfect to Word.  I thought it would be handy to
have the file.

Thanks,

Kay


Mark,

Are we considered to be 2nd or third tier under the new regulations?

Can we obtain a summary of what the new regulations say?

Dave
---------------------- Forwarded by David Forster/Corp/Enron on 12/27/2000
08:27 AM ---------------------------
From: Rahil Jafry@ECT on 12/26/2000 03:04 PM
To: Andy Zipper/Corp/Enron@Enron, Mark Taylor/HOU/ECT@ECT, Dave
Samuels/HOU/ECT@ECT, David.Forster@enron.com, Bob Shults/HOU/ECT@ECT, Angela
Connelly/LON/ECT@ECT, Julie Ferrara/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT,
Leonardo Pacheco/Corp/Enron@Enron, Kal Shah/HOU/ECT@ECT
cc: Paul Goddard/EU/Enron@Enron

Subject: CFTC Rules, Legislation Aim to Clear Up Regulation of
Over-the-Counter ...

---------------------- Forwarded by Rahil Jafry/HOU/ECT on 12/26/2000 03:01
PM ---------------------------
CFTC Rules, Legislation Aim to Clear Up Regulation of Over-the-Counter
Contracts.(US Commodity Futures Trading Commission)(Brief Article)

12/08/2000
The Oil Daily
ITEM00343007
Copyright 2000 Gale Group. All rights reserved. COPYRIGHT 2000 Energy
Intelligence Group

  CFTC Rules, Legislation Aim to Clear Up Regulation of Over-the-Counter
Contracts

  A long process designed to clarify rules for over-the- counter (OTC)
markets may be drawing to a close after the  US Commodity Futures
Trading Commission (CFTC) - the main  regulatory agency - issued its
final framework for a new regime.

  The rules are designed to clear up the legal status of OTC  products
such as swaps, while providing more flexible  oversight of futures
markets and promoting the  establishment of independent clearinghouses.

  Unveiled late last month, the CFTC reforms are due to be  published in
the Federal Register next week, and would take  effect 60 days later -
in mid-February. In the meantime, a  new president should take office
Jan. 20. CFTC experts seem  confident that the reforms will survive the
changeover, saying it is hard for an incoming administration to pull
back final regulations.

  There are also signs of progress on a parallel bill  supporting the
reforms, the Commodity Futures Modernization  Act.

  This was passed by the House in late October, but got  bogged down in
the Senate, partly due to objections by Sen.  Phil Gramm (R-Texas), who
heads the Senate Banking  Committee.

  A compromise was hammered out early this week, sources say,  and the
law could still get through this year - most likely  as an attachment to
an appropriations bill. Legislation  would give the CFTC measures a
stronger legal footing, but  could require them to be tweaked into line.

  The CFTC reforms respond to the explosion of both  derivatives markets
and electronic trading, from equities  to natural gas. Currently,
electronic exchanges targeting  derivatives markets - such as the Big
Oil-backed IntercontinentalExchange - operate in a regulatory gray
area.

  The new reforms define futures exchanges more flexibly,  replacing a
"one-size-fits-all" approach with core  principles, and establishing
three tiers of regulation:

  The top tier - of "recognized futures exchanges" (RFEs) -  matches the
current futures markets, such as Nymex, and is  the most tightly
regulated

  The second rank, of "derivatives transaction facilities"  (DTFs),
comprises institutions requiring looser regulation,  if, for example,
participation is restricted to big  companies.

  The third tier, of "exempt multilateral transaction  execution
facilities" (Exempt MTEFs), escapes most  regulation.

  In parallel, the CFTC has clarified an old ruling removing  swaps from
regulation - the so-called Part 35 exemption.  This ends previous
restrictions, so that OTC products  traded between two parties can now
be "fungible, standardized, and cleared." This is part of a drive to
turn  derivatives into legally recognized products, making it  hard for
one side to renege on an unfavorable contract.

  Finally, the CFTC has moved to encourage the establishment  of
independent clearinghouses by separating the rules for  exchange and
clearing functions. Two start-ups, EnergyClear  and NexClear, have
already declared their intention to  offer such services, starting with
US gas and power.

  Amid concerns about price manipulation, the energy industry  has been
treated as a special case throughout the new  framework and does not
qualify for the least-regulated  Exempt MTEF category of exchange.

  The CFTC reforms also remain fuzzy in certain areas. In  particular,
the new Part 35 exemption for derivatives  covers bilateral
transactions, with multilateral activity  still in something of a gray
area.

  Basically, an exchange handling multilateral trades of  energy
derivatives can apply to the CFTC for official  status as a "commercial
DTF" if it thinks this will bring  credibility and legal standing.
However, a derivatives exchange that does not register with the CFTC
will not be  pursued. The new framework offers "legal certainty for
those who want recognition; it is not ruling on the status  of those who
don't," one expert said.

  In practice, outfits such as EnronOnline - the web system  for direct
transactions with Enron - are in the clear as  bilateral platforms
dealing in contracts outside CFTC  jurisdiction. Intercontinental, as a
multilateral exchange  dealing in standardized swaps, could probably
remain  unregulated, but could also register as a DTF to clarify  its
status.

  Nymex, in its current form, would be an RFE because it  entertains
noninstitutional traders. But the exchange could  apply for its planned
electronic arm enymex (or its  traditional floor) to become a DTF, by
limiting activity to  institutional users.

  David Pike, Manimoli Dinesh

  For more on this story, see the next issue of Oil Daily  sister
publication energy network.

Folder Name: Rahil Jafry
Relevance Score on Scale of 100: 80

______________________________________________________________________

To review or revise your folder, visit http://www.djinteractive.com or
contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com
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This request has been pending approval for  16 days and you are the alternate.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000078941&Page=Approval to review and act upon this request.

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Resource Type       : Directory


----- Forwarded by Richard B Sanders/HOU/ECT on 11/13/2000 04:02 PM -----

	Jan Cooley@ENRON_DEVELOPMENT
	11/13/2000 08:33 AM

		 To: Richard B Sanders@ECT
		 cc:
		 Subject: Monthly Litigation Reports

Richard,

Bob Williams asked me to forward last month's litigation reports to you.
Thank you.

Jan


Please review the attached outage report.

Jerry Graves
713-345-8923


Page Montovano
Diane -- pay for part of an admin
Ken Rice
Steve Shackman -- MayaMora Weber 609 279 4094
Cal trip Leave meessage for Eliz and Karen
39504 Sheila Galloway
Ralph Cavanagh (415) 777 -0220
Mike Day 415 781 0701
Meg Nollen


????
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 06/08/2000
08:51 AM ---------------------------

	Enron North America Corp.

	From:  Scott Healy                           06/07/2000 05:31 PM

To: Don Miller/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT
cc: W David Duran/HOU/ECT@ECT
Subject: Gleason

Bob Virgo has informed me that the desk wants to convert Gleason to combined
cycle.  Bob told me this in the context of asking me whether Calpine would
sell us any additional combined cycle equipment (i.e., steam turbines).  My
guess is they won't.

If 1) it was of interest to us and 2) we are really going to convert Gleason,
I think I could get Calpine to execute a purchase/short term tolling
transaction on Gleason on favorable terms.  I say this for the following
reasons:

1.  Calpine is typically a strong bid for combined cycle installations.
2.  Calpine has been trying unsuccessfully to get a combined cycle project in
TVA (due to their rank in the cue) and thinks that it will take them a year
to get through TVA.  We actually think that their project is blocked.
3.  Calpine would likely take the incremental construction cost risk on the
transaction.
4.  I believe that Calpine would undertake the permitting and interconnection
work at their cost  and risk, if needed.  Given the cost of preparing a
combined cycle permit along with the potential fight that ENA might face from
TVA in such an effort, this risk sharing scenario could be attractive to ENA.
5.  Calpine would likely accept a short term tolling arrangement.  On their
eastern assets, Calpine is generally executing 1-2 year deals.
6.  Calpine particularly in the east has been aggressively purchasing
projects.
7.  If feasible, Calpine would probably be willing to further increase the
size of Gleason.  Calpine's current plants announcements are generally in the
700-1,000 MW range.

I know that Dave Delainey has not previously supported selling Gleason
individually.  However, you may want to investigate if anything has changed
in this circumstance, particularly since we are not generally a strong bid
for combined cycle projects.  Please let me know.

FYI--Dave Duran and I are meeting with Bob Kelly of Calpine on next Tuesday
to discuss the use of Enron NOLs in Calpine's PG&E contract buyouts.


Steve,

Attached, for your information and reference, is copy of a presentation that
was created as an internal briefing document on the business activities
within EGM.  The purpose of this presentation is to communicate our
activities and provide individuals with a more detailed reference document on
these businesses in case they come up in Q&A.

This is a confidential and internal document, which includes earnings
targets, goals and objectives.  We have a shorter more external version that
we use to describe our businesses.  I can provide that copy if you are
interested.

Please don,t hesitate to contact me if you have any questions or would like
to discuss this in more detail.

Thanks,
mike

PS I sent this to IR and Palmer but yours came back due to a bad email
address at EES.


Brenda wuld you please fill this out and send to Zal.
---------------------- Forwarded by Elizabeth Sager/HOU/ECT on 11/02/99 09:22
AM ---------------------------

	Enron North America Corp.

	From:  Zal Masani                           11/01/99 05:41 PM

To: Jeffery Ader/HOU/ECT@ECT, Kristin Albrecht/HOU/ECT@ECT, Daniel
Allegretti/HOU/EES@EES, Berney C Aucoin/HOU/ECT@ECT, Fred
Cohagan/HOU/ECT@ECT, James B Fallon/HOU/ECT@ECT, Chris Gaffney/HOU/ECT@ECT,
Vladimir Gorny/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Carl
Livermore/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Paul H Racicot/HOU/ECT@ECT,
William Reed/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT
cc:
Subject: Contact List

To U.I. Working Group:

I am trying to compile a contact list of all working group members.
In order to do that I will require the following information from each of you.

Phone
Fax
E-mail
Pager
Mobile
Address

Regards

Zal
x37488


(g) Additional Event of Default.  The following will constitute an additional
Event of Default for purposes of Section 5(a):

(ix) (i) in the case of Party A, if Enron Corp. ceases to own, directly or
indirectly, one hundred percent (100%) of the outstanding capital stock or
other equity interests of Party A having ordinary voting power; or (ii) in
the case of Party B, if Enron Corp. ceases to own directly or indirectly, one
hundred percent (100%) or more of the outstanding capital stock or other
equity interests of Party B having ordinary voting power.


Could I please have an ETA on any comments to this agreement?  I will be out
of town the first three days of next week and would like to have this done by
Dec. 15.  Thanks.

Molly Sample
General Counsel
EOTT Energy Corp.
713-993-5027
fax 713-402-2806
----- Forwarded by Molly Sample/Houston/Eott on 12/06/00 03:12 PM -----

	Molly Sample
	11/29/00 01:12 PM

		 To: Gavin Russo/Corp/Enron@Enron, Rod Hayslett/FGT/Enron@Enron
		 cc:
		 Subject: Corporate Services Agreement

Attached is a draft of the Corporate Services Agreement to cover the property
tax function EOTT is moving to Enron.  Could you please forward this to the
appropriate Human Resources and Legal people?  I am not sure who would handle
this.  Also, if Rodney Meek's start date is something other than December 1,
the Exhibit B-1 will need to be redone.  Thanks.  Please call if you have
questions.  Mary Ellen Coombe is out this week, but I can contact her if
there are questions on the HR side.

Molly Sample
General Counsel
EOTT Energy Corp.
713-993-5027
fax 713-402-2806

Molly Sample
General Counsel
EOTT Energy Corp.
713-993-5027
fax 713-402-2806


Jan:

I meant to cc you on this but forgot - here is my response to Martin.
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
12/03/98 07:31 PM ---------------------------
To: Martin Rosell/OSL/ECT@ECT
cc:
Subject: Re: Absence

Martin:

I am told by my assistant (Jan Dobernecker) that the Human Resources
Department here has people who will assist you on the practicalities.  Jan
has asked them to get in touch with you directly.  If you have not heard from
someone by the middle of next week, please let me or Jan know so we can
either prod them into action or get you a contact name and number to call.

We are all very much looking forward to your arrival and I'd be happy to
discuss any questions (and I'm sure there must be several) that come to mind
- just give me a call.

Mark

Martin Rosell
12/03/98 02:49 AM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:
Subject: Absence

Mark,

Following the message below, please be informed that I plan to come over to
Houston 15 January next year and stay for 6-7 weeks (at Murphy's Montecito
apartments).  Maybe we could change a few words on this before Christmas.
Also, do you know to whom I may turn in order to settle the practicalities
(invitation letter to show immigration authorities, insurance, car, etc.)?!

Martin
---------------------- Forwarded by Martin Rosell/OSL/ECT on 03/12/98 08:38
---------------------------

Scott Sefton
27/11/98 17:41
To: Martin Rosell/OSL/ECT@ECT
cc:
Subject: Absence

We ought to investigate the possibility of having a Wikborg lawyer over every
afternoon, with the understanding that the Wikborg lawyer would also be
available to work on our stuff in the morning. This is our chance to develop
a relationship with a new Wikborg lawyer who could replace Jarle Erik. Please
confirm the dates that you will be gone. I assume that you will be back in
Oslo by March 1. Please co-ordinate your Houston visit with Mark Taylor.
Thanks!


Environment & Energy Daily -- Friday, January 25, 2002

Go to today's full edition on line and get the latest news from the Hill!
http://www.eedaily.com

NEED PASSCODES? Email request to pubs@eenews.net or call 202-628-6500.

LEADING TODAY'S ISSUE:

HEAD: KERRY's CAFE PUSH SPARKS IDEOLOGICAL CLASH
Sen. John Kerry (D-Mass.), chairman of the Senate Commerce, Science and
Transportation Subcommittee on Oceans, Atmosphere and Fisheries, on
Thursday cited statistics showing that since 1988, automakers used more
than 60 percent of the advanced technology available to them to increase
power and acceleration, but only 8 percent to improve fuel economy, figures
he said highlight the need to mandate higher federal fuel economy standards.

Get all the details in today's full edition online at:
http://www.eedaily.com

TOP HEADLINES IN TODAY'S EDITION INCLUDE:
*  TRANSPORTATION: CAFE debate taking shape along ideological lines
*  ENERGY POLICY: Electricity policy takes back seat at Enron hearings --
for now
*  BUDGET: White House projects $106 billion deficit
* ... AND MUCH MORE!

======================
The E&E Daily is written and produced by the staff of E&E Publishing,
LLC, 122 C St., Ste. 722, NW, Wash., D.C. 20001.
Phone: 202/628-6500. Fax: 202/737-5299.
Email: Pubs@eenews.net. Website: http://www.eenews.net/

The Daily is published every day Congress is in session
to provide timely, objective and comprehensive coverage
of Congressional action on environmental, energy and natural
resource issues.  Environment & Energy Daily is published in
printed and electronic format on Monday and website format
the rest of the week.

All content is copyrighted and may not be reproduced or retransmitted
without the express consent of E&E Publishing, LLC.

Editor in chief: Kevin Braun.
Editor: Larisa Epatko
General Asst. Editor: Colleen Luccioli
Reporting staff: Tim Breen, Natalie M. Henry, Eryn Gable, J.L. Laws,
Colin Sullivan, Suzanne Struglinski, David Leavitt, Molly Villamana
Dan Berman, Damon Franz, April Reese, Darren Samuelsohn, Brian Stempeck
Publisher: Michael Witt.
Marketing Director: Drew Gagliano
Account Executives: David Horna, Kristen Barlow
Marketing Associate: Louis R. Reeder
Technical Director: Michael Abate


???
---------------------- Forwarded by Jason Sokolov/HOU/ECT on 01/29/2001 03:52
PM ---------------------------

	Enron North America Corp.

	From:  Maria Van Houten                           01/29/2001 11:35 AM

To: Jason Sokolov/HOU/ECT@ECT
cc:
Subject: Re: CalPX power prices

Jason,

Are you looking for CalPX hour ahead UMCP or CalPX hour ahead zone prices?
We have hour ahead zone price data from 10/1/98 - current and hour ahead UMCP
from 11/6/2000 onward.
Maria V.H.

	From:  Jason Sokolov                           01/26/2001 09:17 AM

To: Maria Van Houten/PDX/ECT@ECT
cc:
Subject: CalPX power prices

Maria,

I am looking for historical hourly real-time (spot) power prices for CalPX.
Can you help me to locate them?

Jason Sokolov


As per Gary's request, here is the revised letter.  If you will send the
executed copies to me, I will arrange to have them signed on behalf of Enron.

"GARY BURNS" <GARY_BURNS@cemexusa.com> on 12/17/99 01:40:46 PM
To: Mark Taylor/HOU/ECT@ECT
cc: "CINDY EVANGELISTA" <CINDY_EVANGELISTA@cemexusa.com>
Subject: Re: Confidentiality Agreement

Mark,
      The Confidentiality Agreement must be addressed to Enron and printed on
Cemex letterhead, so please send the modified document to Cindy in an
electronic
format (ie Word via email).  Cindy will then print out two originals on our
letterhead and send you both originals for signature by Enron.   Thanks, GPB

---------------------- Forwarded by GARY BURNS/Tex/Usa/Cemex on 12/17/99 07:37
PM ---------------------------

GARY BURNS
12/17/99 07:21 PM

To:   "Mark Taylor" <mtaylo1@ect.enron.com> @ CEMEXUSA
cc:   CINDY EVANGELISTA/Tex/Usa/Cemex@CEMEX
Subject:  Re: Confidentiality Agreement

Mark,
       Our attorney said that modifying the attached Agreement so that the
protected party is " CEMEX USA Management, Inc., as well as its affiliates
(CEMEX), " is acceptable.  Please make the required changes and send the
document to my secretary, Cindy Evangelista.   I am on vacation until
1/4/2000,
but will try to progress the signing of the Agreement while I'm gone.
Regards,
GPB

"Mark Taylor" <mtaylo1@ect.enron.com> on 12/15/99 11:29:49 PM

To:   GARY BURNS@CEMEX
cc:
Subject:  Confidentiality Agreement

Here is the Confidentiality Agreement we signed last year.

(See attached file: CA - Cemex2.doc)

 - CA - Cemex2.doc


Oh and the deal number for the second Mike S aquilla deal is 418401


I did not see Sonoco on the attached document.  Nevertheless, we did resolve
our dispute with them and have no issues on the trading desk with them
outstanding.

Doug


- LJUN0600.doc


Brent didn't get much sleep last night and is still under the weather.  He
will be working from home today.  You can get in touch with him via e-mail at
"bhendry@houston.rr.com" or fax him at 832-249-8654.


FERC Acctg
(Is it this simple ???)

"Co 536"
Debit Plant
Credit Regulatory Asset

To reclassify accumulated amounts deferred under levelized rates, for recovery under standard rate methodology.

GAAP Acctg
....to be continued...stay tuned


I can play on Sunday morning this week.  My eldest daughter has a Horse Show
that I need to be at on Saturday.  Next week I could play either Saturday or
Sunday.  Please let me know.


Patricia:  I was wondering if you had an opportunity to speak with any
persons associated with the Argentine Derivatives Association in connection
with our discussion of last week.  I can't recall if you were going to try to
speak with the lawyers for Citibank and/or Morgan to determine whether the
ADA might welcome our participation in the association, and specifically,
with respect to the template currently in circulation.  I think you were also
going to attempt to locate a current membership list for the association.
Please advise when you have further information.

I am trying to plan several trips to Argentina and Brazil.  I am considering
a trip to BA during the week of February 28.  Will you be in town that week?
During my visit, my tax colleague from Houston and I will try to meet with
local tax consultants and organizations lobbying for tax reformation.
Regards.  Sara


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