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Adele and Maria:
Here are my final comments:

1. In the ISDA Schedule, Part 4, Section (f)(iii), we cannot accept a 30 day
waiting period.  Why can't the Guaranty be furnished when the Reorg becomes
effective?

2. In each Guaranty, there is an extra zero in the "cap" amount.

3. In the PSE&G Guaranty, the Counterparty notice section should be just like
what is in the Master for primary notices and copies.

4. In the LC, in the new language on the second page, change Uniform Customs
to UCP.

That's all I have.  Subject to resolving point #1, please e-mail to me the
Enron Guaranty and please coordinate with Susan Flynn on getting final
versions executed and obtaining other closing items.  I will review your
opinion shortly.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)


Please review the attached GISB from Sigcorp and let me know what you think.   This is the agency matter we briefly discussed yesterday.

 -----Original Message-----
From: 	"Ferguson, Cathy (Sigcorp Energy Services)" <cferguson@sigcorpenergy.com>@ENRON [mailto:IMCEANOTES-+22Ferguson+2C+20Cathy+20+28Sigcorp+20Energy+20Services+29+22+20+3Ccferguson+40sigcorpenergy+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, August 07, 2001 4:42 PM
To:	Perlingiere, Debra
Subject:	BASE CONTRACT FOR SHORT-TERM

 <<GISBFormat_.doc>>
Debra,
This is a copy of our standard GISB Contract for you to review.
If you have any questions, please advise.

Thanks,
Cathy
 - GISBFormat_.doc


Energy Market Report
Wednesday, December 26, 2001

*See attached pdf file.
__________________________________________________________
Western Pre-Scheduled Firm Electricity Prices($/MWh)
December 26, 2001 for December 27 through 29, 2001

Peak(Heavy)
                   Low     Change     High    Change
NW/N. Rockies     23.00     3.75      25.00    4.00
Mid-Columbia      23.00     3.75      25.00    4.00
COB               23.25     2.25      27.00    4.00
N. California     27.00     3.00      28.00    4.50
Midway/Sylmar       NA       NA         NA      NA
S. California     27.00     5.00      30.50    5.25
Mead              27.00     6.00      29.00    5.50
Palo Verde        26.00     4.50      30.00    6.25
Inland SW         26.00     5.00      30.00    6.25
4-Corners         26.00     4.50      28.00    5.00
Central Rockies   22.00     2.50      26.00    4.75
__________________________________________________________
Off-Peak(Light)
                   Low     Change     High    Change
NW/N. Rockies     19.00     2.00     21.00     3.00
Mid-Columbia      19.00     2.00     21.00     3.00
COB               18.00     2.50     19.00     2.75
N. California     18.50     3.50     19.50     1.00
Midway/Sylmar       NA       NA        NA       NA
S. California     13.60    -0.40     16.75    -0.25
Mead              16.00     1.75     18.00     3.00
Palo Verde        15.25     2.00     18.25     3.50
Inland SW         15.25     2.00     18.25     3.25
4-Corners         15.00     1.50     18.00     3.50
Central Rockies   12.50     -0.50    14.50     0.50
__________________________________________________________
Day-After Doldrums

Western traders lucky enough to be back in the office the day after
Christmas were greeted by rising day-ahead prices for the Thursday through
Saturday package, largely due to anticipated load increases later in the
week.  Most parties, however, described post-holiday electricity trading on
Wednesday as "thin and illiquid," especially for forward goods.  Some
players also attributed a bit of the daily strength to higher spot gas
prices.  Speaking of gas, NYMEX Henry Hub futures contracts rose sharply in
early Wednesday trade amid forecasts calling for colder weather in the
Midwest and Northeast, but fell late on a rash of profit taking.  January
Hub gas rose to a session high of 3.02$/mmBtu, before profit taking caused
prices to tumble, settling at 2.911$/mmBtu, a rise of 1.6 cents from Friday'
s close.  The January contract expires on Thursday.  February contracts
ended the day 4.8 cents higher at 2.937$/mmBtu.  NYMEX said it would extend
Thursday's session by 15 minutes to 14:45 EST due to the late release of the
AGA inventory report.  Because of the Christmas holiday, the AGA will be
releasing its weekly report at 14:00 PST on Thursday.  Early estimates were
calling for a draw of 50 to 75 bcf last week, well above the 175-bcf draw
seen last year, and the five-year average draw of 140 bcf.  Milder weather
this year has kept withdrawls to a minimum and stocks near historically high
levels.

Some Northwest daily dabblers said that Wednesday trading was relatively
active, "for the day after Christmas," while others said that modest loads
and abundant hydro had most parties well covered for the three-day piece.
Nonetheless, peak power prices for the Thursday through Saturday package
rose as much as 4$/MWh on an anticipated increase in loads later in the
week.  Heavy load energy at the Mid-Columbia traded from 23 to 25$/MWh, with
most trades occurring between 23.5 and 24.5$/MWh.  Light load goods rose by
an average of 2.5$/MWh, with confirmed transactions from 19 to 21$/MWh.
Flow forecasts for Chief Joseph remained healthy, coming in at 105 kcfs
Thursday, 95 kcfs Friday, 75 kcfs Saturday, 60 kcfs Sunday, 85 kcfs New Year
's Eve, 50 kcfs New Year's Day, and 100 kcfs next Wednesday.  The latest
six-to-ten from the NWS was calling for above-normal temperatures in the
region's major load centers for the first week of the New Year.

Peak power prices for the Thursday/Friday/Saturday package firmed up across
the Golden State on Wednesday.  An increase in off-line megawatts, a lack of
liquidity in thin trading, and sharply increased spot-gas prices were the
biggest factors in the price jump, according to California market players.
Peak-hour prices at California hubs increased from 2.25 to 5.25$/MWh for the
three-day package, but off-peak hours did not necessarily reflect the
increase.  Bucking the statewide trend, off-peak pieces at SP-15 traded
slightly lower than on Friday, ranging from 13.6 to 16.75$/MWh.  Players at
the hub cited "getting caught with power on our hands that we had no choice
but to sell."  In the news, on Monday a U.S. Bankruptcy Court approved PG&E
Corp.'s agreement to pay off the $265 million in outstanding power bills to
Calpine Corp.  Starting Monday and continuing through November 2002, PG&E
will make monthly payments of principal and interest to Calpine.  As for
unit news, generation was perhaps the most tumultuous factor in the power
market over the long Christmas weekend.  On Saturday, December 22, there
were 4 new outages, three of which were planned.  Etiwanda #3 and #4 (320 MW
each) came off line on Saturday as planned, as did Duke's 336 MW Morrow Bay
#4.  Helms PGP #3 (404 MW) tripped off line with an unplanned outage but
came back a day later. There were two planned outages on Sunday the 23rd:
Alamitos #4 (320 MW) and Morrow Bay #3 (337 MW), the latter of which came
back on line on Wednesday December 26.  On Christmas Day, Los Medanos (550
MW) was curtailed for the second time in less than a month with an unplanned
outage, and was running at 36% of capacity as of this writing.  The Sutter
Plants (546 MW) were ramping up towards full power, and stood at 525 MW at
11:15am PST Wednesday.

Spot electricity prices in the Southwest displayed the largest gains in the
West on Friday, primarily due to rising spot gas prices, and an expected
increase in loads for later in the week.  Peak power at Palo Verde gained as
much as 6.25$/MWh for the three-day combo, with confirmed trades anywhere
between 26 and 30$/MWh.  Most deals were done on the lower end of that
range, with the highest prices seen late, when a few shorts reportedly
entered the market.  Light load goods at the Southwest hub gained an average
of 2.75$/MWh to trade from 15.25 to 18.25$/MWh.  In unit news, Mohave #1
(790 MW) finally returned to the grid over the long weekend, after coming
down for tube leak repairs back on December 15.  "That must have been one
hell of a leak," joked one marketer.  The five-day outlook for the Phoenix
area called for daytime highs in the mid to upper 60s, with overnight lows
in the mid to low 40s.  "Down here 40s seem pretty cold, and they have been
giving us some pretty healthy morning and evening peaks," said one Southwest
trader.  The latest six-to-ten from the NWS was calling for above-normal
temperatures in Arizona and normal conditions in New Mexico from January 1
through 5.

Patrick O'Neill and David Ramberg
_________________________________________________________

Western Generating Unit Outages

Current                            Begins          Ends          Reason
CAISO units <250/5875 total          NA             NA
planned/unplanned*
Alamitos #3/320/gas               04-Dec-01         ?            planned
Alamitos #4/320/gas               23-Dec-01         ?            planned*
Big Creek Project/1020/hydro      09-Dec-01         ?         @752MW,
planned*
El Segundo #3/337/gas             02-Oct-01         ?            unplanned
Etiwanda #3/320/gas               22-Dec-01         ?            planned*
Etiwanda #4/320/gas               22-Dec-01         ?            planned*
Grand Coulee #19/600/hydro        10-Dec-01       March          repairs
Helms PGP #2/407/hydro            01-Oct-01         ?            planned
Hyatt/Thermalito/933/hydro        02-Oct-01         ?      @607 MW,
unplanned
Los Medanos/550/gas               25-Dec-01         ?      @200 MW,
unplanned*
Morro Bay #4/336/gas              22-Dec-01         ?            planned*
Moss Landing #6/739/gas           19-Dec-01         ?            unplanned
Ormond Beach #2/750/gas           05-Oct-01         ?      @350 MW,
unplanned
Pittsburg #6/317/gas              22-Nov-01         ?            planned
Sutter Plants/546/gas             04-Dec-01         ?            planned

For unit owners refer to pdf version.
*Indicates a change from previous EMR.
______________________________________________________________________

Eastern Markets Pre-Scheduled Firm Power Prices ($/MWh)

December 26, 2001 for December 27, 2001

Peak (Heavy) in $/MWh
                 Low     Change   High      Change
Into Cinergy    22.00     0.00    27.00      2.00
Western PJM     26.00     1.50    26.50      1.25
Into Entergy    23.50     1.50    25.50      1.50
Into TVA        24.00     2.00    25.50      3.00
___________________________________________________________
With temperatures across the Eastern Interconnect firmly entrenched in
below-normal territory and increasing numbers of businesses reopening for
the post-Christmas pre-New Year's slack period, day-ahead prices at all
major hubs strengthened over prices seen on Friday.  Nevertheless, many
traders were sitting out the year-end market at home or on vacation, and the
traders manning the daily desks reported few trades at any hubs.  Forecasts
for the entire East called for increased heating demand through the New
Year, though continued healthy generation managed to keep a lid on the
market's high end.  On NYMEX, Henry Hub natural gas contracts nudged up
slightly.  The January contract clung to early gains despite late
profit-taking to close up 1.6 cents at 2.911$/mmBtu, while the February
piece gained 4.8 cents, settling at 2.937$/mmBtu.

Traders at Western PJM reported very light trading their first day back at
work after the Christmas holiday, with prices for Thursday goods fluctuating
slightly between 26 and 26.5$/MWh.  LMPs likewise reflected the quiet
atmosphere on the Eastern seaboard, with power averaging 15.58$/MWh over the
course of the day. The high of 24.2$/MWh was reached between 09:30 and 10:30
EST, where actual load exceeded predictions by a sliver.  Still, prices were
around 1.25-2$/MWh higher than they were on Friday, thanks in large part to
the cooling that has gripped the region.  Temperatures were hovering near
freezing through much of Western PJM, with the five-day forecast calling for
temperatures to remain below normal plus a chance of snow through Sunday
December 30.  The latest six-to-ten echoed the prediction, extending
below-normal temperatures through January 5.  There were no reported unit
outages in PJM on Wednesday.

Temperatures were the leading impulse in ECAR markets on Wednesday, with
highs in the region failing to reach even freezing, and the latest five-day
forecast calling for more of the same plus a chance of snow or snow flurries
from Wednesday through Sunday.  As a result, Into Cinergy pieces traded as
high as 27$/MWh, a two-dollar increase on the high end, but flat on the low
at 22$/MWh.  "With so few businesses opening over the holiday slack-time,
there just wasn't enough demand to push up prices, despite the colder
weather," remarked one trader.  "But," he added, "more businesses will be
opening as the week drags on, and if this kind of weather continues into the
New Year, we could see some real strength in the market."  The latest
six-to-ten proved encouraging for such an outcome, calling for temperatures
to remain below normal through January 5.  There were no new unit outages
reported on Wednesday in ECAR.

SERC was no exception to the general condition of the Eastern markets on
Wednesday:  temperatures were well below normal, in many cases below
freezing at night, and demand was light due to the small number of
businesses open between the two big December holidays.  Prices at Into
Entergy showed modest gains, trading between 23.5 and 25.5$/MWh.  "There
wasn't much going on in Entergy today," commented one off-task trader,
"Prices started out at the high end and came down over the course of the day
as some sellers realized they were stuck and had to unload."  Into TVA
prices likewise strengthened, trading from 24 to 25.5$/MWh on Wednesday.
The five-day forecast predicted temperatures significantly below normal
through Sunday, with snow possible on Thursday and Friday.  The latest
six-to-ten likewise mirrored the rest of the East and called for the
below-normal regime to last through January 5.  There were no new units
reported off-line in SERC on Wednesday.
___________________________________________________________
California ISO Congestion Index in $/MWh

                         Path                 Peak   Off-peak
for 23-Dec-01         NW1 to NP15             0.00     0.00
                      NW3 to SP15             0.00     0.00
                      AZ3 to SP15             0.00     0.00
                      LC1 to SP15             0.00     0.00
                      SP15 to NP15            0.00     0.00

for 24-Dec-01         NW1 to NP15             0.00     0.00
                      NW3 to SP15             0.00     0.00
                      AZ3 to SP15             0.00     0.00
                      LC1 to SP15             0.00     0.00
                      SP15 to NP15            0.00     0.00

for 25-Dec-01         NW1 to NP15             0.00     0.00
                      NW3 to SP15             0.00     0.00
                      AZ3 to SP15             0.00     0.00
                      LC1 to SP15             0.00     0.00
                      SP15 to NP15            0.00     0.00

for 26-Dec-01         NW1 to NP15             0.00     0.00
                      NW3 to SP15             0.00     0.00
                      AZ3 to SP15             0.00     0.00
                      LC1 to SP15             0.00     0.00
                      SP15 to NP15            0.00     0.00

for 27-Dec-01         NW1 to NP15             0.00     0.00
                      NW3 to SP15             0.00     0.00
                      AZ3 to SP15             0.00     0.00
                      LC1 to SP15             0.00     0.00
                      SP15 to NP15            0.00     0.00

OTC Forward Peak Electricity Contracts in $/MWh

                    Mid-C              PV              SP-15
                Bid      Ask      Bid      Ask      Bid      Ask
BOM              --      --       --        --      --       --
January        25.50    27.00    28.50    29.50    29.50    30.50
February       22.50    24.00    26.00    27.00    27.50    28.50
March          19.00    20.50    26.00    27.00    27.00    28.00
Q1 '02         21.50    23.00    27.00    28.00    29.00    30.00
Q2 '02         17.00    18.50    29.00    30.00    29.25    30.25
Q3 '02         33.50    35.50    45.50    46.50    43.00    44.00
Q4 '02         28.50    30.00    30.00    31.00    32.00    33.00
Cal '03        31.00    32.50    34.50    35.50    35.50    36.50

Represents the most recent bid/ask spread obtainable
by the Energy Market Report.

Alberta Power Pool Index (C$/MWh)

                    Peak(14)   Peak(16)   Off-Peak    Flat     Change
for  21-Dec-01       49.10      50.10      35.28      45.60   -24.11
for  22-Dec-01       42.69      41.96      26.83      37.22    -8.38
for  23-Dec-01       40.60      37.24      21.42      32.25    -4.97
for  24-Dec-01       33.06      31.20      15.40      26.26    -6.00
for  25-Dec-01       16.07      15.39      14.84      15.22   -11.04

BPA's Offer for 12/27/01 and 12/29/01.

Hours        Amount          NW delivered        COB/NOB delivered

7-22         100MW           Market Price*          Market Price*

*Market price will be determined at time of request.

NYMEX Henry Hub Gas Futures in $/mmBtu

                 Close        Change
        Jan      2.911         0.016
        Feb      2.937         0.181

Natural Gas Spot Prices in $/mmBtu

                  Low          High
Sumas             2.52         2.57
So. Cal Border    2.75         2.80
San Juan          2.69         2.74
__________________________________________________________

Economic Insight, Inc. - 3004 SW First, Portland, Oregon 97201,
Telephone (503) 222-2425, Internet e-mail emr@econ.com -
Copyright, Economic Insight, Inc. 2001.


continental.com Specials for Elizabeth Sager
Wednesday, December 5, 2001
****************************************

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TRAVEL UPDATES
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****************************************
TABLE OF CONTENTS
1. This Week's Destinations
2. Continental Vacations Offers
3. Hilton Hotels & Resorts, Doubletree Hotels & Resorts, & Embassy Suites Hotels Offers
4. Westin Hotels & Resorts, Sheraton Hotels & Resorts, Four Points by Sheraton, St. Regis, The Luxury Collection and W Hotels Offers
5. Alamo Rent A Car Offers
6. National Car Rental Offers

****************************************
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****************************************
TRAVEL MAY ORIGINATE IN EITHER CITY
****************************************
****Roundtrip BETWEEN CLEVELAND, OH and:

$109 - Albany, NY
$109 - Chicago, IL (Midway only)
$109 - Grand Rapids, MI
$109 - Indianapolis, IN
$119 - Kansas City, MO
$139 - Los Angeles, CA
$109 - Louisville, KY
$119 - Manchester, NH
$109 - Milwaukee, WI
$109 - Raleigh Durham, NC
$109 - Richmond, VA

****Roundtrip BETWEEN HOUSTON, TX and:

$139 - Albuquerque, NM
$109 - Alexandria, LA
$109 - Amarillo, TX
$109 - Baton Rouge, LA
$149 - Boston, MA
$149 - Colorado Springs, CO
$109 - El Paso, TX
$129 - Greensboro/Piedmont Triad, NC
$109 - Gulfport/Biloxi, MS
$129 - Indianapolis, IN
$109 - Jackson, MS
$129 - Jacksonville, FL
$119 - Kansas City, MO
$109 - Lafayette, LA
$109 - Little Rock, AR
$119 - Louisville, KY
$119 - Lubbock, TX
$109 - McAllen/Rio Grande Valley, TX
$119 - Midland/Odessa, TX
$109 - Mobile, AL
$109 - Monroe, LA
$109 - New Orleans, LA
$159 - New York/Newark (Newark only)
$109 - Oklahoma City, OK
$169 - Orange County/Santa Ana, CA
$109 - Pensacola, FL
$129 - Raleigh Durham, NC
$109 - Shreveport, LA
$129 - Tampa/St. Petersburg, FL
$169 - Tucson, AZ
$109 - Tulsa, OK
$119 - Washington, DC (Dulles Airport only)
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$119 - Albany, NY
$109 - Buffalo, NY
$119 - Charleston, SC
$139 - Chicago, IL (Midway only)
$119 - Greensboro/Piedmont Triad, NC
$119 - Greenville/Spartanburg, SC
$159 - Houston, TX  (Intercontinental/Ellington)
$109 - Indianapolis, IN
$159 - Kansas City, MO
$199 - Los Angeles, CA
$119 - Louisville, KY
$129 - Milwaukee, WI
$129 - Nashville, TN
$159 - New Orleans, LA
$109 - Norfolk, VA
$109 - Portland, ME
$109 - Raleigh Durham, NC
$109 - Richmond, VA
$109 - Rochester, NY
$199 - San Diego, CA
$179 - Seattle/Tacoma, WA
$109 - Syracuse, NY
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--------------------------------------
Albany, NY - Hilton Garden Inn Saratoga Springs, Saratoga Springs, NY. - $79

Albuquerque, NM - Doubletree Hotel Albuquerque, Albuquerque, NM. - $69

Boston, MA - University Park Hotel at MIT-Cambridge, Cambridge, MA. - $89
Boston, MA - Hilton Dedham Place, Dedham, MA. - $75

Chicago, IL - Hilton Oak Lawn, Oak Lawn, IL. - $109
Chicago, IL - Doubletree Hotel Chicago O'Hare Airport-Rosemont, Rosemont, IL. - $159
Chicago, IL - Doubletree Hotel & Executive Meeting Center Chicago-North Shore, Skokie, IL. - $119
Chicago, IL - Doubletree Guest Suites Chicago-Downtown, Chicago, IL. - $189
Chicago, IL - Doubletree Guest Suites Chicago North/Glenview, Glenview, IL. - $104
Chicago, IL - Doubletree Club Chicago O'Hare, Des Plaines, IL. - $89
Chicago, IL - Embassy Suites Hotel Chicago-Downtown/Lakefront, Chicago, IL. - $189
Chicago, IL - Embassy Suites Hotel Chicago-North Shore/Deerfield, Deerfield, IL. - $139
Chicago, IL - Hilton Garden Inn Evanston, Evanston, IL. - $99

Cleveland, OH - Hilton Garden Inn Cleveland Airport, Cleveland, OH. - $79
Cleveland, OH - Hilton Cleveland East/Beachwood, Beachwood, OH. - $109
Cleveland, OH - Embassy Suites Hotel Cleveland-Downtown, Cleveland, OH. - $99

Houston, TX - Hilton Houston Westchase and Towers, Houston, TX. - $149
Houston, TX - Hilton Houston Hobby Airport, Houston, TX. - $109
Houston, TX - Doubletree Guest Suites Houston, Houston, TX. - $179

Los Angeles, CA - Hilton Port of Los Angeles/San Pedro, San Pedro, CA. - $109
Los Angeles, CA - Hilton Long Beach, Long Beach, CA. $89/Night, - 12/8-9
Los Angeles, CA - Hilton Irvine/Orange County Airport, Irvine, CA. - $149
Los Angeles, CA - Embassy Suites Hotel Anaheim-Located Near Disneyland Park, Anaheim, CA. - $139
Los Angeles, CA - Embassy Suites Hotel Brea-North Orange County, Brea, CA. - $129
Los Angeles, CA - Embassy Suites Hotel Los Angeles-Downey, Downey, CA. - $119
Los Angeles, CA - Hilton Burbank Airport & Convention Center, Burbank, CA. - $129
Los Angeles, CA - Doubletree Hotel Los Angeles-Westwood, Los Angeles, CA. - $129
Los Angeles, CA - Embassy Suites Hotel Buena Park-Located Near Disneyland and Knott's Berry Farm, Buena Park, CA. - $84
Los Angeles, CA - Embassy Suites Hotel Los Angeles-Intl Airport. South, El Segundo, CA. - $129

Nashville, TN - Embassy Suites Hotel Nashville-Westend, Nashville, TN. - $99

Newark, NJ - Hilton Pearl River, Pearl River, NY. - $99/Night, - 12/8-9
Newark, NJ - Hilton Newark Airport, Elizabeth, NJ. - $199
Newark, NJ - Hilton Fort Lee at the George Washington Bridge, Fort Lee, NJ. - $119
Newark, NJ - Doubletree Club Suites Jersey City, Jersey City, NJ. - $159
Newark, NJ - Hilton East Brunswick, East Brunswick, NJ. - $179

Oklahoma City, OK - Hilton Garden Inn Oklahoma City Airport, Oklahoma City, OK. - $79

Pensacola, FL - Hilton Sandestin Beach Golf Resort & Spa, Destin, FL. - $109

Raleigh/Durham, NC - Hilton North Raleigh, Raleigh, NC. - $99
Raleigh/Durham, NC - Hilton Durham, Durham, NC. - $99

San Diego, CA - Hilton San Diego Mission Valley, San Diego, CA. - $119
San Diego, CA - Hilton San Diego Airport/Harbor Island, San Diego, CA. - $109
San Diego, CA - Hilton San Diego Gaslamp Quarter, San Diego, CA. - $179

Seattle, WA - Hilton Seattle, Seattle, WA. - $119
Seattle, WA - Hilton Bellevue, Bellevue, WA. - $139

Syracuse, NY - Doubletree Club Syracuse, North Syracuse, NY. - $79

Tampa, FL - Hilton Clearwater Beach Resort, Clearwater, FL. - $129

Washington, DC - Hilton Garden Inn Washington DC Franklin Square, Washington, DC. - $139
Washington, DC - Hilton Washington Dulles Airport, Herndon, VA. - $179
Washington, DC - Hilton Arlington and Towers, Arlington, VA. - $119/Night, 12/8-9
Washington, DC - Hilton Washington Embassy Row, Washington, DC. - $98
Washington, DC - Hilton Crystal City at Ronald Reagan National Airport, Arlington, VA. - $119
Washington, DC - Doubletree Guest Suites Washington, DC, Washington, DC. - $87
Washington, DC - Embassy Suites Hotel Washington, DC-At The Chevy Chase Pavilion, Washington, DC. - $179

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Special rates apply only for the dates listed at each hotel and are subject to availability. Check hilton.com for specific dates at each Hilton Family Hotel. Or call at 1-800-774-1500 and ask for Value Rates. Restrictions apply to these rates.

****************************************
4. CONTINENTAL.COM SPECIALS LAST-MINUTE WEEKEND RATES FROM WESTIN HOTELS & RESORTS, SHERATON HOTELS & RESORTS, FOUR POINTS BY SHERATON, ST. REGIS, THE LUXURY COLLECTION, AND W HOTELS

Last-Minute Weekend Rates for this weekend December 7 - December 11, 2001.
--------------------------------------
California - Los Angeles - Sheraton Gateway Hotel Los Angeles Airport - $77.00
California - Los Angeles - The Century Plaza Hotel & Spa - $129.00
California - Los Angeles - Four Points by Sheraton Los Angeles International Airport - $64.00
California - Los Angeles - The St. Regis Los Angeles Hotel and Spa - $224.00
California - Pomona - Sheraton Suites Fairplex - $69.00
California - Santa Monica - Four Points by Sheraton Santa Monica - $109.00

District of Columbia - Washington - The St. Regis, Washington, D.C. - $205.00

Illinois - Arlington Heights - Sheraton Chicago Northwest - $56.00
Illinois - Chicago - The Westin Michigan Avenue Chicago - $136.00
Illinois - Chicago - The Westin Chicago River North - $149.00
Illinois - Chicago - W Chicago Lakeshore - $159.00
Illinois - Chicago - W Chicago City Center - $139.00
Illinois - Elk Grove Village - Sheraton Suites Elk Grove Village - $65.00
Illinois - Oakbrook Terrace - Four Points by Sheraton Oakbrook - $64.00
Illinois - Rosemont - Sheraton Gateway Suites Chicago O'Hare - $75.00
Illinois - Rosemont - The Westin O'Hare - $79.00

Maine - South Portland - Sheraton South Portland  Hotel - $64.00

Maryland - Annapolis - Sheraton Barcelo Annapolis - $71.00
Maryland - Baltimore - Sheraton Baltimore North Hotel - $77.00
Maryland - Baltimore - Sheraton International Hotel BWI Airport - $119.00
Maryland - Columbia - Sheraton Columbia Hotel - $71.00

Massachusetts - Braintree - Sheraton Braintree Hotel - $90.00
Massachusetts - Burlington - Four Points by Sheraton Burlington - $70.00
Massachusetts - Danvers - Sheraton Ferncroft Resort - $79.00
Massachusetts - Framingham - Sheraton Framingham Hotel - $103.00
Massachusetts - Hyannis - Sheraton Hyannis Hotel - $99.00
Massachusetts - Lexington - Sheraton Lexington Inn - $71.00
Massachusetts - Needham - Sheraton Needham Hotel - $97.00
Massachusetts - Newton - Sheraton Newton Hotel - $89.00
Massachusetts - Wakefield - Sheraton Colonial Hotel and Golf Club Boston North - $75.00
Massachusetts - Waltham - The Westin Waltham-Boston - $69.00
Massachusetts - Waltham - Four Points by Sheraton Waltham - $80.00

New Hampshire - Manchester - Four Points by Sheraton Manchester - $69.00
New Hampshire - Nashua - Sheraton Nashua Hotel - $65.00

New Jersey - East Rutherford - Sheraton Meadowlands Hotel and Conference Center - $99.00
New Jersey - Eatontown - Sheraton Eatontown Hotel & Conference Center - $99.00
New Jersey - Edison - Sheraton Edison Hotel Raritan Center - $69.00
New Jersey - Elizabeth - Four Points by Sheraton Newark Airport - $77.00
New Jersey - Iselin - Sheraton at Woodbridge Place Hotel - $71.00
New Jersey - Piscataway - Four Points by Sheraton Somerset/Piscataway - $65.00

New York - Jamaica - Sheraton JFK Airport Hotel - $103.00
New York - New York - Sheraton Russell Hotel - $179.00
New York - Rochester - Four Points by Sheraton Rochester Riverside - $67.00

North Carolina - Durham - Sheraton Imperial Hotel and Convention Center - $55.00

Ohio - Cincinnati - The Westin Cincinnati - $90.00
Ohio - Columbus - Sheraton Suites Columbus - $64.00
Ohio - Cuyahoga Falls - Sheraton Suites Akron/Cuyahoga Falls - $99.00
Ohio - Independence - Four Points by Sheraton Cleveland South - $65.00

Texas - Houston - The St. Regis, Houston - $106.00
Texas - Houston - Sheraton Houston Brookhollow Hotel - $45.00
Texas - Houston - The Westin Galleria Houston - $64.00
Texas - Houston - The Westin Oaks - $70.00
Texas - Houston - Sheraton Suites Houston Near The Galleria - $71.00

Virginia - Arlington - Sheraton National Hotel - $84.00
Virginia - Arlington - Four Points by Sheraton Washington DC - Pentagon - $64.00
Virginia - Norfolk - Sheraton Norfolk Waterside Hotel - $75.00
Virginia - Vienna - Sheraton Premiere at Tysons Corner - $69.00

Washington - Seattle - The Westin Seattle - $119.00
Washington - Tacoma - Sheraton Tacoma Hotel - $69.00

Visit our site:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVZU*LspTHILmoElHnLkQLgkhgEJht*z*AA
for booking these and other Last-Minute Weekend Rates.
For complete details on these offers, please refer to the terms and conditions below.

********************************
5. CONTINENTAL.COM SPECIALS FROM ALAMO RENT A CAR

Rates listed below are valid on compact class vehicles at airport locations only. Other car types may be available. Rates are valid for rentals on Saturday, December 8 with returns Monday, December 10 or Tuesday, December 11, 2001.
-------------------------------
$26 a day in: Albuquerque, NM (ABQ)
$26 a day in: Boston, MA (BOS)
$18 a day in: Buffalo, NY (BUF)
$36 a day in: Charleston, SC (CHS)
$27 a day in: Chicago, IL (MDW)
$20 a day in: Cleveland, OH (CLE)
$26 a day in: Colorado Springs, CO (COS)
$46 a day in: Greensboro, NC (GSO)
$18 a day in: Houston, TX (IAH)
$20 a day in: Indianapolis, IN (IND)
$26 a day in: Jacksonville, FL (JAX)
$18 a day in: Kansas City, MO (MCI)
$18 a day in: Little Rock, AK (LIT)
$20 a day in: Los Angeles, CA (LAX)
$18 a day in: Milwaukee, WI (MKE)
$26 a day in: Nashville, TN (BNA)
$26 a day in: New Orleans, LA (MSY)
$26 a day in: Newark, NJ (EWR)
$20 a day in: Orange County, CA (SNA)
$26 a day in: Pensacola, FL (PNS)
$20 a day in: Portland, ME (PWM)
$45 a day in: Raleigh/Durham, NC (RDU)
$20 a day in: San Diego, CA (SAN)
$20 a day in: Seattle, WA (SEA)
$26 a day in: Tampa, FL (TPA)
$26 a day in: Tucson, AZ (TUS)
$21 a day in: Tulsa, OK (TUL)
$18 a day in: Washington DC (DCA)
$18 a day in: Washington DC (IAD)

To receive continental.com Specials discounted rates, simply make advance reservations and be sure to request ID # 596871 and Rate Code 33. Book your reservation online at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVZU*LspTHILmoElHnLkQLgkhgEJht*z*BA
or contact Alamo at 1-800 GO ALAMO.

*If you are traveling to a city or a different date that is not listed, Alamo offers great rates when you book online at:
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For complete details on these offers, please refer to Alamo's terms and conditions below.

****************************************
6. CONTINENTAL.COM SPECIALS FROM NATIONAL CAR RENTAL

Rates listed below are valid on intermediate class vehicles at airport locations only. Other car types may be available. Rates are valid for rentals on Saturday, December 8 with returns Monday, December 10 or Tuesday, December 11, 2001.
------------------------------------------
$29 a day in: Albuquerque, NM (ABQ)
$28 a day in: Alexandria, LA (AEX)
$21 a day in: Amarillo, TX (AMA)
$30 a day in: Baton Rouge, LA (BTR)
$28 a day in: Boston, MA (BOS)
$21 a day in: Buffalo, NY (BUF)
$51 a day in: Charleston, SC (CHS)
$30 a day in: Chicago, IL (MDW)
$23 a day in: Cleveland, OH (CLE)
$19 a day in: El Paso, TX (ELP)
$26 a day in: Grand Rapids, MI (GRR)
$58 a day in: Greensboro, NC (GSO)
$23 a day in: Greenville/Spartanburg, SC (GSP)
$28 a day in: Gulfport/Biloxi, MS (GPT)
$25 a day in: Houston, TX (IAH)
$26 a day in: Indianapolis, IN (IND)
$24 a day in: Jackson, MS (JAN)
$29 a day in: Jacksonville, FL (JAX)
$21 a day in: Kansas City, MO (MCI)
$29 a day in: Lafayette, LA (LFT)
$23 a day in: Los Angeles, CA (LAX)
$23 a day in: Louisville, KY (SDF)
$21 a day in: Lubbock, TX (LBB)
$21 a day in: Manchester, NH (MHT)
$29 a day in: McAllen/Rio Grande Valley, TX (MFE)
$23 a day in: Midland/Odessa, TX (MAF)
$24 a day in: Mobile, AL (MOB)
$28 a day in: Nashville, TN (BNA)
$29 a day in: New Orleans, LA (MSY)
$47 a day in: New York, NY (LGA)
$29 a day in: Newark, NJ (EWR)
$21 a day in: Norfolk, VA (ORF)
$23 a day in: Oklahoma City, OK (OKC)
$23 a day in: Orange County, CA (SNA)
$29 a day in: Pensacola, FL (PNS)
$22 a day in: Portland, ME (PWM)
$21 a day in: Raleigh-Durham, NC (RDU)
$23 a day in: Richmond, VA (RIC)
$21 a day in: Rochester, NY (ROC)
$23 a day in: San Diego, CA (SAN)
$23 a day in: Seattle, WA (SEA)
$21 a day in: Syracuse, NY (SYR)
$29 a day in: Tampa, FL (TPA)
$25 a day in: Tulsa, OK (TUL)
$21 a day in: Washington DC (DCA)
$21 a day in: Washington DC (IAD)

To receive continental.com Specials discounted rates, simply make your reservations in advance and be sure to request Product Code COOLUS. To make your reservation, contact National at 1-800-CAR-RENT (1-800-227-7368), or book your reservation online at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVZU*LspTHILmoElHnLkQLgkhgEJht*z*DA
Please enter COOLUS in the Product Rate Code field, and 5037126 in the Contract ID field to ensure you get these rates on these dates.

* If you are traveling to a city or a different date that is not listed, National offers great rates when you book online at:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVZU*LspTHILmoElHnLkQLgkhgEJht*z*VUA
For complete details on these offers, please refer to National's terms and conditions below.

****************************************
CONTINENTAL.COM SPECIALS RULES:
Fares include a $37.20 fuel surcharge.  Passenger Facility Charges, up to $18 depending on routing, are not included. Up to $2.75 per segment federal excise tax, as applicable, is not included.  Applicable International and or Canadian taxes and fees up to $108, varying by destination, are not included and may vary slightly depending on currency exchange rate at the time of purchase. For a complete listing of rules please visit:
http://continentalairlines.rsc01.net/servlet/cc4?JHEVZU*LspTHILmoElHnLkQLgkhgEJht*z*VVA

ALAMO RENT A CAR'S TERMS AND CONDITIONS:
Taxes (including VLF taxes up to US$1.89 per day in California and GST), other governmentally-authorized or imposed surcharges, license recoupment fees, fuel, additional driver fee, drop charges and optional items (such as CDW Waiver Savers(R) up to US$18.99 a day,) are extra. Renter must meet standard age, driver and credit requirements. Rates higher for drivers under age 25. Concession recoupment fees may add up to 14% to the rental rate at some on-airport locations. Up to 10.75% may be added to the rental rate if you rent at an off-airport location and exit on our shuttle bus. Weekly rates require a 5-day minimum rental or daily rates apply. For weekend rates, the vehicle must be picked up after 9 a.m. on Thursday and returned before midnight on Monday or higher daily rates apply. 24-hour advance reservation required. May not be combined with other discounts. Availability is limited. All vehicles must be returned to the country of origin. Offer not valid in San Jose, CA.

NATIONAL CAR RENTAL TERMS AND CONDITIONS:
Customer must provide Contract ID# at the time of reservation to be eligible for discounts. Offer valid at participating National locations in the US and Canada. Minimum rental age is 25. This offer is not valid with any other special discount or promotion. Standard rental qualifications apply. Subject to availability and blackout dates. Advance reservations required. Geographic driving restrictions may apply.

TERMS AND CONDITIONS FOR WESTIN, SHERATON, FOUR POINTS,
ST. REGIS, THE LUXURY COLLECTION, AND W HOTELS:
Offer is subject to availability. Advance Reservations required and is based on single/double occupancy. Offer not applicable to group travel. Additional Service charge and tax may apply. The discount is reflected in the rate quoted. Offer valid at participating hotel only. Offer valid for stays on Fri - Mon with a Friday or Saturday night arrival required. Rate available for this coming weekend only. Offer available only by making reservations via the internet. A limited number of rooms may be available at these rates.

---------------------------------------
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HAPPY VALENTINES DAY

Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


Tyrell Harrison
303 575 6478


Hi Martina & Trena,

I made a few minor changes to the models...  I reckon these models can be
checked in Houston now - the raw data is included (see attached spreadsheets)
and all the regression parameters and main statistics are displayed.  I
became interested in how far DZCV and PLLU should be below RPI and whether
this model is reflecting any reversion to the RPI level; I believe that the
forecasts are accurately reflecting this.  Please see graphs below:

Both models really need our RPI curve to be linked (at the moment I have just
copied the 2.3% number forward).  Because the auto-regressive error term is
not very important, we can run the models forward with reasonable
confidence.  As I mentioned, I don't think we can really run this model more
than 12 months, in fact, I think we should run for 9-12 months and blend the
next 3-4 months out with the long-term model.

Hope I can fix the long-term ones now with some new insight!

Regards,

Anjam
x35383

PLLU:    DZCV:


I just talked to Jay and he doesn't want to do a long term deal with them.  I have a call in to the consultant.  Max Jay might agree to is 3 months.

 -----Original Message-----
From: 	Foster, Chris H.
Sent:	Tuesday, August 07, 2001 2:54 PM
To:	Ward, Kim S (Houston)
Subject:	FW: Smurfit-Stone

 -----Original Message-----
From: 	Ngo, Tracy
Sent:	Tuesday, August 07, 2001 11:40 AM
To:	Foster, Chris H.
Cc:	Malowney, John; Ward, Kim S (Houston); Williams, Jason R (Credit); Rance, Susan; Sonnonstine, Max
Subject:	FW: Smurfit-Stone

Will advise as to any netting benefits we may get regarding gas/power deals with Smurfit.  For now, the gas team does not want to take on any incremental risk with Smurfit from the physical gas perspective.

We can still look at case-by-case physical power deals with EPMI given the collateral that we're holding.

Tracy

 -----Original Message-----
From: 	Sonnonstine, Max
Sent:	Tuesday, August 07, 2001 11:34 AM
To:	Ngo, Tracy
Subject:	Smurfit-Stone

Tracy,
	Talked to Tanya regarding the long deal for SSCC and relayed to her your suggestion for handling gas.  She is ok with managing both gas and power through EPMI as long as legal is on board and all necessary EPMI docs are in place or amended (netting, physical gas), and that we are comfortable with the receivables risk to SSCC.  She actually mentioned that there has been discussions about merging EPMI and ENA into one entity to more properly handle net positions, so she seems to like your idea.
	With that, I guess I'll pass this deal and legal relationship onto you unless you need or want me to help with any of this.

Thanks,
Max


We may well find some BVs and suchlike being added, but here are the
alternatives we had on the table last week.

Thanks,
Richard


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Happy Valentine's Day to you as well.


Thanks for your note.  Just so you have the whole picture -- our analysis from a US law perspective is that there is a tension between wanting the transactions on the system to be enforceable and wanting out of the mistake trades.  The offline unwind is by far the best approach when the mistake is not blatant since it assumes the binding nature of the original trade.  We have been handling these by using a written termination rather than a reverse trade.  This is universally the approach we have taken when our traders have agreed to let a customer out of a trade the customer claims was done by mistake on their part.  This happens often enough that we have given the confirm desk a termination agreement form to use as needed (Tana can get you a copy if you want it).  But when the counterparty refuses to let us out of a trade that is a mistake on our part, our only hope is that the mistake is so blatant that we can claim mutual mistake.  Under US law when there is mutual mistake the contract is actually never formed.  In that case, the original trade is not enforceable and there is nothing to unwind.  One alternative we have used is to simply remove the transaction from the customer's "completed transactions" section as if it had never happened.  As far as I know, we have only had to do this once or twice.

 -----Original Message-----
From: 	Boyd, Justin
Sent:	Wednesday, September 26, 2001 8:55 AM
To:	Taylor, Mark E (Legal)
Subject:	EOL

Mark

We do have mistakes from time to time, as you suspected.  In almost all cases, the respective traders agree to cancel these by entering into a back to back offline trade.  None has been of sufficiemt gravity to be brought to my attention

J


Andy,

When you have some time, can we get together on the circumstances under which
we should charge a business unit for the addition of a new Product Type?

I'm thinking specifically of the units which do receive a cost allocation,
but are adding products which in our opinion are of questionable economic
benefit.

These could be charged in accordance with our current price schedule. i.e.
new Product Types added to existing businesses could be charged the
incremental setup fees.  New Businesses would be the 250K.

If the Product Type is of clear benefit (e.g. Options for US Gas and for the
guys we are training this week), then the costs would be part of next year's
allocation.

What do you think?

Dave


I have talked to Paul again, and he is keen to work in Toronto wholesale origination.  I propose that he starts October 15 as he needs to clean his plate in the UK first.  He will be contacting Brad Richter today to confirm his intent.  Brad knows he was talking to us.

Rob:
1.  He comes well recommended by Louise
2.  I talked with him a couple times and he seems very personable and capable
3.  I think we should hire him reporting to Borg.  Borg needs additional commercial people to completely cover the market

Dawn, on Rob's say so, please create an offer letter and E-mail to him.  I will send salary proposal on a separate E-mail to you.  You will also need to work out relocation costs from the UK.

Cheers, Paul D

 -----Original Message-----
From: 	Cappelletto, Nella
Sent:	Wednesday, September 12, 2001 5:14 PM
To:	Devries, Paul
Subject:	FW: Paul Goddard

MESSAGE FROM ROB MILNTHORP:

Paul, can you please follow up - looks like we should attempt to accommodate.

Regards, Rob

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Wednesday, September 12, 2001 11:32 AM
To:	Davies, Derek
Cc:	Milnthorp, Rob
Subject:	Paul Goddard

Paul Goddard is a manager in the London office looking to come home to Canada (Calgary or Toronto) and has spoken to Paul in Toronto.  Paul is a strong manager who has been in the organisation for several years.  I know that Paul has a position offer in Dynegy (from Pope obviously).  I think that it would be good for you to have a chat with him to see if there is a fit as I wouldn't want to lose him.  At the moment, he seems very keen on Toronto and working in power retail - he definitely doesn't want to leave Enron.

His number is +44 7748 932298

Thanks

Louise


Folks--
 Attached are my objectives and the budget that I submitted to Rick.  Also
included is Richard Tabors estimate of how much he thought would be spent in
each of the regions based on work he has done for us the last two years.  The
regional costs were not included in my origional submission to Rick.  Call if
you have questions.


Just get with me when you are in
 -----Original Message-----
From: 	Seminuk, Tyler
Sent:	Monday, October 01, 2001 1:53 PM
To:	Zufferli, John
Subject:	Performance Review

John,
I don't disagree with any of the comments you made in my performance review, but would still like to meet with you. I'd like to discuss some stuff relating to career development, how I can improve, some learning objectives, etc. Can we set aside a half hour sometime this week or early next week? Please e-mail me the times that would work best for you.
-Tyler


I thought about giving you a personal Happy Birthday wake up call this
morning when I got up, but I thought after the night before you probably
needed all the sleep you could get.  So see here I was being nice...there's
just no pleasing some people.

I got home about 10 last night which I was pretty excited about.  But no
sooner did I get comfortable as I got a call from Rock.  AAAAAAHHHHHHHH.
Sorry that just slipped out.  I'll have to vent later.

I'll give you a birthday call later.
Robin

Gabriel Monroy
12/13/2000 08:00 AM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Thanks

Don't you think that you are going to get away with just leaving a message.
I am waiting for a more personal Happy Birthday call.

Thanks anyways.

What time did you get out of here yesterday?

Gabriel


FYI.
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/06/2000 05:21
PM ---------------------------

Kay Mann
11/10/2000 11:21 AM
To: michael.o.sandridge@us.abb.com
cc: Ben Jacoby/HOU/ECT@ECT

Subject: Transformers for LM's

Hi Mike,

Since we haven't had any luck hooking up on the telephone, I wanted to
transmit to you an initial draft of a facility agreement, as contemplated by
the contract for the transformer packages for the LM's.  I would have sent
this to Dave, but I don't seem to have his email address.

Since the WestLB financing facility is scheduled to expire soon, we need to
get the transformers transferred into our new facility, as well as get them
contractually allocated to various projects.  Please give me a call or have
Dave call me so that we can handle this as expeditiously as possible.

Thanks,

Kay

713 345 7566


Next Wednesday, at 3:30p.m. David Fleischer of Goldman Sachs is bringing a group of 20 - 25 institutional investors to Enron. This meeting is part of a two day trip where these investors will be meeting with our peer merchant companies and other energy companies.  Jeff will be leading the meeting, but if you are free, it would great if you could attend.  There is no presentation, it will be mainly Q and A. Let me know.  Thanks.  MEK


-----Original Message-----
From: 	Moon, Eric
Sent:	Tuesday, November 13, 2001 12:26 PM
To:	Garcia, Santiago; Diamond, Russell; Griffith, John
Subject:	FW: FW: Mindblowing

 -----Original Message-----
From: 	"Tami, Eric and Jake Moon" <etjmoon@prodigy.net>@ENRON
Sent:	Tuesday, November 13, 2001 10:42 AM
To:	Shantell DeHaven; Papa; Kristin Rollins; Julie Turner; Jones, Penny; Jamie; Moon, Eric; Granny; Gram and Gramp; Frank Jimenez; Curtis & Dena Day; Aunt Jackie
Subject:	Fw: FW: Mindblowing

> >Subject: FW:  Mindblowing
> >
> >
> >Very interesting..make sure  you read it.
> >
> >Subject: Remember
> >
>  >At a UNC lecture the other day they played a video of Oliver North  during
> >the 1986 Iran-Contra deals during the Reagan  administration.
> >There was Olie in front of God and Country getting  the third degree.
> >
> >But what he said was stunning.   He was being drilled by some senator who
> >asked him; 'Did you not  recently spend close to $60,000 for a home
> security
> >system?'  Oliver replied, 'Yes I did sir.' The senator continued, trying
>  to
> >get a laugh out of the audience, 'Isn't this just a little  excessive?'
> 'No
> >sir,' continued Oliver.
> >
>  >'No.  And why not?' 'Because the life of my family and I were
>  threatened.'
> >'Threatened?  By whom.' 'By a terrorist, sir.'  'Terrorist?  What
> terrorist
> >could possibly scare you  that much?' 'His name is Osama bin Laden.' At
> this
> >point the  senator tried to repeat the name, but couldn't pronounce it,
>  >which
> >most people back then probably couldn't.  A couple of  people laughed at
> the
> >attempt.  Then the senator  continued.  'Why are you so afraid of this
> man?'
>  >'Because sir, he is the most evil person alive that I know of.' 'And  what
>
> >do
> >you recommend we do about him?' 'If it  were me I would recommend an
> >assassin
> >team be formed to  eliminate him and his men from the face of the earth.'
> >The
>  >senator disagreed with this approach and that was all they showed of  the
> >clip.
> >
> >It's scary when you think 15  years ago the government was aware of Osama
> >bin
> >Laden  and his potential threat to the security of the world.  I guess
>  like
> >all great tyrants they start small but if left untended spread  like the
> >virus they truly are.
> >
> >
>  >
> >
>
>
>  _________________________________________________________________
> Get  your FREE download of MSN Explorer at  http://explorer.msn.com/intl.asp
>  <<ATT00001.htm>>

 - ATT00001.htm


Rob:
Here's a quick and dirty list of some lessons from California that Alberta
may not want to repeat.  Steve, let me know if I've missed any messages we're
using to describe California's woes (or mangled any, for that matter.  If you
have any questions, don't hestitate to get in touch.

Best,
Jeff


Tanya,

Can you E-mail to me the graph showing VaR for a frozen portfolio, over
one year?

Vince

Tanya Tamarchenko
06/20/2000 03:39 PM
To: Vladimir Gorny/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT
Subject: Re: backtesting for different percentiles

Vlady, I enclosed the file with 2 backtesting plots (you saw them before).

The following table shows what was the percentage of the days when PnL fell
below VAR95, VAR90, VAR85.
These results are based on the real NG forward prices from 1/1/99 to 6/7/00
for 2 different portfolios:
-Portfolio 1 contained the positions equal to NG-PRICE-PRC portfolio
positions on 6/6/00,
-Portfolio 2 consists of the positions equal to STORAGE-PRC positions on
5/25/00.

_____________________________________________________________________
Portfolio 1
     VAR95  VAR90  VAR85
Implied Vols    2.93  4.11  5.57
Historical vols with Decay=1  7.62  12.02  15.54
Historical vols withDecay=0.97  6.75  12.02  15.54
Historical vols withDecay=0.94  6.45  12.02  15.54
_____________________________________________________________________
Portfolio 2
     VAR95  VAR90  VAR85
Implied Vols    4.1  6.74  9.97
Historical vols with Decay=1  7.04  11.14  15.84
Historical vols withDecay=0.97  6.74  10.56  16.13
Historical vols withDecay=0.94  7.04  11.14  15.84
____________________________________________________________________
This shows that when we have more observations (columns corresponding to
VAR90 and VAR85)
compared to the column corresponding to VAR95 the frequency of Curve Shift
being lower than VAR
becomes closer to the theoretical value (5%, 10% and 15%). The numbers in the
column "VAR85" are
very close to 15%. This is the argument in favor of using historical vols.
And also the results do not depend on the decay factor in this experiment.

Also notice: the numbers in column "VAR95" are higher than 5% and this is an
indication of fat tails.

Let me know if you have any questions.

Tanya.


Sounds like a great idea to do follow-up reviews.

I have budgeted $2000 a month for travel and lodging on the West RC.  I would prefer you keep it to every six weeks in order to cover me coming up there and others coming down for training.  I think it would be beneficial for you to be able to meet with groups in Houston.  I also only budgeted for $100/month for Overtime/Working Meals so we may have to subsidize that with the traveling budget.

I have not heard anything lately on the video conferencing.  If you don't mind, ask Tim if he has made any decisions on the video conferencing.

Stacey

 -----Original Message-----
From: 	Postlethwaite, John
Sent:	Tuesday, October 16, 2001 1:54 PM
To:	White, Stacey W.
Subject:	update on a couple of things

Just wanted to give you an FYI on a couple of things. I am planning to meet with everybody on a one on one basis in the next week to do a quarterly review. I was planning to revisit their mid year reviews and talk about how they have progressed or not, projects they have worked on and how they went,  long term plans, etc. I think it is even more pressing for Heather because of the way the Renewables was handled. I figured since I went through the process with Emissions, I had a pretty good insight on what I wanted her to do, so I laid out the groundwork for her. Didn't go as I had planned so I wanted to use the opportunity to get her back on track.

Regarding coming to Houston a little more often, I would like to try and come maybe every 4 - 6 weeks if that doesn't blow your budget up. Obviously it depends on ticket prices, but I am learning that while it is ok to communicate over the phone with various groups, it doesn't beat being face to face and looking at the same reports and interacting a little more efficiently. As I said, I was only in the office for 2 days but I could have spent a week there getting work done and meeting with people. It would also give me a chance to meet with Jill Vogelfang a little more. I met with her, last Thursday and it was a good meeting.

By the way, have you heard any more about the PC video conferencing?

John

John Postlethwaite
EPMI-West Power Risk Management
503-464-7756


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---------------------------------------------
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WILL CONGRESS UNLEASH CONSUMER POWER?
11.09.01, 10:00 AM ET - Tara Murphy
Rebates may sound fine, but many economists agree: payroll tax
cuts can fuel a recovery.
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Watchmaker Fossil thinks your handheld computer is lonely and
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---------------------- Forwarded by Phillip M Love/HOU/ECT on 11/21/2000
12:38 PM ---------------------------

Dawn C Kenne
11/21/2000 08:42 AM
To: "Amanda Barnard" <ajbarnard@houston.rr.com>, Jennifer Baer
<jbaer1@maine.rr.com>, Pam B Boxx/HOU/ECT@ECT, Michelle Bythewood
<rbwood@ix.netcom.com>, "Bythewood, Richard" <rbythewood@txi.com>, "derek
campbell" <derek.campbell@paslode.com>, PMDESMAR@earthlink.net, Linda J
Ewing/HOU/ECT@ECT, "garynkay" <GARYWGARRETT@email.msn.com>, Darron C
Giron/HOU/ECT@ECT, kristi.giron@cfisd.net, HeightsHappy@aol.com @ ENRON,
"Keeling, Ingelisa" <ikeeling@velaw.com>, "B. Kenne" <yona_edoda@yahoo.com> @
ENRON, "don e kenne" <donkit@tnaccess.com> @ ENRON, Mark Troyer
<mtroyer@swbell.net>, "Ray Vincent" <raylvincent@hotmail.com> @ ENRON, Eric
Wardle/HOU/ECT@ECT, Gary Wilson <gxwilson@us.oracle.com>, "Tracey Wilson"
<twilson@officefurnishings.com> @ ENRON, Jason Wolfe/NA/Enron@ENRON, Ed
Zajicek <e.zajicek@pentasafe.com>, Phillip M Love/HOU/ECT@ECT, Victor
Guggenheim/HOU/ECT@ECT, Matt Motsinger/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT
cc:
Subject: Fw: GREAT BUMPER STICKER

---------------------- Forwarded by Dawn C Kenne/HOU/ECT on 11/21/2000 08:41
AM ---------------------------

"Max & Bev Fledderjohann" <maxnbev@wesnet.com> on 11/20/2000 10:23:12 PM
To: "Jim" <JUNAILBENDER@aol.com>, "GARY" <GARYWGARRETT@EMAIL.MSN.COM>,
<DAWN.C.Kenne@enron.com>
cc:

Subject: Fw: GREAT BUMPER STICKER

-----Original Message-----
From: The Thiemans <tthieman@nktelco.net>
To: Shirley Longworth <johntl@bright.net>; Nancy Roettger
<lroettger@woh.rr.com>; Margene Howell <Daisydog66@aol.com>; Marcia Beneda
<Marshy54@aol.com>; Judy and Larry Looker <llooker@infinet.com>; Jenny and
Doug Combs <ccombs@voyager.net>; Gen Conradi <gen1@bright.net>; Bev
Fledderjohnn <maxnbev@wesnet.com>; Becky Johnson
<bjohnson1@accesstoledo.com>
Date: Monday, November 20, 2000 2:55 PM
Subject: Fw: GREAT BUMPER STICKER

>
>----- Original Message -----
>From: Suchland, Bartt <BSuchland@thieman.com>
>To: Aaron Powers (E-mail) <apowers@tampabay.rr.com>; Annette (E-mail)
><anetrodnreel@hotmail.com>; Chris Keller (E-mail) <cbkeller@bright.net>;
Dan
>Suchland (E-mail) <suchsnow@aol.com>; Dar (E-mail) <daltman@blueridge.net>;
>'David Suchland' (E-mail) <dsuchland@yahoo.com>; Eric Koesters (E-mail)
><eric_koesters@motoman.com>; Holdren (E-mail)
><kelly_holdren@precision-strip.com>; Jay Jerger (E-mail)
><jerger@bgnet.bgsu.edu>; Jim A. Jerger (E-mail) <JergerJA@Maritz.com>; Mark
>Turner (E-mail) <tur_ner@yahoo.com>; Mark Weeks (E-mail)
><marksallwet@yahoo.com>; Matt Suchland (E-mail) <Msuchland@hotmail.com>;
>Michelle (E-mail) <thieman@bright.net>; Mike Tontrup (E-mail)
><firebird@bright.net>; Nikki Mescher (E-mail) <mescher10@hotmail.com>; 'Ron
>Tenkman (E-mail) <rtenkman@hotmail.com>; Ryan Scheib (E-mail)
><rscheib@bright.net>; Steve Williams (E-mail) <ayzig@hotmail.com>; Susan
Fox
>(E-mail) <susanf@b
>Sent: Friday, November 17, 2000 5:02 AM
>Subject: FW: GREAT BUMPER STICKER
>
>
>>
>>
>>
>>
>>
>>
>

 - GOre.jpg


This transation is for delivery on ANR Pipeline Company's Mainline 7 Segment,
and as such,  all deliveries shall be made utilizing firm transportation to a
designated secondary delivery point (Buyer's choice") on ANR's system.  In
the event that Enron is unable to deliver to the designated secondary
delivery point , Buyer shall be responsible for designating an alternate
delivery point.


ok.  by the way, there is no model.  i just pull these numbers out of the air.

thu
p	30
o	20

fri
p	30
o	20

sat
p	28
o	20

sun
p	28
o	20

mon
p	45
o	20

 -----Original Message-----
From: 	Wong, Michael F
Sent:	Wednesday, November 21, 2001 10:57 AM
To:	Richey, Cooper
Subject:	marks for the next 5 days

Cooper,
After you run your model later this morning, can you provide me with its outputs for Thursday, Friday, Saturday, Sunday, and Monday?
Thanks,
MW


This paper will be filed at FERC tomorrow.  Here's a copy for you file.  Ron
will send us the final version of the cover motion tomorrow.

 - 00-10-19 SA Enron White Paper - Final.doc


Along with the TW order setting a hearing, the FERC has also imposed new reporting requirements for deliveries starting August 1.  The questions ask TW to provide daily nominated, scheduled and delivered at Cal. border points.  I think this data will lead FERC to further ask about why the scheduled number is so often below the nominated and I want to be prepared to explain the window process.  With Jeff Fawcett and Julia White both gone, I guess I draw the lucky straw of explaining this.

Any info that you can forward in the next week or two would be appreciated.

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Thursday, July 26, 2001 12:43 PM
To:	Corman, Shelley
Subject:	RE: Transwestern Hearing

i think that i can get you something.  how quickly do you need it?

best,
jeff

	Shelley Corman/ENRON@enronXgate 07/26/2001 12:28 PM 	   To: Jeff Dasovich/NA/Enron@Enron  cc:   Subject: RE: Transwestern Hearing

Do you have any materials that describe SoCal's current windowing procedure?


These are the levels of validation used to identify wind data in WIMS.  Most
data is stored at level 2, and cared through 3-4 during an analysis.

1. General range checking used to identify and flag outliers so that data can
be quickly processed for a rush report.
2. Pass data through WIMS (Wind Information Management System) validation
routine to identify and flag out-of-range values, unusual shear, sticking
sensors, etc.
3. Same as step 2, but passed through the validation routine a second time OR
data scrutinized by additional analysis methods OR data analyzed by more than
one staff member.
4. Imputing data.  Replace flagged data with "false" but reasonable data
obtained from historical archives, a best fit curve,or some other form of
imputation etc.

-JD


ATTENTION NATURAL GAS INDEX RECIPIENT:

Six (6) additional Hubs have been added to our daily price bulletin.
1. Carthage
2. Katy Tailgate
3. Columbia Mainline
4. Peoples Gas Light & Coke (Chicago)
5. Malin
6. Stanfield

Commencing March 2002, ICE will publish a first-of-month index price. The weighted average price will be based solely on Firm/Fixed Price deals completed over the last five (5) business days of the prior month. The initial pricing points will consist of:
1. Chicago Citygate (Nicor)
2. Henry Hub
3. Keystone Pool (El Paso)
4. Katy Tailgate
5. Opal Tailgate
6. PG&E Citygate
7. Socal Border
8. Waha Hub

Additional hubs will be introduced as Fixed Price transactions increase.

Please reply to this email with any questions or call a member of our Natural Gas Sales Team.
-Bud Hum- Chicago- 312-674-4915
-Lee Abbamonte- New York- 646-733-5000
-Joe Adevai- New York- 646-733-5000
-Frank Bellgiorno- New York- 646-733-5000


See attached.   In September 2000, Requisite filed for a $92 M IPO.
Requisite hosts content for some customers in Denver, but the majority of its
revenues are from licenses and contracts with SAP.  Based on negative net
income for the past few years, I am sure that credit would take a big margin
for these guys.  I was not able to find anything that mentioned who
Requisite's network provider is.

Please let me know if you would like more info.

Dorothy Woster
Enron Broadband Services
tel: (503) 886-0364
cell: (503) 780-9904

	Matt Harris
	12/14/00 07:15 AM

		 To: Jennifer Medcalf/NA/Enron@ENRON
		 cc: Dorothy Woster/Enron Communications@Enron Communications
		 Subject: Re: Cross-sell opportunity

Great.

Thank you for the heads up.

DW - can you please take a look at these guys and find some background info.

MH

	Jennifer Medcalf@ENRON
	12/13/00 02:37 PM

		 To: Matt Harris/Enron Communications@Enron Communications
		 cc:
		 Subject: Cross-sell opportunity

Matt,
I have spoken with Mark who is part of the GSS organization and we are going
to pursue this after the first of the year.  Mark has a relationship with the
President of Requisite and we will be having a meeting with him to discuss
opportunity.
Jennifer Stewart Medcalf
Senior Director, Business Development
Global Strategic Sourcing
(713) 646-8235
----- Forwarded by Jennifer Medcalf/NA/Enron on 12/13/2000 04:36 PM -----

	Mark Hudgens
	12/13/2000 12:36 PM

		 To: Jennifer Medcalf/NA/Enron@Enron
		 cc: John Gillespie/Corp/Enron@ENRON
		 Subject: Cross-sell opportunity

We signed a contract with Requisite Technology (http://www.requisite.com)
Monday night to provide electronic cataloging tools for our SAP system
(they're replacing the i2Technologies products currently in place.

Requisite hosts catalogs for many major companies and digital marketplaces.
They have offices in Westminster, CO and Toronto.  John and I discussed the
opportunities Tuesday, and there may be one with EBS.  EES is probably less
likely, but it may be worth the investigation.

I know the VP of Sales, North America, so let me know if you're interested in
pursuing, and when.

Thanks.

Mark Hudgens
Enron Global Strategic Sourcing
Director, eCommerce Content Development
713-345-6544
713-569-7401 (cellular)
mark.hudgens@enron.com


Attached please find the weekly update for your review.  Any
comments/suggestions are appreciated.

Marcie


---------------------- Forwarded by Randall L Gay/HOU/ECT on 11/01/2000 11:01
AM ---------------------------
From: Laird Dyer on 11/01/2000 08:59 AM PST
To: Larry Joe Hunter/HOU/ECT@ECT
cc: Randall L Gay/HOU/ECT@ECT, Peggy Hedstrom/CAL/ECT@ECT,
rmock@nmppenergy.org
Subject: American Public Energy Agency:  Natural Gas Sale to APEA/Glendale

Joe,

Late last year Lucy Ortiz gave me your name as the contact regarding gas
sales under the APEA contract.  I have also been coordinating with Randy Gay
in our Houston office regarding payments and deliveries.

We have been notified by Coral Energy, representing the City of Glendale,
that effective December 1, 2000, Glendale wants to receive their entire
quantity (4,178 MMBtu/d) at the Nova Inventory Transfer ("NIT") point.  This
point is located in Alberta and will be supplied by Enron's Calgary office.

Can you please notify Chase Manhattan, for purposes of settling the swaps
associated with this transaction, to settle at NIT for December 2001 and
beyond, unless another notice is issued to us.

If you no longer have responsibility for managing these issues, could you
please forward this to the correct person.

Thanks,

Laird Dyer (415.782.7805)


Coming up this week at the Maxwell Museum of Anthropology:

Wednesday, Feb. 20, 12:00 Noon  FREE
DINE (NAVAJO) BLESSINGWAY STORIES
Told by Sunny Dooley.  The social versions of sacred chants, these stories,
told only in the winter months, present the world view of the Dine people
and detail their relationship with their surroundings.  Bring a brown bag
lunch and enjoy!  Supported by the National Endowment for the Humanities.
Maxwell Museum North Gallery.  For more information, call 277-5963

Saturday, Feb. 23, 11:00 - 3:00  FREE
MONTHLY ARTS AND CRAFTS DEMONSTRATION
Join us as the Zevk Ensemble presents a wonderful varied program of music,
art and storytelling from the cultures of the Near East.  Music (with
traditional instruments) and storytelling from 11:00 AM - 12:30 PM, art
program with activity by Rahmah Lutz 1:00 PM -2:30, then more music.  If
you can color with a magic marker, you can make something beautiful!   More
music to finish up with.  Fascinating event for all ages.  Supported by the
City of Albuquerque's Urban Enhancement Trust Fund.  Museum Store will
offer a 10% off sale (25% MMA Members) on everything except books.  For
more information, call 277-5963


Cary,
I apologize for the tardiness of this response from TNMP. TNMP and First Choice Power will be ready to send and receive 824s when the 867 contengency begins.
Thank you,
Diana Rehfeldt
both hats
----------
From:   careed@aep.com[SMTP:careed@aep.com]
Sent:   Tuesday, January 08, 2002 8:28 AM
To:     Schrab, Heidi
Cc:     set@ercot.com
Subject:        Re: 824 Readiness Survey

So far, we have only heard from ESG and Reliant regarding their readiness.

Cary Reed
Sr Business Standards Consultant
918 594 4026 audinet 700-4026

        "Schrab, Heidi" <Heidi.Schrab@greenmountain.com>

01/03/02 09:33 PM

        To:        <set@ercot.com>
        cc:
        Subject:        824 Readiness Survey

Please respond to Cary (careed@aep.com) and me, the results will be
announced on the change control call next week.
Thanks - Heidi

TDSPs:  when will you be able to receive 824s direct from the CRs?

CRs:  when will you be able to send 824s direct to the TDSPs?


Mr. Donald S. Clark
Office of the Secretary
Federal Trade Commission
600 Pennsylvania Avenue, N.W.
Washington, D.C. 20580

Dear Mr. Clark:

Pursuant to the Federal Trade Commission's request for comments regarding B2B
electronic marketplaces, attached please find the Comments of Enron
Corporation.  Should you have any questions, please feel free to contact me
at (713) 853-9193 or via e-mail at lleibman@enron.com.

Thank you for your attention to this matter.

Sincerely,

Lara Leibman
Manager, Government Affairs - The Americas
Enron Corp.
1400 Smith Street
Houston, Texas 77002


Did you talk to her today? what do I need to do to follow up?

Sheila Tweed
11/22/99 03:42 PM
To: Richard B Sanders/HOU/ECT@ECT
cc:
Subject: Headhunter

Would you have time to contact Linda Green or do you want me to do it?
---------------------- Forwarded by Sheila Tweed/HOU/ECT on 11/22/99 03:41 PM
---------------------------

Karen E Jones
11/22/99 12:59 PM
To: Sheila Tweed/HOU/ECT@ECT
cc:
Subject: Headhunter

Hi Sheila.  For a headhunter in the NW, I'd suggest Linda Green.  Perkins
Coie uses her, as do (it turns out) PGE and ECI.  She also does work for
Intel.  Here is her information:

 Green and Associates
 2701 NW Vaughn Street, Suite 450
 Portland, OR   97210

 (503)224-9601

Hope this is helpful.  Did you get my message about Andy Wu?


Rob,

Lavo has given me the idea that Brian Redmond may not be part of NETCO and it is possible that the Texas Gas Origination business may go away completely.  I would like to talk to you before you make a final decision.  I do not see it as a big money generator but similar to the East and Central it is a source of information for the trading business.  It is even more imperative to have a couple of people talking to producers and customers in Texas because pipeline flow data is not accessible as it is in the interstate market.  My opinion is if you had one person covering the producers and one covering the customers that would give us adequate coverage for information and make a little orig in the process.  Give me a call to discuss at 713-853-3079.

Regards,

Tom


Mark,

This is fantastic stuff.  Great work!

Sue

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 03/02/2001 01:26 PM -----

	Gary Ackerman <foothill@lmi.net>
	03/02/2001 11:42 AM
	Please respond to foothill

		 To: Bill Ross <billr@calpine.com>, Bob Anderson <Robert_Anderson@apses.com>,
Carolyn Baker <cabaker@duke-energy.com>, CHARLES A MIESSNER
<camiessn@newwestenergy.com>, Corby Gardin <jcgardin@newwestenergy.com>, curt
hatton <curt.hatton@neg.pge.com>, Curtis Kebler
<Curtis_L_Kebler@reliantenergy.com>, Denice Cazalet Purdum <dpurdum@apx.com>,
Greg Blue <gtbl@dynegy.com>, Jack Pigott <jackp@calpine.com>, Janie Mollon
<jsmollon@newwestenergy.com>, "Klemstine, Barbara A(F56661)"
<barbara_klemstine@apses.com>, Nam Nguyen <Nam.Nguyen@powersrc.com>, Randy
Hickok <rjhickok@duke-energy.com>, Rob Lamkin <rllamkin@seiworldwide.com>,
Rob Nichol <rsnichol@newwestenergy.com>, robert berry <berry@apx.com>, Roger
Pelote <roger.pelote@williams.com>, Sue Mara <smara@enron.com>, Jeff Crowe
<jcrowe@apx.com>, George Vaughn <gavaughn@duke-energy.com>, Al Parsons
<alp@ncpa.com>, Bob Low <Bob_Low@transalta.com>, Bob Reilley
<rreilley@coral-energy.com>, Brian Jobson <bjobson@smud.org>, Dave Nuttall
<dn@ui.com>, Duane Nelsen <dnelsen@gwfpower.com>, Edmond Chang
<echang@wapa.gov>, Elaine Walsh <Elaine@citizenspower.com>, Ken Lackey
<Kenneth_Lackey@EdisonMission.com>, Linda Hamilton
<lhamilton@avistaenergy.com>, Mark Tallman <mark.tallman@pacificorp.com>,
"Richard H. Counihan" <counihan@greenmountain.com>, Sheryl Lambertson
<sslambertson@pplmt.com>, Steve Ponder <steve_ponder@fpl.com>, Tom Breckon
<tom@ncpa.com>, "Wolfe, Don - PGSO-5" <dvwolfe@bpa.gov>, John Marchand
<jpmarchand@aep.com>, Mark Ward <mward@ladwp.com>, "Morrato, Joe"
<Joe.Morrato@xemkt.com>
		 cc: Dan Douglass <douglass@arterhadden.com>
		 Subject: [Fwd: Fun on Fridays, part 2:     POWER POINTS: How To Raise
Electricity  Prices, ISO-Style]

Mark Golden of Dow Jones Wire didn't hold back, at all.  Great stuff

gba

----- Message from "Golden, Mark" <Mark.Golden@dowjones.com> on Fri, 2 Mar
2001 13:52:55 -0500 -----
To:	"Onukogu, Ernest" <Ernest.Onukogu@dowjones.com>
Subject:	Fun on Fridays, part 2: POWER POINTS: How To Raise Electricit y
Prices, ISO-Style
POWER POINTS: How To Raise Electricity Prices, ISO-Style
   By Mark Golden
   A Dow Jones Newswires Column

  NEW YORK (Dow Jones)--There they go again. The California Independent
System
Operator has initiated another attempt to suppress wholesale electricity
prices
rather than deal with the fundamental reasons of why prices are high.
  Like past anti-market moves, Thursday's request that the Federal Energy
Regulatory Commission slash suppliers' unpaid invoices for December and
January
power will fail in its stated aim. Also as with past attempts, the ISO's
action
this week will likely result in higher costs for Edison International (EIX)
unit
Southern California Edison, PG&E Corp. (PCG) unit Pacific Gas & Electric,
Sempra
Energy (SRE) unit San Diego Gas & Electric Co. and the state's Department of
Water Resources.
  The ISO, which is responsible for maintaining the balance of power supply
and
demand on most of the state's power grid, has suffered the unintended
consequences of its actions many times before. When the ISO passed a
$250/MWh
price cap in the summer, the cap became a target and caused prices to rise,
just
as the ISO had been warned it would. When the ISO exercised its ability to
buy
power above its cap only from out-of-state utilities, California generators
sold
power to the out-of-state utilities, which in turn sold the power back to
California at a markup.
  The latest attempt to suppress the market is mind-numbingly stupid. The
ISO
wants the FERC to order retroactive discounts for power it says was sold at
unreasonably high prices. Merchant generators, other western utilities and
power
marketers sold about $3 billion worth of bulk power to the ISO in December
and
January. The ISO says overcharging accounts for $560 million of that total.
Suppliers' prices, which the ISO agreed to pay at the time, exceeded
hypothetical generating costs by more than 10% and are therefore
unreasonable,
the grid manager says.
  Actual refunds might greatly exceed $560 million, according to the ISO,
once
the FERC looks at the suppliers' actual costs. Power from a generating
company
that bought natural gas before the spot market ran up, for example, should
be
discounted the most. Generators that waited and paid the most for gas would
make
the bigger profit per megawatt hour. What a great idea: punish the smart and
reward the stupid.
  Staffers lead by Anjali Sheffrin, the ISO's director of market analysis,
and
Eric Hildebrandt, manager of market monitoring, spent a fair amount of time
and
money to establish this shocker: In a supply-short commodity market, prices
exceed producers' costs.
  Where they vary from well-established economic principles is that they
find
this "unreasonable."
  Sheffrin and Hildebrandt want the FERC to obtain extensive cost data from
all
suppliers - including government-owned utilities Los Angeles Department of
Water
& Power and Canada's BC Hydro - and begin hearings on refunds. This would
cover
the vast majority of sales to the ISO during December and January because
almost
every seller to the ISO exceeded the $150 per megawatt-hour "soft" price
cap,
above which transactions must be reported to the FERC for possible review.
  There is no question the ISO has been paying prices that exceed even the
already high market prices. On Tuesday, for example, the ISO paid an average
price of $337/MWh for power that other western utilities had bought and sold
for
$175-$200/MWh. On that one day, the ISO paid almost $25 million for power
that
was worth about $14 million.
  The reason: The ISO has had to pay a premium to the rest of the market
since
the middle of December, when suppliers correctly figured out that the
utilities
were running out of cash and wouldn't be able to pay their ISO bills. Once
northwestern utilities stopped selling to the ISO at any price, the ISO
asked
some of the in-state generating companies like Williams Cos. (WMB) to step
into
the middle on its behalf. Williams did so for what it has called a
reasonable
profit.
  Let's say that Williams bought from some other generator at $450/MWh and
sold
to the ISO at $500/MWh. That would be reasonable based on Williams' costs,
according to the ISO's view.
  But if the generator sold directly to the ISO in the first place at
$450/MWh,
it would be ordered to provide a refund, because its generating costs are
assuredly nowhere near $450/MWh.
  So, according to the ISO, $500/MWh is reasonable, but $450/MWh is too
high.
  If the FERC were to order refunds as the ISO has requested, no company
that
generates power would ever again sell to the ISO. It would always sell to
some
third party, which in turn would sell the electricity to the ISO at a
markup.
  Does the ISO ever stop and think through the impact of what it tries to
do?
  "We certainly recognize that's a problem, and it's something FERC needs to
grapple with," Hildebrandt said in an interview.
  What the FERC will do is save the ISO from itself. "We reject proposals to
return to cost-based regulation," the FERC said in its Dec. 15 California
ruling.
  The FERC will review some of the high prices, as required. But refunds
will be
ordered only if the FERC finds that a particular seller to California - or a
colluding group of sellers - withheld supplies in order to increase prices,
according to the FERC ruling.
  But collusion won't likely be found. There have been many investigations
into
whether sellers have created a "false scarcity." None have found it.
  In December, Republican FERC Commissioner Curt Hebert, now chairman,
applauded
the commission's decision to "reserve 'price mitigation' for real exercises
of
market power rather than focusing on the price level itself."
  The issue of the ISO and utilities having to pay a credit-risk premium
arose
after the FERC had decided what it would do about California. But, according
to
a source knowledgeable about FERC operations under Hebert's leadership, the
commission will recognize the credit-risk premium as reasonable.
  In the meantime, however, the specter of retroactive price controls and
the
increased hassle of dealing with the ISO makes suppliers even more reluctant
to
sell to the ISO. The ISO will have to overcome that reluctance by offering
to
pay an even higher premium.
  Good move.
  -By Mark Golden, Dow Jones Newswires; 201-938-4604;
mark.golden@dowjones.com

  (END) Dow Jones Newswires 02-03-01
  1844GMT(AP-DJ-03-02-01 1844GMT)


I can't open this file.

Chris Cockrell@ENRON_DEVELOPMENT
01/12/2001 09:55 PM
To: Cindy Skinner@ECT, Jeffrey A Shankman@ECT
cc: David Haug/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janie Bonnard/HOU/EES@EES
Subject: Bonus Data

Cindy/Jeff -

Attached are my latest inputs into GCS for your employees.  Please let me
know if changes are required.

Thanks - CCF

713-646-8357 (w)
713-516-8428 (c)


Enron has consented to allow the Federal Bureau of Investigation to search the Enron Building and to interview employees regarding allegations of document destruction.  The company encourages all employees to fully cooperate with the FBI.

The company has retained Michael Levy and his law firm Swidler, Berlin, Shereff, Friedman, to advise any employee regarding this matter and to be present with them during any interviews by government investigators.  If you would like to speak with an attorney, please contact Ned Crady of the Legal Department at 3-4558 or contact Michael Levy's office in Washington, D.C. at 202-295-8414 and they will direct you to him here in Houston.


Chip is assigned to North America primarily but we asked him to get up to
speed on the India situation in case a new deal should arise there that
requires RAC input. He is a sharp guy with lots of project finance experience
and also worked in London for Eastern.  If you don't want him involved and a
transaction arises it will be difficult to get someone up to speed quickly,
given the complexities. Rick


_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

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http://profiles.msn.com.

 - an.jpg


I will be taking Vacation this afternoon.  Thanks.


Senators Dunn and Bower and their staffs met with representatives of
Mirant, Wiiliams, Duke, Reliant, and Dynegy- and me- for over two hours at
the State Capital yesterday. I will report fully on the meeting by telephone
tomorrow morning, however, this report summarizes the principal issues
covered in the session.
 Dunn spent about a half hour describing the scope of his
sub-committee's investigation. He styled it as an investigation into whether
anti-competitive behavior has occurred or is occurring in the California
wholesale market. If they find that it has, they will recommend curative
legislation. If they find the behavior was criminal they will refer evidence
to the AG. Dun vowed that he would not allow parties adverse to the
generators to participate in this investigation. At the same time he is
inviting other county and state lawyers to help him- the first volunteer is
the San Joaquin District Attorney. He said there was no predetermined
conclusion and he would allow the generators to explain the "suspicious"
facts. He said the investigation would be fair and that if there was a leak
of information we should "let him know". He had two initial requests- first,
he wants immediate production of Enron's document retention (he actually
called it document destruction) policy. We are to let him know by Wednesday
if we will produce the current version. Second, he wants the parties to
stipulate to an order pledging that each will not destroy documents. He says
he will go to court to get such an order if we refuse.
 The rest of the meeting was spent negotiating a confidentiality
order. The generators had earlier sent sub-committee special counsel, Larry
Drivan,  a discussion draft of such an order. Dunn and Drivan discussed it
point by point. At the onset Drivan acknowledged Enron had not seen the
draft and said nothing said at the meeting would bind Enron to any position
about it. The generators and Dunn seemed to agree on many of the principal
points- e.g. they would in fact consent to such an order; the subcommittee
could contest claims of confidentiality; the subcommittee could require the
logging of privileged documents and the assertion of privilege could be
challenged in court; they would all initiate a procedure for a court to sign
such an order and preside over discovery disputes. Surprisingly, most
generators did not object when Dunn suggested Sacramento Superior Court as
the proper venue-although there was no final agreement on this. The dispute
between the committee and the generators was primarily over who could view
"confidential" documents. The generators wanted NDA's signed by all staff,
as well as all consultants and experts. Dunn refused.
 Last week the subcommittee subpoenaed the ISO for documents that
pertain to ISO conclusions of market manipulation. The ISO has refused to
allow the generators or Enron see the documents they will produce. The
generators have discussed seeking a protective order- venue uncertain- but
Dunn (and most of the generators) seemed to believe the stipulated
confidentiality order under discussion would solve the problem of ISO
production. Duke asked Dunn to delay the production date for ISO for a few
days until they can work out the terms of the confidentiality order. Duke
(per Kleinman) is in charge of drafting the order. Kleinman said he would
get a draft to Dunn early next week. Dunn said he had no objection if the
generators got documents from ISO. He asked that the generators call ISO
directly and see if ISO would give the documents to them. Several generators
said they would do that.

 The meeting was maintained at a very professional level. Dunn's
approach was one of a class action lawyer in a roomful of big corporate
defendants- urging everyone to get along because as "professionals" everyone
knew how the game gets played. However, he is seriously understaffed. He has
few resources for litigation- nor has he resources to review the millions of
documents he has requested. He must be relying on either outside experts- or
outside allies- to do that. Given that, it is hard to see how a
confidentiality order could be enforced against him, regardless of what he
staff discloses. Further,` if he uses outside experts to do who are not
bound by the order they will likely go to work against us later with the
information. The generators already have made considerable productions to
the AG and they may be less troubled by this. They certainly seemed willing
to play ball at the meeting- although privately they may have other plans
which they did not air with Dunn. We should talk to them about that.

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Hey Lisa...good to hear from you.  Hope all is well.  I assume you didn't get the other email I sent.  No biggie.  Just wrote to say Em and I tried to call NY's Eve, but you had already checked out of your room.  I guess you were staying with Priyah (sp?) at that point.

Talk to you soon!!!!
Sue

 -----Original Message-----
From: 	"Lisa Gillette" <lisag@kis.ernet.in>@ENRON
Sent:	Sunday, January 06, 2002 11:02 PM
To:	ehillegeist@hotmail.com; sscott5@enron.com; lodgesarah@hotmail.com; jontopolski@msn.com; przybyla1@go.com; katyhester@hotmail.com; mgille@coair.com
Subject:	NEW EMAIL

y'alls were the only email addresses i could remember right off the
top of my head. currently, i cant access the internet to get to all of
my email addresses on hotmail. i will write a longer message later
when i know each of you has received this. so email me at this
address now and then choose which ever going forward.

hope all is well.
lisa


---------------------- Forwarded by Susan M Scott/HOU/ECT on 12/13/2000 10:26
AM ---------------------------

Janie Aguayo
12/13/2000 10:22 AM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Annuity QG1453

George Gilbert entered an Annuity and changed the status to Not To Be
Confirmed.  This will not be settled by settlements because no comments were
entered to be Settled Financially.  Do you know what this annuity is related
to?

Please let me know.

Thank you,

Janie Aguayo
Financial Confirmations


Gary,

The deal with Williams Terminals expired in Oct.  However, about 3,800 flowed
for Nov.  Do you need to renegotiate this deal for Nov.  Or, do we roll it
under the terminated k?  What do think about Dec?

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 12/12/2000
11:55 AM ---------------------------
Aimee Lannou   12/12/2000 08:43 AM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Nov 00

Daren - I have flow at one meter with no nom in November and overflow on Dec.
1.

 Meter  last deal # last month of activity counterparty

 1351  274772  Oct 00   Williams Terminals Holdings

 1603  380664  Nov 00   Hilcorp Energy  (overflow from Nov)

Please let me know if you create a deal for meter 1351 and if you extend the
deal for meter 1603.

Thanks.

Aimee


Sara, Laurel was sent the link on 6/1/00, I have no record of a request for
Sheila Glover, but I am sending this email to her also.

Link -->

----- Forwarded by Tana Jones/HOU/ECT on 06/28/2000 03:22 PM -----

	Sara Shackleton
	06/28/2000 11:13 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Lotus Notes Access

Tana:  I hope I'm not repeating myself here but Laurel Adams (confirm desk -
Hickerson) and Sheila Glover (Hickerson CFO) need access.  If it's been
provided already, my apologies for asking again.  Thanks.  Sara


paid, 343.09, which i believe is the balance due, as we discussed. plz call
when you get a chance.  i need to make plane res to new york.  thx, jeff