Democrats Prepare to Duel Bush Over Energy Price Caps in West
The Wall Street Journal, 06/01/01

Electricity Trading Is Target of State Probe Regulation: A special Senate
panel is investigating alleged price manipulation of power transactions.
Los Angeles Times, 06/01/01

Companies Rush to Purchase Their Indian Units, Boosting Share Prices of
Concerns With Foreign Ties
The Wall Street Journal, 06/01/01

Exxon, Shell Poised to Win Saudi Deals --- They Appear Favored To Lead Key
Projects In Coveted Gas Sector
The Wall Street Journal, 06/01/01

NEW PACKAGE TO RESOLVE DPC, INDIA'S MSEB SITUATION: OFFICIAL
Asia Pulse, 06/01/01

GLOBAL INVESTING: Betting on better times for utilities
Financial Times; Jun 1, 2001

INTERNATIONAL ECONOMY, MIDDLE EAST & AFRICA: Hopefuls await details of Saudi
gas deal Financial Times; Jun 1, 2001

FITCH PLACES INDIA ON NEGATIVE RATING OUTLOOK ON FISCAL CONCERNS
Asia Pulse, 06/01/01

Thomas E. White becomes Secretary of the Army
M2 Presswire, 06/01/01

Some light at last!
The Economic Times, 06/01/01

Calif. investigations focus on whether out-of state wholesalers manipulated
energy prices
Associated Press Newswires, 06/01/01

California Lawmakers Eye Billing Businesses for Edison Rescue
Dow Jones Business News, 05/31/01

Construction of power plant in DeSoto County is underway
Associated Press Newswires, 05/31/01

Politics & Policy
Democrats Prepare to Duel Bush Over Energy Price Caps in West
By John Harwood and Jeanne Cummings
Staff Reporters of The Wall Street Journal

06/01/2001
The Wall Street Journal
A16
(Copyright (c) 2001, Dow Jones & Company, Inc.)

WASHINGTON -- If you talk to economists, many will say President Bush is on
solid ground in opposing caps on soaring electricity prices in California and
elsewhere. But if you talk to voters, many will suggest he has political
problems.
And now that Democrats control the U.S. Senate, they are poised to make those
problems a lot worse.
Mr. Bush got a taste of what is coming in his widely touted showdown with
California Gov. Gray Davis in Los Angeles this week. The Republican president
repeated his familiar argument that capping wholesale electricity prices
would do nothing to curb demand or increase the supply of power for
California. But the Democrats' Mr. Davis, fortified by polls showing that 70%
of Californians favor price caps, managed to get equal billing during Mr.
Bush's visit for his argument that they are needed to keep the state from
slipping into recession and threatening the national economy in the process.
Because Sen. Jim Jeffords of Vermont left the Republican Party last week and
changed control of the Senate, Democrats now have a more effective national
platform to press the same arguments -- and to threaten Mr. Bush's political
standing beyond the already hostile turf of California. The incoming chairman
of the Senate Energy and Natural Resources Committee, Democratic Sen. Jeff
Bingaman of New Mexico, says he plans to move soon on legislation capping
prices for California and other Western states, a bill that has attracted
some GOP support as well.
"I think it's clear to anybody that the prices being charged for wholesale
power are excessive," said Sen. Bingaman, in an interview while he was
heading toward California on a fact-finding mission. "I don't believe it's
going to be adequate to get us through this summer, to just continue saying
that eventually supply will come into line with demand and the problems will
be resolved."
Meantime, the incoming chairman of the Permanent Subcommittee on
Investigations, Democratic Sen. Carl Levin of Michigan, plans to investigate
the role of oil companies in higher gas prices. "This is the manipulation of
prices, and we've got to investigate it because our people in Michigan are
absolutely furious," Sen. Levin says. Just as Republicans once used the
machinery of Congress to probe then-President Clinton's problems, Democrats
see ripe opportunities for embarrassing an ex-oilman president with strong
links to Texas energy-producing companies that are profiting from today's
supply squeeze.
During the 2000 presidential campaign, five of the major companies now
supplying power to California -- Duke Energy Corp., Dynegy Inc., Enron Corp.,
Reliant Energy Inc., and Williams Cos. -- gave some $3.6 million to Mr. Bush
and the GOP, more than triple the amount donated to Democrats. Three of those
companies are based in Mr. Bush's home state of Texas, which only adds to the
political tensions.
The Democratic offensive has the GOP worried. Price caps amount to "terrible
policy, but good politics," frets Republican pollster Neil Newhouse. Mr. Bush
now faces "a difficult job" overcoming the Democratic arguments for caps, he
adds, because "control of the Senate has given them a megaphone on issues
that they just didn't have before."
That doesn't necessarily mean Mr. Bush ultimately will suffer grave damage.
As congressional Republicans learned to their chagrin in battles with Mr.
Clinton, the presidential bully pulpit remains the most potent weapon in
American politics for framing policy debates. Even with that advantage,
though, the Clinton administration found that the initial appeal of arguments
on issues such as tobacco regulation and prescription drugs faded under
sustained counterattack by Republicans and affected industries.
And so far, polls are showing that Mr. Davis also is paying a political price
in California for the crisis. Still, Mr. Davis, who faces re-election next
year and may later seek the 2004 Democratic presidential nomination, believes
he can limit the damage by emphasizing his efforts to expand supply and
spotlighting the actions of energy companies in Texas and elsewhere. On CNN's
"Larry King Live" this week, he complained that "money sucked out of this
state" amounts to "a massive transfer of wealth" from Californians to the
industry.
Whatever the political ramifications, they aren't limited to California.
Consumers in Washington, Idaho and Montana that are serviced by the same
electric grid have seen 30% increases in their utility rates. That is why Mr.
Davis, with support from some GOP governors in the West, is asking the
Federal Energy Regulatory Commission to impose short-term wholesale price
caps to help protect electricity consumers from soaring rates until new power
plants approved for construction in California increase supply enough to
bring prices down through market forces. California Democratic Sen. Dianne
Feinstein and Oregon Republican Sen. Gordon Smith are offering legislation to
accomplish that in the committee that Mr. Bingaman now will chair.
As a matter of policy, most economists probably would agree with Mr. Bush's
free-market position on price caps, though that sentiment is hardly
unanimous. As he met with the president this week, Mr. Davis released a
letter from 10 prominent economists backing price caps as a temporary remedy
for a market "not characterized by effective competition." One of the
signatories was Alfred Kahn, architect of airline deregulation under
President Carter.
But Bush economic advisers, heeding the free-market arguments that have held
the high ground in regulatory policy debates since the Reagan era, insist
that such caps would distort the energy market and be difficult to abandon
even when market conditions turn more favorable for consumers. "Price caps do
nothing to reduce demand, and they do nothing to increase supply," Mr. Bush
said in California this week.
Mr. Davis says the Federal Energy Regulatory Commission is obliged under law
to assure "just and reasonable" prices, and he says he will sue the agency to
force it to act despite the dismissal earlier this week of a similar lawsuit
filed by California's Democratic legislative leaders. Whether the governor's
effort succeeds, it could provide another forum in which supporters of price
caps can make their case. In discovery, for instance, California attorneys
may be able to get industry data on how much the wholesalers are paying to
produce electricity and their real costs of delivering it.
Such transactions are drawing attention because of the significantly higher
prices being charged in California compared with other states. This week, for
instance, the price of a million British Thermal Units of natural gas in the
San Juan Basin in New Mexico was $2.80, said one economist for the Senate
Energy Committee. But when that gas arrived at the Southern California
border, she said, the price was $10.20 per million BTUs.
Mr. Bush himself voiced concern about such differentials in his meeting with
Mr. Davis, and ordered the FERC to step up monitoring for price gouging. He
has designated Pat Wood, a recent FERC appointee who headed the Texas Public
Utilities Commission during his governorship, as the administration's lead
liaison to California.
Mr. Wood, in fact, could end up an increasingly important player as the
crisis in California and other Western states plays out this summer. Mr.
Wood, who supported some price caps in Texas, is considered more flexible on
the issue than is FERC's current chairman, free-market champion Curtis
Hebert. During his confirmation hearings, Mr. Wood said it may be too late
for price caps because the commission would need months to study materials
and determine an appropriate market rate.
If the administration continues resisting caps, Democrats vow to score
political points heading into the 2002 congressional elections. "Bush is the
individual who ginned this up into a crisis" by frequently calling attention
to the nation's energy problems, says Jim Jordan, executive director of the
Democratic Senatorial Campaign Committee. "Yet the administration won't
consider any serious short-term action to alleviate the problem for the
public."
--- Energy Problems?

Public views of President Bush and energy problems, nationally and
among Californians:

Nationally
Q: In general, do you approve or disapprove of the way President Bush
is handling his job as president?

Approve 52%
Disapprove 38%

Q: Based on what you have read or heard, do you favor or oppose
President Bush's plan to deal with the country's current energy
problems?

Poor job 49%
Good job 38%

Q: How do you think President Bush is handling energy?

Oppose 42%
Favor 38%
Unsure 20%

In California
Is it a good or bad thing for the federal government to cap energy
prices?

GOOD THING BAD THING NO OPINION

All adults 70% 24% 6%
Registered voters 68 26 6
Democrats 79 17 4
Republicans 57 37 6
Other 63 29 8

Sources: National poll numbers from CNN/Time poll; California numbers
from the Field Poll

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

California; Metro Desk
Electricity Trading Is Target of State Probe Regulation: A special Senate
panel is investigating alleged price manipulation of power transactions.
RICH CONNELL; ROBERT J. LOPEZ
TIMES STAFF WRITERS

06/01/2001
Los Angeles Times
Home Edition
B-1
Copyright 2001 / The Times Mirror Company

California officials are probing a vast private network of electricity
trading floors suspected of being a central culprit in California's spiraling
energy prices.
A special state Senate panel investigating alleged manipulation of the energy
market is zeroing in on hundreds of thousands of secretive transactions each
year that help determine whether California will have the power it needs--and
what it will have to pay to get it. Those activities also are central to a
lawsuit by the San Francisco city attorney, who has accused power companies
of using unfair business practices to reap huge profits from the state's
volatile and vulnerable energy market.
A single electron may be traded nearly a dozen times, often at escalating
prices, before reaching California. By then, the actual cost of producing the
electricity may have no relation to its price.
Unlike other commodity and stock exchanges, the frenzied daily activity on
the energy trading floors escape any independent oversight, which critics
contend makes the operations ripe for collusion and price-fixing.
"They're playing the California power game," said attorney Michael Aguirre, a
former federal prosecutor now suing power companies on behalf of Lt. Gov.
Cruz Bustamante. "The trading is the epicenter of the whole enchilada. They
trade and inflate the value."
Power company representatives say their trading floors operate legally and
ethically. "I don't think there has ever been the slightest shred of evidence
[of] something illicit or wrongdoing," said Gary Ackerman of the Western
Power Trading Forum, an industry trade group.
Ackerman and players in the market say prices are not always ratcheted up
through the trading. Often, they say, traders can match supply and demand to
help stabilize prices through daily transactions and long-term contracts.
Still, Aguirre and others say, these sophisticated trading operations have
outmaneuvered bureaucrats at Cal-ISO and the state Department of Water
Resources, the agencies responsible for buying billions of dollars worth of
power over the past several months.
The sprawling trading floors, scattered across the country, are marvels of
high technology. Amid banks of computers and huge wall screens that track
weather, electricity prices and demand across vast regions, mathematicians,
meteorologists and rows of gung-ho traders try to optimize profits buying and
selling one of the world's most volatile commodities.
"These are trading floors that are well outside any regulatory format," state
Sen. Joseph Dunn (D-Santa Ana) said Thursday. "What impact do these trading
floors have on the situation in California?"
Plant Operations Also Scrutinized
Although trading floors are an important focus of state authorities, the
probes of the power companies include an array of issues. Investigators are
digging into the operations of power plants to determine whether unnecessary
shutdowns have been used to tighten supplies and hike prices. Dunn, a onetime
consumer attorney, is heading the Senate investigation panel that is trying
to unravel these issues and the role of the trading floors, operated by the
nation's largest power marketers: Enron, Mirant, Duke Energy, Dynegy Inc.,
Williams Cos. and Reliant.
The committee is seeking records that could determine whether the power
companies have swapped information on trading tactics to maximize prices.
Among dozens of categories of documents Dunn's committee has requested--and
may ultimately subpoena--are computer records from trading floors, recordings
of communications between traders for different companies and training
manuals for traders.
"We know one product of that trading is it drives up the price. . . . What
are you trading for, other than to drive up the price?" Dunn said in a recent
interview.
His committee, which has yet to uncover any wrongdoing, is battling with the
power companies to obtain information the firms insist is confidential.
San Francisco City Atty. Louise H. Renne also is focusing on trading-floor
activity.
"That is a central concern of ours," said Owen Clements, Renne's chief of
special litigation. Clements suspects power traders may be "churning"
megawatts through repeated sales and boosting prices.
"If everyone passes it around and makes a profit, and the ratepayer and the
state of California are stuck with the bill . . . that certainly looks like
an unfair business practice," he said.
A spokesman for Houston-based Enron, which operates one of the busiest
trading operations, said critics misunderstand the energy market, where
profits are not necessarily tied to high prices.
"We're agnostic about the direction of prices," Mark Palmer said. "We make
money one way or the other." He said the trick is in having a diversified
portfolio--and offering unique risk services--to absorb the changing market.
Palmer said those implying misconduct on the trading floors are "100%
politically motivated. . . . These are folks who want to return California to
[power] regulation."
Still, some industry officials acknowledge that some additional oversight of
trading floors may be needed. Ackerman, of the power trading association,
said his members have asked federal regulators to consider an auditing
program to review trading activities.
"If people don't have confidence in trading floors," Ackerman said, "that's a
problem."
*
Times staff writer Miguel Bustillo contributed to this story.

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

World Stock Markets
Companies Rush to Purchase Their Indian Units, Boosting Share Prices of
Concerns With Foreign Ties
By Jesse Pesta
Staff Reporter of The Wall Street Journal

06/01/2001
The Wall Street Journal
C11
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -- Foreign companies are on a shopping spree in India's stock
market, buying up their own affiliates and hoping to take them private.
In recent weeks, companies ranging from Otis Elevator Co. and Carrier Corp.,
both of Farmington, Conn., to Hoganas AB of Sweden, a player in the global
iron-powder business, have made open offers for the shares of their Indian
units, sometimes at prices that suggest they consider themselves a bargain.
Boston chemicals maker Cabot Corp. offered 100 rupees ($2.13) a share for
Cabot India Ltd. at a time when it was trading around 55 rupees.
Royal Philips Holland has offered to buy the 17% of light-bulb maker Punjab
Anand Lamp Industries it doesn't already own, according to Punjab. Otis and
Carrier, which are units of United Technologies Corp., Hartford, Conn., have
offered to buy all shares outstanding of their Indian affiliates, Otis
Elevator Co. (India) Ltd. and Carrier Aircon Ltd. The price for Carrier
shares was a nearly 100% premium to the stock's price prior to the offer.
The buybacks have triggered a surge in the stocks of other companies with a
foreign pedigree. Companies including Rayban Sun Optics India Ltd. (a unit of
Bausch & Lomb Inc., Rochester, N.Y.) and Philips India Ltd. (a unit of Royal
Philips Holland) have seen share prices rise as much as 40% or more since the
mid-May offers for Otis and Carrier, which were two of the early ones in the
current wave.
Both Rayban and Philips India deny open offers are planned. In any case,
Philips already boosted ownership in its Philips India unit to 83% from 51%
late last year.
In contrast to the surging shares of multinationals since mid-May, the Bombay
Sensitive Index has risen only 1.56%. It closed yesterday at 3631.91, down
30.13.
The trend has several drivers. For one thing, Indian stocks remain battered
after a rash of big market scandals earlier this year. Meantime, taking a
company private means it no longer is required to share as much information
about its business either with the market or a local partner. "In tough times
it will safeguard your interest," says Jignesh Shah, strategist at Ask-RJ
Investment Management in Bombay.
But most significantly, India has slowly made it easier in recent years for
foreigners to invest. Indeed, the buyback trend contrasts with the feud
between Dabhol Power Co. and its customer, the Maharashtra State Electricity
Board, over unpaid electricity bills. Dabhol, which is 65%-owned by Houston's
Enron Corp., is India's largest foreign investment and an emblem of the
difficulties foreign companies have encountered through the years. But the
buyback trend "works against the story of negative foreign-investment
environment" in India, one analyst notes.
As a rule, the companies play down the importance of stock price. Hoganas's
buyback for instance reflects the company's global strategy, but reflects as
well on a liberalizing India: Everywhere else in the world Hoganas owns 100%
of its subsidiaries, even Japan and China, says Virendra Sud, managing
director. But India didn't allow full foreign ownership 15 years ago, when
the company came here, he says, or else "we would have done it then." It's
purely coincidental that the buyback comes just as the stock market "has sort
of hit rock bottom," he says.
Otis attributes its buyback partly to India's growing appetite for more
sophisticated elevators, which means transferring advanced designs here.
Technology transfer heightens the need for closer cooperation with the
parent, says Managing Director Ashok Malhotra. But the company's reason for
going public in the first place sheds light on the regulatory cycle playing
out today in India. In the 1970s, India went through a phase of requiring
foreign companies to be part locally owned, so Otis made the public offer
that it is trying to undo today. "You have to work under the rules of the
time," Mr. Malhotra says.
---
Yesterday's Market Activity
Nasdaq's losses overnight pressured markets throughout Asia as Tokyo blue
chips tumbled 1.7% and South Korea's benchmark index fell 2.6%. European
markets rebounded somewhat from the previous day's declines, though volume
was thin. Overall, the Dow Jones World Stock Index rose 0.10%, or 0.20, to
195.33. Excluding the U.S., the index fell 0.68%, or 0.96, to 141.08.
In TOKYO, the Nikkei Stock Average was down 1.7%, or 231.21 points, to
13262.14. Nomura Securities downgraded its ratings on Fujitsu, Toshiba and
NEC, causing a broad slump in technology shares. Fujitsu ended down 2.8% at
1,543 yen, NEC slumped 3.9% to 1,947 yen, and Toshiba fell 3.6% to 675 yen.
In HONG KONG, the Hang Seng Index ended down 1.8%, or 245.72 points, at
13174.41. China Mobile fell 2.8% or 1.1 Hong Kong dollars to close at
HK$37.80. Property concern Cheung Kong dropped 3.4% to HK$85 and Sun Hung Kai
finished down 2.4% at HK$72.75.
In LONDON, the FTSE 100 Index slipped 0.01%, or 0.8 points, to 5796.10.
Services company Rentokil Initial surged 12.9% to 215 pence after it said
sales from continuing businesses were up 7.1% and operating profit was up 9%
year on year. It also said it has bought back 120 million of its own shares
since March. Invensys closed 6% higher at 142 pence after posting results in
line with expectations. Retailer Boots ended 3.5% higher at 597 pence after
posting earnings results in line with expectations.
In PARIS, the CAC 40 Index closed up 0.2%, or 9.92 points, to 5454.19.
Alcatel closed up 2.4% to 29.95 euros following the release Wednesday of
weaker-than-expected results and the demise of merger talks with Lucent
Technologies. J.P. Morgan cut its earnings-per-share forecast for the
communications-equipment supplier. Deutsche Bank also expressed negative
sentiment about the company, saying an industry turnaround is unlikely before
the fourth quarter of 2001. Car maker Renault closed down 1.1% to 55.15
euros. Lehman Brothers cut its 2001 earnings forecast, citing exposure to
falling demand in U.S. and Europe.
--- MSCI Indexes

% FROM
May 30 May 29 12-00

U.S. ........... 1183.7 1201.5 -5.3
Britain ........ 1723.9 1744.4 -6.4
Canada ......... 1030.8 1049.4 -10.9
Japan .......... 828.4 844.2 +2.5
France ......... 1763.4 1794.3 -7.3
Germany ........ 755.2 767.4 -7.7
Hong Kong ...... 6844.0 6920.0 -11.0
Switzerland .... 939.5 946.6 -7.6
Australia ...... 700.3 702.9 +9.4
World Index .... 1120.6 1136.4 -8.2
EAFE MSCI-p .... 1325.6 1342.7 -11.2

As calculated by Morgan Stanley Capital International Perspective,
Geneva. Each index, calculated in local currencies, is based on the
close of 1969 equaling 100.

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

International
Exxon, Shell Poised to Win Saudi Deals --- They Appear Favored To Lead Key
Projects In Coveted Gas Sector
By Bhushan Bahree
Staff Reporter of The Wall Street Journal

06/01/2001
The Wall Street Journal
A11
(Copyright (c) 2001, Dow Jones & Company, Inc.)

PARIS -- Exxon Mobil Corp. and the Royal Dutch/Shell Group appear poised to
win coveted leadership roles this weekend in a historic reopening of Saudi
Arabia's energy industry.
People familiar with developments said that barring last-minute upsets,
Exxon, the world's largest publicly owned oil company, will be named operator
of the largest opening being offered by the Saudis, the South Ghawar
natural-gas project that will require investment of $15 billion and is named
after the world's largest oil field, in the country's eastern province. But,
they cautioned, because Shell has been competing hotly for South Ghawar,
nothing can be taken for granted until the Saudis officially name the winners
and sign memorandums of understanding on Sunday.
As of late last night, Shell, the second largest company, was expected to win
the second prize: leadership of the Shaybah gas project, which requires
investment of $5 billion and is named after a recently developed oil field in
the kingdom's remote Empty Quarter, a southeastern desert region. Saudi
Arabia already has named Exxon leader of the third and last gas project
opened to foreign investment, the Red Sea project that requires investment of
as much as $5 billion.
Saudi Arabia's energy industry was nationalized in the 1970s, but over the
past two years has been reopened to foreign investment, prompting a fierce
contest among the world's largest oil companies. The people familiar with
developments cautioned that until the choices have been endorsed by an
11-member ministerial committee headed by Saudi foreign minister Prince Saud
al-Faisal, and given the final nod by Saudi Crown Prince Abdullah, they
couldn't be considered final.
The people said the ministerial committee met late yesterday ahead of a
formal signing ceremony planned for Sunday in Jeddah, the Saudi city on the
Red Sea coast. Such is the importance of getting into Saudi Arabia that the
chief executives of the eight companies chosen to participate in the gas
projects are flying to Jeddah to sign the memorandums, a prelude to
negotiations about fiscal and other terms. Final agreements aren't expected
until year's end at the earliest.
Officials of Exxon, Shell and the Saudi government declined to comment on the
choices made by the kingdom, which has the world's largest crude reserves and
is fifth in the natural-gas reserves after Russia, Iran, Qatar and the United
Arab Emirates. A leadership role -- or operatorship in industry parlance --
brings the opportunity to set the pace of the project and create local
networks that can prove valuable for future projects.
The kingdom still isn't allowing foreign companies into its crude-oil
business, which is run by the state-owned Saudi Aramco, but foreign oil
companies hope they eventually will be allowed into that sector, too. Indeed,
Aramco is expected to participate in the gas projects opened to foreigners,
with voting rights that have yet to be determined. The projects are
wide-ranging and encompass a long chain from exploration and production of
natural gas, to its transportation and use to generate electricity and in
water desalination plants.
Last month, Saudi Arabia named eight foreign companies, from a list of 11, to
take part in three consortiums for these projects. Besides Exxon and Shell,
they are BP PLC, TotalFinaElf SA, Conoco Inc., Phillips Petroleum Corp.,
Occidental Petroleum Corp. and Enron Corp. The three companies that sought
but failed to get a place are Chevron Corp., ENI SpA, and Marathon Oil Canada
Inc.
Industry officials say the competition was some of the fiercest ever. Said a
senior industry executive: "Everybody is looking 10 years down the road, and
the place to be is in Saudi Arabia."

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

NEW PACKAGE TO RESOLVE DPC, INDIA'S MSEB SITUATION: OFFICIAL

06/01/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, Jun 1 Asia Pulse - A new package 'acceptable to all' is being
evolved to resolve the seven-month old wrangle between Enron promoted Dabhol
Power Company and the Maharashtra State Electricity Board (MSEB) over the
issue of cost of power and payment of bills, A V Gokak, the federal
government's representative in Maharashtra's negotiation committee said
today.
"Things are moving in the right direction and government is serious to
resolve the crisis," Gokak told PTI after a meeting with the Finance
Minister, Yashwant Sinha, here.
Gokak said none of the parties to the dispute are in favour of closure of the
$3 billion project.
Earlier, the Indian government had asked Central Electricity Authority (CEA)
to explore possibility of selling the DPC power to deficient states. But the
Power Minister, Suresh Prabhu, had ruled out possibility of National Thermal
Power Corporation (NTPC) lifting DPC power.
Prabhu had stated that the government would make all efforts to settle the
matter in consultation with the stake holders.
Asked if any time frame has been set to break the impasse, Gokak said "delay
is in nobody's interest, but there are no readymade solutions."
The negotiating committee, headed by Madhav Godbole, has held two rounds of
negotiations with the last round held earlier this week being termed
"positive" by both DPC and the MSEB.
Gokak is believed to have put forward alternative solutions in resolving the
crisis.
(PTI) MYB 01-06 2030

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

		GLOBAL INVESTING: Betting on better times for utilities
Financial Times; Jun 1, 2001
By JOHN DIZARD

		The share price of one large electron-pushing company is up nearly 70 per
cent this year, but could be in line for another pop to the upside.
		That may sound like a report from Mary Meeker, the formerly omniscient
internet stock guru, or like your broker's stock-of-the-week pitch.
		Well, neither will be making such a claim at the moment - their legal
departments have them on too tight a leash. And the stock I have in mind is
not a technology stock in the sense of a silicon basher or programmer farm.
It is Edison International, the California electric power holding company,
whose Southern California Edison utility has been very publicly hovering at
the edge of bankruptcy for several months.
		The day after President George W. Bush made his "You're on your own,
California" speech, Edison's share price dropped more than 5 per cent. And
while the year-to-date rise, from Dollars 6.25 to Dollars 10.50 this week,
has been impressive, share-holders have seen a 46 per cent loss year on year.
		So why should anyone be optimistic about the chances for the common
shareholders in the holding company? Essentially because the state
legislators are being terrified into coming up with a bail-out plan - not
exactly the plan of Gray Davis, the governor of California, but one that will
preserve some value for the holding company shareholders and give them a more
predictable future.
		By now every one knows that the California utilities were squeezed by fixed
retail rates and rising wholesale costs. Edison has said it has Dollars 3.5bn
in "undercollected" wholesale power purchase costs. The state of California
(and its taxpayers) stepped in to buy power when the utilities ran out of
borrowing capacity in January. PG&E, the other big investor-owned utility,
filed for Chapter 11 protection back in April. Edison held off from filing,
preferring to try to get a state government bail-out.
		Much is missing from the standard account. For example, consumer groups
believe there is a lot of padding in the "undercollect", and that the holding
company should cough up billions in assets paid for with dividends supplied
by the SCE subsidiary. Many of the California public believe that the
merchant generators such as Duke Energy and Enron should pay back overcharges
rather than get any back bills paid.
		And yet the legislative tide is turning in Edison's favour. Within the next
couple of weeks, I expect the Democrats - who control both the state Assembly
and Senate - to come up with a bail-out plan for Edison that has a good
chance of passing both houses and being signed into law by the governor. The
reason is the the distinction they have begun to make between ratepayers and
taxpayers.
		To a legislator, tax payments, as distinct from utility rates, are things
that run through their hands and go to favoured programmes. Taking over the
payment of electric wholesale costs did not look too scary back in January,
when Governor Davis said it would go on for a few weeks and be easily covered
with the cash on hand. Well, the state has paid out nearly Dollars 8bn and
its cash reserves will be under increasing pressure until a Dollars
12bn-Dollars 13bn bond issue can be floated some time after August 15. A
decline in tax receipts is putting even greater stress on the state
government's resources.
		So the legislators want to get as far out of the power business as they can,
as fast as they can. That means saving Southern California Edison from
Chapter 11.
		The deal being negotiated within the Democratic leadership looks something
like this. The state will make a large loan, call it Dollars 1bn, against the
security of Edison's transmission system, to be repaid either through a sale
of the system to the state or a deduction from the allowed return on the
towers and wires. The holding company will pay out about Dollars 400m to prop
up the subsidiary. The rest of the undercollect will be paid for by a
"dedicated rate component", or charge to ratepayers - mostly commercial,
industrial and large users - that cannot be revoked by the Public Utility
Commission. The generators can get 70 cents on the dollar for their back
bills right away, or they can litigate forever.
		There are a few details that lawyers will quibble over, such as the
constitutionality of retroactively raising rates. And some may ask if it is
not cheaper just to let Edison go into Chapter 11, because even with the plan
it will not be able to take the state's place as a wholesale buyer at any
time soon. But I would bet on its passing anyway. And that would be good news
for Edison International shareholders, since they will have held on to most
of the holding company's assets, and still have an ongoing business in the
subsidiary.
		Don't bet the rent money on it, but it looks closer to me than a comeback in
spending on semiconductors. Maybe the children's college money - if you lose
it, they should work harder anyway.
		Copyright: The Financial Times Limited

		INTERNATIONAL ECONOMY, MIDDLE EAST & AFRICA: Hopefuls await details of Saudi
gas deal Financial Times; Jun 1, 2001
By ROBIN ALLEN and MATTHEW JONES

		ExxonMobil and Royal Dutch/Shell are the favourites to lead two of Saudi
Arabia's multi-billion dollar upstream gas projects to be opened to foreign
companies, according to industry observers in the Middle East.
		A committee of Saudi ministers responsible for the developments was due to
meet late last night. The companies are expected to learn the size of their
stakes either late today or early tomorrow, an official close to the projects
said.
		Saudi Arabia, which has excluded foreign companies in upstream operations
since 1975, last month announced the selection of eight oil groups to
participate in three gas projects requiring initial investment of around
Dollars 25bn.
		Exxon has already been appointed leader of Core Venture 2, on the Red Sea
coast, which also includes Occidental Petroleum and Enron Corp of the US. The
partners in Core Venture 3, the Shaybah development in the south-eastern
quarter of the kingdom, are Shell, TotalFinaElf of France and Conoco of the
US.
		Analysts and industry experts in Riyadh and Abu Dhabi said Exxon was expected
to be named leader of South Ghawar, also known as Core Venture 1, with a 35
per cent stake. BP and Shell would each be awarded 25 per cent shares while
Phillips would receive 15 per cent.
		Exxon was expected to be given a 70 per cent share of Core Venture 2, with
the remainder split equally between Occidental and Enron. Shell was tipped to
lead Core Venture 3 with 40 per cent of the project, while Total and Conoco
were expected to win 30 per cent each.
		One analyst said there was an outside chance that BP would be awarded
leadership of Core Venture 1 for political reasons.
		A BP official last night said the group had had no indication of the
decision, but added: "Even if we are not selected we will still have a very
significant part in a huge project. The important thing is to be there."
		Additional reporting by Robin Allen in Dubai
		Copyright: The Financial Times Limited

FITCH PLACES INDIA ON NEGATIVE RATING OUTLOOK ON FISCAL CONCERNS

06/01/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.

NEW DELHI, June 1 Asia Pulse - International ratings agency Fitch has changed
the Rating Outlook on India's sovereign ratings from Stable to Negative,
citing well-flagged concerns about fiscal policy, privatization and the
deterioration in the foreign investment climate.
Fitch currently rates the foreign and local currency obligations of India at
BB+ and BBB- respectively.
The negative rating outlook reflects the slow progress of the government in
implementing privatization and addressing the weaknesses in public finances.
The fiscal-monetary policy mix in India remains unfavorable, resulting in
relatively high real interest rates and crowding out of private sector
investment.
Until the authorities display a concerted willingness to address fiscal
imbalances, India will remain locked in a stop-go cycle of growth and the
sovereign could slip into a debt trap, Fitch said in a press statement.
The recent corruption scandal, involving the ruling Bhartiya Janata Party
(BJP)-led coalition government, threatens to exacerbate these trends and slow
economic reform.
India's general government fiscal deficit at over 9 per cent of GDP is among
the highest in the realm of rated sovereigns.
Persistently high fiscal deficits have led to a build-up of the general
government's debt burden, estimated to be over 60 per cent of GDP.
In addition, the government has guarantees outstanding amounting to 9 per
cent of GDP.
Fitch reiterates the point that such guarantees, issued to back mainly
infrastructure projects, are contingent liabilities of the government.
This has most recently been borne out in the case of Enron, where the US
power company has invoked a central government guarantee for payment arrears
accumulated by the Maharashtra State Electricity Board.
ASIA PULSE 01-06 1609

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

Thomas E. White becomes Secretary of the Army

06/01/2001
M2 Presswire
Copyright 2001 M2 Communications, Ltd. All Rights Reserved.

Thomas E. White became the 18th secretary of the Army today after being
nominated by President George W. Bush on May 1, 2001, and confirmed by the
Senate on May 24.
White expressed his gratitude to the president and the secretary of Defense
for their confidence and trust in him. During his confirmation hearing before
the Senate Armed Services Committee on May 10, White identified four
objectives he will pursue as secretary of the Army in support of the
president and the secretary of Defense: to invest in people, to assure
readiness, to transform the entire Army and to adopt sound business practices.
The secretary of the Army is the U.S. Army's senior civilian, responsible by
statute for all matters relating to Army manpower, personnel, reserve
affairs, installations, environmental issues, weapons systems and equipment
acquisition, communications and financial management. The secretary leads a
work force of some one million active duty, National Guard and Army Reserve
soldiers and 225,000 civilian employees. The department has an annual budget
of approximately 70 billion dollars.
Before his appointment as secretary of the Army, White was the vice chairman
of Enron Energy Services, the Enron corporation subsidiary responsible for
providing energy outsource solutions to commercial and industrial customers
throughout the United States.
White began his service to the nation in 1967, after graduating from the U.S.
Military Academy at West Point. His distinguished career as a commissioned
Army officer included two tours in Vietnam and service as commander, 1st
Squadron, 11th Armored Cavalry Regiment; commander, 11th Armored Cavalry
Regiment, V Corps; and executive assistant to the chairman, Joint Chiefs of
Staff. He retired from the Army in 1990 with the rank of brigadier general.
For additional information, see the Army web site at
http://www.dtic.mil/armylink or contact Army Public Affairs at (703)
697-7550.
((M2 Communications Ltd disclaims all liability for information provided
within M2 PressWIRE. Data prepared by named party/parties. Further
information on M2 PressWIRE can be obtained at http://www.presswire.net on
the world wide web. Inquiries to info@m2.com)).

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

Some light at last!

06/01/2001
The Economic Times
Copyright (C) 2001 The Economic Times; Source: World Reporter (TM)

NEW Delhis intervention in the tussle between Enron and the Maharashtra
government is a welcome development. The government wants the Central
Electricity Authority to find out whether electricity generated by Dabhol
Power Company can be sold to states which need power badly if it cant be used
by Maharashtra.
This is a good idea India is seriously short of reliable, quality electricity
supply. Maharashtra claims that it doesnt need even the 740 MW now generated
by DPC at going rates. This creates further trouble: the lower Maharashtras
offtake, the higher the unit price of DPC power. Once other power hungry
states start buying up electricity from DPC, the price per kilowatt hour will
fall sharply.
The first step to getting DPC out of the hole that Enron, Maharashtra and
successive Indian governments have dug it into, is to allow the utility to
sell power to anyone who wants to purchase it at going rates. However, asking
central utilities like the fledgling Power Trading Corporation to evacuate
DPC power for sale outside Maharashtra wont solve the hassles of the sector
for all time.
The government should modify electricity laws to allow generating companies
to sell electricity to all users immediately. An ordinance passed by New
Delhi will do the trick power is a concurrent subject, with central
legislation overriding states.
But even if that happens, it is doubtful if there will be too many buyers for
Dabhol power at its present price about Rs 4 per unit with the plant running
at high capacities. If the price is to be brought down further, the deal with
MSEB will have to be renegotiated.
The Godbole Committee says that some financial restructuring, de-dollarising
of debt and equity, and so on can bring prices down by about 30 per cent from
DPCs minimum Rs 4 per unit rate today.
Otherwise, as the GC points out, it will be impossible for the project to be
viable at current tariffs. India desperately needs electricity to grow. For
the power sector to grow, reforms are necessary at every level
renegotiations, yes, but also changes in laws and the rules of the game.

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

Calif. investigations focus on whether out-of state wholesalers manipulated
energy prices
By MICHAEL LIEDTKE
AP Business Writer

05/31/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

SAN FRANCISCO (AP) - State energy regulators say they are close to finishing
probes into whether electricity wholesalers illegally aggravated the state's
power squeeze.
In one year, California's power crisis has raised customer rates by $5.7
billion and dumped a $13 billion bailout bill on taxpayers. State officials
hope to recover the money if they find evidence that out-of-state wholesalers
manipulated the market to illegally driving up prices.
The wholesalers say they are being turned into scapegoats for a 1996
deregulation law sculpted by California lawmakers and the state's two largest
utilities, Pacific Gas and Electric and Southern California Edison.
The utilities have reported a combined $8.2 billion in losses since June
2000.
Two legislative committees are investigating allegations that wholesalers
created artificial supply shortages that drove wholesale electricity prices
as high as $1,900 per megawatt hour. Before June 2000, wholesale prices for
energy sold under similar terms rarely climbed above $150 per megawatt hour.
At least five lawsuits, including one filed by San Francisco City Attorney
Louise Renne, seek damages from wholesalers on behalf of all Californians.
"I don't think these are going to be very hard cases to make," said Owen
Clements, chief special litigator for San Francisco. "Even if they didn't
break the letter of the law, they clearly have violated the spirit of the
law."
Attorney General Bill Lockyer is offering multimillion-dollar rewards to
power plant workers and energy traders who provide the state with inside
information about wholesaler's decisions.
"Everyone feels like they're being ripped off. There's a lot of emotional
belief that unfair things have been done, but we're still working through the
case," said Lockyer, a Democrat who voted for the deregulation law when he
served in the state Senate.
The state utilities commission is inspecting power plant documents that may
show whether some facilities shut down unnecessarily to diminish supply. The
commission and Lockyer are investigating whether the plants then increased
production to reap big profits.
Power wholesalers maintain that the plants, many of which are 30 to 40 years
old, shut down for legitimate equipment repairs and maintenance.
"No one in our industry cuts back on production so a competitor can make more
money. It just doesn't happen, at least not on planet Earth," said Gary
Ackerman, executive director of the Western Power Trading Forum, a trade
group.
The Federal Energy Regulatory Commission earlier this year alleged that
Tulsa, Okla.-based Williams profited from the closure of two Southern
California power plants owned by a business partner, Arlington, Va.-based AES
Corp.
Without admitting wrongdoing, Williams refunded $8 million to settle the
charges.
California's investigations are examining the conduct of Williams, as well as
several other prominent power wholesalers, including Houston-based Enron
Corp., Dynegy Inc., and Reliant Energy, Charlotte, N.C.-based Duke Energy and
Atlanta-based Mirant Corp.
Cohen said the utilities commission could file a civil lawsuit against the
wholesalers by the end of June. Lockyer expects to wrap up an investigation
in late July at the earliest.
---
On The Net:
California Public Utilities Commission: http://www.cpuc.ca.gov
California Attorney General: http://www.caag.state.ca.us
http://www.enron.com
http://www.reliant.com
http://www.dynegy.com
http://www.duke-energy.com
http://www.williams.com
http://www.mirant.com

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

California Lawmakers Eye Billing Businesses for Edison Rescue
By Jason Leopold

05/31/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Dow Jones Newswires
LOS ANGELES -- California lawmakers are mulling yet another set of ideas for
rescuing embattled Southern California Edison, and this time businesses would
be on the hook.
In an attempt to deflect charges of a bailout that have thus far stymied
efforts to restore the utility to solvency, legislators are now considering
ways to shift the burden of financing the rescue from residential ratepayers
to the state's largest businesses, aides to key state lawmakers said this
week.
The ideas being worked over by Senate President Pro Tem John Burton, Assembly
Speaker Robert Hertzberg and Assemblyman Fred Keeley have yet to take shape
as formal proposals. But an aide to Burton said some key lawmakers are so
"desperate" to keep Edison International (EIX) utility Southern California
Edison from following PG&E Corp. (PCG) unit Pacific Gas & Electric into
bankruptcy court that they are willing to consider anything that will takse
residential consumers out of the equation.
"The idea is that the large industrial customers are the ones who pushed for
deregulation in the first place, so they should be responsible for bailing
out Edison," the aide said. "We're looking to take the burden off of
residential ratepayers."
The premise of a plan discussed by lawmakers on a conference call Thursday is
to designate Southern California Edison's largest commercial ratepayers as
non-core customers. Those customers -- some 3,600 users of more than 500
kilowatt-hours a month -- would be responsible for financing the cost of
power the utility must purchase or have purchased for it in the wholesale
market. The non-core customers would also help the utility recoup most of its
$5.5 billion in unrecovered power costs through a surcharge on their bills.
Core residential customers would be protected from the wholesale power market
as the primary beneficiaries of the low-cost power the utilities generate
themselves or have locked up in long-term contracts.
Enron Pushing Access to Customers
Separately, Enron Corp. (ENE) has been lobbying lawmakers for several weeks
to win approval to sign power-supply contracts with Southern California
Edison's largest commercial customers, leaving the utility to serve just its
residential customers and small businesses, aides to Gov. Gray Davis, Messrs.
Burton and Hertzberg said.
An Enron executive confirmed that the company sent a four-page proposal to
Mr. Hertzberg proposing that Southern California Edison's large industrial
customers sign so-called direct-access contracts with Enron. Enron also has
recently made a presentation about direct access to some members of the
California Chamber of Commerce.
Under the proposal, heavy users would be required to contract directly with
companies like Enron for their power.
Direct access was a key part of the state's 1996 deregulation plan, but was
scrapped early this year when the state started buying wholesale power in
place of the utilities.
The core/non-core proposal is one of several being discussed by lawmakers as
alternatives to a memorandum of understanding Mr. Davis struck with Edison in
April. The MOU -- which doesn't vary much from an agreement in principle
reached in February -- has been called dead on arrival by some lawmakers, who
have been mulling various alternatives rather than moving the agreement
forward.
State Sen. Debra Bowen, a Redondo Beach Democrat and chairwoman of the Senate
energy committee, said there are so many "Plan B's" floating around the
Legislature that, "We're going to need to hire an apiculturist."
Steve Maviglio, a spokesman for the governor, said the Davis administration
is still dedicated to seeing legislation to enact the memorandum of
understanding move through the Legislature, but said separating the utility's
"core and non-core" customers would be at the forefront of new discussions.
It was too early to say whether the governor would support the plan, he said.
Dominic DiMare, a lobbyist with the California Chamber of Commerce, said the
chamber has told the Davis administration that shifting the burden of the
Southern California Edison bailout to businesses is "a very bad idea" that
could cost the state billions of dollars in economic activity.
"This [plan] would really screw businesses," Mr. DiMare said. "We just got
hit with a 50 to 90% rate increase. We're dangerously close to losing our
businesses to other states."
Write to Jason Leopold at jason.leopold@dowjones.com
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved

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

Construction of power plant in DeSoto County is underway
By TIMOTHY R. BROWN
Associated Press Writer

05/31/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

JACKSON, Miss. (AP) - A North Carolina-based independent electric power plant
developer and operator has started construction on a $490 million generating
facility in DeSoto County.
Cogentrix Energy Inc. will build the 800-megawatt power plant in Southaven on
40 acres next to existing TVA and Entergy electric substation facilities. The
plant is the largest economic development project in the history of the north
Mississippi county.
The second largest project is a $150 million power plant currently being
built by Duke Energy.
Both are expected to be operational in 2003.
The National Energy Production Corporation, a subsidiary of the Enron Corp.,
is serving as the engineering and construction contractor for the Congentrix
project.
"It is in construction as we speak," Jeff Freeman, Congentrix vice president
for corporate communications, said Thursday. "NEPCO is mobilized on site and
they are doing earth work. It will probably take them 24 to 27 months to get
the plant in commercial operation."
Freeman said the Charlotte, N.C., company found several reasons why building
a plant in Southaven, a fast-growing city located just south of Memphis,
Tenn., was a good investment.
"The first thing that we look for in any project is a basic need for the
commodity that we produce, which is electricity," Freeman said. "The area
served by the transmission systems, TVA and Entergy, at this location provide
access to areas that need electricity."
The plant will use natural gas as fuel and will include the latest in
environmental and combustion control technologies, Freeman said.
Cogentrix owns all or part of 27 facilities with a capacity to generate about
7,000 megawatts in 14 states.
Southaven Mayor Greg Davis said both plants will generate about $300,000 to
the city, in lieu of taxes, and about $1 million each to the county school
system.
Davis said the plants will not employ many workers so traffic in the area
will not increase. He also pointed to the positive impact of temporary jobs
during construction.
"Then, road and bridge tax that they will be paying is substantial also,"
Davis said. "So from a financial impact we will see a great return in the
investment."
---
On the Net:
Congentrix: http://www.congentrix.com
Duke Energy: http://www.duke-energy.com

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


Haas Computing Services Staff will be hosting the following application
workshops. Additional workshops including evening sessions have been added.

MyHaas Demos (portal tour, customize space, subscribe to services, create
channels)
Thursday, Sept 27, 5:30 - 6:30 (F310) Cyhnthia Hu
Friday, Sept 28, 9:30 - 10:30 (F310) Jesse

Excel A: basic overview
Thursday, 9/27, 11am-12pm. (F310) Joe and Sophia

Excel B:  (Solving problems, commenting, Keyboard shortcuts, Paste Special,
Find/Replace, Sorting Data, Tracking changes, Formatting Cells,
Header/Footers)
Wednesday, 9/26, 6pm-7pm (F310) Howard and Bruce
Thursday, 9/27, 2:30-3:30 (F310) Howard and Bruce

Excel C:  (report consolidation, pivot tables, charts)
Tuesday, 9/25, 10am-11am (F310) Kathleen
Thursday, 10/4, 9:30-10:30am (F310) Kathleen
*Monday, 10/8, 7:30 - 8:15 (S300T) Kathleen
*Tuesday, 10/16, 7:30 - 8:15 (S300T) Kathleen

Excel  D: (Formatting, Formulas, Printing)
*Monday 10/1, 7:30 - 8:15 (S300T) Kathleen
*Thursday, 10/11, 7:30 - 8:15 (S300T) Kathleen

Powerpoint A: (work with different views, add slide components, create
charts and graphs, print slides, handouts, speaker's notes, make a
presentation from scratch)
Tuesday, 10/2, 5:00-6PM (F310) Cynthia and Agnes
Wednesday, 10/3, 5:00-6PM (F310) Cynthia and Agnes

Powerpoint B: (create design templates, edit master slide, add animation,
slide transitions, control timing, overview of multimedia features)
Tuesday, 10/9, 5:00-6PM (F310) Cynthia and Agnes
Thusday, 10/11, 5:00-6PM (F310) Cynthia and Agnes

Photoshop:   basic overview
Monday Oct 22, 4pm (F310) Tracy
Thursday, Nov. 1, 10am (F310) Tracy

Sign ups are available on the training board next to the Computer Lab
Entrance. Or you may reply to this email indicating which classes you'd
like to attend.

Thanks

Kathleen Valerio
Manager,Training/Operations
Haas Computing Services
Haas School of Business
S545 Student Services Bldg. #1900
Berkeley, CA 94720-1900
Work: (510) 642-8438
FAX : (510) 642-5307


AGA for 1/12/01 is (103) W/D

Website information:
http://gasfundy.corp.enron.com/gas/framework/default.asp
Drop down Box to "Storage"
In-house Analysis
My files are the last three files.

When the dialog box asks to upadate links click "NO".


Start Date: 1/26/02; HourAhead hour: 3;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012603.txt


Pls get me scheduled on the 13th.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 10/18/2000
02:05 PM ---------------------------

Richard Amabile
10/18/2000 11:02 AM
To: John Dushinske/ET&S/Enron@ENRON, Don Hawkins/OTS/Enron@Enron, John R
Keller/OTS/Enron@Enron, Sue M Neville/ET&S/Enron@ENRON, Dave
Odneal/ET&S/Enron@ENRON, Colleen Raker/ET&S/Enron@ENRON, Robert
Hill/NPNG/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Wilson
Barbee/HR/Corp/Enron@ENRON, Janet Place/NPNG/Enron@ENRON
cc: Gina Taylor/OTS/Enron@Enron, Debbie Nowak/HR/Corp/Enron@ENRON

Subject: Participation & Dissent (P&D) Facilitator Training

As Enron continues to tackle communication issues and address employee
feedback, we are in the process of implementing a decision-making/problem
solving tool throughout the organization.  This tool is called Participation
& Dissent (P&D).  This process is aimed at:

- Bringing the right people together
- Speeding up decisions
- Acting on the suggestions of employees
- Fostering channels of communication so that employees can speak their minds
openly
AND
- Delivering business results at the same time!

To ensure that P&D sessions remain productive and timely, each session is led
by a facilitator.  Throughout the Enron organization, heads of business units
have identified top rated, high performing individuals to serve as
facilitators for all of Enron.

For ETS, the following individuals have been identified for this
developmental opportunity:

John Dushinske
Don Hawkins
John Keller
Sue Neville
David Odneal
Colleen Raker
Bob Hill
Shelley Corman
Mary Kay Miller
Drew Fossum
Wilson Barbee
Janet Place

To ensure that the facilitators are comfortable with the P&D process, they
will be asked to participate in a training session in early November.
Two dates have been established for facilitator training:

Thursday - November 2,  2000 - At the Woodlands - 8:00 am to 5:30pm
or
Monday   - November 13, 2000 - At the Woodlands - 8:00 am to 5:30pm

You can select either of these dates to fit your schedule. This assumes we
will be able to get a reasonable sized group for each of the two days.  The
training will be one day long.  Cheryl Austin Brown and Howard Morgan of
Keilty, Goldsmith & Company (the people who conduct the Executive Impact &
Influence Program) will be conducting the program.

Please have someone from your office contact my administrative assistant,
Debbie Nowak either by email or telephone (713)853-3304 and let her know your
availability for these dates.

Please feel free to contact me directly at Ext. 33972 and I will be happy to
brief you on the status of the effort.

           Dick Amabile


In order to support Enron,s development of new business and desire to
maximize its return on invested capital; the following organizational changes
are taking place.
The current accounting groups supporting CALME, APACHI and South America
activities will be consolidated into one accounting group at Enron Corp.
This group will continue to provide accounting support to these international
regions and related Enron Corp initiatives.   Jeff Sommers, currently CALME
Vice President and CAO will head this accounting group.  Cassandra Schultz,
currently APACHI Vice President and CAO will join Rick Buy,s Risk Assessment
and Control Organization as a Vice President in Market Risk Management.  Kent
Castleman, currently South America Vice President and CAO will become Vice
President and CAO of Enron Industrial Markets.
Please join us in congratulating everyone in their new assignments.


-----Original Message-----
From: Taryn Elliott [mailto:elliott@tigfirstsource.com]
Sent: Tuesday, February 12, 2002 4:24 PM
To: Parks, Joe
Subject: TIG First Source

Joe,

It was nice talking with you today.  I will be more than happy to keep you up to date on anything I come across.  Please let me know if something changes in your situation.  I have attached a presentation that will show the different types of positions we recruit for.  If you know someone else that may like assistance as well, feel free to pass my contact information along.

Thanks for your time and I look forward to talking to you again in the future!

Taryn Elliott
Executive Recruiter
TIG First Source
713-529-2100 ext 142
elliott@tigfirstsource.com


this is the website for signing up for classes.  You need to have your user
name and password.  If you do not have this from the original email, try
contacting the development center at x30357
PL


Scott:
I wasn't expecting a redraft from them until after our call as I think that
the purpose of the call will be to respond to our markup.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	"SCOTT AVITABILE" <SAVITABI@LLGM.COM>
	06/27/2000 03:37 PM

		 To: <Carol.St.Clair@enron.com>
		 cc:
		 Subject: Re: ACE Call

Call Bruce's office at 212-424-8620.  By the way, did we ever receive a
redraft of the policy from ACE?

>>> "Carol St Clair" <Carol.St.Clair@enron.com> 06/27/00 04:04PM >>>

Guys:
We are on for tomorrow at 9 Houston time to talk to ACE.  Please let me know
who
to contact to hook you into the call.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Privileged and Confidential Joint Defense Communication

From:   Don Schultz
To:      Grynberg JDT
Re:      Attached letter

          Attached is the latest revision by Doug Robinson to the letter to
Judge Downes.  Doug has incorporated further committee comments, plus
editorial suggestions received by email to the extent they were consistent
with the consensus of input received.  I believe we are ready to finalize and
deliver the letter, but offer you a further opportunity for input, and
encourage  coordination by anyone else contemplating a separate letter.

 - 3rddraft.DOC


I was talking to Anita this morning and she was asking me if I knew what
games we were going to at spring training - she heard an ad or something for
it and it made it sound fun.  I think they are trying to decide what to do
for Spring Break.  They me be planning a Florida Trip.  What should I be
telling her????  So far I have been very vague about it, but at some point
I'm going to have to be more specific.  I don't want to hurt her feelings,
but I'd rather not spend the whole trip with them.

Cindy S. Dick
Design & Facility Services
6869 Old Katy Road Houston, Texas  77024
713.802.6704  fax:713.865.4332  email: cdick@mccoyinc.com
McCOY Providing  w o r k p l a c e  solutions


Attached for your review is a draft of the Lost Creek - ENA IT Agreement.
Please review and let me know if you have any comments or questions.  Some
provision (nominations, imbalances)  are taken from the North Central
Agreement since BR is familiar with that form.


Thanks again for your help this weekend.  I enjoyed hanging out with you.
PL


Cinergy going into
summer long
on power

Cinergy CEO Jim Rogers told Restructuring Today in a three-part
interview that this summer prices will be low and electric supplies
plentiful.
     Is it the result of the June 1998 price spike that rose to $7,500?
Did the high price lure in generation that's now providing ECAR
consumers with economical prices at a time when the West Coast is being
punished for not doing the same?
     "The short answer is yes," Rogers replied.
     ECAR is getting 4,000 mw more capacity this summer, he added.
     Rogers thinks the Ohio market will be slow to open and may not get
robust for five years.  He was critical of other IOUs that are dragging
their feet in RTO formation.
     We'd love to send you the Rogers interview and others we've
published recently:
     Walter Higgins, Sierra Nevada; Corbin McNeill from PECO Energy;
Marce Fuller of Mirant; Erle Nye of TXU, the incoming EEI chairman -- to
name just a few.
     If you'd like to see these in-depth interviews reply via email and
I'll send them to you free of charge.

Don't miss another vital issue!  Subscribe today and start benefiting
from Restructuring Today's special, unique focus on the converging
energy and communications industries, especially retail markets.  Fax
the attached order form to 202-298-8210 you won't miss another vital
issue.

Thank you,

Season Hawksley
US Publishing
800-486-8201

 - orderform.pdf


Fall sounds good to me.  In talking with Sue today, she stated that Dr. Rao
would like to inform the winners of the scholarships by letter from him and
that it will most likely be another week before he does so.  I asked her to
contact me when the letter is going out to the students so that we can follow
up with either a letter or phone call from some of us at Enron.  I will keep
Rick Causey, the other interviewers and you (or someone in your office)
updated on the timing of notifying the winners.  --Sally

	Enron North America Corp.

	From:  Elyse Kalmans @ ENRON                           04/06/2000 01:54 PM

To: Sharron Westbrook/Corp/Enron@ENRON
cc: Sally Beck/HOU/ECT@ECT, Amy Lee, Charla Stuart/Corp/Enron@ENRON,
Alexandra Saler/Corp/Enron@ENRON
Subject: RE: Enron MBA Excellence Awards - Dinner

I will plan the event for the fall - I'll be back from maternity leave and we
can get PR on campus for the event as well.  Thanks!  Elyse

Sharron Westbrook

04/06/2000 01:43 PM
To: Elyse Kalmans/Corp/Enron@ENRON, Sally Beck/HOU/ECT@ECT
cc:

Subject: RE: Enron MBA Excellence Awards - Dinner

Rick won't be back in the office until Monday but I am sure that this will be
ok with him.  His schedule is really tight for the next month.

	From:  Elyse Kalmans                           04/06/2000 01:33 PM

To: Sally Beck/HOU/ECT@ECT, Richard Causey/Corp/Enron@ENRON
cc: Sharron Westbrook/Corp/Enron@ENRON, Amy Lee, Charla
Stuart/Corp/Enron@ENRON, Alexandra Saler/Corp/Enron@ENRON

Subject: RE: Enron MBA Excellence Awards - Dinner

Sally and Rick:  I am fine with having the dinner in the fall if y'all are ok
with that.  Actually, it will give us more flexibility to plan and get great
attendance.  Please let me know your thoughts, and I will communicate
directly with Sue White.

Thanks!  Elyse
---------------------- Forwarded by Elyse Kalmans/Corp/Enron on 04/06/2000
01:29 PM ---------------------------

Susan White <Susan.White@bus.utexas.edu> on 04/06/2000 10:19:12 AM
To: "'Elyse.Kalmans@enron.com'" <Elyse.Kalmans@enron.com>
cc:

Subject: RE: Enron MBA Excellence Awards - Dinner

Hi Elyse - I just spoke with Ramesh Rao (associate dean).  He has not yet
made the Excellence Fund awards, which are also part of the Enron endowment.
He would like to have the dinner in the fall, when all of the awardees have
been chosen.  He felt that a dinner the end of April would conflict with a
major E-commerce conference we're having here, and the Enron awards would
get the attention they deserve in the fall.  The other advantage of a fall
dinner is that the new students will be here, and if we have a big
announcement then, they can see what they have to look forward to.  Will
this work for you?  Thanks.  Sue

-----Original Message-----
From: Elyse.Kalmans@enron.com [mailto:Elyse.Kalmans@enron.com]
Sent: Thursday, April 06, 2000 9:05 AM
To: Susan White
Subject: RE: Enron MBA Excellence Awards - Dinner

Sue:  Thanks for your email.  In speaking with Rick Causey, the only day
that he is available is Monday, April 24.  In speaking with Sally Beck, I
know that you are confirming the 3 winners and will get me their info once
they have been chosen.  If you don't mind seeing who from the university is
available on the 24th, that would be great.  Our other option is to have it
another evening that week or rescheduling for the fall after classes begin.

As I mentioned before, I am expecting a baby two weeks from today, so I'd
love to have as much of this wrapped up before I pass it on to someone else
on my team.

Thanks for your help!
Elyse


Hi Wendy:

We have finally made arrangements for Vince's trip in September.  He will
be arriving in London Monday the 18th at 9:55 AM.

He would like to set up a meeting with Paul and Julian sometime on Tuesday,
the 19th.   Just let me know when it is convenient.

Thanks!

Shirley

wendy.dunford@arthurandersen.com on 08/29/2000 11:44:14 AM
To: shirley.crenshaw@enron.com
cc:
Subject: Vince's London Visit

Hi Shirley

I would be grateful if you could give me some dates and times when Vince will
be
free to meet with Paul Day and Julian Leake, Tom Leuthwaite is not available
to
meet unfortunately during the week that Vince is here.

Kind Regards

Wendy

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Start Date: 5/1/01; HourAhead hour: 8;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

ERROR: File O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001050108.txt is empty.
PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001050108.txt

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

  TRANS_TYPE: FINAL
  SC_ID: ECTRT
  MKT_TYPE: 2
  TRANS_DATE: 5/1/01
  TIE_POINT: FCORNR_5_PSUEDO
  INTERCHG_ID: EPMI_CISO_PV
  ENGY_TYPE: NFRM


Deal # 539968 legs one and two is presently in the "killed" status.  John
will let one or all of you know, preferably by email, when you should
reactivate the deal.  You may have to modify the start date and the deal
date.  The deal date should match the date the EEI was signed.  And March 8th
(the start date) will have come and gone by the time (if ) the contract is
finalized.

John (mid market) will take origination on this deal.  I believe his orig.
that will come out of the LTNW book is going to be .75 per mwh.  Please
confirm the amount with John.

Also, please connect with Chris Foster, as I believe the orig. will be held
until the end of March, and then Chris will provide Risk with a comprehensive
list of all the mid-market origination that needs to be granted from the
power books, as he did in Feb.


We are waiting to hear.  We have received documents from them, but no
definitive word.

Kay

Jim Gilbert@ECT
12/19/2000 04:32 PM
To: "Keffer, John" <JKeffer@KSLAW.com> @ ENRON, Kay Mann/Corp/Enron@Enron
cc: Ben Jacoby/HOU/ECT@ECT, Chris Booth/NA/Enron@Enron, Christopher F
Calger/PDX/ECT@ECT

Subject: Re: NRG Confidentiality Agreement

Kay/John:

NRG has signed the CA.  I'm planning on sending them the clean drafts of the
LLC Agreement and Letter Agreement drafts provided by Carolyn last week.
Please let me know if these drafts have been superseded or not.

Also, I understand from Ben that the deal with Coral is scheduled to close on
Thursday.  I would like to know on a more definitive basis if this is indeed
true.  NRG remains very interested in the equipment.

Please advise.
Thanks,
Jim

	Enron Capital & Trade Resources Corp.

	From:  "Keffer, John" <JKeffer@KSLAW.com>
12/18/2000 03:05 PM

To: "'Jim.Gilbert@enron.com'" <Jim.Gilbert@enron.com>
cc: "Campbell, Carolyn" <CCampbell@KSLAW.com>, "Mrs. C. Kay Mann (E-mail)"
<Kay.Mann@enron.com>
Subject: NRG Confidentiality Agreement

Jim-your e-mail to Carolyn Campbell was just forwarded to me.  The changes
to the confidentiality agreement are ok.

Since Carolyn will be out most of this week, please direct any
correspondence regarding this matter to me.  Thanks

John L. Keffer
King & Spalding
713 751 3255
713 751 3280 (fax)
jkeffer@kslaw.com

                    Confidentiality Notice
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all copies of the message.


are u going to call me?


Louise-

Please see the attached below.  It appears that the earliest we can visit with FERC is next Thursday and Friday (as opposed to Monday and Tuesday).  The FERC has a Public Meeting (held every two weeks) next Wednesday and everyone runs around the building trying to get the Orders finished.

Also attached is a list of issues that Netco will need to develop with the winning bidder to put in our FERC filing for Market-Based Rate schedule.

Thanks,

Jim

 -----Original Message-----
From: 	Novosel, Sarah
Sent:	Tuesday, January 08, 2002 5:56 PM
To:	Steffes, James D.
Subject:	RE: Netco FERC Meetings

Jim:

Sam spoke with Cindy Marlet and they are aiming for Thursday, January 17.  She said there was no way they could meet with Netco before the Commission meeting.  Cindy is checking with Dan Larcamp and Mike Coleman to see if they are available (these are the two people she thinks we need to meet with).  Cindy also wants the meetings with the Commissioner Assistants to occur after the meeting with staff, so Cindy will have to set up the meeting before we schedule with the assistants.  We're waiting to hear back from Cindy now.

I'll keep you posted.

By the way, I loved the marker picture and have sent it on to lots of other people.

Sarah

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Tuesday, January 08, 2002 6:15 PM
To:	Novosel, Sarah
Subject:	Netco FERC Meetings

Sarah --

Any luck on setting up meetings with FERC?

Jim


---------------------- Forwarded by Steven J Kean/NA/Enron on 04/20/2001
03:09 PM ---------------------------

eserver@enron.com on 04/19/2001 04:04:09 PM
To: "Steven.J.Kean@enron.com" <Steven.J.Kean@enron.com>
cc:

Subject: <<Concur Expense Document>> - RS041001

The following expense report is ready for approval:

Employee Name: Richard Shapiro
Status last changed by:  Automated Administrator
Expense Report Name: RS041001
Report Total: $10,108.31
Amount Due Employee: $10,108.31

To approve this expense report, click on the following link for Concur
Expense.
http://xms.enron.com


Mike,

Sorry I missed you guys Friday night.  I made back from a golf outing around
9 pm, but you guys must have already left the Front Porch.  Anyway,  I was
out the other night and met some Dynegy talent that were interested in an
Enron Analyst/Associate and Dynegy Pace Program happy hour.  What do you
think about the prospectsof a combined happy hour.  They have a group that
goes out on the third Thursday of every month, which would be this Thursday.

Mat


-----Original Message-----
From: 	Rivera, Elizabeth
Sent:	Wednesday, April 24, 2002 10:39 AM
To:	Baker, Briant; Blanchard, Georgia; Bond, Ragan; Cain, Richard; Connett, Hugh; Curry, Randall; Green, Michael; Hagy Jr., Dee; Knoblauh, Jay; Logan III, Jackson; McIlvoy, Karen D.; Mihalik, Trevor; Morgan, Robert D.; Namer, Dana; O'Farrell, Sharon; O'Keefe, Laura; Patton, Anita K.; Schockling, Gregory; Smith, Tiffany; Wilkinson, Doug
Subject:	Bid week meeting
Importance:	High

	The May bid week meeting scheduled for tomorrow 4/25 at 1:30 p.m. in the big conference room.  Please plan on attending.


Steve: I want you to know that I received calls from two people in this
office this morning who advised that my successor (Linda) was to be announced
today. I thought I had a committment from you and Rick that the people in
this office would meet the final candidates and make input before a final
decision was made.

The rumors have been very active throughout this process and people in this
office have been aware of the various candidates. I have gained 98 percent of
my information from my office collegues. I have not been discussing any of
these matters with outsiders suggesting that they contact Nils for any
information.

Naturally, I am concerned how this announcement is to be made because I am
hoping to have a life after Enron possibly a position in a future
administration. I have had a very successful tenure from the standpoint of
accomplishments and establishing the groundwork for additional success which
my successor will have the benefit. Therefore, I want a very positive
statement made about my service with a Ken Lay quote.

Joe


It is with sadness and regret that we announce that Cliff Baxter is resigning as an employee of Enron.  We are happy, though, that Cliff's primary reason for resigning is to spend more time with his family.

Cliff is a unique talent.  His creativity, intelligence, sense of humor, and straightforward manner have been assets to the company throughout his career.  He will be missed.

Cliff joined Enron in 1991 and was a key member of the team that built Enron's wholesale business.  Before becoming Vice Chairman of Enron, Cliff served in a variety of positions in Enron's wholesale businesses, culminating in his appointment as Chairman and Chief Executive Officer of Enron North America in 1999.

We have asked Cliff, and he has agreed, to continue in a consulting role for the company while concluding negotiations on a number of key asset dispositions.

Please join us in thanking Cliff for his service to the company and in wishing him the very best.


I left a voicemail, but I'll write an email as well.  Our ECS meeting should
be over by 2:30 or so, so a 3:00 meeting would be great.  I would have to
leave at 3:45 to make my 4:00 meeting, but I don't think it should take that
long, right?

Thanks John,

Andrew

John Griffith
01/04/2001 11:05 AM
To: Stephanie Miller/Corp/Enron@ENRON, Andrew Miles/NA/Enron@Enron, Shahid
Shah/NA/Enron@Enron
cc: Louis Dicarlo/NA/Enron@ENRON
Subject: Southern Trails

Please plan to attend a meeting regarding the Southern Trails Compressor
Project tomorrow 1/5 at 4:00 pm.  I will let you know of the room number.
Thanks.

John


NOTE:  YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

You have been selected to participate in the Year End 2000 Performance
Management process by providing meaningful feedback on specific employee(s).
Your feedback plays an important role in the process, and your participation
is critical to the success of Enron's Performance Management goals.

To complete requests for feedback, access PEP at http://pep.corp.enron.com
and select Perform Review under Performance Review Services.  You may begin
providing feedback immediately and are requested to have all feedback forms
completed by Friday, November 17, 2000.

If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:

Houston: 1.713.853.4777, Option 4
London:  44.207.783.4040, Option 4
Email: perfmgmt@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."   Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.

Review Group: ENRON
Feedback Due Date: Nov 17, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
ANDREWS, NAVEEN C               RUDI C ZIPTER                   Oct 31, 2000
BAXTER, ASHLEY                  DAVID DAVIES                    Nov 02, 2000
CAMPOS, HECTOR O                PEYTON S GIBNER                 Nov 06, 2000
CARSON, RICHARD L               RICHARD B BUY                   Oct 30, 2000
CRENSHAW, SHIRLEY J             WINCENTY J KAMINSKI             Oct 26, 2000
KINDALL, KEVIN                  VASANT SHANBHOGUE               Oct 30, 2000
LAMAS VIEIRA PINTO, RODRIGO     DAVID PORT                      Oct 31, 2000
RAYMOND, MAUREEN J              WINCENTY J KAMINSKI             Nov 02, 2000
SUPATGIAT, CHONAWEE             PEYTON S GIBNER                 Oct 27, 2000
TAMARCHENKO, TANYA V            VASANT SHANBHOGUE               Oct 26, 2000
VILLARREAL, NORMA E             SHEILA H WALTON                 Oct 26, 2000
WALTON, SHEILA H                DAVID OXLEY                     Oct 27, 2000
YAMAN, SEVIL                    VASANT SHANBHOGUE               Oct 27, 2000
YUAN, DING                      RICHARD L CARSON                Oct 31, 2000


Hmm.  What hotel would be the closest to the Willard? (other than the
Marriot, which I'm not wild about because it is so big)  What does the Hay
Adams have?  Alternatively, what do you suggest in Georgetown?

Do you know if anyone else from Enron has stayed there (the Four Seasons)
recently?

Thanks for asking, by the way.

Diane Fitzgerald <diane.fitzgerald@travelpark.com> on 08/04/2000 06:04:09 PM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc:

Subject: Just to advise you the Four Seasons is renovating.

I don't know the extent of renovations.  Will this be okay?


Start Date: 4/19/01; HourAhead hour: 18;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041918.txt

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 18 / Preferred: -144.00 / Final: -125.00)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/19/01
  TRADING_SC: EPPS
  PNT_OF_INTRC: SP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 18 / Preferred:   0.52 / Final:   0.35)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE1
  MKT_TYPE: 2
  TRANS_DATE: 4/19/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 18 / Preferred:   5.77 / Final:   3.98)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE2
  MKT_TYPE: 2
  TRANS_DATE: 4/19/01
  SC_ID: EPMI
$$$ Variance found in table tblLoads.
     Details: (Hour: 18 / Preferred:  52.62 / Final:  35.61)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE3
  MKT_TYPE: 2
  TRANS_DATE: 4/19/01
  SC_ID: EPMI


Kristen,

I thought Mark had called you, but I guess not.  He said that he can't have
Wendy and Amy change their plans, so he can't go on the ski trip.  It was
pathetic....I heard, "so, are you guys still planning on coming that
weekend?...well good...."  He proceeded to talk for at least two hours on the
phone, and just mentioned the outcome yesterday.  I pushed him to give me
details, but all he said was the cost was a major factor and that Wendy had
time off.  I think he was bullshiting and that he never really asked them
(I'm such a skeptic).  Anyway, fuck'm.  Any ideas?

Mat

"kristen iles" <ksiles@hotmail.com> on 01/17/2001 11:19:37 AM
To: matt.smith@enron.com
cc:

Subject: in reply

Hey cutie, I just spent forever writing you a nice little reply to your
email on the ski trip, my email availibility, phone b.s, your NYC trip and
Scully, all to have this piece of shit freeze up....so I think perhaps I
will just try to get some time to call you tonight!!!!
love, k

You should now have checks from myself, Duncan and Bill.  Sharon said she
would get back to me today, but I think we should jump on this lodge asap.
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


Start Date: 4/7/01; HourAhead hour: 17;  No ancillary schedules awarded.  No
variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040717.txt


fyi
---------------------- Forwarded by Michelle Cash/HOU/ECT on 11/03/2000 04:08
PM ---------------------------

Kristin Walsh
11/03/2000 03:37 PM
To: Michelle Cash/HOU/ECT@ECT
cc:
Subject: Ex weather employees

FYI - former Enron employees Jeffrey Bortniker and Lynda Clemmons are the new
Chief Executive Officer and President/Chief Operating Officer (respectively)
for Element Re, a new unit of XL Capital Ltd..  The company will provide
weather risk management insurance, reinsurance and financial products.
Please let me know if you have any questions or would like us to look into
this further.
(first announced September 25th)

Thanks,

Kristin


Sally / Brent

FYI - no action required

This note and an earlier email ( forwarded separately ) highlights issues
around some transactions originated within Metals that arose due to
'misunderstanding' of limits - which was work in progress for Andrew
Cornfield ( Risk ), Lloyd Fleming ( RAC ) and Shane Dallman ( FX desk  -
reporting to Gary Hickerson ) working with the Metal Commercial MDs on the
subject of an exemption from Corp policy for IR and FX hedging.

It is pleasing that people in the control environment picked up the issues on
a timely basis but disappointing that a firm conclusion between the
Commerical groups on 'delegated' limits took longer than anticipated.

If you need any detail please call

Mike

---------------------- Forwarded by Mike Jordan/LON/ECT on 23/11/2000 12:28
---------------------------

	From:  Lloyd Fleming                           23/11/2000 11:58

To: Rick Buy/HOU/ECT@ECT, Michael R Brown/LON/ECT@ECT, Michael J
Hutchinson/EU/Enron@Enron
cc: Ted Murphy, David Port, Gary Hickerson/HOU/ECT@ECT, Mike
Jordan/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Tim R Jones/EU/Enron@Enron,
Shane Dallmann/LON/ECT@ECT, Robert Soeldner/LON/ECT@ECT

Subject: Enron Metals FX status

The following issues have been resolved today following discussions with
Metals Commercial, Risk Management and RAC:

5m Euro prop trade:  It has been agreed that this will be closed out
immediately.  Metals traders will be advised that FX exposure may only be
generated as part of a hedge position to an underlying metal trade, and that
any FX exposure must be laid off via Roger  Murray-Evans (Metals FX trader)
and the Global Markets desk.

Averaging trades (FX and Bullion): Change method of booking trades so that
the averaging leg of all trades is booked as it arises (i.e. daily) and the
resulting FX exposure is captured daily and laid off with Global Markets as
part of the metals aggregation.

A number of other matters, which have been under discussion for some time,
were also agreed:-

Euro / Ali option:  Currently operates under a $30m FX limit and is managed
by Tim Jones.  It has been agreed that this limit will be reduced to $20m
(EMRAC to approve) and be a part of Gary Hickerson's limit.  As the options
expire, the limit will be progressively reduced.  The limit applies only to
this transaction and does not cover any other FX dealing by Enron Metals.
Any subsequent transactions of this nature will be covered under separately
proposed limits.

Overnight exposure: Enron Metals to apply for a small overnight limit to
cover trades booked after the end of day cut-off.   $2m total net open
position has been proposed, to be agreed with Gary Hickerson and form part of
his limits.

FX position management:  FX exposure generated through the day to be
aggregated and passed to the Global Markets desk.

regards

Lloyd Fleming
RAC Market Risk Management
Ph: + 44 20 7783 4532
Mobile: + 44 7760 17 87 42


(1)  I can confirm that the swap group has no financial (or physical) info on
Bolivia.  You may want to check with Alan on the existence of any specific
physical reviews on Bolivia.

(2)  Do you have some time to discuss the omnibus confirm process?

(3)  Have you heard further of Duke?


Attached is a redline with my comments.  Let me know if you have any
questions.


TASK ASSIGNMENT

Task Priority:
Task Due On:		9/15/1999
Task Start Date:	9/15/1999


Teco Tap       30.000 / Enron ; 120.000 / HPL IFERC


Hi John,

I'll be glad to consider using Aaron.  Let me take a look at the agreements
first, before we commit.  Did Bob Carter work on these agreements?  He might
have copies, and he won't charge us for them.  At least I don't think he will.

Thanks for your understanding and patience this week.

Kay

John Moore
03/23/2001 12:15 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: Coal stuff

I hope everything is going OK.

With Kathleen's help and Jeff Hodge's review the CA went out on Wednesday via
email to BPUB.  Mitch and I are reviewing the TEX/MEX agreements to determine
an appropriate commercial structure with the intent of preserving as much of
the "legalese" in the original agreements (i.e., the development agreement
and the participation agreement) as possible.  Our major concern is to keep
this off Balance Sheet.

 I'll call B &P to see if they have electronic versions.  Would you consider
having Aaron Roffwarg of B & P work on this agreement, he was previously
involved in the drafting of the agreements and he knows all of the players
and their habits.

JMoore

Kay Mann
03/23/2001 11:39 AM
To: John Moore/Corp/Enron@Enron
cc:

Subject: Coal stuff

I'm still out of town, but now I have email access.  Did your CA get taken
care of?

You mentioned that you feel like we can use Tex-Mex as a go-by.  Do you have
electronic copies of the development agreement?

Thanks,

Kay


The Methanol Plant is up and making spec product.  Rates will be increased to
full rates on Thursday, March 30, if oxygen is available.


Good Morning!

I just received confirmation from HR.  Debra Vincent will be interviewing on
Wed, 4/19/2000 beginning at 9:30 a.m.  Donald Duhon will be intervieing on
Thurs, 4/20/2000 begining at 9:30 a.m.
---------------------- Forwarded by Taffy Milligan/HOU/ECT on 04/18/2000
09:27 AM ---------------------------

Taffy Milligan
04/17/2000 11:06 AM
To: Susan Bailey/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT, Marie
Heard/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Carol
St Clair/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
cc: Suzanne Adams/HOU/ECT@ECT, Erica Braden/HOU/ECT@ECT, Kaye
Ellis/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT, Becky Tlucek/HOU/ECT@ECT
Subject: Interviews

Please pencil in the following interview schedules;  I will confirm.

 Wednesday, 4/19/ 00 9:30 a.m. Mark Taylor
    EB38c2  10:00 a.m. Carol St. Clair
    10:30 a.m. Sara Shackleton
    11:00 a.m. Susan B., Tana, Susan F.

 Thursday, 4/20/00 9:30 a.m. Mark Taylor
    EB38c2  10:00 a.m. Carol St. Clair
    10:30 a.m. Sara Shackleton
    11:00 a.m. Susan B., Tana, Susan F.

Note:  METaylor, Susan B., Tana I will put on your calendars.


I hope this is what you're looking for.  I will call in later today to make
sure you received it and answer any further questions.  I have also asked my

office to fed ex a packet of materials about Luntz Research

Frank Luntz

 - Enron Final Proposal.doc


Greetings:

Please review the attached.  It's a summary I've put together of a very
lengthy analysis MRW did for us over the weekend.  I've also attached the
considerably lengthier MRW memo for those who'd like to see it.  The tables
included in the summary are pulled directly from the MRW memo.  The analysis
only addresses the utilities undercollection (i.e., solvency) and doesn't
address any additional increases that might result from DWR's buying
activities.

The Bottom Line
 By raising average rates 10% over a 10-year period, California could 1)
return the utilities to solvency, and 2) help close the  supply-demand gap by
providing customers with better price signals.
 California could achieve these goals under this new rate structure and at
the same time exclude one-third of residential  customers from any increases.
If California chose not to exclude any customers from the new rate structure,
California  would only need to raise average rates by about 8.8%.
 This level of increase is in line with increases enacted in other states
(e.g., Washington: 28-34%; Montana: 4.5-32%; Idaho:  6.0-24%; Nevada:
7-12.5%; New Mexico 12%).

We'll need to look at it critically and try to shoot holes in it before going
public with the numbers as part of our broader effort, but it offers a
reasonable benchmark against which to judge alternatives (like spending the
kids lunch money on crumbling, broken down transmission systems).

Please provide feedback as soon as possible, and perhaps, Paul we conclude
the MRW work on the agenda for discussion on tomorrow's daily conference call.

Best,
Jeff

 - Undercollection assessment final.doc


Excellent!

----- Original Message -----
From: <robin.j.janse@exxon.com>
Sent: Friday, May 11, 2001 8:21 AM
Subject: Had to pass this one along!

> <<pic16439.jpg>>
>
> Robin Janse
> Exxon Mobil Corporation
> 972-444-1629
>
>

 - pic16439.jpg


We have been in contact with the IT guys about logistically how this is going to work.  I think we are still waiting to see if the interest rate traders in Houston have accepted offers.  I will let you know shortly if you need to send us a curve daily in the beginning.  Thanks for your help with this issue.

Jeff

 -----Original Message-----
From: 	James.Howard@ubsw.com@ENRON
Sent:	Tuesday, February 05, 2002 8:53 AM
To:	Gossett, Jeffrey C.; Scott, Laura; White, Stacey W.
Subject:	Interest Rate Curves

Hi,

Is anyone talking to you guys about sourcing end of day Interest Rate
Curves for your various risk management systems, or would you like me
to arrange for them to be sent to you at the end of each day?

I could arrange for a file containing the OBS (UBSW Interest Rate
Derivatives system) yield curves to be e-mailed to you once they are
saved every afternoon.  The official closes for the USD and CAD LIBOR
curves are saved down at around 3:30pm / 3:40pm New York time each
afternoon.

The files would contain prices for the swaps, futures and money market
instruments that are used to build the curve, and also the
corresponding zero coupon rates on a continuous A/365 basis.  I guess
we would have to talk about the exact form that your systems need the
rates to be in to see if any conversion would be necessary.

Cheers,

James

Visit our website at http://www.ubswarburg.com

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Ben,

I have put together a quick estimate of the adder to get from the "two 7EA
open cycle peaker configuration" to the "2x1 combined cycle configuration",
adding the two HRSGs and 100 Mw steam turbine along with extra BOP equipment.
The estimate was quick and is therefore +/- 20% accuracy. Beyond this
accuracy, we would need a tasking letter.

Your CIPCO Proforma for EPC costs of two 7EAs Open Cycle = $57,580,000 or
$378.82/Kw

The rough cost estimate (+/-20%) of the 2x1 Combined Cycle  = $130,336,000 or
$493.70/Kw
 (See Attached Analysis)

The estimated adder for conversion to 2x1 Combined Cycle is therefore:

   $130,336,000
   -$ 57,580,000
   ____________
Estimated Adder is =  $72,756,000      +/- 20%

Hope this data is sufficient for your needs. Please call me at ext 67958 if
you need any clarification beyond the attached.

Dan