Attached is a recent version of the VEPCO PPA, which is currently be
revised.  Hope it is helpful.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 08/11/2000 04:31
PM ---------------------------

"Nancy Wodka" <nwodka@bracepatt.com> on 08/07/2000 03:54:19 PM
To: <dutch_bumgardner@dom.com>, <john_mable@dom.com>,
<heather.kroll@enron.com>, <kay.mann@enron.com>, <ozzie.pagan@enron.com>,
<mjlafrat@mwbb.com>, <gary_edwards@vapower.com>, <jeff_l_jones@vapower.com>
cc: <swanita_99@yahoo.com>

Subject: VEPCO PPA.DOC

Attached is a further revision to the PPA,which, as always, remains subject
to Enron's further review and comment.  Ignore the fact that the document is
entitled "clean"; this is a blackline against the August 3 version.

 - CLEANVEP.DOC


I'm getting really really tired.  If the company's intent is for me to just
run a trading operation let me know.

 -Original Message-----
From:  Belden, Tim
Sent: Thursday, May 31, 2001 9:32 AM
To: Lavorato, John
Cc: Calger, Christopher F.
Subject: delainey discussions

highlights of my discussion with dave:
? he wants an "opportunity" to originate out of the ees positions.  for
example, the harrah's deal generated approximately $16 million relative to
the mid, of which $4 went to ees.  he wants a chance to back this deal with
his sourcing group.
? he was unable to offer any definition around what the word "opportunity"
means.  one interpretation of "opportunity" is that they get a head start,
say three months to back a deal where neither west mm or west orig works on
that deal for three months.  another interpretation is that west mm and west
orig aren't allowed to talk to certain wholesale customers, for example the
generators.  both of these are bad ideas.
? i asked him why enron would want to keep its most talented origination
resources on the sidelines for any period of time in order to let the kid
brother (ees) have a "fair" chance at winning a deal.  i also asked him if he
thought his crack squad could compete with the capabilities that we have
developed in the west.  his answer was no.
? i told dave that as the manager of the retail risk book i don't care who
originates out of the transaction.  my thinking is that i give a copy of the
harrah's contract to calger, foster, and delainey.  whoever gets us out first
gets paid orig.  if people want to coordinate then that's fine.  if they want
to compete head to head then that's fine.  speaking for portland, i would
expect that west mm and orig would coordinate.
? dave then said that he "gave" us the risk function and insinuated that we
owed him something in return.  i indicated that i was willing to give it back
and return to my simple life managing the west wholesale trading desk if
that's what he wanted.  i think he took offense to that comment.
? we hung up with no resolution.  dave called me back and proposed that we
let anyone originate out of the position.  however, the origination dollars
would go to ees profit center with the west mm or origination person getting
the credit for that.  he talked about ees and the stock price and the billion
dollar business.  my guys (i'm not speaking for chris here) don't care where
the origination dollars go to so long as they get paid for bringing value.
? i suggested that he work it out with you and that i would be looking for
direction from you.

i'm pretty sure that dave will characterize our conversation as though we are
in a agreement and that we are ready to move forward.  i would say that we
agree that we need to get the best people originating out of these deals.  i
would rather that the money for orig stay with whoever originated it.  i can
live with a variety of outcomes.  i'll sit tight and wait for direction from
you.

 -----Original Message-----
From:  Lavorato, John
Sent: Thursday, May 31, 2001 5:44 AM
To: Vickers, Frank W.; Lagrasta, Fred; Tycholiz, Barry; Luce, Laura; Duran,
W. David; Calger, Christopher F.; Wolfe, Greg; Foster, Chris H.; Wolfe, Greg;
Belden, Tim; Presto, Kevin M.; Mrha, Jean; Baughman, Edward D.
Cc: Kitchen, Louise
Subject:

Delainey and I started initial discussions reguarding EES and the customers
and products they plan to market.  These were initial discussions.   Dave is
writing something up to send to me.  Before I agree on anything I will talk
to all of you.  Some of the meeting that are happening may be a little
premature.

John


Rob,

I have created several Jan01 Texas Phys products.  Could you please approve
them?

Thanks,

Eric


Mary/Holli: Please note this posting.

Al Paschke

 - posting.htm


Let's go ahead and release.

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Tuesday, September 25, 2001 3:36 PM
To:	Belden, Tim; Presto, Kevin M.
Cc:	White, Stacey W.
Subject:	Project X Implementation

I think I've cleared the final issues relating to implementing the new methodology.  The attached file should contain all the impacted portfolio's and related VAR change.  I would like to implement tonight, however I understand that you may need to comment, so I await your feedback.  VaR decreases in both regions, pending on portfolio.

In summary, these factors reflect the following changes (improvements)

?	Changed correlation measure to fixed contract instead of using prompt price history
?	Extended factors out past prompt month to 24 months, (previously was for prompt month only)
o	Repeating last 12 months (seasonality) for 120 months, and scaled by ff vol
?	Updated jumps from 1998 (impacts intra month books)
o	Introduced regionally correlated jumps
?	Mapped F curves to appropriate R and B curves (partially implemented)
?	Captured gas leg in spread option (already implemented)
?	Captured gas leg in heat rate swaps (already implemented)
?	Corrected incorrect curve codes and data input relating to risk type (already implemented)

On our to do list, is the smoothing of FFvol curve combined with the introduction of more factors to model (40). (improving correlations and decreasing VAR instability)  Additionally, we are looking at trying to introduce a fast Fourier transformation to resolve Monte Carlo modeling issues regarding number of simulations.  Convolution VAR will allow us to increase number and accuracy of simulations.

Thank you for your patience, I realize in many ways that this has been a long road.
Thanks,

Frank

 << File: Varchange09-24-01.1.xls >>  << File: Trader File.xls >>


FYI

 -----Original Message-----
From: 	eserver@enron.com@ENRON [mailto:IMCEANOTES-eserver+40enron+2Ecom+40ENRON@ENRON.com]
Sent:	Thursday, May 24, 2001 4:17 PM
To:	jderric@enron.com
Subject:	<<Concur Expense Document>> - TNPC Board Meeting

The Approval status has changed on the following report:

Status last changed by: Sherri Sera
Expense Report Name: TNPC Board Meeting
Report Total: $10,341.69
Amount Due Employee: $10,341.69
Amount Approved: $10,341.69
Amount Paid: $0.00
Approval Status: Accounting Review
Payment Status: Pending

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


Yes, silly me.  But just so there's some hope that Bill makes his flight
back, we should plan on being in the general vicinity of Tortola on the day
of his flight.

It turns out I need everybody's birthday and address.  I assume you're still
at 200 W 86th but don't know your birthday.

	"Linda Hayman" <LHAYMAN@skadden.com>
	04/25/2001 03:50 PM

		 To: <Mark.Taylor@enron.com>
		 cc:
		 Subject: Re: Our Travel Itinerary

Plans.  You were thinking there would be planning involved?  Silly you.

>>> <Mark.Taylor@enron.com> 04/25/01 02:28PM >>>
I don't think I knew we were making a mid-week drop at the airport.  We
need to remember that as we plan where we'll be.

----- Forwarded by Mark Taylor/HOU/ECT on 04/25/2001 01:23 PM -----

                    "McGovern,
                    William"             To:     "'mark.taylor@enron.com'"
<mark.taylor@enron.com>
                    <McGovernW@SE        cc:     "'lhayman@skadden.com'"
<lhayman@skadden.com>,
                    C.GOV>               "'amh5h@virginia.edu'"
<amh5h@virginia.edu>, "'mlandk@aol.com'"
                                         <mlandk@aol.com>
                    04/25/2001           Subject:     Our Travel Itinerary
                    08:49 AM

Mark --

Amanda and I have the following flight plans:

Friday May 11

Leave Washington  AA Flight 771 7:00 a.m.
Arrive San Juan 10:41 a.m.
Leave San Juan AA Flight 5682 1:04 p.m.
Arrive Tortola Beef Island 1:47 p.m.

Our departures are as follows:

Bill -- Tuesday May 15

2:32 p.m. AA Flight 5541 from Tortola to San Juan

Amanda -- Thursday May 17

2:32 p.m. AA Flight 5541 from Tortola to San Juan

------------------------------------------------------
This e-mail, and any attachments thereto, is intended only for use by the
addressee(s) named herein and may contain legally privileged and/or
confidential information.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution or
copying of this e-mail, and any attachments thereto, is strictly prohibited.
If you have received this e-mail in error, please immediately notify me at
(212) 735-3000 and permanently delete the original and any copy of any e-mail
and any printout thereof.

Further information about the firm, a list of the Partners and their
professional qualifications will be provided upon request.


Attached is the book request for the Chase-Stoneville-Mahonia prepay.  I have
to have this by 10 am.

Thanks,

Errol


We will be here for Easter.  I am off work on that good friday, it is a nymex
holiday, so we can hang out.  Give me a shout.  Looking forward to it.  Did
Jason go to Vegas this weekend?  I thought you had said he was going.  I had
a blast, won about $650.  Talk to you soon.
PL


Scouting Missouri

Texas will play at Missouri Saturday in a game that will start at 1 p.m. and,
despite prior announcements, will not be televised - not even on a pay per
view basis.
The Longhorns, ranked No. 7 in both polls, are 6-1, while the Tigers are
unranked at 3-3.
Missouri opened the season with a 20-13 loss to Bowling Green, then thumped
Southwest Texas, 40-6, before getting mauled by Nebraska, 36-3.
Then the Tigers beat Oklahoma State, 41-38, in a triple overtime, before
losing to Iowa State, 20-14, and then outscoring Kansas 38-34.
Tiger QB Kirk Farmer has had a hot hand in recent weeks, and he kept both
teams in the game last week, blistering Kansas with 246 yards and three
touchdowns passing, plus another 82 rushing yards. But he also had two
interceptions run back for touchdowns.
Farmer, a 6-5, 210-pound junior, has completed 73 of 147 passes for 804 yards
and 8 touchdowns, but he was very productive in the Tigers' three most recent
games.
He also is a slippery runner who is a great scrambler.
WR Justin Gage, a 6-5, 205-pound junior, is one of the nation's most
productive pass receivers. He has caught 45 passes for 518 yards and 3 TDs
and ranks second in the Big 12 in receptions per game with a 7.5 average.
RB Zack Abron, a 5-10, 230-pound sophomore,  is the main threat on the
ground. He has rushed 94 times for 453 yards and 5 TDs. That's an average of
4.8 yards per carry.
New coach Gary Pinkel inherited eight offensive and six defensive starters
from a 3-8 team, and he has shifted players around, particularly on defense,
to try to get more speed on the field.
I had to use Big 8 statistics in my team comparisons this week because the
NCAA defensive statistics and rankings were not available at press time.
As you can see from the statistics below, the Longhorns appear to be far
superior to the Tigers.
This is a game the Longhorns should win and will win if they:
1. Avoid costly turnovers
2. Keep on running the ball to provide more offensive balance
3. Get their usual great defensive game.

Here's how the teams compare statistically (Big 12 rank in parenthesis):
Texas                    Missouri
Offense
(5)     165.9        Rushing Avg.          (6)   165
(2)     237.1        Passing Avg.          (8)   176.2
(4)     403     Total Off. Avg.        (8)   341.2
(2)       38.4       Scoring Avg           (9)     24.8
Defense
(3)      88.7        Rushing Avg.          (8)    180.8
(5)    172.6         Passing Avg.          (3)   158.3
(2)    261.3        Total Def. Avg.        (7)   339.2
(2)      13.1    Opp. Scoring Avg          (9)   25.7

Big 12 Roundup

The Big 12 is down to two teams with perfect records and one of those will
fall Saturday when Nebraska plays host to Oklahoma.
Both unbeaten powerhouses struggled in their games last week, undoubtedly
because their thoughts kept drifting to the big showdown in Lincoln.
Iowa State travels to Texas A&M in another key conference game because both
clubs are 3-1 in league play.

SOUTHERN DIVISION STANDINGS
        Conference        Season
        W   L   PF    PA     Pct.      W   L    PF     PA     Pct.
Oklahoma    4    0 123     67   1.000      7    0  245    107   1.000
Texas       3    1 131     45     .750      6    1  269      92     .857
Texas A&M   3    1   89     72     .750      6    1  179    119     .857
Texas Tech  1    3 107   136     .250      3     3  191    180     .500
Baylor      0    4   34   138     .000      2    4    74    154     .333
Oklahoma State  0    4   76   135     .000      2    5  139    175     .286

NORTHERN DIVISION STANDINGS
        Conference        Season
        W   L   PF     PA      Pct.     W    L   PF    PA     Pct.
Nebraska        4    0  173     55   1 .000      8    0   311    89   1.000
Iowa State  3    1  103     76     .750       5    1  179   104    .833
Colorado        3    1    81     84     .750       5    2   195  137     .714
Missouri        2    2    96   128     .500       3    3   149  154    .500
Kansas      1    3    94   134     .250       2    4   135  185    .333
Kansas State    0    4    86   123     .000       2    4   160  129    .333

Last Week's Results
Texas 41, Colorado 7
Texas A&M 31, Kansas State 24
Nebraska 41, Texas Tech 31
Oklahoma 33, Baylor 17
Iowa State 28, Oklahoma State 14
Missouri 38, Kansas 34
This Saturday's Games
Texas at Missouri,1 p.m.
Oklahoma at Nebraska, 11:30 a.m. (ABC TV)
Iowa State at Texas A&M, 1 p.m.
Texas Tech at Baylor, 2 p.m.
Kansas at Kansas State, 1 p.m.
Colorado at Oklahoma State, 6 p.m.

2001 Longhorn Schedule, Record (6-1)
                                    Texas  Opp.
Sept. 1 New Mexico State      41      7
Sept. 8 North Carolina    44    14
Sept 22 at Houston        53    26
Sept 29 Texas Tech        42      7
Oct. 6      Oklahoma (Dallas)       3   14
Oct. 13     at Oklahoma State     45    17
Oct. 20     Colorado          41      7
Oct. 27     at Missouri
Nov. 3          at Baylor
Nov. 10     Kansas
Nov. 23     at Texas A&M

Scoring by Quarters
Texas         59    84  53      73  -   269
Opponents     24    35    7 26  -     92

Buckman Close to Decision

Brad Buckman, the 6-8 Austin Westlake forward who is the object of the big
recruiting battle between Texas and North Carolina, is very close to making
his choice.
In fact, two North Carolina internet sites claim he has already made it and
the Tar Heels are the winners.
Buckman isn't saying. He says he has always been a Texas fan, but really
likes North Carolina and the ACC because basketball is so important in that
area.

Top Women Visit

Center LaToya Davis, 6-2, of Houston South Houston, took her official visit
to Texas last weekend after visiting Texas Tech the previous week.
Davis, the state's top uncommitted player, has narrowed her choices to those
two schools and is expected to make her decision this week.
Three top juniors also took unofficial visits to Texas the same weekend. They
are Kalee Carey, 6-5, of Canyon, 6-1 Destiny Drew of Crosby and 6-0 Emily
Niemann of Houston Westbury Christian.

UT Men, Women Picked 5th

The Longhorns aren't getting alot of respect in basketball.
The Texas men and women were both picked to finish fifth in a poll of Big 12
coaches last week.
The men's coaches picked 6-8 Chris Owens to the All-Big 12 first team and
tabbed 5-11 freshman point guard T. J. Ford as co-newcomer of the year.
The women's coaches didn't name any Longhorns to their honor teams, which
probably was a mistake because the Longhorn women were headed toward a very
good season last year when a rash of injuries destroyed their chances.
With an outstanding group of incoming recruits, the Longhorn women will have
much more depth this year.

Turnover Troubles

Texas is 6-1 and Colorado is 5-2. You knew that, didn't you?
But did you know that in the two games Colorado lost, the Buffaloes suffered
nine turnovers (five against Fresno State and four against Texas) and did not
cause a single one?
 And did you know that in the game the Longhorns lost they gave up four
turnovers against Oklahoma without gaining a single one?
What that statistic proves is that going 0-13 in turnovers is a really
sure-fire formula for going 0-3 in games.

The Perfect Christmas Present
For Horns Who Have Everything Else: A Gift Subscription to True Orange and/or
the E-Mail/Fax
A subscription to True Orange is the great gift you can give again and again.
Sure beats Christmas shopping, birthday shopping or anniversary shopping.
The only thing better is  a gift of  True Orange and the True Orange Fax  -
and you can give both for just $130 a year ($99 if they take both by e-mail).

o  I am enclosing $45 for a gift subscription ($35 e-mail)
o  I am enclosing $130 for a gift subscription to the newsletter and the fax
($99 e-mail)

Name of Recipient

Address (& fax no., if applicable)

City, State, Zip

Your Name

Any Message You Want on Card

Next Issue October 29

The next issue will be e-mailed on October 29,  and will cover the game at
Missouri and preview the road trip to Waco to meet the Baylor Bears.
I'll also have a lot of recruiting news.
I'll also have progress reports on men's and women's basketball practice and
fall baseball practice.

Tell Your Friends About True Orange

If you like True Orange, be sure and tell your Longhorn friends about it. I
can always use more subscribers. The more subscribers I have, the more
resources I have to call recruits and coaches and do all the other things
that give you an inside view of Longhorn sports.

Subscription Form
I want to subscribe. I am enclosing $45 for the next year, which will include
26 issues.  A two-year subscription is $85. For a one-year subscription via
E-Mail, send $35.

Name

Street Address or Box Number or E-Mail Address

City, State and Zip Code
Remit to True Orange, P O Box 26530, Austin, TX 78755
Foreign Rates Available on Request.    Phone  512-795-8536
E-Mail Address: truorange@aol.com

Gift Subscription Form
I want to give a gift subscription to  True Orange. I am enclosing $45.
Please send an appropriate gift card. For a gift subscription via E-Mail,
send $35.

Name of Person Receiving Gift

Street Address or Box Number or E-Mail Address

City, State and Zip Code

Your Name


eSource presents free Dow Jones Interactive training
Attend one of our Dow Jones Interactive Personalizing/Customizing DJI and
Custom Clips Clinics:

April 13   9:00 - 10:00 PM  EB564
   10:00 - 11:00 PM  EB564
   11:00 - 12:00 PM EB564

Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at
5-7928
The cost is $25.00 Per Person
No Shows will be charged $50.00
* Please bring your Dow Jones Interactive login ID and password. If you don't
have one, a guest ID will be provided.

Check the eSource training page at http://esource.enron.com/training.doc for
additional training sessions and vendor presentations

http://esource.enron.com


Gloria,

Here is the redline with changes as discussed.  Please give me a call upon
your review.

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


Hi, our names are mark and tina Haller-Wade.  we are friends with Liz
Gras and we are adopting Anastasia. we  are hoping to adopt a second
child in Tarza while we are there.  We are very interested in Aigerim,
but we want to wait until we visit, meet, and introduce Anastasia to
Aigerim before we decide 100%.  She is the highest on the list of
choices.  we want a child that is close to Anastasia age so they can
play together.
We would really appreciate it if you would tell us about Aigerim and
please send us the pictures.  OUr address is PO Box 1646 Frazier Park,
CA 93225.  thanks so much for your time, mark and tina


A Merry Christmas wish to you and yours.  I still miss you much Bill.  Have
a safe and warm Holiday.


FYI,

Today is the date for renewal of the Consent of Service of Process in
connection with the ISDA Master Agreement in place with the referenced
counterparty.  I have faxed Mr. Blaquier a request to provide me with
evidence of such renewal.  I will keep you apprised.


may be looking to sell some naked calls soon.  can you check that i would be
approved to sell 200 of either 65 or 70's expiring somewhere between jul-jan.
 also, if i sell naked calls with a tenor of more than one year that expire
worthless, do the gains get counted as LT cap gains?


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
05:47 PM ---------------------------

Joana Ryan Bekerman@ENRON
12/11/2000 03:17 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Multi Trigger

Vince,
Jere asked that I forward you a copy of the draft presentation on the multi
trigger transactions.
Please call if you have any questions.
54426
Joana


Pablo:
Weather derivatives are derivative transactions that we do with
counterparties based on temperature chnages, rainfall amounts etc.  For
example, a counterparty (i.e., a ski lift operator) may want us to agree to
pay them within a certain seasonal period based on  the number of days that
the temperature exceeds a certain level.  With respect to credit derivatives,
these are again financial transactions that we may enter into with a
counterparty where we may agree to pay them if an entity taht they have a
relationship with goes bankrupt.

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

	"Pablo Perezalonso" <pperezalonso@rhm.com.mx>
	06/23/2000 06:15 PM

		 To: Carol.St.Clair@enron.com, JRazguzman@rhm.com.mx
		 cc:
		 Subject: Re: Securities Question

I am sorry, but, Could you define what do you understand by weather or credit
derivatives?

Thank you

Pablo Perezalonso Egu?a
Ritch, Heather y Mueller, S.C.
pperezalonso@rhm.com.mx
tel: (52) 5-2076533

>>> "Carol St Clair" <Carol.St.Clair@enron.com> 06/23/00 04:07PM >>>

Pablo and Jose:
As  a follow-up to our discussion yesterday, would you consider either weather
derivatives or credit derivatives to be "securities".

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


can you fill this out for me?
----- Forwarded by Steven J Kean/NA/Enron on 03/02/2001 12:31 PM -----

	Tara Rafter
	03/02/2001 10:58 AM

		 To: Joe Allen/NA/Enron@Enron, Scott Bolton/Enron Communications@Enron
Communications, Stacey Bolton/NA/Enron@Enron, Roy Boston/HOU/EES@EES, Hap
Boyd/EWC/Enron@Enron, Jeff Brown/NA/Enron@Enron, Margaret
Carson/Corp/Enron@ENRON, Wiley Cauthen/GCO/Enron@ENRON, Carolyn
Cooney/Corp/Enron@ENRON, Shelley Corman/Enron@EnronXGate, Jeff
Dasovich/NA/Enron@Enron, Tom Delaney/Corp/Enron@ENRON, Linda
Fitzgerrell/GCO/Enron@ENRON, Howard Fromer/NA/Enron@Enron, Janel
Guerrero/Corp/Enron@Enron, Mary Hain/HOU/ECT@ECT, John
Hardy/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Joe Hartsoe/Corp/Enron@ENRON,
Nancy Hetrick/NA/Enron@Enron, Jean Ryall/NA/Enron@ENRON, Robert
Hemstock/CAL/ECT@ECT, Alberto Levy/SA/Enron@Enron, Ron
McNamara/NA/Enron@Enron, Mike Roan/ENRON@enronXgate, Thane
Twiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Steve Walton/HOU/ECT@ECT, Ricardo
Charvel/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Stella
Chan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Vinio Floris/Corp/Enron@Enron, Xi
Xi/Enron Communications@Enron Communications, Tracy Cooper/Enron
Communications@Enron Communications, Dan Staines/HOU/ECT@ECT, Kathleen
Sullivan/NA/Enron@ENRON, Kerry Stroup/NA/Enron@Enron, Alan
Comnes/PDX/ECT@ECT, Marcie Milner/Corp/Enron@ENRON, Donna
Fulton/Corp/Enron@ENRON, Allison Navin/Corp/Enron@ENRON, Lora
Sullivan/Corp/Enron@ENRON, Stephen D Burns/Corp/Enron@ENRON, Tom
Briggs/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gloria
Ogenyi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Patrick Keene/NA/Enron@Enron,
Robert Frank/NA/Enron@Enron, Joe Hillings/Corp/Enron@ENRON, Barbara A
Hueter/NA/Enron@Enron, Richard Ingersoll/HOU/ECT@ECT, Paul
Kaufman/PDX/ECT@ECT, Steven J Kean/NA/Enron@Enron, Jeffrey
Keeler/Corp/Enron@ENRON, Robin Kittel/NA/Enron@Enron, Susan M
Landwehr/NA/Enron@Enron, Donald Lassere/NA/Enron@Enron, Rochelle
Lessner/ENRON@enronxgate, Chris Long/Corp/Enron@ENRON, Dave
Mangskau/Corp/Enron@ENRON, Kathleen E Magruder/HOU/EES@EES, Susan J
Mara/NA/Enron@ENRON, Sandra McCubbin/NA/Enron@Enron, Becky L
Merola/TNPC/EES@EES, FRED MILLER/ENRON@enronxgate, Mary Kay
Miller/ET&S/Enron@ENRON, Steve Montovano/NA/Enron@Enron, Bill
Moore/NA/Enron@Enron, Sue Nord/NA/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT,
Lou L Pai/HOU/EES@EES, Sarah Novosel/Corp/Enron@ENRON, Christie
Patrick/HOU/ECT@ECT, Mona L Petrochko/NA/Enron@Enron, Scott
Reblitz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marchris
Robinson/NA/Enron@Enron, Thomas S Reichelderfer/DUB/EES@EES, Fred
Rimington/NPNG/Enron@ENRON, Frank Rishe/NA/Enron@Enron, Cynthia
Sandherr/Corp/Enron@ENRON, Gavin Russo/Corp/Enron@ENRON, Dave
Schafer/NA/Enron@ENRON, Richard Scarborough/Corp/Enron@Enron, Jeff
Skilling/Corp/Enron@ENRON, Lon Stanton/ET&S/Enron@ENRON, James D
Steffes/NA/Enron@Enron, Terence H Thorn/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Kathleen Wagner/NA/Enron@Enron, Susan
Worthen/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Charles Yeung/HOU/ECT@ECT, Lisa
Yoho/NA/Enron@Enron
		 cc:
		 Subject: Lobbying Questionnaire Clarification

It has come to my attention that there has been some confusion regarding the
Lobbying Questionnaire that I sent out on Feb. 20, 2001 and which is due on
March 9, 2001.  Please note that it is NOT necessary to gather your expenses
attributable to your lobbying activities rather I just need an allocation of
your time/hours spent engaging in such activity during the year 2000.  I
apologize for any confusion.  Thank you - Tara Rafter


---------------------- Forwarded by Andrea Ring/HOU/ECT on 12/01/2000 02:54
PM ---------------------------
   Michele Winckowski @ ENRON                11/28/2000 04:47 PM

To: Andrea Ring/HOU/ECT@ECT
cc:
Subject: Fwd: FW: Run off or Dance off?

This is the only answer -- specifically for us "sad" individuals.  Love ya -
MW

>
> (See attached file: danceoff.exe) <<danceoff.exe>>

 - danceoff.exe


Vince,

Would you mind making a few luncheon comments to the Texas Finance Festival
group at our sat luncheon?  I struck out with Andy and Sheridan thought
that you could relate very well to the group.  How about it?

John

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


To all:

We will fly into Dubuque Friday April 20th and stay overnight.  We are going
to a wedding on the 21st in Minneapolis and will return to Dubuque on Sunday
the 22nd.  We will then be in Dubuque until Wednesday the 25th (we fly out
late on the 25th).  Hope to see you all, but we'll settle for some.

We already have our first wild fire of the season.  It was yet another
controlled burn that got out of control near Ruidoso - quite a distance from
here.  45 mile per hour winds are expected for tomorrow.  New Mexico burnin'
again.  Good luck to us all.  Diane and I have appointments set up with two
insurance agents in order to evaluate our insurance coverage.

Take care.

Rob


I just left you a voice-mail, but thought I'd follow up with a text message
as well. I can send you lists of all the people who work in each of these
groups, but not all of them use Enron Online. To make this information as
efficient as possible, I want to be sure of what you're looking for before I
send you a huge list of names and make it more confusing than it needs to be.
The other thing I just thought of is that I run an EOL deal count report
every night which includes the West Desk's EOL and brokered deal counts for
the day, month-to-date, and sometimes year-to-date. So I may already have
this information or may be able to get it very easily. For now, I'll send you
the list of our traders who use EOL. And please let me know what else I can
do to assist.

West Power Traders
Tim Belden
Matt Motley
Mike Swerzbin
Mike Driscoll
Bob Badeer
Sean Crandall
Diana Scholtes
Tom Alonso
Mark Fischer
Jeff Richter
Chris Mallory
Jeremy Morris
Phil Platter

Again, these are the traders in this office who currently use Enron Online.
Our other groups - mid-marketing, origination, and fundamentals - do not
trade online. I believe that development in San Francisco also does not trade
online.

Thanks,
Kate

Melissa Ann Murphy
03/22/2001 09:33 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Special Request

Hi Kate,  Can you help me determine which traders in Portland are associated
with each area list below under West Power?  The EOL team needs to run some
number by trader for Louise Kitchen.

Thanks,
Melissa
---------------------- Forwarded by Melissa Ann Murphy/HOU/ECT on 03/22/2001
10:27 AM ---------------------------

From:  Matt Motsinger
    03/22/2001 10:49 AM

To: Melissa Ann Murphy/HOU/ECT@ECT
cc: Kimberly Allen/HOU/ECT@ECT, Torrey Moorer/HOU/ECT@ECT
Subject: Special Request

Melissa,

We have received a request from/for Louise Kitchen and accounting for a deal
count breakout for the following areas. Can you provide a list of traders
that would coinside with the following areas:

EAST POWER
 Southeast (ex: Smith/Sukakly)
 Midwest (Hemdon/Pagan)
 Northeast (Sturm/Baughman)
 Management Book (Presto)
 New Albany (Presto)
 Development (Jacoby)
 Structuring (Aucoin)
 Fundamentals (Will)

WEST POWER
 Origination (Calger)
 QF (Calger)
 Development (Parquet)
 Trading (Belden)
 Middle Market/Services (Foster/Wolfe)
 Fundamentals (Heisenreiker)

If you can let us know which(ALL) traders are associated with these areas,
then we should be able to create this report for EOL numbers. We appreciate
any assistance you can provide.

Thanks,

Matt Motsinger
EnronOnline PCG
713-853-5221


---------------------- Forwarded by Susan M Scott/HOU/ECT on 08/28/2000 12:41
PM ---------------------------

Ted Noble
08/28/2000 12:34 PM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Fwd: Married for only two weeks!

This is pretty good.

---------------------- Forwarded by Ted Noble/HOU/ECT on 08/28/2000 12:33 PM
---------------------------

"Fritz Noble" <fritznoble@hotmail.com> on 08/28/2000 11:38:50 AM
To: jboyd@cbrichardellis.com, dallasymca@aol.com, dwakumoto@yahoo.com,
sam2@bluemarble.net, flyingace1965@earthlink.net, ted.noble@enron.com,
bigv@silcom.com
cc:
Subject: Fwd: Married for only two weeks!

>From: CarTayBri@aol.com
>To: FritzNoble@hotmail.com
>Subject: Married for only two weeks!
>Date: Sun, 27 Aug 2000 18:17:42 EDT
>
>This couple had only been married for two weeks.
>
>The husband, although very much in love, couldn't wait to go out into town
>and party with his old buddies, so he says to his new wife, "Honey, I'll be
>right back..."
>
>"Where are you going coochy cooh...?" asked the wife.
>
>"I'm going to the bar, pretty face. I'm going to have a beer."
>
>The wife says to him, "You want a beer my love?"
>Then she opens the door to the refrigerator and shows him 25 different
>kinds
>of beer brands from 12 different countries: Germany, Holland, Japan, India,
>etc.
>
>The husband doesn't know what to do, and the only thing that he can think
>of
>saying is,
>"Yes, loolie loolie...but the bar.... you know...the frozen glass..."
>
>He didn't get to finish the sentence, when the wife interrupts him by
>saying,
>"You want a frozen glass puppy face?" She takes a huge beer mug out of the
>freezer so frozen that she was getting chills holding it.
>
>The husband, looking a bit pale, says, "Yes, tootsie roll, but at the bar
>they have those hors d'oeuvres that are really delicious... I won't be
>long.
>I'll be right back. I promise. OK?"
>
>"You want hors d'oeuvres poochi pooh?" She opens the oven and takes out 15
>dishes of different hors d'oeuvres: chicken wings, pigs in a blanket,
>mushroom caps, porkstrips, etc.
>
>"But sweet honey...at the bar...you know...the swearing, the dirty words
>and
>all that..."
>
>"You want dirty words cutie pie?...
>HERE, DRINK YOUR FUCKING BEER IN YOUR FROZEN FUCKING MUG AND EAT YOUR
>FUCKING
>SNACKS, BECAUSE YOU AREN'T GOING ANYWHERE! GOT IT ASSHOLE?!!"

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

Share information about yourself, create your own public profile at
http://profiles.msn.com.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/13/2001
09:51 PM ---------------------------

Tanya Tamarchenko
04/09/2001 11:13 PM
To: Vince J Kaminski/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT, Debbie R
Brackett/HOU/ECT@ECT, wenyao.jia@enron.com, Naveen Andrews/Corp/Enron, Jaesoo
Lew/NA/Enron@ENRON, Zhiyong Wei/HOU/ECT, Rabi De/NA/Enron@ENRON, William S
Bradford/HOU/ECT, Dave Wei/NA/Enron, Jason Sokolov/HOU/ECT@ECT, Rakesh
Bharati/NA/Enron@Enron, Mike E Presley/ENRON@enronXgate, Mercy Gil/NA/Enron,
Mark Ruane/HOU/ECT, Stig Faltinsen/EU/Enron@Enron, Viacheslav
Danilov/LON/ECT@ECT, Frank Hayden/Corp/Enron
cc:
Subject: Re: VAR and Credit meeting on Wednesday, April 11 at 11:30 am

Everybody,

this week our regular meeting will be devoted primarily to 2 subjects:
1. Simulating power prices in VAR;
2. Capturing correlations across commodities as well as across term structure
of
forward prices.

Research will present some suggestions based on data analysis.

Detailed agenda is enclosed.

Please, let Shirley Crenshaw know if you are not planning to attend.

Tanya.


Russell,  The 2nd Huber transaction was executed and Huber is contractually
bound to take assignment of the transportation.  We have gotten approval of
the assignment form from the Pipeline and expect to execute the assignments
and capacity release documents with Huber next week.  The capacity release
document just specifies the details of the capacity release.  Huber is bound
by the 2nd transaction to accept our release.    I will let you know when
these sets of documents are executed.

Let me know if you have any questions.

	Russell Diamond
	11/03/2000 11:08 AM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc: William S Bradford/HOU/ECT@ECT
		 Subject: JM Huber

Gerald,

Can you please let me know where we stand with the execution of the JM Huber
transactions and contracts that is being originated in the Denver office.  As
you are aware the first transaction and contract we entered into did not
contain the assignment language for the transportation on a yearly basis.
The second transaction was to include this assignment language.  ENA
currently has large exposure from JM Huber for the first transaction because
the assignment contracts have not been signed as of yet, as far as I am
aware.  If the contract negotiations are going to continue for an extended
period of time, Credit is going to have to reserve the transactions to cover
this exposure.  Please let me know what the status is.

Thank you,
Russell


Changes in Enron's business require us to reevaluate how we approach the
engineering and construction function within Enron.  Specifically,  Enron
Energy Services' (EES) business has grown dramatically and that requires
considerable additional engineering and construction resources both to
develop solutions for customers and to deliver those solutions to customers.
Additionally, in light of Enron's continued emphasis on increasing our return
on invested capital, we have been engaged in fewer large scale construction
projects around the world.  Historically, these projects have been a primary
focus of EECC's activities.  Consequently we are making the following
organizational changes concerning EECC:

EECC's pipeline construction group, led by Jerry Martin, will become part of
Enron Transportation Services.
NEPCO will continue to operate as a stand alone entity focused on power plant
construction services to Enron entities and third parties.
The remainder of EECC will become part of EES.  Larry Izzo will report to the
EES Office of the Chairman.

 These changes will better align our intellectual capital with the growth
opportunities within Enron and provide new and exciting opportunities for our
employees.  Please join us in supporting and implementing these changes.


----- Forwarded by Tana Jones/HOU/ECT on 10/23/2000 03:46 PM -----

	Bradley Diebner
	10/23/2000 03:32 PM

		 To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT,
Brant Reves/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global CounterParty, Stephanie
Sever/HOU/ECT@ECT, Bradley Diebner/HOU/ECT@ECT, Stacey
Richardson/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Adnan Patel/Corp/Enron@ENRON,
Claudia Clark/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT
		 cc:
		 Subject: EOL Credit Responses 10/23/00

The EOL approvals for 10/23/00 are attached below.

Regards,
bd


----- Forwarded by Stacy Walker/Enron Communications on 02/05/01 09:28 AM
-----

	Kelly Kimberly
	Sent by: Stacy Walker
	01/31/01 03:25 PM

		 To: Brian Stanley/EU/Enron@Enron, Dan Bruce/HOU/ECT@ECT, Dave
Schafer/NA/Enron@ENRON, Eddie Clay/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elyse
Kalmans/Corp/Enron@ENRON, Gene Humphrey/Enron@EnronXGate, George
Wasaff/Enron@EnronXGate, Gregory Adams/Corp/Enron@ENRON, Hap
Boyd/EWC/Enron@Enron, James A Hughes/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Jean Mrha/NA/Enron@ENRON, Jere C Overdyke/HOU/ECT@ECT, Jimmy
Mogal/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mariella
Mahan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mark Schroeder/LON/ECT@ECT,
Michael Terraso/OTS/Enron@Enron, Miguel Padron/NA/Enron@ENRON, Mitchell
Taylor/Corp/Enron@ENRON, Paula Rieker/Corp/Enron@Enron, Rick Buy/HOU/ECT@ECT,
Rob Walls/NA/Enron@Enron, Shelley Corman/Enron@EnronXGate, Steven J
Kean/NA/Enron@ENRON, Tim DeSpain/HOU/ECT@ECT, Vicki Sharp/HOU/EES@EES
		 cc: Kenneth Lay/Corp/Enron@ENRON, Rosalee Fleming/Corp/Enron@ENRON, Jeff
Skilling/Corp/Enron@ENRON, Sherri Sera/Corp/Enron@ENRON, Nicola
Blancke/EU/Enron@Enron, Mary Weatherstone/Enron@EnronXGate, Lisa
Costello/NA/Enron@Enron, Barbara Hooks/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Zulie Flores/Corp/Enron@ENRON, Bert Frazier/Enron@EnronXGate, Karina
Prizont/Enron@EnronXGate, Dortha Gray/GPGFIN/Enron@Enron, Connie
Blackwood/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Melissa Jones/NA/Enron@ENRON,
Donna Baker/HOU/ECT@ECT, Leena Mathews/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Isabel Romero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Beverley
Ashcroft/LON/ECT@ECT, Laura Glenn/OTS/Enron@ENRON, Karen E
Campos/NA/Enron@ENRON, Rosario Boling/Corp/Enron@ENRON, Laura
Valencia/Corp/Enron@ENRON, Karen K Heathman/HOU/ECT@ECT, Debra
Hicks/NA/Enron@Enron, Ruth Mann/Enron@EnronXGate, Maureen
McVicker/NA/Enron@ENRON, Marion Sczykutowicz/HOU/ECT@ECT, Michelle
Maynard/HOU/EES@EES, (bcc: Stacy Walker/Enron Communications)
		 Subject: Corporate Responsibility Task Force meeting

Attached are the details of the next Corporate Responsibility Task Force
meeting set for next Tuesday, February 6, from 9:00 to 11:00 a.m. CST in
Houston.


FYI

----- Forwarded by Stephen D Burns/Corp/Enron on 01/24/2001 11:45 AM -----

	Sue Nord
	01/24/2001 11:39 AM

		 To: Stephen D Burns/Corp/Enron@ENRON
		 cc:
		 Subject: Re: Washington Post article -- Tauzin vows to reopen 96 Telecom
Act, restructure FCC

Interesting article.  Could you forward it to the whole group?  Thanks.

	Stephen D Burns
	01/24/2001 07:47 AM

		 To: Sue Nord/NA/Enron@Enron, Scott Bolton/Enron Communications@Enron
Communications
		 cc: Allison Navin/Corp/Enron@ENRON
		 Subject: Washington Post article -- Tauzin vows to reopen 96 Telecom Act,
restructure FCC

http://washingtonpost.com/wp-dyn/articles/A36490-2001Jan23.html


We have received the water well survey for the N. Crawar site. The Crane
County Water District owns 11 water wells within a one mile radius of the
site. The nearest well is located about 1000 feet east of the site. It
appears that all of the wells are completed into the uppermost aquifer and,
in general, are screened from 50' bgs to total depth at about 140' bgs. The
shallow water table at the site and in the nearby wells is at about 50' bgs.
The groundwater flow direction at the site has consistently been toward due
south. There are no water supply wells within one mile due south of the site.
There are two monitor wells at the east side of the site which have always
produced clean samples. The remediation system for this site should be
operational by April 1, 2001. We will also have more current groundwater
sampling information for the site within the next few weeks.


Ran this by Mike Grigsby. His last recollection is that we never agreed to
include the San Juan basin for the purpose of this valuation.  Can you please
advise.?

If San Juan is included, non-bondad is the correct reference.

The adjustment for the potential reallocation is okay.

I am at x31688.

thanks

Stephanie

Gerald Nemec@ECT
04/19/2001 01:54 PM
To: Stephanie Miller/Corp/Enron@ENRON
cc:

Subject: LETTER OF UNDERSTANDINDG

----- Forwarded by Gerald Nemec/HOU/ECT on 04/19/2001 01:54 PM -----

	"Meier, Peter" <peter.meier@neg.pge.com>
	04/19/2001 12:50 PM

		 To: "'gerald.nemec@enron.com'" <gerald.nemec@enron.com>,
"'steve.van.hooser@enron.com'" <steve.van.hooser@enron.com>,
"'lisa.mellencamp@enron.com'" <lisa.mellencamp@enron.com>
		 cc: "Barron, Bob" <bob.barron@neg.pge.com>
		 Subject: LETTER OF UNDERSTANDINDG

 <<PGESpreadvaluationdefinition 4-19.doc>>

I went ahead and made the conforming changes I thought needed to be made to
the Spread Calculation and have one question identified.  Please review and
sign off so that we can attach to execution document.  Peter

PG&E National Energy Group and any other
company referenced herein that uses the PG&E name or
logo are not the same company as Pacific Gas and
Electric Company, the regulated California utility.  Neither
PG&E National Energy Group nor these other
referenced companies are regulated by the California Public
Utilities Commission.  Customers of Pacific Gas and Electric Company
do not have to buy products from these companies in order
to continue to receive quality regulated services from the utility.

 - PGESpreadvaluationdefinition 4-19.doc


Brent will be out of the office beginning right after lunch today.  Depending on Contractor construction issues at his home, he might not be in in the morning.


Could you please read this request and get back to Mark with the info ASAP?
Thanks.

DG
---------------------- Forwarded by Darron C Giron/HOU/ECT on 01/16/2001
03:36 PM ---------------------------

Mark C Austin@ENRON
01/16/2001 03:38 PM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Re: Monthly Natural Gas P & L Request

Darron,

Is there someone else that can direct us to?  I would like to get this
information as soon as it is possible.  Please let me know.

Mark

	From:  Darron C Giron @ ECT                           01/16/2001 03:33 PM

To: Mark C Austin/AA/Corp/Enron@ENRON
cc:

Subject: Re: Monthly Natural Gas P & L Request

Mark,

I'm in Chicago right now and will return on Thursday.  Let me know if you can
wait until then.  Thanks.

DG

Mark C Austin@ENRON
01/16/2001 10:57 AM
To: William Kelly/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT
cc: Sharon Smith/AA/Corp/Enron@ENRON, Jennifer Stevenson/AA/Corp/Enron@ENRON,
Kate Agnew/AA/Corp/Enron@ENRON
Subject: Monthly Natural Gas P & L Request

As part of our monthly testing we review the monthly Natural Gas P & L
Statement and identify specific regions for which we would like to review
additional documentation.  Please find below, the regions that we have
identified.  We are requesting that you supply the P & L top pages for the
last day of the month for those regions that are applicable to you.  Once we
have reviewed these top pages, we will be contacting you to discuss the
drivers of these regions.  Please let me know if you have any questions or
comments.

Thank You,

Mark Austin
Arthur Andersen
ext. 68680

November  December

IM-East   IM-East
IM-Central  IM-Central
IM-Texas  IM-Texas

FT-West  FT-East
FT--Nwest  FT-NY
FT-MGMT-West FT-West
   FT-Nwest
West Gas Daily  FT-MGMT-West
Storage
   NYMEX
   MANAGEMENT
   Henry Hub Gas Daily
   Texas Gas Daily
   West Gas Daily


Jeff, attached below is my first cut at the org memo.  Please review, make
additions,comments and corrections and return it via a word document on
email.  Once i receive comments from all the individual business heads then
I'll ciculate again for final review and commentary.

Mike


fyi
---------------------- Forwarded by Peggy Mahoney/HOU/EES on 08/28/2000 01:29
PM ---------------------------

kpope@enron.com on 08/28/2000 11:39:17 AM
To: <meberts@enron.com>, <pmahoney@enron.com>
cc:
Subject: Industry News: Charges of Gouging as Power Costs Skyrocket

fyi from kpope@enron.com

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

Headlines:
Charges of Gouging as Power Costs Skyrocket
Energy: Critics say tactics allowed in the deregulated market, which let
suppliers reap big profits, illustrate flaws in the system. As the
state's booming economy taxes the ability to meet electricity demands, a
federal investigation is underway.

-------------------------------------------------------------------
  National Desk
Charges of Gouging as Power Costs Skyrocket
Energy: Critics say tactics allowed in the deregulated market, which let
suppliers reap big profits, illustrate flaws in the system. As the
state's booming economy taxes the ability to meet electricity demands, a
federal investigation is underway.
CHRIS KRAUL
TIMES STAFF WRITER

Aug. 28, 2000
Los Angeles Times
Home Edition
Page A-1
Copyright 2000 / The Times Mirror Company

   With Southern Californians reeling from skyrocketing electric bills,
critics charge that fewer than a dozen power suppliers are reaping far
greater profits than are justified by the recent surge in wholesale prices
of the natural gas they use to create electricity.

  Their behavior is a major focus of a formal investigation announced
last week by federal regulators. Among those under scrutiny are power
merchants including Duke Energy, Dynegy,
Reliant Energy, Calpine,
Southern Co. and the Los Angeles Department of Water and Power. Critics
say the companies are earning huge windfalls selling energy to the two
state agencies charged with distributing power in California.

   The power merchants themselves deny any profiteering, describing their
market moves as legal business practices and welcoming the investigation.
   The underlying cause of California's energy turmoil is a severe
shortage of power-generating capacity to meet the soaring energy demands
of the state's booming economy. This summer the state at times has had to
import more than 20% of its energy needs, a shortfall equal to the output
of about 20 medium-size power plants. No plants of any size have been
built in the state in 10 years.
   But the problem goes beyond a supply-and-demand imbalance. The
so-called merchant power companies' ability to bend the market to their
advantage--using what appear to be legal strategies--illustrates what
many say are serious flaws in the state's deregulated energy market.
   One major flaw is that sellers do not have to participate in the
state's main electricity auction--the so-called "day forward" sale held
one day before electricity is delivered to the state's residences and
businesses. Instead, generators are withholding power until the day of
delivery, when desperate state agencies are willing to pay steep prices
to keep the power flowing.
   The upshot has been a doubling of electric bills for the 1.2 million
customers in San Diego Gas&Electric's coverage area, and Southern
California Edison and Pacific Gas&Electric customers may be facing
higher prices once their rates are unfrozen in 2002.
   There is little prospect for short-term relief; with no additional
power generation due for a year, the prices of natural gas and crude oil
are still rising. In fact, state officials expect the market to become
tighter over the next year as demand and fuel prices rise.
   In pointing the finger at the power merchants, Gov. Gray Davis, some
academics and utility executives charge that California consumers are
being victimized by sophisticated trading techniques that take advantage
of the market system to extract huge profits.
   Deregulation "only works if people act responsibly. It won't work if
people say their only goal is to make as much money as humanly possible,"
Davis said last week.
   This brokering takes place on the California Power Exchange and the
Independent System Operator, two agencies created by the 1996 legislation
that ostensibly opened up 70% of the state's power market--represented by
the PG&E, SCE and SDG&E service areas--to competition. To create that
competition, lawmakers ordered the utilities to sell power plants to
independent companies, which now are selling electricity to the state.
   The Power Exchange is a clearinghouse for the bulk of energy trading
that is completed a day in advance of delivery, which normally fills most
of the state's energy needs. The ISO, the nominal traffic cop arranging
deliveries over the power grid, also has the authority to hold same-day
power auctions for immediate delivery in the event of unexpectedly high
demand.
   The Power Exchange is subject to a price cap of $250 per
megawatt-hour, a ceiling imposed earlier this summer as prices began to
soar. But the ISO has the authority to pay as much as it has to for
supplementary power if the previous-day purchases prove insufficient to
keep the state's lights on.
   And it is the secondary ISO market where power suppliers, leveraging a
seller's market, are holding sway. By withholding their energy from the
Power Exchange and opting instead to bid their supply to the ISO, they
are betting that same-day shortages will generate prices as close to the
price cap as possible, possibly even above it.
   It's apparently working.
   On some days, the ISO has ended up buying one-fifth of the state's
energy needs, not the 5% to 10% maximum originally envisioned. In the
process, desperate to meet demand, the ISO is paying premium prices and
those prices are being passed along to consumers.
   The problem with the market apparently defies easy solutions. At an
emergency meeting Friday to discuss ways of dealing with the crisis, the
ISO board rejected a staff proposal to force energy merchants to allocate
at least 90% of the electricity they intend to sell in the "day forward"
auction held by the Power Exchange, instead of holding back until the day
of delivery.
   Although ISO Chief Executive Terry Winter said the measure would
restore some market order, the board rejected it on fears that it might
create unforeseen ramifications, possibly even power suppliers abandoning
the state altogether.
   As the market stands now, independent power companies have been able
to exploit the power shortages and the market's quirks to charge the
state higher rates than the increases in the price of natural gas would
seem to warrant, said Severin Borenstein, a UC Berkeley professor and
energy specialist.
   With fellow UC Berkeley professor James Bushnell and Stanford's Frank
Wolak, Borenstein studied the Power Exchange over a 15-month period ended
in September and found evidence of "market power," or the power
generators' ability to raise prices above competitive levels for
sustained periods.
   Unless there is collusion among two or more power providers, the
exercise of market power is not illegal, experts say. But if prolonged,
it is a symptom of a seriously dysfunctional market.
   "I think [market power] has probably gotten worse this year. There are
players big enough to move the price and move it a lot. Prices are
clearly way above their costs," Borenstein said.
   Edison CEO John Bryson and Stephen Baum, head of SDG&E parent Sempra
Energy, have similar criticisms. Their claims will be investigated by the
Federal Energy Regulatory Commission, the latest of five probes underway
into California's worsening energy predicament. "We'll see whether there
are alternative market rules that should be adopted to have a better
functioning, more efficient market," said Daniel Larcamp, FERC's director
of market tariffs and rates. "Looking at market power issues is an
important focus of our investigation."
   Power suppliers Duke Energy and Calpine denied any market
manipulation, saying the bulk of their energy is sold on long-term
contracts and is not used to unduly sway day-ahead prices on the Power
Exchange or same-day sales on the ISO.
   "No way are we manipulating the market, and we have welcomed
investigation into our business practices," said Tom Williams, spokesman
for Duke Energy's California regional office in Morro Bay. "It's easy to
point fingers at someone who controls only 4% of the market, much of
which has already been sold in the forward market months ago."
   Calpine spokesman Bill Highlander said the high prices are simply a
case of demand far outstripping the state's ability to meet it. "Ten
years ago, you had more supply than demand. Now you have a skyrocketing
demand from population growth, a robust economy and Internet-fed
additions to demand," Highlander said.
   Charles Cicchetti, a USC professor of government, business and the
economy, agrees and said the market is performing exactly as expected,
given supply shortages. He objects to the limited price ceilings opposed
by state officials.
   "The choice should be to either regulate the whole thing, go back to
where we were or let the market work," Cicchetti said. "This hybrid is
causing problems to get worse."
   But something appears to be worsening an already bad pricing
situation, and critics believe it is market manipulation. In the FERC
order initiating its investigation, the agency noted that California's
wholesale electricity costs on June 29 were $340 million--a sevenfold
increase over the same date in 1999. Over the same period, natural gas
prices only doubled.
   FERC will look at other aspects of the state's energy deregulation as
well--at the fact that utilities have no choice but to purchase power
from the central power exchange and have only limited power to hedge or
make bilateral deals on their own with outside firms.
   In an interview last week, the FERC's Larcamp said his agency is
reserving the right to roll back rates, order refunds or even impose a
new market framework to replace the Power Exchange and ISO.
   Larcamp said the FERC's probe will contrast California's troubled
power market with the Pennsylvania-Maryland-New Jersey system, which
gives end users more freedom to cut their own deals with suppliers. The
result is that Pennsylvania has more than 130 power suppliers competing
for the state's business, versus no more than 15 in California.
   *
   Times staff writers Nancy Vogel and Nancy Rivera Brooks contributed to
this story.

LATM0024100606

To view all headlines in the folder Industry News, go to
http://eeshou-dowj1/browsearticles.asp?folderid=1

To go to the front page of Dow Jones Interactive Intranet Toolkit Server
Software, go to
http://eeshou-dowj1/

-------------------------------------------------------------------
For assistance, contact Dow Jones Customer Service by e-mail at
djip.itkhelp@dowjones.com or by phone at 800-369-7466. (Outside the U.S.
and Canada, call 609-452-1511 or contact your local sales representative.)
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Reserved.


Thanks, I think I am okay, but let's talk tonight.


Dear Ken

I sent you a letter earlier this week that you should receive soon.  It
invites you to deliver keynote address at the UH Scholarship and Community
Conference this fall.  I just wanted to alert you that this has been a
stimulating event in the past and the type of scholarly exchange I suspect
you would enjoy.

Sincerely,

Ed

Edward P. Sheridan

Senior Vice President and Provost
University of Houston

Senior Vice Chancellor
University of Houston System

Phone: (713) 743-9109


Becky,

Yes. April the  26th  will work for me. As you may know, we have another boss
and my
uncertainty regarding where I belong continues. We used to be Enron Corp.,
but my new boss is from Enron N.A. I hope to resolve this uncertainty by
April the 26th.

I am sorry for the delay.

Vince

Becky Pham
04/19/2000 07:29 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Allocation percentage for Research

Can we set up a meeting on the 26th of this month to discuss the changes?
Please let me know.  I am open at anytime on this date.  Thanx.


fyi
----- Forwarded by Steven J Kean/NA/Enron on 11/16/2000 05:57 AM -----

	Shelley Corman
	11/15/2000 08:58 AM

		 To: Steven J Kean/NA/Enron@Enron, Vicki Sharp/HOU/EES@EES, Drew
Fossum/ET&S/Enron@ENRON, Maria Pavlou/ET&S/Enron@ENRON, Michael
Moran/ET&S/Enron@ENRON
		 cc:
		 Subject: Mkt Affiliate Implications: Reorganization of Houston and Omaha
Facilities Management Responsibilities

Enron Energy Services is presently a marketing affiliate of several of the
Enron pipelines because EES: (1) buys/sells gas; and (2) holds transport
contracts on our pipelines.

Under the FERC's standards of conduct, the pipelines cannot: (1) share
transportation information or shipper information with EES; (2) must function
independently and keep separate books and records.  Generally, I don't see
the FERC having any problem with mechanical, electrical, air-conditioning
types of services.  However; there are 2 specific concerns that arise with
respect to the described arrangement under the FERC's marketing affiliate
standards of conduct:

1. Records -- FERC has ruled that giving a marketing affiliate "access" to
transportation and shipper records (including something as simple as file
room access) is deemed to be impermissibly sharing the information with a
marketing affiliate in violation of the standards. Thus, it seems to me that
EES will explicitly not be able to perform any records management function
for NNG, TW or NBPL.

2. Billing -  FERC scrutinizes intercompany charges carefully.  In a recent
Kinder-Morgan consent order, the FERC used payroll and intercompany charge
records to make the case that the pipeline and marketing affiliate did not
operate separately.  It would be helpful if any EES facility management
charges/allocations come from Enron Facility Services (not EES) --  leaving
us room to argue that the facility management subsidiary involves separate
functions and staff than the EES subsidiary that is a marketing affiliate.

	From:  Steve Kean & Bill Donovan                           11/14/2000 06:36 PM

Sent by: Enron Announcements
To: All Enron Houston
cc:

Subject: Reorganization of Houston and Omaha Facilities Management
Responsibilities

Responsibility  for daily operations of building support services in the
Enron Building, Houston leased offices, and Two Pacific Place (Omaha) will be
transitioning from Corporate to Enron Energy Services (EES) by year-end.  The
areas affected include facility operations and maintenance of mechanical,
electrical, and air-conditioning systems; mail delivery;  housekeeping;
food, copier, and records services.

This transition of services, as presently managed by Enron Property and
Services Corp. (EPSC), is designed to optimize value to Enron,s Business
Units by leveraging facility management businesses now offered by EES to
their commercial customers.  EPSC staff having administrative responsibility
for these services will report to Enron Facility Services, a subsidiary of
EES,s Global Energy Services group led by Daniel Leff, President and CEO.

EPSC is responsible for Enron,s internal real estate and office development
needs, including leasing, space allocations and facility planning, project
and construction management, furniture systems, and office relocation.  EPSC,
in its development role, remains a part of Enron Corporate Administration
Services (ECAS) along with Corporate Security and the Aviation Department,
reporting to Bill Donovan, Vice President, Corporate Administrative Services.

This alignment of responsibilities offers the opportunity for EPSC to focus
resources on effective utilization of our existing office space assets and
managing the development of Houston,s new Enron Center Campus project.


FYI:

I am no longer part of the Power group - I'm was just checking on the
progress of outstanding issues.  Please use Donnie Vinson as your contact for
future correspondence related to this issue.  Jenny.
---------------------- Forwarded by Jenny Latham/HOU/ECT on 04/02/2001 02:24
PM ---------------------------

	Enron North America Corp.

	From:  Willie Harrell                           04/02/2001 01:16 PM

To: Jenny Latham/HOU/ECT@ECT
cc: Steve Venturatos/HOU/ECT@ECT, Jenny Helton/HOU/ECT@ect, Kelly
Lombardi/NA/Enron@Enron
Subject: Re: New Pub Posting Request

This request require  your group  to setup Pub Codes in Enpower Pub Posting
for daily rates.  Enpower currently have monthly rates setup for these
curves.  Thanks,  wlh


Attached for your information is the EIM presentation given at yesterday's
offsite by Jeff McMahon and Ray Bowen.    FYI, the pulp & paper / lumber
group has been renamed to "Forest Products."

-- Lisa
----- Forwarded by Lisa Yoho/NA/Enron on 03/14/2001 01:33 PM -----

	Marsha Schiller/ENRON@enronXgate
	03/14/2001 10:44 AM

		 To: Lisa Yoho/NA/Enron@Enron
		 cc:
		 Subject: Presentation per your request

;


John Aronld was curious about the outsourcing deals we were pursuing.  Could you please update him on the deals we are getting close on.

John


Karen- please circulate to all RAC worldwide. Tx Rick

It is with great sorrow that I must announce the passing of Andy Knight,
manager in the Market Risk Group. Andy succumbed to cancer on Feb. 22, 2001
and will have funeral services in Florida. There may be a memorial service
here in Houston arranged through his church but details have not been
announced. Please contact Veronica Valdez for details.

Andy was with RAC and Enron only briefly before being diagnosed, but made a
real impact especially on those that worked closely with him. Andy had  a
warm and personable style, which along with his technical capability, made
him a real asset to the group. He will be missed.


Matt Motley
deal 516539
error:  Bloomberg shows price as $160.00 and enpower has $167.00


---------------------- Forwarded by Richard Shapiro/HOU/EES on 08/02/2000
07:53 AM ---------------------------

	Enron Energy Services

	From:  Kim Frumkin                           08/01/2000 11:13 AM

To: Richard Shapiro/HOU/EES@EES
cc:
Subject: Re: San Diego Information

try this link-

---------------------- Forwarded by Kim Frumkin/HOU/EES on 08/01/2000 11:13
AM ---------------------------

Kathleen Pope-Sance
08/01/2000 10:59 AM
To: Kim Frumkin/HOU/EES@EES
cc:
Subject: Re: San Diego Information

http://eesdevel-ln1.ees.enron.com/vision/dealcentral/


Just let me know when I need to do the tux thing....  I'll wait for you guys ,,,, if you don't mind....

MC

 -----Original Message-----
From: 	"Wenta, Phillip" <WentaPB@phoenix-cement.com>@ENRON [mailto:IMCEANOTES-+22Wenta+2C+20Phillip+22+20+3CWentaPB+40phoenix-cement+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, August 13, 2001 11:12 AM
To:	Carson, Mike
Subject:	RE: Middle name

Great!  Just go to the Hotel and check in.  We should be back at the
hotel at about 3pm.  Call Tara's parents house (Scott & Gaye) @
402.362.7591 if you need anything.  You will need to go down to the tux
shop and try on your tux that evening sometime.  Hopefully right when
you get in.  We might just all do it at 3:30pm......pbw

Phillip Wenta
Sales & Business Development
Phoenix Cement Co.
916.677.1711 (office)
916.677.1811 (fax)

 -----Original Message-----
From: 	Mike.Carson@enron.com [mailto:Mike.Carson@enron.com]
Sent:	Monday, August 13, 2001 9:07 AM
To:	Wenta, Phillip
Subject:	RE: Middle name

I get into Lincoln at about 1:30... so should be in York by
3:pm.....ready
to rock!

MC

    -----Original Message-----
   From:   "Wenta, Phillip" <WentaPB@phoenix-cement.com>@ENRON

[mailto:IMCEANOTES-+22Wenta+2C+20Phillip+22+20+3CWentaPB+40phoenix-cemen
t+2Ecom+3E+40ENRON@ENRON.com]

   Sent:   Monday, August 13, 2001 10:34 AM
   To:     Carson, Mike
   Subject:  RE: Middle name

   You will be there for rehearsal RIGHT?  Are you flying into Lincoln
(45
   min) or Omaha (1:45)?  And at what time?  Rehearsal is at 5pm just so
   you know.  Can't wait to see you.  It's been WAY too long.  Bring a
   current picture of Your family w/ you since you're not bringing
   them.........pbw

   Phillip Wenta
   Sales & Business Development
   Phoenix Cement Co.
   916.677.1711 (office)
   916.677.1811 (fax)

    -----Original Message-----
   From:   Mike.Carson@enron.com [mailto:Mike.Carson@enron.com]
   Sent:   Monday, August 13, 2001 8:31 AM
   To:     Wenta, Phillip
   Subject:     RE: Middle name

   Actually not going to be there till friday afternoon...but to
compensate
   for not coming on Thursday, I plan to "tie one on" Friday night!!!

       -----Original Message-----
      From:   "Wenta, Phillip" <WentaPB@phoenix-cement.com>@ENRON

[mailto:IMCEANOTES-+22Wenta+2C+20Phillip+22+20+3CWentaPB+40phoenix-cemen
   t+2Ecom+3E+40ENRON@ENRON.com]

      Sent:   Monday, August 13, 2001 10:10 AM
      To:     Carson, Mike
      Subject:  RE: Middle name

      What are your arrival plans.  We have a golf tourney on Friday.
Are
   you
      coming in on Thursday night?......pbw

      Phillip Wenta
      Sales & Business Development
      Phoenix Cement Co.
      916.677.1711 (office)
      916.677.1811 (fax)

       -----Original Message-----
      From:   Mike.Carson@enron.com [mailto:Mike.Carson@enron.com]
      Sent:   Monday, August 13, 2001 4:04 AM
      To:     Wenta, Phillip
      Subject:     RE: Middle name

      "Wayne" is my middle name.  Are you getting nervous yet.... not
too
   much
      longer!!!  I am looking forward to meeting your bride,,,,,   See
you
   in
      two
      weeks!

      MC

          -----Original Message-----
         From:   "Wenta, Phillip" <WentaPB@phoenix-cement.com>@ENRON

[mailto:IMCEANOTES-+22Wenta+2C+20Phillip+22+20+3CWentaPB+40phoenix-cemen
      t+2Ecom+3E+40ENRON@ENRON.com]

         Sent:   Sunday, August 12, 2001 6:43 PM
         To:     Carson, Mike
         Subject:  Middle name

         Mike - what is your middle name?...I need to know asap
         please.........pbw

         Phillip Wenta
         Sales & Business Development
         Phoenix Cement Co.
         916.677.1711 (office)
         916.677.1811 (fax)

**********************************************************************
      This e-mail is the property of Enron Corp. and/or its relevant
   affiliate
      and may contain confidential and privileged material for the sole
use
   of
      the intended recipient (s). Any review, use, distribution or
   disclosure
      by others is strictly prohibited. If you are not the intended
   recipient
      (or authorized to receive for the recipient), please contact the
   sender
      or reply to Enron Corp. at
enron.messaging.administration@enron.com
   and
      delete all copies of the message. This e-mail (and any attachments
      hereto) are not intended to be an offer (or an acceptance) and do
not
      create or evidence a binding and enforceable contract between
Enron
      Corp. (or any of its affiliates) and the intended recipient or any
   other
      party, and may not be relied on by anyone as the basis of a
contract
   by
      estoppel or otherwise. Thank you.

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


Hi John,

I've attached workbooks that compare implied volatility from market data to
ENA curves for June, October, December contracts.  But I'm not sure that I
have the most current skew table.  For the attached workbooks I just took
last months table and rolled the contracts up a month, so what was May-01
became June-01, etc.  Have you made any other adjustments to the skew table?

I'd be happy to come up and talk about these files with you if you want?
Thanks.
ken


I enjoyed talking with you the other day and am happy to answer your
questions:  both the Texas position and the Washington DC position report to
Rick Shapiro.  From a government affairs standpoint, I've divided the world
between Rick's group (the Americas) and Mark Schroeder's group (Europe and
Asia).  Both Rick and Mark report to me.

Joe Allen continues as part of the Texas legislative team, working for the
head of that group (formerly Kathleen Magruder).

Terry Thorn has taken a commercial position in Enron and no longer works on
government affairs issues for the company (except to the extent we call on
various executives to help from time-to-time).

"Untermeyer, Chase" <Chase.Untermeyer@COMPAQ.com> on 08/31/2000 04:53:09 PM
To: "'skean@enron.com'" <skean@enron.com>
cc:

Subject: Thanks & Questions

STEVE: I very much appreciate your call the day before yesterday and your
asking if I would like to compete to succeed Joe Hillings as head of Enron's
Washington office. Although until that moment I hadn't thought of returning
to Washington except to serve again in national office, I would be pleased
to talk further about this opportunity with you or your recruiter.

In recalling our conversation, I realize that twice you asked if I had any
questions, and if I had been quick to take advantage of your offer, I would
have asked how government relations are handled at Enron. To whom does Joe
Hillings report: to you or to Terry Thorne? You mentioned a woman who
currently has responsibility for government relations in Texas and some
neighboring states but is leaving for another job at Enron; to whom does she
report? Then there is Joe Allen, whom I have known since our days in the
Legislature; doesn't he (also) handle Texas affairs?

I am sorry I didn't ask you all this on Tuesday. Whatever the answers, it's
clear that government relations are  much more central to the work of Enron
than at Compaq, which is why it would be a very exciting place to work.
Thanks again for your call, your courtesy, and your indulgence with this
tardy line of questioning. With best wishes, CHASE.

CHASE UNTERMEYER
Director of Government Affairs
Compaq Computer Corporation
P.O. Box 692000-110706
Houston, Texas 77269-2000
Tel: (281) 518-1093
Fax: (281) 518-1106
chase.untermeyer@compaq.com


Please plan to attend a meeting tomorrow, March 14 at 9 am CST in eb 749a.
Thanks Xochitl Velasco


Hey guys - welcome home!  At least I assume you're home by now.  How was the
trip?  I heard a bit about the departure but with any luck it must have
gotten better.  Any hope you took digital pictures?

I have already told Linda but I wanted you both to know how great I thought
your wedding was.  There is no doubt in my mind that it was the most special,
beautiful, fun wedding I've ever been to.  Magical doesn't seem like too
strong a word.  Thank you very much for letting me be part of it.  It's been
about 30 years since I had been to that part of the world - it's easy to see
why you enjoy it so much.

I was serious about sailing in the Caribbean at Thanksgiving.  If you are
still interested, we really need to start planning right away.  I tentatively
booked a boat but the real difficulty may be in finding flights - it is a
busy travel season.  Just let me know.

Mark


Done.

D

Ricky Ellis@ENRON
07/13/2000 02:28 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Deal Extended

Deal #276494 ended June 15, but there is additional flow on meter #9602 from
the 16th thru the 30th.  Could you extend this deal thru the 30th so that I
can have Vol. Management create an accounting arrangement for it.  If you are
not the person that I need to contact, could you let me know who I need to
talk to.


T
he first detailed allegations that Enron
abused mark-to-market accounting to
hide wholesale trading losses have
emerged in congressional testimony pro-vided
by a professor and former deriva-tives
trader who reviewed the Enron case
for Senate Governmental Affairs Com-mittee.
Those charges, along with allega-tions
that have surfaced that mark-to-market
accounting was misused by Enron
Energy Services, the company's retail
energy and services unit, are expected to
support the push by accounting rulemak-ers
for much more disclosure on mark-to-market
accounting practices and the
impact of mark-to-market accounting on
earnings trading firms' earnings.
In testimony Thursday before the
Senate Governmental Affairs Committee
last week, Frank Partnoy of the Universi-ty
of San Diego Law School, said it
appears that Enron traders mismarked
forward curves and manipulated the
amount of profits and losses that would
be reported in financial statements.
"In a nutshell, it appears that some
Enron employees used dummy accounts
and rigged valuation methodologies to cre-ate
false profit-and-loss entries for the deriv-atives
Enron traded," said Partnoy, who
reviewed the case over several weeks at the
committee's request. "It appears that Enron
traders selectively mismarked their forward
curves, typically in order to hide losses."
"Traders are compensated based on
their profits," he observed, "so if a trader
can hide losses by mismarking forward
curves, he or she is likely to receive a
larger bonus."
Partnoy said mismarking forward
curves was not the only problem.
"For each trade," he testified, "a
trader would report either a profit or loss,
typically in spreadsheet format. These
profit-and-loss reports were designed to
reflect economic reality. Frequently they
did not. Instead of recording the entire
profit for a trade in one column, some
traders reportedly split the profit from a
trade into two columns. The first column
reflected the portion of the actual profits
the trader intended to add to Enron's cur-rent
financial statements. The second col-umn,
ironically labeled the 'prudency'
reserve, included the remainder."
Partnoy told the committee that in
his estimation, "Enron's 'prudency'
reserves did not depict economic reality,
nor could they have been intended to do
so. Instead, 'prudency' was a slush fund
that could be used to smooth out profits
and losses over time. The portion of prof-its
recorded as 'prudency' could be used
to offset any future losses," he said.
He recommended that investigators
question Enron employees who were
involved in these transactions "to get a sense
of whether my summaries are complete."
Alleged Enron abuses of mark-to-market accounting emerge


---------------------- Forwarded by Gary W Lamphier/HOU/ECT on 08/22/2000
02:51 PM ---------------------------

	From:  Sherlyn Schumack                           08/22/2000 02:07 PM

To: Jackie Young/HOU/ECT@ECT, Karen Lindley/Corp/Enron@ENRON
cc: Gary W Lamphier/HOU/ECT@ECT
Subject: Meter 984132 for 1/16/99

Here is the issue for 1/16/99 at meter 984132.

20,000 mmbtu were confirmed for Adonis in POPS.   10,000 mmbtu on day 5 and
day 16.   Day 16 is not valid for deal 51862 (track id 6155), which is where
10,000 was confirmed.   The  actual sale to Adonis was 10,000 which was
invoiced and paid by Adonis.  We are trying to clear the feedback error
report.   My question is why was 10,000 confirmed on 1/16/99 if the date is
not valid for the deal?

When Karen allocates the actual 10,000 it is prorating 5,000 for each day
that is confirmed (the 5th and 16th).

Should the whole 10,000 be allocated to the 5th or should 5,000 be allocated
to each day?   If 5,000 should be allocated to each day, the 16th needs to be
added to the deal.


CGoering@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

The NYISO is reserving hours beginning 00:00 - 23:00 in the May 2, 2001
Real-Time Market as well as the following hours per ECA20001006B to verify
prices:

PJM: 01:00 - 03:00, 05:00, 08:00, 21:00, 22:00
OH:  05:00, 08:00, 21:00, 22:00
HQ:  05:00, 07:00, 08:00, 21:00, 22:00
NE:  03:00 - 06:00, 08:00, 13:00, 21:00 - 23:00

Prices in the May 3, 2001 Day-Ahead Market are correct.

This e-mail information is a copy of the official posting which can be found
at
the following address on our website:
http://mis.nyiso.com/public/htm/OperMessages/CurrentOperMessages.htm#mm


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Which bank is planning its first swap in India? Our readers know.

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John, I thought I would send you a note to outline our conversation re. David
Redmond.  Dave will return to the London office in late May.  In late
February we will pinpoint the group/job that will best suit Dave and Enron.
All efforts will be made to get Dave an option trading related position.

Regards,

John Lavorato


"You cannot be dependent upon your eyes when your imagination is out of
focus.8 - Mark Twain

Watch the Enron Building lobby on Wednesday, April 25th, from 11:30am to
1:00pm for information on some of
Enron's new innovative businesses.  You'll have the opportunity to meet
various business representatives and discuss
their products and services from the creative minds of our employees.  Watch
for Vince Kaminski
who will be present during this exciting exchange of information.

Featuring:
Deal Bench, enron.credit.com, Weather Risk Management, Enron Trading Game and
Xcelerator

Word of the Day
cerebration \ser-uh-BRAY-shun\, noun:
The act or product of thinking; the use of the power of reason; mental
activity; thought.


thanks for taking me.  i had fun.  i felt fine yesterday.  like a champ.
good thing i didn't take shots.


Merger call 8004570183 506711


Bob,

I highlghted some changes on your spreadsheet.  Look over these and call me
if you have questions.  A couple of the deals have Gas Daily tiers, so I
moved them down in the sheet.  I would like for you to make the changes
tomorrow after trading.

D

	Enron North America Corp.

	From:  Robert Cotten                           04/05/2001 11:20 AM

To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Wellhead Volumes

Daren,

Please click on the Supply Analysis tab of the attached spreadsheet to view
the wellhead volumes through 4/4/01.

Bob


Dear Mrs. Tracy Geaccone:

A stock in your portfolio: ENE, has paid you a cash dividend of: $8.50.
This change has been posted to your account.

If you have any questions, e-mail us 24 hours a day, 7 days a week at support@datek.com or call us, weekdays 8 AM - midnight and weekends 9 AM - 7 PM Eastern Standard Time at 1-800-U2DATEK.  Please call 1-201-761-7500 if you are calling from outside of the United States.

Thank you,
Datek Online Brokerage Services LLC
Member NASD / SIPC

Don't Hibernate During This Bear Market! Datek's built to trade products and services can help during these challenging times. Visit us at www.datek.com for more information.

Tracking # W00111790285


Gentlemen,

Could we schedule some time for a conference call next week?  I would
appreciate the opportunity to work through some of the legal issues.  I have
the lofty goal of not working Memorial Day weekend this year, so I'm trying
to get as much done on this deal as soon as possible.

Thanks,

Kay

PS.  I'm open Tues am and most of Wednesday.  I can probably work my schedule
so that I'm available quite a bit of next week.


Nothing like a little guilt.  Have you been speaking with my mother?

I'll keep my fingers crossed.

Thanks.


I get into Lincoln at about 1:30... so should be in York by 3:pm.....ready to rock!

MC

 -----Original Message-----
From: 	"Wenta, Phillip" <WentaPB@phoenix-cement.com>@ENRON [mailto:IMCEANOTES-+22Wenta+2C+20Phillip+22+20+3CWentaPB+40phoenix-cement+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, August 13, 2001 10:34 AM
To:	Carson, Mike
Subject:	RE: Middle name

You will be there for rehearsal RIGHT?  Are you flying into Lincoln (45
min) or Omaha (1:45)?  And at what time?  Rehearsal is at 5pm just so
you know.  Can't wait to see you.  It's been WAY too long.  Bring a
current picture of Your family w/ you since you're not bringing
them.........pbw

Phillip Wenta
Sales & Business Development
Phoenix Cement Co.
916.677.1711 (office)
916.677.1811 (fax)

 -----Original Message-----
From: 	Mike.Carson@enron.com [mailto:Mike.Carson@enron.com]
Sent:	Monday, August 13, 2001 8:31 AM
To:	Wenta, Phillip
Subject:	RE: Middle name

Actually not going to be there till friday afternoon...but to compensate
for not coming on Thursday, I plan to "tie one on" Friday night!!!

    -----Original Message-----
   From:   "Wenta, Phillip" <WentaPB@phoenix-cement.com>@ENRON

[mailto:IMCEANOTES-+22Wenta+2C+20Phillip+22+20+3CWentaPB+40phoenix-cemen
t+2Ecom+3E+40ENRON@ENRON.com]

   Sent:   Monday, August 13, 2001 10:10 AM
   To:     Carson, Mike
   Subject:  RE: Middle name

   What are your arrival plans.  We have a golf tourney on Friday.  Are
you
   coming in on Thursday night?......pbw

   Phillip Wenta
   Sales & Business Development
   Phoenix Cement Co.
   916.677.1711 (office)
   916.677.1811 (fax)

    -----Original Message-----
   From:   Mike.Carson@enron.com [mailto:Mike.Carson@enron.com]
   Sent:   Monday, August 13, 2001 4:04 AM
   To:     Wenta, Phillip
   Subject:     RE: Middle name

   "Wayne" is my middle name.  Are you getting nervous yet.... not too
much
   longer!!!  I am looking forward to meeting your bride,,,,,   See you
in
   two
   weeks!

   MC

       -----Original Message-----
      From:   "Wenta, Phillip" <WentaPB@phoenix-cement.com>@ENRON

[mailto:IMCEANOTES-+22Wenta+2C+20Phillip+22+20+3CWentaPB+40phoenix-cemen
   t+2Ecom+3E+40ENRON@ENRON.com]

      Sent:   Sunday, August 12, 2001 6:43 PM
      To:     Carson, Mike
      Subject:  Middle name

      Mike - what is your middle name?...I need to know asap
      please.........pbw

      Phillip Wenta
      Sales & Business Development
      Phoenix Cement Co.
      916.677.1711 (office)
      916.677.1811 (fax)

**********************************************************************
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   Corp. (or any of its affiliates) and the intended recipient or any
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Vince:

I would like to take a day of vacation next Friday, October 6th if it ok.
Anita will be here.

Thanks!

Shirley


congrats.  that is good news.  what else is going on.


Please be advised of the name change.? My last name is now Hernandez. Please
make the necessary changes so that I may still receive my e-mail.? Thanks &
if you have any questions please call me.

Dora Hernandez

UnitedDC, Inc.

1200 Lathrop Street

Houston, TX? 77020

Phone: 713-671-8200 X116

Fax: 713-671-8225 or 8229

dora_hernandez@uniteddc.com


Hub P&L   $830,002

we're still working on the yankee gas deal, so the transport book is not done yet.

Alejandra

-----Original Message-----
From: Keavey, Peter F.
Sent: Wednesday, October 17, 2001 8:52 PM
To: Chavez, Alejandra
Subject:

No numbers ??


Amy,

Yes, I am interested. I am in London now, but I shall contact him on
Thuirsday.

Vince

Amy FitzPatrick
02/21/2000 03:34 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: CV of Rodney Greene re quantitative positions.

Vince -

Would you have any interest in this candidate?

Kind regards -
Amy
---------------------- Forwarded by Amy FitzPatrick/LON/ECT on 21/02/2000
09:34 ---------------------------

Bryan Seyfried
18/02/2000 19:50
To: Amy FitzPatrick/LON/ECT@ECT
cc:

Subject: Re: CV of Rodney Greene re quantitative positions.

probably a bit to techy for me but maybe a good fit for Vince Kaminski in
Houston Research.

bs

Amy FitzPatrick
17/02/2000 12:52
To: David Port/Corp/Enron@ENRON, David Weekes/LON/ECT@ECT, Steve W
Young/LON/ECT@ECT, Bryan Seyfried/LON/ECT@ECT
cc:

Subject: CV of Rodney Greene re quantitative positions.

Any thoughts on this candidate?

Kind regards -
Amy
---------------------- Forwarded by Amy FitzPatrick/LON/ECT on 17/02/2000
12:52 ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Simon Bragg <sb@michelangelo.co.uk>
17/02/2000 12:36

To: "'amy.fitzpatrick@enron.com'" <amy.fitzpatrick@enron.com>
cc:

Subject: CV of Rodney Greene re quantitative positions.

Hi Amy

A colleague of mine interviewed someone last week who is a PHD whose
background is as a developer within catastrophe risk management. He is
looking to move into more of a quantitative role which will utilise his
developing  skills and also his statistical and theoretical knowledge as
well. The issue is that he is based in Chicago and I wondered if there
would be any interest from your headquarters there.

Please find attached his details.

Speak to you soon.

Regards

Simon

 - D0075530.DOC


Henry:
Enclosed are clean and marked revised drafts of the Schedules.  As we
discussed, I have bracketed those sections that are still open.  Please note
that since May, 2000 when the initial draft was sent to you we have updated
our forms and I have included our new form language in Part 3, Sections (a)
and (b), part 6, Sections (g) and (h), Paragraph 13 (g) and the LC form.
Alos, I have made the chnages that you requested to the Enron Guaranty.  Are
those chnages also acceptable for the ERI Guaranty?

I look forward to hearing from you.  I will be leaving to go on maternity
leave at the end of this week.  In my absence, please contact Susan Bailey at
713-853-4737 who will coordinate with another attorney in our group to get
this finalized.

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


Here's our internal best estimate of new generation coming on line in the
west in the near future:

;

;


As you are probably aware, your department has been selected to participate
in Project GEM (Global Enron Migration) for the rollout of Windows 2000.  In
preparation for this rollout, it is imperative that we gather information
about your workstation and the applications you use.  To begin this data
collection, we have automated the process and your system has just been
inventoried.   Once this information is received, we will be working with
your department co-ordinator, Sheri Cromwell, to consolidate this information
to ensure this transition is as smooth as possible.

The GEM team would like to thank you for your participation.  If you have any
questions, please call Lee Steele at 713-345-8259.


Let's talk tomorrow about how we get everyone on the ball and thinking.

 -----Original Message-----
From: 	Bradford, William S.
Sent:	Wednesday, October  24, 2001 9:38 PM
To:	Beck, Sally
Subject:	FW: Power Settlement- Manuel Wires
Importance:	High

Sally - your team needs to be on top of their game more than ever!!!!

 -----Original Message-----
From: 	Gonzalez, Veronica
Sent:	Wednesday, October 24, 2001 8:35 PM
To:	Allen, Thresa A.
Cc:	Brackett, Debbie R.; Reeves, Leslie; Bradford, William S.; Reasoner, Monica
Subject:	Power Settlement- Manuel Wires
Importance:	High

Teresa,

Pursuant to a discussion you had with Debbie Brackett last month regarding manual wires not process through SAP impacts the return of collateral a great deal.   It is very important that these manual wires be processed immediately in order for us to receive the correct feeds from SAP and calculate the correct net exposures for each counterparty.

Today, Melissa Ratnala confirmed that we made a manual payment to Reliant Energy Services on October 10th in the amount of $57MM.  Unfortunately, we were not advised of the payment and it was not reflected in the SAP feeds.  This resulted in Reliant holding $57MM collateral for an additional 12 days.  The management of cash collateral is extremely important and we need accurate information, in order to manage our daily cash position.

Please advise of any other counterparty that manual wires were made.

How can we resolve this issue promptly?

Thanks,

Veronica Gonzalez
Credit Analyst
Enron Corp.
Phone: (713) 853-0511
Fax: (713) 853-9476


TASK ASSIGNMENT

Status:		completed

Task Priority:		1
Task Due On:		1/24/2000
Task Start Date:	1/24/2000


FYI. In general everything went ok today Nov 10.

Susan Scott had some problems with some of the excel spreadsheets she's been
running on her machine. The issue here is that the CopyFromRecordset method
of a range object is failing. The simple
fix is to use a user defined function named rsOutput instead of the method.
She also mentioned that a process that outputs a text file to the E: drive
seems to be failing on her machine but is working fine on Dutch Quigley's
machine. She'll provide more detail to support on Monday.

Cheers.

--EdII


In order to ensure adequate, consistent legal review of on-line terms and
conditions governing use of third party electronic trading platforms, you
must have all registration documentation (including, for example, password
applications and access agreements) approved by the On-Line Trading Legal
Contact before such documentation is submitted or executed.  Any document
that requires acceptance by &clicking8 should be treated like any other legal
document.  You are not authorized to accept any such click agreement without
written approval of the On-Line Trading Legal Contact.  In addition, the
On-Line Trading Legal Contact must review and approve all product
descriptions and other on-line terms and conditions applicable to a product
before a password may be used to trade that product on a third party
electronic trading platform.  Accordingly, before any master user or subuser
uses a password to trade a product, he or she must confirm that the On-Line
Trading Legal Contact has approved all applicable product descriptions and
terms and conditions applicable to such product.

The current On-Line Trading Legal Contact is Mark Greenberg (extension 58897)
(or in his absence, Mark Taylor (extension 37459)).


Attached please find the last version of the Letter to Palladium which will
go out this afternoon by courier, along with the relevant exhibits. Should
anyone have any final comments to this, please let me know ASAP.

Many thanks,

Shari


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------------------
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------------------
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HandFAX, HandSTAMP, HandWEB, Graffiti, HotSync,
iMessenger, MultiMail, Palm.Net, PalmConnect,
PalmGlove, PalmModem, PalmPoint, PalmPrint, and the
Palm Platform Compatible Logo are registered
trademarks of Palm, Inc. Palm, the Palm logo, AnyDay,
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of Palm, Inc. All other brands and product names may be
trademarks or registered trademarks of their respective
owners.


Per Bruce Mills - this goes through ENA
PL


FYI - itinerary.
---------------------- Forwarded by Steven J Kean/NA/Enron on 07/05/2001
08:57 AM ---------------------------
From: Christina Grow/ENRON@enronXgate on 07/03/2001 12:26 PM
To: Stanley Horton/ENRON@enronXgate, Steven J Kean/NA/Enron@Enron, Mark
Koenig/ENRON@enronXgate, Paula Rieker/ENRON@enronXgate
cc: Cindy Stark/ENRON@enronXgate, Maureen McVicker/NA/Enron@Enron, Laura
Valencia/ENRON@enronXgate

Subject: Revised INGAA Itinerary

Please note departure time has changed and dinner time has changed. I will
contact Papa's assistant to give her details of the changes.

Thanks,

Chris
Ext:  3-6021